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 June 30, 2021

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

Annual Report

J.P. Morgan Small Cap Funds

June 30, 2021

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)

JPMorgan Small Cap Value Fund

JPMorgan SMID Cap Equity Fund (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 Equity Fund	5
JPMorgan Small Cap Growth Fund	7
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)	9
JPMorgan Small Cap Value Fund	11
JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)	13
JPMorgan U.S. Small Company Fund	16
Schedules of Portfolio Investments	18
Financial Statements	56
Financial Highlights	74
Notes to Financial Statements	98
Report of Independent Registered Public Accounting Firm	116
Trustees	117
Officers	120
Schedule of Shareholder Expenses	121
Liquidity Risk Management Program	125
Tax Letter	126
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

August 4, 2021 (Unaudited)

Dear Shareholders,

The rally in equity markets that began in the second half of last year accelerated in 2021 on the back of mass vaccinations against COVID-19, federal relief and recovery efforts and a surge in both corporate profits and consumer spending. As a result, we find ourselves in a different environment than we inhabited a year ago.

  “Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management.” — Andrea L. Lisher

U.S. equity markets turned in a particularly remarkable performance over the twelve months ended June 30, 2021. The S&P 500 posted a total return of 40.79%; the Russell 1000 returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell Small Cap Index returned 62.03%. The lesson for investors, we believe, is clear: Those who were consistently and fully invested in the second half of 2020 through the first half of 2021 stood to benefit greatly from the superlative performance in global equity markets.

The rollout of mass vaccinations and the partial reopening of economies at all scales have fueled job growth, consumer spending and rising corporate profits. However, the pandemic remains a global threat and the Delta variant of COVID-19 has

driven a resurgence in infections across the U.S. and elsewhere. At the same time, a rush of economic activity has driven prices higher for a range of products and commodities and raised investor concerns about the timing of any potential response to rising inflation by the U.S. Federal Reserve. While the central bank has acknowledged stronger-than-expected inflationary data, it has also maintained its stance that upward pressure on consumer prices is likely to be a temporary effect of the economic recovery.

Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

Overall, U.S. and emerging markets equity led a remarkable global rally in stocks on the back of massive central bank interventions, unprecedented fiscal spending and the rollout of multiple vaccines against COVID-19 and its variants. The initial reopening of the U.S. economy in 2021 fueled a surge in corporate profits, consumer spending and business investment.

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. 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 the pandemic 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. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on select equity markets in June.

Within U.S. equity markets, the S&P 500 Index returned 40.79%; the Russell 1000 Index returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell 2000 Index returned 62.03% for the twelve months ended June 30, 2021.

2 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		52.93%
Russell 2000 Index		62.03%
Net Assets as of 6/30/2021 (In Thousands)	$	1,133,504

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 twelve months ended June 30, 2021. The Fund’s security selection in the industrials and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection and underweight position in the health care sector and its security selection in the energy sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in AMC Entertainment Holdings Inc., GameStop Corp. and in Plug Power Inc. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters that was not held in the Fund, rose sharply in the first half of 2021, driven by users of Internet forums in response to large short positions in the stock. Shares of GameStop, a consumer electronics retail chain not held in the Fund, rebounded sharply in early 2021 when users of an Internet forum largely orchestrated a run up in the stock price in response to large short positions in the stock. Shares of Plug Power, a developer of hydrogen fuel cell systems, fell following a run-up in stock price in the first quarter of 2021.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Enphase Energy Inc. and its overweight positions in Twist Bioscience Corp. and Shockwave Medical Inc. Shares of Enphase Energy, a provider of solar energy systems and services, rose amid better-than-expected earnings and investor expectations for increased U.S. spending on renewable energy. 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 the pandemic. Shares of Shockwave Medical, a medical devices manufacturer, rose after the company reported consecutive quarters of better-than-expected revenues.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Applied Industrial Technologies, Inc.		1.1	%
	2.	ITT, Inc.		1.0
	3.	Matador Resources Co.		1.0
	4.	Texas Roadhouse, Inc.		0.8
	5.	PDC Energy, Inc.		0.7
	6.	Brady Corp., Class A		0.7
	7.	Watts Water Technologies, Inc., Class A		0.7
	8.	Camden National Corp.		0.7
	9.	Comfort Systems USA, Inc.		0.7
	10.	Lakeland Bancorp, Inc.		0.7

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		18.1	%
Financials		15.8
Information Technology		13.1
Health Care		12.8
Consumer Discretionary		12.4
Real Estate		5.2
Materials		3.8
Consumer Staples		2.9
Energy		2.9
Communication Services		2.7
Utilities		2.0
Short-Term Investments		8.3

* 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.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge*			44.89	%		21.64	%		13.77	%
Without Sales Charge			52.93			22.96			14.38
CLASS C SHARES	January 7, 1998
With CDSC**			51.22			22.35			13.93
Without CDSC			52.22			22.35			13.93
CLASS I SHARES	April 5, 1999		53.35			23.28			14.70
CLASS R6 SHARES	July 2, 2018		53.67			23.58			15.02

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Blend Fund and the Russell 2000 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

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

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

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

4 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		46.49%
Russell 2000 Index		62.03%
Net Assets as of 6/30/2021 (In Thousands)	$	8,567,131

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 twelve months ended June 30, 2021. The Fund’s security selection and underweight position in the consumer discretionary sector and its security selection in the information technology sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the financials sector and its underweight position and security selection in the health care sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in AMC Entertainment Holdings Inc. and its out-of-Benchmark positions in AptarGroup Inc. and Guidewire Software Inc. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters, rose sharply in the first half of 2021, driven by users of Internet forums in response to large short positions in the stock. Shares of AptarGroup, a maker of consumer products dispensers, underperformed after a run-up in the stock price in 2020. Shares of Guidewire Software, a technology provider to the insurance industry, fell after the company forecast lower sales for its fiscal third quarter.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Western Alliance Bancorp and Signature Bank Corp. and its overweight position in Welbilt Inc. Shares of both Western Alliance Bancorp and Signature Bank rose amid investor expectations that accelerating inflation may lead to rising interest rates in the U.S. Shares of Welbilt, a food service industry equipment maker, rose late in the period amid news reports that it was the target of competing takeover bids.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary analysis. The Fund’s portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable

business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	AptarGroup, Inc.		1.9	%
	2.	Performance Food Group Co.		1.9
	3.	WillScot Mobile Mini Holdings Corp.		1.8
	4.	Toro Co. (The)		1.7
	5.	EastGroup Properties, Inc.		1.6
	6.	Lincoln Electric Holdings, Inc.		1.6
	7.	BJ’s Wholesale Club Holdings, Inc.		1.6
	8.	Encompass Health Corp.		1.6
	9.	MSA Safety, Inc.		1.5
	10.	Syneos Health, Inc.		1.5

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		21.9	%
Financials		17.6
Information Technology		12.7
Health Care		12.4
Consumer Discretionary		10.9
Real Estate		7.3
Consumer Staples		5.8
Materials		5.7
Utilities		2.0
Short-Term Investments		3.7

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

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge*			38.80	%		13.45	%		12.40	%
Without Sales Charge			46.49			14.68			13.00
CLASS C SHARES	February 19, 2005
With CDSC**			44.78			14.12			12.55
Without CDSC			45.78			14.12			12.55
CLASS I SHARES	May 7, 1996		46.89			14.99			13.33
CLASS R2 SHARES	November 3, 2008		46.16			14.41			12.73
CLASS R3 SHARES	September 9, 2016		46.54			14.71			13.01
CLASS R4 SHARES	September 9, 2016		46.90			14.99			13.32
CLASS R5 SHARES	May 15, 2006		47.17			15.21			13.55
CLASS R6 SHARES	May 31, 2016		47.26			15.28			13.58

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund and the Russell 2000 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales

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

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

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

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

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

6 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		48.52%
Russell 2000 Growth Index		51.36%
Net Assets as of 6/30/2021 (In Thousands)	$	6,843,185

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 2000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the information technology and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection and underweight position in the health care sector and its security selection in the financials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Plug Power Inc., its out-of-Benchmark position in ADC Therapeutics SA and its overweight position in Array Technologies Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems, rose after reporting amid increased industry adoption of fuel cell technology. Shares of ADC Therapeutics, a Swiss drug development company, fell following a rally in the share price at the company’s initial public offering in May 2020. Shares of Array Technologies, a solar energy equipment maker, fell after the company reported lower-than-expected earnings for the first quarter of 2021.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Enphase Energy Inc. and its overweight positions in Shockwave Medical Inc. and Twist Bioscience Corp. Shares of Enphase Energy, a provider of solar energy systems and services, rose amid better-than-expected earnings and investor expectations for increased U.S. spending on renewable energy. Shares of Shockwave Medical, a medical devices manufacturer, rose after the company reported consecutive quarters of better-than-expected revenues. 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 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 portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Shockwave Medical, Inc.		1.6	%
	2.	Saia, Inc.		1.4
	3.	Itron, Inc.		1.4
	4.	Performance Food Group Co.		1.4
	5.	Halozyme Therapeutics, Inc.		1.3
	6.	National Vision Holdings, Inc.		1.3
	7.	MKS Instruments, Inc.		1.2
	8.	Boyd Gaming Corp.		1.2
	9.	Natera, Inc.		1.2
	10.	ITT, Inc.		1.2

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		26.9	%
Information Technology		22.2
Industrials		17.0
Consumer Discretionary		12.8
Communication Services		3.7
Financials		3.4
Consumer Staples		3.1
Real Estate		1.0
Materials		0.5
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.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge*			40.70	%		25.72	%		15.79	%
Without Sales Charge			48.52			27.07			16.41
CLASS C SHARES	November 4, 1997
With CDSC**			46.77			26.43			15.94
Without CDSC			47.77			26.43			15.94
CLASS I SHARES	March 26, 1996		48.88			27.38			16.71
CLASS L SHARES	February 19, 2005		49.07			27.58			16.88
CLASS R2 SHARES	November 3, 2008		48.11			26.74			16.12
CLASS R3 SHARES	July 31, 2017		48.55			27.07			16.40
CLASS R4 SHARES	July 31, 2017		48.89			27.38			16.71
CLASS R5 SHARES	September 9, 2016		49.08			27.58			16.88
CLASS R6 SHARES	November 30, 2010		49.25			27.70			16.99

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund and the Russell 2000 Growth Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index

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

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

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

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

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

8 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan Small Cap Sustainable Leaders Fund⁽¹⁾

(formerly known as JPMorgan Small Cap Core Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*		65.89%
Russell 2000 Index		62.03%
Net Assets as of 6/30/2021 (In Thousands)	$	366,186

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class R5 Shares outperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the financials and information technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and consumer staples sectors were leading detractors 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 MicroStrategy 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 MicroStrategy, a software developer, rose amid investor expectations the company would benefit from its large holdings of Bitcoin. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its 2020 earnings forecast and after the company forecast earnings growth for 2022.

Leading individual detractors from relative performance included the Fund’s underweight positions in GameStop Corp. and AMC Entertainment Holdings Inc. and its overweight position in Argan Inc. Shares of Gamestop, a consumer electronics retail chain not held in the Fund, rebounded sharply in early 2021 when users of an Internet forum largely orchestrated a run up in the stock price in response to large short positions in the stock. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters, rose sharply in the first half of 2021, driven by users of Internet forums in response to large short positions in the stock. Shares of Argan, a power plant builder, fell after the company reported several quarters of lower-than-expected revenue.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Deckers Outdoor Corp.		1.0	%
	2.	Arena Pharmaceuticals, Inc.		0.9
	3.	Tenet Healthcare Corp.		0.9
	4.	WESCO International, Inc.		0.9
	5.	IDT Corp., Class B		0.8
	6.	Amalgamated Financial Corp.		0.7
	7.	Unifi, Inc.		0.7
	8.	Darling Ingredients, Inc.		0.7
	9.	AdaptHealth Corp.		0.7
	10.	Super Micro Computer, Inc.		0.7

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		18.5	%
Industrials		14.5
Financials		14.1
Information Technology		11.0
Consumer Discretionary		9.4
Real Estate		5.0
Materials		4.4
Communication Services		3.8
Energy		3.3
Consumer Staples		2.8
Utilities		1.8
Short-Term Investments		11.4

⁽¹⁾  On July 1, 2021, the Small Cap Core Fund was renamed, but its investment objective remained unchanged.

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

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 31, 2016
With Sales Charge*				56.50	%		14.14	%		11.67	%
Without Sales Charge				65.16			15.38			12.27
CLASS C SHARES		May 31, 2016
With CDSC**				63.35			14.80			11.99
Without CDSC				64.35			14.80			11.99
CLASS I SHARES		January 3, 2017		65.58			15.68			12.42
CLASS R2 SHARES		July 31, 2017		64.76			15.08			11.74
CLASS R3 SHARES		July 31, 2017		65.16			15.37			12.02
CLASS R4 SHARES		July 31, 2017		65.58			15.66			12.30
CLASS R5 SHARES		January 1, 1997		65.89			15.88			12.52
CLASS R6 SHARES		May 31, 2016		65.98			15.95			12.56

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Sustainable Leaders Fund and the Russell 2000 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if

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

Class R5 Shares have no minimum initial investment.

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

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

10 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		74.94%
Russell 2000 Value Index		73.28%
Net Assets as of 6/30/2021 (In Thousands)	$	1,510,438

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 2000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. 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 information technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Owens & Minor Inc. SunPower Corp. and Dillard’s Inc. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its 2021 earnings forecast and after the company forecast earnings growth for 2022. Shares of SunPower, a manufacturer of solar energy equipment, rose after the company reported first quarter 2021 earnings and revenue largely in line with investor expectations and amid consolidation in the solar energy sector. Shares of Dillard’s, an apparel, cosmetics and home furnishings retail chain, rose amid strong growth in consumer spending in 2021.

Leading individual detractors from relative performance included the Fund’s underweight positions in GameStop Corp., 3D Systems Corp. and AMC Entertainment Holdings Inc. Shares of GameStop, a consumer electronics retail chain, rebounded sharply in early 2021 when users of an Internet forum largely orchestrated a run up in the stock price in response to large short positions in the stock. Shares of 3D Systems, a manufacturer of three-dimensional printers and related materials and software, fell late in the period after a run-up in the stock price. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters, rose sharply in the first half of 2021, driven by users of Internet forums in response to large short positions in the stock.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Allscripts Healthcare Solutions, Inc.		1.1	%
	2.	Tri Pointe Homes, Inc.		1.0
	3.	Arena Pharmaceuticals, Inc.		1.0
	4.	CIT Group, Inc.		1.0
	5.	EMCOR Group, Inc.		1.0
	6.	AMC Entertainment Holdings, Inc., Class A		1.0
	7.	BellRing Brands, Inc., Class A		0.9
	8.	Darling Ingredients, Inc.		0.9
	9.	ManTech International Corp., Class A		0.8
	10.	Ovintiv, Inc.		0.8

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		22.6	%
Industrials		15.3
Health Care		9.9
Real Estate		9.3
Information Technology		6.5
Consumer Discretionary		6.3
Energy		5.2
Materials		4.7
Communication Services		4.3
Utilities		3.5
Consumer Staples		3.0
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.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		January 27, 1995
With Sales Charge*				65.36	%		10.49	%		9.64	%
Without Sales Charge				74.48			11.69			10.23
CLASS C SHARES		March 22, 1999
With CDSC**				72.59			11.11			9.72
Without CDSC				73.59			11.11			9.72
CLASS I SHARES		January 27, 1995		74.94			11.98			10.51
CLASS R2 SHARES		November 3, 2008		74.05			11.41			9.95
CLASS R3 SHARES		September 9, 2016		74.49			11.69			10.22
CLASS R4 SHARES		September 9, 2016		74.92			11.96			10.50
CLASS R5 SHARES		May 15, 2006		75.16			12.12			10.63
CLASS R6 SHARES		February 22, 2005		75.36			12.25			10.74

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund and the Russell 2000 Value Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all

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

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

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

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

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

12 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan SMID Cap Equity Fund⁽¹⁾

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		41.95%
Russell 2500 Index		57.79%
Russell Midcap Index		49.80%
Net Assets as of 6/30/21 (In Thousands)	$	419,776

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 twelve months ended June 30, 2021. 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 sector and the consumer discretionary sectors was a leading detractor from performance, while the Fund’s security selection in the financials and utilities sectors was a leading contributor to performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Bright Horizons Family Solutions Inc., Kinsale Capital Group Inc. and IAA Inc. Shares of Bright Horizons Family Solutions, a provider of childcare and dependent care services, fell amid investor expectations that revenue will decline with the reopening of public schools in the U.S. Shares of Kinsale Capital Group, a property and casualty insurer, fell after the company reported lower-than-expected earnings for the third quarter of 2020. Shares of IAA, a salvage auto auctioneer, fell late in the period following a run-up in the share price that was driven by a boom in auto sales in 2020 and early 2021.

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 Signature Bank Corp. and Western Alliance Bancorp. Shares of Unity Software, a provider of software for video content development, rose after the company reported better-than-expected earnings and revenue following the company’s initial public offering in September 2020. Shares of Signature Bank and Western Alliance Bancorp, rose amid investor expectations that rising inflation may lead to an increase in interest rates in the U.S.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Toro Co. (The)		2.0	%
	2.	Pool Corp.		1.8
	3.	Waste Connections, Inc.		1.8
	4.	Molina Healthcare, Inc.		1.7
	5.	Generac Holdings, Inc.		1.7
	6.	Lincoln Electric Holdings, Inc.		1.6
	7.	AptarGroup, Inc.		1.5
	8.	LKQ Corp.		1.5
	9.	LPL Financial Holdings, Inc.		1.5
	10.	WEX, Inc.		1.5

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		24.4	%
Financials		18.0
Information Technology		16.2
Health Care		11.5
Consumer Discretionary		10.3
Real Estate		7.2
Consumer Staples		5.8
Materials		4.1
Utilities		1.1
Short-Term Investments		1.4

⁽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.

14 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge*			34.15	%		10.31	%		10.24	%
Without Sales Charge			41.59			11.51			10.83
CLASS C SHARES	March 22, 1999
With CDSC**			39.87			10.93			10.30
Without CDSC			40.87			10.93			10.30
CLASS I SHARES	June 1, 1991		41.95			11.79			11.11
CLASS R3 SHARES	September 9, 2016		41.57			11.50			10.83
CLASS R4 SHARES	September 9, 2016		41.87			11.78			11.10
CLASS R6 SHARES	November 2, 2015		42.29			12.06			11.26

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SMID Cap Equity Fund, the Russell Midcap Index and the Russell 2500 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index 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.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		63.85%
Russell 2000 Index		62.03%
Net Assets as of 6/30/2021 (In Thousands)	$	1,141,912

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2021. 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 consumer discretionary and industrials sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Seres Therapeutics Inc., Owens & Minor Inc. and SunPower Corp. Shares of Seres Therapeutics, a drug development company, rose as the company advanced toward commercialization of its treatment for Clostridium difficile infection. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its 2020 earnings forecast and after the company forecast earnings growth for 2022. Shares of SunPower, a manufacturer of solar energy equipment, rose after the company reported first quarter 2021 earnings and revenue largely in line with investor expectations and amid consolidation in the solar energy sector.

Leading individual detractors from relative performance included the Fund’s underweight position in GameStop Corp. and its overweight positions in Lakelands Industries Inc. and Tri Pointe Homes Inc. Shares of GameStop, a consumer electronics retail chain not held in the Fund, rebounded sharply in early 2021 when users of an Internet forum largely orchestrated a run-up in the stock price in response to large short positions in the stock. Shares of Lakeland Industries, a maker of safety garments and accessories, fell after the company reported lower sales for the first quarter of 2021 as mass vaccinations led to declining demand for personal protective equipment. Shares of Tri Pointe Homes, a home builder, fell after the company forecast lower selling prices and reported lower-than-expected revenue for the first quarter of 2021.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	NuVasive, Inc.		1.2	%
	2.	Herc Holdings, Inc.		1.2
	3.	ManTech International Corp., Class A		1.2
	4.	Tri Pointe Homes, Inc.		1.2
	5.	Allscripts Healthcare Solutions, Inc.		1.0
	6.	Cardiovascular Systems, Inc.		0.9
	7.	MasTec, Inc.		0.9
	8.	BellRing Brands, Inc., Class A		0.8
	9.	SMART Global Holdings, Inc.		0.8
	10.	Darling Ingredients, Inc.		0.8

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		18.9	%
Industrials		16.1
Financials		13.7
Information Technology		12.0
Consumer Discretionary		8.7
Real Estate		5.3
Materials		4.1
Consumer Staples		3.3
Communication Services		3.0
Energy		2.9
Utilities		1.7
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.

16 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge*			54.64	%		12.74	%		11.15	%
Without Sales Charge			63.19			13.97			11.75
CLASS C SHARES	November 1, 2007
With CDSC**			61.34			13.39			11.30
Without CDSC			62.34			13.39			11.30
CLASS I SHARES	September 10, 2001		63.52			14.26			12.03
CLASS L SHARES	November 4, 1993		63.85			14.44			12.22
CLASS R2 SHARES	November 1, 2011		62.71			13.68			11.49
CLASS R3 SHARES	September 9, 2016		63.20			13.98			11.75
CLASS R4 SHARES	September 9, 2016		63.52			14.25			12.02
CLASS R5 SHARES	September 9, 2016		63.83			14.43			12.21
CLASS R6 SHARES	November 1, 2011		63.87			14.55			12.31

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

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

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

June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.1%
Aerospace & Defense — 0.4%
Curtiss-Wright Corp.		20		2,375
Hexcel Corp. *		37		2,303
				4,678
Airlines — 0.4%
Allegiant Travel Co. *		10		1,940
Frontier Group Holdings, Inc. *		127		2,168
				4,108
Auto Components — 0.9%
Fox Factory Holding Corp. *		30		4,742
LCI Industries		17		2,268
Patrick Industries, Inc. (a)		43		3,171
				10,181
Automobiles — 0.3%
Winnebago Industries, Inc.		58		3,927
Banks — 9.5%
BancFirst Corp.		80		4,993
Camden National Corp.		170		8,101
City Holding Co. (a)		62		4,693
Columbia Banking System, Inc.		130		4,998
Community Trust Bancorp, Inc.		156		6,292
Cullen/Frost Bankers, Inc.		33		3,749
First Busey Corp.		305		7,521
First Commonwealth Financial Corp.		486		6,844
First Financial Bancorp		152		3,587
First Financial Bankshares, Inc. (a)		92		4,543
First Hawaiian, Inc.		136		3,860
First Merchants Corp.		161		6,726
Heritage Commerce Corp.		568		6,320
Independent Bank Corp.		281		6,090
Independent Bank Corp.		90		6,795
Lakeland Bancorp, Inc.		446		7,791
Pinnacle Financial Partners, Inc.		24		2,129
Simmons First National Corp., Class A		248		7,268
Trustmark Corp.		140		4,324
				106,624
Beverages — 0.3%
Primo Water Corp. (a)		229		3,829
Biotechnology — 6.8%
ACADIA Pharmaceuticals, Inc. *		87		2,131
ADC Therapeutics SA (Switzerland) * (a)		88		2,151
Alector, Inc. *		77		1,604
Allogene Therapeutics, Inc. * (a)		37		959

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Amicus Therapeutics, Inc. *		274		2,645
Arrowhead Pharmaceuticals, Inc. *		62		5,113
Atara Biotherapeutics, Inc. *		157		2,434
Avrobio, Inc. *		108		961
Biohaven Pharmaceutical Holding Co. Ltd. *		49		4,742
Blueprint Medicines Corp. *		42		3,738
Bridgebio Pharma, Inc. * (a)		53		3,212
Coherus Biosciences, Inc. * (a)		148		2,051
Fate Therapeutics, Inc. *		35		3,000
FibroGen, Inc. * (a)		60		1,588
G1 Therapeutics, Inc. * (a)		73		1,592
Generation Bio Co. * (a)		31		840
Halozyme Therapeutics, Inc. *		144		6,561
Heron Therapeutics, Inc. * (a)		169		2,629
Intercept Pharmaceuticals, Inc. * (a)		28		565
Kronos Bio, Inc. * (a)		55		1,321
Natera, Inc. *		53		6,057
Orchard Therapeutics plc, ADR (United Kingdom) * (a)		102		450
PMV Pharmaceuticals, Inc. * (a)		41		1,405
REGENXBIO, Inc. *		67		2,617
Relay Therapeutics, Inc. *		55		2,023
REVOLUTION Medicines, Inc. *		47		1,495
Rubius Therapeutics, Inc. * (a)		74		1,813
Sage Therapeutics, Inc. *		24		1,368
Sana Biotechnology, Inc. * (a)		49		967
Twist Bioscience Corp. * (a)		42		5,563
Verve Therapeutics, Inc. *		37		2,218
				75,813
Building Products — 3.1%
Advanced Drainage Systems, Inc.		48		5,569
AZEK Co., Inc. (The) * (a)		127		5,407
CSW Industrials, Inc.		46		5,423
Gibraltar Industries, Inc. *		53		4,039
Simpson Manufacturing Co., Inc.		58		6,375
Trex Co., Inc. *		22		2,270
UFP Industries, Inc.		88		6,540
				35,623
Capital Markets — 2.1%
Artisan Partners Asset Management, Inc., Class A (a)		85		4,320
Evercore, Inc., Class A		38		5,365
Focus Financial Partners, Inc., Class A *		76		3,667
LPL Financial Holdings, Inc.		53		7,132
Virtus Investment Partners, Inc.		14		3,851
				24,335

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Chemicals — 3.4%
Chase Corp.		30		3,089
Diversey Holdings Ltd. *		253		4,529
Hawkins, Inc.		182		5,955
HB Fuller Co.		85		5,407
Innospec, Inc.		61		5,502
Stepan Co.		43		5,232
Valvoline, Inc.		217		7,057
Zymergen, Inc. * (a)		56		2,239
				39,010
Commercial Services & Supplies — 2.1%
ACV Auctions, Inc., Class A *		33		847
Brady Corp., Class A		154		8,643
Cimpress plc (Ireland) * (a)		20		2,168
Deluxe Corp.		82		3,929
Kimball International, Inc., Class B		225		2,965
MSA Safety, Inc.		29		4,765
				23,317
Communications Equipment — 0.5%
Ciena Corp. *		46		2,627
Viavi Solutions, Inc. *		178		3,146
				5,773
Construction & Engineering — 0.7%
Comfort Systems USA, Inc.		101		7,937
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc. *		15		2,168
WW International, Inc. *		116		4,207
				6,375
Diversified Telecommunication Services — 1.0%
Bandwidth, Inc., Class A *		33		4,580
Iridium Communications, Inc. *		166		6,645
				11,225
Electric Utilities — 0.2%
Portland General Electric Co.		58		2,653
Electrical Equipment — 1.0%
Array Technologies, Inc. *		150		2,339
Bloom Energy Corp., Class A * (a)		106		2,850
Shoals Technologies Group, Inc., Class A *		73		2,597
Vertiv Holdings Co.		136		3,713
				11,499
Electronic Equipment, Instruments & Components — 3.3%
CTS Corp.		144		5,340
Fabrinet (Thailand) *		36		3,413

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
II-VI, Inc. * (a)		79		5,763
Insight Enterprises, Inc. *		67		6,695
Itron, Inc. *		68		6,756
Littelfuse, Inc.		20		4,997
Plexus Corp. *		43		3,974
				36,938
Equity Real Estate Investment Trusts (REITs) — 5.4%
American Campus Communities, Inc.		99		4,620
American Homes 4 Rent, Class A		182		7,074
Brixmor Property Group, Inc.		251		5,756
CubeSmart		53		2,476
Equity Commonwealth		152		3,986
Highwoods Properties, Inc.		82		3,726
JBG SMITH Properties		103		3,261
Rayonier, Inc.		149		5,352
Rexford Industrial Realty, Inc.		110		6,292
RLJ Lodging Trust (a)		254		3,870
Sunstone Hotel Investors, Inc. *		469		5,822
Terreno Realty Corp.		102		6,577
Washington		120		2,752
				61,564
Food & Staples Retailing — 0.8%
Grocery Outlet Holding Corp. * (a)		83		2,873
Performance Food Group Co. *		138		6,713
				9,586
Food Products — 1.5%
Flowers Foods, Inc.		187		4,529
Freshpet, Inc. *		36		5,847
J&J Snack Foods Corp. (a)		36		6,342
				16,718
Gas Utilities — 1.2%
Chesapeake Utilities Corp. (a)		34		4,057
ONE Gas, Inc.		67		4,954
Southwest Gas Holdings, Inc. (a)		62		4,095
				13,106
Health Care Equipment & Supplies — 3.0%
CONMED Corp.		28		3,826
Figs, Inc., Class A *		52		2,599
iRhythm Technologies, Inc. *		36		2,361
Nevro Corp. *		31		5,108
NuVasive, Inc. *		74		4,984
Outset Medical, Inc. * (a)		64		3,213

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Shockwave Medical, Inc. *		41		7,768
Utah Medical Products, Inc. (a)		52		4,386
				34,245
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc. *		63		3,964
Accolade, Inc. * (a)		52		2,826
Amedisys, Inc. *		17		4,267
Encompass Health Corp.		65		5,055
Ensign Group, Inc. (The) (a)		53		4,585
ModivCare, Inc. *		31		5,326
				26,023
Health Care Technology — 0.3%
Evolent Health, Inc., Class A *		137		2,890
Hotels, Restaurants & Leisure — 3.1%
Boyd Gaming Corp. *		99		6,083
Cracker Barrel Old Country Store, Inc. (a)		31		4,631
El Pollo Loco Holdings, Inc. * (a)		170		3,103
Everi Holdings, Inc. *		272		6,777
Planet Fitness, Inc., Class A *		51		3,828
Six Flags Entertainment Corp. *		40		1,732
Texas Roadhouse, Inc.		94		9,071
				35,225
Household Durables — 2.3%
Helen of Troy Ltd. * (a)		25		5,701
Hooker Furniture Corp.		114		3,963
La-Z-Boy, Inc.		82		3,048
M/I Homes, Inc. *		60		3,523
MDC Holdings, Inc.		65		3,282
Sonos, Inc. *		100		3,538
Tri Pointe Homes, Inc. *		133		2,843
				25,898
Industrial Conglomerates — 0.4%
Carlisle Cos., Inc.		22		4,219
Insurance — 1.8%
James River Group Holdings Ltd.		39		1,478
Lemonade, Inc. * (a)		10		1,100
Old Republic International Corp.		60		1,495
Safety Insurance Group, Inc.		70		5,480
Selective Insurance Group, Inc.		87		7,059
SiriusPoint Ltd. (Bermuda) *		170		1,712
Universal Insurance Holdings, Inc. (a)		129		1,794
				20,118

INVESTMENTS	SHARES (000)		VALUE ($000)
Interactive Media & Services — 0.6%
Bumble, Inc., Class A * (a)		48		2,767
Eventbrite, Inc., Class A * (a)		126		2,397
MediaAlpha, Inc., Class A * (a)		51		2,150
				7,314
Internet & Direct Marketing Retail — 0.3%
RealReal, Inc. (The) * (a)		152		3,002
IT Services — 1.3%
DigitalOcean Holdings, Inc. *		50		2,787
Globant SA *		22		4,828
I3 Verticals, Inc., Class A * (a)		78		2,350
LiveRamp Holdings, Inc. *		48		2,271
Repay Holdings Corp. *		127		3,045
				15,281
Leisure Products — 0.9%
Hayward Holdings, Inc. * (a)		275		7,144
Johnson Outdoors, Inc., Class A (a)		24		2,861
				10,005
Life Sciences Tools & Services — 0.4%
Berkeley Lights, Inc. *		40		1,793
Personalis, Inc. *		89		2,240
Seer, Inc. * (a)		32		1,039
				5,072
Machinery — 6.1%
Alamo Group, Inc.		36		5,498
Altra Industrial Motion Corp.		40		2,601
Blue Bird Corp. *		106		2,637
Graco, Inc.		48		3,649
Hillenbrand, Inc.		150		6,612
ITT, Inc.		127		11,632
John Bean Technologies Corp.		41		5,818
Kadant, Inc.		34		5,999
Lincoln Electric Holdings, Inc.		40		5,250
Mueller Industries, Inc.		120		5,195
Rexnord Corp. (a)		94		4,682
Watts Water Technologies, Inc., Class A		56		8,174
Xometry, Inc., Class A *		16		1,393
				69,140
Media — 1.2%
Cardlytics, Inc. * (a)		29		3,631
Gray Television, Inc.		332		7,759
New York Times Co. (The), Class A		62		2,695
				14,085

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Metals & Mining — 0.6%
Alcoa Corp. *		94		3,452
Warrior Met Coal, Inc.		190		3,274
				6,726
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Ares Commercial Real Estate Corp.		250		3,673
Ladder Capital Corp.		312		3,602
				7,275
Multi-Utilities — 0.3%
Unitil Corp.		69		3,631
Oil, Gas & Consumable Fuels — 3.0%
CNX Resources Corp. *		292		3,990
Delek US Holdings, Inc.		117		2,520
EQT Corp. *		214		4,758
Equitrans Midstream Corp.		280		2,380
Matador Resources Co.		320		11,525
PDC Energy, Inc.		194		8,904
				34,077
Personal Products — 0.4%
Inter Parfums, Inc.		68		4,865
Pharmaceuticals — 0.7%
Arvinas, Inc. *		52		4,037
Revance Therapeutics, Inc. * (a)		131		3,879
				7,916
Professional Services — 0.9%
ASGN, Inc. * (a)		28		2,689
CBIZ, Inc. *		99		3,260
ManTech International Corp., Class A		46		4,011
				9,960
Road & Rail — 0.9%
Marten Transport Ltd.		229		3,784
Saia, Inc. *		33		6,957
				10,741
Semiconductors & Semiconductor Equipment — 3.6%
Cree, Inc. * (a)		46		4,531
Entegris, Inc.		34		4,148
MaxLinear, Inc. *		156		6,621
MKS Instruments, Inc.		35		6,162
Onto Innovation, Inc. *		57		4,175
Rambus, Inc. *		298		7,067
Semtech Corp. *		52		3,595
SolarEdge Technologies, Inc. * (a)		16		4,475
				40,774

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — 5.0%
Anaplan, Inc. *		73		3,917
Blackline, Inc. *		43		4,773
CyberArk Software Ltd. *		20		2,623
Digital Turbine, Inc. *		43		3,307
Duck Creek Technologies, Inc. *		88		3,832
Elastic NV *		33		4,848
Envestnet, Inc. *		65		4,962
Everbridge, Inc. *		36		4,875
JFrog Ltd. (Israel) * (a)		69		3,135
Medallia, Inc. *		74		2,490
Q2 Holdings, Inc. *		35		3,560
Smartsheet, Inc., Class A *		66		4,746
Upland Software, Inc. * (a)		151		6,200
Vertex, Inc., Class A * (a)		109		2,384
Viant Technology, Inc., Class A *		41		1,213
				56,865
Specialty Retail — 3.0%
Floor & Decor Holdings, Inc., Class A *		36		3,845
Group 1 Automotive, Inc. (a)		33		5,096
Leslie’s, Inc. *		51		1,397
Lithia Motors, Inc., Class A		15		5,030
National Vision Holdings, Inc. *		125		6,378
Petco Health & Wellness Co., Inc. * (a)		114		2,565
Sleep Number Corp. *		32		3,494
Urban Outfitters, Inc. * (a)		140		5,783
				33,588
Textiles, Apparel & Luxury Goods — 1.7%
Kontoor Brands, Inc.		132		7,420
Movado Group, Inc.		8		252
Oxford Industries, Inc.		57		5,649
Steven Madden Ltd.		135		5,922
				19,243
Thrifts & Mortgage Finance — 2.6%
Flagstar Bancorp, Inc.		83		3,514
PennyMac Financial Services, Inc. (a)		95		5,863
Premier Financial Corp.		240		6,818
Radian Group, Inc.		279		6,208
WSFS Financial Corp.		145		6,777
				29,180
Trading Companies & Distributors — 2.9%
Applied Industrial Technologies, Inc. (a)		140		12,707
Beacon Roofing Supply, Inc. *		50		2,663
Global Industrial Co.		50		1,836

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Trading Companies & Distributors — continued
GMS, Inc. *		102		4,918
McGrath RentCorp		60		4,913
Rush Enterprises, Inc., Class A		72		3,097
SiteOne Landscape Supply, Inc. *		19		3,211
				33,345
Water Utilities — 0.4%
American States Water Co.		39		3,076
Middlesex Water Co.		14		1,172
				4,248
Total Common Stocks (Cost $815,613)				1,089,770
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		51		—	(c)
	SHARES (000)
Short-Term Investments — 8.7%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $36,634)		36,619		36,638
Investment of Cash Collateral from Securities Loaned — 5.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		55,003		55,003
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		7,059		7,059
Total Investment of Cash Collateral from Securities Loaned (Cost $62,066)				62,062
Total Short-Term Investments (Cost $98,700)				98,700
Total Investments — 104.8% (Cost $914,313)				1,188,470
Liabilities in Excess of Other Assets — (4.8)%				(54,966	)
NET ASSETS — 100.0%				1,133,504

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $60,304.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Airlines — 0.6%
Alaska Air Group, Inc. *		901		54,330
Auto Components — 1.3%
LCI Industries		831		109,259
Automobiles — 0.8%
Thor Industries, Inc.		584		65,969
Banks — 9.4%
BankUnited, Inc.		2,104		89,827
Commerce Bancshares, Inc. (a)		968		72,179
Cullen/Frost Bankers, Inc. (a)		639		71,618
First Financial Bancorp (a)		2,762		65,256
First Hawaiian, Inc. (a)		3,173		89,925
First Horizon Corp.		6,776		117,082
Signature Bank		347		85,272
Western Alliance Bancorp		1,232		114,385
Wintrust Financial Corp.		1,258		95,125
				800,669
Beverages — 1.1%
Primo Water Corp.		5,440		91,012
Capital Markets — 5.5%
AssetMark Financial Holdings, Inc. *		1,465		36,723
Focus Financial Partners, Inc., Class A *		1,911		92,672
Lazard Ltd., Class A		2,205		99,790
Moelis & Co., Class A		1,528		86,925
Morningstar, Inc.		371		95,515
StepStone Group, Inc., Class A		1,735		59,676
				471,301
Chemicals — 3.3%
Diversey Holdings Ltd. *		1,088		19,477
GCP Applied Technologies, Inc. *		2,321		53,984
PQ Group Holdings, Inc.		2,927		44,953
Quaker Chemical Corp. (a)		426		100,943
Valvoline, Inc.		1,947		63,214
				282,571
Commercial Services & Supplies — 7.3%
Brady Corp., Class A		1,494		83,709
Casella Waste Systems, Inc., Class A *		1,460		92,633
Driven Brands Holdings, Inc. *		2,175		67,251
IAA, Inc. * (a)		2,013		109,765
MSA Safety, Inc.		802		132,745
Ritchie Bros Auctioneers, Inc. (Canada)		21		1,237
Stericycle, Inc. *		1,176		84,127
UniFirst Corp.		231		54,195
				625,662

INVESTMENTS	SHARES (000)		VALUE ($000)
Construction & Engineering — 1.9%
WillScot Mobile Mini Holdings Corp. *		5,697		158,765
Containers & Packaging — 2.5%
AptarGroup, Inc.		1,192		167,873
Pactiv Evergreen, Inc. (a)		2,981		44,930
				212,803
Diversified Consumer Services — 1.1%
Bright Horizons Family Solutions, Inc. *		651		95,798
Electric Utilities — 0.9%
Portland General Electric Co.		1,751		80,675
Electronic Equipment, Instruments & Components — 2.6%
Badger Meter, Inc.		610		59,869
nLight, Inc. * (a)		2,106		76,404
Novanta, Inc. *		631		84,976
				221,249
Equity Real Estate Investment Trusts (REITs) — 6.6%
American Campus Communities, Inc.		1,543		72,111
CubeSmart		2,581		119,547
EastGroup Properties, Inc.		844		138,855
National Retail Properties, Inc. (a)		2,200		103,134
Outfront Media, Inc. *		3,628		87,179
Ryman Hospitality Properties, Inc. * (a)		574		45,337
				566,163
Food & Staples Retailing — 4.5%
BJ’s Wholesale Club Holdings, Inc. * (a)		2,856		135,871
Casey’s General Stores, Inc.		429		83,537
Performance Food Group Co. *		3,399		164,795
				384,203
Food Products — 0.3%
Utz Brands, Inc. (a)		1,156		25,193
Health Care Equipment & Supplies — 3.0%
Envista Holdings Corp. *		1,927		83,275
ICU Medical, Inc. *		538		110,732
Ortho Clinical Diagnostics Holdings plc *		2,981		63,817
				257,824
Health Care Providers & Services — 7.2%
Agiliti, Inc. * (a)		2,993		65,466
Chemed Corp.		195		92,306
Covetrus, Inc. *		2,981		80,492
Encompass Health Corp.		1,739		135,723
HealthEquity, Inc. *		1,210		97,352
Premier, Inc., Class A (a)		1,738		60,456
Progyny, Inc. * (a)		1,465		86,461
				618,256

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Technology — 0.8%
Certara, Inc. * (a)		1,794		50,822
Doximity, Inc., Class A *		266		15,471
				66,293
Hotels, Restaurants & Leisure — 2.4%
Monarch Casino & Resort, Inc. *		509		33,713
Planet Fitness, Inc., Class A *		1,126		84,748
Wendy’s Co. (The)		3,754		87,908
				206,369
Insurance — 3.0%
Kinsale Capital Group, Inc.		697		114,802
RLI Corp. (a)		1,018		106,502
Selectquote, Inc. *		2,000		38,514
				259,818
IT Services — 1.4%
WEX, Inc. * (a)		611		118,484
Leisure Products — 3.5%
Acushnet Holdings Corp.		1,600		79,057
Brunswick Corp.		1,316		131,110
Hayward Holdings, Inc. * (a)		3,349		87,142
				297,309
Life Sciences Tools & Services — 1.5%
Syneos Health, Inc. *		1,468		131,408
Machinery — 9.1%
Altra Industrial Motion Corp.		1,349		87,724
Douglas Dynamics, Inc. (a)		996		40,522
Gates Industrial Corp. plc *		3,042		54,974
Lincoln Electric Holdings, Inc.		1,032		135,989
RBC Bearings, Inc. *		653		130,163
Toro Co. (The)		1,328		145,933
Welbilt, Inc. *		2,292		53,067
Woodward, Inc. (a)		822		100,975
Xometry, Inc., Class A *		298		26,075
				775,422
Multi-Utilities — 1.0%
NorthWestern Corp.		1,490		89,737
Professional Services — 0.3%
First Advantage Corp. *		1,407		28,023
Real Estate Management & Development — 0.8%
Cushman & Wakefield plc * (a)		4,129		72,134
Road & Rail — 2.0%
Knight-Swift Transportation Holdings, Inc. (a)		2,071		94,133
Landstar System, Inc.		491		77,652
				171,785

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 3.3%
Allegro MicroSystems, Inc. (Japan) *		2,231		61,803
CMC Materials, Inc.		636		95,847
Power Integrations, Inc. (a)		1,493		122,522
				280,172
Software — 5.6%
Aspen Technology, Inc. * (a)		658		90,518
Duck Creek Technologies, Inc. *		853		37,123
Envestnet, Inc. * (a)		1,130		85,732
Guidewire Software, Inc. * (a)		720		81,145
Medallia, Inc. *		1,177		39,712
nCino, Inc. * (a)		552		33,084
Q2 Holdings, Inc. *		1,135		116,459
				483,773
Specialty Retail — 1.2%
Leslie’s, Inc. * (a)		1,877		51,598
National Vision Holdings, Inc. * (a)		943		48,193
				99,791
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc. (a)		751		77,479
Trading Companies & Distributors — 1.0%
Applied Industrial Technologies, Inc.		960		87,399
Total Common Stocks (Cost $5,192,296)				8,367,098
Short-Term Investments — 3.7%
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $205,976)		205,911		206,013
Investment of Cash Collateral from Securities Loaned — 1.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		102,028		102,028
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		11,448		11,448
Total Investment of Cash Collateral from Securities Loaned (Cost $113,481)				113,476
Total Short-Term Investments (Cost $319,457)				319,489
Total Investments — 101.4% (Cost $5,511,753)				8,686,587
Liabilities in Excess of Other Assets — (1.4)%				(119,456	)
NET ASSETS — 100.0%				8,567,131

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $110,670.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Aerospace & Defense — 0.5%
Hexcel Corp. *		538		33,562
Airlines — 0.5%
Frontier Group Holdings, Inc. * (a)		2,089		35,594
Auto Components — 1.0%
Fox Factory Holding Corp. *		457		71,142
Automobiles — 0.9%
Winnebago Industries, Inc. (a)		867		58,908
Banks — 1.5%
First Financial Bankshares, Inc.		1,387		68,157
Pinnacle Financial Partners, Inc.		361		31,909
				100,066
Biotechnology — 16.7%
ACADIA Pharmaceuticals, Inc. *		1,302		31,759
ADC Therapeutics SA (Switzerland) * (a)		1,324		32,242
Alector, Inc. *		1,153		24,014
Allogene Therapeutics, Inc. * (a)		549		14,331
Amicus Therapeutics, Inc. *		4,114		39,659
Arrowhead Pharmaceuticals, Inc. *		926		76,729
Atara Biotherapeutics, Inc. *		2,346		36,480
Avrobio, Inc. *		1,635		14,532
Biohaven Pharmaceutical Holding Co. Ltd. *		733		71,156
Blueprint Medicines Corp. * (a)		637		56,069
Bridgebio Pharma, Inc. * (a)		790		48,181
Coherus Biosciences, Inc. * (a)		2,223		30,740
Fate Therapeutics, Inc. *		518		44,980
FibroGen, Inc. * (a)		893		23,784
G1 Therapeutics, Inc. * (a)		1,086		23,830
Generation Bio Co. * (a)		466		12,534
Halozyme Therapeutics, Inc. *		2,168		98,470
Heron Therapeutics, Inc. * (a)		2,540		39,416
Intercept Pharmaceuticals, Inc. * (a)		421		8,407
Kronos Bio, Inc. * (a)		825		19,765
Natera, Inc. *		795		90,252
Orchard Therapeutics plc, ADR (United Kingdom) * (a)		1,522		6,681
PMV Pharmaceuticals, Inc. * (a)		616		21,029
REGENXBIO, Inc. *		1,010		39,238
Relay Therapeutics, Inc. * (a)		828		30,304
REVOLUTION Medicines, Inc. * (a)		705		22,379
Rubius Therapeutics, Inc. * (a)		1,113		27,164
Sage Therapeutics, Inc. *		360		20,471
Sana Biotechnology, Inc. * (a)		735		14,444
Twist Bioscience Corp. * (a)		627		83,482

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Verve Therapeutics, Inc. *		551		33,190
				1,135,712
Building Products — 3.9%
Advanced Drainage Systems, Inc.		712		82,984
AZEK Co., Inc. (The) *		1,911		81,148
Simpson Manufacturing Co., Inc.		596		65,823
Trex Co., Inc. * (a)		333		34,018
				263,973
Capital Markets — 2.0%
Evercore, Inc., Class A		572		80,514
Focus Financial Partners, Inc., Class A *		1,164		56,459
				136,973
Chemicals — 0.5%
Zymergen, Inc. * (a)		839		33,565
Commercial Services & Supplies — 1.2%
ACV Auctions, Inc., Class A *		544		13,938
MSA Safety, Inc. (a)		432		71,494
				85,432
Communications Equipment — 0.6%
Ciena Corp. *		692		39,388
Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions, Inc. *		221		32,489
Diversified Telecommunication Services — 1.0%
Bandwidth, Inc., Class A * (a)		498		68,711
Electrical Equipment — 2.5%
Array Technologies, Inc. *		2,303		35,921
Bloom Energy Corp., Class A * (a)		1,590		42,724
Shoals Technologies Group, Inc., Class A *		1,096		38,921
Vertiv Holdings Co.		2,040		55,695
				173,261
Electronic Equipment, Instruments & Components — 3.8%
II-VI, Inc. * (a)		1,191		86,481
Itron, Inc. * (a)		1,014		101,416
Littelfuse, Inc.		294		74,983
				262,880
Equity Real Estate Investment Trusts (REITs) — 1.1%
CubeSmart		801		37,123
Terreno Realty Corp.		595		38,401
				75,524

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 2.1%
Grocery Outlet Holding Corp. * (a)		1,243		43,077
Performance Food Group Co. *		2,078		100,764
				143,841
Food Products — 1.3%
Freshpet, Inc. * (a)		543		88,538
Health Care Equipment & Supplies — 6.5%
CONMED Corp. (a)		418		57,399
Figs, Inc., Class A * (a)		777		38,947
iRhythm Technologies, Inc. *		533		35,376
Nevro Corp. * (a)		462		76,657
NuVasive, Inc. *		1,103		74,795
Outset Medical, Inc. * (a)		964		48,188
Shockwave Medical, Inc. * (a)		615		116,613
				447,975
Health Care Providers & Services — 2.4%
Acadia Healthcare Co., Inc. * (a)		948		59,466
Accolade, Inc. * (a)		780		42,376
Amedisys, Inc. *		261		64,014
				165,856
Health Care Technology — 0.6%
Evolent Health, Inc., Class A *		2,051		43,325
Hotels, Restaurants & Leisure — 3.9%
Boyd Gaming Corp. *		1,485		91,299
Planet Fitness, Inc., Class A * (a)		763		57,433
Six Flags Entertainment Corp. *		599		25,934
Texas Roadhouse, Inc. (a)		929		89,342
				264,008
Household Durables — 2.6%
Helen of Troy Ltd. * (a)		375		85,575
Sonos, Inc. *		1,506		53,063
Tri Pointe Homes, Inc. *		1,989		42,626
				181,264
Industrial Conglomerates — 0.9%
Carlisle Cos., Inc.		331		63,295
Insurance — 0.2%
Lemonade, Inc. * (a)		150		16,435
Interactive Media & Services — 1.6%
Bumble, Inc., Class A * (a)		716		41,233
Eventbrite, Inc., Class A * (a)		1,891		35,924
MediaAlpha, Inc., Class A * (a)		765		32,223
				109,380

INVESTMENTS	SHARES (000)		VALUE ($000)
Internet & Direct Marketing Retail — 0.7%
RealReal, Inc. (The) * (a)		2,278		45,014
IT Services — 3.3%
DigitalOcean Holdings, Inc. * (a)		752		41,778
Globant SA *		330		72,437
I3 Verticals, Inc., Class A * (a)		1,166		35,227
LiveRamp Holdings, Inc. *		726		34,021
Repay Holdings Corp. *		1,900		45,668
				229,131
Life Sciences Tools & Services — 1.1%
Berkeley Lights, Inc. * (a)		600		26,869
Personalis, Inc. *		1,327		33,573
Seer, Inc. * (a)		474		15,526
				75,968
Machinery — 3.7%
Graco, Inc.		723		54,733
ITT, Inc.		984		90,091
John Bean Technologies Corp.		612		87,315
Xometry, Inc., Class A *		239		20,927
				253,066
Media — 1.4%
Cardlytics, Inc. * (a)		429		54,461
New York Times Co. (The), Class A		928		40,406
				94,867
Pharmaceuticals — 1.7%
Arvinas, Inc. * (a)		787		60,566
Revance Therapeutics, Inc. * (a)		1,910		56,605
				117,171
Professional Services — 0.9%
ManTech International Corp., Class A		696		60,191
Road & Rail — 1.5%
Saia, Inc. *		499		104,432
Semiconductors & Semiconductor Equipment — 5.0%
Cree, Inc. * (a)		694		67,977
Entegris, Inc.		506		62,220
MKS Instruments, Inc. (a)		520		92,478
Semtech Corp. *		784		53,927
SolarEdge Technologies, Inc. *		243		67,142
				343,744
Software — 11.2%
Anaplan, Inc. *		1,102		58,762
Blackline, Inc. *		644		71,616

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
CyberArk Software Ltd. *		302		39,330
Digital Turbine, Inc. *		652		49,592
Duck Creek Technologies, Inc. * (a)		1,321		57,475
Elastic NV *		499		72,741
Envestnet, Inc. *		982		74,459
Everbridge, Inc. * (a)		537		73,142
JFrog Ltd. (Israel) * (a)		1,033		47,035
Medallia, Inc. *		1,106		37,318
Q2 Holdings, Inc. *		521		53,397
Smartsheet, Inc., Class A *		985		71,208
Vertex, Inc., Class A * (a)		1,670		36,642
Viant Technology, Inc., Class A * (a)		609		18,140
				760,857
Specialty Retail — 4.2%
Floor & Decor Holdings, Inc., Class A *		546		57,676
Leslie’s, Inc. * (a)		760		20,896
Lithia Motors, Inc., Class A (a)		222		76,162
National Vision Holdings, Inc. * (a)		1,889		96,565
Petco Health & Wellness Co., Inc. * (a)		1,716		38,456
				289,755
Trading Companies & Distributors — 2.7%
Applied Industrial Technologies, Inc.		972		88,518
Rush Enterprises, Inc., Class A		1,074		46,450
SiteOne Landscape Supply, Inc. *		283		47,842
				182,810
Total Common Stocks (Cost $4,536,797)				6,688,103
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		927		—	(c)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 10.2%
Investment Companies — 2.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $176,567)		176,498		176,586
Investment of Cash Collateral from Securities Loaned — 7.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		467,313		467,313
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		54,843		54,843
Total Investment of Cash Collateral from Securities Loaned (Cost $522,195)				522,156
Total Short-Term Investments (Cost $698,762)				698,742
Total Investments — 107.9% (Cost $5,235,559)				7,386,845
Liabilities in Excess of Other Assets — (7.9)%				(543,660	)
NET ASSETS — 100.0%				6,843,185

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $505,147.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%
Aerospace & Defense — 0.5%
AAR Corp. *		23		883
Astronics Corp. *		22		380
Ducommun, Inc. * (a)		6		331
Moog, Inc., Class A		2		192
Triumph Group, Inc. *		8		165
Vectrus, Inc. *		1		58
				2,009
Air Freight & Logistics — 0.6%
Echo Global Logistics, Inc. *		14		426
Forward Air Corp.		3		310
Hub Group, Inc., Class A *		23		1,485
				2,221
Airlines — 0.4%
Alaska Air Group, Inc. *		9		557
Allegiant Travel Co. *		5		875
				1,432
Auto Components — 1.2%
American Axle & Manufacturing Holdings, Inc. *		64		660
Dana, Inc.		75		1,783
Goodyear Tire & Rubber Co. (The) *		49		833
Lear Corp.		3		578
Patrick Industries, Inc.		8		586
				4,440
Banks — 7.2%
Amalgamated Financial Corp.		183		2,860
Ameris Bancorp		8		385
Associated Banc-Corp.		12		241
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		33		1,157
Bar Harbor Bankshares		5		144
Business First Bancshares, Inc.		7		155
Capital Bancorp, Inc. *		2		50
Capstar Financial Holdings, Inc.		6		114
Cathay General Bancorp		6		219
Community Trust Bancorp, Inc.		1		51
ConnectOne Bancorp, Inc.		54		1,422
Customers Bancorp, Inc. *		26		1,000
Enterprise Financial Services Corp.		1		59
Financial Institutions, Inc.		13		384
First BanCorp (Puerto Rico)		125		1,486
First Bank		3		42
First Choice Bancorp		1		39
First Community Bankshares, Inc.		2		68
First Horizon Corp.		90		1,556

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
First Internet Bancorp		4		126
FNB Corp.		52		643
Great Southern Bancorp, Inc.		5		247
Hancock Whitney Corp.		17		747
Hanmi Financial Corp.		24		449
HBT Financial, Inc.		8		144
Hilltop Holdings, Inc.		20		717
Investors Bancorp, Inc.		152		2,161
Metropolitan Bank Holding Corp. * (a)		3		153
Mid Penn Bancorp, Inc.		2		55
OceanFirst Financial Corp.		58		1,204
PacWest Bancorp		17		704
Peapack-Gladstone Financial Corp. (a)		5		166
RBB Bancorp		3		82
Sierra Bancorp		2		49
Signature Bank		8		1,864
SmartFinancial, Inc.		7		178
Sterling Bancorp		18		441
Synovus Financial Corp.		16		712
Umpqua Holdings Corp.		55		1,015
United Community Banks, Inc.		12		398
Western Alliance Bancorp		7		641
Wintrust Financial Corp.		6		425
Zions Bancorp NA		30		1,577
				26,330
Beverages — 0.1%
Coca-Cola Consolidated, Inc.		1		273
Biotechnology — 9.3%
Akebia Therapeutics, Inc. *		243		922
Alector, Inc. *		19		399
Allogene Therapeutics, Inc. * (a)		18		479
Amicus Therapeutics, Inc. *		102		979
AnaptysBio, Inc. *		49		1,277
Arena Pharmaceuticals, Inc. *		54		3,677
Arrowhead Pharmaceuticals, Inc. *		20		1,672
Atara Biotherapeutics, Inc. *		3		53
Blueprint Medicines Corp. *		8		720
Bolt Biotherapeutics, Inc. *		12		182
Bridgebio Pharma, Inc. * (a)		10		592
CareDx, Inc. *		6		521
Catalyst Pharmaceuticals, Inc. *		80		462
Chinook Therapeutics, Inc. * (a)		25		348
Coherus Biosciences, Inc. * (a)		25		343
Decibel Therapeutics, Inc. * (a)		44		375

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Dicerna Pharmaceuticals, Inc. *		29		1,070
Fate Therapeutics, Inc. *		19		1,678
Frequency Therapeutics, Inc. * (a)		78		778
Gritstone bio, Inc. * (a)		5		48
Invitae Corp. *		20		678
Jounce Therapeutics, Inc. * (a)		15		105
Kronos Bio, Inc. * (a)		27		638
Kura Oncology, Inc. * (a)		2		48
Kymera Therapeutics, Inc. * (a)		23		1,120
MeiraGTx Holdings plc * (a)		13		203
Molecular Templates, Inc. * (a)		50		387
Mustang Bio, Inc. *		127		422
Myriad Genetics, Inc. *		46		1,407
Natera, Inc. *		9		1,037
Novavax, Inc. * (a)		4		925
PTC Therapeutics, Inc. * (a)		14		609
Radius Health, Inc. *		2		35
REVOLUTION Medicines, Inc. *		28		893
Sage Therapeutics, Inc. *		8		465
Sarepta Therapeutics, Inc. *		20		1,538
Spruce Biosciences, Inc. * (a)		25		285
Sutro Biopharma, Inc. *		5		85
TCR2 Therapeutics, Inc. *		9		152
Translate Bio, Inc. * (a)		37		1,010
Travere Therapeutics, Inc. *		52		756
Turning Point Therapeutics, Inc. *		10		780
Vericel Corp. *		13		666
Vir Biotechnology, Inc. * (a)		25		1,184
Xencor, Inc. *		64		2,190
Y-mAbs Therapeutics, Inc. * (a)		1		49
				34,242
Building Products — 1.6%
Advanced Drainage Systems, Inc.		4		431
Apogee Enterprises, Inc. (a)		14		587
Builders FirstSource, Inc. * (a)		51		2,184
Cornerstone Building Brands, Inc. *		29		532
Gibraltar Industries, Inc. *		4		281
Masonite International Corp. *		3		320
Quanex Building Products Corp.		18		445
Resideo Technologies, Inc. *		9		275
UFP Industries, Inc.		12		872
				5,927

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 2.0%
Artisan Partners Asset Management, Inc., Class A		3		156
Blucora, Inc. *		31		537
Brightsphere Investment Group, Inc.		29		684
Cohen & Steers, Inc.		2		203
Cowen, Inc., Class A (a)		21		857
Donnelley Financial Solutions, Inc. *		27		889
Federated Hermes, Inc.		28		946
Focus Financial Partners, Inc., Class A *		22		1,065
Piper Sandler Cos.		3		437
Stifel Financial Corp. (a)		13		861
Virtus Investment Partners, Inc.		3		780
				7,415
Chemicals — 2.1%
Avient Corp.		27		1,317
HB Fuller Co.		17		1,051
Ingevity Corp. *		11		928
Koppers Holdings, Inc. *		13		426
Minerals Technologies, Inc.		8		644
Orion Engineered Carbons SA (Germany) *		20		382
PQ Group Holdings, Inc.		12		180
Trinseo SA		10		581
Tronox Holdings plc, Class A		63		1,409
Zymergen, Inc. *		20		816
				7,734
Commercial Services & Supplies — 1.8%
ABM Industries, Inc.		45		2,008
ACCO Brands Corp.		47		409
Brink’s Co. (The) (a)		7		507
Herman Miller, Inc.		17		808
HNI Corp.		11		465
KAR Auction Services, Inc. * (a)		11		196
Knoll, Inc.		42		1,079
SP Plus Corp. *		17		523
Steelcase, Inc., Class A		41		617
Team, Inc. *		9		62
				6,674
Communications Equipment — 0.3%
Extreme Networks, Inc. *		101		1,125
Construction & Engineering — 2.4%
Argan, Inc.		38		1,836
Comfort Systems USA, Inc.		17		1,344
EMCOR Group, Inc.		11		1,332
Great Lakes Dredge & Dock Corp. * (a)		54		790

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Construction & Engineering — continued
MasTec, Inc. * (a)		20		2,113
Primoris Services Corp.		25		735
Sterling Construction Co., Inc. *		14		335
Tutor Perini Corp. *		23		314
				8,799
Construction Materials — 0.1%
Forterra, Inc. *		3		76
US Concrete, Inc. *		4		330
				406
Consumer Finance — 1.5%
Enova International, Inc. *		8		280
EZCORP, Inc., Class A *		50		303
Green Dot Corp., Class A * (a)		15		689
Navient Corp.		109		2,114
Nelnet, Inc., Class A		9		650
Oportun Financial Corp. *		13		254
PROG Holdings, Inc.		24		1,149
				5,439
Containers & Packaging — 0.2%
Greif, Inc., Class A (a)		9		515
Myers Industries, Inc.		8		159
Pactiv Evergreen, Inc.		5		78
				752
Diversified Consumer Services — 0.4%
Coursera, Inc. * (a)		26		1,017
WW International, Inc. *		12		423
				1,440
Diversified Telecommunication Services — 1.3%
IDT Corp., Class B *		86		3,196
Liberty Latin America Ltd., Class A (Chile) *		38		521
Liberty Latin America Ltd., Class C (Chile) *		34		482
Ooma, Inc. *		21		401
				4,600
Electric Utilities — 0.7%
ALLETE, Inc.		9		636
IDACORP, Inc.		4		377
Portland General Electric Co.		16		730
Spark Energy, Inc., Class A (a)		59		672
				2,415

INVESTMENTS	SHARES (000)		VALUE ($000)
Electrical Equipment — 1.6%
Atkore, Inc. *		31		2,206
AZZ, Inc.		13		695
Bloom Energy Corp., Class A * (a)		35		931
FuelCell Energy, Inc. *		5		44
Powell Industries, Inc.		4		111
Sunrun, Inc. * (a)		35		1,925
				5,912
Electronic Equipment, Instruments & Components — 2.1%
Advanced Energy Industries, Inc.		10		1,088
Benchmark Electronics, Inc. (a)		54		1,537
Fabrinet (Thailand) *		12		1,168
Itron, Inc. *		3		302
Kimball Electronics, Inc. *		4		96
Sanmina Corp. *		42		1,647
ScanSource, Inc. *		12		325
Vishay Intertechnology, Inc.		44		999
Vishay Precision Group, Inc. *		20		687
				7,849
Energy Equipment & Services — 0.8%
ChampionX Corp. *		36		917
National Energy Services Reunited Corp. *		15		219
NexTier Oilfield Solutions, Inc. *		96		455
Oil States International, Inc. * (a)		29		224
Patterson-UTI Energy, Inc.		24		240
ProPetro Holding Corp. *		11		99
Select Energy Services, Inc., Class A *		81		487
Solaris Oilfield Infrastructure, Inc., Class A		35		337
				2,978
Entertainment — 1.1%
AMC Entertainment Holdings, Inc., Class A * (a)		21		1,187
Cinemark Holdings, Inc. *		40		880
IMAX Corp. *		20		424
Lions Gate Entertainment Corp., Class A *		72		1,486
				3,977
Equity Real Estate Investment Trusts (REITs) — 5.1%
Agree Realty Corp.		2		137
Alexander & Baldwin, Inc.		19		346
American Assets Trust, Inc.		4		162
American Finance Trust, Inc.		12		98
Armada Hoffler Properties, Inc.		33		443
Broadstone Net Lease, Inc.		22		506
CareTrust REIT, Inc.		4		98
CatchMark Timber Trust, Inc., Class A		16		184

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Centerspace		3		272
Chatham Lodging Trust *		4		56
City Office REIT, Inc.		50		627
Columbia Property Trust, Inc.		5		79
Community Healthcare Trust, Inc.		3		124
Cousins Properties, Inc.		13		469
DiamondRock Hospitality Co. *		32		309
DigitalBridge Group, Inc. * (a)		96		759
Essential Properties Realty Trust, Inc.		12		331
First Industrial Realty Trust, Inc.		13		683
Four Corners Property Trust, Inc.		19		537
Getty Realty Corp.		2		77
Gladstone Commercial Corp.		19		437
Global Medical REIT, Inc. (a)		3		44
Global Net Lease, Inc.		35		643
Healthcare Realty Trust, Inc.		9		277
Highwoods Properties, Inc.		2		84
Innovative Industrial Properties, Inc. (a)		1		245
Kite Realty Group Trust		25		546
National Storage Affiliates Trust		15		780
New Senior Investment Group, Inc.		63		549
Physicians Realty Trust		14		258
Piedmont Office Realty Trust, Inc., Class A		13		236
Plymouth Industrial REIT, Inc.		23		461
PotlatchDeltic Corp.		24		1,287
QTS Realty Trust, Inc., Class A (a)		8		607
Retail Opportunity Investments Corp.		25		436
Retail Properties of America, Inc., Class A		53		602
Retail Value, Inc.		8		180
Ryman Hospitality Properties, Inc. *		2		119
Sabra Health Care REIT, Inc.		28		505
Service Properties Trust		8		95
SITE Centers Corp.		18		274
STAG Industrial, Inc.		38		1,405
Summit Hotel Properties, Inc. *		9		80
Sunstone Hotel Investors, Inc. *		69		856
UMH Properties, Inc.		4		80
Urban Edge Properties		12		231
Xenia Hotels & Resorts, Inc. *		48		890
				18,504
Food & Staples Retailing — 0.8%
Andersons, Inc. (The)		2		62
BJ’s Wholesale Club Holdings, Inc. *		11		539
Performance Food Group Co. *		23		1,099
Rite Aid Corp. * (a)		70		1,142
				2,842

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 1.2%
Bunge Ltd.		4		311
Darling Ingredients, Inc. *		40		2,712
Sanderson Farms, Inc.		6		1,083
Seneca Foods Corp., Class A *		4		223
				4,329
Gas Utilities — 0.6%
Chesapeake Utilities Corp.		4		488
New Jersey Resources Corp.		8		323
Northwest Natural Holding Co.		5		241
Southwest Gas Holdings, Inc.		9		578
Spire, Inc.		7		493
				2,123
Health Care Equipment & Supplies — 3.0%
Alphatec Holdings, Inc. *		26		392
Apyx Medical Corp. *		20		203
Cardiovascular Systems, Inc. * (a)		23		964
Cutera, Inc. * (a)		34		1,648
Heska Corp. * (a)		5		1,209
Inogen, Inc. *		16		1,057
Intersect ENT, Inc. *		8		142
Lantheus Holdings, Inc. *		8		232
Natus Medical, Inc. *		15		386
NuVasive, Inc. *		26		1,774
Ortho Clinical Diagnostics Holdings plc *		34		734
Orthofix Medical, Inc. *		31		1,234
Outset Medical, Inc. *		6		322
SI-BONE, Inc. *		24		753
				11,050
Health Care Providers & Services — 4.5%
AdaptHealth Corp. * (a)		99		2,704
AMN Healthcare Services, Inc. *		12		1,194
Apollo Medical Holdings, Inc. * (a)		15		928
Cross Country Healthcare, Inc. *		20		333
Hanger, Inc. *		18		451
LHC Group, Inc. *		2		378
MEDNAX, Inc. *		8		231
ModivCare, Inc. *		8		1,353
National HealthCare Corp. (a)		6		424
Option Care Health, Inc. *		10		223
Owens & Minor, Inc.		23		979
Select Medical Holdings Corp.		46		1,963
Surgery Partners, Inc. * (a)		25		1,635
Tenet Healthcare Corp. * (a)		55		3,671
Tivity Health, Inc. * (a)		5		128
				16,595

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Technology — 1.2%
Allscripts Healthcare Solutions, Inc. *		53		987
Inovalon Holdings, Inc., Class A *		6		190
Inspire Medical Systems, Inc. *		3		608
NextGen Healthcare, Inc. *		44		734
Omnicell, Inc. *		3		385
Schrodinger, Inc. *		20		1,540
				4,444
Hotels, Restaurants & Leisure — 1.6%
Bloomin’ Brands, Inc. *		40		1,089
Boyd Gaming Corp. *		6		364
Brinker International, Inc. *		17		1,026
Dine Brands Global, Inc. * (a)		8		683
Marriott Vacations Worldwide Corp. *		8		1,208
Penn National Gaming, Inc. *		7		543
RCI Hospitality Holdings, Inc. (a)		3		188
Scientific Games Corp. *		9		686
				5,787
Household Durables — 1.4%
Helen of Troy Ltd. *		2		526
Hooker Furniture Corp.		14		501
Lifetime Brands, Inc.		37		561
Purple Innovation, Inc. *		12		317
Sonos, Inc. *		26		915
Tupperware Brands Corp. *		10		246
Universal Electronics, Inc. *		12		582
Vizio Holding Corp., Class A * (a)		50		1,346
				4,994
Household Products — 0.3%
Central Garden & Pet Co., Class A *		23		1,097
Independent Power and Renewable Electricity Producers — 0.6%
Clearway Energy, Inc.		32		795
Clearway Energy, Inc., Class C		28		745
Sunnova Energy International, Inc. *		19		705
Vistra Corp.		7		124
				2,369
Insurance — 1.0%
American Equity Investment Life Holding Co.		22		698
Argo Group International Holdings Ltd.		11		584
BRP Group, Inc., Class A *		5		120
CNO Financial Group, Inc.		21		496
eHealth, Inc. *		9		537
Heritage Insurance Holdings, Inc.		3		26

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Horace Mann Educators Corp.		2		62
James River Group Holdings Ltd.		3		115
Selective Insurance Group, Inc.		2		169
Stewart Information Services Corp.		14		812
				3,619
Interactive Media & Services — 0.8%
Cars.com, Inc. *		32		454
Liberty TripAdvisor Holdings, Inc., Class A * (a)		326		1,326
Yelp, Inc. *		28		1,107
				2,887
Internet & Direct Marketing Retail — 0.3%
Overstock.com, Inc. * (a)		4		353
Stitch Fix, Inc., Class A *		6		336
ThredUp, Inc., Class A * (a)		15		428
				1,117
IT Services — 2.0%
BigCommerce Holdings, Inc., Series 1 *		13		863
Contra Bmtechnologies *		6		79
DigitalOcean Holdings, Inc. *		20		1,122
Marathon Digital Holdings, Inc. *		19		609
Maximus, Inc.		17		1,499
TTEC Holdings, Inc.		21		2,176
Unisys Corp. *		36		904
				7,252
Life Sciences Tools & Services — 1.0%
Adaptive Biotechnologies Corp. *		7		273
Berkeley Lights, Inc. *		12		542
Pacific Biosciences of California, Inc. *		7		257
Personalis, Inc. *		52		1,311
Quanterix Corp. *		12		691
Seer, Inc. * (a)		13		427
				3,501
Machinery — 1.4%
Barnes Group, Inc.		8		435
Columbus McKinnon Corp.		13		642
Manitowoc Co., Inc. (The) *		24		585
Meritor, Inc. *		19		440
Mueller Industries, Inc.		5		234
Park-Ohio Holdings Corp.		3		87
REV Group, Inc. (a)		13		200
Terex Corp.		48		2,263
Wabash National Corp. (a)		8		127
				5,013

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Marine — 0.2%
Costamare, Inc. (Monaco)		62		734
Media — 1.0%
Fluent, Inc. *		49		144
Gray Television, Inc.		27		622
Meredith Corp. *		17		746
Sinclair Broadcast Group, Inc., Class A (a)		20		671
TEGNA, Inc.		81		1,509
				3,692
Metals & Mining — 1.5%
Alcoa Corp. *		23		861
Allegheny Technologies, Inc. * (a)		29		607
Arconic Corp. *		19		671
Cleveland-Cliffs, Inc. * (a)		36		767
Commercial Metals Co.		25		778
Kaiser Aluminum Corp.		3		426
SunCoke Energy, Inc. (a)		78		557
United States Steel Corp. (a)		6		142
Warrior Met Coal, Inc.		25		433
Worthington Industries, Inc.		1		69
				5,311
Mortgage Real Estate Investment Trusts (REITs) — 1.6%
Apollo Commercial Real Estate Finance, Inc.		5		78
Ares Commercial Real Estate Corp.		27		394
Blackstone Mortgage Trust, Inc., Class A (a)		16		526
Brightspire Capital, Inc. (a)		8		71
Ellington Financial, Inc.		26		493
Granite Point Mortgage Trust, Inc.		6		84
Great Ajax Corp.		2		24
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		14		763
KKR Real Estate Finance Trust, Inc. (a)		31		665
Ladder Capital Corp.		41		476
MFA Financial, Inc.		16		73
PennyMac Mortgage Investment Trust		42		875
Ready Capital Corp.		8		119
Redwood Trust, Inc.		75		902
TPG RE Finance Trust, Inc.		26		344
				5,887
Multiline Retail — 0.5%
Big Lots, Inc.		10		668
Dillard’s, Inc., Class A (a)		3		475
Macy’s, Inc. * (a)		43		819
				1,962

INVESTMENTS	SHARES (000)		VALUE ($000)
Multi-Utilities — 0.1%
Black Hills Corp.		5		359
Oil, Gas & Consumable Fuels — 2.8%
Antero Resources Corp. *		60		900
Arch Resources, Inc. *		8		472
Berry Corp.(a)		54		364
CNX Resources Corp. *		16		216
CVR Energy, Inc.		14		254
Delek US Holdings, Inc. (a)		2		33
Green Plains, Inc. *		17		577
Magnolia Oil & Gas Corp., Class A * (a)		71		1,114
Matador Resources Co.		16		559
Ovintiv, Inc.		71		2,228
Par Pacific Holdings, Inc. *		14		236
PDC Energy, Inc.		26		1,168
Renewable Energy Group, Inc. * (a)		14		857
REX American Resources Corp. *		1		120
SFL Corp. Ltd. (Norway)		22		166
Southwestern Energy Co. *		155		877
				10,141
Paper & Forest Products — 1.0%
Domtar Corp. *		9		495
Glatfelter Corp.		4		62
Louisiana-Pacific Corp.		15		912
Neenah, Inc.		4		219
Schweitzer-Mauduit International, Inc.		36		1,450
Verso Corp., Class A		20		359
				3,497
Personal Products — 0.8%
Edgewell Personal Care Co.		23		995
elf Beauty, Inc. *		28		772
Honest Co., Inc. (The) * (a)		25		406
Medifast, Inc.		2		677
				2,850
Pharmaceuticals — 1.3%
Angion Biomedica Corp. *		30		394
Arvinas, Inc. *		1		55
Cara Therapeutics, Inc. * (a)		11		158
Durect Corp. * (a)		598		974
Endo International plc *		185		864
Landos Biopharma, Inc. * (a)		40		463
Lannett Co., Inc. * (a)		185		862
NGM Biopharmaceuticals, Inc. * (a)		25		501

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
Phibro Animal Health Corp., Class A		7		193
Revance Therapeutics, Inc. * (a)		3		102
Zogenix, Inc. * (a)		16		270
				4,836
Professional Services — 2.0%
Barrett Business Services, Inc.		18		1,298
Heidrick & Struggles International, Inc.		16		711
KBR, Inc. (a)		46		1,737
Kelly Services, Inc., Class A *		8		182
Kforce, Inc.		11		718
Korn Ferry		19		1,405
TriNet Group, Inc. *		10		692
TrueBlue, Inc. *		25		713
				7,456
Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc. *		1		254
Realogy Holdings Corp. *		69		1,259
RMR Group, Inc. (The), Class A		2		87
				1,600
Road & Rail — 0.6%
ArcBest Corp.		40		2,320
Semiconductors & Semiconductor Equipment — 2.1%
Alpha & Omega Semiconductor Ltd. *		26		798
Ambarella, Inc. *		4		416
Amkor Technology, Inc.		44		1,053
Ichor Holdings Ltd. *		13		717
PDF Solutions, Inc. * (a)		10		184
Power Integrations, Inc.		10		799
Rambus, Inc. *		8		186
Semtech Corp. *		10		722
SMART Global Holdings, Inc. * (a)		21		1,016
SunPower Corp. * (a)		38		1,099
Ultra Clean Holdings, Inc. *		16		835
				7,825
Software — 4.4%
8x8, Inc. * (a)		3		85
ACI Worldwide, Inc. *		3		125
Asana, Inc., Class A * (a)		23		1,429
Avaya Holdings Corp. * (a)		48		1,291
Blackbaud, Inc. *		7		559
Blackline, Inc. *		5		527
Cerence, Inc. * (a)		13		1,346

INVESTMENTS	SHARES (000)			VALUE ($000)
Software — continued
Cornerstone OnDemand, Inc. *		22			1,112
Digital Turbine, Inc. *		13			982
eGain Corp. * (a)		99			1,131
J2 Global, Inc. * (a)		13			1,756
JFrog Ltd. (Israel) * (a)		4			188
MicroStrategy, Inc., Class A * (a)		—	(b)		251
Model N, Inc. * (a)		4			123
PagerDuty, Inc. *		17			737
SailPoint Technologies Holding, Inc. * (a)		10			501
SPS Commerce, Inc. *		1			83
Viant Technology, Inc., Class A *		10			308
Workiva, Inc. *		1			93
Xperi Holding Corp.		91			2,020
Zuora, Inc., Class A *		79			1,364
					16,011
Specialty Retail — 2.4%
Aaron’s Co., Inc. (The)		6			191
American Eagle Outfitters, Inc.		22			808
Genesco, Inc. *		12			784
Guess?, Inc. (a)		20			526
Hibbett, Inc. *		20			1,748
ODP Corp. (The) *		5			261
Rent-A-Center, Inc. (a)		19			1,023
RH * (a)		2			1,026
Signet Jewelers Ltd. * (a)		21			1,706
Zumiez, Inc. *		15			735
					8,808
Technology Hardware, Storage & Peripherals — 1.2%
3D Systems Corp. * (a)		7			261
Avid Technology, Inc. *		20			793
Diebold Nixdorf, Inc. *		50			641
Super Micro Computer, Inc. *		75			2,632
					4,327
Textiles, Apparel & Luxury Goods — 2.5%
Crocs, Inc. *		4			455
Deckers Outdoor Corp. *		11			4,060
G-III Apparel Group Ltd. *		5			168
Kontoor Brands, Inc. (a)		13			716
Movado Group, Inc.		15			469
PLBY Group, Inc. * (a)		14			552
Unifi, Inc. *		115			2,801
					9,221

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Thrifts & Mortgage Finance — 2.2%
Essent Group Ltd.		30		1,349
FS Bancorp, Inc.		1		93
HomeStreet, Inc.		7		269
Kearny Financial Corp.		23		272
Luther Burbank Corp.		8		101
MGIC Investment Corp.		38		512
Mr. Cooper Group, Inc. *		29		960
NMI Holdings, Inc., Class A *		17		392
Provident Bancorp, Inc.		18		294
Provident Financial Services, Inc.		55		1,259
Radian Group, Inc.		45		1,001
Walker & Dunlop, Inc.		16		1,654
				8,156
Trading Companies & Distributors — 2.8%
Applied Industrial Technologies, Inc.		5		419
Beacon Roofing Supply, Inc. *		22		1,158
Boise Cascade Co. (a)		7		385
CAI International, Inc.		7		407
GMS, Inc. *		29		1,384
Herc Holdings, Inc. *		15		1,691
MRC Global, Inc. * (a)		12		113
NOW, Inc. *		66		624
Veritiv Corp. *		6		397
WESCO International, Inc. *		34		3,525
				10,103
Total Common Stocks (Cost $260,719)				357,008
	NO. OF RIGHTS (000)
Rights — 0.0% (c)
Biotechnology — 0.0% (c)
Contra Aduro Biotech I * ‡ (Cost $128)		43		—	(b)
	SHARES (000)
Short-Term Investments — 12.5%
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $3,127)		3,127		3,128

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 11.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		37,096		37,097
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d ) (e)		5,704		5,704
Total Investment of Cash Collateral from Securities Loaned (Cost $42,804)				42,801
Total Short-Term Investments (Cost $45,931)				45,929
Total Investments — 110.0% (Cost $306,778)				402,937
Liabilities in Excess of Other Assets — (10.0)%				(36,751	)
NET ASSETS — 100.0%				366,186

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $41,694.
(b)	Amount rounds to less than one thousand.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		80		09/2021		USD		9,224		1

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.3%
Aerospace & Defense — 0.5%
AAR Corp. *		39		1,527
Astronics Corp. *		195		3,416
Moog, Inc., Class A		31		2,572
				7,515
Air Freight & Logistics — 1.3%
Echo Global Logistics, Inc. * (a)		319		9,815
Hub Group, Inc., Class A *		152		10,029
				19,844
Airlines — 0.4%
Hawaiian Holdings, Inc. * (a)		46		1,131
SkyWest, Inc. *		114		4,888
				6,019
Auto Components — 0.8%
Adient plc *		114		5,171
American Axle & Manufacturing Holdings, Inc. *		45		462
Dana, Inc.		115		2,725
Goodyear Tire & Rubber Co. (The) *		182		3,117
				11,475
Banks — 13.7%
1st Source Corp.		55		2,546
American National Bankshares, Inc.		12		376
Associated Banc-Corp.		358		7,336
Atlantic Capital Bancshares, Inc. *		39		990
Atlantic Union Bankshares Corp.		4		159
BancorpSouth Bank		40		1,122
Banner Corp.		21		1,155
Brookline Bancorp, Inc.		160		2,396
Bryn Mawr Bank Corp.		16		662
Byline Bancorp, Inc. (a)		100		2,256
Cadence BanCorp (a)		185		3,859
Cathay General Bancorp		296		11,647
Central Pacific Financial Corp.		228		5,929
CIT Group, Inc.		301		15,550
City Holding Co.		33		2,460
Columbia Banking System, Inc.		115		4,419
Community Bank System, Inc. (a)		64		4,849
Community Trust Bancorp, Inc.		62		2,502
Customers Bancorp, Inc. * (a)		57		2,226
Eastern Bankshares, Inc.		260		5,348
Enterprise Financial Services Corp.		108		4,987
Equity Bancshares, Inc., Class A *		50		1,509
Farmers National Banc Corp.		56		869
Financial Institutions, Inc.		35		1,059

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
First Bancorp		16		634
First Commonwealth Financial Corp.		489		6,886
First Community Bankshares, Inc.		31		913
First Financial Corp. (a)		11		429
First Hawaiian, Inc.		48		1,366
First Interstate BancSystem, Inc., Class A		34		1,429
First Merchants Corp.		98		4,071
First Midwest Bancorp, Inc.		290		5,745
Flushing Financial Corp.		74		1,594
Fulton Financial Corp.		190		3,003
Glacier Bancorp, Inc. (a)		30		1,658
Great Southern Bancorp, Inc.		19		997
Great Western Bancorp, Inc. (a)		232		7,617
Hancock Whitney Corp.		35		1,560
Hilltop Holdings, Inc.		240		8,729
Home BancShares, Inc.		195		4,820
HomeTrust Bancshares, Inc.		81		2,257
Hope Bancorp, Inc.		789		11,191
Independent Bank Corp.		28		606
Investors Bancorp, Inc.		494		7,046
Mercantile Bank Corp.		10		290
OFG Bancorp (Puerto Rico) (a)		53		1,168
Old National Bancorp		248		4,373
Pacific Premier Bancorp, Inc.		51		2,174
Pinnacle Financial Partners, Inc.		25		2,216
Preferred Bank		9		563
RBB Bancorp		20		472
Renasant Corp. (a)		7		296
S&T Bancorp, Inc.		12		363
Sandy Spring Bancorp, Inc.		80		3,513
Simmons First National Corp., Class A		191		5,601
Tompkins Financial Corp. (a)		11		884
TriState Capital Holdings, Inc. *		13		265
Trustmark Corp.		263		8,085
UMB Financial Corp.		113		10,534
Valley National Bancorp		23		314
Washington Trust Bancorp, Inc.		19		986
Webster Financial Corp.		57		3,019
West BanCorp, Inc.		7		185
Westamerica BanCorp		84		4,851
				208,914
Biotechnology — 5.9%
89bio, Inc. * (a)		68		1,275
Akebia Therapeutics, Inc. * (a)		1,251		4,741

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Allovir, Inc. * (a)		151		2,989
Arcus Biosciences, Inc. * (a)		138		3,783
Arena Pharmaceuticals, Inc. * (a)		240		16,381
Bluebird Bio, Inc. *		205		6,549
Eagle Pharmaceuticals, Inc. * (a)		87		3,719
Enanta Pharmaceuticals, Inc. * (a)		15		638
Epizyme, Inc. * (a)		98		814
Fate Therapeutics, Inc. *		72		6,258
Frequency Therapeutics, Inc. * (a)		328		3,262
Iovance Biotherapeutics, Inc. *		99		2,584
Lexicon Pharmaceuticals, Inc. * (a)		652		2,995
Myriad Genetics, Inc. *		188		5,752
NexImmune, Inc. *		151		2,461
Protagonist Therapeutics, Inc. *		237		10,645
REGENXBIO, Inc. *		87		3,376
Travere Therapeutics, Inc. * (a)		289		4,214
Turning Point Therapeutics, Inc. * (a)		77		6,008
				88,444
Building Products — 0.4%
Cornerstone Building Brands, Inc. *		71		1,289
Gibraltar Industries, Inc. *		16		1,236
Quanex Building Products Corp. (a)		69		1,707
UFP Industries, Inc.		18		1,360
				5,592
Capital Markets — 1.4%
Artisan Partners Asset Management, Inc., Class A		16		808
Blucora, Inc. *		68		1,184
Cowen, Inc., Class A (a)		102		4,195
Donnelley Financial Solutions, Inc. *		49		1,624
Federated Hermes, Inc.		79		2,689
Piper Sandler Cos.		19		2,488
Stifel Financial Corp. (a)		74		4,786
Virtus Investment Partners, Inc.		13		3,528
				21,302
Chemicals — 1.7%
AdvanSix, Inc. *		15		445
Avient Corp.		101		4,970
FutureFuel Corp.		112		1,078
HB Fuller Co.		18		1,120
Koppers Holdings, Inc. * (a)		62		2,009
Kraton Corp. *		8		252
Minerals Technologies, Inc. (a)		52		4,067
Orion Engineered Carbons SA (Germany) *		62		1,179

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
PQ Group Holdings, Inc.		59		903
Trinseo SA		53		3,154
Tronox Holdings plc, Class A		293		6,554
				25,731
Commercial Services & Supplies — 2.3%
ABM Industries, Inc.		167		7,397
ACCO Brands Corp.		572		4,936
Cimpress plc (Ireland) * (a)		5		575
Deluxe Corp.		43		2,030
Ennis, Inc.		36		768
Healthcare Services Group, Inc. (a)		84		2,646
Heritage-Crystal Clean, Inc. *		38		1,131
Herman Miller, Inc.		148		6,991
HNI Corp.		33		1,464
SP Plus Corp. *		52		1,603
Steelcase, Inc., Class A		294		4,438
Team, Inc. *		75		505
				34,484
Communications Equipment — 1.1%
ADTRAN, Inc.		48		985
Comtech Telecommunications Corp. (a)		18		432
EchoStar Corp., Class A *		172		4,166
Harmonic, Inc. * (a)		421		3,589
NetScout Systems, Inc. * (a)		243		6,927
				16,099
Construction & Engineering — 3.2%
Arcosa, Inc. (a)		89		5,222
Argan, Inc. (a)		107		5,123
Comfort Systems USA, Inc.		44		3,490
EMCOR Group, Inc.		126		15,535
MasTec, Inc. *		78		8,265
Matrix Service Co. * (a)		358		3,755
MYR Group, Inc. *		24		2,182
Primoris Services Corp.		89		2,619
Tutor Perini Corp. *		161		2,234
				48,425
Construction Materials — 0.1%
Summit Materials, Inc., Class A * (a)		29		1,000
Consumer Finance — 1.4%
EZCORP, Inc., Class A *		135		812
FirstCash, Inc. (a)		28		2,133
Navient Corp.		309		5,965

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Consumer Finance — continued
Nelnet, Inc., Class A (a)		46		3,461
PROG Holdings, Inc.		181		8,730
Regional Management Corp. (a)		17		782
				21,883
Containers & Packaging — 0.1%
Greif, Inc., Class A		11		649
Myers Industries, Inc.		18		384
Pactiv Evergreen, Inc. (a)		36		536
				1,569
Distributors — 0.3%
Core-Mark Holding Co., Inc. (a)		110		4,951
Diversified Consumer Services — 0.1%
Houghton Mifflin Harcourt Co. *		155		1,710
Diversified Telecommunication Services — 0.3%
Consolidated Communications Holdings, Inc. * (a)		130		1,144
Liberty Latin America Ltd., Class A (Chile) *		98		1,358
Liberty Latin America Ltd., Class C (Chile) *		190		2,674
				5,176
Electric Utilities — 0.6%
ALLETE, Inc.		16		1,113
IDACORP, Inc.		8		770
Otter Tail Corp.		19		918
Portland General Electric Co.		131		6,050
Spark Energy, Inc., Class A (a)		48		540
				9,391
Electrical Equipment — 0.4%
AZZ, Inc.		34		1,750
Bloom Energy Corp., Class A * (a)		18		486
Powell Industries, Inc.		100		3,105
Thermon Group Holdings, Inc. *		27		458
				5,799
Electronic Equipment, Instruments & Components — 2.3%
Benchmark Electronics, Inc.		225		6,395
Knowles Corp. *		376		7,426
OSI Systems, Inc. *		46		4,686
Sanmina Corp. * (a)		110		4,270
ScanSource, Inc. *		167		4,706
TTM Technologies, Inc. *		183		2,618
Vishay Intertechnology, Inc.		230		5,184
				35,285

INVESTMENTS	SHARES (000)		VALUE ($000)
Energy Equipment & Services — 1.3%
Bristow Group, Inc. *		14		363
ChampionX Corp. *		104		2,678
Helmerich & Payne, Inc.		80		2,620
NexTier Oilfield Solutions, Inc. * (a)		454		2,160
Oceaneering International, Inc. *		175		2,731
Oil States International, Inc. * (a)		162		1,275
Patterson-UTI Energy, Inc. (a)		328		3,254
ProPetro Holding Corp. *		251		2,302
Select Energy Services, Inc., Class A *		200		1,206
Solaris Oilfield Infrastructure, Inc., Class A		76		743
				19,332
Entertainment — 1.2%
AMC Entertainment Holdings, Inc., Class A * (a)		270		15,281
Lions Gate Entertainment Corp., Class A * (a)		116		2,405
				17,686
Equity Real Estate Investment Trusts (REITs) — 9.3%
Acadia Realty Trust		47		1,021
Agree Realty Corp. (a)		116		8,205
Alexander & Baldwin, Inc.		167		3,064
American Assets Trust, Inc.		65		2,420
American Finance Trust, Inc.		91		774
Broadstone Net Lease, Inc. (a)		125		2,933
CareTrust REIT, Inc.		110		2,565
CatchMark Timber Trust, Inc., Class A		38		446
Centerspace		23		1,791
Chatham Lodging Trust *		43		548
City Office REIT, Inc.		160		1,994
Columbia Property Trust, Inc.		28		483
CorePoint Lodging, Inc. *		28		303
Corporate Office Properties Trust		194		5,424
DiamondRock Hospitality Co. *		449		4,358
DigitalBridge Group, Inc. * (a)		326		2,579
Easterly Government Properties, Inc.		84		1,771
Essential Properties Realty Trust, Inc.		64		1,731
First Industrial Realty Trust, Inc.		44		2,319
Four Corners Property Trust, Inc.		102		2,813
Getty Realty Corp.		149		4,652
Gladstone Commercial Corp.		159		3,580
Global Medical REIT, Inc.		27		396
Global Net Lease, Inc.		84		1,556
Healthcare Realty Trust, Inc.		113		3,419
Highwoods Properties, Inc.		15		682
Independence Realty Trust, Inc.		142		2,594
Industrial Logistics Properties Trust		36		928

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Innovative Industrial Properties, Inc. (a)		7		1,375
Kite Realty Group Trust		112		2,463
Lexington Realty Trust (a)		576		6,887
New Senior Investment Group, Inc.		387		3,401
NexPoint Residential Trust, Inc.		6		316
Physicians Realty Trust		248		4,575
Piedmont Office Realty Trust, Inc., Class A		236		4,353
Plymouth Industrial REIT, Inc.		31		629
PotlatchDeltic Corp.		73		3,853
QTS Realty Trust, Inc., Class A (a)		25		1,909
Retail Opportunity Investments Corp.		103		1,823
Retail Properties of America, Inc., Class A		186		2,126
RLJ Lodging Trust		68		1,039
Ryman Hospitality Properties, Inc. *		6		490
Sabra Health Care REIT, Inc.		372		6,778
Service Properties Trust		102		1,283
SITE Centers Corp.		179		2,691
STAG Industrial, Inc.		236		8,815
Summit Hotel Properties, Inc. *		36		339
Sunstone Hotel Investors, Inc. *		619		7,693
Terreno Realty Corp.		68		4,355
UMH Properties, Inc.		106		2,317
Urban Edge Properties (a)		91		1,740
Urstadt Biddle Properties, Inc., Class A		40		766
Xenia Hotels & Resorts, Inc. *		198		3,701
				141,066
Food & Staples Retailing — 0.6%
Andersons, Inc. (The)		16		488
Rite Aid Corp. * (a)		119		1,947
SpartanNash Co. (a)		26		492
Sprouts Farmers Market, Inc. *		215		5,340
United Natural Foods, Inc. *		36		1,313
				9,580
Food Products — 1.1%
Darling Ingredients, Inc. *		205		13,803
Fresh Del Monte Produce, Inc. (a)		36		1,197
Seneca Foods Corp., Class A *		17		879
				15,879
Gas Utilities — 1.2%
Brookfield Infrastructure Corp., Class A (Canada)		13		995
Chesapeake Utilities Corp.		4		457
New Jersey Resources Corp.		137		5,401
Northwest Natural Holding Co. (a)		16		830

INVESTMENTS	SHARES (000)		VALUE ($000)
Gas Utilities — continued
ONE Gas, Inc.		51		3,743
Southwest Gas Holdings, Inc.		76		5,044
Spire, Inc.		26		1,865
				18,335
Health Care Equipment & Supplies — 1.3%
AngioDynamics, Inc. *		90		2,436
Bioventus, Inc., Class A *		148		2,600
Integer Holdings Corp. *		73		6,830
Natus Medical, Inc. *		197		5,108
Utah Medical Products, Inc. (a)		18		1,488
Varex Imaging Corp. * (a)		57		1,531
				19,993
Health Care Providers & Services — 1.2%
Cross Country Healthcare, Inc. *		192		3,170
National HealthCare Corp. (a)		13		874
Option Care Health, Inc. *		128		2,799
Owens & Minor, Inc.		33		1,388
Tenet Healthcare Corp. * (a)		134		8,957
Tivity Health, Inc. * (a)		20		521
				17,709
Health Care Technology — 1.4%
Allscripts Healthcare Solutions, Inc. * (a)		979		18,112
Computer Programs and Systems, Inc. (a)		16		518
Evolent Health, Inc., Class A *		120		2,524
				21,154
Hotels, Restaurants & Leisure — 0.4%
Del Taco Restaurants, Inc.		201		2,007
Fiesta Restaurant Group, Inc. *		49		663
Marriott Vacations Worldwide Corp. *		22		3,569
				6,239
Household Durables — 1.7%
Hooker Furniture Corp.		41		1,413
Lifetime Brands, Inc. (a)		41		618
Meritage Homes Corp. *		32		2,973
Taylor Morrison Home Corp. *		167		4,407
Tri Pointe Homes, Inc. *		779		16,684
				26,095
Household Products — 0.4%
Central Garden & Pet Co., Class A *		92		4,434
Spectrum Brands Holdings, Inc.		13		1,114
				5,548

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Independent Power and Renewable Electricity Producers — 0.6%
Brookfield Renewable Corp.		52		2,164
Clearway Energy, Inc.		131		3,299
Clearway Energy, Inc., Class C		130		3,448
				8,911
Insurance — 1.3%
Ambac Financial Group, Inc. *		44		683
American Equity Investment Life Holding Co.		106		3,432
Argo Group International Holdings Ltd.		59		3,033
CNO Financial Group, Inc.		260		6,141
Heritage Insurance Holdings, Inc.		75		640
Horace Mann Educators Corp.		24		902
ProAssurance Corp. (a)		51		1,153
Selective Insurance Group, Inc.		18		1,469
Stewart Information Services Corp.		44		2,506
United Insurance Holdings Corp.		58		329
				20,288
Interactive Media & Services — 0.7%
Cars.com, Inc. *		235		3,372
QuinStreet, Inc. *		145		2,698
Yelp, Inc. *		96		3,848
				9,918
IT Services — 1.4%
Contra Bmtechnologies *		11		132
CSG Systems International, Inc.		109		5,152
IBEX Holdings Ltd. *		119		2,327
LiveRamp Holdings, Inc. *		161		7,543
Marathon Digital Holdings, Inc. * (a)		8		251
Sykes Enterprises, Inc. *		95		5,112
				20,517
Machinery — 2.2%
AGCO Corp.		48		6,310
Altra Industrial Motion Corp.		128		8,328
Barnes Group, Inc.		30		1,517
Douglas Dynamics, Inc.		21		859
EnPro Industries, Inc. (a)		24		2,312
Manitowoc Co., Inc. (The) * (a)		74		1,811
Meritor, Inc. *		60		1,401
Navistar International Corp. *		12		547
Terex Corp.		102		4,833
TriMas Corp. *		18		534
Wabash National Corp.		281		4,498
				32,950

INVESTMENTS	SHARES (000)		VALUE ($000)
Marine — 0.1%
Costamare, Inc. (Monaco) (a)		114		1,343
Media — 2.1%
AMC Networks, Inc., Class A * (a)		185		12,365
Gray Television, Inc.		334		7,806
Hemisphere Media Group, Inc. * (a)		127		1,500
John Wiley & Sons, Inc., Class A (a)		97		5,837
Sinclair Broadcast Group, Inc., Class A (a)		134		4,442
				31,950
Metals & Mining — 2.2%
Alcoa Corp. *		74		2,741
Allegheny Technologies, Inc. * (a)		132		2,752
Arconic Corp. *		167		5,945
Cleveland-Cliffs, Inc. * (a)		185		3,989
Commercial Metals Co. (a)		111		3,404
Hecla Mining Co.		99		738
Kaiser Aluminum Corp.		30		3,717
Materion Corp.		21		1,597
SunCoke Energy, Inc.		447		3,191
United States Steel Corp. (a)		38		914
Warrior Met Coal, Inc.		163		2,807
Worthington Industries, Inc.		15		912
				32,707
Mortgage Real Estate Investment Trusts (REITs) — 2.5%
Apollo Commercial Real Estate Finance, Inc.		82		1,314
Ares Commercial Real Estate Corp.		109		1,598
Blackstone Mortgage Trust, Inc., Class A (a)		126		4,012
Ellington Financial, Inc.		158		3,016
Granite Point Mortgage Trust, Inc.		48		701
Great Ajax Corp.		17		222
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		81		4,559
KKR Real Estate Finance Trust, Inc. (a)		135		2,918
Ladder Capital Corp.		270		3,120
MFA Financial, Inc. (a)		250		1,148
New York Mortgage Trust, Inc.		166		743
PennyMac Mortgage Investment Trust		222		4,677
Ready Capital Corp.		59		935
Redwood Trust, Inc.		479		5,781
TPG RE Finance Trust, Inc.		173		2,327
Two Harbors Investment Corp. (a)		101		764
				37,835
Multiline Retail — 0.8%
Dillard’s, Inc., Class A (a)		23		4,233

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Multiline Retail — continued
Macy’s, Inc. *		404		7,658
				11,891
Multi-Utilities — 0.8%
Avista Corp.		113		4,805
Black Hills Corp. (a)		82		5,349
Unitil Corp. (a)		32		1,684
				11,838
Oil, Gas & Consumable Fuels — 4.3%
Antero Resources Corp. *		458		6,879
Arch Resources, Inc. * (a)		46		2,644
Berry Corp.		346		2,322
CNX Resources Corp. *		118		1,609
CVR Energy, Inc. (a)		152		2,732
Delek US Holdings, Inc.		130		2,817
Dorian LPG Ltd. *		117		1,656
Falcon Minerals Corp.		257		1,303
Green Plains, Inc. *		149		5,016
International Seaways, Inc. (a)		41		777
Kosmos Energy Ltd. (Ghana) *		172		595
Magnolia Oil & Gas Corp., Class A * (a)		258		4,025
Ovintiv, Inc.		407		12,802
PDC Energy, Inc.		142		6,516
Range Resources Corp. *		371		6,225
Renewable Energy Group, Inc. * (a)		46		2,893
REX American Resources Corp. *		21		1,930
Talos Energy, Inc. *		47		734
W&T Offshore, Inc. * (a)		205		996
				64,471
Paper & Forest Products — 1.0%
Domtar Corp. *		73		4,024
Glatfelter Corp.		166		2,323
Louisiana-Pacific Corp.		20		1,212
Neenah, Inc.		25		1,264
Schweitzer-Mauduit International, Inc.		87		3,525
Verso Corp., Class A		133		2,347
				14,695
Personal Products — 1.2%
BellRing Brands, Inc., Class A * (a)		461		14,451
Edgewell Personal Care Co. (a)		44		1,949
Honest Co., Inc. (The) * (a)		95		1,536
				17,936

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 0.8%
Endo International plc * (a)		680		3,184
Intra-Cellular Therapies, Inc. * (a)		55		2,249
Lannett Co., Inc. * (a)		615		2,873
NGM Biopharmaceuticals, Inc. *		200		3,946
				12,252
Professional Services — 3.3%
Barrett Business Services, Inc.		72		5,222
GP Strategies Corp. *		62		973
Heidrick & Struggles International, Inc.		70		3,136
Huron Consulting Group, Inc. *		64		3,121
Insperity, Inc.		5		488
KBR, Inc. (a)		61		2,339
Kelly Services, Inc., Class A *		222		5,314
Korn Ferry		94		6,812
ManTech International Corp., Class A		157		13,596
TrueBlue, Inc. *		304		8,532
				49,533
Real Estate Management & Development — 0.5%
Kennedy-Wilson Holdings, Inc.		216		4,292
Realogy Holdings Corp. *		205		3,735
				8,027
Road & Rail — 0.6%
ArcBest Corp.		141		8,216
Covenant Logistics Group, Inc., Class A *		22		449
Werner Enterprises, Inc. (a)		23		1,024
				9,689
Semiconductors & Semiconductor Equipment — 1.0%
Cohu, Inc. *		90		3,322
SMART Global Holdings, Inc. * (a)		232		11,038
SunPower Corp. * (a)		23		675
Veeco Instruments, Inc. * (a)		21		512
				15,547
Software — 1.0%
A10 Networks, Inc. * (a)		269		3,031
eGain Corp. *		231		2,646
Ping Identity Holding Corp. * (a)		190		4,344
SecureWorks Corp., Class A *		43		793
Vonage Holdings Corp. * (a)		255		3,679
				14,493
Specialty Retail — 1.7%
Abercrombie & Fitch Co., Class A *		28		1,277
Bed Bath & Beyond, Inc. *		107		3,549

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
Caleres, Inc.		157		4,279
Children’s Place, Inc. (The) * (a)		14		1,303
Genesco, Inc. *		22		1,426
Signet Jewelers Ltd. * (a)		56		4,532
Sleep Number Corp. *		25		2,771
Sonic Automotive, Inc., Class A (a)		66		2,971
Zumiez, Inc. *		70		3,424
				25,532
Technology Hardware, Storage & Peripherals — 0.1%
Diebold Nixdorf, Inc. * (a)		141		1,808
Textiles, Apparel & Luxury Goods — 0.8%
G-III Apparel Group Ltd. *		172		5,635
Kontoor Brands, Inc.		73		4,118
Wolverine World Wide, Inc.		87		2,917
				12,670
Thrifts & Mortgage Finance — 3.4%
Axos Financial, Inc. *		82		3,799
Essent Group Ltd.		185		8,312
HomeStreet, Inc.		71		2,909
Kearny Financial Corp.		152		1,818
Luther Burbank Corp.		77		913
Meridian Bancorp, Inc.		157		3,216
MGIC Investment Corp.		155		2,113
Mr. Cooper Group, Inc. *		83		2,744
NMI Holdings, Inc., Class A *		68		1,529
Northfield Bancorp, Inc.		316		5,181
PennyMac Financial Services, Inc.		54		3,327
Premier Financial Corp.		43		1,213
Radian Group, Inc.		319		7,102
Washington Federal, Inc.		176		5,587
WSFS Financial Corp.		43		1,995
				51,758
Trading Companies & Distributors — 1.6%
Boise Cascade Co.		40		2,311
GMS, Inc. *		128		6,167
Herc Holdings, Inc. * (a)		33		3,743
MRC Global, Inc. *		286		2,688
NOW, Inc. *		665		6,307
Veritiv Corp. *		50		3,040
				24,256
Water Utilities — 0.6%
American States Water Co.		107		8,489

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — 0.3%
Gogo, Inc. * (a)		356		4,046
Total Common Stocks (Cost $1,056,063)				1,454,574
Short-Term Investments — 10.0%
Investment Companies — 3.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $52,744)		52,722		52,749
Investment of Cash Collateral from Securities Loaned — 6.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		89,300		89,300
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		8,507		8,507
Total Investment of Cash Collateral from Securities Loaned (Cost $97,814)				97,807
Total Short-Term Investments (Cost $150,558)				150,556
Total Investments — 106.3% (Cost $1,206,621)				1,605,130
Liabilities in Excess of Other Assets — (6.3)%				(94,692	)
NET ASSETS — 100.0%				1,510,438

Percentages indicated are based on net assets.

Abbreviations

REIT Real Estate Investment Trust

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $95,160.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	463		09/2021		USD		53,384		(547	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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 JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Airlines — 0.6%
Alaska Air Group, Inc. *		43		2,581
Automobiles — 1.0%
Thor Industries, Inc.		36		4,065
Banks —7.8%
Commerce Bancshares, Inc.		41		3,043
Cullen/Frost Bankers, Inc.		29		3,203
First Horizon Corp.		331		5,722
ServisFirst Bancshares, Inc.		64		4,357
Signature Bank		23		5,643
SVB Financial Group *		9		4,863
Western Alliance Bancorp		64		5,912
				32,743
Building Products — 2.5%
Fortune Brands Home & Security, Inc.		51		5,062
Lennox International, Inc.		15		5,394
				10,456
Capital Markets — 7.9%
FactSet Research Systems, Inc.		17		5,561
Focus Financial Partners, Inc., Class A *		84		4,076
Lazard Ltd., Class A		102		4,624
LPL Financial Holdings, Inc.		47		6,328
Moelis & Co., Class A		71		4,027
Morningstar, Inc.		20		5,209
StepStone Group, Inc., Class A		95		3,274
				33,099
Chemicals — 1.0%
Axalta Coating Systems Ltd. *		139		4,248
Commercial Services & Supplies — 5.7%
Driven Brands Holdings, Inc. *		112		3,459
IAA, Inc. *		85		4,615
MSA Safety, Inc.		29		4,734
Ritchie Bros Auctioneers, Inc. (Canada)		1		76
Stericycle, Inc. *		52		3,750
Waste Connections, Inc.		62		7,360
				23,994
Construction & Engineering — 1.4%
WillScot Mobile Mini Holdings Corp. *		210		5,857
Containers & Packaging — 3.1%
AptarGroup, Inc.		45		6,360
Crown Holdings, Inc.		41		4,202
Pactiv Evergreen, Inc.		152		2,289
				12,851

INVESTMENTS	SHARES (000)		VALUE ($000)
Distributors — 3.3%
LKQ Corp. *		129		6,340
Pool Corp.		17		7,639
				13,979
Diversified Consumer Services — 1.2%
Bright Horizons Family Solutions, Inc. *		35		5,152
Electrical Equipment — 1.7%
Generac Holdings, Inc. *		17		6,931
Electronic Equipment, Instruments & Components — 1.1%
Cognex Corp.		53		4,438
Equity Real Estate Investment Trusts (REITs) — 6.4%
American Campus Communities, Inc.		64		2,991
CubeSmart		101		4,673
EastGroup Properties, Inc.		29		4,714
Mid-America Apartment Communities, Inc.		30		5,051
National Retail Properties, Inc.		99		4,650
Outfront Media, Inc. *		195		4,679
				26,758
Food & Staples Retailing — 3.7%
BJ’s Wholesale Club Holdings, Inc. *		119		5,649
Casey’s General Stores, Inc.		20		3,948
Performance Food Group Co. *		123		5,982
				15,579
Food Products — 1.2%
Lamb Weston Holdings, Inc.		62		5,022
Gas Utilities — 1.1%
Atmos Energy Corp.		47		4,556
Health Care Equipment & Supplies — 4.2%
ICU Medical, Inc. *		17		3,397
Ortho Clinical Diagnostics Holdings plc *		141		3,020
STERIS plc		25		5,133
West Pharmaceutical Services, Inc.		16		5,887
				17,437
Health Care Providers & Services — 4.1%
Chemed Corp.		9		4,347
Encompass Health Corp.		70		5,453
Molina Healthcare, Inc. *		29		7,289
				17,089
Health Care Technology — 0.6%
Certara, Inc. *		86		2,434
Hotels, Restaurants & Leisure — 2.8%
Planet Fitness, Inc., Class A *		50		3,751

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Vail Resorts, Inc. *		13		4,150
Wendy’s Co. (The)		157		3,676
				11,577
Household Products — 1.0%
Reynolds Consumer Products, Inc.		133		4,023
Insurance — 2.4%
Kinsale Capital Group, Inc.		32		5,331
RLI Corp.		46		4,765
				10,096
IT Services — 4.8%
Black Knight, Inc. *		73		5,680
Broadridge Financial Solutions, Inc.		35		5,680
Jack Henry & Associates, Inc.		16		2,547
WEX, Inc. *		32		6,141
				20,048
Leisure Products — 1.4%
Brunswick Corp.		59		5,834
Life Sciences Tools & Services — 1.4%
Syneos Health, Inc. *		63		5,672
Machinery — 9.3%
Douglas Dynamics, Inc.		47		1,928
IDEX Corp.		21		4,637
Lincoln Electric Holdings, Inc.		50		6,520
Nordson Corp.		22		4,913
RBC Bearings, Inc. *		24		4,792
Snap-on, Inc.		16		3,479
Toro Co. (The)		78		8,554
Woodward, Inc.		38		4,695
				39,518
Pharmaceuticals — 1.3%
Catalent, Inc. *		52		5,616
Professional Services — 1.3%
TransUnion		51		5,569
Real Estate Management & Development — 0.8%
Cushman & Wakefield plc *		194		3,384
Road & Rail — 1.9%
Knight-Swift Transportation Holdings, Inc.		94		4,284
Landstar System, Inc.		23		3,610
				7,894
Semiconductors & Semiconductor Equipment — 2.0%
CMC Materials, Inc.		28		4,295

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Monolithic Power Systems, Inc.		11		4,256
				8,551
Software — 8.2%
Aspen Technology, Inc. *		37		5,069
Envestnet, Inc. *		47		3,534
Guidewire Software, Inc. *		38		4,227
nCino, Inc. *		35		2,081
PTC, Inc. *		27		3,865
Q2 Holdings, Inc. *		49		5,031
SS&C Technologies Holdings, Inc.		82		5,883
Tyler Technologies, Inc. *		12		5,320
				35,010
Textiles, Apparel & Luxury Goods — 0.6%
Carter’s, Inc.		26		2,652
Total Common Stocks (Cost $324,317)				414,713
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $5,811)		5,809		5,812
Total Investments — 100.2% (Cost $330,128)				420,525
Liabilities in Excess of Other Assets — (0.2)%				(749	)
NET ASSETS — 100.0%				419,776

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 47

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.1%
Aerospace & Defense — 0.5%
AAR Corp. *		40		1,554
AeroVironment, Inc. *		13		1,282
Astronics Corp. *		131		2,288
Moog, Inc., Class A		11		929
				6,053
Air Freight & Logistics — 0.8%
Echo Global Logistics, Inc. * (a)		246		7,558
Hub Group, Inc., Class A *		24		1,590
				9,148
Airlines — 0.4%
Allegiant Travel Co. *		12		2,289
SkyWest, Inc. *		54		2,309
				4,598
Auto Components — 0.5%
Dana, Inc.		174		4,134
Goodyear Tire & Rubber Co. (The) *		16		276
Lear Corp.		10		1,788
				6,198
Automobiles — 0.0% (b)
Winnebago Industries, Inc.		3		204
Banks — 7.0%
1st Source Corp.		19		869
Atlantic Union Bankshares Corp.		15		549
BancorpSouth Bank		77		2,188
Banner Corp.		60		3,240
Brookline Bancorp, Inc.		109		1,628
Cadence BanCorp		251		5,237
Cathay General Bancorp		102		4,010
Central Pacific Financial Corp.		94		2,439
CIT Group, Inc.		56		2,874
Columbia Banking System, Inc.		98		3,778
CVB Financial Corp. (a)		125		2,563
Eastern Bankshares, Inc.		428		8,804
Enterprise Financial Services Corp. (a)		18		821
Equity Bancshares, Inc., Class A *		35		1,076
First Commonwealth Financial Corp.		126		1,772
First Community Bankshares, Inc.		8		245
First Hawaiian, Inc.		43		1,216
First Merchants Corp.		74		3,071
Flushing Financial Corp.		26		548
Great Western Bancorp, Inc.		115		3,758
HarborOne Bancorp, Inc. (a)		33		479
HomeTrust Bancshares, Inc.		43		1,200

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Hope Bancorp, Inc.		298		4,231
Independent Bank Corp.		36		779
Investors Bancorp, Inc. (a)		85		1,206
Old National Bancorp		216		3,809
People’s United Financial, Inc.		42		716
Pinnacle Financial Partners, Inc.		31		2,746
Simmons First National Corp., Class A (a)		96		2,828
Trustmark Corp.		109		3,361
UMB Financial Corp.		29		2,729
Webster Financial Corp.		55		2,944
Westamerica BanCorp		36		2,073
				79,787
Biotechnology — 8.5%
ACADIA Pharmaceuticals, Inc. *		58		1,424
Akebia Therapeutics, Inc. *		686		2,601
Amicus Therapeutics, Inc. *		436		4,206
Arena Pharmaceuticals, Inc. * (a)		73		4,956
Atara Biotherapeutics, Inc. *		317		4,936
Athenex, Inc. * (a)		91		421
Biohaven Pharmaceutical Holding Co. Ltd. *		5		476
Black Diamond Therapeutics, Inc. * (a)		190		2,314
Bluebird Bio, Inc. *		18		568
Bridgebio Pharma, Inc. * (a)		31		1,896
Catalyst Pharmaceuticals, Inc. *		732		4,209
Coherus Biosciences, Inc. * (a)		461		6,374
CytomX Therapeutics, Inc. *		283		1,789
Decibel Therapeutics, Inc. *		2		18
Dicerna Pharmaceuticals, Inc. *		77		2,874
Eagle Pharmaceuticals, Inc. *		100		4,260
Eiger BioPharmaceuticals, Inc. *		98		837
Emergent BioSolutions, Inc. *		7		435
Esperion Therapeutics, Inc. * (a)		13		271
Flexion Therapeutics, Inc. * (a)		129		1,062
Gritstone bio, Inc. * (a)		17		152
Harpoon Therapeutics, Inc. * (a)		198		2,748
Heron Therapeutics, Inc. * (a)		186		2,884
Homology Medicines, Inc. * (a)		25		182
Insmed, Inc. *		116		3,290
Intercept Pharmaceuticals, Inc. * (a)		174		3,465
Ligand Pharmaceuticals, Inc. * (a)		24		3,083
Myriad Genetics, Inc. *		72		2,210
OPKO Health, Inc. * (a)		488		1,978
Puma Biotechnology, Inc. * (a)		129		1,188
REGENXBIO, Inc. *		89		3,469

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Sana Biotechnology, Inc. * (a)		1		25
Sarepta Therapeutics, Inc. *		58		4,544
Sensei Biotherapeutics, Inc. * (a)		152		1,479
Sigilon Therapeutics, Inc. *		99		1,067
Sutro Biopharma, Inc. *		15		282
TG Therapeutics, Inc. *		63		2,444
Travere Therapeutics, Inc. *		73		1,071
Turning Point Therapeutics, Inc. *		14		1,084
UroGen Pharma Ltd. * (a)		52		800
Vanda Pharmaceuticals, Inc. * (a)		310		6,657
Xencor, Inc. *		168		5,806
Y-mAbs Therapeutics, Inc. * (a)		4		145
				95,980
Building Products — 0.6%
Advanced Drainage Systems, Inc.		11		1,294
Cornerstone Building Brands, Inc. *		87		1,574
Gibraltar Industries, Inc. * (a)		6		473
Masonite International Corp. *		5		548
Quanex Building Products Corp.		43		1,071
UFP Industries, Inc.		29		2,133
				7,093
Capital Markets — 1.9%
Artisan Partners Asset Management, Inc., Class A		10		488
Blucora, Inc. *		153		2,645
Brightsphere Investment Group, Inc.		91		2,142
Cohen & Steers, Inc.		8		665
Cowen, Inc., Class A (a)		63		2,569
Donnelley Financial Solutions, Inc. * (a)		42		1,374
Federated Hermes, Inc.		48		1,634
Focus Financial Partners, Inc., Class A *		67		3,235
Houlihan Lokey, Inc.		4		296
Piper Sandler Cos.		9		1,179
Stifel Financial Corp.		41		2,667
Virtus Investment Partners, Inc.		9		2,417
				21,311
Chemicals — 2.0%
Avient Corp.		77		3,795
FutureFuel Corp.		94		905
HB Fuller Co.		20		1,279
Ingevity Corp. *		38		3,123
Koppers Holdings, Inc. *		41		1,317
Minerals Technologies, Inc.		27		2,099
Orion Engineered Carbons SA (Germany) *		49		931

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
PQ Group Holdings, Inc.		37		561
Trinseo SA		30		1,803
Tronox Holdings plc, Class A		193		4,318
Zymergen, Inc. * (a)		60		2,417
				22,548
Commercial Services & Supplies — 2.5%
ABM Industries, Inc.		131		5,816
ACCO Brands Corp.		209		1,801
Brink’s Co. (The) (a)		15		1,168
Ennis, Inc. (a)		105		2,263
Healthcare Services Group, Inc.		61		1,935
Heritage-Crystal Clean, Inc. *		22		665
Herman Miller, Inc.		88		4,134
HNI Corp.		72		3,145
SP Plus Corp. *		33		994
Steelcase, Inc., Class A		222		3,348
Team, Inc. *		43		291
Tetra Tech, Inc.		25		3,027
				28,587
Communications Equipment — 1.7%
ADTRAN, Inc.		48		999
EchoStar Corp., Class A *		265		6,434
Extreme Networks, Inc. *		381		4,254
NetScout Systems, Inc. * (a)		263		7,513
				19,200
Construction & Engineering — 3.7%
Arcosa, Inc. (a)		44		2,561
Argan, Inc.		87		4,153
Comfort Systems USA, Inc.		91		7,194
EMCOR Group, Inc.		66		8,081
MasTec, Inc. *		102		10,780
Matrix Service Co. * (a)		217		2,280
MYR Group, Inc. *		26		2,366
Primoris Services Corp.		164		4,812
				42,227
Construction Materials — 0.1%
Forterra, Inc. *		10		228
US Concrete, Inc. * (a)		6		472
				700
Consumer Finance — 1.2%
Credit Acceptance Corp. * (a)		4		1,623
EZCORP, Inc., Class A * (a)		40		241

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 49

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Consumer Finance — continued
FirstCash, Inc. (a)		19		1,470
Navient Corp.		230		4,450
Nelnet, Inc., Class A		5		339
PROG Holdings, Inc.		96		4,620
Regional Management Corp. (a)		17		805
				13,548
Containers & Packaging — 0.3%
Graphic Packaging Holding Co.		41		744
Greif, Inc., Class A (a)		27		1,653
Myers Industries, Inc.		12		259
Pactiv Evergreen, Inc.		15		223
				2,879
Distributors — 0.5%
Core-Mark Holding Co., Inc. (a)		124		5,578
Diversified Consumer Services — 0.2%
Coursera, Inc. * (a)		17		666
Houghton Mifflin Harcourt Co. *		160		1,769
				2,435
Diversified Telecommunication Services — 0.0% (b)
Consolidated Communications Holdings, Inc. *		40		355
Electric Utilities — 0.5%
IDACORP, Inc.		6		546
PNM Resources, Inc.		27		1,302
Portland General Electric Co.		59		2,707
Spark Energy, Inc., Class A (a)		95		1,074
				5,629
Electrical Equipment — 0.9%
AZZ, Inc.		16		849
Bloom Energy Corp., Class A * (a)		112		3,020
Powell Industries, Inc.		50		1,558
Sunrun, Inc. *		86		4,802
Thermon Group Holdings, Inc. *		35		588
				10,817
Electronic Equipment, Instruments & Components — 2.1%
Benchmark Electronics, Inc. (a)		124		3,527
Fabrinet (Thailand) *		34		3,296
Insight Enterprises, Inc. *		8		790
Kimball Electronics, Inc. *		25		539
Knowles Corp. *		146		2,882
OSI Systems, Inc. *		20		2,071
Sanmina Corp. *		43		1,687
ScanSource, Inc. *		162		4,551

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — continued
TTM Technologies, Inc. *		115		1,646
Vishay Intertechnology, Inc.		154		3,468
				24,457
Energy Equipment & Services — 0.6%
ChampionX Corp. *		28		718
NexTier Oilfield Solutions, Inc. * (a)		306		1,456
Oceaneering International, Inc. *		23		361
Oil States International, Inc. * (a)		89		699
Patterson-UTI Energy, Inc. (a)		190		1,885
ProPetro Holding Corp. *		113		1,033
Select Energy Services, Inc., Class A *		49		294
				6,446
Entertainment — 1.1%
AMC Entertainment Holdings, Inc., Class A * (a)		64		3,633
Cinemark Holdings, Inc. *		41		889
Lions Gate Entertainment Corp., Class A * (a)		385		7,976
				12,498
Equity Real Estate Investment Trusts (REITs) — 5.5%
Agree Realty Corp.		39		2,721
Alexander & Baldwin, Inc.		53		977
American Assets Trust, Inc.		18		674
American Finance Trust, Inc.		42		357
Americold Realty Trust		39		1,479
Broadstone Net Lease, Inc. (a)		65		1,517
CareTrust REIT, Inc.		60		1,387
CatchMark Timber Trust, Inc., Class A		48		566
Centerspace		12		963
Chatham Lodging Trust *		13		166
City Office REIT, Inc.		65		808
Columbia Property Trust, Inc.		10		181
Community Healthcare Trust, Inc.		20		954
Corporate Office Properties Trust		43		1,206
DiamondRock Hospitality Co. *		127		1,235
DigitalBridge Group, Inc. * (a)		153		1,207
Easterly Government Properties, Inc.		31		649
Equity LifeStyle Properties, Inc.		4		312
Essential Properties Realty Trust, Inc.		37		987
First Industrial Realty Trust, Inc.		40		2,074
Four Corners Property Trust, Inc.		82		2,270
Getty Realty Corp.		64		2,000
Gladstone Commercial Corp. (a)		47		1,066
Global Medical REIT, Inc. (a)		7		106
Global Net Lease, Inc.		34		629

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Healthcare Realty Trust, Inc.		53		1,586
Highwoods Properties, Inc.		13		601
Independence Realty Trust, Inc.		37		675
Innovative Industrial Properties, Inc. (a)		4		764
Kite Realty Group Trust		78		1,723
Lexington Realty Trust (a)		109		1,298
National Storage Affiliates Trust		37		1,881
New Senior Investment Group, Inc. (a)		180		1,579
Physicians Realty Trust		77		1,420
Piedmont Office Realty Trust, Inc., Class A		77		1,413
Plymouth Industrial REIT, Inc.		74		1,489
PotlatchDeltic Corp.		33		1,754
QTS Realty Trust, Inc., Class A		39		3,029
Retail Opportunity Investments Corp.		38		664
Retail Properties of America, Inc., Class A		68		777
Ryman Hospitality Properties, Inc. *		16		1,287
Sabra Health Care REIT, Inc.		137		2,501
Service Properties Trust		25		314
SITE Centers Corp.		49		735
STAG Industrial, Inc.		87		3,263
Summit Hotel Properties, Inc. *		27		247
Sunstone Hotel Investors, Inc. *		240		2,980
Terreno Realty Corp.		33		2,149
UMH Properties, Inc.		39		853
Xenia Hotels & Resorts, Inc. *		77		1,438
				62,911
Food & Staples Retailing — 0.2%
Andersons, Inc. (The)		7		201
SpartanNash Co. (a)		7		139
Sprouts Farmers Market, Inc. *		101		2,498
				2,838
Food Products — 1.1%
Darling Ingredients, Inc. *		143		9,631
John B Sanfilippo & Son, Inc.		20		1,780
Seneca Foods Corp., Class A *		33		1,678
				13,089
Gas Utilities — 0.5%
New Jersey Resources Corp.		21		815
Northwest Natural Holding Co.		23		1,218
ONE Gas, Inc.		26		1,950
Southwest Gas Holdings, Inc.		18		1,198
				5,181

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — 4.9%
Accuray, Inc. * (a)		460		2,078
AngioDynamics, Inc. *		107		2,897
Bioventus, Inc., Class A *		104		1,822
Cardiovascular Systems, Inc. * (a)		270		11,498
Integer Holdings Corp. * (a)		66		6,184
LivaNova plc *		34		2,851
Natus Medical, Inc. *		91		2,364
NuVasive, Inc. *		227		15,406
SeaSpine Holdings Corp. *		20		408
STAAR Surgical Co. *		44		6,664
Varex Imaging Corp. * (a)		35		931
Zynex, Inc. * (a)		161		2,493
				55,596
Health Care Providers & Services — 2.8%
AdaptHealth Corp. *		207		5,674
Apollo Medical Holdings, Inc. * (a)		12		760
Cross Country Healthcare, Inc. *		361		5,957
Ensign Group, Inc. (The)		2		191
HealthEquity, Inc. *		24		1,899
LHC Group, Inc. *		20		4,085
ModivCare, Inc. *		2		391
Option Care Health, Inc. *		175		3,823
Owens & Minor, Inc. (a)		75		3,183
Tenet Healthcare Corp. * (a)		82		5,492
Tivity Health, Inc. * (a)		15		389
				31,844
Health Care Technology — 1.5%
Allscripts Healthcare Solutions, Inc. * (a)		664		12,288
Evolent Health, Inc., Class A *		200		4,216
Inspire Medical Systems, Inc. *		3		580
				17,084
Hotels, Restaurants & Leisure — 1.5%
Bloomin’ Brands, Inc. *		187		5,086
Boyd Gaming Corp. *		70		4,318
Del Taco Restaurants, Inc.		255		2,553
ESC Co. * ‡		64		—	(c)
Marriott Vacations Worldwide Corp. *		33		5,225
				17,182
Household Durables — 2.0%
Ethan Allen Interiors, Inc. (a)		38		1,049
Hooker Furniture Corp.		22		745
Meritage Homes Corp. *		10		931
TopBuild Corp. *		29		5,637
Tri Pointe Homes, Inc. *		678		14,531
				22,893

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 51

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Products — 0.1%
Central Garden & Pet Co., Class A *		24		1,145
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy, Inc.		33		844
Clearway Energy, Inc., Class C		8		222
				1,066
Insurance — 0.9%
American Equity Investment Life Holding Co.		50		1,627
Argo Group International Holdings Ltd.		33		1,700
CNO Financial Group, Inc.		112		2,654
First American Financial Corp.		12		753
Heritage Insurance Holdings, Inc.		9		75
Horace Mann Educators Corp.		5		180
James River Group Holdings Ltd.		10		364
Oscar Health, Inc., Class A *		12		252
Primerica, Inc.		7		1,049
Selective Insurance Group, Inc.		14		1,120
Stewart Information Services Corp.		18		1,043
				10,817
Interactive Media & Services — 0.7%
EverQuote, Inc., Class A *		20		650
QuinStreet, Inc. * (a)		199		3,690
Yelp, Inc. * (a)		104		4,136
				8,476
Internet & Direct Marketing Retail — 0.3%
Stamps.com, Inc. * (a)		18		3,565
IT Services — 1.6%
CSG Systems International, Inc.		12		561
DigitalOcean Holdings, Inc. * (a)		61		3,415
EVERTEC, Inc. (Puerto Rico)		36		1,550
LiveRamp Holdings, Inc. *		43		1,991
Perficient, Inc. * (a)		98		7,910
Sykes Enterprises, Inc. *		57		3,034
				18,461
Life Sciences Tools & Services — 0.7%
Adaptive Biotechnologies Corp. *		21		866
Medpace Holdings, Inc. *		23		4,093
Personalis, Inc. *		142		3,593
				8,552
Machinery — 1.7%
Altra Industrial Motion Corp.		68		4,408
Barnes Group, Inc.		17		882
Douglas Dynamics, Inc.		49		1,980

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — continued
EnPro Industries, Inc. (a)		23		2,205
Kadant, Inc.		13		2,302
Manitowoc Co., Inc. (The) *		77		1,879
Meritor, Inc. *		62		1,452
Rexnord Corp. (a)		9		455
Wabash National Corp. (a)		262		4,199
				19,762
Marine — 0.1%
Costamare, Inc. (Monaco)		60		712
Media — 1.1%
AMC Networks, Inc., Class A * (a)		82		5,458
Hemisphere Media Group, Inc. *		98		1,159
National CineMedia, Inc. (a)		174		884
Sinclair Broadcast Group, Inc., Class A (a)		140		4,660
				12,161
Metals & Mining — 1.5%
Alcoa Corp. *		68		2,498
Allegheny Technologies, Inc. * (a)		89		1,847
Arconic Corp. *		65		2,322
Cleveland-Cliffs, Inc. * (a)		105		2,257
Commercial Metals Co.		77		2,378
Kaiser Aluminum Corp.		10		1,235
Materion Corp. (a)		15		1,123
SunCoke Energy, Inc.		234		1,674
United States Steel Corp. (a)		18		434
Warrior Met Coal, Inc. (a)		77		1,324
Worthington Industries, Inc.		3		170
				17,262
Mortgage Real Estate Investment Trusts (REITs) — 1.5%
Ares Commercial Real Estate Corp.		43		624
Blackstone Mortgage Trust, Inc., Class A (a)		49		1,569
Ellington Financial, Inc.		81		1,553
Granite Point Mortgage Trust, Inc.		19		277
Great Ajax Corp.		6		78
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		41		2,291
KKR Real Estate Finance Trust, Inc. (a)		94		2,031
Ladder Capital Corp.		122		1,410
PennyMac Mortgage Investment Trust		133		2,797
Ready Capital Corp.		24		373
Redwood Trust, Inc.		235		2,842
TPG RE Finance Trust, Inc.		70		936
				16,781

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Multiline Retail — 0.8%
Dillard’s, Inc., Class A (a)		25		4,595
Macy’s, Inc. *		213		4,040
				8,635
Multi-Utilities — 0.1%
Black Hills Corp.		25		1,634
Oil, Gas & Consumable Fuels — 2.5%
Antero Resources Corp. *		271		4,072
Arch Resources, Inc. *		23		1,296
Berry Corp.		33		221
CNX Resources Corp. *		48		650
Delek US Holdings, Inc.		39		852
Dorian LPG Ltd. *		52		734
Falcon Minerals Corp.		21		106
Green Plains, Inc. * (a)		58		1,943
Magnolia Oil & Gas Corp., Class A *		224		3,493
Ovintiv, Inc.		264		8,295
PDC Energy, Inc.		54		2,473
Range Resources Corp. * (a)		127		2,134
Renewable Energy Group, Inc. * (a)		25		1,579
REX American Resources Corp. *		13		1,143
				28,991
Paper & Forest Products — 0.7%
Domtar Corp. *		26		1,447
Glatfelter Corp.		116		1,623
Louisiana-Pacific Corp.		44		2,679
Neenah, Inc.		14		687
Verso Corp., Class A		62		1,103
				7,539
Personal Products — 2.1%
BellRing Brands, Inc., Class A * (a)		328		10,267
Herbalife Nutrition Ltd. *		25		1,312
Honest Co., Inc. (The) * (a)		74		1,196
Medifast, Inc.		5		1,528
Nu Skin Enterprises, Inc., Class A		68		3,858
USANA Health Sciences, Inc. * (a)		52		5,372
				23,533
Pharmaceuticals — 2.1%
Amneal Pharmaceuticals, Inc. *		305		1,560
Amphastar Pharmaceuticals, Inc. *		128		2,576
Arvinas, Inc. *		1		110
BioDelivery Sciences International, Inc. *		532		1,904
Corcept Therapeutics, Inc. * (a)		372		8,188

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — continued
Endo International plc * (a)		567		2,655
Fulcrum Therapeutics, Inc. * (a)		127		1,328
Landos Biopharma, Inc. *		115		1,333
Lannett Co., Inc. * (a)		356		1,663
Marinus Pharmaceuticals, Inc. * (a)		103		1,853
VYNE Therapeutics, Inc. * (a)		8		27
WaVe Life Sciences Ltd. *		166		1,103
				24,300
Professional Services — 3.5%
Barrett Business Services, Inc.		14		1,010
CACI International, Inc., Class A *		10		2,462
Heidrick & Struggles International, Inc.		8		361
Huron Consulting Group, Inc. *		66		3,248
KBR, Inc. (a)		29		1,087
Kelly Services, Inc., Class A *		163		3,910
Kforce, Inc.		49		3,109
Korn Ferry		34		2,467
ManTech International Corp., Class A		170		14,693
TrueBlue, Inc. *		124		3,488
Upwork, Inc. *		63		3,643
				39,478
Real Estate Management & Development — 0.2%
Realogy Holdings Corp. *		149		2,720
Road & Rail — 0.6%
ArcBest Corp.		98		5,692
Schneider National, Inc., Class B		18		394
Werner Enterprises, Inc. (a)		13		579
				6,665
Semiconductors & Semiconductor Equipment — 2.3%
Amkor Technology, Inc. (a)		79		1,878
Cirrus Logic, Inc. *		17		1,409
Cohu, Inc. * (a)		99		3,657
MACOM Technology Solutions Holdings, Inc. *		16		993
Rambus, Inc. *		204		4,843
SMART Global Holdings, Inc. * (a)		208		9,898
SunPower Corp. * (a)		47		1,359
Veeco Instruments, Inc. * (a)		94		2,256
				26,293
Software — 5.2%
A10 Networks, Inc. * (a)		344		3,873
ACI Worldwide, Inc. * (a)		63		2,352
Alkami Technology, Inc. * (a)		13		463

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 53

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
American Software, Inc., Class A		142		3,127
Appfolio, Inc., Class A * (a)		47		6,580
Avaya Holdings Corp. * (a)		147		3,965
Blackline, Inc. *		6		656
Box, Inc., Class A *		117		2,984
CommVault Systems, Inc. *		59		4,577
Digital Turbine, Inc. *		26		1,977
eGain Corp. *		320		3,672
Envestnet, Inc. *		4		288
JFrog Ltd. (Israel) * (a)		12		546
Momentive Global, Inc. *		245		5,154
Qualys, Inc. *		5		551
SecureWorks Corp., Class A * (a)		89		1,640
Sprout Social, Inc., Class A *		37		3,309
SPS Commerce, Inc. *		3		330
Vonage Holdings Corp. *		315		4,536
Workiva, Inc. *		82		9,162
				59,742
Specialty Retail — 3.0%
Abercrombie & Fitch Co., Class A *		137		6,342
Bed Bath & Beyond, Inc. *		60		1,997
Children’s Place, Inc. (The) * (a)		17		1,545
Group 1 Automotive, Inc.		5		818
Guess?, Inc. (a)		74		1,964
Hibbett, Inc. *		24		2,118
Lithia Motors, Inc., Class A		3		1,168
Murphy USA, Inc.		38		5,058
Signet Jewelers Ltd. *		23		1,826
Sleep Number Corp. *		50		5,454
Sonic Automotive, Inc., Class A (a)		46		2,045
Winmark Corp.		4		788
Zumiez, Inc. *		65		3,178
				34,301
Technology Hardware, Storage & Peripherals — 0.1%
Diebold Nixdorf, Inc. * (a)		68		878
Textiles, Apparel & Luxury Goods — 0.6%
Deckers Outdoor Corp. *		13		4,926
G-III Apparel Group Ltd. *		46		1,505
				6,431
Thrifts & Mortgage Finance — 2.4%
Axos Financial, Inc. *		52		2,408
Essent Group Ltd.		92		4,139
HomeStreet, Inc.		43		1,764

INVESTMENTS	SHARES (000)		VALUE ($000)
Thrifts & Mortgage Finance — continued
Meridian Bancorp, Inc.		185		3,776
MGIC Investment Corp.		116		1,583
Mr. Cooper Group, Inc. *		29		965
NMI Holdings, Inc., Class A *		26		594
Northfield Bancorp, Inc.		174		2,852
PennyMac Financial Services, Inc.		38		2,327
Premier Financial Corp.		14		384
Radian Group, Inc.		144		3,203
Washington Federal, Inc.		103		3,265
				27,260
Trading Companies & Distributors — 2.1%
Boise Cascade Co.		21		1,252
Herc Holdings, Inc. *		135		15,162
MRC Global, Inc. *		151		1,415
NOW, Inc. *		395		3,749
Rush Enterprises, Inc., Class A		18		783
Veritiv Corp. *		21		1,282
				23,643
Water Utilities — 0.6%
American States Water Co.		89		7,101
Wireless Telecommunication Services — 0.3%
Gogo, Inc. * (a)		331		3,762
Total Common Stocks (Cost $826,559)				1,108,560
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Biotechnology — 0.0% (b)
Alder Biopharmaceuticals, Inc. * ‡ (Cost $—)		187		165
	SHARES (000)
Short-Term Investments — 11.0%
Investment Companies — 2.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $30,587)		30,572		30,588

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 8.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		84,604		84,603
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		10,743		10,743
Total Investment of Cash Collateral from Securities Loaned (Cost $95,353)				95,346
Total Short-Term Investments (Cost $125,940)				125,934
Total Investments — 108.1% (Cost $952,499)				1,234,659
Liabilities in Excess of Other Assets — (8.1)%				(92,747	)
NET ASSETS — 100.0%				1,141,912

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $92,471.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	273		09/2021		USD		31,477		(119	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 55

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	1,089,770		$	8,367,098		$	6,688,103
Investments in affiliates, at value		36,638			206,013			176,586
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		62,062			113,476			522,156
Cash		3			13			5
Receivables:
Investment securities sold		6,690			14,500			9,323
Fund shares sold		3,721			12,808			4,563
Dividends from non-affiliates		658			5,229			1,102
Dividends from affiliates		—	(a)		—	(a)		1
Securities lending income (See Note 2.B.)		10			14			101
Total Assets		1,199,552			8,719,151			7,401,940
LIABILITIES:
Payables:
Investment securities purchased		1,863			27,219			16,333
Collateral received on securities loaned (See Note 2.B.)		62,062			113,476			522,156
Fund shares redeemed		1,204			4,481			15,534
Accrued liabilities:
Investment advisory fees		574			4,589			3,513
Administration fees		56			532			375
Distribution fees		65			235			223
Service fees		125			1,136			468
Custodian and accounting fees		12			66			58
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			—
Other		87			286			95
Total Liabilities		66,048			152,020			558,755
Net Assets	$	1,133,504		$	8,567,131		$	6,843,185

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	821,777		$	4,340,913		$	4,242,925
Total distributable earnings (loss)		311,727			4,226,218			2,600,260
Total Net Assets	$	1,133,504		$	8,567,131		$	6,843,185
Net Assets:
Class A	$	279,114		$	846,460		$	760,153
Class C		13,468			87,848			90,880
Class I		344,974			4,239,905			1,013,916
Class L		—			—			1,096,814
Class R2		—			7,744			31,503
Class R3		—			5,829			9,313
Class R4		—			834			5,878
Class R5		—			1,309,013			40,613
Class R6		495,948			2,069,498			3,794,115
Total	$	1,133,504		$	8,567,131		$	6,843,185
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,736			13,015			29,394
Class C		748			1,935			5,469
Class I		9,911			55,176			34,341
Class L		—			—			35,691
Class R2		—			122			1,283
Class R3		—			90			361
Class R4		—			11			225
Class R5		—			16,969			1,320
Class R6		14,187			26,829			121,733
Net Asset Value (a):
Class A — Redemption price per share	$	28.67		$	65.04		$	25.86
Class C — Offering price per share (b)		18.01			45.39			16.62
Class I — Offering and redemption price per share		34.81			76.84			29.53
Class L — Offering and redemption price per share		—			—			30.73
Class R2 — Offering and redemption price per share		—			63.47			24.55
Class R3 — Offering and redemption price per share		—			64.53			25.79
Class R4 — Offering and redemption price per share		—			76.73			26.08
Class R5 — Offering and redemption price per share		—			77.14			30.76
Class R6 — Offering and redemption price per share		34.96			77.14			31.17
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)]	$	30.26		$	68.64		$	27.29
Cost of investments in non-affiliates	$	815,613		$	5,192,296		$	4,536,797
Cost of investments in affiliates		36,634			205,976			176,567
Investment securities on loan, at value (See Note 2.B.)		60,304			110,670			505,147
Cost of investment of cash collateral (See Note 2.B.)		62,066			113,481			522,195

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	357,008		$	1,454,574		$	414,713		$	1,108,725
Investments in affiliates, at value		3,128			52,749			5,812			30,588
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		42,801			97,807			—			95,346
Cash		166			567			—	(a)		855
Deposits at broker for futures contracts		362			3,195			—			1,773
Receivables:
Due from custodian		—			—			—			1,553
Investment securities sold		7,958			—			340			326
Fund shares sold		117			1,197			570			1,553
Dividends from non-affiliates		255			1,562			245			682
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		8			33			—	(a)		21
Variation margin on futures contracts		—			39			—			11
Total Assets		411,803			1,611,723			421,680			1,241,433
LIABILITIES:
Payables:
Investment securities purchased		464			—			76			1,553
Collateral received on securities loaned (See Note 2.B.)		42,801			97,807			—			95,347
Fund shares redeemed		2,027			2,282			1,420			1,685
Variation margin on futures contracts		3			—			—			—
Accrued liabilities:
Investment advisory fees		217			817			188			564
Administration fees		18			94			25			71
Distribution fees		4			66			50			67
Service fees		17			114			67			123
Custodian and accounting fees		16			21			10			25
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		—			—	(a)
Other		50			84			68			86
Total Liabilities		45,617			101,285			1,904			99,521
Net Assets	$	366,186		$	1,510,438		$	419,776		$	1,141,912

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	251,608		$	944,234		$	262,816		$	670,141
Total distributable earnings (loss)		114,578			566,204			156,960			471,771
Total Net Assets	$	366,186		$	1,510,438		$	419,776		$	1,141,912
Net Assets:
Class A	$	7,279		$	200,857		$	171,962		$	135,165
Class C		1,944			8,518			22,348			22,386
Class I		34,171			232,544			148,567			216,248
Class L		—			—			—			317,162
Class R2		481			34,800			—			43,496
Class R3		5,418			17,272			2,223			36,745
Class R4		2,557			28,524			1,146			11,590
Class R5		165,829			58,262			—			9,804
Class R6		148,507			929,661			73,530			349,316
Total	$	366,186		$	1,510,438		$	419,776		$	1,141,912
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		105			6,265			8,144			5,743
Class C		29			339			1,376			1,016
Class I		491			6,735			6,514			8,934
Class L		—			—			—			13,114
Class R2		7			1,101			—			1,898
Class R3		78			540			105			1,573
Class R4		37			826			50			482
Class R5		2,374			1,686			—			406
Class R6		2,129			26,856			3,220			14,432
Net Asset Value (a):
Class A — Redemption price per share	$	69.13		$	32.06		$	21.12		$	23.54
Class C — Offering price per share (b)		67.97			25.08			16.25			22.04
Class I — Offering and redemption price per share		69.56			34.53			22.81			24.21
Class L — Offering and redemption price per share		—			—			—			24.18
Class R2 — Offering and redemption price per share		68.98			31.62			—			22.92
Class R3 — Offering and redemption price per share		69.34			32.00			21.08			23.36
Class R4 — Offering and redemption price per share		69.59			34.52			22.70			24.05
Class R5 — Offering and redemption price per share		69.85			34.56			—			24.13
Class R6 — Offering and redemption price per share		69.75			34.62			22.83			24.20
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)]	$	72.96		$	33.84		$	22.29		$	24.84
Cost of investments in non-affiliates	$	260,847		$	1,056,063		$	324,317		$	826,559
Cost of investments in affiliates		3,127			52,744			5,811			30,587
Investment securities on loan, at value (See Note 2.B.)		41,694			95,160			—			92,471
Cost of investment of cash collateral (See Note 2.B.)		42,804			97,814			—			95,353

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 59

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	—		$	—	(a)
Dividend income from non-affiliates		8,325			97,554			13,061
Dividend income from affiliates		23			390			132
Income from securities lending (net) (See Note 2.B.)		236			535			3,875
Total investment income		8,584			98,479			17,068
EXPENSES:
Investment advisory fees		5,007			51,741			38,421
Administration fees		578			5,970			4,433
Distribution fees:
Class A		501			1,970			1,750
Class C		127			657			628
Class R2		—			36			150
Class R3		—			11			18
Service fees:
Class A		501			1,970			1,750
Class C		42			219			209
Class I		620			9,891			2,014
Class L		—			—			1,021
Class R2		—			18			75
Class R3		—			11			18
Class R4		—			2			11
Class R5		—			1,167			34
Custodian and accounting fees		47			261			212
Interest expense to affiliates		—	(a)		—	(a)		2
Professional fees		51			108			96
Trustees’ and Chief Compliance Officer’s fees		26			46			39
Printing and mailing costs		63			453			378
Registration and filing fees		108			134			268
Transfer agency fees (See Note 2.F.)		27			322			173
Other		30			132			81
Total expenses		7,728			75,119			51,781
Less fees waived		(255	)		(867	)		(495	)
Less expense reimbursements		—			—			(65	)
Net expenses		7,473			74,252			51,221
Net investment income (loss)		1,111			24,227			(34,153	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		61,720			1,495,563			863,481
Investments in affiliates		(4	)		(41	)		(19	)
Net realized gain (loss)		61,716			1,495,522			863,462
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		226,199			1,471,926			1,186,256
Investments in affiliates		(9	)		(78	)		(58	)
Change in net unrealized appreciation/depreciation		226,190			1,471,848			1,186,198
Net realized/unrealized gains (losses)		287,906			2,967,370			2,049,660
Change in net assets resulting from operations	$	289,017		$	2,991,597		$	2,015,507

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	—		$	—
Dividend income from non-affiliates		4,590			20,569			4,694			11,197
Dividend income from affiliates		10			32			10			26
Non-cash dividend income from non-affiliates		267			—			—			—
Income from securities lending (net) (See Note 2.B.)		178			993			68			811
Total investment income		5,045			21,594			4,772			12,034
EXPENSES:
Investment advisory fees		2,674			8,043			2,242			6,110
Administration fees		309			928			306			764
Distribution fees:
Class A		14			398			411			289
Class C		14			59			185			154
Class R2		1			156			—			190
Class R3		11			35			18			74
Service fees:
Class A		14			398			411			289
Class C		5			20			62			51
Class I		58			418			337			471
Class L		—			—			—			302
Class R2		1			78			—			95
Class R3		11			35			18			74
Class R4		6			40			2			25
Class R5		159			43			—			8
Custodian and accounting fees		76			73			35			87
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Professional fees		72			57			65			57
Trustees’ and Chief Compliance Officer’s fees		26			28			26			28
Printing and mailing costs		3			76			45			57
Registration and filing fees		51			117			52			129
Transfer agency fees (See Note 2.F.)		14			97			54			58
Other		16			31			15			29
Total expenses		3,535			11,130			4,284			9,341
Less fees waived		(264	)		(103	)		(354	)		(22	)
Less expense reimbursements		(3	)		—			(2	)		—
Net expenses		3,268			11,027			3,928			9,319
Net investment income (loss)		1,777			10,567			844			2,715
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		117,591			231,216			94,472			253,215
Investments in affiliates		(2	)		(5	)		(1	)		(6	)
Futures contracts		2,848			9,580			553			7,255
Net realized gain (loss)		120,437			240,791			95,024			260,464
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		81,134			419,326			45,272			221,181
Investments in affiliates		(9	)		(15	)		(4	)		(17	)
Futures contracts		(93	)		(826	)		(108	)		(172	)
Change in net unrealized appreciation/depreciation		81,032			418,485			45,160			220,992
Net realized/unrealized gains (losses)		201,469			659,276			140,184			481,456
Change in net assets resulting from operations	$	203,246		$	669,843		$	141,028		$	484,171

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,111		$	1,508		$	24,227		$	37,847
Net realized gain (loss)		61,716			(634	)		1,495,522			(144,466	)
Change in net unrealized appreciation/depreciation		226,190			(2,118	)		1,471,848			(137,311	)
Change in net assets resulting from operations		289,017			(1,244	)		2,991,597			(243,930	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,491	)		(4,206	)		(23,187	)		(40,838	)
Class C		(703	)		(1,643	)		(3,627	)		(6,716	)
Class I		(4,107	)		(3,897	)		(108,102	)		(145,648	)
Class R2		—			—			(200	)		(416	)
Class R3		—			—			(135	)		(144	)
Class R4		—			—			(17	)		(23	)
Class R5		—			—			(32,929	)		(54,434	)
Class R6		(4,922	)		(3,543	)		(56,367	)		(73,447	)
Total distributions to shareholders		(13,223	)		(13,289	)		(224,564	)		(321,666	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		384,851			139,135			(795,388	)		885,158
NET ASSETS:
Change in net assets		660,645			124,602			1,971,645			319,562
Beginning of period		472,859			348,257			6,595,486			6,275,924
End of period	$	1,133,504		$	472,859		$	8,567,131		$	6,595,486

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable Leaders Fund (formerly known as  JPMorgan Small Cap Core Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(34,153	)	$	(8,294	)	$	1,777		$	3,252
Net realized gain (loss)		863,462			185,416			120,437			(28,853	)
Change in net unrealized appreciation/depreciation		1,186,198			386,775			81,032			(31,313	)
Change in net assets resulting from operations		2,015,507			563,897			203,246			(56,914	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(51,789	)		(25,608	)		(35	)		(207	)
Class C		(8,859	)		(5,161	)		(2	)		(85	)
Class I		(46,046	)		(17,200	)		(142	)		(765	)
Class L		(66,160	)		(32,083	)		—			—
Class R2		(2,275	)		(1,612	)		(1	)		(7	)
Class R3		(511	)		(220	)		(28	)		(227	)
Class R4		(280	)		(139	)		(22	)		(104	)
Class R5		(1,892	)		(807	)		(1,585	)		(9,535	)
Class R6		(204,601	)		(90,416	)		(2,200	)		(9,154	)
Total distributions to shareholders		(382,413	)		(173,246	)		(4,015	)		(20,084	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,249,938			692,836			(182,906	)		(22,685	)
NET ASSETS:
Change in net assets		2,883,032			1,083,487			16,325			(99,683	)
Beginning of period		3,960,153			2,876,666			349,861			449,544
End of period	$	6,843,185		$	3,960,153		$	366,186		$	349,861

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 63

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)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,567		$	13,687		$	844		$	3,435
Net realized gain (loss)		240,791			(12,093	)		95,024			36,663
Change in net unrealized appreciation/depreciation		418,485			(200,038	)		45,160			(57,837	)
Change in net assets resulting from operations		669,843			(198,444	)		141,028			(17,739	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(808	)		(10,797	)		(6,204	)		(21,131	)
Class C		(36	)		(1,133	)		(1,102	)		(5,115	)
Class I		(1,091	)		(14,242	)		(5,432	)		(17,337	)
Class R2		(132	)		(2,111	)		—			—
Class R3		(77	)		(926	)		(80	)		(1,616	)
Class R4		(96	)		(6	)		(23	)		(132	)
Class R5		(311	)		(2,678	)		—			—
Class R6		(6,855	)		(51,882	)		(2,861	)		(9,366	)
Total distributions to shareholders		(9,406	)		(83,775	)		(15,702	)		(54,697	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(105,572	)		(315,490	)		(96,215	)		(66,132	)
NET ASSETS:
Change in net assets		554,865			(597,709	)		29,111			(138,568	)
Beginning of period		955,573			1,553,282			390,665			529,233
End of period	$	1,510,438		$	955,573		$	419,776		$	390,665

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,715		$	6,022
Net realized gain (loss)		260,464			(2,410	)
Change in net unrealized appreciation/depreciation		220,992			(106,057	)
Change in net assets resulting from operations		484,171			(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		(211,849	)		(382,146	)
NET ASSETS:
Change in net assets		241,876			(492,911	)
Beginning of period		900,036			1,392,947
End of period	$	1,141,912		$	900,036

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan  Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	109,217		$	54,866		$	116,722		$	313,626
Distributions reinvested		3,248			3,607			21,887			38,275
Cost of shares redeemed		(38,093	)		(37,184	)		(216,836	)		(415,845	)
Change in net assets resulting from Class A capital transactions		74,372			21,289			(78,227	)		(63,944	)
Class C
Proceeds from shares issued		6,513			10,538			1,644			2,175
Distributions reinvested		247			347			3,552			6,552
Cost of shares redeemed		(25,040	)		(22,645	)		(26,763	)		(27,646	)
Change in net assets resulting from Class C capital transactions		(18,280	)		(11,760	)		(21,567	)		(18,919	)
Class I
Proceeds from shares issued		169,692			102,711			1,268,974			1,699,465
Distributions reinvested		4,096			3,883			103,830			138,087
Cost of shares redeemed		(67,324	)		(62,751	)		(1,754,116	)		(1,065,103	)
Change in net assets resulting from Class I capital transactions		106,464			43,843			(381,312	)		772,449
Class R2
Proceeds from shares issued		—			—			2,319			3,031
Distributions reinvested		—			—			185			325
Cost of shares redeemed		—			—			(3,904	)		(5,397	)
Change in net assets resulting from Class R2 capital transactions		—			—			(1,400	)		(2,041	)
Class R3
Proceeds from shares issued		—			—			2,006			1,095
Distributions reinvested		—			—			121			125
Cost of shares redeemed		—			—			(731	)		(569	)
Change in net assets resulting from Class R3 capital transactions		—			—			1,396			651
Class R4
Proceeds from shares issued		—			—			243			51
Distributions reinvested		—			—			17			23
Cost of shares redeemed		—			—			(85	)		(60	)
Change in net assets resulting from Class R4 capital transactions		—			—			175			14
Class R5
Proceeds from shares issued		—			—			221,138			152,763
Distributions reinvested		—			—			29,974			49,703
Cost of shares redeemed		—			—			(327,115	)		(339,014	)
Change in net assets resulting from Class R5 capital transactions		—			—			(76,003	)		(136,548	)
Class R6
Proceeds from shares issued		302,725			115,599			339,610			640,649
Distributions reinvested		4,922			3,542			55,129			72,408
Cost of shares redeemed		(85,352	)		(33,378	)		(633,189	)		(379,561	)
Change in net assets resulting from Class R6 capital transactions		222,295			85,763			(238,450	)		333,496
Total change in net assets resulting from capital transactions	$	384,851		$	139,135		$	(795,388	)	$	885,158

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		4,214			2,893			2,112			6,782
Reinvested		132			177			386			760
Redeemed		(1,553	)		(2,029	)		(3,794	)		(9,053	)
Change in Class A Shares		2,793			1,041			(1,296	)		(1,511	)
Class C
Issued		399			854			40			64
Reinvested		16			27			90			184
Redeemed		(1,662	)		(1,881	)		(671	)		(847	)
Change in Class C Shares		(1,247	)		(1,000	)		(541	)		(599	)
Class I
Issued		5,516			4,514			18,459			31,752
Reinvested		137			157			1,546			2,334
Redeemed		(2,170	)		(2,879	)		(25,175	)		(20,362	)
Change in Class I Shares		3,483			1,792			(5,170	)		13,724
Class R2
Issued		—			—			41			65
Reinvested		—			—			3			7
Redeemed		—			—			(73	)		(120	)
Change in Class R2 Shares		—			—			(29	)		(48	)
Class R3
Issued		—			—			36			25
Reinvested		—			—			2			2
Redeemed		—			—			(13	)		(14	)
Change in Class R3 Shares		—			—			25			13
Class R4
Issued		—			—			4			1
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(1	)		(1	)
Change in Class R4 Shares		—			—			3			—	(a)
Class R5
Issued		—			—			3,280			2,800
Reinvested		—			—			444			837
Redeemed		—			—			(5,033	)		(6,109	)
Change in Class R5 Shares		—			—			(1,309	)		(2,472	)
Class R6
Issued		9,551			5,128			5,171			11,645
Reinvested		164			143			816			1,219
Redeemed		(2,754	)		(1,520	)		(9,333	)		(7,061	)
Change in Class R6 Shares		6,961			3,751			(3,346	)		5,803

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable Leaders  Fund (formerly known as JPMorgan Small Cap Core Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	226,985		$	180,131		$	2,641		$	1,151
Distributions reinvested		49,234			24,237			33			207
Cost of shares redeemed		(213,049	)		(147,817	)		(2,091	)		(2,401	)
Change in net assets resulting from Class A capital transactions		63,170			56,551			583			(1,043	)
Class C
Proceeds from shares issued		22,943			21,380			499			545
Distributions reinvested		8,216			4,812			2			85
Cost of shares redeemed		(22,801	)		(25,261	)		(1,157	)		(813	)
Change in net assets resulting from Class C capital transactions		8,358			931			(656	)		(183	)
Class I
Proceeds from shares issued		643,102			288,209			18,383			13,956
Distributions reinvested		36,354			13,161			137			750
Cost of shares redeemed		(316,881	)		(164,919	)		(7,491	)		(11,751	)
Change in net assets resulting from Class I capital transactions		362,575			136,451			11,029			2,955
Class L
Proceeds from shares issued		393,659			272,538			—			—
Distributions reinvested		60,559			28,396			—			—
Cost of shares redeemed		(391,534	)		(206,673	)		—			—
Change in net assets resulting from Class L capital transactions		62,684			94,261			—			—
Class R2
Proceeds from shares issued		8,101			4,229			205			43
Distributions reinvested		2,263			1,583			1			7
Cost of shares redeemed		(12,138	)		(9,363	)		(32	)		(7	)
Change in net assets resulting from Class R2 capital transactions		(1,774	)		(3,551	)		174			43
Class R3
Proceeds from shares issued		4,818			4,272			1,117			2,958
Distributions reinvested		511			220			28			226
Cost of shares redeemed		(3,066	)		(812	)		(1,599	)		(2,501	)
Change in net assets resulting from Class R3 capital transactions		2,263			3,680			(454	)		683
Class R4
Proceeds from shares issued		2,592			1,777			300			1,260
Distributions reinvested		280			138			22			104
Cost of shares redeemed		(935	)		(653	)		(1,122	)		(780	)
Change in net assets resulting from Class R4 capital transactions		1,937			1,262			(800	)		584
Class R5
Proceeds from shares issued		28,791			10,790			24,419			34,515
Distributions reinvested		1,891			807			1,497			9,135
Cost of shares redeemed		(20,888	)		(5,345	)		(85,948	)		(80,632	)
Change in net assets resulting from Class R5 capital transactions		9,794			6,252			(60,032	)		(36,982	)
Class R6
Proceeds from shares issued		1,724,853			925,190			55,158			79,125
Distributions reinvested		202,471			89,486			2,200			9,153
Cost of shares redeemed		(1,186,393	)		(617,677	)		(68,858	)		(77,020	)
Redemptions in-kind (See Note 8)		—			—			(121,250	)		—
Change in net assets resulting from Class R6 capital transactions		740,931			396,999			(132,750	)		11,258
Total change in net assets resulting from capital transactions	$	1,249,938		$	692,836		$	(182,906	)	$	(22,685	)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan Small Cap Growth Fund						JPMorgan Small  Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		9,382			10,856			43			28
Reinvested		2,008			1,419			1			4
Redeemed		(8,756	)		(9,052	)		(37	)		(52	)
Change in Class A Shares		2,634			3,223			7			(20	)
Class C
Issued		1,419			1,896			9			11
Reinvested		521			419			—	(a)		2
Redeemed		(1,453	)		(2,281	)		(21	)		(19	)
Change in Class C Shares		487			34			(12	)		(6	)
Class I
Issued		22,183			15,402			310			317
Reinvested		1,297			682			2			15
Redeemed		(11,189	)		(9,213	)		(134	)		(282	)
Change in Class I Shares		12,291			6,871			178			50
Class L
Issued		13,537			14,183			—			—
Reinvested		2,077			1,419			—			—
Redeemed		(13,475	)		(10,894	)		—			—
Change in Class L Shares		2,139			4,708			—			—
Class R2
Issued		351			269			3			1
Reinvested		97			97			—	(a)		—	(a)
Redeemed		(538	)		(588	)		—	(a)		—	(a)
Change in Class R2 Shares		(90	)		(222	)		3			1
Class R3
Issued		194			253			18			63
Reinvested		21			13			1			4
Redeemed		(134	)		(49	)		(29	)		(54	)
Change in Class R3 Shares		81			217			(10	)		13
Class R4
Issued		103			102			6			28
Reinvested		11			8			—	(a)		2
Redeemed		(39	)		(38	)		(19	)		(19	)
Change in Class R4 Shares		75			72			(13	)		11
Class R5
Issued		961			551			405			762
Reinvested		65			41			26			177
Redeemed		(720	)		(279	)		(1,543	)		(1,730	)
Change in Class R5 Shares		306			313			(1,112	)		(791	)
Class R6
Issued		58,986			47,492			903			1,648
Reinvested		6,844			4,411			38			177
Redeemed		(40,499	)		(31,625	)		(1,256	)		(1,769	)
Redemptions in-kind (See Note 8)		—			—			(1,716	)		—
Change in Class R6 Shares		25,331			20,278			(2,031	)		56

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 69

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)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	49,559		$	24,245		$	16,743		$	13,822
Distributions reinvested		774			10,115			5,947			19,511
Cost of shares redeemed		(56,424	)		(67,548	)		(54,402	)		(54,915	)
Change in net assets resulting from Class A capital transactions		(6,091	)		(33,188	)		(31,712	)		(21,582	)
Class C
Proceeds from shares issued		2,231			527			2,308			1,393
Distributions reinvested		36			1,043			1,087			4,865
Cost of shares redeemed		(7,075	)		(6,896	)		(15,962	)		(14,460	)
Change in net assets resulting from Class C capital transactions		(4,808	)		(5,326	)		(12,567	)		(8,202	)
Class I
Proceeds from shares issued		96,130			61,608			48,166			28,647
Distributions reinvested		1,087			14,229			4,871			15,360
Cost of shares redeemed		(82,207	)		(175,602	)		(65,680	)		(89,816	)
Change in net assets resulting from Class I capital transactions		15,010			(99,765	)		(12,643	)		(45,809	)
Class R2
Proceeds from shares issued		9,353			8,711			—			—
Distributions reinvested		131			2,053			—			—
Cost of shares redeemed		(16,674	)		(14,418	)		—			—
Change in net assets resulting from Class R2 capital transactions		(7,190	)		(3,654	)		—			—
Class R3
Proceeds from shares issued		4,769			5,318			1,963			3,971
Distributions reinvested		76			926			67			1,599
Cost of shares redeemed		(5,501	)		(7,200	)		(15,471	)		(6,383	)
Change in net assets resulting from Class R3 capital transactions		(656	)		(956	)		(13,441	)		(813	)
Class R4
Proceeds from shares issued		25,934			767			704			296
Distributions reinvested		96			6			14			105
Cost of shares redeemed		(7,334	)		(740	)		(350	)		(966	)
Change in net assets resulting from Class R4 capital transactions		18,696			33			368			(565	)
Class R5
Proceeds from shares issued		19,782			9,383			—			—
Distributions reinvested		304			2,524			—			—
Cost of shares redeemed		(14,144	)		(41,707	)		—			—
Change in net assets resulting from Class R5 capital transactions		5,942			(29,800	)		—			—
Class R6
Proceeds from shares issued		186,228			151,215			19,198			27,441
Distributions reinvested		6,855			51,882			2,455			7,917
Cost of shares redeemed		(319,558	)		(345,931	)		(47,873	)		(24,519	)
Change in net assets resulting from Class R6 capital transactions		(126,475	)		(142,834	)		(26,220	)		10,839
Total change in net assets resulting from capital transactions	$	(105,572	)	$	(315,490	)	$	(96,215	)	$	(66,132	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,824			1,212			908			834
Reinvested		34			431			325			1,108
Redeemed		(2,275	)		(3,143	)		(3,013	)		(3,212	)
Change in Class A Shares		(417	)		(1,500	)		(1,780	)		(1,270	)
Class C
Issued		96			34			151			107
Reinvested		2			56			77			355
Redeemed		(402	)		(404	)		(1,122	)		(1,090	)
Change in Class C Shares		(304	)		(314	)		(894	)		(628	)
Class I
Issued		3,161			2,798			2,431			1,604
Reinvested		43			565			246			810
Redeemed		(3,109	)		(8,060	)		(3,338	)		(4,928	)
Change in Class I Shares		95			(4,697	)		(661	)		(2,514	)
Class R2
Issued		359			442			—			—
Reinvested		6			88			—			—
Redeemed		(636	)		(711	)		—			—
Change in Class R2 Shares		(271	)		(181	)		—			—
Class R3
Issued		179			258			116			235
Reinvested		3			40			3			91
Redeemed		(205	)		(364	)		(833	)		(360	)
Change in Class R3 Shares		(23	)		(66	)		(714	)		(34	)
Class R4
Issued		1,037			39			32			18
Reinvested		3			—	(a)		1			6
Redeemed		(237	)		(33	)		(17	)		(52	)
Change in Class R4 Shares		803			6			16			(28	)
Class R5
Issued		671			416			—			—
Reinvested		12			101			—			—
Redeemed		(537	)		(1,734	)		—			—
Change in Class R5 Shares		146			(1,217	)		—			—
Class R6
Issued		6,644			7,059			949			1,545
Reinvested		268			2,072			124			416
Redeemed		(11,393	)		(14,571	)		(2,404	)		(1,377	)
Change in Class R6 Shares		(4,481	)		(5,440	)		(1,331	)		584

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	55,915		$	19,360
Distributions reinvested		2,798			328
Cost of shares redeemed		(68,028	)		(53,824	)
Change in net assets resulting from Class A capital transactions		(9,315	)		(34,136	)
Class C
Proceeds from shares issued		2,161			1,325
Distributions reinvested		532			13
Cost of shares redeemed		(7,639	)		(9,632	)
Change in net assets resulting from Class C capital transactions		(4,946	)		(8,294	)
Class I
Proceeds from shares issued		85,814			54,409
Distributions reinvested		5,201			1,403
Cost of shares redeemed		(119,766	)		(148,125	)
Change in net assets resulting from Class I capital transactions		(28,751	)		(92,313	)
Class L
Proceeds from shares issued		37,196			180,077
Distributions reinvested		6,808			2,129
Cost of shares redeemed		(166,460	)		(262,774	)
Change in net assets resulting from Class L capital transactions		(122,456	)		(80,568	)
Class R2
Proceeds from shares issued		9,338			7,181
Distributions reinvested		1,022			18
Cost of shares redeemed		(13,958	)		(18,727	)
Change in net assets resulting from Class R2 capital transactions		(3,598	)		(11,528	)
Class R3
Proceeds from shares issued		11,021			7,420
Distributions reinvested		799			85
Cost of shares redeemed		(10,861	)		(6,924	)
Change in net assets resulting from Class R3 capital transactions		959			581
Class R4
Proceeds from shares issued		1,900			3,577
Distributions reinvested		302			52
Cost of shares redeemed		(3,141	)		(1,334	)
Change in net assets resulting from Class R4 capital transactions		(939	)		2,295
Class R5
Proceeds from shares issued		2,149			2,217
Distributions reinvested		151			33
Cost of shares redeemed		(2,583	)		(7,177	)
Change in net assets resulting from Class R5 capital transactions		(283	)		(4,927	)
Class R6
Proceeds from shares issued		84,216			69,664
Distributions reinvested		9,563			3,215
Cost of shares redeemed		(136,299	)		(226,135	)
Change in net assets resulting from Class R6 capital transactions		(42,520	)		(153,256	)
Total change in net assets resulting from capital transactions	$	(211,849	)	$	(382,146	)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		3,069			1,287
Reinvested		144			19
Redeemed		(3,862	)		(3,461	)
Change in Class A Shares		(649	)		(2,155	)
Class C
Issued		111			93
Reinvested		29			1
Redeemed		(434	)		(673	)
Change in Class C Shares		(294	)		(579	)
Class I
Issued		4,362			3,533
Reinvested		260			79
Redeemed		(6,239	)		(9,733	)
Change in Class I Shares		(1,617	)		(6,121	)
Class L
Issued		1,810			11,011
Reinvested		341			120
Redeemed		(8,888	)		(17,742	)
Change in Class L Shares		(6,737	)		(6,611	)
Class R2
Issued		455			493
Reinvested		54			1
Redeemed		(706	)		(1,228	)
Change in Class R2 Shares		(197	)		(734	)
Class R3
Issued		537			507
Reinvested		42			5
Redeemed		(563	)		(460	)
Change in Class R3 Shares		16			52
Class R4
Issued		90			226
Reinvested		15			3
Redeemed		(153	)		(86	)
Change in Class R4 Shares		(48	)		143
Class R5
Issued		102			137
Reinvested		8			2
Redeemed		(131	)		(432	)
Change in Class R5 Shares		(21	)		(293	)
Class R6
Issued		3,937			4,527
Reinvested		478			181
Redeemed		(6,755	)		(14,475	)
Change in Class R6 Shares		(2,340	)		(9,767	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Blend Fund
Class A
Year Ended June 30, 2021	$	19.11	$	(0.03	)	$	10.08		$	10.05		$	(0.02	)	$	(0.47	)	$	(0.49	)
Year Ended June 30, 2020		19.78		0.04			(0.04	)		—	(f)		(0.02	)		(0.65	)		(0.67	)
Year Ended June 30, 2019		26.65		—	(f)		(0.63	)		(0.63	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		22.03		(0.20	)		7.54			7.34			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		19.14		(0.16	)		6.24			6.08			—			(3.19	)		(3.19	)
Class C
Year Ended June 30, 2021		12.19		(0.08	)		6.37			6.29			—			(0.47	)		(0.47	)
Year Ended June 30, 2020		12.90		(0.04	)		(0.02	)		(0.06	)		—			(0.65	)		(0.65	)
Year Ended June 30, 2019		19.89		(0.08	)		(0.67	)		(0.75	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		17.12		(0.24	)		5.73			5.49			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			—			(3.19	)		(3.19	)
Class I
Year Ended June 30, 2021		23.09		0.04			12.20			12.24			(0.05	)		(0.47	)		(0.52	)
Year Ended June 30, 2020		23.75		0.10			(0.06	)		0.04			(0.05	)		(0.65	)		(0.70	)
Year Ended June 30, 2019		30.53		0.05			(0.59	)		(0.54	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		24.83		(0.15	)		8.57			8.42			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			—			(3.19	)		(3.19	)
Class R6
Year Ended June 30, 2021		23.17		0.11			12.25			12.36			(0.10	)		(0.47	)		(0.57	)
Year Ended June 30, 2020		23.82		0.16			(0.06	)		0.10			(0.10	)		(0.65	)		(0.75	)
July 2, 2018 (g) through June 30, 2019		30.73		0.18			(0.85	)		(0.67	)		—			(6.24	)		(6.24	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	28.67		52.98	%	$	279,114		1.24	%		(0.12	)%		1.27	%		48	%
	19.11		(0.24	)		132,674		1.24			0.19			1.32			48
	19.78		0.70			116,751		1.24			(0.01	)		1.37			75
	26.65		35.55			85,586		1.24			(0.81	)		1.36			89
	22.03		34.99			66,189		1.25			(0.78	)		1.48			41
	18.01		52.22			13,468		1.73			(0.56	)		1.78			48
	12.19		(0.83	)		24,323		1.74			(0.31	)		1.80			48
	12.90		0.25			38,625		1.74			(0.53	)		1.85			75
	19.89		34.88			40,470		1.74			(1.31	)		1.83			89
	17.12		34.25			36,707		1.74			(1.28	)		2.04			41
	34.81		53.39			344,974		0.99			0.13			1.02			48
	23.09		(0.02	)		148,443		0.99			0.44			1.05			48
	23.75		0.94			110,123		0.99			0.20			1.10			75
	30.53		35.91			92,701		0.99			(0.56	)		1.08			89
	24.83		35.29			67,496		1.00			(0.53	)		1.18			41
	34.96		53.76			495,948		0.74			0.37			0.77			48
	23.17		0.22			167,419		0.74			0.69			0.80			48
	23.82		0.55			82,758		0.74			0.79			1.10			75

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund
Class A
Year Ended June 30, 2021	$	45.69	$	(0.02	)	$	21.07		$	21.05		$	(0.07	)	$	(1.63	)	$	(1.70	)
Year Ended June 30, 2020		50.05		0.12			(1.95	)		(1.83	)		(0.15	)		(2.38	)		(2.53	)
Year Ended June 30, 2019		52.43		0.12			0.95			1.07			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.63		0.10			6.67			6.77			(0.10	)		(2.87	)		(2.97	)
Year Ended June 30, 2017		41.68		0.11			8.21			8.32			(0.12	)		(1.25	)		(1.37	)
Class C
Year Ended June 30, 2021		32.42		(0.20	)		14.84			14.64			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		36.25		(0.08	)		(1.35	)		(1.43	)		(0.02	)		(2.38	)		(2.40	)
Year Ended June 30, 2019		39.12		(0.09	)		0.61			0.52			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		37.07		(0.12	)		5.04			4.92			—			(2.87	)		(2.87	)
Year Ended June 30, 2017		32.21		(0.09	)		6.31			6.22			(0.11	)		(1.25	)		(1.36	)
Class I
Year Ended June 30, 2021		53.70		0.17			24.81			24.98			(0.21	)		(1.63	)		(1.84	)
Year Ended June 30, 2020		58.34		0.30			(2.30	)		(2.00	)		(0.26	)		(2.38	)		(2.64	)
Year Ended June 30, 2019		60.52		0.29			1.12			1.41			(0.20	)		(3.39	)		(3.59	)
Year Ended June 30, 2018		55.69		0.26			7.67			7.93			(0.23	)		(2.87	)		(3.10	)
Year Ended June 30, 2017		47.50		0.28			9.37			9.65			(0.21	)		(1.25	)		(1.46	)
Class R2
Year Ended June 30, 2021		44.70		(0.15	)		20.59			20.44			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		48.98		0.01			(1.91	)		(1.90	)		—			(2.38	)		(2.38	)
Year Ended June 30, 2019		51.44		—	(f)		0.93			0.93			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		47.81		(0.03	)		6.55			6.52			(0.02	)		(2.87	)		(2.89	)
Year Ended June 30, 2017		41.08		—	(f)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)
Class R3
Year Ended June 30, 2021		45.38		—	(f)		20.92			20.92			(0.14	)		(1.63	)		(1.77	)
Year Ended June 30, 2020		49.73		0.13			(1.93	)		(1.80	)		(0.17	)		(2.38	)		(2.55	)
Year Ended June 30, 2019		52.13		0.13			0.92			1.05			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.54		0.12			6.63			6.75			(0.29	)		(2.87	)		(3.16	)
September 9, 2016 (h) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)
Class R4
Year Ended June 30, 2021		53.63		0.17			24.78			24.95			(0.22	)		(1.63	)		(1.85	)
Year Ended June 30, 2020		58.26		0.29			(2.29	)		(2.00	)		(0.25	)		(2.38	)		(2.63	)
Year Ended June 30, 2019		60.42		0.29			1.12			1.41			(0.18	)		(3.39	)		(3.57	)
Year Ended June 30, 2018		55.64		0.33			7.59			7.92			(0.27	)		(2.87	)		(3.14	)
September 9, 2016 (h) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	65.04		46.60	%	$	846,460		1.26	%		(0.03	)%		1.27	%		29	%
	45.69		(4.11	)		653,887		1.26			0.25			1.27			23
	50.05		2.82			791,846		1.23			0.24			1.25			23
	52.43		14.33			1,095,395		1.24			0.19			1.26			17
	48.63		20.14			1,135,394		1.29			0.24			1.35			21
	45.39		45.91			87,848		1.74			(0.50	)		1.74			29
	32.42		(4.56	)		80,258		1.74			(0.24	)		1.75			23
	36.25		2.31			111,453		1.73			(0.25	)		1.75			23
	39.12		13.76			143,030		1.74			(0.32	)		1.76			17
	37.07		19.53			171,352		1.79			(0.25	)		1.84			21
	76.84		47.01			4,239,905		0.98			0.25			0.99			29
	53.70		(3.83	)		3,240,725		0.98			0.54			0.99			23
	58.34		3.05			2,720,056		0.98			0.51			1.00			23
	60.52		14.61			2,868,739		0.98			0.45			1.00			17
	55.69		20.50			2,722,213		0.99			0.54			1.07			21
	63.47		46.28			7,744		1.48			(0.26	)		1.51			29
	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(g)		1.52			23
	51.44		14.02			12,133		1.49			(0.06	)		1.52			17
	47.81		19.85			13,078		1.53			0.00	(g)		1.73			21
	64.53		46.66			5,829		1.23			0.00	(g)		1.24			29
	45.38		(4.08	)		2,948		1.24			0.28			1.24			23
	49.73		2.79			2,597		1.23			0.26			1.25			23
	52.13		14.33			2,542		1.23			0.24			1.30			17
	48.54		15.92			104		1.24			0.32			1.36			21
	76.73		47.01			834		0.98			0.25			1.00			29
	53.63		(3.83	)		449		0.98			0.53			1.01			23
	58.26		3.05			475		0.98			0.50			1.03			23
	60.42		14.61			624		0.98			0.57			1.07			17
	55.64		16.14			60		0.99			0.55			1.14			21

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund (continued)
Class R5
Year Ended June 30, 2021	$	53.88	$	0.30	$	24.90		$	25.20		$	(0.31	)	$	(1.63	)	$	(1.94	)
Year Ended June 30, 2020		58.51		0.40		(2.30	)		(1.90	)		(0.35	)		(2.38	)		(2.73	)
Year Ended June 30, 2019		60.69		0.41		1.11			1.52			(0.31	)		(3.39	)		(3.70	)
Year Ended June 30, 2018		55.84		0.37		7.70			8.07			(0.35	)		(2.87	)		(3.22	)
Year Ended June 30, 2017		47.57		0.36		9.42			9.78			(0.26	)		(1.25	)		(1.51	)
Class R6
Year Ended June 30, 2021		53.87		0.34		24.90			25.24			(0.34	)		(1.63	)		(1.97	)
Year Ended June 30, 2020		58.50		0.44		(2.30	)		(1.86	)		(0.39	)		(2.38	)		(2.77	)
Year Ended June 30, 2019		60.68		0.44		1.11			1.55			(0.34	)		(3.39	)		(3.73	)
Year Ended June 30, 2018		55.83		0.41		7.69			8.10			(0.38	)		(2.87	)		(3.25	)
Year Ended June 30, 2017		47.57		0.46		9.34			9.80			(0.29	)		(1.25	)		(1.54	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	77.14		47.29	%	$	1,309,013		0.79	%		0.44	%		0.84	%		29	%
	53.88		(3.65	)		984,863		0.80			0.71			0.84			23
	58.51		3.26			1,214,075		0.79			0.70			0.85			23
	60.69		14.83			1,255,251		0.79			0.64			0.85			17
	55.84		20.74			1,267,593		0.79			0.68			0.86			21
	77.14		47.39			2,069,498		0.73			0.50			0.74			29
	53.87		(3.60	)		1,625,610		0.74			0.78			0.74			23
	58.50		3.33			1,425,704		0.73			0.76			0.75			23
	60.68		14.89			1,450,525		0.73			0.71			0.75			17
	55.83		20.80			978,649		0.74			0.85			0.76			21

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund
Class A
Year Ended June 30, 2021	$	18.70	$	(0.23	)	$	9.22	$	8.99	$	(0.01	)	$	(1.82	)	$	(1.83	)
Year Ended June 30, 2020		17.00		(0.11	)		2.88		2.77		—			(1.07	)		(1.07	)
Year Ended June 30, 2019		18.45		(0.11	)		0.67		0.56		—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.81		(0.14	)(f)		5.11		4.97		—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.43		(0.10	)		3.94		3.84		—			(0.46	)		(0.46	)
Class C
Year Ended June 30, 2021		12.53		(0.23	)		6.14		5.91		—			(1.82	)		(1.82	)
Year Ended June 30, 2020		11.78		(0.13	)		1.95		1.82		—			(1.07	)		(1.07	)
Year Ended June 30, 2019		13.55		(0.14	)		0.38		0.24		—			(2.01	)		(2.01	)
Year Ended June 30, 2018		11.23		(0.16	)(f)		3.81		3.65		—			(1.33	)		(1.33	)
Year Ended June 30, 2017		8.82		(0.13	)		3.00		2.87		—			(0.46	)		(0.46	)
Class I
Year Ended June 30, 2021		21.14		(0.20	)		10.46		10.26		(0.05	)		(1.82	)		(1.87	)
Year Ended June 30, 2020		19.05		(0.07	)		3.24		3.17		(0.01	)		(1.07	)		(1.08	)
Year Ended June 30, 2019		20.35		(0.08	)		0.79		0.71		—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.18		(0.11	)(f)		5.61		5.50		—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.42		(0.07	)		4.29		4.22		—			(0.46	)		(0.46	)
Class L
Year Ended June 30, 2021		21.93		(0.16	)		10.85		10.69		(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.71		(0.04	)		3.36		3.32		(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		20.95		(0.05	)		0.82		0.77		—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.08	)(f)		5.76		5.68		—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.72		(0.05	)		4.39		4.34		—			(0.46	)		(0.46	)
Class R2
Year Ended June 30, 2021		17.85		(0.27	)		8.79		8.52		—			(1.82	)		(1.82	)
Year Ended June 30, 2020		16.31		(0.14	)		2.75		2.61		—			(1.07	)		(1.07	)
Year Ended June 30, 2019		17.84		(0.15	)		0.63		0.48		—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.39		(0.17	)(f)		4.95		4.78		—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.15		(0.13	)		3.83		3.70		—			(0.46	)		(0.46	)
Class R3
Year Ended June 30, 2021		18.66		(0.23	)		9.21		8.98		(0.03	)		(1.82	)		(1.85	)
Year Ended June 30, 2020		17.00		(0.11	)		2.87		2.76		(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.45		(0.10	)		0.66		0.56		—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.13	)(f)		4.74		4.61		—			(1.33	)		(1.33	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.86		48.64	%	$	760,153		1.23	%		(0.95	)%		1.25	%		52	%
	18.70		16.92			500,357		1.24			(0.63	)		1.27			51
	17.00		5.08			400,127		1.24			(0.68	)		1.27			58
	18.45		35.14			337,933		1.24			(0.83	)(f)		1.29			58
	14.81		34.36			196,403		1.24			(0.75	)		1.40			42
	16.62		47.95			90,880		1.73			(1.44	)		1.74			52
	12.53		16.32			62,434		1.74			(1.13	)		1.77			51
	11.78		4.51			58,288		1.74			(1.17	)		1.77			58
	13.55		34.56			43,116		1.74			(1.32	)(f)		1.77			58
	11.23		33.51			20,352		1.74			(1.25	)		1.85			42
	29.53		49.03			1,013,916		0.98			(0.70	)		0.99			52
	21.14		17.19			466,094		0.99			(0.37	)		1.01			51
	19.05		5.36			289,094		0.99			(0.43	)		1.02			58
	20.35		35.45			268,082		0.99			(0.57	)(f)		1.02			58
	16.18		34.69			110,644		1.00			(0.50	)		1.12			42
	30.73		49.21			1,096,814		0.84			(0.55	)		0.84			52
	21.93		17.40			735,649		0.84			(0.23	)		0.86			51
	19.71		5.51			568,539		0.84			(0.27	)		0.86			58
	20.95		35.65			434,286		0.84			(0.43	)(f)		0.86			58
	16.60		34.82			360,044		0.85			(0.35	)		0.93			42
	24.55		48.29			31,503		1.49			(1.19	)		1.51			52
	17.85		16.64			24,496		1.49			(0.88	)		1.52			51
	16.31		4.79			26,011		1.49			(0.94	)		1.52			58
	17.84		34.83			31,569		1.49			(1.08	)(f)		1.52			58
	14.39		33.96			23,569		1.49			(1.00	)		1.70			42
	25.79		48.67			9,313		1.24			(0.95	)		1.27			52
	18.66		16.86			5,217		1.24			(0.63	)		1.29			51
	17.00		5.08			1,072		1.24			(0.63	)		1.37			58
	18.45		31.93			446		1.23			(0.80	)(f)		1.28			58

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund (continued)
Class R4
Year Ended June 30, 2021	$	18.83	$	(0.17	)	$	9.29	$	9.12	$	(0.05	)	$	(1.82	)	$	(1.87	)
Year Ended June 30, 2020		17.09		(0.06	)		2.90		2.84		(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.50		(0.07	)		0.67		0.60		—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.09	)(f)		4.75		4.66		—			(1.33	)		(1.33	)
Class R5
Year Ended June 30, 2021		21.95		(0.16	)		10.86		10.70		(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.72		(0.04	)		3.36		3.32		(0.02	)		(1.07	)		(1.09	)
Year Ended June 30, 2019		20.96		(0.07	)		0.84		0.77		—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.07	)(f)		5.76		5.69		—			(1.33	)		(1.33	)
September 9, 2016 (g) through June 30, 2017		13.75		(0.04	)		3.35		3.31		—			(0.46	)		(0.46	)
Class R6
Year Ended June 30, 2021		22.21		(0.13	)		10.99		10.86		(0.08	)		(1.82	)		(1.90	)
Year Ended June 30, 2020		19.95		(0.02	)		3.40		3.38		(0.05	)		(1.07	)		(1.12	)
Year Ended June 30, 2019		21.16		(0.03	)		0.83		0.80		—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.73		(0.06	)(f)		5.82		5.76		—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.80		(0.04	)		4.43		4.39		—			(0.46	)		(0.46	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	26.08		49.01	%	$	5,878		0.98	%		(0.69	)%		0.99	%		52	%
	18.83		17.25			2,821		0.99			(0.38	)		1.04			51
	17.09		5.30			1,336		0.99			(0.39	)		1.01			58
	18.50		32.28			726		0.99			(0.53	)(f)		1.17			58
	30.76		49.22			40,613		0.84			(0.55	)		0.85			52
	21.95		17.37			22,261		0.84			(0.23	)		0.86			51
	19.72		5.50			13,817		0.84			(0.34	)		0.86			58
	20.96		35.71			28,656		0.84			(0.37	)(f)		0.88			58
	16.60		24.72			1,186		0.82			(0.31	)		0.84			42
	31.17		49.40			3,794,115		0.74			(0.45	)		0.74			52
	22.21		17.49			2,140,824		0.74			(0.12	)		0.76			51
	19.95		5.60			1,518,382		0.74			(0.16	)		0.76			58
	21.16		35.86			1,045,098		0.74			(0.32	)(f)		0.76			58
	16.73		34.99			603,730		0.75			(0.25	)		0.76			42

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
Class A
Year Ended June 30, 2021	$	42.12	$	(0.01	)	$	27.38		$	27.37		$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2020		49.98		0.15			(6.00	)		(5.85	)		(0.15	)		(1.86	)		(2.01	)
Year Ended June 30, 2019		57.16		0.11			(3.52	)		(3.41	)		(0.02	)		(3.75	)		(3.77	)
Year Ended June 30, 2018		52.32		0.04	(f)		9.19			9.23			(0.01	)		(4.38	)		(4.39	)
Year Ended June 30, 2017		45.88		(0.04	)		11.81			11.77			(0.20	)		(5.13	)		(5.33	)
Class C
Year Ended June 30, 2021		41.41		(0.28	)		26.91			26.63			(0.07	)		—			(0.07	)
Year Ended June 30, 2020		49.27		(0.07	)		(5.93	)		(6.00	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2019		56.67		(0.15	)		(3.50	)		(3.65	)		—			(3.75	)		(3.75	)
Year Ended June 30, 2018		52.14		(0.24	)(f)		9.15			8.91			—			(4.38	)		(4.38	)
Year Ended June 30, 2017		45.86		(0.24	)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
Class I
Year Ended June 30, 2021		42.35		0.10			27.58			27.68			(0.47	)		—			(0.47	)
Year Ended June 30, 2020		50.25		0.28			(6.03	)		(5.75	)		(0.29	)		(1.86	)		(2.15	)
Year Ended June 30, 2019		57.44		0.23			(3.55	)		(3.32	)		(0.12	)		(3.75	)		(3.87	)
Year Ended June 30, 2018		52.58		0.17	(f)		9.24			9.41			(0.17	)		(4.38	)		(4.55	)
January 3, 2017 (g) through June 30, 2017		50.44		0.07			2.07			2.14			—			—			—
Class R2
Year Ended June 30, 2021		42.07		(0.16	)		27.35			27.19			(0.28	)		—			(0.28	)
Year Ended June 30, 2020		50.01		0.05			(6.02	)		(5.97	)		(0.11	)		(1.86	)		(1.97	)
Year Ended June 30, 2019		57.32		0.04			(3.60	)		(3.56	)		—			(3.75	)		(3.75	)
July 31, 2017 (g) through June 30, 2018		53.24		(0.08	)(f)		8.58			8.50			(0.04	)		(4.38	)		(4.42	)
Class R3
Year Ended June 30, 2021		42.23		—	(h)		27.45			27.45			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		50.18		0.16			(6.02	)		(5.86	)		(0.23	)		(1.86	)		(2.09	)
Year Ended June 30, 2019		57.40		0.26			(3.71	)		(3.45	)		(0.02	)		(3.75	)		(3.77	)
July 31, 2017 (g) through June 30, 2018		53.24		0.05	(f)		8.58			8.63			(0.09	)		(4.38	)		(4.47	)

(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.

84 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	69.13		65.16	%	$	7,279		1.23	%		(0.03	)%		1.32	%		83	%
	42.12		(12.40	)		4,127		1.24			0.33			1.38			102
	49.98		(5.48	)		5,896		1.23			0.21			1.36			74
	57.16		18.37			4,624		1.24			0.07	(f)		1.41			39
	52.32		26.29			2,203		1.24			(0.07	)		1.45			61
	67.97		64.35			1,944		1.73			(0.50	)		1.81			83
	41.41		(12.84	)		1,690		1.74			(0.16	)		1.82			102
	49.27		(5.97	)		2,307		1.73			(0.30	)		1.86			74
	56.67		17.79			1,816		1.74			(0.45	)(f)		1.90			39
	52.14		25.68			1,017		1.74			(0.47	)		1.96			61
	69.56		65.58			34,171		0.99			0.17			1.03			83
	42.35		(12.18	)		13,264		0.99			0.61			1.06			102
	50.25		(5.24	)		13,211		0.98			0.45			1.09			74
	57.44		18.64			15,557		0.99			0.32	(f)		1.12			39
	52.58		4.24			3,545		0.99			0.26			1.21			61
	68.98		64.76			481		1.48			(0.28	)		1.68			83
	42.07		(12.62	)		180		1.49			0.11			1.69			102
	50.01		(5.73	)		166		1.48			0.08			2.08			74
	57.32		16.67			24		1.49			(0.15	)(f)		1.72			39
	69.34		65.16			5,418		1.23			(0.01	)		1.28			83
	42.23		(12.40	)		3,692		1.24			0.36			1.30			102
	50.18		(5.51	)		3,768		1.23			0.53			1.59			74
	57.40		16.94			24		1.24			0.10	(f)		1.46			39

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund) (continued)
Class R4
Year Ended June 30, 2021	$	42.37	$	0.14		$	27.55		$	27.69		$	(0.47	)	$	—		$	(0.47	)
Year Ended June 30, 2020		50.28		0.28			(6.03	)		(5.75	)		(0.30	)		(1.86	)		(2.16	)
Year Ended June 30, 2019		57.48		0.23			(3.56	)		(3.33	)		(0.12	)		(3.75	)		(3.87	)
July 31, 2017 (g) through June 30, 2018		53.24		0.18	(f)		8.58			8.76			(0.14	)		(4.38	)		(4.52	)
Class R5
Year Ended June 30, 2021		42.51		0.25			27.65			27.90			(0.56	)		—			(0.56	)
Year Ended June 30, 2020		50.42		0.36			(6.04	)		(5.68	)		(0.37	)		(1.86	)		(2.23	)
Year Ended June 30, 2019		57.63		0.33			(3.58	)		(3.25	)		(0.21	)		(3.75	)		(3.96	)
Year Ended June 30, 2018		52.64		0.26	(f)		9.28			9.54			(0.17	)		(4.38	)		(4.55	)
Year Ended June 30, 2017		45.90		0.20			11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Class R6
Year Ended June 30, 2021		42.45		0.28			27.61			27.89			(0.59	)		—			(0.59	)
Year Ended June 30, 2020		50.34		0.39			(6.02	)		(5.63	)		(0.40	)		(1.86	)		(2.26	)
Year Ended June 30, 2019		57.55		0.39			(3.61	)		(3.22	)		(0.24	)		(3.75	)		(3.99	)
Year Ended June 30, 2018		52.57		0.33	(f)		9.23			9.56			(0.20	)		(4.38	)		(4.58	)
Year Ended June 30, 2017		45.90		0.29			11.76			12.05			(0.25	)		(5.13	)		(5.38	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	69.59		65.58	%	$	2,557		0.99	%		0.25	%		1.04	%		83	%
	42.37		(12.17	)		2,125		0.99			0.61			1.06			102
	50.28		(5.26	)		1,941		0.98			0.45			1.10			74
	57.48		17.21			1,536		0.99			0.36	(f)		1.11			39
	69.85		65.89			165,829		0.80			0.44			0.89			83
	42.51		(12.02	)		148,185		0.80			0.78			0.90			102
	50.42		(5.07	)		215,630		0.79			0.63			0.93			74
	57.63		18.88			223,933		0.79			0.48	(f)		0.97			39
	52.64		26.87			187,198		0.79			0.40			1.11			61
	69.75		65.98			148,507		0.74			0.49			0.78			83
	42.45		(11.95	)		176,598		0.74			0.84			0.80			102
	50.34		(5.02	)		206,625		0.73			0.75			0.83			74
	57.55		18.95			66,306		0.74			0.59	(f)		0.86			39
	52.57		26.94			16,782		0.74			0.56			0.98			61

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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 Value Fund
Class A
Year Ended June 30, 2021	$	18.48	$	0.12		$	13.59		$	13.71		$	(0.13	)	$	—		$	(0.13	)
Year Ended June 30, 2020		23.65		0.16			(3.82	)		(3.66	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.42		0.21			(3.28	)		(3.07	)		(0.24	)		(3.46	)		(3.70	)
Year Ended June 30, 2018		29.18		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2017		24.64		0.11	(f)		4.58			4.69			(0.13	)		(0.02	)		(0.15	)
Class C
Year Ended June 30, 2021		14.52		0.01			10.64			10.65			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		18.90		0.04			(2.97	)		(2.93	)		(0.12	)		(1.33	)		(1.45	)
Year Ended June 30, 2019		25.21		0.07			(2.73	)		(2.66	)		(0.19	)		(3.46	)		(3.65	)
Year Ended June 30, 2018		24.55		0.04	(f)		2.50			2.54			(0.14	)		(1.74	)		(1.88	)
Year Ended June 30, 2017		20.82		(0.05	)(f)		3.87			3.82			(0.07	)		(0.02	)		(0.09	)
Class I
Year Ended June 30, 2021		19.88		0.21			14.62			14.83			(0.18	)		—			(0.18	)
Year Ended June 30, 2020		25.32		0.23			(4.11	)		(3.88	)		(0.23	)		(1.33	)		(1.56	)
Year Ended June 30, 2019		32.25		0.31			(3.48	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.80		0.30	(f)		3.18			3.48			(0.29	)		(1.74	)		(2.03	)
Year Ended June 30, 2017		25.97		0.20	(f)		4.81			5.01			(0.16	)		(0.02	)		(0.18	)
Class R2
Year Ended June 30, 2021		18.25		0.06			13.41			13.47			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		23.37		0.11			(3.77	)		(3.66	)		(0.13	)		(1.33	)		(1.46	)
Year Ended June 30, 2019		30.13		0.15			(3.25	)		(3.10	)		(0.20	)		(3.46	)		(3.66	)
Year Ended June 30, 2018		28.94		0.12	(f)		2.98			3.10			(0.17	)		(1.74	)		(1.91	)
Year Ended June 30, 2017		24.48		0.04	(f)		4.53			4.57			(0.09	)		(0.02	)		(0.11	)
Class R3
Year Ended June 30, 2021		18.45		0.13			13.56			13.69			(0.14	)		—			(0.14	)
Year Ended June 30, 2020		23.61		0.16			(3.81	)		(3.65	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.38		0.23			(3.29	)		(3.06	)		(0.25	)		(3.46	)		(3.71	)
Year Ended June 30, 2018		29.14		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
September 9, 2016 (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.

88 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	32.06		74.48	%	$	200,857		1.26	%		0.48	%		1.26	%		78	%
	18.48		(16.78	)		123,496		1.25			0.74			1.27			42
	23.65		(9.73	)		193,505		1.24			0.80			1.26			60
	30.42		11.41			336,054		1.24			0.67	(f)		1.30			39
	29.18		19.01			518,464		1.24			0.39	(f)		1.44			41
	25.08		73.59			8,518		1.73			0.04			1.78			78
	14.52		(17.14	)		9,340		1.74			0.23			1.78			42
	18.90		(10.18	)		18,088		1.74			0.33			1.77			60
	25.21		10.80			25,885		1.75			0.14	(f)		1.78			39
	24.55		18.32			40,349		1.85			(0.21	)(f)		1.86			41
	34.53		74.94			232,544		0.99			0.76			1.01			78
	19.88		(16.55	)		131,992		0.99			0.98			1.01			42
	25.32		(9.49	)		287,014		0.99			1.10			1.01			60
	32.25		11.70			336,366		0.99			0.96	(f)		1.01			39
	30.80		19.30			344,875		0.99			0.67	(f)		1.11			41
	31.62		74.05			34,800		1.48			0.26			1.58			78
	18.25		(16.96	)		25,034		1.49			0.51			1.57			42
	23.37		(9.94	)		36,276		1.49			0.60			1.58			60
	30.13		11.12			45,300		1.52			0.41	(f)		1.63			39
	28.94		18.68			60,282		1.52			0.14	(f)		1.75			41
	32.00		74.49			17,272		1.23			0.50			1.28			78
	18.45		(16.77	)		10,384		1.24			0.76			1.29			42
	23.61		(9.72	)		14,854		1.24			0.89			1.28			60
	30.38		11.42			12,948		1.25			0.67	(f)		1.29			39
	29.14		13.24			13,390		1.27			0.53	(f)		1.28			41

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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 (continued)
Class R4
Year Ended June 30, 2021	$	19.88	$	0.22		$	14.61		$	14.83		$	(0.19	)	$	—		$	(0.19	)
Year Ended June 30, 2020		25.28		0.19			(4.06	)		(3.87	)		(0.20	)		(1.33	)		(1.53	)
Year Ended June 30, 2019		32.21		0.30			(3.47	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.77		0.32	(f)		3.14			3.46			(0.28	)		(1.74	)		(2.02	)
September 9, 2016 (g) through June 30, 2017		27.30		0.18	(f)		3.49			3.67			(0.18	)		(0.02	)		(0.20	)
Class R5
Year Ended June 30, 2021		19.89		0.24			14.64			14.88			(0.21	)		—			(0.21	)
Year Ended June 30, 2020		25.34		0.26			(4.11	)		(3.85	)		(0.27	)		(1.33	)		(1.60	)
Year Ended June 30, 2019		32.26		0.34			(3.47	)		(3.13	)		(0.33	)		(3.46	)		(3.79	)
Year Ended June 30, 2018		30.80		0.35	(f)		3.17			3.52			(0.32	)		(1.74	)		(2.06	)
Year Ended June 30, 2017		25.97		0.23	(f)		4.81			5.04			(0.19	)		(0.02	)		(0.21	)
Class R6
Year Ended June 30, 2021		19.92		0.27			14.66			14.93			(0.23	)		—			(0.23	)
Year Ended June 30, 2020		25.38		0.29			(4.13	)		(3.84	)		(0.29	)		(1.33	)		(1.62	)
Year Ended June 30, 2019		32.30		0.38			(3.49	)		(3.11	)		(0.35	)		(3.46	)		(3.81	)
Year Ended June 30, 2018		30.83		0.38	(f)		3.18			3.56			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2017		25.99		0.27	(f)		4.82			5.09			(0.23	)		(0.02	)		(0.25	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	34.52		74.92	%	$	28,524		0.98	%		0.69	%		1.00	%		78	%
	19.88		(16.52	)		464		0.99			0.92			1.16			42
	25.28		(9.51	)		436		0.99			1.10			1.04			60
	32.21		11.65			102		1.01			1.03	(f)		1.27			39
	30.77		13.44			39		1.06			0.75	(f)		1.10			41
	34.56		75.16			58,262		0.86			0.87			0.86			78
	19.89		(16.44	)		30,637		0.85			1.11			0.87			42
	25.34		(9.35	)		69,857		0.84			1.21			0.86			60
	32.26		11.85			131,506		0.84			1.11	(f)		0.87			39
	30.80		19.43			130,338		0.88			0.77	(f)		0.89			41
	34.62		75.36			929,661		0.76			0.98			0.76			78
	19.92		(16.37	)		624,226		0.75			1.24			0.76			42
	25.38		(9.25	)		933,252		0.74			1.36			0.76			60
	32.30		11.97			1,040,121		0.74			1.21	(f)		0.76			39
	30.83		19.59			1,007,466		0.76			0.90	(f)		0.76			41

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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 SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Year Ended June 30, 2021	$	15.52	$	0.01		$	6.32		$	6.33		$	(0.10	)	$	(0.63	)	$	(0.73	)
Year Ended June 30, 2020		18.24		0.11			(0.71	)		(0.60	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.76		0.10			(0.28	)		(0.18	)		(0.08	)		(4.26	)		(4.34	)
Year Ended June 30, 2018		22.11		0.15			2.29			2.44			(0.13	)		(1.66	)		(1.79	)
Year Ended June 30, 2017		19.48		0.08			2.62			2.70			(0.07	)		—	(f)		(0.07	)
Class C
Year Ended June 30, 2021		12.08		(0.06	)		4.89			4.83			(0.03	)		(0.63	)		(0.66	)
Year Ended June 30, 2020		14.64		0.01			(0.52	)		(0.51	)		(0.02	)		(2.03	)		(2.05	)
Year Ended June 30, 2019		19.23		—	(f)		(0.30	)		(0.30	)		(0.03	)		(4.26	)		(4.29	)
Year Ended June 30, 2018		18.90		0.04			1.96			2.00			(0.01	)		(1.66	)		(1.67	)
Year Ended June 30, 2017		16.72		(0.04	)		2.24			2.20			(0.02	)		—	(f)		(0.02	)
Class I
Year Ended June 30, 2021		16.71		0.06			6.82			6.88			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.48		0.16			(0.78	)		(0.62	)		(0.12	)		(2.03	)		(2.15	)
Year Ended June 30, 2019		24.01		0.16			(0.29	)		(0.13	)		(0.14	)		(4.26	)		(4.40	)
Year Ended June 30, 2018		23.22		0.22			2.41			2.63			(0.18	)		(1.66	)		(1.84	)
Year Ended June 30, 2017		20.43		0.14			2.75			2.89			(0.10	)		—	(f)		(0.10	)
Class R3
Year Ended June 30, 2021		15.41		0.03			6.27			6.30			—			(0.63	)		(0.63	)
Year Ended June 30, 2020		18.12		0.11			(0.70	)		(0.59	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.70		0.11			(0.31	)		(0.20	)		(0.12	)		(4.26	)		(4.38	)
Year Ended June 30, 2018		22.08		0.13			2.32			2.45			(0.17	)		(1.66	)		(1.83	)
September 9, 2016 (h) through June 30, 2017		19.97		0.11			2.09			2.20			(0.09	)		—	(f)		(0.09	)
Class R4
Year Ended June 30, 2021		16.64		0.05			6.79			6.84			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.41		0.15			(0.76	)		(0.61	)		(0.13	)		(2.03	)		(2.16	)
Year Ended June 30, 2019		23.95		0.16			(0.29	)		(0.13	)		(0.15	)		(4.26	)		(4.41	)
Year Ended June 30, 2018		23.20		0.19			2.44			2.63			(0.22	)		(1.66	)		(1.88	)
September 9, 2016 (h) through June 30, 2017		20.95		0.12			2.24			2.36			(0.11	)		—	(f)		(0.11	)
Class R6
Year Ended June 30, 2021		16.73		0.11			6.82			6.93			(0.20	)		(0.63	)		(0.83	)
Year Ended June 30, 2020		19.49		0.21			(0.76	)		(0.55	)		(0.18	)		(2.03	)		(2.21	)
Year Ended June 30, 2019		24.04		0.21			(0.30	)		(0.09	)		(0.20	)		(4.26	)		(4.46	)
Year Ended June 30, 2018		23.25		0.27			2.42			2.69			(0.24	)		(1.66	)		(1.90	)
Year Ended June 30, 2017		20.42		0.19			2.76			2.95			(0.12	)		—	(f)		(0.12	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	21.12		41.59	%	$	171,962		1.11	%		0.06	%		1.20	%		122	%
	15.52		(4.62	)		154,019		1.14			0.62			1.22			92
	18.24		0.81			204,131		1.14			0.49			1.31			82
	22.76		11.18			314,171		1.14			0.65			1.29			62
	22.11		13.91			304,927		1.14			0.40			1.38			70
	16.25		40.87			22,348		1.60			(0.42	)		1.69			122
	12.08		(5.06	)		27,417		1.64			0.10			1.73			92
	14.64		0.24			42,429		1.64			0.00	(g)		1.79			82
	19.23		10.69			62,925		1.64			0.18			1.78			62
	18.90		13.20			81,761		1.74			(0.21	)		1.87			70
	22.81		41.95			148,567		0.86			0.29			0.94			122
	16.71		(4.40	)		119,926		0.89			0.85			0.96			92
	19.48		1.05			188,694		0.89			0.75			1.04			82
	24.01		11.47			296,876		0.89			0.91			1.02			62
	23.22		14.17			310,316		0.89			0.65			1.11			70
	21.08		41.57			2,223		1.08			0.20			1.18			122
	15.41		(4.58	)		12,615		1.14			0.63			1.20			92
	18.12		0.76			15,456		1.14			0.55			1.29			82
	22.70		11.22			13,823		1.14			0.59			1.27			62
	22.08		11.07			8,854		1.15			0.64			1.34			70
	22.70		41.87			1,146		0.86			0.26			0.93			122
	16.64		(4.38	)		562		0.89			0.82			0.98			92
	19.41		1.06			1,202		0.89			0.76			1.04			82
	23.95		11.46			1,157		0.89			0.80			1.11			62
	23.20		11.30			22		0.90			0.67			1.11			70
	22.83		42.21			73,530		0.60			0.57			0.68			122
	16.73		(4.08	)		76,126		0.64			1.16			0.70			92
	19.49		1.28			77,321		0.64			0.98			0.80			82
	24.04		11.73			127,571		0.64			1.11			0.77			62
	23.25		14.52			183,859		0.65			0.86			0.77			70

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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 U.S. Small Company Fund
Class A
Year Ended June 30, 2021	$	14.84	$	(0.01	)	$	9.26		$	9.25		$	(0.04	)	$	(0.51	)	$	(0.55	)
Year Ended June 30, 2020		15.96		0.03			(1.10	)		(1.07	)		(0.04	)		(0.01	)		(0.05	)
Year Ended June 30, 2019		19.60		0.03			(1.81	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		18.10		—	(f)(g)		2.69			2.69			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		15.09		—	(f)(g)		3.02			3.02			(0.01	)		—	(f)		(0.01	)
Class C
Year Ended June 30, 2021		13.96		(0.10	)		8.69			8.59			—			(0.51	)		(0.51	)
Year Ended June 30, 2020		15.06		(0.05	)		(1.04	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		18.70		(0.06	)		(1.72	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.40		(0.09	)(g)		2.58			2.49			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.57		(0.08	)(g)		2.91			2.83			—			—	(f)		—	(f)
Class I
Year Ended June 30, 2021		15.25		0.04			9.51			9.55			(0.08	)		(0.51	)		(0.59	)
Year Ended June 30, 2020		16.40		0.07			(1.12	)		(1.05	)		(0.09	)		(0.01	)		(0.10	)
Year Ended June 30, 2019		20.05		0.07			(1.84	)		(1.77	)		(0.02	)		(1.86	)		(1.88	)
Year Ended June 30, 2018		18.47		0.05	(g)		2.75			2.80			(0.03	)		(1.19	)		(1.22	)
Year Ended June 30, 2017		15.40		0.04	(g)		3.08			3.12			(0.05	)		—	(f)		(0.05	)
Class L
Year Ended June 30, 2021		15.23		0.07			9.51			9.58			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.38		0.10			(1.12	)		(1.02	)		(0.12	)		(0.01	)		(0.13	)
Year Ended June 30, 2019		20.05		0.10			(1.86	)		(1.76	)		(0.05	)		(1.86	)		(1.91	)
Year Ended June 30, 2018		18.46		0.08	(g)		2.76			2.84			(0.06	)		(1.19	)		(1.25	)
Year Ended June 30, 2017		15.39		0.08	(g)		3.08			3.16			(0.09	)		—	(f)		(0.09	)
Class R2
Year Ended June 30, 2021		14.48		(0.06	)		9.02			8.96			(0.01	)		(0.51	)		(0.52	)
Year Ended June 30, 2020		15.58		(0.01	)		(1.08	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		19.22		(0.01	)		(1.77	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.81		(0.05	)(g)		2.65			2.60			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.88		(0.04	)(g)		2.97			2.93			—			—	(f)		—	(f)
Class R3
Year Ended June 30, 2021		14.74		(0.01	)		9.20			9.19			(0.06	)		(0.51	)		(0.57	)
Year Ended June 30, 2020		15.87		0.03			(1.10	)		(1.07	)		(0.05	)		(0.01	)		(0.06	)
Year Ended June 30, 2019		19.50		0.04			(1.81	)		(1.77	)		—	(f)		(1.86	)		(1.86	)
Year Ended June 30, 2018		18.03		0.01	(g)		2.68			2.69			(0.03	)		(1.19	)		(1.22	)
September 9, 2016 (i) through June 30, 2017		16.02		0.04	(g)		2.04			2.08			(0.07	)		—	(f)		(0.07	)

(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.

94 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	23.54		63.19	%	$	135,165		1.22	%		(0.03	)%		1.22	%		94	%
	14.84		(6.76	)		94,883		1.22			0.18			1.23			52
	15.96		(8.77	)		136,432		1.22			0.16			1.22			64
	19.60		15.40			210,050		1.22			0.00	(g)(h)		1.23			52
	18.10		20.04			244,958		1.25			(0.01	)(g)		1.35			53
	22.04		62.34			22,386		1.73			(0.56	)		1.73			94
	13.96		(7.25	)		18,297		1.74			(0.34	)		1.74			52
	15.06		(9.22	)		28,451		1.72			(0.35	)		1.73			64
	18.70		14.85			45,633		1.73			(0.50	)(g)		1.73			52
	17.40		19.43			49,946		1.75			(0.51	)(g)		1.85			53
	24.21		63.52			216,248		0.96			0.21			0.97			94
	15.25		(6.51	)		160,892		0.96			0.44			0.96			52
	16.40		(8.49	)		273,370		0.96			0.41			0.96			64
	20.05		15.73			433,317		0.96			0.27	(g)		0.97			52
	18.47		20.29			387,043		1.01			0.25	(g)		1.05			53
	24.18		63.78			317,162		0.81			0.37			0.81			94
	15.23		(6.37	)		302,427		0.81			0.60			0.81			52
	16.38		(8.42	)		433,521		0.81			0.58			0.81			64
	20.05		15.95			554,361		0.81			0.42	(g)		0.82			52
	18.46		20.50			711,139		0.82			0.43	(g)		0.87			53
	22.92		62.71			43,496		1.48			(0.31	)		1.48			94
	14.48		(7.01	)		30,330		1.48			(0.09	)		1.49			52
	15.58		(8.95	)		44,064		1.47			(0.07	)		1.49			64
	19.22		15.13			49,715		1.48			(0.25	)(g)		1.48			52
	17.81		19.70			51,511		1.50			(0.24	)(g)		1.69			53
	23.36		63.20			36,745		1.21			(0.04	)		1.21			94
	14.74		(6.78	)		22,953		1.21			0.20			1.21			52
	15.87		(8.75	)		23,887		1.21			0.23			1.21			64
	19.50		15.49			17,655		1.21			0.04	(g)		1.21			52
	18.03		13.01			9,560		1.23			0.25	(g)		1.24			53

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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 (continued)
Class R4
Year Ended June 30, 2021	$	15.16	$	0.04		$	9.46		$	9.50		$	(0.10	)	$	(0.51	)	$	(0.61	)
Year Ended June 30, 2020		16.32		0.07			(1.12	)		(1.05	)		(0.10	)		(0.01	)		(0.11	)
Year Ended June 30, 2019		19.98		0.08			(1.85	)		(1.77	)		(0.03	)		(1.86	)		(1.89	)
Year Ended June 30, 2018		18.44		0.05	(g)		2.75			2.80			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.36		0.13	(g)		2.04			2.17			(0.09	)		—	(f)		(0.09	)
Class R5
Year Ended June 30, 2021		15.20		0.07			9.49			9.56			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.34		0.09			(1.11	)		(1.02	)		(0.11	)		(0.01	)		(0.12	)
Year Ended June 30, 2019		20.01		0.11			(1.86	)		(1.75	)		(0.06	)		(1.86	)		(1.92	)
Year Ended June 30, 2018		18.45		0.08	(g)		2.74			2.82			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.35		0.07	(g)		2.13			2.20			(0.10	)		—	(f)		(0.10	)
Class R6
Year Ended June 30, 2021		15.25		0.09			9.51			9.60			(0.14	)		(0.51	)		(0.65	)
Year Ended June 30, 2020		16.40		0.11			(1.12	)		(1.01	)		(0.13	)		(0.01	)		(0.14	)
Year Ended June 30, 2019		20.07		0.12			(1.86	)		(1.74	)		(0.07	)		(1.86	)		(1.93	)
Year Ended June 30, 2018		18.48		0.10	(g)		2.76			2.86			(0.08	)		(1.19	)		(1.27	)
Year Ended June 30, 2017		15.40		0.10	(g)		3.08			3.18			(0.10	)		—	(f)		(0.10	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

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

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	24.05		63.52	%	$	11,590		0.97	%		0.20	%		0.98	%		94	%
	15.16		(6.55	)		8,042		0.97			0.45			0.98			52
	16.32		(8.52	)		6,313		0.97			0.45			0.98			64
	19.98		15.73			5,773		1.01			0.28	(g)		1.04			52
	18.44		13.24			794		1.00			0.89	(g)		1.07			53
	24.13		63.83			9,804		0.81			0.35			0.81			94
	15.20		(6.36	)		6,496		0.81			0.56			0.81			52
	16.34		(8.39	)		11,770		0.81			0.64			0.81			64
	20.01		15.83			6,491		0.85			0.43	(g)		0.86			52
	18.45		13.44			145		0.83			0.51	(g)		0.90			53
	24.20		63.87			349,316		0.71			0.46			0.72			94
	15.25		(6.27	)		255,716		0.71			0.68			0.71			52
	16.40		(8.30	)		435,139		0.71			0.70			0.72			64
	20.07		16.05			455,851		0.71			0.53	(g)		0.72			52
	18.48		20.64			296,577		0.72			0.55	(g)		0.72			53

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Dollar values in thousands)

1. Organization

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

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

	Classes Offered	Trust	Diversification Classification
JPMorgan Small Cap Blend Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Small Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Growth Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Small Cap Sustainable Leaders Fund(1)	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan SMID Cap Equity Fund(2)	Class A, Class C, Class I, Class R3, Class R4 and Class R6	JPM II	Diversified
JPMorgan U.S. Small Company Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾ Effective July 1, 2021, JPMorgan Small Cap Core Fund changed its name to JPMorgan Small Cap Sustainable Leaders Fund.

⁽²⁾  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 Equity Fund (“Small Cap Equity Fund”) and JPMorgan Small Cap Sustainable Leaders Fund (“Small Cap Sustainable Leaders Fund”) is to seek capital growth over the long term.

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

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

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

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

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

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

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

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

2. Significant Accounting Policies

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

98 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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

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

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

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

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

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

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

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

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

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

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

Small Cap Blend Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	1,089,770	$	—	$	—		$	1,089,770
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		36,638		—		—			36,638
Investment of Cash Collateral from Securities Loaned		62,062		—		—			62,062
Total Short-Term Investments		98,700		—		—			98,700
Total Investments in Securities	$	1,188,470	$	—	$	—	(a)	$	1,188,470

(a) Amount rounds to less than one thousand.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Small Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	8,686,587	$	—		$—	$	8,686,587

(a) Please refer to the SOI for specifics of portfolio holdings.

Small Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	6,688,103	$	—	$	—		$	6,688,103
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		176,586		—		—			176,586
Investment of Cash Collateral from Securities Loaned		522,156		—		—			522,156
Total Short-Term Investments		698,742		—		—			698,742
Total Investments in Securities	$	7,386,845	$	—		$—(a)		$	7,386,845

(a) Amount rounds to less than one thousand.

Small Cap Sustainable Leaders Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	357,008	$	—	$	—		$	357,008
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		3,128		—		—			3,128
Investment of Cash Collateral from Securities Loaned		42,801		—		—			42,801
Total Short-Term Investments		45,929		—		—			45,929
Total Investments in Securities	$	402,937	$	—	$	—	(a)	$	402,937
Appreciation in Other Financial Instruments
Futures Contracts	$	1	$	—	$	—		$	1

(a) Amount rounds to less than one thousand.

Small Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,605,130		$	—	$	—	$	1,605,130
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(547	)	$	—	$	—	$	(547	)

(a) Please refer to the SOI for specifics of portfolio holdings.

100 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

SMID Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	420,525	$	—		$—	$	420,525

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	6,053	$	—	$	—		$	6,053
Air Freight & Logistics		9,148		—		—			9,148
Airlines		4,598		—		—			4,598
Auto Components		6,198		—		—			6,198
Automobiles		204		—		—			204
Banks		79,787		—		—			79,787
Biotechnology		95,980		—		—			95,980
Building Products		7,093		—		—			7,093
Capital Markets		21,311		—		—			21,311
Chemicals		22,548		—		—			22,548
Commercial Services & Supplies		28,587		—		—			28,587
Communications Equipment		19,200		—		—			19,200
Construction & Engineering		42,227		—		—			42,227
Construction Materials		700		—		—			700
Consumer Finance		13,548		—		—			13,548
Containers & Packaging		2,879		—		—			2,879
Distributors		5,578		—		—			5,578
Diversified Consumer Services		2,435		—		—			2,435
Diversified Telecommunication Services		355		—		—			355
Electric Utilities		5,629		—		—			5,629
Electrical Equipment		10,817		—		—			10,817
Electronic Equipment, Instruments & Components		24,457		—		—			24,457
Energy Equipment & Services		6,446		—		—			6,446
Entertainment		12,498		—		—			12,498
Equity Real Estate Investment Trusts (REITs)		62,911		—		—			62,911
Food & Staples Retailing		2,838		—		—			2,838
Food Products		13,089		—		—			13,089
Gas Utilities		5,181		—		—			5,181
Health Care Equipment & Supplies		55,596		—		—			55,596
Health Care Providers & Services		31,844		—		—			31,844
Health Care Technology		17,084		—		—			17,084
Hotels, Restaurants & Leisure		17,182		—		—	(a)		17,182
Household Durables		22,893		—		—			22,893
Household Products		1,145		—		—			1,145
Independent Power and Renewable Electricity Producers		1,066		—		—			1,066
Insurance		10,817		—		—			10,817
Interactive Media & Services		8,476		—		—			8,476
Internet & Direct Marketing Retail		3,565		—		—			3,565
IT Services		18,461		—		—			18,461
Life Sciences Tools & Services		8,552		—		—			8,552
Machinery		19,762		—		—			19,762
Marine		712		—		—			712

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

U.S. Small Company Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Media	$	12,161		$	—	$	—		$	12,161
Metals & Mining		17,262			—		—			17,262
Mortgage Real Estate Investment Trusts (REITs)		16,781			—		—			16,781
Multiline Retail		8,635			—		—			8,635
Multi-Utilities		1,634			—		—			1,634
Oil, Gas & Consumable Fuels		28,991			—		—			28,991
Paper & Forest Products		7,539			—		—			7,539
Personal Products		23,533			—		—			23,533
Pharmaceuticals		24,300			—		—			24,300
Professional Services		39,478			—		—			39,478
Real Estate Management & Development		2,720			—		—			2,720
Road & Rail		6,665			—		—			6,665
Semiconductors & Semiconductor Equipment		26,293			—		—			26,293
Software		59,742			—		—			59,742
Specialty Retail		34,301			—		—			34,301
Technology Hardware, Storage & Peripherals		878			—		—			878
Textiles, Apparel & Luxury Goods		6,431			—		—			6,431
Thrifts & Mortgage Finance		27,260			—		—			27,260
Trading Companies & Distributors		23,643			—		—			23,643
Water Utilities		7,101			—		—			7,101
Wireless Telecommunication Services		3,762			—		—			3,762
Total Common Stocks		1,108,560			—		—	(a)		1,108,560
Rights		—			—		165			165
Short-Term Investments
Investment Companies		30,588			—		—			30,588
Investment of Cash Collateral from Securities Loaned		95,346			—		—			95,346
Total Short-Term Investments		125,934			—		—			125,934
Total Investments in Securities	$	1,234,494		$	—	$	165		$	1,234,659
Depreciation in Other Financial Instruments
Futures Contracts	$	(119	)	$	—	$	—		$	(119	)

(a) 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

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

102 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2021.

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Small Cap Blend Fund	$	60,304	$	(60,304	)	$	—
Small Cap Equity Fund		110,670		(110,670	)		—
Small Cap Growth Fund		505,147		(505,147	)		—
Small Cap Sustainable Leaders Fund		41,694		(41,694	)		—
Small Cap Value Fund		95,160		(95,160	)		—
U.S. Small Company Fund		92,471		(92,471	)		—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%. For the year ended June 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Small Cap Blend Fund	$	3
Small Cap Equity Fund		13
Small Cap Growth Fund		30
Small Cap Sustainable Leaders Fund		3
Small Cap Value Fund		6
SMID Cap Equity Fund		2
U.S. Small Company Fund		7

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).

SMID Cap Equity Fund did not have any securities out on loan at June 30, 2021.

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Small Cap Blend Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	17,254	$	319,425	$	300,034	$	(4	)	$	(3	)	$	36,638		36,619	$	23		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		28,015		170,000		143,000		(6	)*		(6	)		55,003		55,003		55	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		6,247		126,905		126,093		—			—			7,059		7,059		2	*		—
Total	$	51,516	$	616,330	$	569,127	$	(10	)	$	(9	)	$	98,700			$	80		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

Small Cap Equity Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	276,403	$	2,318,849	$	2,389,126	$	(41	)	$	(72	)	$	206,013		205,911	$	390		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		253,095		985,500		1,136,499		(62	)*		(6	)		102,028		102,028		344	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,048		392,064		412,664		—			—			11,448		11,448		10	*		—
Total	$	561,546	$	3,696,413	$	3,938,289	$	(103	)	$	(78	)	$	319,489			$	744		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

104 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

Small Cap Growth Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	123,428	$	2,048,170	$	1,994,977	$	(19	)	$	(16	)	$	176,586		176,498	$	132		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		284,105		1,702,150		1,518,800		(100	)*		(42	)		467,313		467,313		726	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,903		750,879		728,939		—			—			54,843		54,843		20	*		—
Total	$	440,436	$	4,501,199	$	4,242,716	$	(119	)	$	(58	)	$	698,742			$	878		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

Small Cap Sustainable Leaders Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	9,177	$	144,216	$	150,263	$	(2	)	$	—	(c)	$	3,128		3,127	$	10		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		21,006		126,100		109,999		(1	)*		(9	)		37,097		37,096		47	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,876		114,364		112,536		—			—			5,704		5,704		2	*		—
Total	$	34,059	$	384,680	$	372,798	$	(3	)	$	(9	)	$	45,929			$	59		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Small Cap Value Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	14,798	$	508,716	$	470,760	$	(5	)	$	—	(c)	$	52,749		52,722	$	32		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		64,032		347,999		322,701		(15	)*		(15	)		89,300		89,300		137	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,596		209,045		206,134		—			—			8,507		8,507		5	*		—
Total	$	84,426	$	1,065,760	$	999,595	$	(20	)	$	(15	)	$	150,556			$	174		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

SMID Cap Equity Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	4,828	$	140,678	$	139,692	$	(1	)	$	(1	)	$	5,812		5,809	$	10		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		15,004		34,100		49,100		(1	)*		(3	)		—		—		13	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		5,757		75,258		81,015		—			—			—		—		1	*		—
Total	$	25,589	$	250,036	$	269,807	$	(2	)	$	(4	)	$	5,812			$	24		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

106 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

U.S. Small Company Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	14,420	$	519,454	$	503,280	$	(6	)	$	—	(c)	$	30,588		30,572	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		82,037		338,000		335,401		(16	)*		(17	)		84,603		84,604		158	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		9,849		203,308		202,414		—			—			10,743		10,743		6	*		—
Total	$	106,306	$	1,060,762	$	1,041,095	$	(22	)	$	(17	)	$	125,934			$	190		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

D. Futures Contracts — Small Cap Sustainable Leaders Fund, Small Cap Value Fund, 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.

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 year ended June 30, 2021:

	Small Cap Sustainable Leaders Fund		Small Cap Value Fund		SMID Cap Equity Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	7,386	$	21,563	$	1,908	$	17,784
Ending Notional Balance Long		9,224		53,384		—		31,477

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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 year ended June 30, 2021 are as follows:

	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Small Cap Blend Fund
Transfer agency fees	$	19	$	2	$	6		n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	27
Small Cap Equity Fund
Transfer agency fees		229		5		54		n/a	$	2		$	—	(a)	$	—	(a)	$	11			21			322
Small Cap Growth Fund
Transfer agency fees		56		3		15	$	7		5			2			—	(a)		1			84			173
Small Cap Sustainable Leaders Fund
Transfer agency fees		2		1		1		n/a		—	(a)		—	(a)		—	(a)		6			4			14
Small Cap Value Fund
Transfer agency fees		11		2		10		n/a		24			4			—	(a)		2			44			97
SMID Cap Equity Fund
Transfer agency fees		40		2		10		n/a		n/a			—	(a)		—	(a)		n/a			2			54
U.S. Small Company Fund
Transfer agency fees		12		5		10		5		9			1			2			—	(a)		14			58

(a) Amount rounds to less than one thousand.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Small Cap Blend Fund	$	273	$	(101	)	$	(172	)
Small Cap Equity Fund		—		(5,229	)		5,229

108 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Small Cap Growth Fund	$	80,704		$	18,355		$	(99,059	)
Small Cap Sustainable Leaders Fund		61,857			(119	)		(61,738	)
Small Cap Value Fund		(250	)		(282	)		532
SMID Cap Equity Fund		16,171			14			(16,185	)
U.S. Small Company Fund		—			172			(172	)

The reclassifications for the Funds relate primarily to redemptions in-kind, net operating losses, non-taxable dividends, redesignation of distributions and tax equalization.

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 Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Sustainable Leaders Fund	0.65
Small Cap Value Fund	0.65
SMID Cap Equity Fund	0.55
U.S. Small Company Fund	0.60

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

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 year ended June 30, 2021, the effective 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 Equity Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Growth Fund		0.25			0.75			0.50			0.25
Small Cap Sustainable Leaders Fund		0.25			0.75			0.50			0.25
Small Cap Value Fund		0.25			0.75			0.50			0.25
SMID Cap Equity Fund		0.25			0.75			n/a			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	74	$	—	(a)
Small Cap Equity Fund		5		—	(a)
Small Cap Growth Fund		132		—	(a)
Small Cap Sustainable Leaders Fund		2		—
Small Cap Value Fund		14		—	(a)
SMID Cap Equity Fund		4		—	(a)
U.S. Small Company Fund		10		—	(a)

(a) Amount rounds to less than one thousand.

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

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

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

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

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

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

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

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

	Class A			Class C			Class I			Class L		Class R2			Class R3			Class R4			Class R5			Class R6
Small Cap Blend Fund		1.24	%		1.74	%		0.99	%		n/a		n/a			n/a			n/a			n/a			0.74	%
Small Cap Equity Fund		n/a			n/a			0.99			n/a		1.49	%		n/a			0.99	%		0.80	%		n/a
Small Cap Growth Fund		1.24			1.74			0.99			n/a		1.49			1.24	%		0.99			0.84			0.74	%
Small Cap Sustainable Leaders Fund		1.24	(1)		1.74	(1)		0.99	(1)		n/a		1.49	(1)		1.24	(1)		0.99	(1)		0.80	(1)		0.74	(1)
Small Cap Value Fund		n/a			1.74			0.99			n/a		1.49			1.24			0.99			n/a			n/a
SMID Cap Equity Fund		1.14	(2)		1.64	(2)		0.89	(2)		n/a		n/a			1.14	(2)		0.89	(2)		n/a			0.64	(2)
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 July 1, 2021, the contractual expense limitations changed to 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, 0.89%, 0.70% and 0.65% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

110 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

⁽²⁾  During the period September 1, 2020 through November 13, 2020, the Adviser, Administrator and/or JPMDS voluntarily waived fees 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 0.99%, 1.49%, 0.74%, 0.99%, 0.74% and 0.49% of Class A, Class C, Class I, Class R3, Class R4 and Class R6 Shares average net assets, respectively.

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2021 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 Equity Fund, Small Cap Growth Fund, Small Cap Sustainable Leaders Fund and Small Cap Value Fund and are in place until at least October 31, 2022 for SMID Cap Equity Fund.

For the year ended June 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	126	$	84	$	26	$	236	$	—
Small Cap Equity Fund		—		—		552		552		—
Small Cap Growth Fund		193		126		69		388		65
Small Cap Sustainable Leaders Fund		109		73		73		255		3
Small Cap Value Fund		1		—		75		76		—
SMID Cap Equity Fund		179		117		50		346		2

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 year ended June 30, 2021 were as follows:

Small Cap Blend Fund	$	19
Small Cap Equity Fund		315
Small Cap Growth Fund		107
Small Cap Sustainable Leaders Fund		9
Small Cap Value Fund		27
SMID Cap Equity Fund		8
U.S. Small Company Fund		22

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

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

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

During the year ended June 30, 2021, 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.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

4. Investment Transactions

During the year ended June 30, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	704,357	$	357,513
Small Cap Equity Fund		2,198,825		3,095,738
Small Cap Growth Fund		3,759,825		2,971,379
Small Cap Sustainable Leaders Fund		326,237		390,475
Small Cap Value Fund		931,651		1,071,322
SMID Cap Equity Fund		484,774		592,053
U.S. Small Company Fund		925,276		1,178,054

During the year ended June 30, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	931,767	$	270,851	$	14,148	$	256,703
Small Cap Equity Fund		5,502,891		3,201,174		17,478		3,183,696
Small Cap Growth Fund		5,316,302		2,274,842		204,299		2,070,543
Small Cap Sustainable Leaders Fund		310,093		104,031		11,186		92,845
Small Cap Value Fund		1,221,609		408,478		25,504		382,974
SMID Cap Equity Fund		330,209		91,710		1,394		90,316
U.S. Small Company Fund		970,142		292,319		27,921		264,398

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

The tax character of distributions paid during the year ended June 30, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Small Cap Blend Fund	$	1,555	$	11,668	$	13,223
Small Cap Equity Fund		28,832		195,732		224,564
Small Cap Growth Fund		66,039		316,374		382,413
Small Cap Sustainable Leaders Fund		4,015		—		4,015
Small Cap Value Fund		9,406		—		9,406
SMID Cap Equity Fund		5,558		10,144		15,702
U.S. Small Company Fund		11,266		19,180		30,446

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

The tax character of distributions paid during the year ended June 30, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Small Cap Blend Fund	$	1,416	$	11,873	$	13,289
Small Cap Equity Fund		35,363		286,303		321,666
Small Cap Growth Fund		7,006		166,240		173,246
Small Cap Sustainable Leaders Fund		3,466		16,618		20,084
Small Cap Value Fund		14,435		69,340		83,775
SMID Cap Equity Fund		3,030		51,667		54,697
U.S. Small Company Fund		7,802		518		8,320

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

112 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

As of June 30, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	25,821	$	29,244	$	256,703
Small Cap Equity Fund		226,558		816,050		3,183,696
Small Cap Growth Fund		169,160		381,771		2,070,543
Small Cap Sustainable Leaders Fund		11,002		11,357		92,845
Small Cap Value Fund		64,029		119,256		382,974
SMID Cap Equity Fund		34,406		32,383		90,316
U.S. Small Company Fund		86,855		120,583		264,398

The cumulative timing differences primarily consist of wash sale loss deferrals, investments in PFICs, non-taxable dividends and late year ordinary loss deferrals.

As of June 30, 2021, the Funds did not have any net capital loss carryforwards.

Late year ordinary losses incurred after December 31 and specified ordinary losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2021, the following Funds deferred to July 1, 2021 the following late year ordinary losses and specified ordinary losses of:

	Late Year Ordinary Loss Deferral		Specified Ordinary Losses
Small Cap Growth Fund	$	21,161	$	—
Small Cap Sustainable Leaders Fund		—		574
SMID Cap Equity Fund		95		—
U.S. Small Company Fund		21		—

During the year ended June 30, 2021, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term
Small Cap Sustainable Leaders Fund	$	2,830
Small Cap Value Fund		31,422
U.S. Small Company Fund		40

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended June 30, 2021.

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

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2021.

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25% (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended June 30, 2021.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Small Cap Blend Fund		—		—			2		63.2	%
Small Cap Equity Fund		—		—			3		48.3
Small Cap Growth Fund		—		—			1		16.4
Small Cap Sustainable Leaders Fund		—		—			2		50.3
Small Cap Value Fund		—		—			1		11.7
SMID Cap Equity Fund		1		23.5	%		1		15.3
U.S. Small Company Fund		—		—			3		41.0

As of June 30, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Value Fund		18.6	%		12.9	%

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

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

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have

114 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

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

8. Redemption in-kind

On June 15, 2021, certain shareholders sold Class R6 Shares of Small Cap Sustainable Leaders Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below:

	Value			Realized Gains (Losses)		Type
Small Cap Sustainable Leaders Fund	$	121,250	*	$	48,077		Redemption in-kind

* This amount includes cash of $3,182 associated with the redemption in-kind.

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 115

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund) and JPMorgan U.S. Small Company Fund (four of the funds constituting JPMorgan Trust I) and JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund) (three of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations for the year ended June 30, 2021, the statements of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2021

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

116 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. (3)	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 117

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	127	None
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

118 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

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

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (127 funds).

⁽³⁾  Mr. Harrington retired from the Board of Trustees effective July 31, 2021.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 119

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

120 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2021, and continued to hold your shares at the end of the reporting period, June 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	1,131.90	$	6.55		1.24	%
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,128.40		9.18		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I
Actual		1,000.00		1,133.10		5.24		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R6
Actual		1,000.00		1,134.70		3.92		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		1,111.20		6.60		1.26
Hypothetical		1,000.00		1,018.55		6.31		1.26
Class C
Actual		1,000.00		1,108.70		9.10		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I
Actual		1,000.00		1,112.70		5.13		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98
Class R2
Actual		1,000.00		1,110.00		7.80		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R3
Actual		1,000.00		1,111.40		6.44		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Equity Fund (continued)
Class R4
Actual	$	1,000.00	$	1,112.70	$	5.19		0.99	%
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R5
Actual		1,000.00		1,113.80		4.19		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class R6
Actual		1,000.00		1,114.10		3.88		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		1,008.60		6.18		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,006.10		8.61		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class I
Actual		1,000.00		1,009.90		4.93		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class L
Actual		1,000.00		1,010.50		4.19		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class R2
Actual		1,000.00		1,007.80		7.42		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R3
Actual		1,000.00		1,008.60		6.18		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class R4
Actual		1,000.00		1,010.10		4.88		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98
Class R5
Actual		1,000.00		1,010.50		4.19		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class R6
Actual		1,000.00		1,011.40		3.69		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
Class A
Actual		1,000.00		1,195.40		6.75		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,192.20		9.46		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I
Actual		1,000.00		1,196.80		5.39		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R2
Actual		1,000.00		1,193.80		8.10		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R3
Actual		1,000.00		1,195.30		6.75		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24

122 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund) (continued)
Class R4
Actual	$	1,000.00	$	1,196.70	$	5.39		0.99	%
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R5
Actual		1,000.00		1,197.90		4.36		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class R6
Actual		1,000.00		1,198.20		4.03		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		1,282.80		7.08		1.25
Hypothetical		1,000.00		1,018.60		6.26		1.25
Class C
Actual		1,000.00		1,279.60		9.78		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class I
Actual		1,000.00		1,284.30		5.61		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R2
Actual		1,000.00		1,281.20		8.43		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R3
Actual		1,000.00		1,283.00		7.02		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class R4
Actual		1,000.00		1,284.30		5.61		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R5
Actual		1,000.00		1,284.80		4.82		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85
Class R6
Actual		1,000.00		1,286.20		4.25		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Actual		1,000.00		1,127.00		6.01		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class C
Actual		1,000.00		1,124.60		8.64		1.64
Hypothetical		1,000.00		1,016.66		8.20		1.64
Class I
Actual		1,000.00		1,128.10		4.70		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R3
Actual		1,000.00		1,126.70		6.01		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class R4
Actual		1,000.00		1,127.70		4.70		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R6
Actual		1,000.00		1,129.60		3.38		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 123

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund
Class A
Actual	$	1,000.00	$	1,185.90	$	6.56		1.21	%
Hypothetical		1,000.00		1,018.79		6.06		1.21
Class C
Actual		1,000.00		1,182.40		9.36		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class I
Actual		1,000.00		1,187.30		5.21		0.96
Hypothetical		1,000.00		1,020.03		4.81		0.96
Class L
Actual		1,000.00		1,187.60		4.39		0.81
Hypothetical		1,000.00		1,020.78		4.06		0.81
Class R2
Actual		1,000.00		1,184.50		7.96		1.47
Hypothetical		1,000.00		1,017.50		7.35		1.47
Class R3
Actual		1,000.00		1,185.80		6.56		1.21
Hypothetical		1,000.00		1,018.79		6.06		1.21
Class R4
Actual		1,000.00		1,187.10		5.26		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class R5
Actual		1,000.00		1,188.10		4.34		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class R6
Actual		1,000.00		1,188.00		3.85		0.71
Hypothetical		1,000.00		1,021.27		3.56		0.71

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

124 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

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

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for

classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (4) whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (6) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

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

JUNE 30, 2021 J.P. MORGAN SMALL CAP FUNDS 125

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be pro- vided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2021:

	Dividends Received Deduction
JPMorgan Small Cap Blend Fund		100.00	%
JPMorgan Small Cap Equity Fund		100.00
JPMorgan Small Cap Growth Fund		17.48
JPMorgan Small Cap Sustainable Leaders Fund		91.55
JPMorgan Small Cap Value Fund		100.00
JPMorgan SMID Cap Equity Fund		64.86
JPMorgan U.S. Small Company Fund		77.44

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Small Cap Blend Fund	$	11,942
JPMorgan Small Cap Equity Fund		195,732
JPMorgan Small Cap Growth Fund		372,421
JPMorgan Small Cap Sustainable Leaders Fund		16,298
JPMorgan SMID Cap Equity Fund		22,238
JPMorgan U.S. Small Company Fund		19,180

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2021:

	Qualified Dividend Income
JPMorgan Small Cap Blend Fund	$	1,555
JPMorgan Small Cap Equity Fund		28,832
JPMorgan Small Cap Growth Fund		11,516
JPMorgan Small Cap Sustainable Leaders Fund		3,729
JPMorgan Small Cap Value Fund		9,406
JPMorgan SMID Cap Equity Fund		3,699
JPMorgan U.S. Small Company Fund		8,783

126 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2021

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2021. All rights reserved. June 2021. AN-SC-621

Annual Report

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

June 30, 2021

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	30
Financial Highlights	46
Notes to Financial Statements	56
Report of Independent Registered Public Accounting Firm	69
Trustees	70
Officers	73
Schedule of Shareholder Expenses	74
Liquidity Risk Management Program	77
Tax Letter	78
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

August 4, 2021 (Unaudited)

Dear Shareholders,

The rally in equity markets that began in the second half of last year accelerated in 2021 on the back of mass vaccinations against COVID-19, federal relief and recovery efforts and a surge in both corporate profits and consumer spending. As a result, we find ourselves in a different environment than we inhabited a year ago.

  “Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management.” — Andrea L. Lisher

U.S. equity markets turned in a particularly remarkable performance over the twelve months ended June 30, 2021. The S&P 500 posted a total return of 40.79%; the Russell 1000 returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell Small Cap Index returned 62.03%. The lesson for investors, we believe, is clear: Those who were consistently and fully invested in the second half of 2020 through the first half of 2021 stood to benefit greatly from the superlative performance in global equity markets.

The rollout of mass vaccinations and the partial reopening of economies at all scales have fueled job growth, consumer spending and rising corporate profits. However, the pandemic

remains a global threat and the Delta variant of COVID-19 has driven a resurgence in infections across the U.S. and elsewhere. At the same time, a rush of economic activity has driven prices higher for a range of products and commodities and raised investor concerns about the timing of any potential response to rising inflation by the U.S. Federal Reserve. While the central bank has acknowledged stronger-than-expected inflationary data, it has also maintained its stance that upward pressure on consumer prices is likely to be a temporary effect of the economic recovery.

Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

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

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

Overall, U.S. and emerging markets equity led a remarkable global rally in stocks on the back of massive central bank interventions, unprecedented fiscal spending and the rollout of multiple vaccines against COVID-19 and its variants. The initial reopening of the U.S. economy in 2021 fueled a surge in corporate profits, consumer spending and business investment.

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. 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 the pandemic 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. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on select equity markets in June.

Within U.S. equity markets, the S&P 500 Index returned 40.79%; the Russell 1000 Index returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell 2000 Index returned 62.03% for the twelve months ended June 30, 2021.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		47.55%
Russell 3000 Growth Index		42.99%
Net Assets as of 6/30/2021 (In Thousands)	$	14,778,837

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2021. 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 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., Generac Holdings Inc. and Enphase Energy 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 Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Enphase Energy, a provider of solar energy systems and services, rose amid better-than-expected earnings and investor expectations for increased U.S. spending on renewable energy.

Leading individual detractors from relative performance included the Funds out-of-Benchmark position in Discovery Inc. and its overweight positions in Regeneron Pharmaceuticals Inc. and Array Technologies Inc. Shares of Discovery, an entertainment and media company, fell sharply in March 2021 following the collapse of Archegos Capital Management, which held large leveraged positions in Discovery shares. 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 Array Technologies, a solar energy equipment maker, fell after the company reported lower-than-expected earnings for the first quarter of 2021.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		6.2	%
	2.	Microsoft Corp.		6.2
	3.	Alphabet, Inc., Class C		5.2
	4.	Amazon.com, Inc.		5.1
	5.	Facebook, Inc., Class A		2.7
	6.	NVIDIA Corp.		2.3
	7.	Mastercard, Inc., Class A		2.2
	8.	PayPal Holdings, Inc.		1.9
	9.	Tesla, Inc.		1.8
	10.	Home Depot, Inc. (The)		1.7

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		34.6	%
Consumer Discretionary		16.7
Health Care		13.1
Communication Services		12.4
Industrials		12.1
Financials		6.3
Consumer Staples		2.0
Materials		0.7
Short-Term Investments		2.1

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

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge*		39.81%	25.22%	18.45%
Without Sales Charge		47.55	26.58	19.08
CLASS C SHARES	May 1, 2006
With CDSC**		45.80	25.94	18.62
Without CDSC		46.80	25.94	18.62
CLASS I SHARES	May 1, 2006	47.95	26.89	19.35
CLASS R2 SHARES	July 31, 2017	47.18	26.25	18.78
CLASS R3 SHARES	May 31, 2017	47.60	26.59	19.09
CLASS R4 SHARES	May 31, 2017	47.91	26.89	19.38
CLASS R5 SHARES	January 8, 2009	48.16	27.07	19.55
CLASS R6 SHARES	December 23, 2013	48.28	27.20	19.64

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund and the Russell 3000 Growth Index from June 30, 2011 to June 30, 2021. The performance of the Fund

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

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

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

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

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

4 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		47.64%
Russell Midcap Index		49.80%
Net Assets as of 6/30/2021 (In Thousands)	$	2,825,542

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 twelve months ended June 30, 2021. The Fund’s security selection in the health care sector and its security selection and underweight position in the materials sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the information technology and industrials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight allocations to Moderna Inc. and Ford Motor Co. and its overweight position in Splunk Inc. Shares of Moderna, a biopharmaceuticals maker not held in the Fund, rose on demand for the company’s vaccine against COVID-19 and the potential for the vaccine’s mRNA technology to be applied to other illnesses. Shares of Ford Motor, an automaker not held in the Fund, rose amid increased demand for autos and expectations that the company’s electric car business could benefit from federal stimulus spending. Shares of Splunk, a data analysis software developer, fell after the company reported several quarters of lower-than-expected results.

Leading individual contributors to relative performance included the Fund’s overweight positions in Generac Holdings Inc., Enphase Energy Inc. and Diamondback Energy Inc. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Enphase Energy, a provider of solar energy systems and services, rose amid better-than-expected earnings and investor expectations for increased U.S. spending on renewable energy. Shares of Diamondback Energy, an oil and gas extraction company, rose amid a strong rebound in energy demand in the first half of 2021.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Fortune Brands Home & Security, Inc.		1.2	%
	2.	Roku, Inc.		1.0
	3.	ITT, Inc.		1.0
	4.	Ameriprise Financial, Inc.		0.9
	5.	Discover Financial Services		0.9
	6.	AMETEK, Inc.		0.9
	7.	Motorola Solutions, Inc.		0.9
	8.	Generac Holdings, Inc.		0.9
	9.	Huntington Bancshares, Inc.		0.9
	10.	Liberty Broadband Corp., Class C		0.9

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		17.2	%
Industrials		15.4
Financials		15.0
Health Care		12.4
Consumer Discretionary		11.9
Communication Services		6.0
Real Estate		5.6
Utilities		4.1
Materials		3.1
Consumer Staples		2.6
Energy		2.4
Short-Term Investments		4.3

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

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge*		39.54%	15.49%	13.07%
Without Sales Charge		47.28	16.74	13.68
CLASS C SHARES	November 2, 2009
With CDSC**		45.53	16.16	13.22
Without CDSC		46.53	16.16	13.22
CLASS I SHARES	January 1, 1997	47.64	17.06	14.04
CLASS R2 SHARES	March 14, 2014	46.94	16.45	13.48
CLASS R5 SHARES	March 14, 2014	47.89	17.22	14.14
CLASS R6 SHARES	March 14, 2014	48.03	17.32	14.21

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not

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

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

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

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

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

6 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		43.99%
Russell Midcap Growth Index		43.77%
Net Assets as of 6/30/2021 (In Thousands)	$	9,072,764

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the information technology sector and industrials sectors was a leading contributor 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 Generac Holdings Inc., Enphase Energy Inc. and CrowdStrike Holdings Inc. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Enphase Energy, a provider of solar energy systems and services, rose amid better-than-expected earnings and investor expectations for increased U.S. spending on renewable energy. Shares of CrowdStrike, a cybersecurity provider, rose amid increased commercial demand for its services in the wake of several high-profile “ransomware” attacks during the period.

Leading individual detractors from relative performance included the Fund’s underweight positions in Moderna Inc. and Align Technology Inc., and its out-of-Benchmark position in Discovery Inc. Shares of Moderna, a biopharmaceuticals maker not held in the Fund, rose on demand for the company’s vaccine against COVID-19 and the potential for the vaccine’s mRNA technology to be applied to other illnesses. Shares of Align Technologies, a manufacturer of orthodontics and dentistry products, rose amid continued growth in sales of its Invisalign product. Shares of Discovery, an entertainment and media company, fell sharply in March 2021 following the collapse of Archegos Capital Management, which held large leveraged positions in Discovery shares.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Roku, Inc.		2.3	%
	2.	Generac Holdings, Inc.		1.9
	3.	Dexcom, Inc.		1.9
	4.	Trane Technologies plc		1.6
	5.	Match Group, Inc.		1.6
	6.	HubSpot, Inc.		1.6
	7.	Agilent Technologies, Inc.		1.5
	8.	Zebra Technologies Corp., Class A		1.4
	9.	Crowdstrike Holdings, Inc., Class A		1.3
	10.	Entegris, Inc.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.8	%
Health Care		19.3
Industrials		17.7
Consumer Discretionary		12.9
Communication Services		8.2
Financials		6.9
Consumer Staples		1.0
Others (each less than 1.0%)		1.3
Short-Term Investments		4.9

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

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			36.02	%		21.71	%		15.30	%
Without Sales Charge			43.56			23.03			15.92
CLASS C SHARES	November 4, 1997
With CDSC**			41.84			22.41			15.46
Without CDSC			42.84			22.41			15.46
CLASS I SHARES	March 2, 1989		43.99			23.42			16.28
CLASS R2 SHARES	June 19, 2009		43.21			22.75			15.70
CLASS R3 SHARES	September 9, 2016		43.57			23.04			15.92
CLASS R4 SHARES	September 9, 2016		43.89			23.34			16.21
CLASS R5 SHARES	November 1, 2011		44.22			23.59			16.44
CLASS R6 SHARES	November 1, 2011		44.28			23.65			16.50

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of

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

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

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

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

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

8 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		51.76%
Russell Midcap Value Index		53.06%
Net Assets as of 6/30/2021 (In Thousands)	$	17,050,637

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.

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

The Fund’s Class L Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the materials and utilities sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and real estate sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Freeport-McMoRan Inc. and its overweight positions in AutoZone Inc. and Silgan Holdings Inc. Shares of Freeport-McMoRan, a mining company, rose amid accelerating global demand for copper and other raw materials. Shares of AutoZone, an automotive parts retailer, fell after the company reported lower-than-expected sales for its fiscal first quarter. Shares of Silgan Holdings, a consumer goods packaging manufacturer, underperformed amid investor expectations that demand for its products would not increase significantly with the reopening of the economy.

Leading individual contributors to relative performance included the Fund’s overweight positions in Diamondback Energy Inc., Discovery Inc. and Gap Inc. Shares of Diamondback Energy, an oil and gas extraction company, rose amid a strong rebound in energy prices in the first half of 2021. Shares of Discovery, an entertainment and media company, rose ahead of a sharp selloff in March 2021 caused by the collapse of Archegos Capital Management, which held large leveraged positions in Discovery shares. Shares of Gap, a retail apparel chain, rose after the company reported better-than-expected earnings and sales for the first quarter of 2021, and raise its earnings forecast for 2021.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Ameriprise Financial, Inc.	1.8%
	2.	Huntington Bancshares, Inc.	1.6
	3.	Liberty Broadband Corp., Class C	1.6
	4.	Motorola Solutions, Inc.	1.6
	5.	Fifth Third Bancorp	1.5
	6.	Xcel Energy, Inc.	1.5
	7.	Loews Corp.	1.5
	8.	Laboratory Corp. of America Holdings	1.5
	9.	AutoZone, Inc.	1.5
	10.	M&T Bank Corp.	1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		22.2	%
Industrials		13.8
Consumer Discretionary		11.3
Real Estate		10.6
Information Technology		8.4
Utilities		7.4
Health Care		6.8
Materials		5.2
Communication Services		4.2
Consumer Staples		4.0
Energy		4.0
Short-Term Investments		2.1

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

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			43.14	%		9.12	%		10.62	%
Without Sales Charge			51.06			10.30			11.22
CLASS C SHARES	April 30, 2001
With CDSC**			49.27			9.74			10.76
Without CDSC			50.27			9.74			10.76
CLASS I SHARES	October 31, 2001		51.42			10.58			11.50
CLASS L SHARES	November 13, 1997		51.76			10.84			11.76
CLASS R2 SHARES	November 3, 2008		50.69			10.02			10.93
CLASS R3 SHARES	September 9, 2016		51.07			10.31			11.22
CLASS R4 SHARES	September 9, 2016		51.47			10.57			11.50
CLASS R5 SHARES	September 9, 2016		51.69			10.75			11.72
CLASS R6 SHARES	September 9, 2016		51.83			10.85			11.77

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund and the Russell Midcap Value Index from June 30, 2011 to June 30, 2021. The performance of the Fund

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

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

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

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

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

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		50.10%
Russell 3000 Value Index		45.40%
Net Assets as of 6/30/2021 (In Thousands)	$	11,151,316

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 outperformed the Russell 3000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s overweight position and security selection in the financials sector and its security selection and underweight position in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the energy sector and its underweight position in the industrials sector were leading detractors to relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Capital One Financial Corp. and CommScope Holding Co., and its underweight position in Intel Corp. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period and general investor demand for financial sector stocks. Shares of CommScope Holding, a communications network provider, rose after the company unveiled plans to spin off its home networks business and then reported better-than-expected earnings for the first quarter of 2021. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in Travelers Cos., Energizer Holdings Inc., and Autozone Inc. Shares of Travelers, a property and casualty insurer, fell late in the period amid investor concerns about losses from natural disasters in 2021. Shares of Energizer Holdings, a batteries and lighting manufacturer, fell late in the period following a runup in the stock price in the first quarter of 2021. Shares of AutoZone, an automotive parts retailer, fell after the company reported lower-than-expected sales for its fiscal first quarter.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Bank of America Corp.		3.9	%
	2.	Berkshire Hathaway, Inc., Class B		2.5
	3.	Capital One Financial Corp.		1.9
	4.	Wells Fargo & Co.		1.8
	5.	AbbVie, Inc.		1.8
	6.	Verizon Communications, Inc.		1.7
	7.	Bristol-Myers Squibb Co.		1.6
	8.	Travelers Cos., Inc. (The)		1.6
	9.	Loews Corp.		1.6
	10.	AutoZone, Inc.		1.5

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		30.5	%
Health Care		11.0
Consumer Discretionary		8.8
Real Estate		8.3
Industrials		8.0
Communication Services		6.6
Energy		6.1
Consumer Staples		5.3
Information Technology		4.9
Utilities		3.8
Materials		3.0
Short-Term Investments		3.7

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

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2005
With Sales Charge*				41.60	%		10.66	%		10.74	%
Without Sales Charge				49.47			11.87			11.34
CLASS C SHARES		February 28, 2005
With CDSC**				47.75			11.31			10.90
Without CDSC				48.75			11.31			10.90
CLASS I SHARES		February 28, 2005		49.86			12.15			11.62
CLASS L SHARES		February 28, 2005		50.10			12.34			11.86
CLASS R2 SHARES		July 31, 2017		49.10			11.58			11.06
CLASS R3 SHARES		September 9, 2016		49.46			11.86			11.34
CLASS R4 SHARES		September 9, 2016		49.86			12.15			11.62
CLASS R5 SHARES		September 9, 2016		50.12			12.33			11.85
CLASS R6 SHARES		September 9, 2016		50.23			12.43			11.90

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund and the Russell 3000

Value Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.4%
Airlines — 0.6%
Delta Air Lines, Inc. *		2,156		93,257
Automobiles — 1.9%
Tesla, Inc. *		403		274,001
Banks — 1.3%
First Republic Bank		627		117,262
Signature Bank		316		77,701
				194,963
Beverages — 0.6%
Constellation Brands, Inc., Class A		366		85,624
Biotechnology — 5.1%
Agios Pharmaceuticals, Inc. * (a)		828		45,644
Alnylam Pharmaceuticals, Inc. *		392		66,369
Amgen, Inc.		521		127,020
Biogen, Inc. *		291		100,728
Exact Sciences Corp. * (a)		740		92,037
Exelixis, Inc. *		3,092		56,339
Horizon Therapeutics plc *		1,016		95,103
Regeneron Pharmaceuticals, Inc. *		293		163,927
				747,167
Building Products — 2.2%
Fortune Brands Home & Security, Inc.		1,402		139,663
Trane Technologies plc		1,042		191,920
				331,583
Capital Markets — 4.0%
BlackRock, Inc.		142		123,821
Blackstone Group, Inc. (The), Class A		1,852		179,878
Charles Schwab Corp. (The)		2,458		178,968
S&P Global, Inc.		249		102,191
				584,858
Commercial Services & Supplies — 0.8%
Copart, Inc. *		887		116,894
Construction & Engineering — 0.8%
Quanta Services, Inc.		1,294		117,186
Consumer Finance — 0.5%
Discover Financial Services		569		67,248
Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions, Inc. *		509		74,921
Electrical Equipment — 2.2%
AMETEK, Inc.		774		103,306
Generac Holdings, Inc. * (a)		525		217,757
				321,063

INVESTMENTS	SHARES (000)		VALUE ($000)
Electronic Equipment, Instruments & Components — 1.9%
Keysight Technologies, Inc. *		867		133,934
Zebra Technologies Corp., Class A *		268		142,077
				276,011
Entertainment — 1.9%
Roku, Inc. *		422		193,877
Walt Disney Co. (The) *		518		91,025
				284,902
Food Products — 0.3%
Oatly Group AB, ADR *		2,076		50,785
Health Care Equipment & Supplies — 3.2%
Cooper Cos., Inc. (The)		245		97,038
Dexcom, Inc. *		385		164,518
Insulet Corp. *		197		53,949
Intuitive Surgical, Inc. *		166		152,426
				467,931
Health Care Providers & Services — 1.7%
McKesson Corp.		534		102,145
UnitedHealth Group, Inc.		385		154,078
				256,223
Hotels, Restaurants & Leisure — 3.1%
Airbnb, Inc., Class A *		248		38,042
Booking Holdings, Inc. *		60		130,463
DraftKings, Inc., Class A * (a)		1,971		102,833
Las Vegas Sands Corp. *		1,975		104,047
Royal Caribbean Cruises Ltd. * (a)		1,049		89,475
				464,860
Household Durables — 0.8%
Garmin Ltd.		817		118,154
Insurance — 0.7%
Progressive Corp. (The)		1,006		98,806
Interactive Media & Services — 10.2%
Alphabet, Inc., Class C *		312		783,113
Facebook, Inc., Class A *		1,184		411,645
Match Group, Inc. *		811		130,703
Snap, Inc., Class A *		1,446		98,561
Zillow Group, Inc., Class C * (a)		628		76,714
				1,500,736
Internet & Direct Marketing Retail — 5.2%
Amazon.com, Inc. *		223		768,728

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — 6.1%
Global Payments, Inc.		845		158,544
Mastercard, Inc., Class A		895		326,886
MongoDB, Inc. *		252		91,136
PayPal Holdings, Inc. *		979		285,315
Snowflake, Inc., Class A *		183		44,165
				906,046
Life Sciences Tools & Services — 1.5%
Mettler-Toledo International, Inc. *		82		113,990
Thermo Fisher Scientific, Inc.		225		113,576
				227,566
Machinery — 2.8%
Deere & Co.		560		197,417
Ingersoll Rand, Inc. *		2,659		129,809
Stanley Black & Decker, Inc.		446		91,392
				418,618
Media — 0.5%
Discovery, Inc., Class C *		2,539		73,574
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		2,966		110,078
Personal Products — 1.1%
Estee Lauder Cos., Inc. (The), Class A		491		156,129
Pharmaceuticals — 1.8%
Catalent, Inc. *		993		107,364
Jazz Pharmaceuticals plc *		493		87,494
Royalty Pharma plc, Class A (a)		1,901		77,918
				272,776
Professional Services — 1.4%
Booz Allen Hamilton Holding Corp.		1,294		110,217
IHS Markit Ltd.		901		101,505
				211,722
Road & Rail — 1.4%
Old Dominion Freight Line, Inc.		443		112,417
Uber Technologies, Inc. *		1,813		90,848
				203,265
Semiconductors & Semiconductor Equipment — 9.8%
Advanced Micro Devices, Inc. * (a)		1,720		161,557
Cree, Inc. * (a)		790		77,378
Entegris, Inc.		1,194		146,819
Lam Research Corp.		342		222,496
Microchip Technology, Inc.		536		80,211
NVIDIA Corp.		430		344,065

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
QUALCOMM, Inc.		1,258		179,788
SolarEdge Technologies, Inc. *		503		138,924
Teradyne, Inc.		679		90,934
				1,442,172
Software — 11.1%
Confluent, Inc., Class A * (a)		585		27,795
Crowdstrike Holdings, Inc., Class A *		453		113,853
Five9, Inc. *		486		89,128
HubSpot, Inc. *		221		128,924
Microsoft Corp.		3,432		929,714
ServiceNow, Inc. *		211		115,994
Synopsys, Inc. *		405		111,568
UiPath, Inc., Class A *		527		35,818
Zscaler, Inc. *		402		86,787
				1,639,581
Specialty Retail — 3.7%
CarMax, Inc. *		808		104,345
Home Depot, Inc. (The)		822		262,039
National Vision Holdings, Inc. * (a)		1,203		61,501
Tractor Supply Co.		654		121,688
				549,573
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc.		6,806		932,168
Textiles, Apparel & Luxury Goods — 1.7%
NIKE, Inc., Class B		1,658		256,184
Total Common Stocks (Cost $7,368,918)				14,695,353
Short-Term Investments — 2.1%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $159,479)		159,430		159,510
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		133,201		133,201

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

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)		16,751		16,751
Total Investment of Cash Collateral from Securities Loaned (Cost $149,962)				149,952
Total Short-Term Investments (Cost $309,441)				309,462
Total Investments — 101.5% (Cost $7,678,359)				15,004,815
Liabilities in Excess of Other Assets — (1.5)%				(225,978	)
NET ASSETS — 100.0%				14,778,837

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $151,682.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%
Aerospace & Defense — 0.2%
HEICO Corp., Class A		45		5,641
Airlines — 0.9%
Delta Air Lines, Inc. *		306		13,238
Frontier Group Holdings, Inc. *		306		5,206
Southwest Airlines Co. *		137		7,251
				25,695
Banks — 5.2%
Citizens Financial Group, Inc.		416		19,068
Fifth Third Bancorp		616		23,565
First Republic Bank		54		10,140
Huntington Bancshares, Inc.		1,746		24,910
M&T Bank Corp.		153		22,160
Regions Financial Corp.		903		18,218
Signature Bank		27		6,551
SVB Financial Group *		16		8,856
Zions Bancorp NA		202		10,655
				144,123
Beverages — 1.0%
Constellation Brands, Inc., Class A		92		21,596
Keurig Dr Pepper, Inc.		228		8,025
				29,621
Biotechnology — 2.4%
Agios Pharmaceuticals, Inc. * (a)		151		8,302
Alnylam Pharmaceuticals, Inc. *		68		11,481
Exact Sciences Corp. * (a)		100		12,429
Exelixis, Inc. *		323		5,878
Horizon Therapeutics plc *		156		14,608
Ionis Pharmaceuticals, Inc. *		64		2,537
Neurocrine Biosciences, Inc. *		67		6,540
Seagen, Inc. *		41		6,457
				68,232
Building Products — 2.3%
Fortune Brands Home & Security, Inc.		334		33,281
Trane Technologies plc		117		21,547
Trex Co., Inc. *		102		10,385
				65,213
Capital Markets — 5.2%
Affiliated Managers Group, Inc.		37		5,767
Ameriprise Financial, Inc.		109		27,222
Blackstone Group, Inc. (The), Class A		92		8,908
Charles Schwab Corp. (The)		143		10,375
Evercore, Inc., Class A		57		7,954

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
MarketAxess Holdings, Inc.		17		7,927
MSCI, Inc.		15		8,189
Northern Trust Corp.		160		18,510
Raymond James Financial, Inc.		145		18,898
State Street Corp.		146		12,004
T. Rowe Price Group, Inc.		96		19,076
				144,830
Chemicals — 0.9%
Celanese Corp.		88		13,270
Valvoline, Inc. (a)		368		11,932
				25,202
Commercial Services & Supplies — 0.7%
ACV Auctions, Inc., Class A *		96		2,454
Copart, Inc. *		125		16,517
				18,971
Communications Equipment — 1.2%
CommScope Holding Co., Inc. *		363		7,727
Motorola Solutions, Inc.		119		25,701
				33,428
Construction & Engineering — 0.4%
Quanta Services, Inc.		110		9,993
Construction Materials — 0.5%
Martin Marietta Materials, Inc.		43		15,194
Consumer Finance — 0.9%
Discover Financial Services		223		26,352
Containers & Packaging — 1.0%
Ball Corp.		34		2,726
Packaging Corp. of America		82		11,103
Silgan Holdings, Inc.		325		13,475
				27,304
Distributors — 0.9%
Genuine Parts Co.		72		9,128
LKQ Corp. *		333		16,379
				25,507
Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions, Inc. *		52		7,664
Diversified Financial Services — 0.3%
Voya Financial, Inc.		121		7,458
Electric Utilities — 1.9%
Edison International		237		13,689

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — continued
Entergy Corp.		168		16,722
Xcel Energy, Inc.		353		23,236
				53,647
Electrical Equipment — 3.2%
Acuity Brands, Inc.		104		19,463
AMETEK, Inc.		196		26,129
Generac Holdings, Inc. *		60		24,921
Hubbell, Inc.		114		21,297
				91,810
Electronic Equipment, Instruments & Components — 3.9%
Amphenol Corp., Class A		260		17,765
CDW Corp.		68		11,905
Itron, Inc. * (a)		76		7,608
Keysight Technologies, Inc. *		131		20,184
Littelfuse, Inc.		36		9,198
SYNNEX Corp.		165		20,062
Trimble, Inc. *		79		6,456
Zebra Technologies Corp., Class A *		34		18,180
				111,358
Entertainment — 2.1%
Roku, Inc. *		65		29,943
Spotify Technology SA * (a)		46		12,577
Take-Two Interactive Software, Inc. *		46		8,175
Zynga, Inc., Class A *		717		7,626
				58,321
Equity Real Estate Investment Trusts (REITs) — 5.2%
American Homes 4 Rent, Class A		346		13,426
AvalonBay Communities, Inc.		59		12,410
Boston Properties, Inc.		114		13,106
Brixmor Property Group, Inc.		396		9,075
Essex Property Trust, Inc. (a)		28		8,367
Federal Realty Investment Trust		57		6,735
JBG SMITH Properties		180		5,673
Kimco Realty Corp.		476		9,924
Mid-America Apartment Communities, Inc.		41		6,912
Rayonier, Inc. (a)		366		13,155
Regency Centers Corp.		110		7,018
Rexford Industrial Realty, Inc.		90		5,147
Sun Communities, Inc.		40		6,786
Ventas, Inc.		114		6,508
Weyerhaeuser Co.		392		13,488
WP Carey, Inc.		102		7,623
				145,353

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 0.7%
Kroger Co. (The)		257		9,863
US Foods Holding Corp. *		273		10,481
				20,344
Food Products — 0.6%
Oatly Group AB, ADR * (a)		176		4,305
Post Holdings, Inc. *		123		13,326
				17,631
Gas Utilities — 0.6%
National Fuel Gas Co.		342		17,880
Health Care Equipment & Supplies — 2.9%
Align Technology, Inc. *		11		6,599
Cooper Cos., Inc. (The)		27		10,521
Dexcom, Inc. *		58		24,663
Insulet Corp. *		41		11,181
ResMed, Inc.		33		8,170
Zimmer Biomet Holdings, Inc.		129		20,786
				81,920
Health Care Providers & Services — 4.3%
Acadia Healthcare Co., Inc. *		108		6,803
Amedisys, Inc. *		32		7,911
AmerisourceBergen Corp.		144		16,532
Centene Corp. *		136		9,911
Cigna Corp.		48		11,450
Henry Schein, Inc. *		165		12,268
Humana, Inc.		13		5,781
Laboratory Corp. of America Holdings *		84		23,154
McKesson Corp.		55		10,595
Universal Health Services, Inc., Class B		122		17,851
				122,256
Health Care Technology — 0.3%
Teladoc Health, Inc. * (a)		59		9,785
Hotels, Restaurants & Leisure — 2.5%
Airbnb, Inc., Class A *		21		3,236
Aramark		195		7,256
Booking Holdings, Inc. *		3		6,127
Chipotle Mexican Grill, Inc. *		6		9,988
Darden Restaurants, Inc.		51		7,425
DraftKings, Inc., Class A * (a)		224		11,701
Expedia Group, Inc. *		46		7,592
Las Vegas Sands Corp. *		166		8,731
Royal Caribbean Cruises Ltd. *		92		7,829
				69,885

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — 1.8%
Garmin Ltd.		59		8,564
Helen of Troy Ltd. * (a)		45		10,357
Mohawk Industries, Inc. *		66		12,768
Newell Brands, Inc.		711		19,530
				51,219
Household Products — 0.3%
Energizer Holdings, Inc.		185		7,951
Industrial Conglomerates — 0.7%
Carlisle Cos., Inc.		110		20,974
Insurance — 3.7%
Alleghany Corp. *		12		8,154
Arch Capital Group Ltd. *		160		6,216
Hartford Financial Services Group, Inc. (The)		224		13,873
Lincoln National Corp.		180		11,325
Loews Corp.		425		23,207
Marsh & McLennan Cos., Inc.		56		7,913
Progressive Corp. (The)		165		16,163
RenaissanceRe Holdings Ltd. (Bermuda)		41		6,078
WR Berkley Corp.		146		10,882
				103,811
Interactive Media & Services — 2.2%
Bumble, Inc., Class A * (a)		100		5,787
InterActiveCorp. *		70		10,805
Match Group, Inc. *		128		20,707
Pinterest, Inc., Class A *		160		12,600
Zillow Group, Inc., Class C *		97		11,806
				61,705
Internet & Direct Marketing Retail — 0.2%
Chewy, Inc., Class A * (a)		79		6,321
IT Services — 1.5%
Affirm Holdings, Inc. * (a)		52		3,500
Global Payments, Inc.		66		12,434
MongoDB, Inc. *		31		11,026
Okta, Inc. *		48		11,798
Snowflake, Inc., Class A *		15		3,616
				42,374
Leisure Products — 0.2%
Brunswick Corp.		69		6,874
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		130		19,215
Maravai LifeSciences Holdings, Inc., Class A *		217		9,053

INVESTMENTS	SHARES (000)		VALUE ($000)
Life Sciences Tools & Services — continued
Mettler-Toledo International, Inc. *		11		14,546
				42,814
Machinery — 4.4%
IDEX Corp.		70		15,418
Ingersoll Rand, Inc. *		235		11,481
ITT, Inc.		309		28,317
Lincoln Electric Holdings, Inc.		133		17,540
Middleby Corp. (The) *		86		14,814
Snap-on, Inc.		62		13,904
Stanley Black & Decker, Inc.		40		8,207
Timken Co. (The)		167		13,446
				123,127
Media — 1.8%
Discovery, Inc., Class C * (a)		215		6,242
Liberty Broadband Corp., Class C *		143		24,806
Liberty Media Corp.-Liberty SiriusXM, Class C *		447		20,748
				51,796
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		603		22,395
Multiline Retail — 0.4%
Kohl’s Corp.		206		11,326
Multi-Utilities — 1.6%
CMS Energy Corp.		310		18,302
Sempra Energy		65		8,560
WEC Energy Group, Inc.		210		18,668
				45,530
Oil, Gas & Consumable Fuels — 2.4%
Cabot Oil & Gas Corp. (a)		907		15,830
Diamondback Energy, Inc.		233		21,912
EOG Resources, Inc.		88		7,359
EQT Corp. *		360		8,023
Williams Cos., Inc. (The)		598		15,864
				68,988
Pharmaceuticals — 1.1%
Catalent, Inc. *		82		8,861
Jazz Pharmaceuticals plc *		90		16,075
Royalty Pharma plc, Class A		156		6,407
				31,343
Professional Services — 1.9%
Booz Allen Hamilton Holding Corp.		143		12,210
CoStar Group, Inc. *		55		4,552

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Professional Services — continued
Equifax, Inc.		60		14,275
IHS Markit Ltd.		97		10,912
Leidos Holdings, Inc.		129		12,994
				54,943
Real Estate Management & Development — 0.6%
CBRE Group, Inc., Class A *		205		17,573
Road & Rail — 1.0%
Lyft, Inc., Class A *		195		11,783
Old Dominion Freight Line, Inc.		61		15,484
				27,267
Semiconductors & Semiconductor Equipment — 4.4%
Advanced Micro Devices, Inc. *		97		9,136
Analog Devices, Inc.		104		17,913
Cree, Inc. * (a)		67		6,532
Entegris, Inc.		142		17,511
Lam Research Corp.		22		14,088
Marvell Technology, Inc.		151		8,819
Microchip Technology, Inc.		93		13,868
SolarEdge Technologies, Inc. *		51		14,040
Teradyne, Inc.		116		15,593
Xilinx, Inc.		53		7,623
				125,123
Software — 6.5%
Avalara, Inc. *		43		6,990
Bill.Com Holdings, Inc. * (a)		34		6,191
Cadence Design Systems, Inc. *		108		14,722
Confluent, Inc., Class A * (a)		50		2,384
Coupa Software, Inc. *		32		8,335
Crowdstrike Holdings, Inc., Class A *		70		17,646
DocuSign, Inc. *		52		14,538
Five9, Inc. *		72		13,149
HubSpot, Inc. *		35		20,513
NortonLifeLock, Inc.		684		18,615
RingCentral, Inc., Class A *		40		11,562
Synopsys, Inc. *		68		18,634
Trade Desk, Inc. (The), Class A *		193		14,924
UiPath, Inc., Class A * (a)		45		3,043
Zscaler, Inc. *		51		10,945
				182,191
Specialty Retail — 4.4%
AutoZone, Inc. *		15		23,010
Best Buy Co., Inc.		165		18,998
Burlington Stores, Inc. *		40		12,898

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
CarMax, Inc. *		77		9,996
Gap, Inc. (The)		457		15,380
National Vision Holdings, Inc. *		134		6,847
O’Reilly Automotive, Inc. *		17		9,624
Tractor Supply Co.		81		15,014
Ulta Beauty, Inc. *		36		12,482
				124,249
Textiles, Apparel & Luxury Goods — 1.4%
Carter’s, Inc.		135		13,893
Lululemon Athletica, Inc. *		19		6,909
Ralph Lauren Corp.		115		13,588
Tapestry, Inc. *		106		4,627
				39,017
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		435		5,922
Total Common Stocks (Cost $1,720,774)				2,755,451
Short-Term Investments — 4.4%
Investment Companies — 2.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $64,456)		64,433		64,465
Investment of Cash Collateral from Securities Loaned — 2.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		52,990		52,990
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		6,929		6,929
Total Investment of Cash Collateral from Securities Loaned (Cost $59,922)				59,919
Total Short-Term Investments (Cost $124,378)				124,384
Total Investments — 101.9% (Cost $1,845,152)				2,879,835
Liabilities in Excess of Other Assets — (1.9)%				(54,293	)
NET ASSETS — 100.0%				2,825,542

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $58,238.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.9%
Aerospace & Defense — 0.4%
HEICO Corp., Class A		323		40,095
Airlines — 1.4%
Delta Air Lines, Inc. *		2,173		94,022
Frontier Group Holdings, Inc. * (a)		2,182		37,179
				131,201
Banks — 2.0%
First Republic Bank		387		72,417
Signature Bank		190		46,713
SVB Financial Group *		114		63,166
				182,296
Beverages — 0.7%
Constellation Brands, Inc., Class A		275		64,296
Biotechnology — 5.4%
Agios Pharmaceuticals, Inc. * (a)		1,076		59,282
Alnylam Pharmaceuticals, Inc. *		484		81,963
Exact Sciences Corp. *		714		88,770
Exelixis, Inc. *		2,304		41,977
Horizon Therapeutics plc *		1,108		103,771
Ionis Pharmaceuticals, Inc. *		460		18,349
Neurocrine Biosciences, Inc. *		480		46,694
Seagen, Inc. *		291		45,912
				486,718
Building Products — 3.5%
Fortune Brands Home & Security, Inc.		908		90,436
Trane Technologies plc		831		153,039
Trex Co., Inc. *		726		74,194
				317,669
Capital Markets — 3.9%
Affiliated Managers Group, Inc.		269		41,513
Blackstone Group, Inc. (The), Class A		655		63,627
Charles Schwab Corp. (The)		1,014		73,851
Evercore, Inc., Class A		403		56,773
MarketAxess Holdings, Inc. (a)		122		56,558
MSCI, Inc.		110		58,372
				350,694
Commercial Services & Supplies — 1.5%
ACV Auctions, Inc., Class A *		688		17,622
Copart, Inc. *		895		117,922
				135,544
Construction & Engineering — 0.8%
Quanta Services, Inc.		785		71,107

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 0.7%
Discover Financial Services		570		67,461
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc. * (a)		372		54,784
Electrical Equipment — 2.8%
AMETEK, Inc.		557		74,413
Generac Holdings, Inc. *		429		177,941
				252,354
Electronic Equipment, Instruments & Components — 4.3%
Itron, Inc. * (a)		544		54,349
Keysight Technologies, Inc. *		639		98,606
Littelfuse, Inc.		258		65,736
Trimble, Inc. *		564		46,119
Zebra Technologies Corp., Class A *		244		129,408
				394,218
Entertainment — 4.0%
Roku, Inc. *		465		213,552
Spotify Technology SA * (a)		324		89,291
Take-Two Interactive Software, Inc. *		328		58,027
				360,870
Food Products — 0.3%
Oatly Group AB, ADR * (a)		1,257		30,745
Health Care Equipment & Supplies — 4.8%
Align Technology, Inc. *		77		46,925
Cooper Cos., Inc. (The)		189		75,014
Dexcom, Inc. *		410		175,155
Insulet Corp. *		291		79,855
ResMed, Inc. (a)		235		57,982
				434,931
Health Care Providers & Services — 3.7%
Acadia Healthcare Co., Inc. * (a)		774		48,589
Amedisys, Inc. *		231		56,456
Centene Corp. *		974		71,057
Cigna Corp.		345		81,837
McKesson Corp.		393		75,176
				333,115
Health Care Technology — 0.8%
Teladoc Health, Inc. * (a)		420		69,829
Hotels, Restaurants & Leisure — 4.3%
Airbnb, Inc., Class A *		151		23,162
Aramark		1,386		51,636
Booking Holdings, Inc. *		20		43,105

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Chipotle Mexican Grill, Inc. *		46		71,471
DraftKings, Inc., Class A * (a)		1,593		83,113
Las Vegas Sands Corp. *		1,183		62,353
Royal Caribbean Cruises Ltd. *		659		56,174
				391,014
Household Durables — 1.5%
Garmin Ltd.		423		61,188
Helen of Troy Ltd. *		324		73,979
				135,167
Insurance — 0.5%
Progressive Corp. (The)		455		44,686
Interactive Media & Services — 4.0%
Bumble, Inc., Class A * (a)		717		41,319
Match Group, Inc. *		917		147,894
Pinterest, Inc., Class A *		1,140		89,971
Zillow Group, Inc., Class C *		686		83,880
				363,064
Internet & Direct Marketing Retail — 0.5%
Chewy, Inc., Class A * (a)		566		45,140
IT Services — 3.3%
Affirm Holdings, Inc. * (a)		372		25,077
Global Payments, Inc.		473		88,743
MongoDB, Inc. *		218		78,631
Okta, Inc. *		344		84,194
Snowflake, Inc., Class A *		107		25,984
				302,629
Leisure Products — 0.5%
Brunswick Corp.		493		49,063
Life Sciences Tools & Services — 3.4%
Agilent Technologies, Inc.		923		136,488
Maravai LifeSciences Holdings, Inc., Class A * (a)		1,550		64,668
Mettler-Toledo International, Inc. *		75		104,039
				305,195
Machinery — 2.3%
Ingersoll Rand, Inc. *		1,680		81,977
ITT, Inc.		758		69,398
Stanley Black & Decker, Inc.		284		58,135
				209,510
Media — 0.5%
Discovery, Inc., Class C * (a)		1,539		44,593

INVESTMENTS	SHARES (000)		VALUE ($000)
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		1,817		67,414
Oil, Gas & Consumable Fuels — 0.6%
EOG Resources, Inc.		626		52,250
Pharmaceuticals — 1.9%
Catalent, Inc. *		587		63,445
Jazz Pharmaceuticals plc *		338		60,019
Royalty Pharma plc, Class A		1,117		45,765
				169,229
Professional Services — 3.3%
Booz Allen Hamilton Holding Corp.		1,024		87,190
CoStar Group, Inc. *		392		32,465
Equifax, Inc.		423		101,313
IHS Markit Ltd.		688		77,533
				298,501
Road & Rail — 2.1%
Lyft, Inc., Class A *		1,384		83,684
Old Dominion Freight Line, Inc.		436		110,568
				194,252
Semiconductors & Semiconductor Equipment — 8.5%
Advanced Micro Devices, Inc. *		697		65,488
Cree, Inc. *		476		46,654
Entegris, Inc.		1,017		125,072
Lam Research Corp.		155		100,722
Marvell Technology, Inc.		1,080		62,979
Microchip Technology, Inc.		664		99,382
SolarEdge Technologies, Inc. *		361		99,770
Teradyne, Inc.		831		111,348
Xilinx, Inc.		377		54,471
				765,886
Software — 12.6%
Avalara, Inc. *		309		49,931
Bill.Com Holdings, Inc. *		241		44,183
Cadence Design Systems, Inc. *		768		105,105
Confluent, Inc., Class A * (a)		358		16,999
Coupa Software, Inc. *		228		59,735
Crowdstrike Holdings, Inc., Class A *		502		126,032
DocuSign, Inc. *		371		103,804
Five9, Inc. *		512		93,969
HubSpot, Inc. *		252		146,963
RingCentral, Inc., Class A *		283		82,176
Synopsys, Inc. *		359		99,091
Trade Desk, Inc. (The), Class A *		1,372		106,138

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
UiPath, Inc., Class A * (a)		322		21,887
Zscaler, Inc. *		362		78,106
				1,134,119
Specialty Retail — 5.3%
Burlington Stores, Inc. *		286		92,089
CarMax, Inc. *		553		71,368
National Vision Holdings, Inc. * (a)		957		48,916
O’Reilly Automotive, Inc. *		120		68,172
Tractor Supply Co.		576		107,134
Ulta Beauty, Inc. *		258		89,070
				476,749
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc. *		135		49,380
Total Common Stocks (Cost $5,650,807)				8,875,768
Short-Term Investments — 5.0%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $190,128)		190,049		190,144
Investment of Cash Collateral from Securities Loaned — 2.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		238,992		238,992
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		26,765		26,765
Total Investment of Cash Collateral from Securities Loaned (Cost $265,774)				265,757
Total Short-Term Investments (Cost $455,902)				455,901
Total Investments — 102.9% (Cost $6,106,709)				9,331,669
Liabilities in Excess of Other Assets — (2.9)%				(258,905	)
NET ASSETS — 100.0%				9,072,764

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $258,405.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Airlines — 0.5%
Southwest Airlines Co. *		1,525		80,988
Banks — 7.8%
Citizens Financial Group, Inc.		4,630		212,388
Fifth Third Bancorp		6,864		262,403
Huntington Bancshares, Inc.		19,437		277,365
M&T Bank Corp.		1,698		246,774
Regions Financial Corp.		10,057		202,941
Zions Bancorp NA		2,248		118,832
				1,320,703
Beverages — 1.3%
Constellation Brands, Inc., Class A		599		140,146
Keurig Dr Pepper, Inc.		2,543		89,619
				229,765
Building Products — 1.3%
Fortune Brands Home & Security, Inc.		2,306		229,674
Capital Markets — 6.3%
Ameriprise Financial, Inc.		1,218		303,061
Northern Trust Corp.		1,783		206,193
Raymond James Financial, Inc.		1,620		210,495
State Street Corp.		1,627		133,846
T. Rowe Price Group, Inc.		1,073		212,482
				1,066,077
Chemicals — 1.6%
Celanese Corp.		969		146,912
Valvoline, Inc. (a)		4,099		133,050
				279,962
Communications Equipment — 2.1%
CommScope Holding Co., Inc. *		4,050		86,301
Motorola Solutions, Inc.		1,249		270,866
				357,167
Construction Materials — 1.0%
Martin Marietta Materials, Inc.		480		168,750
Consumer Finance — 1.1%
Discover Financial Services		1,587		187,764
Containers & Packaging — 1.8%
Ball Corp.		379		30,678
Packaging Corp. of America		914		123,839
Silgan Holdings, Inc.		3,620		150,210
				304,727

INVESTMENTS	SHARES (000)		VALUE ($000)
Distributors — 1.7%
Genuine Parts Co.		806		101,875
LKQ Corp. *		3,708		182,489
				284,364
Diversified Financial Services — 0.5%
Voya Financial, Inc.		1,355		83,303
Electric Utilities — 3.3%
Edison International		2,144		123,981
Entergy Corp.		1,869		186,305
Xcel Energy, Inc.		3,928		258,750
				569,036
Electrical Equipment — 3.7%
Acuity Brands, Inc. (a)		1,159		216,783
AMETEK, Inc.		1,311		175,003
Hubbell, Inc.		1,269		237,183
				628,969
Electronic Equipment, Instruments & Components — 3.7%
Amphenol Corp., Class A		2,893		197,902
CDW Corp.		760		132,763
Keysight Technologies, Inc. *		461		71,233
SYNNEX Corp.		1,835		223,449
				625,347
Entertainment — 0.5%
Zynga, Inc., Class A *		7,949		84,498
Equity Real Estate Investment Trusts (REITs) — 9.6%
American Homes 4 Rent, Class A (a)		3,852		149,663
AvalonBay Communities, Inc. (a)		663		138,349
Boston Properties, Inc.		1,273		145,888
Brixmor Property Group, Inc.		4,424		101,277
Essex Property Trust, Inc. (a)		311		93,410
Federal Realty Investment Trust		642		75,267
JBG SMITH Properties		2,004		63,155
Kimco Realty Corp.		5,310		110,724
Mid-America Apartment Communities, Inc.		459		77,221
Rayonier, Inc. (a)		4,082		146,659
Regency Centers Corp.		1,224		78,401
Rexford Industrial Realty, Inc.		1,007		57,321
Sun Communities, Inc. (a)		442		75,818
Ventas, Inc.		1,274		72,731
Weyerhaeuser Co.		4,368		150,363
WP Carey, Inc.		1,136		84,776
				1,621,023

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 1.3%
Kroger Co. (The)		2,872		110,040
US Foods Holding Corp. *		3,048		116,903
				226,943
Food Products — 0.9%
Post Holdings, Inc. * (a)		1,370		148,559
Gas Utilities — 1.2%
National Fuel Gas Co.		3,812		199,186
Health Care Equipment & Supplies — 1.4%
Zimmer Biomet Holdings, Inc.		1,439		231,487
Health Care Providers & Services — 4.9%
AmerisourceBergen Corp.		1,609		184,203
Henry Schein, Inc. * (a)		1,844		136,781
Humana, Inc.		146		64,640
Laboratory Corp. of America Holdings *		935		257,839
Universal Health Services, Inc., Class B (a)		1,358		198,851
				842,314
Hotels, Restaurants & Leisure — 1.0%
Darden Restaurants, Inc.		568		82,942
Expedia Group, Inc. *		518		84,780
				167,722
Household Durables — 2.1%
Mohawk Industries, Inc. *		741		142,361
Newell Brands, Inc.		7,919		217,543
				359,904
Household Products — 0.5%
Energizer Holdings, Inc.		2,066		88,788
Industrial Conglomerates — 1.4%
Carlisle Cos., Inc.		1,221		233,598
Insurance — 6.4%
Alleghany Corp. *		136		91,026
Arch Capital Group Ltd. *		1,784		69,487
Hartford Financial Services Group, Inc. (The)		2,495		154,636
Lincoln National Corp.		2,010		126,297
Loews Corp.		4,728		258,404
Marsh & McLennan Cos., Inc.		628		88,366
Progressive Corp. (The)		1,125		110,489
RenaissanceRe Holdings Ltd. (Bermuda)		457		67,953
WR Berkley Corp.		1,631		121,379
				1,088,037

INVESTMENTS	SHARES (000)		VALUE ($000)
Interactive Media & Services — 0.7%
InterActiveCorp. *		777		119,744
Machinery — 6.1%
IDEX Corp.		781		171,817
ITT, Inc.		2,262		207,190
Lincoln Electric Holdings, Inc.		1,484		195,400
Middleby Corp. (The) * (a)		949		164,416
Snap-on, Inc.		694		154,980
Timken Co. (The)		1,860		149,875
				1,043,678
Media — 3.0%
Liberty Broadband Corp., Class C *		1,591		276,208
Liberty Media Corp.-Liberty SiriusXM, Class C *		4,981		231,085
				507,293
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		3,874		143,762
Multiline Retail — 0.7%
Kohl’s Corp.		2,292		126,308
Multi-Utilities — 3.0%
CMS Energy Corp.		3,451		203,882
Sempra Energy		721		95,541
WEC Energy Group, Inc.		2,338		207,945
				507,368
Oil, Gas & Consumable Fuels — 4.0%
Cabot Oil & Gas Corp. (a)		10,094		176,237
Diamondback Energy, Inc.		2,598		243,968
EQT Corp. *		4,025		89,599
Williams Cos., Inc. (The)		6,658		176,766
				686,570
Pharmaceuticals — 0.5%
Jazz Pharmaceuticals plc *		478		84,966
Professional Services — 0.8%
Leidos Holdings, Inc.		1,433		144,849
Real Estate Management & Development — 1.1%
CBRE Group, Inc., Class A *		2,283		195,692
Semiconductors & Semiconductor Equipment — 1.2%
Analog Devices, Inc.		1,159		199,581
Software — 1.5%
NortonLifeLock, Inc.		7,618		207,364
Synopsys, Inc. *		188		51,829
				259,193

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.7%
AutoZone, Inc. *		172		256,173
Best Buy Co., Inc.		1,841		211,631
Gap, Inc. (The)		5,094		171,399
				639,203
Textiles, Apparel & Luxury Goods — 2.1%
Carter’s, Inc. (a)		1,501		154,854
Ralph Lauren Corp.		1,286		151,448
Tapestry, Inc. *		1,192		51,823
				358,125
Thrifts & Mortgage Finance — 0.4%
MGIC Investment Corp.		4,869		66,212
Total Common Stocks (Cost $9,597,946)				16,791,199
Short-Term Investments — 2.1%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $334,195)		334,028		334,195
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		18,536		18,535
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		3,666		3,666
Total Investment of Cash Collateral from Securities Loaned (Cost $22,203)				22,201
Total Short-Term Investments (Cost $356,398)				356,396
Total Investments — 100.6% (Cost $9,954,344)				17,147,595
Liabilities in Excess of Other Assets — (0.6)%				(96,958	)
NET ASSETS — 100.0%				17,050,637

Percentages indicated are based on net assets.    

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $21,845.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.1%
Aerospace & Defense — 2.6%
General Dynamics Corp.		413		77,676
Northrop Grumman Corp.		227		82,390
Raytheon Technologies Corp.		1,520		129,711
				289,777
Air Freight & Logistics — 0.6%
FedEx Corp.		207		61,814
Banks — 12.8%
Bank of America Corp.		10,598		436,967
Citigroup, Inc.		1,455		102,972
Citizens Financial Group, Inc.		3,034		139,166
M&T Bank Corp.		1,073		155,920
PNC Financial Services Group, Inc. (The)		770		146,862
Truist Financial Corp.		2,445		135,705
US Bancorp		1,863		106,129
Wells Fargo & Co.		4,515		204,504
				1,428,225
Beverages — 0.9%
Constellation Brands, Inc., Class A		159		37,142
Keurig Dr Pepper, Inc.		1,653		58,261
				95,403
Biotechnology — 2.5%
AbbVie, Inc.		1,737		195,676
Amgen, Inc.		116		28,153
Biogen, Inc. *		59		20,257
Regeneron Pharmaceuticals, Inc. *		68		38,037
				282,123
Building Products — 0.3%
Fortune Brands Home & Security, Inc.		323		32,174
Capital Markets — 4.4%
Brookfield Asset Management Reinsurance Partners Ltd., Class A (Canada) * (a)		5		278
Brookfield Asset Management, Inc., Class A (Canada) (a)		774		39,459
Charles Schwab Corp. (The)		1,462		106,477
Invesco Ltd. (a)		1,441		38,517
Morgan Stanley		1,522		139,527
Northern Trust Corp.		777		89,889
T. Rowe Price Group, Inc.		398		78,740
				492,887
Communications Equipment — 1.4%
Cisco Systems, Inc.		1,113		59,015

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — continued
CommScope Holding Co., Inc. *		4,618		98,416
				157,431
Construction Materials — 0.9%
Martin Marietta Materials, Inc.		291		102,298
Consumer Finance — 2.9%
American Express Co.		724		119,610
Capital One Financial Corp.		1,342		207,593
				327,203
Containers & Packaging — 2.1%
Ball Corp.		302		24,441
Graphic Packaging Holding Co.		2,326		42,185
Packaging Corp. of America		664		89,893
Westrock Co.		1,495		79,541
				236,060
Diversified Financial Services — 2.5%
Berkshire Hathaway, Inc., Class B *		995		276,447
Diversified Telecommunication Services — 1.7%
Verizon Communications, Inc.		3,412		191,168
Electric Utilities — 3.8%
American Electric Power Co., Inc.		923		78,086
Edison International		795		45,944
Entergy Corp.		460		45,842
NextEra Energy, Inc.		1,210		88,637
PG&E Corp. *		4,026		40,939
Xcel Energy, Inc.		1,894		124,768
				424,216
Electronic Equipment, Instruments & Components — 0.8%
Arrow Electronics, Inc. *		280		31,920
SYNNEX Corp.		456		55,574
				87,494
Entertainment — 0.4%
Walt Disney Co. (The) *		255		44,839
Equity Real Estate Investment Trusts (REITs) — 7.5%
American Homes 4 Rent, Class A (a)		1,969		76,499
Brixmor Property Group, Inc.		3,605		82,510
EastGroup Properties, Inc.		381		62,589
Federal Realty Investment Trust		423		49,610
Kimco Realty Corp.		4,262		88,872
Lamar Advertising Co., Class A		176		18,357
Mid-America Apartment Communities, Inc.		629		105,961
Public Storage		395		118,802

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Rayonier, Inc. (a)		2,472		88,834
Welltower, Inc.		430		35,716
Weyerhaeuser Co.		3,237		111,431
				839,181
Food & Staples Retailing — 0.6%
Sysco Corp.		803		62,441
Food Products — 1.5%
Kraft Heinz Co. (The)		1,599		65,199
Post Holdings, Inc. *		907		98,432
				163,631
Health Care Equipment & Supplies — 0.8%
Medtronic plc		692		85,944
Health Care Providers & Services — 3.5%
AmerisourceBergen Corp.		753		86,257
Cigna Corp.		173		40,966
CVS Health Corp.		1,111		92,702
HCA Healthcare, Inc.		264		54,505
UnitedHealth Group, Inc.		276		110,655
				385,085
Hotels, Restaurants & Leisure — 1.1%
Booking Holdings, Inc. *		25		55,140
Las Vegas Sands Corp. *		1,244		65,557
				120,697
Household Durables — 1.5%
Mohawk Industries, Inc. *		442		85,006
Newell Brands, Inc.		2,849		78,257
				163,263
Household Products — 1.5%
Energizer Holdings, Inc.		1,400		60,158
Procter & Gamble Co. (The)		770		103,846
				164,004
Industrial Conglomerates — 1.5%
Carlisle Cos., Inc.		367		70,258
Honeywell International, Inc.		465		101,937
				172,195
Insurance — 7.8%
Alleghany Corp. *		91		60,701
American International Group, Inc.		874		41,588
Chubb Ltd.		491		78,110
CNA Financial Corp.(a)		643		29,241
Fairfax Financial Holdings Ltd. (Canada)		155		67,843

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Hartford Financial Services Group, Inc. (The)		1,721		106,624
Loews Corp.		3,236		176,847
Marsh & McLennan Cos., Inc.		503		70,711
Progressive Corp. (The)		659		64,701
Travelers Cos., Inc. (The)		1,184		177,298
				873,664
Interactive Media & Services — 0.7%
Alphabet, Inc., Class C *		32		78,949
IT Services — 0.4%
International Business Machines Corp.		337		49,430
Machinery — 2.5%
Dover Corp.		936		140,978
ITT, Inc.		829		75,956
Stanley Black & Decker, Inc.		328		67,298
				284,232
Media — 3.0%
Discovery, Inc., Class C * (a)		700		20,274
DISH Network Corp., Class A *		1,454		60,761
Liberty Broadband Corp., Class C *		630		109,389
Liberty Media Corp.-Liberty SiriusXM, Class C *		1,653		76,697
Nexstar Media Group, Inc., Class A		424		62,747
				329,868
Multiline Retail — 0.9%
Dollar General Corp.		274		59,334
Kohl’s Corp.		830		45,737
				105,071
Oil, Gas & Consumable Fuels — 6.0%
Cabot Oil & Gas Corp. (a)		3,359		58,639
Chevron Corp.		945		98,990
ConocoPhillips		2,670		162,619
Diamondback Energy, Inc.		370		34,721
Equitrans Midstream Corp.		2,063		17,554
Kinder Morgan, Inc.		5,148		93,846
Marathon Petroleum Corp.		910		54,989
Phillips 66		853		73,220
Williams Cos., Inc. (The)		2,956		78,487
				673,065
Personal Products — 0.3%
Coty, Inc., Class A *		3,155		29,466
Pharmaceuticals — 4.2%
Bristol-Myers Squibb Co.		2,709		181,023

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
Johnson & Johnson		831		136,836
Merck & Co., Inc.		763		59,311
Organon & Co. *		725		21,940
Pfizer, Inc.		682		26,712
Viatris, Inc.		2,996		42,816
				468,638
Professional Services — 0.5%
Leidos Holdings, Inc.		544		54,988
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		1,044		89,518
Semiconductors & Semiconductor Equipment — 2.0%
Analog Devices, Inc.		673		115,778
Texas Instruments, Inc.		535		102,874
				218,652
Software — 0.2%
Microsoft Corp.		102		27,692
Specialty Retail — 4.3%
AutoZone, Inc. *		115		171,388
Best Buy Co., Inc.		650		74,734
Gap, Inc. (The)		2,484		83,590
Lowe’s Cos., Inc.		320		62,070
Murphy USA, Inc.		666		88,774
				480,556
Textiles, Apparel & Luxury Goods — 1.0%
Columbia Sportswear Co.		494		48,580
Ralph Lauren Corp.		528		62,145
				110,725
Tobacco — 0.6%
Philip Morris International, Inc.		714		70,804
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		620		89,809
Total Common Stocks (Cost $6,663,243)				10,721,127

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.7%
Investment Companies — 3.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $360,095)		359,916		360,095
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		41,074		41,074
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		5,968		5,968
Total Investment of Cash Collateral from Securities Loaned (Cost $47,045)				47,042
Total Short-Term Investments (Cost $407,140)				407,137
Total Investments — 99.8% (Cost $7,070,383)				11,128,264
Other Assets Less Liabilities — 0.2%				23,052
NET ASSETS — 100.0%				11,151,316

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $45,570.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021

(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	$	14,695,353	$	2,755,451		$	8,875,768
Investments in affiliates, at value		159,510		64,465			190,144
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		149,952		59,919			265,757
Cash		95		11			53
Receivables:
Investment securities sold		—		4,904			25,350
Fund shares sold		16,748		4,726			9,327
Dividends from non-affiliates		1,863		2,892			708
Dividends from affiliates		1		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		798		84			525
Total Assets		15,024,320		2,892,452			9,367,632
LIABILITIES:
Payables:
Investment securities purchased		—		2,941			11,008
Collateral received on securities loaned (See Note 2.B.)		149,952		59,919			265,757
Fund shares redeemed		84,840		2,117			11,739
Accrued liabilities:
Investment advisory fees		6,485		1,337			4,561
Administration fees		798		79			476
Distribution fees		1,331		134			429
Service fees		1,774		297			684
Custodian and accounting fees		115		22			66
Other		188		64			148
Total Liabilities		245,483		66,910			294,868
Net Assets	$	14,778,837	$	2,825,542		$	9,072,764

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,600,295		$	1,643,489		$	5,188,873
Total distributable earnings (loss)		9,178,542			1,182,053			3,883,891
Total Net Assets	$	14,778,837		$	2,825,542		$	9,072,764
Net Assets:
Class A	$	3,013,691		$	595,304		$	1,642,278
Class C		1,218,051			21,836			109,845
Class I		4,622,602			886,782			2,003,878
Class R2		510			555			57,273
Class R3		5,089			—			70,608
Class R4		22,559			—			22,947
Class R5		141,386			74			730,273
Class R6		5,754,949			1,320,991			4,435,662
Total	$	14,778,837		$	2,825,542		$	9,072,764
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		89,543			9,581			35,548
Class C		43,761			373			3,360
Class I		131,333			13,980			35,816
Class R2		15			9			1,122
Class R3		151			—			1,285
Class R4		641			—			412
Class R5		3,908			1			12,811
Class R6		157,576			20,780			77,295
Net Asset Value (a):
Class A — Redemption price per share	$	33.66		$	62.14		$	46.20
Class C — Offering price per share (b)		27.83			58.61			32.69
Class I — Offering and redemption price per share		35.20			63.43			55.95
Class R2 — Offering and redemption price per share		33.24			61.24			51.05
Class R3 — Offering and redemption price per share		33.61			—			54.95
Class R4 — Offering and redemption price per share		35.21			—			55.76
Class R5 — Offering and redemption price per share		36.18			63.52			57.00
Class R6 — Offering and redemption price per share		36.52			63.57			57.39
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)]	$	35.53		$	65.58		$	48.76
Cost of investments in non-affiliates	$	7,368,918		$	1,720,774		$	5,650,807
Cost of investments in affiliates		159,479			64,456			190,128
Investment securities on loan, at value (See Note 2.B.)		151,682			58,238			258,405
Cost of investment of cash collateral (See Note 2.B.)		149,962			59,922			265,774

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	16,791,199		$	10,721,127
Investments in affiliates, at value		334,195			360,095
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		22,201			47,042
Cash		18			29
Receivables:
Investment securities sold		16,286			—
Fund shares sold		13,565			73,945
Dividends from non-affiliates		31,701			9,175
Dividends from affiliates		1			1
Securities lending income (See Note 2.B.)		2			4
Total Assets		17,209,168			11,211,418
LIABILITIES:
Payables:
Investment securities purchased		15,149			—
Collateral received on securities loaned (See Note 2.B.)		22,201			47,042
Fund shares redeemed		108,704			5,187
Accrued liabilities:
Investment advisory fees		9,206			5,007
Administration fees		912			667
Distribution fees		428			436
Service fees		1,201			1,391
Custodian and accounting fees		114			73
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		616			299
Total Liabilities		158,531			60,102
Net Assets	$	17,050,637		$	11,151,316

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	8,208,478		$	6,215,481
Total distributable earnings (loss)		8,842,159			4,935,835
Total Net Assets	$	17,050,637		$	11,151,316
Net Assets:
Class A	$	1,608,828		$	1,050,569
Class C		76,078			349,246
Class I		3,061,126			2,326,829
Class L		7,839,627			1,855,713
Class R2		71,087			194
Class R3		88,116			3,020
Class R4		31,938			1,724
Class R5		89,178			1,365
Class R6		4,184,659			5,562,656
Total	$	17,050,637		$	11,151,316
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		36,826			24,488
Class C		1,821			8,173
Class I		69,101			53,927
Class L		174,299			42,956
Class R2		1,714			4
Class R3		2,038			71
Class R4		726			40
Class R5		1,986			32
Class R6		93,080			128,882
Net Asset Value (a):
Class A — Redemption price per share	$	43.69		$	42.90
Class C — Offering price per share (b)		41.77			42.73
Class I — Offering and redemption price per share		44.30			43.15
Class L — Offering and redemption price per share		44.98			43.20
Class R2 — Offering and redemption price per share		41.48			42.46
Class R3 — Offering and redemption price per share		43.25			42.36
Class R4 — Offering and redemption price per share		44.02			42.92
Class R5 — Offering and redemption price per share		44.90			43.12
Class R6 — Offering and redemption price per share		44.96			43.16
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)]	$	46.11		$	45.28
Cost of investments in non-affiliates	$	9,597,946		$	6,663,243
Cost of investments in affiliates		334,195			360,095
Investment securities on loan, at value (See Note 2.B.)		21,845			45,570
Cost of investment of cash collateral (See Note 2.B.)		22,203			47,045

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021

(Amounts in thousands)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	78,439		$	23,606		$	27,081
Dividend income from affiliates		245			58			169
Income from securities lending (net) (See Note 2.B.)		1,572			177			1,240
Total investment income		80,256			23,841			28,490
EXPENSES:
Investment advisory fees		73,872			14,151			48,314
Administration fees		9,294			1,633			5,575
Distribution fees:
Class A		6,462			1,230			3,618
Class C		8,374			161			750
Class R2		2			4			245
Class R3		6			—			144
Service fees:
Class A		6,462			1,230			3,618
Class C		2,791			54			250
Class I		9,525			1,404			4,223
Class R2		1			2			123
Class R3		6			—			144
Class R4		51			—			42
Class R5		140			1			641
Custodian and accounting fees		459			82			255
Interest expense to affiliates		2			—	(a)		1
Professional fees		160			65			106
Trustees’ and Chief Compliance Officer’s fees		61			30			44
Printing and mailing costs		488			211			325
Registration and filing fees		451			147			396
Transfer agency fees (See Note 2.E.)		326			65			455
Other		225			37			116
Total expenses		119,158			20,507			69,385
Less fees waived		(215	)		(2,536	)		(2,018	)
Less expense reimbursements		—	(a)		(1	)		(65	)
Net expenses		118,943			17,970			67,302
Net investment income (loss)		(38,687	)		5,871			(38,812	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,615,588			236,515			977,650
Investments in affiliates		(64	)		(14	)		(20	)
Net realized gain (loss)		2,615,524			236,501			977,630
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,518,078			551,892			1,605,435
Investments in affiliates		(34	)		(5	)		(28	)
Change in net unrealized appreciation/depreciation		2,518,044			551,887			1,605,407
Net realized/unrealized gains (losses)		5,133,568			788,388			2,583,037
Change in net assets resulting from operations	$	5,094,881		$	794,259		$	2,544,225

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from affiliates	$	1		$	—
Dividend income from non-affiliates		252,767			200,772
Dividend income from affiliates		368			322
Income from securities lending (net) (See Note 2.B.)		250			290
Total investment income		253,386			201,384
EXPENSES:
Investment advisory fees		97,543			53,194
Administration fees		10,070			7,205
Distribution fees:
Class A		3,438			2,174
Class C		567			2,429
Class R2		331			1
Class R3		190			5
Service fees:
Class A		3,438			2,174
Class C		189			810
Class I		6,876			5,727
Class L		6,872			1,700
Class R2		166			—	(a)
Class R3		190			5
Class R4		84			55
Class R5		80			4
Custodian and accounting fees		451			291
Interest expense to affiliates		2			—
Professional fees		165			122
Trustees’ and Chief Compliance Officer’s fees		65			51
Printing and mailing costs		768			471
Registration and filing fees		243			149
Transfer agency fees (See Note 2.E.)		233			214
Other		334			153
Total expenses		132,295			76,934
Less fees waived		(6,667	)		(439	)
Less expense reimbursements		(39	)		(27	)
Net expenses		125,589			76,468
Net investment income (loss)		127,797			124,916
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,768,107			961,575
Investments in affiliates		66			(105	)
Net realized gain (loss)		1,768,173			961,470
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		4,261,659			2,800,517
Investments in affiliates		(171	)		1
Change in net unrealized appreciation/depreciation		4,261,488			2,800,518
Net realized/unrealized gains (losses)		6,029,661			3,761,988
Change in net assets resulting from operations	$	6,157,458		$	3,886,904

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(38,687	)	$	(10,353	)	$	5,871		$	11,563
Net realized gain (loss)		2,615,524			1,432,215			236,501			457,289
Change in net unrealized appreciation/depreciation		2,518,044			972,047			551,887			(437,747	)
Change in net assets resulting from operations		5,094,881			2,393,909			794,259			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		207,286			(137,511	)		611,112			(961,205	)
NET ASSETS:
Change in net assets		3,968,632			1,421,116			1,188,360			(1,154,215	)
Beginning of period		10,810,205			9,389,089			1,637,182			2,791,397
End of period	$	14,778,837		$	10,810,205		$	2,825,542		$	1,637,182

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(38,812	)	$	(14,047	)	$	127,797		$	203,596
Net realized gain (loss)		977,630			659,097			1,768,173			860,851
Change in net unrealized appreciation/depreciation		1,605,407			281,309			4,261,488			(3,168,215	)
Change in net assets resulting from operations		2,544,225			926,359			6,157,458			(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		1,816,908			341,659			(751,266	)		(1,341,858	)
NET ASSETS:
Change in net assets		3,591,697			922,575			4,336,050			(4,300,898	)
Beginning of period		5,481,067			4,558,492			12,714,587			17,015,485
End of period	$	9,072,764		$	5,481,067		$	17,050,637		$	12,714,587

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	124,916		$	184,647
Net realized gain (loss)		961,470			159,367
Change in net unrealized appreciation/depreciation		2,800,518			(1,858,485	)
Change in net assets resulting from operations		3,886,904			(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		(1,143,741	)		(143,475	)
NET ASSETS:
Change in net assets		2,451,397			(2,125,841	)
Beginning of period		8,699,919			10,825,760
End of period	$	11,151,316		$	8,699,919

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	617,307		$	424,450		$	108,793		$	123,140
Distributions reinvested		240,271			171,962			50,959			38,873
Cost of shares redeemed		(591,206	)		(690,381	)		(103,045	)		(176,855	)
Change in net assets resulting from Class A capital transactions		266,372			(93,969	)		56,707			(14,842	)
Class C
Proceeds from shares issued		163,112			152,886			1,523			2,246
Distributions reinvested		125,552			83,431			2,405			1,879
Cost of shares redeemed		(301,892	)		(200,570	)		(8,655	)		(5,867	)
Change in net assets resulting from Class C capital transactions		(13,228	)		35,747			(4,727	)		(1,742	)
Class I
Proceeds from shares issued		1,479,235			971,337			599,516			147,037
Distributions reinvested		337,895			183,814			43,123			23,288
Cost of shares redeemed		(1,078,748	)		(804,519	)		(236,107	)		(114,553	)
Change in net assets resulting from Class I capital transactions		738,382			350,632			406,532			55,772
Class R2
Proceeds from shares issued		300			157			191			391
Distributions reinvested		32			12			73			42
Cost of shares redeemed		(154	)		(52	)		(535	)		(313	)
Change in net assets resulting from Class R2 capital transactions		178			117			(271	)		120
Class R3
Proceeds from shares issued		3,643			501			—			—
Distributions reinvested		163			61			—			—
Cost of shares redeemed		(434	)		(126	)		—			—
Change in net assets resulting from Class R3 capital transactions		3,372			436			—			—
Class R4
Proceeds from shares issued		2,600			2,017			—			—
Distributions reinvested		1,886			1,510			—			—
Cost of shares redeemed		(5,512	)		(4,951	)		—			—
Change in net assets resulting from Class R4 capital transactions		(1,026	)		(1,424	)		—			—
Class R5
Proceeds from shares issued		22,343			23,475			272			674
Distributions reinvested		12,555			10,290			111			517
Cost of shares redeemed		(70,249	)		(37,782	)		(1,462	)		(6,310	)
Change in net assets resulting from Class R5 capital transactions		(35,351	)		(4,017	)		(1,079	)		(5,119	)
Class R6
Proceeds from shares issued		1,205,957			1,257,140			334,403			348,033
Distributions reinvested		578,133			358,754			119,998			159,315
Cost of shares redeemed		(2,535,503	)		(2,040,927	)		(300,451	)		(302,027	)
Redemptions in-kind (See Note 8)		—			—			—			(1,200,715	)
Change in net assets resulting from Class R6 capital transactions		(751,413	)		(425,033	)		153,950			(995,394	)
Total change in net assets resulting from capital transactions	$	207,286		$	(137,511	)	$	611,112		$	(961,205	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		20,460			19,559			1,925			2,661
Reinvested		8,308			8,088			961			853
Redeemed		(19,686	)		(30,991	)		(1,903	)		(3,845	)
Change in Class A Shares		9,082			(3,344	)		983			(331	)
Class C
Issued		6,449			8,221			28			54
Reinvested		5,236			4,615			48			43
Redeemed		(11,926	)		(10,900	)		(165	)		(133	)
Change in Class C Shares		(241	)		1,936			(89	)		(36	)
Class I
Issued		46,557			42,055			10,207			3,117
Reinvested		11,160			8,317			795			501
Redeemed		(33,943	)		(36,324	)		(4,122	)		(2,381	)
Change in Class I Shares		23,774			14,048			6,880			1,237
Class R2
Issued		9			8			3			7
Reinvested		1			1			2			1
Redeemed		(5	)		(3	)		(9	)		(6	)
Change in Class R2 Shares		5			6			(4	)		2
Class R3
Issued		116			26			—			—
Reinvested		6			3			—			—
Redeemed		(14	)		(6	)		—			—
Change in Class R3 Shares		108			23			—			—
Class R4
Issued		81			90			—			—
Reinvested		62			68			—			—
Redeemed		(177	)		(212	)		—			—
Change in Class R4 Shares		(34	)		(54	)		—			—
Class R5
Issued		696			992			5			14
Reinvested		403			455			2			11
Redeemed		(2,158	)		(1,630	)		(24	)		(125	)
Change in Class R5 Shares		(1,059	)		(183	)		(17	)		(100	)
Class R6
Issued		36,597			53,895			5,844			7,401
Reinvested		18,399			15,742			2,206			3,444
Redeemed		(76,164	)		(86,443	)		(5,296	)		(6,434	)
Redemptions in-kind (See Note 8)		—			—			—			(25,455	)
Change in Class R6 Shares		(21,168	)		(16,806	)		2,754			(21,044	)

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	269,885		$	143,119		$	312,241		$	209,763
Distributions reinvested		168,194			80,011			84,258			69,743
Cost of shares redeemed		(265,651	)		(203,777	)		(421,860	)		(484,932	)
Change in net assets resulting from Class A capital transactions		172,428			19,353			(25,361	)		(205,426	)
Class C
Proceeds from shares issued		18,817			11,326			11,152			12,682
Distributions reinvested		15,598			8,149			4,875			5,516
Cost of shares redeemed		(29,254	)		(22,446	)		(50,512	)		(56,184	)
Change in net assets resulting from Class C capital transactions		5,161			(2,971	)		(34,485	)		(37,986	)
Class I
Proceeds from shares issued		807,758			306,997			944,499			900,902
Distributions reinvested		163,157			71,080			187,286			123,076
Cost of shares redeemed		(572,464	)		(382,936	)		(1,167,802	)		(1,051,200	)
Change in net assets resulting from Class I capital transactions		398,451			(4,859	)		(36,017	)		(27,222	)
Class L
Proceeds from shares issued		—			—			1,079,544			1,165,380
Distributions reinvested		—			—			466,015			394,599
Cost of shares redeemed		—			—			(2,003,837	)		(3,139,666	)
Change in net assets resulting from Class L capital transactions		—			—			(458,278	)		(1,579,687	)
Class R2
Proceeds from shares issued		19,596			11,105			11,087			15,289
Distributions reinvested		5,366			2,875			4,944			3,405
Cost of shares redeemed		(18,633	)		(22,776	)		(26,032	)		(20,258	)
Change in net assets resulting from Class R2 capital transactions		6,329			(8,796	)		(10,001	)		(1,564	)
Class R3
Proceeds from shares issued		27,679			17,057			10,318			15,417
Distributions reinvested		5,811			2,669			5,120			3,652
Cost of shares redeemed		(19,436	)		(11,619	)		(16,546	)		(14,432	)
Change in net assets resulting from Class R3 capital transactions		14,054			8,107			(1,108	)		4,637
Class R4
Proceeds from shares issued		15,324			3,625			29,189			11,128
Distributions reinvested		1,774			679			2,242			1,419
Cost of shares redeemed		(9,549	)		(3,668	)		(36,170	)		(10,446	)
Change in net assets resulting from Class R4 capital transactions		7,549			636			(4,739	)		2,101
Class R5
Proceeds from shares issued		169,023			143,113			15,455			14,343
Distributions reinvested		59,609			31,744			5,671			4,992
Cost of shares redeemed		(178,446	)		(169,555	)		(28,691	)		(29,341	)
Change in net assets resulting from Class R5 capital transactions		50,186			5,302			(7,565	)		(10,006	)
Class R6
Proceeds from shares issued		1,731,741			776,302			880,233			1,587,348
Distributions reinvested		326,519			137,892			243,857			174,996
Cost of shares redeemed		(895,510	)		(589,307	)		(1,297,802	)		(1,249,049	)
Change in net assets resulting from Class R6 capital transactions		1,162,750			324,887			(173,712	)		513,295
Total change in net assets resulting from capital transactions	$	1,816,908		$	341,659		$	(751,266	)	$	(1,341,858	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		6,348			4,392			8,294			6,133
Reinvested		4,077			2,499			2,357			1,812
Redeemed		(6,207	)		(6,309	)		(11,461	)		(14,044	)
Change in Class A Shares		4,218			582			(810	)		(6,099	)
Class C
Issued		609			461			302			374
Reinvested		533			341			143			150
Redeemed		(951	)		(930	)		(1,473	)		(1,787	)
Change in Class C Shares		191			(128	)		(1,028	)		(1,263	)
Class I
Issued		15,656			8,021			26,465			28,169
Reinvested		3,271			1,879			5,165			3,157
Redeemed		(11,073	)		(10,235	)		(31,205	)		(31,853	)
Change in Class I Shares		7,854			(335	)		425			(527	)
Class L
Issued		—			—			27,115			34,257
Reinvested		—			—			12,656			9,979
Redeemed		—			—			(52,480	)		(87,974	)
Change in Class L Shares		—			—			(12,709	)		(43,738	)
Class R2
Issued		411			313			308			458
Reinvested		118			82			146			93
Redeemed		(395	)		(645	)		(735	)		(599	)
Change in Class R2 Shares		134			(250	)		(281	)		(48	)
Class R3
Issued		550			447			273			452
Reinvested		118			71			145			96
Redeemed		(384	)		(307	)		(451	)		(421	)
Change in Class R3 Shares		284			211			(33	)		127
Class R4
Issued		299			94			772			308
Reinvested		36			18			62			37
Redeemed		(183	)		(96	)		(892	)		(284	)
Change in Class R4 Shares		152			16			(58	)		61
Class R5
Issued		3,227			3,638			389			392
Reinvested		1,172			826			154			126
Redeemed		(3,436	)		(4,377	)		(723	)		(798	)
Change in Class R5 Shares		963			87			(180	)		(280	)
Class R6
Issued		32,743			19,998			22,671			44,485
Reinvested		6,379			3,570			6,625			4,428
Redeemed		(17,096	)		(15,241	)		(33,322	)		(35,794	)
Change in Class R6 Shares		22,026			8,327			(4,026	)		13,119

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	JPMorgan Value Advantage Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	228,457		$	225,893
Distributions reinvested		21,985			42,378
Cost of shares redeemed		(256,183	)		(562,591	)
Change in net assets resulting from Class A capital transactions		(5,741	)		(294,320	)
Class C
Proceeds from shares issued		42,809			31,902
Distributions reinvested		6,902			14,740
Cost of shares redeemed		(152,617	)		(152,885	)
Change in net assets resulting from Class C capital transactions		(102,906	)		(106,243	)
Class I
Proceeds from shares issued		632,458			873,832
Distributions reinvested		67,804			87,746
Cost of shares redeemed		(1,288,594	)		(965,662	)
Change in net assets resulting from Class I capital transactions		(588,332	)		(4,084	)
Class L
Proceeds from shares issued		329,055			566,706
Distributions reinvested		51,517			96,694
Cost of shares redeemed		(753,164	)		(1,203,324	)
Change in net assets resulting from Class L capital transactions		(372,592	)		(539,924	)
Class R2
Proceeds from shares issued		81			128
Distributions reinvested		7			2
Cost of shares redeemed		(144	)		(23	)
Change in net assets resulting from Class R2 capital transactions		(56	)		107
Class R3
Proceeds from shares issued		1,146			359
Distributions reinvested		51			69
Cost of shares redeemed		(488	)		(887	)
Change in net assets resulting from Class R3 capital transactions		709			(459	)
Class R4
Proceeds from shares issued		3,069			23,194
Distributions reinvested		1,187			1,174
Cost of shares redeemed		(42,655	)		(8,710	)
Change in net assets resulting from Class R4 capital transactions		(38,399	)		15,658
Class R5
Proceeds from shares issued		839			2,112
Distributions reinvested		137			334
Cost of shares redeemed		(6,702	)		(3,498	)
Change in net assets resulting from Class R5 capital transactions		(5,726	)		(1,052	)
Class R6
Proceeds from shares issued		1,674,385			2,406,252
Distributions reinvested		133,248			203,530
Cost of shares redeemed		(1,838,331	)		(1,822,940	)
Change in net assets resulting from Class R6 capital transactions		(30,698	)		786,842
Total change in net assets resulting from capital transactions	$	(1,143,741	)	$	(143,475	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		6,264			7,038
Reinvested		627			1,145
Redeemed		(7,354	)		(17,957	)
Change in Class A Shares		(463	)		(9,774	)
Class C
Issued		1,112			966
Reinvested		198			401
Redeemed		(4,444	)		(4,876	)
Change in Class C Shares		(3,134	)		(3,509	)
Class I
Issued		17,384			28,338
Reinvested		1,924			2,357
Redeemed		(34,308	)		(30,342	)
Change in Class I Shares		(15,000	)		353
Class L
Issued		9,182			17,778
Reinvested		1,461			2,596
Redeemed		(21,293	)		(38,762	)
Change in Class L Shares		(10,650	)		(18,388	)
Class R2
Issued		2			5
Reinvested		—	(a)		—	(a)
Redeemed		(4	)		(1	)
Change in Class R2 Shares		(2	)		4
Class R3
Issued		32			11
Reinvested		1			2
Redeemed		(14	)		(25	)
Change in Class R3 Shares		19			(12	)
Class R4
Issued		89			741
Reinvested		34			32
Redeemed		(1,184	)		(250	)
Change in Class R4 Shares		(1,061	)		523
Class R5
Issued		26			62
Reinvested		4			9
Redeemed		(184	)		(110	)
Change in Class R5 Shares		(154	)		(39	)
Class R6
Issued		43,621			70,239
Reinvested		3,783			5,469
Redeemed		(51,458	)		(55,634	)
Change in Class R6 Shares		(4,054	)		20,074

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

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
Year Ended June 30, 2021	$	25.27	$	(0.16	)	$	11.67	$	11.51	$	—		$	(3.12	)	$	(3.12	)
Year Ended June 30, 2020		21.78		(0.08	)		5.74		5.66		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.73		(0.08	)		1.89		1.81		—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74		4.62		—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.42		(0.09	)		3.62		3.53		—			—			—
Class C
Year Ended June 30, 2021		21.42		(0.26	)		9.79		9.53		—			(3.12	)		(3.12	)
Year Ended June 30, 2020		18.86		(0.16	)		4.89		4.73		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		19.16		(0.16	)		1.62		1.46		—			(1.76	)		(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20		4.01		—			(0.84	)		(0.84	)
Year Ended June 30, 2017		12.91		(0.15	)		3.23		3.08		—			—			—
Class I
Year Ended June 30, 2021		26.29		(0.09	)		12.18		12.09		(0.06	)		(3.12	)		(3.18	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95		5.93		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96		1.93		—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87		4.80		—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.75		(0.05	)		3.70		3.65		—			—			—
Class R2
Year Ended June 30, 2021		25.05		(0.24	)		11.56		11.32		(0.01	)		(3.12	)		(3.13	)
Year Ended June 30, 2020		21.67		(0.13	)		5.68		5.55		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.68		(0.13	)		1.88		1.75		—			(1.76	)		(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19		4.05		—			(0.84	)		(0.84	)
Class R3
Year Ended June 30, 2021		25.27		(0.17	)		11.68		11.51		(0.05	)		(3.12	)		(3.17	)
Year Ended June 30, 2020		21.79		(0.08	)		5.73		5.65		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.74		(0.07	)		1.88		1.81		—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73		4.62		—			(0.84	)		(0.84	)
May 31, 2017 (f) through June 30, 2017		17.85		(0.01	)		0.12		0.11		—			—			—
Class R4
Year Ended June 30, 2021		26.29		(0.09	)		12.17		12.08		(0.04	)		(3.12	)		(3.16	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95		5.93		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96		1.93		—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83		4.80		—			(0.84	)		(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11		0.11		—			—			—
Class R5
Year Ended June 30, 2021		26.93		(0.05	)		12.50		12.45		(0.08	)		(3.12	)		(3.20	)
Year Ended June 30, 2020		23.00		0.01			6.09		6.10		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.76		0.01			1.99		2.00		—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95		4.91		—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.96		(0.03	)		3.76		3.73		—			—			—
Class R6
Year Ended June 30, 2021		27.16		(0.01	)		12.59		12.58		(0.10	)		(3.12	)		(3.22	)
Year Ended June 30, 2020		23.15		0.03			6.15		6.18		—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.87		0.03			2.01		2.04		—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97		4.95		—			(0.84	)		(0.84	)
Year Ended June 30, 2017		15.00		(0.01	)		3.77		3.76		—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c) (d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	33.66		47.55	%	$	3,013,691		1.13	%		(0.54	)%		1.14	%		43	%
	25.27		27.87			2,032,870		1.14			(0.36	)		1.16			47
	21.78		9.63			1,825,607		1.14			(0.38	)		1.25			40
	21.73		26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95		24.48			1,550,092		1.24			(0.56	)		1.32			34
	27.83		46.80			1,218,051		1.63			(1.04	)		1.63			43
	21.42		27.20			942,512		1.64			(0.86	)		1.66			47
	18.86		9.06			793,489		1.64			(0.88	)		1.75			40
	19.16		25.60			740,817		1.66			(1.07	)		1.76			31
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	35.20		47.95			4,622,602		0.88			(0.29	)		0.88			43
	26.29		28.15			2,827,894		0.89			(0.11	)		0.90			47
	22.53		9.91			2,107,041		0.89			(0.12	)		1.00			40
	22.36		26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	33.24		47.18			510		1.39			(0.79	)		1.66			43
	25.05		27.48			239		1.39			(0.59	)		1.88			47
	21.67		9.36			88		1.39			(0.61	)		2.24			40
	21.68		22.39			43		1.41			(0.77	)		1.59			31
	33.61		47.60			5,089		1.14			(0.54	)		1.17			43
	25.27		27.80			1,076		1.14			(0.36	)		1.24			47
	21.79		9.63			448		1.14			(0.36	)		1.40			40
	21.74		26.20			266		1.15			(0.53	)		1.28			31
	17.96		0.62			20		1.25			(0.55	)		1.25			34
	35.21		47.91			22,559		0.88			(0.29	)		0.88			43
	26.29		28.15			17,739		0.89			(0.11	)		0.90			47
	22.53		9.91			16,423		0.89			(0.12	)		1.00			40
	22.36		26.56			12,005		0.88			(0.16	)		1.00			31
	18.40		0.60			20		0.99			(0.29	)		1.00			34
	36.18		48.16			141,386		0.73			(0.14	)		0.73			43
	26.93		28.32			133,780		0.74			0.04			0.76			47
	23.00		10.05			118,449		0.74			0.02			0.85			40
	22.76		26.74			112,830		0.77			(0.18	)		0.85			31
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	36.52		48.28			5,754,949		0.63			(0.03	)		0.63			43
	27.16		28.49			4,854,095		0.64			0.14			0.65			47
	23.15		10.18			4,527,544		0.64			0.12			0.75			40
	22.87		26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Equity Fund
Class A
Year Ended June 30, 2021	$	47.20	$	(0.03	)	$	21.27	$	21.24	$	(0.08	)	$	(6.22	)	$	(6.30	)
Year Ended June 30, 2020		50.52		0.13			0.78		0.91		(0.30	)		(3.93	)		(4.23	)
Year Ended June 30, 2019		51.57		0.18			4.04		4.22		(0.13	)		(5.14	)		(5.27	)
Year Ended June 30, 2018		48.53		—	(d)		5.89		5.89		—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.95		(0.02	)		7.02		7.00		(0.05	)		(1.37	)		(1.42	)
Class C
Year Ended June 30, 2021		44.95		(0.29	)		20.17		19.88		—			(6.22	)		(6.22	)
Year Ended June 30, 2020		48.32		(0.10	)		0.71		0.61		(0.05	)		(3.93	)		(3.98	)
Year Ended June 30, 2019		49.66		(0.04	)		3.84		3.80		—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70		5.46		—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82		6.57		—			(1.37	)		(1.37	)
Class I
Year Ended June 30, 2021		48.07		0.13			21.66		21.79		(0.21	)		(6.22	)		(6.43	)
Year Ended June 30, 2020		51.35		0.25			0.80		1.05		(0.40	)		(3.93	)		(4.33	)
Year Ended June 30, 2019		52.32		0.33			4.07		4.40		(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97		6.11		(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09		7.23		(0.14	)		(1.37	)		(1.51	)
Class R2
Year Ended June 30, 2021		46.64		(0.18	)		21.00		20.82		—			(6.22	)		(6.22	)
Year Ended June 30, 2020		49.96		0.01			0.76		0.77		(0.16	)		(3.93	)		(4.09	)
Year Ended June 30, 2019		51.08		0.05			4.00		4.05		(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86		5.72		—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98		6.84		(0.01	)		(1.37	)		(1.38	)
Class R5
Year Ended June 30, 2021		48.11		0.16			21.74		21.90		(0.27	)		(6.22	)		(6.49	)
Year Ended June 30, 2020		51.37		0.30			0.83		1.13		(0.46	)		(3.93	)		(4.39	)
Year Ended June 30, 2019		52.35		0.41			4.06		4.47		(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94		6.18		(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11		7.29		(0.18	)		(1.37	)		(1.55	)
Class R6
Year Ended June 30, 2021		48.14		0.26			21.71		21.97		(0.32	)		(6.22	)		(6.54	)
Year Ended June 30, 2020		51.41		0.37			0.81		1.18		(0.52	)		(3.93	)		(4.45	)
Year Ended June 30, 2019		52.39		0.43			4.09		4.52		(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96		6.23		(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09		7.30		(0.19	)		(1.37	)		(1.56	)

(a) Calculated based upon average shares outstanding.

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

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

(d) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	62.14		47.31	%	$	595,304		1.14	%		(0.05	)%		1.26	%		54	%
	47.20		2.20			405,857		1.14			0.28			1.26			49
	50.52		9.92			451,118		1.13			0.37			1.26			34
	51.57		12.37			402,897		1.17			0.01			1.25			31
	48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	58.61		46.59			21,836		1.63			(0.56	)		1.75			54
	44.95		1.69			20,753		1.64			(0.23	)		1.76			49
	48.32		9.37			24,071		1.63			(0.09	)		1.76			34
	49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	63.43		47.67			886,782		0.89			0.23			1.00			54
	48.07		2.46			341,317		0.89			0.53			1.01			49
	51.35		10.20			301,071		0.88			0.65			1.00			34
	52.32		12.68			326,026		0.89			0.26			1.00			31
	49.13		17.01			778,378		0.89			0.30			1.08			38
	61.24		46.94			555		1.38			(0.33	)		1.59			54
	46.64		1.96			623		1.39			0.03			1.55			49
	49.96		9.63			524		1.38			0.10			1.57			34
	51.08		12.09			443		1.43			(0.28	)		1.57			31
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	63.52		47.89			74		0.74			0.29			0.87			54
	48.11		2.62			871		0.74			0.61			0.86			49
	51.37		10.37			6,073		0.73			0.81			0.86			34
	52.35		12.83			6,499		0.75			0.47			0.85			31
	49.17		17.14			1,804		0.79			0.40			0.87			38
	63.57		48.03			1,320,991		0.64			0.45			0.75			54
	48.14		2.72			867,761		0.64			0.75			0.76			49
	51.41		10.48			2,008,540		0.63			0.87			0.75			34
	52.39		12.93			1,970,177		0.67			0.51			0.75			31
	49.18		17.18			1,619,045		0.74			0.45			0.75			38

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Growth Fund
Class A
Year Ended June 30, 2021	$	36.43	$	(0.36	)	$	15.58	$	15.22	$	—		$	(5.45	)	$	(5.45	)
Year Ended June 30, 2020		32.94		(0.20	)		6.50		6.30		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		30.84		(0.17	)		4.42		4.25		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18		4.99		—			(2.14	)		(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71		4.57		—			(0.01	)		(0.01	)
Class C
Year Ended June 30, 2021		27.15		(0.42	)		11.41		10.99		—			(5.45	)		(5.45	)
Year Ended June 30, 2020		25.34		(0.28	)		4.90		4.62		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		24.37		(0.25	)		3.37		3.12		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14		3.87		—			(2.14	)		(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82		3.60		—			(0.01	)		(0.01	)
Class I
Year Ended June 30, 2021		43.11		(0.28	)		18.58		18.30		(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.37		(0.12	)		7.67		7.55		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.44		(0.09	)		5.17		5.08		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89		5.79		—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35		5.28		—			(0.01	)		(0.01	)
Class R2
Year Ended June 30, 2021		39.90		(0.52	)		17.12		16.60		—			(5.45	)		(5.45	)
Year Ended June 30, 2020		35.91		(0.31	)		7.11		6.80		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		33.49		(0.27	)		4.84		4.57		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60		5.32		—			(2.14	)		(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12		4.91		—			(0.01	)		(0.01	)
Class R3
Year Ended June 30, 2021		42.53		(0.43	)		18.30		17.87		—			(5.45	)		(5.45	)
Year Ended June 30, 2020		38.01		(0.23	)		7.56		7.33		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.23		(0.20	)		5.13		4.93		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85		5.66		—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.13	)		4.79		4.66		—			(0.01	)		(0.01	)
Class R4
Year Ended June 30, 2021		43.00		(0.31	)		18.53		18.22		(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.30		(0.14	)		7.65		7.51		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.40		(0.11	)		5.16		5.05		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89		5.77		—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.06	)		4.78		4.72		—			(0.01	)		(0.01	)
Class R5
Year Ended June 30, 2021		43.81		(0.21	)		18.90		18.69		(0.05	)		(5.45	)		(5.50	)
Year Ended June 30, 2020		38.90		(0.06	)		7.78		7.72		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.85		(0.04	)		5.24		5.20		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96		5.90		—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39		5.36		—			(0.01	)		(0.01	)
Class R6
Year Ended June 30, 2021		44.07		(0.19	)		19.03		18.84		(0.07	)		(5.45	)		(5.52	)
Year Ended June 30, 2020		39.09		(0.04	)		7.83		7.79		—			(2.81	)		(2.81	)
Year Ended June 30, 2019		36.00		(0.02	)		5.26		5.24		—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98		5.94		—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41		5.39		—			(0.01	)		(0.01	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c) (d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	46.20		43.59	%	$	1,642,278		1.24	%		(0.85	)%		1.26	%		42	%
	36.43		20.30			1,141,467		1.24			(0.62	)		1.27			63
	32.94		15.37			1,012,686		1.23			(0.56	)		1.28			54
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	32.69		42.84			109,845		1.74			(1.36	)		1.75			42
	27.15		19.72			86,046		1.74			(1.12	)		1.75			63
	25.34		14.78			83,558		1.73			(1.06	)		1.75			54
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	55.95		44.02			2,003,878		0.93			(0.54	)		0.99			42
	43.11		20.70			1,205,433		0.93			(0.31	)		1.00			63
	38.37		15.73			1,085,728		0.92			(0.25	)		1.00			54
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	51.05		43.24			57,273		1.49			(1.10	)		1.53			42
	39.90		20.00			39,404		1.49			(0.87	)		1.55			63
	35.91		15.10			44,453		1.48			(0.81	)		1.55			54
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	54.95		43.57			70,608		1.24			(0.86	)		1.24			42
	42.53		20.30			42,573		1.24			(0.61	)		1.25			63
	38.01		15.38			30,023		1.23			(0.56	)		1.25			54
	35.23		18.34			26,638		1.23			(0.54	)		1.26			56
	31.71		17.24			152		1.23			(0.54	)		1.42			41
	55.76		43.92			22,947		0.99			(0.60	)		0.99			42
	43.00		20.63			11,194		0.99			(0.37	)		1.00			63
	38.30		15.66			9,343		0.98			(0.31	)		1.00			54
	35.40		18.66			14,320		0.98			(0.33	)		1.01			56
	31.77		17.46			129		0.98			(0.23	)		1.10			41
	57.00		44.22			730,273		0.79			(0.40	)		0.84			42
	43.81		20.86			519,097		0.79			(0.17	)		0.85			63
	38.90		15.89			457,513		0.78			(0.11	)		0.85			54
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	57.39		44.30			4,435,662		0.74			(0.35	)		0.74			42
	44.07		20.94			2,435,853		0.74			(0.11	)		0.75			63
	39.09		15.94			1,835,188		0.73			(0.05	)		0.75			54
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Year Ended June 30, 2021	$	31.12	$	0.17		$	15.09		$	15.26		$	(0.29	)	$	(2.40	)	$	(2.69	)
Year Ended June 30, 2020		38.02		0.33			(5.35	)		(5.02	)		(0.33	)		(1.55	)		(1.88	)
Year Ended June 30, 2019		39.24		0.45			0.87			1.32			(0.38	)		(2.16	)		(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14			2.34			(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60			4.77			(0.14	)		(2.24	)		(2.38	)
Class C
Year Ended June 30, 2021		29.77		(0.02	)		14.44			14.42			(0.02	)		(2.40	)		(2.42	)
Year Ended June 30, 2020		36.44		0.14			(5.14	)		(5.00	)		(0.12	)		(1.55	)		(1.67	)
Year Ended June 30, 2019		37.68		0.26			0.83			1.09			(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07			2.05			—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44			4.42			—			(2.24	)		(2.24	)
Class I
Year Ended June 30, 2021		31.51		0.27			15.30			15.57			(0.38	)		(2.40	)		(2.78	)
Year Ended June 30, 2020		38.48		0.43			(5.42	)		(4.99	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.70		0.54			0.88			1.42			(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16			2.46			(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66			4.93			(0.24	)		(2.24	)		(2.48	)
Class L
Year Ended June 30, 2021		31.96		0.36			15.51			15.87			(0.45	)		(2.40	)		(2.85	)
Year Ended June 30, 2020		38.99		0.52			(5.48	)		(4.96	)		(0.52	)		(1.55	)		(2.07	)
Year Ended June 30, 2019		40.21		0.62			0.90			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20			2.60			(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71			5.07			(0.32	)		(2.24	)		(2.56	)
Class R2
Year Ended June 30, 2021		29.67		0.07			14.36			14.43			(0.22	)		(2.40	)		(2.62	)
Year Ended June 30, 2020		36.35		0.23			(5.11	)		(4.88	)		(0.25	)		(1.55	)		(1.80	)
Year Ended June 30, 2019		37.64		0.31			0.86			1.17			(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05			2.15			(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43			4.50			(0.07	)		(2.24	)		(2.31	)
Class R3
Year Ended June 30, 2021		30.83		0.17			14.95			15.12			(0.30	)		(2.40	)		(2.70	)
Year Ended June 30, 2020		37.70		0.33			(5.30	)		(4.97	)		(0.35	)		(1.55	)		(1.90	)
Year Ended June 30, 2019		38.97		0.39			0.91			1.30			(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11			2.32			(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (f) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)
Class R4
Year Ended June 30, 2021		31.34		0.27			15.20			15.47			(0.39	)		(2.40	)		(2.79	)
Year Ended June 30, 2020		38.29		0.43			(5.40	)		(4.97	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.56		0.50			0.90			1.40			(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33			2.13			2.46			(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (f) through June 30, 2017		36.18		0.38			4.15			4.53			(0.31	)		(2.24	)		(2.55	)
Class R5
Year Ended June 30, 2021		31.90		0.33			15.49			15.82			(0.42	)		(2.40	)		(2.82	)
Year Ended June 30, 2020		38.93		0.49			(5.48	)		(4.99	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2019		40.15		0.58			0.90			1.48			(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38			2.17			2.55			(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (f) through June 30, 2017		36.60		0.36			4.28			4.64			(0.33	)		(2.24	)		(2.57	)
Class R6
Year Ended June 30, 2021		31.94		0.37			15.51			15.88			(0.46	)		(2.40	)		(2.86	)
Year Ended June 30, 2020		38.97		0.52			(5.47	)		(4.95	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2019		40.19		0.58			0.94			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43			2.16			2.59			(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (f) through June 30, 2017		36.60		0.32			4.34			4.66			(0.33	)		(2.24	)		(2.57	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c) (d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	43.69		51.06	%	$	1,608,828		1.22	%		0.46	%		1.23	%		21	%
	31.12		(14.13	)		1,171,139		1.24			0.93			1.24			18
	38.02		4.12			1,662,841		1.23			1.20			1.25			11
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	41.77		50.32			76,078		1.72			(0.05	)		1.73			21
	29.77		(14.58	)		84,827		1.73			0.42			1.74			18
	36.44		3.59			149,839		1.73			0.72			1.74			11
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	44.30		51.46			3,061,126		0.97			0.72			0.98			21
	31.51		(13.93	)		2,164,300		0.98			1.20			0.99			18
	38.48		4.38			2,662,983		0.98			1.41			0.99			11
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	44.98		51.76			7,839,627		0.75			0.94			0.83			21
	31.96		(13.71	)		5,976,033		0.75			1.41			0.84			18
	38.99		4.63			8,996,364		0.74			1.61			0.85			11
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	41.48		50.69			71,087		1.48			0.21			1.49			21
	29.67		(14.36	)		59,200		1.49			0.69			1.50			18
	36.35		3.86			74,236		1.49			0.87			1.50			11
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	43.25		51.07			88,116		1.22			0.47			1.23			21
	30.83		(14.13	)		63,836		1.23			0.96			1.24			18
	37.70		4.12			73,299		1.24			1.04			1.25			11
	38.97		6.17			62,576		1.24			0.55			1.25			13
	37.67		12.70			19,262		1.24			0.87			1.35			23
	44.02		51.47			31,938		0.97			0.70			0.98			21
	31.34		(13.93	)		24,576		0.98			1.21			0.99			18
	38.29		4.38			27,681		0.98			1.32			0.99			11
	39.56		6.45			17,859		0.99			0.83			1.00			13
	38.16		12.89			3,537		0.99			1.26			1.10			23
	44.90		51.69			89,178		0.82			0.87			0.83			21
	31.90		(13.79	)		69,110		0.83			1.34			0.83			18
	38.93		4.52			95,243		0.83			1.50			0.84			11
	40.15		6.61			84,457		0.84			0.96			0.85			13
	38.67		13.06			30,334		0.84			1.18			1.02			23
	44.96		51.83			4,184,659		0.72			0.97			0.73			21
	31.94		(13.70	)		3,101,566		0.73			1.46			0.74			18
	38.97		4.63			3,272,999		0.73			1.52			0.74			11
	40.19		6.71			1,073,888		0.74			1.08			0.75			13
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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 Value Advantage Fund
Class A
Year Ended June 30, 2021	$	29.53	$	0.34		$	14.04		$	14.38		$	(0.48	)	$	(0.53	)	$	(1.01	)
Year Ended June 30, 2020		35.46		0.49			(5.04	)		(4.55	)		(0.45	)		(0.93	)		(1.38	)
Year Ended June 30, 2019		35.38		0.55			1.68			2.23			(0.46	)		(1.69	)		(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Class C
Year Ended June 30, 2021		29.38		0.16			13.99			14.15			(0.27	)		(0.53	)		(0.80	)
Year Ended June 30, 2020		35.29		0.32			(5.04	)		(4.72	)		(0.26	)		(0.93	)		(1.19	)
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Class I
Year Ended June 30, 2021		29.71		0.43			14.13			14.56			(0.59	)		(0.53	)		(1.12	)
Year Ended June 30, 2020		35.67		0.57			(5.06	)		(4.49	)		(0.54	)		(0.93	)		(1.47	)
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Class L
Year Ended June 30, 2021		29.73		0.49			14.14			14.63			(0.63	)		(0.53	)		(1.16	)
Year Ended June 30, 2020		35.69		0.63			(5.07	)		(4.44	)		(0.59	)		(0.93	)		(1.52	)
Year Ended June 30, 2019		35.62		0.72			1.64			2.36			(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Class R2
Year Ended June 30, 2021		29.31		0.26			13.90			14.16			(0.48	)		(0.53	)		(1.01	)
Year Ended June 30, 2020		35.24		0.40			(5.01	)		(4.61	)		(0.39	)		(0.93	)		(1.32	)
Year Ended June 30, 2019		35.22		0.48			1.65			2.13			(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)
Class R3
Year Ended June 30, 2021		29.21		0.33			13.88			14.21			(0.53	)		(0.53	)		(1.06	)
Year Ended June 30, 2020		35.08		0.48			(4.98	)		(4.50	)		(0.44	)		(0.93	)		(1.37	)
Year Ended June 30, 2019		35.11		0.49			1.71			2.20			(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)
Class R4
Year Ended June 30, 2021		29.56		0.42			14.06			14.48			(0.59	)		(0.53	)		(1.12	)
Year Ended June 30, 2020		35.52		0.57			(5.04	)		(4.47	)		(0.56	)		(0.93	)		(1.49	)
Year Ended June 30, 2019		35.47		0.62			1.69			2.31			(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)
Class R5
Year Ended June 30, 2021		29.67		0.49			14.11			14.60			(0.62	)		(0.53	)		(1.15	)
Year Ended June 30, 2020		35.62		0.63			(5.05	)		(4.42	)		(0.60	)		(0.93	)		(1.53	)
Year Ended June 30, 2019		35.57		0.65			1.71			2.36			(0.62	)		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)
Class R6
Year Ended June 30, 2021		29.71		0.52			14.13			14.65			(0.67	)		(0.53	)		(1.20	)
Year Ended June 30, 2020		35.67		0.66			(5.06	)		(4.40	)		(0.63	)		(0.93	)		(1.56	)
Year Ended June 30, 2019		35.60		0.71			1.70			2.41			(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c) (d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	42.90		49.47	%	$	1,050,569		1.13	%		0.94	%		1.14	%		34	%
	29.53		(13.60	)		736,715		1.14			1.45			1.16			29
	35.46		7.00			1,231,325		1.14			1.59			1.25			15
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	42.73		48.75			349,246		1.63			0.45			1.64			34
	29.38		(14.04	)		332,229		1.64			0.94			1.66			29
	35.29		6.45			522,878		1.64			1.08			1.75			15
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	43.15		49.86			2,326,829		0.88			1.20			0.89			34
	29.71		(13.39	)		2,047,640		0.89			1.70			0.90			29
	35.67		7.28			2,445,747		0.89			1.76			0.99			15
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	43.20		50.10			1,855,713		0.73			1.35			0.74			34
	29.73		(13.26	)		1,593,954		0.74			1.85			0.75			29
	35.69		7.41			2,569,596		0.74			2.04			0.84			15
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	42.46		49.10			194		1.38			0.73			1.54			34
	29.31		(13.82	)		182		1.39			1.27			1.55			29
	35.24		6.72			69		1.39			1.40			2.14			15
	35.22		5.54			38		1.41			0.78	(f)		1.61			23
	42.36		49.46			3,020		1.13			0.92			1.17			34
	29.21		(13.60	)		1,519		1.14			1.43			1.18			29
	35.08		7.00			2,241		1.14			1.44			1.26			15
	35.11		7.82			1,132		1.15			1.01	(f)		1.28			23
	33.24		14.87			385		1.24			1.09			1.36			24
	42.92		49.86			1,724		0.88			1.26			0.89			34
	29.56		(13.40	)		32,555		0.88			1.74			0.90			29
	35.52		7.27			20,538		0.89			1.79			0.99			15
	35.47		8.07			17,231		0.89			1.43	(f)		1.00			23
	33.55		15.10			34		1.00			1.05			1.08			24
	43.12		50.12			1,365		0.73			1.41			0.74			34
	29.67		(13.25	)		5,529		0.74			1.85			0.75			29
	35.62		7.41			8,018		0.74			1.85			0.84			15
	35.57		8.25			6,114		0.76			1.41	(f)		0.88			23
	33.59		15.27			422		0.83			1.14			0.89			24
	43.16		50.23			5,562,656		0.63			1.44			0.64			34
	29.71		(13.18	)		3,949,596		0.64			1.96			0.65			29
	35.67		7.57			4,025,348		0.64			2.02			0.74			15
	35.60		8.31			3,869,991		0.67			1.52	(f)		0.75			23
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Dollar values in thousands)

1. Organization

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

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”) was organized as a Massachusetts business trust on September 23, 1997, as an open-end management investment company.

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

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

	Classes Offered	Trust	Diversification Classification
JPMorgan Growth Advantage Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMMFIT	Diversified
JPMorgan Mid Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Mid Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Mid Cap Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMFMFG	Diversified
JPMorgan Value Advantage Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

The investment objective of JPMorgan Growth Advantage Fund (“Growth Advantage Fund”) and JPMorgan Mid Cap Equity Fund (“Mid Cap Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan Mid Cap Growth Fund (“Mid Cap Growth Fund”) is to seek growth of capital.

The investment objective of JPMorgan Mid Cap Value Fund (“Mid Cap Value Fund”) is to seek growth from capital appreciation.

The investment objective of JPMorgan Value Advantage Fund (“Value Advantage Fund”) is to seek to provide long-term total return from a combination of income and capital gains.

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

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

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

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

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

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

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

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

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

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

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

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

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

Growth Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	15,004,815	$	—	$	—	$	15,004,815

(a) Please refer to the SOI for specifics of portfolio holdings.

Mid Cap Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,879,835	$	—	$	—	$	2,879,835

(a) Please refer to the SOI for specifics of portfolio holdings.

Mid Cap Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	9,331,669	$	—	$	—	$	9,331,669

(a) Please refer to the SOI for specifics of portfolio holdings.

Mid Cap Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	17,147,595	$	—	$	—	$	17,147,595

(a) Please refer to the SOI for specifics of portfolio holdings.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Value Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,128,264	$	—	$	—	$	11,128,264

(a) Please refer to the SOI for specifics of portfolio holdings.

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

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

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

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2021.

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Growth Advantage Fund	$	151,682		(149,952	)**	$	1,730
Mid Cap Equity Fund		58,238		(58,238	)		—
Mid Cap Growth Fund		258,405		(258,405	)		—
Mid Cap Value Fund		21,845		(21,845	)		—
Value Advantage Fund		45,570		(45,570	)		—

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

** Subsequent to June 30, 2021, additional collateral was received.

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.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%. For the year ended June 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Growth Advantage Fund	$	19
Mid Cap Equity Fund		2
Mid Cap Growth Fund		17
Mid Cap Value Fund		7
Value Advantage Fund		7

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

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

Growth Advantage Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	105,416	$	4,419,023	$	4,364,840	$	(64	)	$	(25	)	$	159,510		159,430	$	245		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		302,529		2,066,000		2,235,244		(75	)*		(9	)		133,201		133,201		420	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		31,490		1,031,923		1,046,662		—			—			16,751		16,751		13	*		—
Total	$	439,435	$	7,516,946	$	7,646,746	$	(139	)	$	(34	)	$	309,462			$	678		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Mid Cap Equity Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	40,612	$	830,766	$	806,897	$	(14	)	$	(2	)	$	64,465		64,433	$	58		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		—		323,000		270,000		(7	)*		(3	)		52,990		52,990		42	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		143,549		136,620		—			—			6,929		6,929		2	*		—
Total	$	40,612	$	1,297,315	$	1,213,517	$	(21	)	$	(5	)	$	124,384			$	102		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

Mid Cap Growth Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	51,560	$	1,518,917	$	1,380,301	$	(20	)	$	(12	)	$	190,144		190,049	$	169		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		211,088		1,697,000		1,668,999		(81	)*		(16	)		238,992		238,992		447	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		24,377		573,278		570,890		—			—			26,765		26,765		13	*		—
Total	$	287,025	$	3,789,195	$	3,620,190	$	(101	)	$	(28	)	$	455,901			$	629		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

Mid Cap Value Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	170,302	$	3,085,766	$	2,921,769	$	66		$	(170	)	$	334,195		334,028	$	368		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		168,074		604,000		753,500		(38	)*		(1	)		18,535		18,536		163	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		23,472		280,045		299,851		—			—			3,666		3,666		5	*		—
	$	361,848	$	3,969,811	$	3,975,120	$	28		$	(171	)	$	356,396			$	536		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

Value Advantage Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	193,827	$	5,039,507	$	4,873,138	$	(105	)	$	4		$	360,095		359,916	$	322		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		139,126		690,985		789,000		(34	)*		(3	)		41,074		41,074		202	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		15,136		290,778		299,946		—			—			5,968		5,968		7	*		—
Total	$	348,089	$	6,021,270	$	5,962,084	$	(139	)	$	1		$	407,137			$	531		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

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.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2021 are as follows:

	Class A		Class C		Class I		Class L		Class R2			Class R3		Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	124	$	57	$	70		n/a	$	1		$	1	$	—	(a)	$	3		$	70	$	326
Mid Cap Equity Fund
Transfer agency fees		29		1		21		n/a		1			n/a		n/a			—	(a)		13		65
Mid Cap Growth Fund
Transfer agency fees		293		7		40		n/a		22			3		1			7			82		455
Mid Cap Value Fund
Transfer agency fees		88		4		38	$	18		7			2		1			1			74		233
Value Advantage Fund
Transfer agency fees		70		32		45		29		—	(a)		1		—	(a)		—	(a)		37		214

(a) Amount rounds to less than one thousand.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Growth Advantage Fund	$	202,249	$	34,392		$	(236,641	)
Mid Cap Equity Fund		2,483		(1,295	)		(1,188	)
Mid Cap Growth Fund		—		29,519			(29,519	)
Mid Cap Value Fund		—		(11,446	)		11,446
Value Advantage Fund		—		(7,008	)		7,008

The reclassifications for the Funds relate primarily to net operating losses, non-taxable dividends and tax equalization.

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.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

3. Fees and Other Transactions with Affiliates

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

Growth Advantage Fund	0.55	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.55

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2021, the effective 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 year ended June 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	596	$	1
Mid Cap Equity Fund		107		1
Mid Cap Growth Fund		180		—	(a)
Mid Cap Value Fund		64		—
Value Advantage Fund		142		—	(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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

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

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

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

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		n/a			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 year ended June 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

For the year ended June 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	—	$	—	$	21	$	21	$	—	(a)
Mid Cap Equity Fund		1,468		979		40		2,487		1
Mid Cap Growth Fund		148		97		1,638		1,883		65
Mid Cap Value Fund		904		594		4,874		6,372		39
Value Advantage Fund		55		36		97		188		27

(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 year ended June 30, 2021 were as follows:

Growth Advantage Fund	$	194
Mid Cap Equity Fund		49
Mid Cap Growth Fund		135
Mid Cap Value Fund		295
Value Advantage Fund		251

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.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

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

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

During the year ended June 30, 2021, Growth Advantage Fund, Mid Cap Equity Fund and Mid Cap Growth Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended June 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	5,664,969	$	6,793,527
Mid Cap Equity Fund		1,513,567		1,141,472
Mid Cap Growth Fund		3,891,283		3,031,971
Mid Cap Value Fund		3,121,834		4,865,259
Value Advantage Fund		3,185,060		4,629,186

During the year ended June 30, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	7,740,972	$	7,362,987	$	99,144	$	7,263,843
Mid Cap Equity Fund		1,876,346		1,011,246		7,757		1,003,489
Mid Cap Growth Fund		6,140,513		3,274,487		83,331		3,191,156
Mid Cap Value Fund		9,973,135		7,225,530		51,070		7,174,460
Value Advantage Fund		7,162,655		3,980,011		14,402		3,965,609

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

The tax character of distributions paid during the year ended June 30, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	173,658	$	1,159,877	$	1,333,535
Mid Cap Equity Fund		34,787		182,224		217,011
Mid Cap Growth Fund		98,717		670,719		769,436
Mid Cap Value Fund		166,699		903,443		1,070,142
Value Advantage Fund		156,787		134,979		291,766

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	—	$	835,282	$	835,282
Mid Cap Equity Fund		18,575		205,540		224,115
Mid Cap Growth Fund		—		345,443		345,443
Mid Cap Value Fund		207,560		647,712		855,272
Value Advantage Fund		180,428		287,467		467,895

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

As of June 30, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	416,691	$	1,517,775	$	7,263,843
Mid Cap Equity Fund		34,680		143,942		1,003,489
Mid Cap Growth Fund		160,207		554,291		3,191,156
Mid Cap Value Fund		157,708		1,510,292		7,174,460
Value Advantage Fund		226,518		743,807		3,965,609

The cumulative timing differences primarily consist of investments in PFICs, wash sale loss deferrals, non-taxable dividends and late year ordinary loss deferrals.

As of June 30, 2021, the Funds did not have any net capital loss carryforwards.

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2021, the following Funds deferred to July 1, 2021 late year ordinary losses of:

	Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	19,685
Mid Cap Growth Fund		21,652

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended June 30, 2021.

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

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2021.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25% (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended June 30, 2021.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		14.1	%		1		23.8	%
Mid Cap Equity Fund		—		—			2		66.5
Mid Cap Growth Fund		1		10.9			2		28.3
Mid Cap Value Fund		—		—			2		35.2
Value Advantage Fund		—		—			2		23.3

As of June 30, 2021, JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan SmartRetirement Funds
Growth Advantage Fund		10.7	%
Value Advantage Fund		26.5

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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. Redemption 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:

	Value			Realized Gains (Losses)		Type
Mid Cap Equity Fund	$	1,200,715	*	$	234,072		Redemption in-kind

* This amount includes cash of $42,541 associated with the redemption in-kind.

9. Subsequent Event

Effective November 1, 2021, the contractual expense limitation for the following funds will decrease to the percentages shown in the table below, and will be in place until at least October 31, 2022.

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund		1.04	%		1.54	%		0.79	%		1.30	%		1.05	%		0.80	%		0.65	%		0.55	%
Mid Cap Growth Fund		1.14			1.64			0.89			1.45			1.20			0.95			n/a			0.70
Mid Cap Value Fund		1.14			1.64			0.89			1.40			1.15			0.90			0.75			0.65
Value Advantage Fund		1.04			1.54			0.79			1.30			1.05			0.80			0.65			0.55

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Value Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Value Advantage Fund and JPMorgan Mid Cap Growth Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations for the year ended June 30, 2021, the statements of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlightsfor each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2021

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. (3)	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	127	None
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

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

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (127 funds).

⁽³⁾  Mr. Harrington retired from the Board of Trustees effective July 31, 2021.

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

TRUSTEES

(Unaudited) (continued)

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

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

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

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

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2021, and continued to hold your shares at the end of the reporting period, June 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,115.70	$	5.93		1.13	%
Hypothetical		1,000.00		1,019.19		5.66		1.13
Class C
Actual		1,000.00		1,112.80		8.54		1.63
Hypothetical		1,000.00		1,016.71		8.15		1.63
Class I
Actual		1,000.00		1,117.10		4.62		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88
Class R2
Actual		1,000.00		1,114.30		7.29		1.39
Hypothetical		1,000.00		1,017.90		6.95		1.39
Class R3
Actual		1,000.00		1,115.90		5.98		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class R4
Actual		1,000.00		1,117.10		4.62		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88
Class R5
Actual		1,000.00		1,117.70		3.83		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73
Class R6
Actual		1,000.00		1,118.50		3.31		0.63
Hypothetical		1,000.00		1,021.67		3.16		0.63

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	1,146.50	$	6.07		1.14	%
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class C
Actual		1,000.00		1,143.80		8.72		1.64
Hypothetical		1,000.00		1,016.66		8.20		1.64
Class I
Actual		1,000.00		1,147.80		4.74		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R2
Actual		1,000.00		1,145.10		7.39		1.39
Hypothetical		1,000.00		1,017.90		6.95		1.39
Class R5
Actual		1,000.00		1,148.90		3.94		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R6
Actual		1,000.00		1,149.30		3.41		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64
JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,084.30		6.41		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,081.40		8.98		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I
Actual		1,000.00		1,086.00		4.81		0.93
Hypothetical		1,000.00		1,020.18		4.66		0.93
Class R2
Actual		1,000.00		1,082.90		7.70		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R3
Actual		1,000.00		1,084.30		6.41		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class R4
Actual		1,000.00		1,085.70		5.12		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class R5
Actual		1,000.00		1,086.50		4.09		0.79
Hypothetical		1,000.00		1,020.88		3.96		0.79
Class R6
Actual		1,000.00		1,087.10		3.83		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund
Class A
Actual	$	1,000.00	$	1,214.60	$	6.70		1.22	%
Hypothetical		1,000.00		1,018.74		6.11		1.22
Class C
Actual		1,000.00		1,211.40		9.38		1.71
Hypothetical		1,000.00		1,016.31		8.55		1.71
Class I
Actual		1,000.00		1,216.00		5.27		0.96
Hypothetical		1,000.00		1,020.03		4.81		0.96
Class L
Actual		1,000.00		1,217.60		4.12		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class R2
Actual		1,000.00		1,213.20		8.07		1.47
Hypothetical		1,000.00		1,017.50		7.35		1.47
Class R3
Actual		1,000.00		1,214.90		6.65		1.21
Hypothetical		1,000.00		1,018.79		6.06		1.21
Class R4
Actual		1,000.00		1,216.40		5.28		0.96
Hypothetical		1,000.00		1,020.03		4.81		0.96
Class R5
Actual		1,000.00		1,217.10		4.45		0.81
Hypothetical		1,000.00		1,020.78		4.06		0.81
Class R6
Actual		1,000.00		1,217.80		3.90		0.71
Hypothetical		1,000.00		1,021.27		3.56		0.71
JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,212.90		6.20		1.13
Hypothetical		1,000.00		1,019.19		5.66		1.13
Class C
Actual		1,000.00		1,209.80		8.93		1.63
Hypothetical		1,000.00		1,016.71		8.15		1.63
Class I
Actual		1,000.00		1,214.50		4.83		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88
Class L
Actual		1,000.00		1,215.20		4.01		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73
Class R2
Actual		1,000.00		1,211.10		7.57		1.38
Hypothetical		1,000.00		1,017.95		6.90		1.38
Class R3
Actual		1,000.00		1,212.70		6.25		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class R4
Actual		1,000.00		1,214.10		4.89		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R5
Actual		1,000.00		1,215.30		4.01		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73
Class R6
Actual		1,000.00		1,215.80		3.46		0.63
Hypothetical		1,000.00		1,021.67		3.16		0.63

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

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

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this

assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (4) whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (6) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

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

JUNE 30, 2021 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2021:

	Dividends Received Deduction
JPMorgan Growth Advantage Fund		41.77	%
JPMorgan Mid Cap Equity Fund		57.41
JPMorgan Mid Cap Growth Fund		23.86
JPMorgan Mid Cap Value Fund		100.00
JPMorgan Value Advantage Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Growth Advantage Fund	$	1,318,561
JPMorgan Mid Cap Equity Fund		184,140
JPMorgan Mid Cap Growth Fund		670,719
JPMorgan Mid Cap Value Fund		903,443
JPMorgan Value Advantage Fund		134,979

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2021:

	Qualified Dividend Income
JPMorgan Growth Advantage Fund	$	75,026
JPMorgan Mid Cap Equity Fund		20,127
JPMorgan Mid Cap Growth Fund		24,984
JPMorgan Mid Cap Value Fund		166,699
JPMorgan Value Advantage Fund		156,787

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2021

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2021. All rights reserved. June 2021. AN-MC-621

Annual Report

J.P. Morgan Large Cap Funds

June 30, 2021

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Hedged Equity 2 Fund

JPMorgan Hedged Equity 3 Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

JPMorgan U.S. Equity Fund

JPMorgan U.S. GARP Equity Fund

(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 Hedged Equity 2 Fund	12
JPMorgan Hedged Equity 3 Fund	14
JPMorgan Large Cap Growth Fund	16
JPMorgan Large Cap Value Fund	18
JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)	20
JPMorgan U.S. Equity Fund	22
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)	24
JPMorgan U.S. Large Cap Core Plus Fund	26
JPMorgan U.S. Research Enhanced Equity Fund	29
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)	31
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)	33
Schedules of Portfolio Investments	35
Financial Statements	84
Financial Highlights	122
Notes to Financial Statements	152
Report of Independent Registered Public Accounting Firm	177
Trustees	179
Officers	182
Schedule of Shareholder Expenses	183
Board Approval of Investment Advisory Agreements	189
Liquidity Risk Management Program	191
Tax Letter	192
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

August 4, 2021 (Unaudited)

Dear Shareholders,

The rally in equity markets that began in the second half of last year accelerated in 2021 on the back of mass vaccinations against COVID-19, federal relief and recovery efforts and a surge in both corporate profits and consumer spending. As a result, we find ourselves in a different environment than we inhabited a year ago.

  “Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management.” — Andrea L. Lisher

U.S. equity markets turned in a particularly remarkable performance over the twelve months ended June 30, 2021. The S&P 500 posted a total return of 40.79%; the Russell 1000 returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell Small Cap Index returned 62.03%. The lesson for investors, we believe, is clear: Those who were consistently and fully invested in the second half of 2020 through the first half of 2021 stood to benefit greatly from the superlative performance in global equity markets.

The rollout of mass vaccinations and the partial reopening of economies at all scales have fueled job growth, consumer spending and rising corporate profits. However, the pandemic

remains a global threat and the Delta variant of COVID-19 has driven a resurgence in infections across the U.S. and elsewhere. At the same time, a rush of economic activity has driven prices higher for a range of products and commodities and raised investor concerns about the timing of any potential response to rising inflation by the U.S. Federal Reserve. While the central bank has acknowledged stronger-than-expected inflationary data, it has also maintained its stance that upward pressure on consumer prices is likely to be a temporary effect of the economic recovery.

Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

Overall, U.S. and emerging markets equity led a remarkable global rally in stocks on the back of massive central bank interventions, unprecedented fiscal spending and the rollout of multiple vaccines against COVID-19 and its variants. The initial reopening of the U.S. economy in 2021 fueled a surge in corporate profits, consumer spending and business investment.

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. 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 the pandemic 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. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package -- and the prospect of additional federal government spending – helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on select equity markets in June.

Within U.S. equity markets, the S&P 500 Index returned 40.79%; the Russell 1000 Index returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell 2000 Index returned 62.03% for the twelve months ended June 30, 2021.

2 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	47.46%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$131,894

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 twelve months ended June 30, 2021. The Fund’s security selection and overweight position in the financials sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care 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 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 and general investor demand for financial sector stocks. Shares of Charles Schwab, a financial services provider, rose following the company’s $26 billion acquisition of TD Ameritrade in October 2020 and amid general investor demand for financials sector stocks.

Leading individual detractors from relative performance included the Fund’s overweight positions in Xcel Energy Inc., Home Depot Inc. and Discovery Inc. Shares of Xcel, an electricity and natural gas utility, fell late in the period following a run-up in the share price in early 2021. Shares of Home Depot, a home improvement retail chain, fell after a significant run-up in the share price in 2020. Shares of Discovery, an entertainment and media company, fell sharply in March 2021 following the collapse of Archegos Capital Management, which held large leveraged positions in Discovery shares.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		5.5	%
	2.	Apple, Inc.		4.8
	3.	Alphabet, Inc., Class C		4.7
	4.	AutoZone, Inc.		3.8
	5.	Amazon.com, Inc.		3.8
	6.	Berkshire Hathaway, Inc., Class B		3.5
	7.	Loews Corp.		3.4
	8.	Capital One Financial Corp.		3.1
	9.	Bank of America Corp.		3.0
	10.	AbbVie, Inc.		2.9

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		23.4	%
Financials		15.0
Communication Services		13.1
Health Care		12.7
Consumer Discretionary		10.8
Materials		5.0
Real Estate		4.6
Industrials		3.6
Energy		3.5
Utilities		2.8
Consumer Staples		2.8
Short-Term Investments		2.7

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge*			39.35	%		18.13	%		14.55	%
Without Sales Charge			47.07			19.40			15.18
CLASS C SHARES	July 29, 2011
With CDSC**			45.37			18.81			14.71
Without CDSC			46.37			18.81			14.71
CLASS I SHARES	July 29, 2011		47.46			19.71			15.47
CLASS R6 SHARES	October 1, 2018		47.82			19.88			15.55

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 6/30/21)

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

The Fund commenced operations on July 29, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from July 29, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of

large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

4 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	40.16%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$46,405,657

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 twelve months ended June 30, 2021. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and industrials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in CME Group Inc. and General Dynamics Corp., and its underweight position in Alphabet Inc. Shares of CME Group, a financial derivatives market operator, underperformed after the company reported lower-than-expected earnings and revenue for the third quarter of 2020. Shares of General Dynamics, an aerospace and defense manufacturer, underperformed after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2020. Shares of Alphabet, parent company of Google Inc., which were not held in the Fund, rose on continued growth in earnings and revenue throughout the period.

Leading individual contributors to relative performance included the Fund’s underweight positions in AT&T Corp. and Intel Corp. and its out-of-Benchmark position in Deere Inc. Shares of AT&T, a telecommunications and entertainment provider not held in the Fund, fell amid investor concerns that the company’s sale of its WarnerMedia unit would reduce AT&T’s quarterly dividends. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021. Shares of Deere, a maker of agriculture and construction equipment, rose after the company reported better-than-expected earnings for its fiscal second quarter and raised its earnings forecast for the fiscal year 2021.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at

attractive valuations had the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Comcast Corp., Class A		2 .6	%
	2.	BlackRock, Inc.		2 .5
	3.	Bank of America Corp.		2 .4
	4.	UnitedHealth Group, Inc.		2 .4
	5.	ConocoPhillips		2 .4
	6.	Bristol-Myers Squibb Co.		2 .2
	7.	Analog Devices, Inc.		2 .2
	8.	PNC Financial Services Group, Inc. (The)		2 .2
	9.	Medtronic plc		2 .0
	10.	Philip Morris International, Inc.		2 .0

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		23.7	%
Industrials		14.8
Health Care		14.4
Information Technology		9.5
Consumer Staples		8.6
Consumer Discretionary		8.1
Energy		5.6
Utilities		3.9
Communication Services		3.6
Materials		3.2
Real Estate		2.2
Short-Term Investments		2.4

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			32.46	%		11.63	%		11.64	%
Without Sales Charge			39.81			12.84			12.24
CLASS C SHARES	November 4, 1997
With CDSC**			38.19			12.29			11.79
Without CDSC			39.19			12.29			11.79
CLASS I SHARES	July 2, 1987		40.16			13.13			12.52
CLASS R2 SHARES	February 28, 2011		39.47			12.56			11.96
CLASS R3 SHARES	September 9, 2016		39.79			12.85			12.24
CLASS R4 SHARES	September 9, 2016		40.19			13.13			12.52
CLASS R5 SHARES	February 28, 2011		40.41			13.32			12.73
CLASS R6 SHARES	January 31, 2012		40.51			13.43			12.81

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value

Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

6 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	29.87%
S&P 500 Index	40.79%
ICE BofAML 3-Month US Treasury Bill Index	0.09%
Net Assets as of 6/30/2021 (In Thousands)	$900,804

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 US Treasury Bill Index for the twelve months ended June 30, 2021. The Fund’s security selection in the financials sector and its underweight position in the utilities sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the industrials sector and its security selection in the consumer discretionary sector were leading contributors to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight position in Nvidia Corp. and its overweight positions in Jack Henry & Associates Inc. and Progressive Corp. Shares of Nvidia, a semiconductor maker not held in the Fund, rose amid consecutive quarters of better-than-expected earnings and revenue. Shares of Jack Henry & Associates, a payment processing provider mainly serving the financial services sector, fell after the company reported several quarters of lower-than-expected revenue. Shares of Progressive, a property and casualty insurer, fell amid lower-than-expected earnings and revenue for the first quarter of 2021 as well as a decline in monthly revenue.

Leading individual contributors to relative performance included the Fund’s overweight positions in Target Corp. and Trane Technologies PLC, and its underweight position in Intel Corp. Shares of Target, a discount department store chain, rose following consecutive quarters of better-than-expected growth in earnings and revenue amid a strong rebound in consumer spending during the period. Shares of Trane Technologies, an air conditioning, heating and ventilation company, rose after the company reported better-than-expected earnings and revenue amid strong consumer and commercial demand. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

HOW WAS THE FUND POSITIONED?

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Toronto-Dominion Bank (The), ELN, 35.60%, 8/6/2021, (linked to S&P 500 Index)		3.6	%
	2.	Royal Bank of Canada, ELN, 36.35%, 7/16/2021, (linked to S&P 500 Index)		3.1
	3.	BNP Paribas, ELN, 37.87%, 7/23/2021, (linked to S&P 500 Index)		3.0
	4.	UBS AG, ELN, 36.40%, 7/30/2021, (linked to S&P 500 Index)		3.0
	5.	Citigroup Global Markets Holdings, Inc., ELN, 38.70%, 7/9/2021, (linked to S&P 500 Index)		2.6
	6.	Microsoft Corp.		1.6
	7.	Intuit, Inc.		1.6
	8.	Accenture plc, Class A		1.5
	9.	Target Corp.		1.5
	10.	Eli Lilly & Co.		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		11.3	%
Information Technology		11.2
Industrials		10.6
Consumer Staples		9.9
Financials		9.1
Communication Services		7.5
Consumer Discretionary		7.4
Utilities		6.3
Materials		3.3
Real Estate		2.6
Energy		0.8
Other***		15.3
Short-Term Investments		4.7

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

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

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

ELN Equity-Linked Note

8 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021

	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		August 31, 2018
With Sales Charge*				22.76	%		8.28	%
Without Sales Charge				29.57			10.36
CLASS C SHARES		August 31, 2018
With CDSC**				28.03			9.81
Without CDSC				29.03			9.81
CLASS I SHARES		August 31, 2018		29.87			10.61
CLASS R5 SHARES		August 31, 2018		30.06			10.78
CLASS R6 SHARES		August 31, 2018		30.29			10.89

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/31/18 to 6/30/21)

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

The Fund commenced operations on August 31, 2018.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through April 7, 2019, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	19.66%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$18,294,923

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 twelve months ended June 30, 2021. The Fund’s security selection in the pharmaceutical/medical technology and real estate investment trust sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and telecommunications sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in FedEx Corp. and its underweight positions in Walt Disney Co. and J.P. Morgan Chase & Co. Shares of FedEx, a parcel and freight delivery company, underperformed amid investor concerns about global supply chain problems. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, rose amid better-than-expected earnings and general investor demand for financial sector stocks.

Leading individual contributors to relative performance included the Fund’s overweight positions in Applied Materials Inc. and Capital One Financial Corp. and its underweight position in Intel Inc. Shares of Applied Materials, a semiconductor manufacturing equipment provider, rose amid a surge in global demand for semiconductors in 2021. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period and general investor demand for financial sector stocks. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The option overlay is known as a Put/Spread Collar

strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.5	%
	2.	Apple, Inc.		5.8
	3.	Amazon.com, Inc.		4.4
	4.	Alphabet, Inc., Class A		2.5
	5.	Facebook, Inc., Class A		2.2
	6.	Alphabet, Inc., Class C		2.0
	7.	Berkshire Hathaway, Inc., Class B		1.6
	8.	S&P 500 Index 9/30/2021 at USD 4,065.00, European Style		1.5
	9.	Tesla, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		26.4	%
Consumer Discretionary		12.6
Health Care		12.6
Financials		11.4
Communication Services		11.0
Industrials		8.5
Consumer Staples		4.9
Energy		2.8
Utilities		2.4
Materials		2.3
Real Estate		1.8
Put Options Purchased		1.6
Short-Term Investments		1.7

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

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

10 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge*			13.06	%		9.56	%		7.79	%
Without Sales Charge			19.31			10.75			8.56
CLASS C SHARES	December 13, 2013
With CDSC**			17.76			10.21			8.02
Without CDSC			18.76			10.21			8.02
CLASS I SHARES	December 13, 2013		19.66			11.04			8.84
CLASS R5 SHARES	December 13, 2013		19.79			11.21			9.03
CLASS R6 SHARES	December 13, 2013		19.90			11.30			9.10

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 6/30/21)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from December 13, 2013 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Hedged Equity 2 Fund

FUND COMMENTARY

FOR THE PERIOD FEBRUARY 26, 2021 (INCEPTION DATE) THROUGH JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	6.63%
S&P 500 Index	13.30%
Net Assets as of 6/30/2021 (In Thousands)	$1,391,868

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 2 Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the period from inception on February 26, 2021 to June 30, 2021. The Fund’s security selection in the pharmaceutical/medical technology and utilities sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Adobe Inc. and its overweight positions in Deere & Co. and Netflix Inc. Shares of Adobe, a software company not held in the Fund, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of Deere, a maker of agricultural and construction equipment, underperformed late in the period after the company warned of pandemic-related constraints on its supply chain. Shares of Netflix, an online entertainment provider, fell amid investor concerns about slowing growth in new subscribers.

Leading individual contributors to relative performance included the Fund’s overweight position in Walt Disney Co. and its underweight positions in J.P. Morgan Chase & Co. and Intel Inc. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, underperformed amid declining interest rates during the period. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call

options. The option overlay is known as a Put/Spread Collar strategy. The combination of the diversified portfolio of equity

securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.3	%
	2.	Apple, Inc.		5.7
	3.	Amazon.com, Inc.		4.3
	4.	Alphabet, Inc., Class A		2.4
	5.	Facebook, Inc., Class A		2.2
	6.	Alphabet, Inc., Class C		2.0
	7.	Berkshire Hathaway, Inc., Class B		1.5
	8.	Tesla, Inc.		1.4
	9.	Mastercard, Inc., Class A		1.3
	10.	NVIDIA Corp.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		25.7	%
Consumer Discretionary		12.3
Health Care		12.2
Financials		11.0
Communication Services		10.7
Industrials		8.3
Consumer Staples		4.8
Energy		2.7
Utilities		2.3
Materials		2.3
Real Estate		1.7
Put Options Purchased		0.3
Short-Term Investments		5.7

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

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

12 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge*			6.54	%
Without Sales Charge			6.54
CLASS C SHARES	February 26, 2021
With CDSC**			5.36
Without CDSC			6.36
CLASS I SHARES	February 26, 2021		6.63
CLASS R5 SHARES	February 26, 2021		6.66
CLASS R6 SHARES	February 26, 2021		6.75

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (2/26/21 TO 6/30/21)

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund and the S&P 500 Index from February 26, 2021 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity 3 Fund

FUND COMMENTARY

FOR THE PERIOD FEBRUARY 26, 2021 (INCEPTION DATE) THROUGH JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	6.64%
S&P 500 Index	13.30%
Net Assets as of 6/30/2021 (In Thousands)	$566,566

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 3 Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the period from inception on February 26, 2021 to June 30, 2021. The Fund’s security selection in the pharmaceutical/medical technology and utilities sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Adobe Inc. and its overweight positions in Deere & Co. and Netflix Inc. Shares of Adobe, a software company not held in the Fund, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of Deere, a maker of agricultural and construction equipment, underperformed late in the period after the company warned of pandemic-related constraints on its supply chain. Shares of Netflix, an online entertainment provider, fell amid investor concerns about slowing growth in new subscribers.

Leading individual contributors to relative performance included the Fund’s overweight position in Walt Disney Co. and its underweight positions in J.P. Morgan Chase & Co. and Intel Inc. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, underperformed amid declining interest rates during the period. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The option overlay is known as a Put/Spread Collar

strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.4	%
	2.	Apple, Inc.		5.8
	3.	Amazon.com, Inc.		4.4
	4.	Alphabet, Inc., Class A		2.5
	5.	Facebook, Inc., Class A		2.2
	6.	Alphabet, Inc., Class C		2.0
	7.	Berkshire Hathaway, Inc., Class B		1.6
	8.	Tesla, Inc.		1.4
	9.	Mastercard, Inc., Class A		1.4
	10.	NVIDIA Corp.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		26.3	%
Consumer Discretionary		12.6
Health Care		12.5
Financials		11.3
Communication Services		10.9
Industrials		8.5
Consumer Staples		4.9
Energy		2.8
Utilities		2.3
Materials		2.3
Real Estate		1.8
Put Options Purchased		0.8
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.

14 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge*			6.50	%
Without Sales Charge			6.50
CLASS C SHARES	February 26, 2021
With CDSC**			5.37
Without CDSC			6.37
CLASS I SHARES	February 26, 2021		6.64
CLASS R5 SHARES	February 26, 2021		6.64
CLASS R6 SHARES	February 26, 2021		6.68

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (2/26/21 TO 6/30/21)

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund and the S&P 500 Index from February 26, 2021 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	41.37%
Russell 1000 Growth Index	42.50%
Net Assets as of 6/30/2021 (In Thousands)	$37,416,380

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the health care and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Seagen Inc., Regeneron Pharmaceuticals Inc. and DexCom Inc. Shares of Seagen, a drug development company, fell after the company reported lower-than-expected earnings for the first quarter of 2021. 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 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., Snap Inc. and ASML Holdings NV. 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 Snap, an online camera platform and social media provider, rose after the company reported consecutive quarters of better-than-expected earnings and revenue during the period. Shares of ASML Holdings, a semiconductor manufacturing equipment maker, rose on growth in demand amid a global supply shortage of semiconductors.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive

fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Alphabet, Inc., Class C		6.0	%
	2.	Apple, Inc.		5.8
	3.	Microsoft Corp.		4.7
	4.	Facebook, Inc., Class A		4.5
	5.	PayPal Holdings, Inc.		3.4
	6.	Amazon.com, Inc.		3.2
	7.	Deere & Co.		3.1
	8.	Snap, Inc., Class A		2.5
	9.	Charles Schwab Corp. (The)		2.1
	10.	Morgan Stanley		2.0

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		28.9	%
Communication Services		17.3
Consumer Discretionary		13.7
Health Care		10.8
Industrials		9.6
Financials		8.6
Consumer Staples		3.7
Materials		2.3
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.

16 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge*			33.60	%		26.47	%		17.67	%
Without Sales Charge			41.00			27.84			18.30
CLASS C SHARES	November 4, 1997
With CDSC**			39.32			27.20			17.83
Without CDSC			40.32			27.20			17.83
CLASS I SHARES	February 28, 1992		41.37			28.13			18.54
CLASS R2 SHARES	November 3, 2008		40.65			27.51			18.01
CLASS R3 SHARES	September 9, 2016		41.01			27.81			18.28
CLASS R4 SHARES	September 9, 2016		41.37			28.12			18.54
CLASS R5 SHARES	April 14, 2009		41.57			28.33			18.75
CLASS R6 SHARES	November 30, 2010		41.70			28.46			18.85

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

Returns for Class R3 and Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	62.22%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$4,341,470

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. 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 in the health care and financials sectors were the smallest contributors and no sectors detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in U.S. Foods Holding Corp., General Motors Co. and ON Semiconductor Corp. Shares of U.S. Foods Holding, a foodservice distributor, rose after the company reported a narrower-than-expected loss for the first quarter of 2021 and amid investor demand for value stocks. Shares of ON Semiconductor, a semiconductor manufacturer, rose amid a surge in global demand for semiconductors in 2021. 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 increased government spending on electric vehicle development.

Leading individual detractors from relative performance included the Fund’s overweight positions in FMC Corp. and Carter’s Inc. and its underweight position in Alphabet Inc. Shares of FMC, a diversified chemicals manufacturer, underperformed after the company issued a lower-than-expected earnings forecast for the first quarter and full year 2021. Shares of Carter’s, a maker of children’s apparel, underperformed late in the period following a run-up in the stock price driven by better-than-expected earnings for the first quarter of 2021. Shares of Alphabet, parent company of Google Inc., rose on continued growth in earnings and revenue throughout the period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio manager combined a bottom-up fundamental approach to security selection with a systematic valuation process. Overall, the Fund’s portfolio manager looked to take advantage of mispriced stocks that he believed appeared attractive relative to their fair value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Wells Fargo & Co.		3.8	%
	2.	US Foods Holding Corp.		3.6
	3.	Bank of America Corp.		3.2
	4.	Comcast Corp., Class A		2.7
	5.	Lamb Weston Holdings, Inc.		2.7
	6.	Cigna Corp.		2.7
	7.	Freeport-McMoRan, Inc.		2.5
	8.	State Street Corp.		2.4
	9.	FMC Corp.		2.3
	10.	Boeing Co. (The)		2.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		18.0	%
Industrials		15.7
Health Care		15.0
Energy		9.9
Materials		9.5
Consumer Discretionary		8.9
Consumer Staples		8.0
Information Technology		5.9
Communication Services		3.3
Real Estate		2.9
Utilities		0.9
Short-Term Investments		2.0

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

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

18 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			53.42	%		14.15	%		12.17	%
Without Sales Charge			61.86			15.38			12.78
CLASS C SHARES	March 22, 1999
With CDSC**			60.04			14.79			12.32
Without CDSC			61.04			14.79			12.32
CLASS I SHARES	March 1, 1991		62.22			15.64			13.00
CLASS R2 SHARES	November 3, 2008		61.40			15.07			12.48
CLASS R3 SHARES	October 1, 2018		61.83			15.38			12.78
CLASS R4 SHARES	October 1, 2018		62.16			15.63			12.99
CLASS R5 SHARES	May 15, 2006		62.47			15.81			13.20
CLASS R6 SHARES	November 30, 2010		62.68			15.92			13.28

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000 Value Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	46.80%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$276,279

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and real estate sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Lam Research Corp. and its overweight positions in Discovery Inc. and Alphabet Inc. Shares of Lam Research, a semiconductor manufacturing equipment provider, rose amid a surge in global demand for semiconductors in 2021. Shares of Discovery, an entertainment and media company, rose through most of the period before dropping sharply in March 2021 following the collapse of Archegos Capital Management, which held large leveraged positions in Discovery shares. Shares of Alphabet, parent company of Google Inc., rose on continued growth in earnings and revenue throughout the period.

Leading individual detractors from relative performance included the Fund’s overweight positions in Verizon Communications Inc., Electronic Arts Inc. and eBay Inc. Shares of Verizon Communications, a wireless telecommunications provider, underperformed amid increased competition for market share, particularly in 5G services, following T-Mobile US Inc.’s merger with Sprint Corp. in 2020. Shares of Electronic Arts, a publisher of video games and other digital content, underperformed amid low growth in the company’s mobile games business and lower-than-expected earnings for the first quarter of 2021. Shares of eBay, a provider of online marketplaces, underperformed after the company lowered its earnings forecast in April 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Bank of America Corp.		2.9	%
	2.	Verizon Communications, Inc.		2.5
	3.	Medtronic plc		2.3
	4.	Citigroup, Inc.		2.1
	5.	Anthem, Inc.		1.9
	6.	Eaton Corp. plc		1.9
	7.	Bristol-Myers Squibb Co.		1.9
	8.	Alphabet, Inc., Class C		1.8
	9.	Lam Research Corp.		1.6
	10.	Trane Technologies plc		1.6

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		19.0	%
Industrials		13.5
Health Care		13.2
Communication Services		9.6
Consumer Discretionary		8.5
Information Technology		8.4
Consumer Staples		6.3
Energy		5.7
Materials		4.9
Utilities		4.2
Real Estate		3.4
Short-Term Investments		3.3

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

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

20 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			38.78	%		11.32	%		10.33	%
Without Sales Charge			46.45			12.53			10.93
CLASS C SHARES	February 19, 2005
With CDSC**			44.71			11.97			10.49
Without CDSC			45.71			11.97			10.49
CLASS I SHARES	February 28, 2003		46.80			12.77			11.14
CLASS R2 SHARES	November 3, 2008		46.05			12.22			10.64
CLASS R5 SHARES	May 15, 2006		46.96			12.95			11.34
CLASS R6 SHARES	November 30, 2010		47.17			13.05			11.41

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Applied Data Science Value Fund and the Russell 1000 Value Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	41.81%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$19,843,651

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2021. 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 sector and its underweight position and security selection in the consumer cyclical sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc. and NXP Semiconductors NV. and its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. 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 NXP Semiconductors and Taiwan Semiconductor Manufacturing, both semiconductor makers, rose amid a surge in global demand for semiconductors in 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in Leidos Holdings Inc. and Northrop Grumman Corp., and its underweight position in Nvidia Corp. Shares of Leidos Holdings, a provider of engineering and technology to the aerospace and defense sectors, fell after the company reported lower-than-expected revenue for the fourth quarter of 2020. Shares of Northrop Grumman, an aerospace and defense manufacturer, underperformed amid investor expectations that the defense sector would be unlikely to immediately benefit from the re-opening of the U.S. economy in 2021. Shares of Nvidia, a semiconductor maker not held in the fund, rose amid consecutive quarters of better-than-expected earnings and revenue.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		7.1	%
	2.	Alphabet, Inc., Class A		7.0
	3.	Apple, Inc.		5.6
	4.	Amazon.com, Inc.		5.4
	5.	Mastercard, Inc., Class A		4.4
	6.	Eaton Corp. plc		3.2
	7.	Norfolk Southern Corp.		3.1
	8.	Analog Devices, Inc.		3.1
	9.	Prologis, Inc.		2.8
	10.	Coca-Cola Co. (The)		2.8

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.1	%
Consumer Discretionary		15.6
Financials		12.3
Health Care		11.4
Industrials		10.2
Communication Services		9.1
Utilities		4.1
Materials		3.0
Real Estate		2.8
Consumer Staples		2.8
Energy		0.3
Short-Term Investments		1.3

* 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.

22 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge*			33.76	%		17.42	%		14.29	%
Without Sales Charge			41.18			18.68			14.90
CLASS C SHARES	September 10, 2001
With CDSC**			39.52			18.09			14.44
Without CDSC			40.52			18.09			14.44
CLASS I SHARES	September 10, 2001		41.64			18.96			15.14
CLASS L SHARES	September 17, 1993		41.81			19.13			15.31
CLASS R2 SHARES	November 3, 2008		40.92			18.39			14.61
CLASS R3 SHARES	September 9, 2016		41.30			18.67			14.90
CLASS R4 SHARES	September 9, 2016		41.58			18.95			15.14
CLASS R5 SHARES	May 15, 2006		41.79			19.16			15.34
CLASS R6 SHARES	November 30, 2010		41.98			19.27			15.43

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and

has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	40.38%
Russell 1000 Growth Index	42.50%
Net Assets as of 6/30/2021 (In Thousands)	$1,307,588

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 twelve months ended June 30, 2021. 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 information technology and materials sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in Mastercard Inc., Sprouts Farmers Market Inc. and VMware Inc. Shares of Mastercard, a credit card and payments company, underperformed amid investor concerns that the ongoing pandemic would limit consumer spending on travel in 2021. Shares of Sprouts Farmers Market, a supermarket chain, fell after the company reported several quarters of lower-than-expected revenue during the period. Shares of VMware, a provider of cloud-based software, underperformed following a run-up in the stock price early in the period.

Leading individual contributors to relative performance included the Fund’s overweight positions in Applied Materials Inc., Lam Research Inc. and Dell Technologies Inc. Shares of Applied Materials and Lam Research, both semiconductor manufacturing equipment providers, rose amid a surge in global demand for semiconductors in 2021. Shares of Dell Technologies, a provider of computers, software and services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		9.6	%
	2.	Apple, Inc.		8.7
	3.	Amazon.com, Inc.		6.3
	4.	Facebook, Inc., Class A		5.0
	5.	Mastercard, Inc., Class A		3.2
	6.	Adobe, Inc.		2.8
	7.	Alphabet, Inc., Class C		2.6
	8.	Alphabet, Inc., Class A		2.6
	9.	Tesla, Inc.		2.3
	10.	Intuit, Inc.		2.2

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		42.8	%
Consumer Discretionary		16.9
Communication Services		12.5
Health Care		10.5
Industrials		6.5
Consumer Staples		4.2
Real Estate		1.5
Financials		1.4
Others (each less than 1.0%)		1.0
Short-Term Investments		2.7

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

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

24 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			32.69	%		19.33	%		15.17	%
Without Sales Charge			40.03			20.62			15.79
CLASS C SHARES	February 19, 2005
With CDSC**			38.34			20.03			15.33
Without CDSC			39.34			20.03			15.33
CLASS I SHARES	February 28, 2003		40.38			20.93			16.08
CLASS R2 SHARES	November 3, 2008		39.68			20.32			15.50
CLASS R5 SHARES	May 15, 2006		40.59			21.12			16.29
CLASS R6 SHARES	November 02, 2015		40.73			21.23			16.35

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if

applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	42.65%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$2,651,246

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the semiconductors & hardware sector and its security selection and underweight position in the consumer stable sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the retail and industrial cyclical sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s short positions in Cisco Systems Inc. and Intel Corp., and long position in Diamondback Energy Inc. Shares of Cisco Systems, a provider of networking products and services, fell after pandemic-related supply chain problems led to decreased revenue in 2020. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021. Shares of Diamondback Energy, an oil and gas extraction company, rose amid a strong rebound in energy prices in the first half of 2021.

Leading individual detractors from relative performance included the Fund’s short positions in AMC Entertainment Holdings Inc. and General Electric Co., and its long position in Leidos Holdings Inc. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters that was not held in the Benchmark,

rose sharply in the first half of 2021, driven by users of Internet forums in response to large short positions in the stock. Shares of General Electric, a technology and financial services conglomerate, rose amid investor expectations for a rebound in air travel and demand for jet engines. Shares of Leidos Holdings, a provider of engineering and technology to the aerospace and defense sectors, fell after the company reported lower-than-expected revenue for the fourth quarter of 2020.

HOW WAS THE FUND POSITIONED?

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

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

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

26 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		5.6	%
	2.	Amazon.com, Inc.		4.4
	3.	Apple, Inc.		3.7
	4.	Alphabet, Inc., Class A		3.2
	5.	Facebook, Inc., Class A		2.6
	6.	Mastercard, Inc., Class A		2.4
	7.	NXP Semiconductors NV (China)		2.0
	8.	Analog Devices, Inc.		1.8
	9.	Norfolk Southern Corp.		1.5
	10.	Wells Fargo & Co.		1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Take-Two Interactive Software, Inc.		2.6	%
	2.	3M Co.		2.2
	3.	Clorox Co. (The)		2.2
	4.	Kroger Co. (The)		2.2
	5.	QUALCOMM, Inc.		2.1
	6.	Exxon Mobil Corp.		1.9
	7.	Intel Corp.		1.9
	8.	Omnicom Group, Inc.		1.8
	9.	Iron Mountain, Inc.		1.7
	10.	Consolidated Edison, Inc.		1.7

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		25.4	%
Industrials		12.5
Consumer Discretionary		12.4
Health Care		12.0
Communication Services		11.1
Financials		8.8
Energy		4.2
Consumer Staples		4.0
Materials		3.9
Real Estate		2.7
Utilities		2.6
Short-Term Investments		0.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		16.7	%
Communication Services		15.1
Information Technology		14.1
Consumer Staples		10.9
Energy		8.3
Financials		7.8
Health Care		7.3
Real Estate		6.6
Utilities		5.9
Materials		4.7
Consumer Discretionary		2.6

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge*			34.84	%		17.23	%		13.90	%
Without Sales Charge			42.30			18.50			14.52
CLASS C SHARES	November 1, 2005
With CDSC**			40.55			17.91			14.07
Without CDSC			41.55			17.91			14.07
CLASS I SHARES	November 1, 2005		42.65			18.80			14.81
CLASS R2 SHARES	November 3, 2008		41.77			18.12			14.19
CLASS R5 SHARES	May 15, 2006		42.70			18.90			14.97
CLASS R6 SHARES	November 1, 2017		42.86			18.99			15.02

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if appli-

cable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

28 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	42.92%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$5,052,042

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 twelve months ended June 30, 2021. The Fund’s security selection in the technology and telecommunications sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical and real estate investment trusts sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Applied Materials Inc. and Capital One Financial Corp., and its underweight position in Intel Corp. Shares of Applied Materials, a semiconductor manufacturing equipment provider, rose amid a surge in global demand for semiconductors in 2021. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period and general investor demand for financial sector stocks. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight position in FedEx Corp. and its underweight positions in Walt Disney Co. and J.P. Morgan Chase & Co. Shares of FedEx, a parcel and freight delivery company, underperformed amid investor concerns about global supply chain problems. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, rose amid better-than-expected earnings and general investor demand for financial sector stocks as the economic rebound began in 2020.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.6	%
	2.	Apple, Inc.		5.9
	3.	Amazon.com, Inc.		4.5
	4.	Alphabet, Inc., Class A		2.6
	5.	Facebook, Inc., Class A		2.3
	6.	Alphabet, Inc., Class C		2.1
	7.	Berkshire Hathaway, Inc., Class B		1.6
	8.	Tesla, Inc.		1.4
	9.	Mastercard, Inc., Class A		1.4
	10.	NVIDIA Corp.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.0	%
Consumer Discretionary		12.9
Health Care		12.8
Financials		11.6
Communication Services		11.3
Industrials		8.7
Consumer Staples		5.0
Energy		2.8
Utilities		2.4
Materials		2.4
Real Estate		1.8
Short-Term Investments		1.3

* 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			35.08	%		16.62	%		13.77	%
Without Sales Charge			42.55			17.88			14.39
CLASS I SHARES	September 10, 2001		42.92			18.18			14.68
CLASS R6 SHARES	March 24, 2003		43.09			18.31			14.89

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark,

if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

30 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	40.99%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$115,550

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the communication services and financials sectors was a

leading detractor relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Lam Research Corp., Aptiv PLC and Applied Materials Corp. Shares of Lam Research and Applied Materials, both semiconductor manufacturing equipment providers, rose amid a surge in global demand for semiconductors in 2021. Shares of Aptiv, an automotive components manufacturer based in Ireland, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2021.

Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Verizon Communications and Electronic Arts Inc., and its underweight position in Alphabet Inc. Shares of Verizon Communications, a wireless telecommunications provider, underperformed amid increased competition for market share, particularly in 5G services, following T-Mobile US Inc.’s merger with Sprint Corp. in 2020. Shares of Electronic Arts, a publisher of video games and other digital content, underperformed amid low growth in the company’s mobile games business and lower-than-expected earnings for the first quarter of 2021. Shares of Alphabet, parent company of Google Inc., rose on continued growth in earnings and revenue throughout the period.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a proprietary scoring methodology to invest in companies that the Fund’s portfolio managers believed have attractive environmental, social and governance characteristics and potential for long-term capital

appreciation. The Fund’s positioning during the period was a result of that process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		8.0	%
	2.	Apple, Inc.		4.3
	3.	Walt Disney Co. (The)		3.5
	4.	Mastercard, Inc., Class A		3.4
	5.	Bank of America Corp.		2.9
	6.	Home Depot, Inc. (The)		2.8
	7.	Intuit, Inc.		2.7
	8.	Trane Technologies plc		2.5
	9.	Eaton Corp. plc		2.4
	10.	Citigroup, Inc.		2.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		31.8	%
Health Care		14.3
Financials		12.8
Industrials		10.0
Consumer Discretionary		9.3
Communication Services		6.5
Real Estate		4.9
Consumer Staples		3.5
Utilities		1.6
Materials		1.3
Short-Term Investments		4.0

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

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

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

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			33.26	%		16.52	%		13.82	%
Without Sales Charge			40.64			17.79			14.43
CLASS C SHARES	February 19, 2005
With CDSC**			38.94			17.20			13.98
Without CDSC			39.94			17.20			13.98
CLASS I SHARES	February 28, 2003		40.99			18.08			14.72
CLASS R6 SHARES	September 30, 2020		41.02			18.09			14.72

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

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

32 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	44.88%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$1,706,985

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Value Fund (the “Fund”) seeks to provide capital growth over the long term.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. 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 performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight positions in Intel Corp. and AT&T Inc. and its overweight position in Wells Fargo & Co. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021. Shares of AT&T, a telecommunications and entertainment provider not held in the Fund, fell amid investor concerns that the company’s sale of its WarnerMedia unit would reduce AT&T’s quarterly dividends. Shares of Wells Fargo & Co., a banking and financial services company, rose after the company reported better-than-expected earnings for the first quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in AutoZone Inc. Northrop Grumman Corp. and Home Depot Inc. Shares of AutoZone, an automotive parts retailer, fell after the company reported lower-than-expected sales for its fiscal first quarter. Shares of Northrop Grumman, an aerospace and defense manufacturer, underperformed amid investor expectations that the defense sector would be unlikely to immediately benefit from the re-opening of the U.S. economy in 2021. Shares of Home Depot, a home improvement retail chain, fell after a significant run-up in the share price in 2020.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	BlackRock, Inc.		2.5	%
	2.	Wells Fargo & Co.		2.5
	3.	Citigroup, Inc.		2.1
	4.	Bank of America Corp.		2.1
	5.	ConocoPhillips		2.1
	6.	Bristol-Myers Squibb Co.		2.0
	7.	Comcast Corp., Class A		1.9
	8.	Morgan Stanley		1.9
	9.	UnitedHealth Group, Inc.		1.9
	10.	Berkshire Hathaway, Inc., Class B		1.9

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		28.1	%
Health Care		14.4
Industrials		13.2
Consumer Discretionary		9.8
Information Technology		8.7
Energy		5.3
Communication Services		5.1
Materials		4.6
Consumer Staples		4.5
Utilities		3.0
Real Estate		1.1
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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge*			37.27	%		12.61	%		12.18	%
Without Sales Charge			44.88			13.83			12.79
CLASS C SHARES	January 2, 1998
With CDSC**			43.13			13.26			12.34
Without CDSC			44.13			13.26			12.34
CLASS I SHARES	January 25, 1996		45.22			14.12			13.08
CLASS R2 SHARES	November 2, 2015		44.51			13.55			12.63
CLASS R3 SHARES	July 31, 2017		44.89			13.84			12.79
CLASS R4 SHARES	July 31, 2017		45.26			14.12			13.08
CLASS R5 SHARES	November 2, 2015		45.47			14.31			13.19
CLASS R6 SHARES	November 2, 2015		45.60			14.40			13.24

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan U.S. Value Fund and the Russell 1000 Value Index from

June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

34 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Banks — 3.0%
Bank of America Corp.		97		3,979
Biotechnology — 4.5%
AbbVie, Inc.		34		3,799
Regeneron Pharmaceuticals, Inc. *		4		2,167
				5,966
Capital Markets — 2.1%
Charles Schwab Corp. (The)		38		2,732
Construction Materials — 1.3%
Martin Marietta Materials, Inc.		5		1,650
Consumer Finance — 3.1%
Capital One Financial Corp.		26		4,023
Containers & Packaging — 2.5%
Packaging Corp. of America		24		3,280
Diversified Financial Services — 3.5%
Berkshire Hathaway, Inc., Class B *		17		4,615
Electric Utilities — 2.8%
Xcel Energy, Inc.		57		3,753
Electronic Equipment, Instruments & Components — 1.7%
Zebra Technologies Corp., Class A *		4		2,270
Equity Real Estate Investment Trusts (REITs) — 4.6%
Public Storage		8		2,435
Weyerhaeuser Co.		107		3,688
				6,123
Health Care Equipment & Supplies — 3.5%
Dexcom, Inc. *		5		2,318
Intuitive Surgical, Inc. *		2		2,258
				4,576
Health Care Providers & Services — 2.6%
UnitedHealth Group, Inc.		9		3,457
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc. *		1		2,514
Household Products — 2.8%
Procter & Gamble Co. (The)		27		3,651
Insurance — 3.4%
Loews Corp.		82		4,481
Interactive Media & Services — 7.1%
Alphabet, Inc., Class C *		2		6,157
Facebook, Inc., Class A *		10		3,379
				9,536

INVESTMENTS	SHARES (000)		VALUE ($000)
Internet & Direct Marketing Retail — 3.8%
Amazon.com, Inc. *		1		5,016
IT Services — 6.5%
Global Payments, Inc.		10		1,937
Mastercard, Inc., Class A		10		3,782
PayPal Holdings, Inc. *		10		2,899
				8,618
Machinery — 3.6%
Deere & Co.		7		2,431
Stanley Black & Decker, Inc.		11		2,269
				4,700
Media — 3.6%
Charter Communications, Inc., Class A *		4		3,056
Discovery, Inc., Class C *		59		1,701
				4,757
Metals & Mining — 1.3%
Freeport-McMoRan, Inc.		45		1,662
Oil, Gas & Consumable Fuels — 3.5%
ConocoPhillips		43		2,601
Kinder Morgan, Inc.		107		1,953
				4,554
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		42		2,802
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc. *		22		2,086
Lam Research Corp.		3		2,206
QUALCOMM, Inc.		15		2,085
				6,377
Software — 5.5%
Microsoft Corp.		27		7,304
Specialty Retail — 5.2%
AutoZone, Inc. *		3		5,053
Gap, Inc. (The)		52		1,744
				6,797
Technology Hardware, Storage & Peripherals — 4.8%
Apple, Inc.		46		6,324
Wireless Telecommunication Services — 2.3%
T-Mobile US, Inc. *		21		2,990
Total Common Stocks (Cost $82,263)				128,507

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $3,582)		3,580		3,582
Total Investments — 100.1% (Cost $85,845)				132,089
Liabilities in Excess of Other Assets — (0.1)%				(195	)
NET ASSETS — 100.0%				131,894

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%
Aerospace & Defense — 4.3%
General Dynamics Corp.		3,339		628,512
Northrop Grumman Corp.		1,394		506,659
Raytheon Technologies Corp.		10,291		877,899
				2,013,070
Air Freight & Logistics — 1.1%
United Parcel Service, Inc., Class B		2,378		494,551
Banks — 7.8%
Bank of America Corp.		26,897		1,108,981
Citigroup, Inc.		8,711		616,311
PNC Financial Services Group, Inc. (The)		5,257		1,002,900
Truist Financial Corp.		7,848		435,549
US Bancorp		8,352		475,841
				3,639,582
Beverages — 1.8%
Coca-Cola Co. (The)		7,089		383,566
PepsiCo, Inc.		3,160		468,269
				851,835
Biotechnology — 0.6%
Amgen, Inc.		1,097		267,469
Building Products — 0.4%
Trane Technologies plc		1,067		196,507
Capital Markets — 9.1%
BlackRock, Inc.		1,297		1,134,845
Charles Schwab Corp. (The)		7,571		551,263
CME Group, Inc.		4,345		924,174
Morgan Stanley		9,576		878,008
Northern Trust Corp.		1,877		217,059
T. Rowe Price Group, Inc.		2,409		476,987
				4,182,336
Chemicals — 3.2%
Air Products and Chemicals, Inc.		2,422		696,654
PPG Industries, Inc.		4,512		765,985
				1,462,639
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		3,242		356,669
Consumer Finance — 2.7%
American Express Co.		4,766		787,467
Capital One Financial Corp.		2,888		446,683
				1,234,150
Diversified Telecommunication Services — 1.0%
Verizon Communications, Inc.		7,873		441,106

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 2.7%
Entergy Corp.		1,020		101,659
NextEra Energy, Inc.		9,410		689,587
Xcel Energy, Inc.		6,946		457,594
				1,248,840
Electrical Equipment — 1.7%
Eaton Corp. plc		5,204		771,078
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc.		2,324		95,043
Equity Real Estate Investment Trusts (REITs) — 2.2%
Alexandria Real Estate Equities, Inc.		768		139,742
AvalonBay Communities, Inc.		1,158		241,657
Boston Properties, Inc.		1,052		120,602
Prologis, Inc.		2,080		248,582
Realty Income Corp.		975		65,104
Ventas, Inc.		3,037		173,413
Vornado Realty Trust		1,029		48,041
				1,037,141
Food & Staples Retailing — 2.7%
Sysco Corp.		8,670		674,069
Walmart, Inc.		4,168		587,744
				1,261,813
Food Products — 1.2%
Mondelez International, Inc., Class A		8,853		552,805
Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		1,119		129,714
Becton Dickinson and Co.		1,960		476,709
Medtronic plc		7,582		941,173
				1,547,596
Health Care Providers & Services — 4.3%
AmerisourceBergen Corp.		2,833		324,347
CVS Health Corp.		6,517		543,742
UnitedHealth Group, Inc.		2,762		1,106,187
				1,974,276
Hotels, Restaurants & Leisure — 1.8%
McDonald’s Corp.		2,483		573,663
Starbucks Corp.		2,546		284,629
				858,292
Household Products — 0.8%
Procter & Gamble Co. (The)		2,749		370,929
Insurance — 4.2%
Arthur J Gallagher & Co.		2,439		341,671

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
Chubb Ltd.		2,728		433,510
Hartford Financial Services Group, Inc. (The)		5,655		350,466
Marsh & McLennan Cos., Inc.		1,103		155,188
MetLife, Inc.		6,268		375,113
Progressive Corp. (The)		3,048		299,296
				1,955,244
IT Services — 2.7%
Accenture plc, Class A		965		284,508
Fidelity National Information Services, Inc.		4,299		609,024
International Business Machines Corp.		2,566		376,083
				1,269,615
Leisure Products — 0.6%
Hasbro, Inc.		3,161		298,734
Machinery — 5.0%
Deere & Co.		1,488		524,939
Dover Corp.		5,765		868,234
Parker-Hannifin Corp.		2,081		639,201
Stanley Black & Decker, Inc.		1,404		287,863
				2,320,237
Media — 2.6%
Comcast Corp., Class A		21,181		1,207,748
Multi-Utilities — 1.2%
CMS Energy Corp.		5,244		309,842
Public Service Enterprise Group, Inc.		3,876		231,529
				541,371
Oil, Gas & Consumable Fuels — 5.6%
Chevron Corp.		6,436		674,062
ConocoPhillips		17,878		1,088,792
EOG Resources, Inc.		7,851		655,102
Valero Energy Corp.		2,150		167,835
				2,585,791
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		15,275		1,020,664
Eli Lilly & Co.		2,413		553,909
Johnson & Johnson		5,362		883,269
Merck & Co., Inc.		2,392		186,000
Organon & Co. *		239		7,237
Pfizer, Inc.		6,146		240,686
				2,891,765

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.5%
Norfolk Southern Corp.		2,671		708,832
Semiconductors & Semiconductor Equipment — 4.3%
Analog Devices, Inc.		5,849		1,006,926
Intel Corp.		1,360		76,333
Texas Instruments, Inc.		4,731		909,781
				1,993,040
Software — 1.5%
Microsoft Corp.		2,526		684,241
Specialty Retail — 4.8%
Advance Auto Parts, Inc.		1,017		208,705
Best Buy Co., Inc.		3,753		431,523
Gap, Inc. (The)		7,057		237,468
Home Depot, Inc. (The)		2,502		797,788
TJX Cos., Inc. (The)		8,348		562,818
				2,238,302
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		1,315		180,040
Seagate Technology Holdings plc (Ireland)		2,255		198,306
				378,346
Textiles, Apparel & Luxury Goods — 0.8%
VF Corp.		4,649		381,433
Tobacco — 2.0%
Philip Morris International, Inc.		9,433		934,877
Total Common Stocks (Cost $30,618,832)				45,247,303
Short-Term Investments — 2.4%
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $1,108,296)		1,107,879		1,108,433
Total Investments — 99.9% (Cost $31,727,128)				46,355,736
Other Assets Less Liabilities — 0.1%				49,921
NET ASSETS — 100.0%				46,405,657

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.3%
Aerospace & Defense — 0.4%
Northrop Grumman Corp.		10		3,618
Air Freight & Logistics — 1.4%
United Parcel Service, Inc., Class B		61		12,647
Banks — 1.5%
Regions Financial Corp.		80		1,622
Truist Financial Corp.		30		1,657
US Bancorp		112		6,384
Wells Fargo & Co.		86		3,913
				13,576
Beverages — 2.5%
Coca-Cola Co. (The)		205		11,080
PepsiCo, Inc.		75		11,163
				22,243
Biotechnology — 2.7%
AbbVie, Inc.		101		11,428
Biogen, Inc. *		4		1,495
Regeneron Pharmaceuticals, Inc. *		9		5,138
Vertex Pharmaceuticals, Inc. *		31		6,335
				24,396
Building Products — 1.4%
Trane Technologies plc		69		12,616
Capital Markets — 2.5%
Intercontinental Exchange, Inc.		94		11,109
S&P Global, Inc.		27		11,016
				22,125
Chemicals — 3.0%
Corteva, Inc.		118		5,240
Eastman Chemical Co.		30		3,458
Linde plc (United Kingdom)		20		5,788
PPG Industries, Inc.		72		12,282
				26,768
Containers & Packaging — 0.4%
Avery Dennison Corp.		17		3,524
Diversified Financial Services — 1.3%
Berkshire Hathaway, Inc., Class B *		42		11,576
Diversified Telecommunication Services — 0.9%
Verizon Communications, Inc.		144		8,079
Electric Utilities — 4.1%
Duke Energy Corp.		107		10,569
Evergy, Inc.		86		5,215
NextEra Energy, Inc.		145		10,615

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities  — continued
Xcel Energy, Inc.		166		10,928
				37,327
Electrical Equipment — 1.2%
Eaton Corp. plc		74		11,034
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		54		3,726
Entertainment — 0.8%
Netflix, Inc. *		13		6,969
Equity Real Estate Investment Trusts (REITs) — 2.7%
Equinix, Inc.		8		6,321
Prologis, Inc.		64		7,605
Public Storage		19		5,862
Sun Communities, Inc.		28		4,752
				24,540
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		31		12,155
Walmart, Inc.		29		4,048
				16,203
Food Products — 2.5%
Hershey Co. (The)		64		11,140
Mondelez International, Inc., Class A		179		11,174
				22,314
Health Care Equipment & Supplies — 1.0%
Boston Scientific Corp. *		60		2,584
Medtronic plc		49		6,133
				8,717
Health Care Providers & Services — 1.6%
Anthem, Inc.		10		3,706
UnitedHealth Group, Inc.		27		10,618
				14,324
Household Products — 2.3%
Kimberly-Clark Corp.		75		9,993
Procter & Gamble Co. (The)		82		11,079
				21,072
Insurance — 4.1%
Arthur J Gallagher & Co.		84		11,764
Chubb Ltd.		58		9,159
Hartford Financial Services Group, Inc. (The)		22		1,372
Progressive Corp. (The)		114		11,174
Travelers Cos., Inc. (The)		23		3,402
				36,871

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 2.4%
Alphabet, Inc., Class A *		5		13,057
Facebook, Inc., Class A *		25		8,766
				21,823
Internet & Direct Marketing Retail — 1.4%
Amazon.com, Inc. *		4		12,959
IT Services — 4.4%
Accenture plc, Class A		48		14,124
Automatic Data Processing, Inc.		28		5,471
Mastercard, Inc., Class A		25		9,064
Visa, Inc., Class A		48		11,264
				39,923
Life Sciences Tools & Services — 1.2%
Thermo Fisher Scientific, Inc.		22		11,245
Machinery — 2.5%
Deere & Co.		33		11,789
Stanley Black & Decker, Inc.		54		11,129
				22,918
Media — 2.4%
Charter Communications, Inc., Class A *		14		9,989
Comcast Corp., Class A		197		11,246
				21,235
Multiline Retail — 2.7%
Dollar General Corp.		50		10,926
Target Corp.		57		13,838
				24,764
Multi-Utilities — 2.3%
CMS Energy Corp.		173		10,227
Sempra Energy		51		6,745
WEC Energy Group, Inc.		45		3,995
				20,967
Oil, Gas & Consumable Fuels — 0.8%
TC Energy Corp. (Canada)		147		7,286
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		4		1,165
Pharmaceuticals — 5.2%
Bristol-Myers Squibb Co.		170		11,339
Eli Lilly & Co.		58		13,366
Johnson & Johnson		64		10,567
Merck & Co., Inc.		137		10,690
				45,962

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 1.4%
Booz Allen Hamilton Holding Corp.		86		7,319
Leidos Holdings, Inc.		48		4,853
				12,172
Road & Rail — 2.3%
Norfolk Southern Corp.		25		6,717
Old Dominion Freight Line, Inc.		47		11,995
Union Pacific Corp.		11		2,330
				21,042
Semiconductors & Semiconductor Equipment — 1.5%
Analog Devices, Inc.		32		5,558
Texas Instruments, Inc.		40		7,640
				13,198
Software — 4.0%
Adobe, Inc. *		6		3,536
Intuit, Inc.		29		14,455
Microsoft Corp.		54		14,495
Oracle Corp.		47		3,668
				36,154
Specialty Retail — 2.2%
Lowe’s Cos., Inc.		59		11,380
O’Reilly Automotive, Inc. *		8		4,655
TJX Cos., Inc. (The)		62		4,201
				20,236
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.		54		7,339
Seagate Technology Holdings plc (Ireland)		42		3,695
				11,034
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		69		10,736
Tobacco — 1.0%
Altria Group, Inc.		81		3,843
Philip Morris International, Inc.		48		4,744
				8,587
Trading Companies & Distributors — 0.3%
WW Grainger, Inc.		6		2,534
Wireless Telecommunication Services — 1.3%
T-Mobile US, Inc. *		79		11,436
Total Common Stocks (Cost $671,082)				741,641

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 15.8%
BNP Paribas, ELN, 37.87%, 7/23/2021, (linked to S&P 500 Index) (a)		7		27,785
Citigroup Global Markets Holdings, Inc., ELN, 38.70%, 7/9/2021, (linked to S&P 500 Index) (a)		6		24,013
Royal Bank of Canada, ELN, 36.35%, 7/16/2021, (linked to S&P 500 Index) (a)		7		28,800
Toronto-Dominion Bank (The), ELN, 35.60%, 8/6/2021, (linked to S&P 500 Index) (a)		8		33,745
UBS AG, ELN, 36.40%, 7/30/2021, (linked to S&P 500 Index) (a)		7		27,553
Total Equity-Linked Notes (Cost $142,941)				141,896
	SHARES (000)
Short-Term Investments — 4.9%
Investment Companies — 4.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $43,928)		43,906		43,928
Total Investments — 103.0% (Cost $857,951)				927,465
Liabilities in Excess of Other Assets — (3.0)%				(26,661	)
NET ASSETS — 100.0%				900,804

Percentages indicated are based on net assets.

Abbreviations

ELN	Equity-Linked Note
(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 June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		7		09/2021		USD		1,501		3

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.9%
Aerospace & Defense — 1.0%
General Dynamics Corp. (a)		163		30,711
Northrop Grumman Corp.		176		63,860
Raytheon Technologies Corp.		1,100		93,844
				188,415
Air Freight & Logistics — 1.3%
FedEx Corp.		390		116,489
United Parcel Service, Inc., Class B		602		125,296
				241,785
Airlines — 0.3%
Delta Air Lines, Inc. *		468		20,225
Southwest Airlines Co. *		606		32,173
				52,398
Auto Components — 0.3%
Aptiv plc *		124		19,500
Magna International, Inc. (Canada)		444		41,137
				60,637
Automobiles — 1.6%
General Motors Co. *		685		40,554
Tesla, Inc. * (a)		379		257,573
				298,127
Banks — 3.5%
Bank of America Corp. (a)		2,362		97,389
Citigroup, Inc.		1,880		132,987
KeyCorp (a)		401		8,288
Regions Financial Corp.		2,659		53,664
SVB Financial Group *		59		32,640
Truist Financial Corp.		1,068		59,296
US Bancorp		1,411		80,370
Wells Fargo & Co.		3,972		179,880
				644,514
Beverages — 1.0%
Coca-Cola Co. (The) (a)		2,432		131,610
Constellation Brands, Inc., Class A		244		57,080
				188,690
Biotechnology — 2.1%
AbbVie, Inc.		1,677		188,893
Alexion Pharmaceuticals, Inc. *		105		19,285
Biogen, Inc. * (a)		157		54,415
Regeneron Pharmaceuticals, Inc. *		90		50,097
Vertex Pharmaceuticals, Inc. *		358		72,221
				384,911

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.1%
Johnson Controls International plc		367		25,220
Masco Corp.		942		55,466
Trane Technologies plc		688		126,734
				207,420
Capital Markets — 4.0%
Ameriprise Financial, Inc.		57		14,222
Charles Schwab Corp. (The)		244		17,789
Goldman Sachs Group, Inc. (The)		416		157,908
Intercontinental Exchange, Inc.		727		86,322
Morgan Stanley		1,441		132,110
S&P Global, Inc.		390		160,078
State Street Corp.		910		74,859
T. Rowe Price Group, Inc.		473		93,739
				737,027
Chemicals — 2.0%
Air Products and Chemicals, Inc.		78		22,413
Celanese Corp.		172		26,062
DuPont de Nemours, Inc.		759		58,758
Eastman Chemical Co.		725		84,643
Linde plc (United Kingdom)		186		53,695
LyondellBasell Industries NV, Class A		129		13,315
PPG Industries, Inc.		608		103,182
				362,068
Commercial Services & Supplies — 0.1%
Cintas Corp. (a)		52		19,715
Communications Equipment — 0.4%
Cisco Systems, Inc.		1,089		57,730
Motorola Solutions, Inc.		48		10,436
				68,166
Consumer Finance — 0.5%
Capital One Financial Corp.		613		94,812
Containers & Packaging — 0.3%
Crown Holdings, Inc. (a)		194		19,870
Westrock Co.		523		27,822
				47,692
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		1,056		293,578
Voya Financial, Inc.		182		11,179
				304,757
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc. (a)		2,036		114,051

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		994		98,082
Evergy, Inc.		778		47,001
NextEra Energy, Inc.		1,802		132,062
Xcel Energy, Inc. (a)		858		56,494
				333,639
Electrical Equipment — 0.7%
Eaton Corp. plc		825		122,208
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		285		19,497
Entertainment — 1.1%
Netflix, Inc. * (a)		277		146,254
Walt Disney Co. (The) *		354		62,166
				208,420
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		349		46,333
Equinix, Inc.		98		78,510
Equity LifeStyle Properties, Inc.		203		15,066
Mid-America Apartment Communities, Inc.		218		36,657
Prologis, Inc.		731		87,413
Public Storage		47		14,091
Sun Communities, Inc.		100		17,115
UDR, Inc.		144		7,074
Ventas, Inc.		513		29,277
				331,536
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		153		60,699
Kroger Co. (The)		141		5,392
				66,091
Food Products — 0.6%
Mondelez International, Inc., Class A (a)		1,679		104,833
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		985		114,223
ABIOMED, Inc. *		22		6,846
Becton Dickinson and Co.		213		51,887
Boston Scientific Corp. * (a)		1,727		73,857
Danaher Corp.		93		24,955
Dexcom, Inc. *		46		19,709
Intuitive Surgical, Inc. * (a)		33		30,362
Medtronic plc (a)		1,239		153,786
Zimmer Biomet Holdings, Inc. (a)		540		86,778
				562,403

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		162		18,508
Anthem, Inc. (a)		243		92,958
Centene Corp. *		433		31,561
Cigna Corp. (a)		459		108,793
UnitedHealth Group, Inc. (a)		592		237,137
				488,957
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. * (a)		34		73,667
Hilton Worldwide Holdings, Inc. *		373		45,024
Royal Caribbean Cruises Ltd. *		108		9,171
Yum! Brands, Inc.		498		57,253
				185,115
Household Durables — 0.5%
DR Horton, Inc.		69		6,199
Lennar Corp., Class A		809		80,356
				86,555
Household Products — 1.5%
Kimberly-Clark Corp.		509		68,119
Procter & Gamble Co. (The) (a)		1,548		208,921
				277,040
Industrial Conglomerates — 0.4%
Honeywell International, Inc. (a)		361		79,207
Insurance — 1.8%
Allstate Corp. (The) (a)		192		25,008
American International Group, Inc.		611		29,106
Chubb Ltd.		349		55,517
Hartford Financial Services Group, Inc. (The)		770		47,688
Marsh & McLennan Cos., Inc.		173		24,278
Progressive Corp. (The)		959		94,153
Prudential Financial, Inc.		287		29,439
Travelers Cos., Inc. (The)		123		18,341
				323,530
Interactive Media & Services — 6.8%
Alphabet, Inc., Class A * (a)		190		464,397
Alphabet, Inc., Class C * (a)		150		375,923
Facebook, Inc., Class A * (a)		1,186		412,440
				1,252,760
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. * (a)		237		815,442
IT Services — 4.7%
Accenture plc, Class A		700		206,243

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services  — continued
Fiserv, Inc. *		74		7,915
FleetCor Technologies, Inc. *		42		10,814
Mastercard, Inc., Class A (a)		702		256,180
PayPal Holdings, Inc. * (a)		532		155,157
Visa, Inc., Class A (a)		992		232,014
				868,323
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		105		49,739
Thermo Fisher Scientific, Inc. (a)		379		191,223
Waters Corp. *		34		11,728
				252,690
Machinery — 2.2%
Deere & Co.		445		156,973
Ingersoll Rand, Inc. *		553		27,002
Otis Worldwide Corp.		471		38,530
Parker-Hannifin Corp.		250		76,754
Stanley Black & Decker, Inc.		493		101,084
				400,343
Media — 1.7%
Altice USA, Inc., Class A *		514		17,549
Charter Communications, Inc., Class A * (a)		161		116,501
Comcast Corp., Class A (a)		2,966		169,130
Fox Corp., Class A		115		4,276
				307,456
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		609		22,613
Multiline Retail — 0.7%
Dollar General Corp.		74		16,099
Dollar Tree, Inc. *		344		34,205
Target Corp.		304		73,401
				123,705
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		580		14,232
Public Service Enterprise Group, Inc.		295		17,620
Sempra Energy		555		73,523
				105,375
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		234		4,083
Cheniere Energy, Inc. *		298		25,883
Chevron Corp. (a)		948		99,325
ConocoPhillips		1,127		68,608

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc.		524		49,226
EOG Resources, Inc. (a)		578		48,267
Kinder Morgan, Inc.		1,075		19,589
Phillips 66		534		45,841
Pioneer Natural Resources Co. (a)		508		82,496
Williams Cos., Inc. (The)		2,662		70,679
				513,997
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		194		61,650
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co. (a)		2,408		160,873
Eli Lilly & Co. (a)		703		161,348
Johnson & Johnson (a)		1,101		181,337
Merck & Co., Inc.		1,233		95,901
Organon & Co. *		149		4,512
Pfizer, Inc.		876		34,298
				638,269
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		272		23,162
Leidos Holdings, Inc.		573		57,889
				81,051
Road & Rail — 1.0%
Lyft, Inc., Class A *		412		24,933
Norfolk Southern Corp. (a)		374		99,286
Union Pacific Corp.		291		64,070
				188,289
Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices, Inc. * (a)		1,162		109,142
Analog Devices, Inc.		751		129,347
Applied Materials, Inc.		1,040		148,116
Intel Corp.		1,022		57,373
Lam Research Corp.		240		156,377
Microchip Technology, Inc.		235		35,217
Micron Technology, Inc. *		219		18,636
NVIDIA Corp. (a)		305		243,845
NXP Semiconductors NV (China)		445		91,500
QUALCOMM, Inc.		176		25,138
Texas Instruments, Inc. (a)		972		186,896
				1,201,587
Software — 8.7%
Fortinet, Inc. *		70		16,665
Intuit, Inc. (a)		325		159,090

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software  — continued
Microsoft Corp. (a)		4,413		1,195,552
Oracle Corp.		902		70,227
salesforce.com, Inc. * (a)		423		103,237
Workday, Inc., Class A *		150		35,723
				1,580,494
Specialty Retail — 3.3%
AutoZone, Inc. * (a)		11		16,732
Best Buy Co., Inc. (a)		620		71,328
Home Depot, Inc. (The) (a)		528		168,262
Lowe’s Cos., Inc. (a)		918		178,068
O’Reilly Automotive, Inc. *		161		90,981
TJX Cos., Inc. (The) (a)		1,049		70,690
				596,061
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc. (a)		7,872		1,078,102
Seagate Technology Holdings plc (Ireland)		861		75,717
				1,153,819
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		367		37,893
NIKE, Inc., Class B		877		135,464
				173,357
Tobacco — 1.2%
Altria Group, Inc. (a)		1,803		85,963
Philip Morris International, Inc.		1,292		128,052
				214,015
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		1,079		156,301
Total Common Stocks (Cost $12,048,060)				17,911,813

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 1.6%
Put Options Purchased — 1.6%
Index Funds — 1.6%
S&P 500 Index 9/30/2021 at USD 4,065.00, European Style Notional Amount: USD 36,654,237 Counterparty: Exchange-Traded * (Cost $284,491)		42,646		289,993
	SHARES (000)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $312,969)		312,969		312,969
Total Investments — 101.2% (Cost $12,645,520)				18,514,775
Liabilities in Excess of Other Assets — (1.2)%				(219,852	)
NET ASSETS — 100.0%				18,294,923

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		1,691		09/2021		USD		362,593		5,311

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

Written Call Options Contracts as of June 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

42,646

USD 36,654,237

USD 4,430.00

9/30/2021

(200,436

)

Written Put Options Contracts as of June 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

42,646

USD 36,654,237

USD 3,425.00

9/30/2021

(66,315

)

Total Written Options Contracts (Premiums Received $274,598)

(266,751

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Aerospace & Defense — 1.0%
General Dynamics Corp.		12		2,339
Northrop Grumman Corp.		13		4,859
Raytheon Technologies Corp.		84		7,143
				14,341
Air Freight & Logistics — 1.3%
FedEx Corp.		30		8,865
United Parcel Service, Inc., Class B		46		9,514
				18,379
Airlines — 0.3%
Delta Air Lines, Inc. *		36		1,539
Southwest Airlines Co. *		46		2,449
				3,988
Auto Components — 0.3%
Aptiv plc *		9		1,483
Magna International, Inc. (Canada)		34		3,131
				4,614
Automobiles — 1.6%
General Motors Co. *		52		3,087
Tesla, Inc. *		29		19,604
				22,691
Banks — 3.5%
Bank of America Corp.		180		7,413
Citigroup, Inc.		143		10,128
KeyCorp		30		610
Regions Financial Corp.		202		4,085
SVB Financial Group *		4		2,288
Truist Financial Corp.		81		4,513
US Bancorp		107		6,118
Wells Fargo & Co.		302		13,692
				48,847
Beverages — 1.0%
Coca-Cola Co. (The)		185		10,017
Constellation Brands, Inc., Class A		19		4,345
				14,362
Biotechnology — 2.1%
AbbVie, Inc.		128		14,377
Alexion Pharmaceuticals, Inc. *		8		1,465
Biogen, Inc. *		12		4,160
Regeneron Pharmaceuticals, Inc. *		7		3,812
Vertex Pharmaceuticals, Inc. *		27		5,506
				29,320

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.1%
Johnson Controls International plc		28		1,918
Masco Corp.		72		4,222
Trane Technologies plc		52		9,646
				15,786
Capital Markets — 4.0%
Ameriprise Financial, Inc.		4		1,081
Charles Schwab Corp. (The)		19		1,354
Goldman Sachs Group, Inc. (The)		32		12,020
Intercontinental Exchange, Inc.		55		6,570
Morgan Stanley		109		10,034
S&P Global, Inc.		30		12,187
State Street Corp.		69		5,699
T. Rowe Price Group, Inc.		36		7,133
				56,078
Chemicals — 2.0%
Air Products and Chemicals, Inc.		6		1,705
Celanese Corp.		13		1,984
DuPont de Nemours, Inc.		58		4,471
Eastman Chemical Co.		55		6,441
Linde plc (United Kingdom)		14		4,087
LyondellBasell Industries NV, Class A		10		1,014
PPG Industries, Inc.		46		7,852
				27,554
Commercial Services & Supplies — 0.1%
Cintas Corp.		4		1,499
Communications Equipment — 0.4%
Cisco Systems, Inc.		83		4,394
Motorola Solutions, Inc.		4		795
				5,189
Consumer Finance — 0.5%
Capital One Financial Corp.		47		7,217
Containers & Packaging — 0.3%
Crown Holdings, Inc.		15		1,512
Westrock Co.		40		2,107
				3,619
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		80		22,334
Voya Financial, Inc.		14		851
				23,185
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		155		8,681

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		76		7,461
Evergy, Inc.		59		3,575
NextEra Energy, Inc.		137		10,030
Xcel Energy, Inc.		62		4,109
				25,175
Electrical Equipment — 0.7%
Eaton Corp. plc		63		9,303
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		22		1,483
Entertainment — 1.1%
Netflix, Inc. *		21		11,109
Walt Disney Co. (The) *		27		4,721
				15,830
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		27		3,527
Equinix, Inc.		7		5,971
Equity LifeStyle Properties, Inc.		15		1,147
Mid-America Apartment Communities, Inc.		17		2,791
Prologis, Inc.		56		6,652
Public Storage		4		1,073
Realty Income Corp.		1		36
Sun Communities, Inc.		8		1,303
UDR, Inc.		11		539
Ventas, Inc.		39		2,228
				25,267
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		12		4,623
Kroger Co. (The)		11		408
				5,031
Food Products — 0.6%
Mondelez International, Inc., Class A		128		7,980
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		75		8,693
ABIOMED, Inc. *		2		520
Becton Dickinson and Co.		16		3,948
Boston Scientific Corp. *		131		5,621
Danaher Corp.		7		1,903
Dexcom, Inc. *		4		1,501
Intuitive Surgical, Inc. *		3		2,309
Medtronic plc		94		11,706
Zimmer Biomet Holdings, Inc.		41		6,605
				42,806

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		12		1,408
Anthem, Inc.		19		7,066
Centene Corp. *		32		2,363
Cigna Corp.		35		8,279
UnitedHealth Group, Inc.		45		18,052
				37,168
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. *		3		5,595
Hilton Worldwide Holdings, Inc. *		28		3,427
Royal Caribbean Cruises Ltd. *		8		699
Yum! Brands, Inc.		38		4,357
				14,078
Household Durables — 0.5%
DR Horton, Inc.		5		472
Lennar Corp., Class A		62		6,116
				6,588
Household Products — 1.5%
Kimberly-Clark Corp.		39		5,185
Procter & Gamble Co. (The)		118		15,901
				21,086
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		27		6,020
Insurance — 1.8%
Allstate Corp. (The)		14		1,842
American International Group, Inc.		47		2,215
Chubb Ltd.		27		4,225
Hartford Financial Services Group, Inc. (The)		59		3,631
Marsh & McLennan Cos., Inc.		13		1,849
Progressive Corp. (The)		73		7,166
Prudential Financial, Inc.		22		2,241
Travelers Cos., Inc. (The)		9		1,398
				24,567
Interactive Media & Services — 6.9%
Alphabet, Inc., Class A * (a)		14		35,342
Alphabet, Inc., Class C * (a)		11		28,610
Facebook, Inc., Class A * (a)		90		31,394
				95,346
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. * (a)		18		62,071
IT Services — 4.7%
Accenture plc, Class A		53		15,699

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Fiserv, Inc. *		6		602
FleetCor Technologies, Inc. *		3		821
Mastercard, Inc., Class A		53		19,500
PayPal Holdings, Inc. *		41		11,809
Visa, Inc., Class A		76		17,659
				66,090
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		8		3,786
Thermo Fisher Scientific, Inc.		29		14,554
Waters Corp. *		3		894
				19,234
Machinery — 2.2%
Deere & Co.		34		11,945
Ingersoll Rand, Inc. *		43		2,076
Otis Worldwide Corp.		36		2,933
Parker-Hannifin Corp.		19		5,842
Stanley Black & Decker, Inc.		38		7,694
				30,490
Media — 1.7%
Altice USA, Inc., Class A *		39		1,336
Charter Communications, Inc., Class A *		12		8,846
Comcast Corp., Class A		226		12,874
Fox Corp., Class A		9		325
				23,381
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		46		1,721
Multiline Retail — 0.7%
Dollar General Corp.		6		1,225
Dollar Tree, Inc. *		26		2,604
Target Corp.		23		5,589
				9,418
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		44		1,082
Public Service Enterprise Group, Inc.		19		1,150
Sempra Energy		43		5,709
				7,941
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		18		311
Cheniere Energy, Inc. *		23		1,970
Chevron Corp.		72		7,543
ConocoPhillips		86		5,224

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc.		40		3,741
EOG Resources, Inc.		43		3,553
Kinder Morgan, Inc.		82		1,491
Phillips 66		41		3,490
Pioneer Natural Resources Co.		39		6,280
Williams Cos., Inc. (The)		203		5,380
				38,983
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		15		4,693
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		183		12,246
Eli Lilly & Co.		54		12,280
Johnson & Johnson		84		13,798
Merck & Co., Inc.		94		7,284
Organon & Co. *		11		343
Pfizer, Inc.		67		2,610
				48,561
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		21		1,763
Leidos Holdings, Inc.		44		4,406
				6,169
Road & Rail — 1.0%
Lyft, Inc., Class A *		31		1,898
Norfolk Southern Corp.		28		7,540
Union Pacific Corp.		22		4,942
				14,380
Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices, Inc. *		88		8,307
Analog Devices, Inc.		57		9,845
Applied Materials, Inc.		79		11,211
Intel Corp.		78		4,367
Lam Research Corp.		18		11,910
Microchip Technology, Inc.		18		2,666
Micron Technology, Inc. *		17		1,419
NVIDIA Corp.		23		18,555
NXP Semiconductors NV (China)		34		6,964
QUALCOMM, Inc.		13		1,912
Texas Instruments, Inc.		74		14,227
				91,383
Software — 8.5%
Fortinet, Inc. *		5		1,270
Intuit, Inc.		25		12,108

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 49

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Microsoft Corp. (a)		336		90,994
Oracle Corp.		69		5,345
salesforce.com, Inc. *		32		7,840
Workday, Inc., Class A *		11		2,721
				120,278
Specialty Retail — 3.3%
AutoZone, Inc. *		1		1,151
Best Buy Co., Inc.		47		5,429
Home Depot, Inc. (The)		40		12,805
Lowe’s Cos., Inc.		70		13,554
O’Reilly Automotive, Inc. *		12		6,927
TJX Cos., Inc. (The)		80		5,380
				45,246
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc. (a)		599		82,090
Seagate Technology Holdings plc (Ireland)		65		5,756
				87,846
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		28		2,884
NIKE, Inc., Class B		67		10,315
				13,199
Tobacco — 1.2%
Altria Group, Inc.		137		6,543
Philip Morris International, Inc.		98		9,747
				16,290
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		82		11,896
Total Common Stocks (Cost $1,309,941)				1,362,348

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 0.3%
Put Options Purchased — 0.3%
Index Funds — 0.3%
S&P 500 Index 7/30/2021 at USD 3,955.00, European Style Notional Amount: USD 1,410,869 Counterparty: Exchange-Traded * (Cost $22,284)		3,233		3,573
	SHARES (000)
Short-Term Investments — 6.0%
Investment Companies — 6.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $82,933)		82,933		82,933
Total Investments — 104.1% (Cost $1,415,158)				1,448,854
Liabilities in Excess of Other Assets — (4.1)%				(56,986	)
NET ASSETS — 100.0%				1,391,868

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		128		09/2021		USD		27,446		45

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Written Call Options Contracts as of June 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

Counterparty

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

3,233

USD 1,410,869

USD 4,325.00

7/30/2021

(12,140

)

Written Put Options Contracts as of June 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

3,233

USD 1,410,869

USD 3,325.00

7/30/2021

(640

)

Total Written Options Contracts (Premiums Received $20,801)

(12,780

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 51

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%
Aerospace & Defense — 1.0%
General Dynamics Corp.		5		967
Northrop Grumman Corp.		6		2,010
Raytheon Technologies Corp.		35		2,955
				5,932
Air Freight & Logistics — 1.3%
FedEx Corp.		12		3,668
United Parcel Service, Inc., Class B		19		3,936
				7,604
Airlines — 0.3%
Delta Air Lines, Inc. *		15		637
Southwest Airlines Co. *		19		1,013
				1,650
Auto Components — 0.3%
Aptiv plc *		4		614
Magna International, Inc. (Canada)		14		1,295
				1,909
Automobiles — 1.7%
General Motors Co. *		22		1,277
Tesla, Inc. *		12		8,108
				9,385
Banks — 3.6%
Bank of America Corp.		74		3,066
Citigroup, Inc.		59		4,187
KeyCorp		13		261
Regions Financial Corp.		84		1,689
SVB Financial Group *		2		1,014
Truist Financial Corp.		34		1,867
US Bancorp		45		2,543
Wells Fargo & Co.		125		5,663
				20,290
Beverages — 1.0%
Coca-Cola Co. (The)		77		4,143
Constellation Brands, Inc., Class A		8		1,797
				5,940
Biotechnology — 2.1%
AbbVie, Inc.		53		5,947
Alexion Pharmaceuticals, Inc. *		3		607
Biogen, Inc. *		5		1,713
Regeneron Pharmaceuticals, Inc. *		3		1,577
Vertex Pharmaceuticals, Inc. *		11		2,274
				12,118

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.2%
Johnson Controls International plc		12		799
Masco Corp.		30		1,746
Trane Technologies plc		22		3,990
				6,535
Capital Markets — 4.1%
Ameriprise Financial, Inc.		2		448
Charles Schwab Corp. (The)		8		560
Goldman Sachs Group, Inc. (The)		13		4,971
Intercontinental Exchange, Inc.		23		2,718
Morgan Stanley		45		4,159
S&P Global, Inc.		12		5,039
State Street Corp.		29		2,357
T. Rowe Price Group, Inc.		15		2,951
				23,203
Chemicals — 2.0%
Air Products and Chemicals, Inc.		2		706
Celanese Corp.		5		820
DuPont de Nemours, Inc.		24		1,850
Eastman Chemical Co.		23		2,665
Linde plc (United Kingdom)		6		1,690
LyondellBasell Industries NV, Class A		4		419
PPG Industries, Inc.		19		3,249
				11,399
Commercial Services & Supplies — 0.1%
Cintas Corp.		2		621
Communications Equipment — 0.4%
Cisco Systems, Inc.		34		1,817
Motorola Solutions, Inc.		2		329
				2,146
Consumer Finance — 0.5%
Capital One Financial Corp.		19		2,985
Containers & Packaging — 0.3%
Crown Holdings, Inc.		6		626
Westrock Co.		16		876
				1,502
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		33		9,243
Voya Financial, Inc.		6		352
				9,595
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		64		3,591

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		31		3,088
Evergy, Inc.		24		1,479
NextEra Energy, Inc.		57		4,158
Xcel Energy, Inc.		26		1,700
				10,425
Electrical Equipment — 0.7%
Eaton Corp. plc		26		3,847
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		9		615
Entertainment — 1.2%
Netflix, Inc. *		9		4,630
Walt Disney Co. (The) *		11		1,957
				6,587
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		11		1,459
Equinix, Inc.		3		2,471
Equity LifeStyle Properties, Inc.		6		474
Mid-America Apartment Communities, Inc.		7		1,154
Prologis, Inc.		23		2,751
Public Storage		1		444
Sun Communities, Inc.		3		539
UDR, Inc.		5		223
Ventas, Inc.		16		922
				10,437
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		5		1,911
Kroger Co. (The)		4		169
				2,080
Food Products — 0.6%
Mondelez International, Inc., Class A		53		3,300
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		31		3,596
ABIOMED, Inc. *		1		215
Becton Dickinson and Co.		7		1,634
Boston Scientific Corp. *		54		2,325
Danaher Corp.		3		786
Dexcom, Inc. *		1		620
Intuitive Surgical, Inc. *		1		956
Medtronic plc		39		4,841
Zimmer Biomet Holdings, Inc.		17		2,732
				17,705

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		5		583
Anthem, Inc.		8		2,926
Centene Corp. *		14		994
Cigna Corp.		14		3,424
UnitedHealth Group, Inc.		19		7,466
				15,393
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. *		1		2,315
Hilton Worldwide Holdings, Inc. *		12		1,418
Royal Caribbean Cruises Ltd. *		3		289
Yum! Brands, Inc.		16		1,802
				5,824
Household Durables — 0.5%
DR Horton, Inc.		2		195
Lennar Corp., Class A		25		2,530
				2,725
Household Products — 1.5%
Kimberly-Clark Corp.		16		2,145
Procter & Gamble Co. (The)		49		6,577
				8,722
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		11		2,449
Insurance — 1.8%
Allstate Corp. (The)		6		787
American International Group, Inc.		19		916
Chubb Ltd.		11		1,748
Hartford Financial Services Group, Inc. (The)		24		1,501
Marsh & McLennan Cos., Inc.		5		764
Progressive Corp. (The)		30		2,965
Prudential Financial, Inc.		9		927
Travelers Cos., Inc. (The)		4		577
				10,185
Interactive Media & Services — 7.1%
Alphabet, Inc., Class A * (a)		6		14,620
Alphabet, Inc., Class C * (a)		5		11,837
Facebook, Inc., Class A * (a)		37		12,985
				39,442
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. * (a)		7		25,670
IT Services — 4.8%
Accenture plc, Class A		22		6,493

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 53

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Fiserv, Inc. *		2		249
FleetCor Technologies, Inc. *		1		340
Mastercard, Inc., Class A (a)		22		8,065
PayPal Holdings, Inc. *		17		4,870
Visa, Inc., Class A		31		7,305
				27,322
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		3		1,566
Thermo Fisher Scientific, Inc.		12		6,021
Waters Corp. *		1		369
				7,956
Machinery — 2.2%
Deere & Co.		14		4,941
Ingersoll Rand, Inc. *		17		850
Otis Worldwide Corp.		15		1,213
Parker-Hannifin Corp.		8		2,417
Stanley Black & Decker, Inc.		16		3,182
				12,603
Media — 1.7%
Altice USA, Inc., Class A *		16		552
Charter Communications, Inc., Class A *		5		3,648
Comcast Corp., Class A		93		5,324
Fox Corp., Class A		4		135
				9,659
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		19		712
Multiline Retail — 0.7%
Dollar General Corp.		2		507
Dollar Tree, Inc. *		11		1,077
Target Corp.		10		2,310
				3,894
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		18		436
Public Service Enterprise Group, Inc.		9		555
Sempra Energy		17		2,252
				3,243
Oil, Gas & Consumable Fuels — 2.9%
Cabot Oil & Gas Corp.		7		129
Cheniere Energy, Inc. *		9		815
Chevron Corp.		30		3,126
ConocoPhillips		35		2,160

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc.		17		1,550
EOG Resources, Inc.		18		1,520
Kinder Morgan, Inc.		34		617
Phillips 66		17		1,443
Pioneer Natural Resources Co.		16		2,597
Williams Cos., Inc. (The)		84		2,225
				16,182
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		6		1,941
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		76		5,065
Eli Lilly & Co.		22		5,080
Johnson & Johnson		35		5,708
Merck & Co., Inc.		39		3,019
Organon & Co. *		5		142
Pfizer, Inc.		28		1,080
				20,094
Professional Services — 0.5%
Booz Allen Hamilton Holding Corp.		9		729
Leidos Holdings, Inc.		18		1,823
				2,552
Road & Rail — 1.0%
Lyft, Inc., Class A *		13		785
Norfolk Southern Corp.		12		3,126
Union Pacific Corp.		9		2,017
				5,928
Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices, Inc. *		37		3,436
Analog Devices, Inc.		24		4,072
Applied Materials, Inc.		33		4,663
Intel Corp.		32		1,806
Lam Research Corp.		8		4,923
Microchip Technology, Inc.		7		1,109
Micron Technology, Inc. *		7		587
NVIDIA Corp.		10		7,677
NXP Semiconductors NV (China)		14		2,881
QUALCOMM, Inc.		6		791
Texas Instruments, Inc.		31		5,884
				37,829
Software — 8.9%
Fortinet, Inc. *		2		525
Intuit, Inc.		10		5,009

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Software — continued
Microsoft Corp. (a)		139			37,638
Oracle Corp.		28			2,211
salesforce.com, Inc. *		13			3,250
Workday, Inc., Class A *		5			1,125
					49,758
Specialty Retail — 3.3%
AutoZone, Inc. *		—	(b)		528
Best Buy Co., Inc.		20			2,246
Home Depot, Inc. (The)		17			5,297
Lowe’s Cos., Inc.		29			5,606
O’Reilly Automotive, Inc. *		5			2,864
TJX Cos., Inc. (The)		33			2,226
					18,767
Technology Hardware, Storage & Peripherals — 6.4%
Apple, Inc. (a)		248			33,941
Seagate Technology Holdings plc (Ireland)		27			2,384
					36,325
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		12			1,193
NIKE, Inc., Class B		28			4,265
					5,458
Tobacco — 1.2%
Altria Group, Inc.		57			2,707
Philip Morris International, Inc.		41			4,032
					6,739
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		34			4,921
Total Common Stocks (Cost $538,816)					563,694

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 0.8%
Put Options Purchased — 0.8%
Index Funds — 0.8%
S&P 500 Index 8/31/2021 at USD 3,980.00, European Style Notional Amount: USD 575,435 Counterparty: Exchange-Traded * (Cost $8,907)		1,318		4,395
	SHARES (000)
Short-Term Investments — 3.1%
Investment Companies — 3.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $17,690)		17,690		17,690
Total Investments — 103.4% (Cost $565,413)				585,779
Liabilities in Excess of Other Assets — (3.4)%				(19,213	)
NET ASSETS — 100.0%				566,566

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 one thousand.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		13		09/2021		USD		2,788		32

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 55

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

Written Call Options Contracts as of June 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

1,318

USD 575,435

USD 4,350.00

8/31/2021

(7,591

)

Written Put Options Contracts as of June 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

1,318

USD 575,436

USD 3,360.00

8/31/2021

(969

)

Total Written Options Contracts (Premiums Received $8,880)

(8,560

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.9%
Air Freight & Logistics — 1.5%
FedEx Corp.		1,905		568,289
Automobiles — 1.9%
Tesla, Inc. *		1,042		708,383
Banks — 1.3%
SVB Financial Group *		905		503,460
Beverages — 2.2%
Boston Beer Co., Inc. (The), Class A *		248		252,750
Monster Beverage Corp. *		6,437		588,043
				840,793
Biotechnology — 4.1%
Alnylam Pharmaceuticals, Inc. *		132		22,394
Biogen, Inc. *		1,152		399,042
BioMarin Pharmaceutical, Inc. *		1,794		149,703
Exact Sciences Corp. * (a)		1,091		135,601
Moderna, Inc. *		794		186,504
Regeneron Pharmaceuticals, Inc. *		485		270,780
Seagen, Inc. *		2,304		363,787
				1,527,811
Building Products — 0.5%
Trane Technologies plc		1,079		198,632
Capital Markets — 7.1%
Blackstone Group, Inc. (The), Class A		7,555		733,922
Charles Schwab Corp. (The)		11,050		804,566
Coinbase Global, Inc., Class A * (a)		63		15,854
MarketAxess Holdings, Inc.		393		182,052
Morgan Stanley		8,150		747,264
MSCI, Inc.		315		167,654
				2,651,312
Chemicals — 0.9%
Sherwin-Williams Co. (The)		1,172		319,339
Consumer Finance — 0.3%
Capital One Financial Corp.		617		95,506
Electrical Equipment — 1.6%
Rockwell Automation, Inc.		2,032		581,222
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		5,104		349,147
Entertainment — 1.2%
Netflix, Inc. *		494		260,989
Roku, Inc. *		157		72,194
Spotify Technology SA * (a)		359		99,019
				432,202

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — 3.4%
ABIOMED, Inc. * (a)		345		107,616
Align Technology, Inc. *		894		546,233
Dexcom, Inc. *		526		224,389
Intuitive Surgical, Inc. *		436		401,400
				1,279,638
Health Care Providers & Services — 3.2%
HCA Healthcare, Inc.		2,955		610,834
McKesson Corp.		3,089		590,819
				1,201,653
Hotels, Restaurants & Leisure — 3.0%
Airbnb, Inc., Class A *		75		11,449
Booking Holdings, Inc. *		257		562,120
Chipotle Mexican Grill, Inc. *		346		536,108
				1,109,677
Interactive Media & Services — 16.2%
Alphabet, Inc., Class C * (a)		902		2,259,853
Facebook, Inc., Class A *		4,916		1,709,176
Match Group, Inc. *		2,490		401,451
Pinterest, Inc., Class A *		2,410		190,262
Snap, Inc., Class A *		13,712		934,329
Twitter, Inc. *		2,670		183,730
Zillow Group, Inc., Class C * (a)		3,504		428,283
				6,107,084
Internet & Direct Marketing Retail — 4.6%
Amazon.com, Inc. *		348		1,196,849
Etsy, Inc. * (a)		377		77,499
MercadoLibre, Inc. (Argentina) *		112		173,857
Wayfair, Inc., Class A * (a)		824		260,145
				1,708,350
IT Services — 6.0%
Cognizant Technology Solutions Corp., Class A		1,636		113,341
Mastercard, Inc., Class A		1,138		415,545
MongoDB, Inc. * (a)		74		26,716
PayPal Holdings, Inc. *		4,343		1,265,796
Shopify, Inc., Class A (Canada) *		7		10,081
Square, Inc., Class A *		1,466		357,338
Twilio, Inc., Class A *		121		47,536
				2,236,353
Life Sciences Tools & Services — 0.2%
Thermo Fisher Scientific, Inc.		164		82,662

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 57

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 3.2%
Deere & Co.		3,349		1,181,303
Metals & Mining — 1.5%
Freeport-McMoRan, Inc.		14,994		556,423
Personal Products — 1.5%
Estee Lauder Cos., Inc. (The), Class A		1,808		575,144
Professional Services — 0.5%
Verisk Analytics, Inc.		990		173,043
Road & Rail — 2.4%
Norfolk Southern Corp.		2,189		580,930
Uber Technologies, Inc. *		6,535		327,524
				908,454
Semiconductors & Semiconductor Equipment — 7.8%
Advanced Micro Devices, Inc. *		4,234		397,681
ASML Holding NV (Registered), NYRS (Netherlands)		798		551,083
Cree, Inc. * (a)		1,425		139,511
Enphase Energy, Inc. * (a)		108		19,905
Lam Research Corp.		881		573,528
NVIDIA Corp.		440		351,697
QUALCOMM, Inc.		2,343		334,856
Texas Instruments, Inc.		2,864		550,651
				2,918,912
Software — 8.6%
HubSpot, Inc. *		170		99,295
Microsoft Corp.		6,497		1,759,928
Oracle Corp.		5,299		412,459
SS&C Technologies Holdings, Inc.		5,294		381,450
Synopsys, Inc. *		1,287		354,969
Trade Desk, Inc. (The), Class A *		208		16,091
Workday, Inc., Class A *		905		216,036
				3,240,228
Specialty Retail — 3.3%
AutoZone, Inc. *		215		321,445
Carvana Co. * (a)		1,019		307,585
Lowe’s Cos., Inc.		3,062		593,858
				1,222,888
Technology Hardware, Storage & Peripherals — 5.8%
Apple, Inc.		15,866		2,173,070
Textiles, Apparel & Luxury Goods — 1.2%
Tapestry, Inc. *		10,235		445,026
Total Common Stocks (Cost $21,404,067)				35,896,004

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 5.2%
Investment Companies — 4.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $1,501,034)		1,500,482		1,501,233
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		314,119		314,119
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		113,675		113,675
Total Investment of Cash Collateral from Securities Loaned (Cost $427,811)				427,794
Total Short-Term Investments (Cost $1,928,845)				1,929,027
Total Investments — 101.1% (Cost $23,332,912)				37,825,031
Liabilities in Excess of Other Assets — (1.1)%				(408,651	)
NET ASSETS — 100.0%				37,416,380

Percentages indicated are based on net assets.

Abbreviations

NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $422,906.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 4.3%
Boeing Co. (The) *		419		100,280
Raytheon Technologies Corp.		1,030		87,852
				188,132
Air Freight & Logistics — 1.7%
FedEx Corp.		254		75,806
Airlines — 1.7%
Spirit Airlines, Inc. *		1,046		31,838
United Airlines Holdings, Inc. * (a)		787		41,152
				72,990
Automobiles — 2.3%
Ford Motor Co. *		1,111		16,509
General Motors Co. *		1,378		81,537
				98,046
Banks — 11.2%
Bank of America Corp.		3,424		141,184
Citigroup, Inc.		1,044		73,837
People’s United Financial, Inc.		2,427		41,602
Truist Financial Corp.		1,095		60,750
Wells Fargo & Co.		3,649		165,241
				482,614
Beverages — 1.3%
Coca-Cola Co. (The)		1,053		56,972
Biotechnology — 5.8%
AbbVie, Inc.		588		66,277
Biogen, Inc. *		93		32,342
BioMarin Pharmaceutical, Inc. *		160		13,350
Regeneron Pharmaceuticals, Inc. *		137		76,632
Vertex Pharmaceuticals, Inc. *		311		62,687
				251,288
Building Products — 4.2%
Carrier Global Corp.		660		32,095
Owens Corning		1,014		99,251
Trane Technologies plc		271		49,872
				181,218
Capital Markets — 3.6%
Intercontinental Exchange, Inc.		416		49,367
State Street Corp.		1,281		105,385
				154,752
Chemicals — 4.6%
Celanese Corp.		456		69,088
Eastman Chemical Co.		263		30,717

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
FMC Corp.		939		101,567
				201,372
Communications Equipment — 1.4%
Cisco Systems, Inc.		1,125		59,625
Containers & Packaging — 1.4%
Westrock Co.		1,110		59,080
Electric Utilities — 0.9%
PG&E Corp. *		3,836		39,009
Energy Equipment & Services — 0.3%
Schlumberger NV		428		13,713
Equity Real Estate Investment Trusts (REITs) — 2.9%
AvalonBay Communities, Inc.		233		48,687
Host Hotels & Resorts, Inc. *		3,253		55,596
Prologis, Inc.		180		21,515
				125,798
Food & Staples Retailing — 4.0%
BJ’s Wholesale Club Holdings, Inc. * (a)		384		18,266
US Foods Holding Corp. *		4,053		155,477
				173,743
Food Products — 2.7%
Lamb Weston Holdings, Inc.		1,453		117,231
Health Care Equipment & Supplies — 1.2%
Zimmer Biomet Holdings, Inc.		324		52,074
Health Care Providers & Services — 5.7%
Centene Corp. *		625		45,596
Cigna Corp.		487		115,429
CVS Health Corp.		400		33,384
UnitedHealth Group, Inc.		138		55,221
				249,630
Hotels, Restaurants & Leisure — 3.3%
Darden Restaurants, Inc.		115		16,847
McDonald’s Corp.		213		49,270
Royal Caribbean Cruises Ltd. *		900		76,786
				142,903
Household Durables — 0.5%
Toll Brothers, Inc.		386		22,309
Industrial Conglomerates — 1.4%
Honeywell International, Inc.		278		60,957

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 59

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 3.4%
American International Group, Inc.		1,600		76,160
Prudential Financial, Inc.		718		73,532
				149,692
Interactive Media & Services — 0.6%
Alphabet, Inc., Class A *		11		25,883
IT Services — 2.3%
Sabre Corp. * (a)		2,448		30,547
WEX, Inc. *		356		69,009
				99,556
Machinery — 1.4%
Parker-Hannifin Corp.		203		62,374
Media — 2.7%
Comcast Corp., Class A		2,061		117,507
Metals & Mining — 3.6%
Alcoa Corp. *		1,311		48,308
Freeport-McMoRan, Inc.		2,889		107,211
				155,519
Multiline Retail — 0.8%
Kohl’s Corp.		665		36,648
Oil, Gas & Consumable Fuels — 9.7%
Chevron Corp.		727		76,146
Diamondback Energy, Inc.		736		69,094
EOG Resources, Inc.		860		71,783
Occidental Petroleum Corp.		1,197		37,433
Phillips 66		863		74,071
Pioneer Natural Resources Co.		543		88,270
				416,797
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.		1,335		89,232
Organon & Co. *		359		10,857
				100,089
Road & Rail — 1.0%
Norfolk Southern Corp.		158		41,829
Semiconductors & Semiconductor Equipment — 1.2%
Intel Corp.		582		32,691
ON Semiconductor Corp. *		552		21,111
				53,802
Specialty Retail — 1.2%
AutoNation, Inc. * (a)		540		51,233

INVESTMENTS	SHARES (000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 1.0%
Seagate Technology Holdings plc (Ireland)		510		44,853
Textiles, Apparel & Luxury Goods — 0.9%
Tapestry, Inc. *		911		39,601
Total Common Stocks (Cost $3,745,029)				4,274,645
Short-Term Investments — 2.0%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $57,325)		57,297		57,325
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		7,896		7,897
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		23,462		23,462
Total Investment of Cash Collateral from Securities Loaned (Cost $31,359)				31,359
Total Short-Term Investments (Cost $88,684)				88,684
Total Investments — 100.5% (Cost $3,833,713)				4,363,329
Liabilities in Excess of Other Assets — (0.5)%				(21,859	)
NET ASSETS — 100.0%				4,341,470

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $30,637.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Aerospace & Defense — 0.8%
Raytheon Technologies Corp.		25		2,141
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		5		957
Airlines — 0.7%
Delta Air Lines, Inc. *		44		1,916
Auto Components — 0.9%
Lear Corp.		14		2,366
Banks — 9.8%
Bank of America Corp.		197		8,134
Citigroup, Inc.		82		5,785
Citizens Financial Group, Inc.		50		2,312
Sterling Bancorp		71		1,768
Truist Financial Corp.		17		944
Wells Fargo & Co.		86		3,908
Western Alliance Bancorp		23		2,145
Zions Bancorp NA		36		1,887
				26,883
Biotechnology — 2.6%
AbbVie, Inc.		38		4,266
Biogen, Inc. *		4		1,489
Exelixis, Inc. *		29		525
Horizon Therapeutics plc *		9		815
				7,095
Building Products — 2.7%
Johnson Controls International plc		42		2,882
Trane Technologies plc		24		4,457
				7,339
Capital Markets — 2.4%
Affiliated Managers Group, Inc.		9		1,326
Ameriprise Financial, Inc.		2		448
Goldman Sachs Group, Inc. (The)		10		3,606
Jefferies Financial Group, Inc.		40		1,371
				6,751
Chemicals — 2.5%
Celanese Corp.		10		1,471
DuPont de Nemours, Inc.		43		3,289
Eastman Chemical Co.		7		829
Huntsman Corp.		52		1,390
				6,979
Commercial Services & Supplies — 0.4%
Republic Services, Inc.		10		1,122

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 0.9%
Cisco Systems, Inc.		47		2,465
Construction & Engineering — 0.9%
AECOM *		21		1,298
Quanta Services, Inc.		12		1,078
				2,376
Consumer Finance — 2.5%
Ally Financial, Inc.		46		2,312
Capital One Financial Corp.		10		1,470
Discover Financial Services		7		864
Synchrony Financial		48		2,343
				6,989
Containers & Packaging — 1.5%
Berry Global Group, Inc. *		32		2,061
Crown Holdings, Inc.		19		1,973
				4,034
Diversified Consumer Services — 0.4%
H&R Block, Inc.		47		1,092
Diversified Financial Services — 2.2%
Berkshire Hathaway, Inc., Class B *		16		4,377
Voya Financial, Inc.		29		1,759
				6,136
Diversified Telecommunication Services — 2.5%
Verizon Communications, Inc.		124		6,920
Electric Utilities — 2.4%
Exelon Corp.		76		3,372
NextEra Energy, Inc.		33		2,382
Southern Co. (The)		14		865
				6,619
Electrical Equipment — 1.9%
Eaton Corp. plc		36		5,320
Entertainment — 0.4%
Walt Disney Co. (The) *		6		1,002
Equity Real Estate Investment Trusts (REITs) — 2.6%
Essex Property Trust, Inc.		6		1,770
Invitation Homes, Inc.		54		2,029
Kilroy Realty Corp.		14		982
VEREIT, Inc.		26		1,214
VICI Properties, Inc.		40		1,247
				7,242
Food & Staples Retailing — 1.1%
Sysco Corp.		39		3,009

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 61

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — 1.8%
Bunge Ltd.		25		1,930
Mondelez International, Inc., Class A		18		1,111
Tyson Foods, Inc., Class A		28		2,037
				5,078
Health Care Equipment & Supplies — 2.3%
Medtronic plc		51		6,343
Health Care Providers & Services — 3.8%
Anthem, Inc.		14		5,384
Centene Corp. *		17		1,254
Cigna Corp.		7		1,683
HCA Healthcare, Inc.		7		1,427
McKesson Corp.		4		841
				10,589
Hotels, Restaurants & Leisure — 2.6%
Darden Restaurants, Inc.		13		1,964
Expedia Group, Inc. *		13		2,161
Las Vegas Sands Corp. *		19		1,006
Travel + Leisure Co.		35		2,075
				7,206
Household Durables — 1.3%
PulteGroup, Inc.		24		1,326
Whirlpool Corp.		10		2,158
				3,484
Household Products — 1.8%
Procter & Gamble Co. (The)		23		3,103
Spectrum Brands Holdings, Inc.		23		1,939
				5,042
Insurance — 2.2%
Allstate Corp. (The)		12		1,591
MetLife, Inc.		13		790
Prudential Financial, Inc.		22		2,204
Travelers Cos., Inc. (The)		10		1,437
				6,022
Interactive Media & Services — 3.7%
Alphabet, Inc., Class A *		2		4,029
Alphabet, Inc., Class C *		2		5,112
Zillow Group, Inc., Class C *		9		1,076
				10,217
Internet & Direct Marketing Retail — 0.4%
Qurate Retail, Inc., Series A		82		1,067

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — 0.7%
DXC Technology Co. *		29		1,118
Mastercard, Inc., Class A		2		898
				2,016
Leisure Products — 0.6%
Brunswick Corp.		16		1,564
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		18		2,646
IQVIA Holdings, Inc. *		5		1,187
				3,833
Machinery — 2.8%
AGCO Corp.		12		1,512
Deere & Co.		6		1,940
Parker-Hannifin Corp.		7		2,218
Snap-on, Inc.		9		2,011
				7,681
Media — 3.0%
Charter Communications, Inc., Class A *		5		3,427
Comcast Corp., Class A		38		2,161
Fox Corp., Class B		22		764
Nexstar Media Group, Inc., Class A		5		769
Omnicom Group, Inc.		16		1,248
				8,369
Metals & Mining — 0.9%
Freeport-McMoRan, Inc.		68		2,535
Multiline Retail — 1.3%
Target Corp.		15		3,723
Multi-Utilities — 1.8%
Dominion Energy, Inc.		45		3,274
Sempra Energy		13		1,735
				5,009
Oil, Gas & Consumable Fuels — 5.7%
Cheniere Energy, Inc. *		25		2,203
Chevron Corp.		12		1,294
Cimarex Energy Co.		36		2,614
ConocoPhillips		27		1,645
EOG Resources, Inc.		21		1,761
Exxon Mobil Corp.		40		2,536
Kinder Morgan, Inc.		129		2,355
Williams Cos., Inc. (The)		52		1,370
				15,778

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co.		77		5,132
Jazz Pharmaceuticals plc *		13		2,309
Johnson & Johnson		7		1,203
				8,644
Professional Services — 0.5%
ManpowerGroup, Inc.		11		1,296
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		26		2,195
Road & Rail — 1.9%
CSX Corp.		91		2,919
Old Dominion Freight Line, Inc.		6		1,497
Union Pacific Corp.		4		858
				5,274
Semiconductors & Semiconductor Equipment — 3.4%
Intel Corp.		33		1,875
Lam Research Corp.		7		4,549
Qorvo, Inc. *		5		880
QUALCOMM, Inc.		14		1,958
				9,262
Software — 2.2%
Dropbox, Inc., Class A *		20		597
Microsoft Corp.		15		4,036
Oracle Corp.		20		1,557
				6,190
Specialty Retail — 1.1%
Foot Locker, Inc.		18		1,079
Lowe’s Cos., Inc.		10		1,959
				3,038

INVESTMENTS	SHARES (000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 1.2%
Dell Technologies, Inc., Class C *		14		1,435
Hewlett Packard Enterprise Co.		134		1,950
				3,385
Tobacco — 1.6%
Altria Group, Inc.		69		3,270
Philip Morris International, Inc.		12		1,160
				4,430
Trading Companies & Distributors — 0.7%
United Rentals, Inc. *		6		1,850
Total Common Stocks (Cost $195,324)				267,873
Short-Term Investments — 3.3%
Investment Companies — 3.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $9,182)		9,178		9,182
Total Investments — 100.3% (Cost $204,506)				277,055
Liabilities in Excess of Other Assets — (0.3)%				(776	)
NET ASSETS — 100.0%				276,279

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		36		09/2021		USD		7,719		107

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 63

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%
Aerospace & Defense — 1.1%
Northrop Grumman Corp.		612		222,320
Automobiles — 1.9%
Tesla, Inc. *		557		378,711
Banks — 6.7%
SVB Financial Group * (a)		115		63,992
Truist Financial Corp.		8,531		473,445
US Bancorp (a)		5,880		334,976
Wells Fargo & Co.		9,904		448,535
				1,320,948
Beverages — 2.8%
Coca-Cola Co. (The)		10,442		565,038
Biotechnology — 4.1%
AbbVie, Inc.		4,403		495,903
Biogen, Inc. *		511		176,810
Regeneron Pharmaceuticals, Inc. *		248		138,434
				811,147
Capital Markets — 4.7%
Ameriprise Financial, Inc.		931		231,607
Morgan Stanley		4,214		386,389
S&P Global, Inc.		747		306,797
				924,793
Chemicals — 2.5%
Eastman Chemical Co.		2,079		242,761
PPG Industries, Inc.		1,469		249,457
				492,218
Containers & Packaging — 0.5%
Crown Holdings, Inc.		956		97,702
Electric Utilities — 4.1%
NextEra Energy, Inc.		6,386		467,988
Xcel Energy, Inc.		5,142		338,732
				806,720
Electrical Equipment — 3.2%
Eaton Corp. plc		4,283		634,717
Entertainment — 0.2%
Netflix, Inc. *		83		43,756
Equity Real Estate Investment Trusts (REITs) — 2.9%
Prologis, Inc.		4,731		565,555
Health Care Equipment & Supplies — 2.5%
Boston Scientific Corp. *		6,683		285,782
Intuitive Surgical, Inc. *		227		209,131
				494,913

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 1.6%
Cigna Corp.		1,358		321,870
Hotels, Restaurants & Leisure — 4.9%
Marriott International, Inc., Class A *		2,553		348,587
McDonald’s Corp.		2,116		488,757
Yum! Brands, Inc.		1,139		130,998
				968,342
Insurance — 1.0%
Progressive Corp. (The)		1,962		192,696
Interactive Media & Services — 8.3%
Alphabet, Inc., Class A *		570		1,391,047
Facebook, Inc., Class A *		772		268,366
				1,659,413
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. *		309		1,064,547
IT Services — 6.4%
Affirm Holdings, Inc. * (a)		866		58,293
FleetCor Technologies, Inc. *		796		203,700
Mastercard, Inc., Class A		2,389		872,221
Shopify, Inc., Class A (Canada) *		66		95,808
Visa, Inc., Class A		153		35,872
				1,265,894
Machinery — 1.3%
Deere & Co.		425		150,061
Stanley Black & Decker, Inc.		548		112,283
				262,344
Media — 0.6%
Charter Communications, Inc., Class A *		161		116,001
Oil, Gas & Consumable Fuels — 0.3%
Pioneer Natural Resources Co.		378		61,408
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.		5,426		362,554
Eli Lilly & Co.		1,228		281,782
				644,336
Professional Services — 1.5%
Leidos Holdings, Inc.		2,870		290,185
Road & Rail — 3.2%
Norfolk Southern Corp.		2,357		625,614
Semiconductors & Semiconductor Equipment — 7.5%
Advanced Micro Devices, Inc. *		2,444		229,526
Analog Devices, Inc.		3,601		619,986

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
ASML Holding NV (Registered), NYRS (Netherlands)		348		240,681
Lam Research Corp.		188		122,303
NXP Semiconductors NV (China)		1,412		290,539
				1,503,035
Software — 7.5%
Ceridian HCM Holding, Inc. * (a)		1,094		104,906
Microsoft Corp.		5,184		1,404,408
				1,509,314
Specialty Retail — 3.5%
Lowe’s Cos., Inc.		1,814		351,852
O’Reilly Automotive, Inc. *		310		175,690
Ross Stores, Inc.		1,339		166,054
				693,596
Technology Hardware, Storage & Peripherals — 5.6%
Apple, Inc.		8,098		1,109,071
Total Common Stocks (Cost $11,230,397)				19,646,204
Short-Term Investments — 1.3%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $228,846)		228,732		228,846

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		26,995		26,995
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		3,506		3,506
Total Investment of Cash Collateral from Securities Loaned (Cost $30,504)				30,501
Total Short-Term Investments (Cost $259,350)				259,347
Total Investments — 100.3% (Cost $11,489,747)				19,905,551
Liabilities in Excess of Other Assets — (0.3)%				(61,900	)
NET ASSETS — 100.0%				19,843,651

Percentages indicated are based on net assets.

Abbreviations

NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $30,132.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		538		09/2021		USD		115,361		1,940

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 65

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		21		4,347
Automobiles — 2.3%
Tesla, Inc. *		44		29,975
Beverages — 0.2%
Coca-Cola Co. (The)		58		3,128
Biotechnology — 3.6%
AbbVie, Inc.		236		26,635
Biogen, Inc. *		14		4,882
Exelixis, Inc. *		209		3,810
Seagen, Inc. *		38		5,952
Vertex Pharmaceuticals, Inc. *		30		5,988
				47,267
Building Products — 1.6%
Allegion plc		41		5,656
Fortune Brands Home & Security, Inc.		39		3,845
Trane Technologies plc		63		11,545
				21,046
Capital Markets — 0.4%
S&P Global, Inc.		13		5,459
Commercial Services & Supplies — 0.5%
Waste Management, Inc.		43		6,081
Construction & Engineering — 0.6%
Quanta Services, Inc.		82		7,418
Consumer Finance — 0.5%
Capital One Financial Corp.		40		6,188
Containers & Packaging — 0.4%
Berry Global Group, Inc. *		75		4,878
Entertainment — 1.0%
Electronic Arts, Inc.		28		4,013
Netflix, Inc. *		17		9,138
				13,151
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		38		10,184
Equinix, Inc.		11		8,989
				19,173
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		13		5,302
Sysco Corp.		122		9,470
				14,772

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 1.7%
Bunge Ltd.		65		5,095
Hershey Co. (The)		59		10,242
Mondelez International, Inc., Class A		108		6,731
				22,068
Health Care Equipment & Supplies — 1.8%
Medtronic plc		105		13,008
Stryker Corp.		38		9,974
				22,982
Health Care Providers & Services — 2.2%
Anthem, Inc.		13		5,116
HCA Healthcare, Inc.		39		7,980
Humana, Inc.		17		7,659
UnitedHealth Group, Inc.		19		7,408
				28,163
Health Care Technology — 0.7%
Cerner Corp.		123		9,629
Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A *		18		2,784
Booking Holdings, Inc. *		4		7,877
Darden Restaurants, Inc.		38		5,489
Expedia Group, Inc. *		57		9,365
Las Vegas Sands Corp. *		111		5,854
				31,369
Household Durables — 1.0%
PulteGroup, Inc.		114		6,210
Toll Brothers, Inc.		111		6,417
				12,627
Household Products — 1.2%
Procter & Gamble Co. (The)		112		15,153
Insurance — 0.5%
Arch Capital Group Ltd. *		98		3,808
Progressive Corp. (The)		26		2,593
				6,401
Interactive Media & Services — 10.8%
Alphabet, Inc., Class A *		14		34,429
Alphabet, Inc., Class C *		14		34,587
Facebook, Inc., Class A *		187		65,021
Zillow Group, Inc., Class C *		63		7,749
				141,786

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Internet & Direct Marketing Retail — 7.5%
Amazon.com, Inc. *		24		81,876
eBay, Inc.		231		16,204
				98,080
IT Services — 6.0%
Mastercard, Inc., Class A		114		41,766
PayPal Holdings, Inc. *		84		24,339
Visa, Inc., Class A		52		12,112
				78,217
Life Sciences Tools & Services — 1.6%
Agilent Technologies, Inc.		82		12,165
Thermo Fisher Scientific, Inc.		16		8,122
				20,287
Machinery — 1.3%
Deere & Co.		14		5,079
Parker-Hannifin Corp.		18		5,405
Toro Co. (The)		60		6,637
				17,121
Media — 0.7%
Altice USA, Inc., Class A *		274		9,365
Multiline Retail — 1.0%
Target Corp.		53		12,764
Oil, Gas & Consumable Fuels — 0.6%
Cheniere Energy, Inc. *		96		8,344
Pharmaceuticals — 0.7%
Bristol-Myers Squibb Co.		145		9,709
Road & Rail — 2.2%
CSX Corp.		374		11,991
Lyft, Inc., Class A *		177		10,723
Old Dominion Freight Line, Inc.		26		6,650
				29,364
Semiconductors & Semiconductor Equipment — 7.2%
Applied Materials, Inc.		135		19,196
Lam Research Corp.		39		25,312
NVIDIA Corp.		21		16,962
NXP Semiconductors NV (China)		72		14,730
Qorvo, Inc. *		25		4,793
Texas Instruments, Inc.		67		12,942
				93,935
Software — 20.1%
Adobe, Inc. *		62		36,251
Cadence Design Systems, Inc. *		84		11,424

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Dropbox, Inc., Class A *		357		10,833
Fortinet, Inc. *		52		12,457
HubSpot, Inc. *		8		4,603
Intuit, Inc.		60		29,263
Microsoft Corp.		462		125,225
Palo Alto Networks, Inc. *		28		10,278
PTC, Inc. *		57		7,995
VMware, Inc., Class A * (a)		22		3,487
Workday, Inc., Class A *		49		11,746
				263,562
Specialty Retail — 2.8%
AutoZone, Inc. *		4		6,417
L Brands, Inc.		106		7,617
Lowe’s Cos., Inc.		117		22,713
				36,747
Technology Hardware, Storage & Peripherals — 9.6%
Apple, Inc.		833		114,020
Dell Technologies, Inc., Class C *		57		5,641
Hewlett Packard Enterprise Co.		375		5,463
				125,124
Total Common Stocks (Cost $712,894)				1,275,680
Short-Term Investments — 2.6%
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $31,107)		31,095		31,110
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		1,994		1,994
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		915		915
Total Investment of Cash Collateral from Securities Loaned (Cost $2,909)				2,909
Total Short-Term Investments (Cost $34,016)				34,019
Total Investments — 100.2% (Cost $746,910)				1,309,699
Liabilities in Excess of Other Assets — (0.2)%				(2,111	)
NET ASSETS — 100.0%				1,307,588

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 67

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $2,790.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		148		09/2021		USD		31,735		512

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 125.0%
Common Stocks — 124.6%
Aerospace & Defense — 2.0%
Howmet Aerospace, Inc. *		134		4,629
Northrop Grumman Corp. (a)		40		14,465
Raytheon Technologies Corp.		341		29,113
TransDigm Group, Inc. *		6		4,189
				52,396
Air Freight & Logistics — 0.6%
FedEx Corp.		18		5,275
United Parcel Service, Inc., Class B		52		10,891
				16,166
Airlines — 0.2%
Southwest Airlines Co. *		93		4,927
Auto Components — 0.7%
Aptiv plc *		9		1,357
Magna International, Inc. (Canada) (a)		179		16,543
				17,900
Banks — 4.6%
Bank of America Corp. (a)		646		26,630
SVB Financial Group *		49		27,362
Truist Financial Corp.		401		22,244
Wells Fargo & Co.		990		44,829
				121,065
Beverages — 1.8%
Coca-Cola Co. (The) (a)		487		26,341
PepsiCo, Inc. (a)		140		20,730
				47,071
Biotechnology — 3.6%
AbbVie, Inc. (a)		339		38,213
Biogen, Inc. * (a)		51		17,582
BioMarin Pharmaceutical, Inc. *		96		8,001
Regeneron Pharmaceuticals, Inc. *		29		16,047
Vertex Pharmaceuticals, Inc. *		78		15,631
				95,474
Building Products — 1.5%
Fortune Brands Home & Security, Inc.		21		2,075
Johnson Controls International plc		59		4,048
Trane Technologies plc		184		33,879
				40,002
Capital Markets — 2.7%
Ameriprise Financial, Inc.		10		2,522
Charles Schwab Corp. (The)		318		23,125

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
CME Group, Inc.		55		11,665
Morgan Stanley (a)		347		31,796
State Street Corp.		46		3,785
				72,893
Chemicals — 4.4%
Air Products and Chemicals, Inc.		57		16,514
Celanese Corp.		132		19,984
DuPont de Nemours, Inc.		277		21,441
Eastman Chemical Co.		135		15,805
Linde plc (United Kingdom)		106		30,695
PPG Industries, Inc.		77		13,003
				117,442
Consumer Finance — 2.0%
American Express Co.		134		22,199
Capital One Financial Corp.		194		29,946
				52,145
Diversified Financial Services — 0.2%
Voya Financial, Inc.		78		4,776
Electric Utilities — 2.3%
Duke Energy Corp.		37		3,695
Evergy, Inc.		63		3,824
FirstEnergy Corp.		233		8,682
NextEra Energy, Inc.		370		27,096
Xcel Energy, Inc.		255		16,791
				60,088
Electrical Equipment — 1.0%
Eaton Corp. plc		175		25,997
Electronic Equipment, Instruments & Components — 0.0% (b)
Corning, Inc.		20		816
Energy Equipment & Services — 0.2%
Baker Hughes Co. (a)		238		5,438
Entertainment — 1.1%
Electronic Arts, Inc. (a)		55		7,965
Endeavor Group Holdings, Inc., Class A *		225		6,234
Netflix, Inc. * (a)		30		15,613
				29,812
Equity Real Estate Investment Trusts (REITs) — 3.4%
American Homes 4 Rent, Class A		137		5,312
Brixmor Property Group, Inc.		324		7,413
Camden Property Trust		21		2,740

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 69

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Cousins Properties, Inc.		137		5,041
Host Hotels & Resorts, Inc. *		325		5,551
Invitation Homes, Inc.		186		6,932
Kimco Realty Corp.		167		3,483
Prologis, Inc.		156		18,701
SBA Communications Corp.		27		8,686
Sun Communities, Inc.		82		14,127
UDR, Inc.		148		7,228
Ventas, Inc.		75		4,271
				89,485
Food & Staples Retailing — 0.2%
Costco Wholesale Corp.		10		3,978
Food Products — 1.0%
Hershey Co. (The)		39		6,770
Mondelez International, Inc., Class A (a)		302		18,830
				25,600
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		35		4,089
Boston Scientific Corp. * (a)		522		22,307
Danaher Corp.		20		5,375
Intuitive Surgical, Inc. * (a)		6		5,337
Medtronic plc		260		32,307
Teleflex, Inc.		6		2,432
Zimmer Biomet Holdings, Inc. (a)		156		25,008
				96,855
Health Care Providers & Services — 3.4%
Centene Corp. *		226		16,479
Cigna Corp. (a)		108		25,566
CVS Health Corp. (a)		65		5,423
UnitedHealth Group, Inc. (a)		107		43,015
				90,483
Hotels, Restaurants & Leisure — 3.3%
Booking Holdings, Inc. *		12		25,481
Darden Restaurants, Inc.		47		6,845
Hilton Worldwide Holdings, Inc. *		51		6,107
Las Vegas Sands Corp. *		108		5,678
McDonald’s Corp.		77		17,713
Royal Caribbean Cruises Ltd. *		31		2,640
Yum! Brands, Inc.		198		22,785
				87,249

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Durables — 0.4%
KB Home		102		4,167
Toll Brothers, Inc.		117		6,739
				10,906
Household Products — 1.2%
Procter & Gamble Co. (The)		245		33,012
Insurance — 1.5%
Arthur J Gallagher & Co.		18		2,492
Chubb Ltd.		79		12,588
Hartford Financial Services Group, Inc. (The) (a)		137		8,517
Marsh & McLennan Cos., Inc.		25		3,507
Prudential Financial, Inc.		118		12,047
				39,151
Interactive Media & Services — 9.2%
Alphabet, Inc., Class A * (a)		43		105,065
Alphabet, Inc., Class C * (a)		15		37,657
Facebook, Inc., Class A * (a)		252		87,531
Pinterest, Inc., Class A *		33		2,624
ZoomInfo Technologies, Inc., Class A * (a)		242		12,613
				245,490
Internet & Direct Marketing Retail — 5.5%
Amazon.com, Inc. * (a)		42		144,759
DoorDash, Inc., Class A *		8		1,338
				146,097
IT Services — 6.5%
Fidelity National Information Services, Inc.		62		8,801
Fiserv, Inc. * (a)		82		8,792
FleetCor Technologies, Inc. *		29		7,459
Mastercard, Inc., Class A (a)		215		78,466
PayPal Holdings, Inc. * (a)		149		43,453
Shopify, Inc., Class A (Canada) *		2		2,769
WEX, Inc. *		121		23,379
				173,119
Life Sciences Tools & Services — 1.6%
Thermo Fisher Scientific, Inc. (a)		84		42,428
Machinery — 4.7%
Deere & Co.		72		25,276
Dover Corp.		18		2,678
Ingersoll Rand, Inc. *		779		38,033
Parker-Hannifin Corp.		67		20,578
Stanley Black & Decker, Inc.		180		36,967
				123,532

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Media — 2.7%
Charter Communications, Inc., Class A * (a)		32		22,727
Comcast Corp., Class A (a)		635		36,211
Discovery, Inc., Class C *		365		10,566
Fox Corp., Class A		63		2,322
				71,826
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		284		10,524
Multi-Utilities — 1.0%
CenterPoint Energy, Inc.		597		14,633
Sempra Energy (a)		93		12,324
				26,957
Oil, Gas & Consumable Fuels — 5.0%
Cheniere Energy, Inc. *		55		4,809
Chevron Corp.		126		13,239
Cimarex Energy Co.		98		7,106
ConocoPhillips (a)		616		37,511
Diamondback Energy, Inc.		416		39,077
Phillips 66		46		3,922
Pioneer Natural Resources Co. (a)		121		19,617
TC Energy Corp. (Canada)		169		8,352
				133,633
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		76		24,056
Pharmaceuticals — 2.8%
Bristol-Myers Squibb Co. (a)		433		28,909
Elanco Animal Health, Inc. *		81		2,819
Eli Lilly & Co.		173		39,670
Organon & Co. *		91		2,754
				74,152
Professional Services — 1.2%
Booz Allen Hamilton Holding Corp.		93		7,943
IHS Markit Ltd.		12		1,373
Leidos Holdings, Inc.		213		21,529
				30,845
Road & Rail — 4.5%
Canadian Pacific Railway Ltd. (Canada)		53		4,107
CSX Corp.		378		12,121
Lyft, Inc., Class A *		532		32,190
Norfolk Southern Corp. (a)		182		48,377
Old Dominion Freight Line, Inc.		16		4,021
Union Pacific Corp. (a)		88		19,341
				120,157

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 8.9%
Advanced Micro Devices, Inc. *		346		32,537
Analog Devices, Inc. (a)		339		58,355
KLA Corp.		2		750
Lam Research Corp.		46		30,029
Microchip Technology, Inc. (a)		2		271
Micron Technology, Inc. * (a)		83		7,087
NVIDIA Corp. (a)		42		33,216
NXP Semiconductors NV (China)		324		66,673
ON Semiconductor Corp. *		59		2,268
Texas Instruments, Inc. (a)		23		4,396
				235,582
Software — 10.3%
Ceridian HCM Holding, Inc. *		236		22,640
Coupa Software, Inc. *		11		2,990
Intuit, Inc.		78		38,240
Microsoft Corp. (a)		686		185,840
Oracle Corp.		35		2,689
salesforce.com, Inc. * (a)		34		8,209
Workday, Inc., Class A *		61		14,577
				275,185
Specialty Retail — 4.5%
AutoZone, Inc. * (a)		9		13,027
Burlington Stores, Inc. *		12		4,009
Home Depot, Inc. (The) (a)		42		13,489
Lowe’s Cos., Inc.		202		39,231
O’Reilly Automotive, Inc. *		68		38,542
TJX Cos., Inc. (The)		166		11,195
				119,493
Technology Hardware, Storage & Peripherals — 6.0%
Apple, Inc. (a)		888		121,590
Hewlett Packard Enterprise Co.		501		7,312
Seagate Technology Holdings plc (Ireland)		332		29,192
				158,094
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B		191		29,441
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		152		22,011
Total Common Stocks (Cost $1,676,033)				3,303,749

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 71

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (c) (d) (Cost $11,580)		11,574			11,580
Total Long Positions (Cost $1,687,613)					3,315,329
Short Positions — (25.1)%
Common Stocks — (25.1)%
Aerospace & Defense — (0.8)%
Boeing Co. (The) *		(13	)		(3,229	)
Hexcel Corp. *		(106	)		(6,609	)
Huntington Ingalls Industries, Inc.		(26	)		(5,444	)
L3Harris Technologies, Inc.		(6	)		(1,261	)
Lockheed Martin Corp.		(3	)		(1,306	)
Textron, Inc.		(49	)		(3,398	)
					(21,247	)
Air Freight & Logistics — (0.4)%
CH Robinson Worldwide, Inc.		(80	)		(7,482	)
Expeditors International of Washington, Inc.		(27	)		(3,453	)
					(10,935	)
Auto Components — (0.2)%
Autoliv, Inc. (Sweden)		(44	)		(4,278	)
Banks — (0.6)%
Citizens Financial Group, Inc.		(96	)		(4,402	)
Huntington Bancshares, Inc.		(351	)		(5,012	)
KeyCorp		(137	)		(2,819	)
Regions Financial Corp.		(129	)		(2,608	)
					(14,841	)
Beverages — 0.0% (b)
Brown-Forman Corp., Class B		(14	)		(1,052	)
Biotechnology — (0.5)%
Amgen, Inc.		(36	)		(8,809	)
Gilead Sciences, Inc.		(55	)		(3,788	)
Moderna, Inc. *		(5	)		(1,111	)
					(13,708	)
Building Products — (0.3)%
Allegion plc		(38	)		(5,294	)
Lennox International, Inc.		(8	)		(2,754	)
					(8,048	)
Capital Markets — (0.8)%
Goldman Sachs Group, Inc. (The)		(14	)		(5,431	)
Moody’s Corp.		(21	)		(7,497	)
MSCI, Inc.		(11	)		(6,128	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Capital Markets — continued
Northern Trust Corp.		(11	)		(1,312	)
					(20,368	)
Chemicals — (0.2)%
Dow, Inc.		(38	)		(2,403	)
LyondellBasell Industries NV, Class A		(12	)		(1,194	)
RPM International, Inc.		(30	)		(2,627	)
					(6,224	)
Commercial Services & Supplies — (0.3)%
Republic Services, Inc.		(65	)		(7,203	)
Communications Equipment — (0.1)%
Cisco Systems, Inc.		(50	)		(2,644	)
Consumer Finance — (0.2)%
Discover Financial Services		(45	)		(5,356	)
Containers & Packaging — (1.0)%
Ball Corp.		(48	)		(3,906	)
International Paper Co.		(87	)		(5,332	)
Packaging Corp. of America		(11	)		(1,522	)
Sealed Air Corp.		(22	)		(1,318	)
Silgan Holdings, Inc.		(64	)		(2,671	)
Sonoco Products Co.		(91	)		(6,063	)
Westrock Co.		(84	)		(4,480	)
					(25,292	)
Diversified Telecommunication Services — (1.0)%
AT&T, Inc.		(378	)		(10,867	)
Lumen Technologies, Inc.		(534	)		(7,257	)
Verizon Communications, Inc.		(132	)		(7,415	)
					(25,539	)
Electric Utilities — (0.7)%
American Electric Power Co., Inc.		(59	)		(4,976	)
Pinnacle West Capital Corp.		(45	)		(3,674	)
Southern Co. (The)		(159	)		(9,643	)
					(18,293	)
Electrical Equipment — (0.4)%
Acuity Brands, Inc.		(41	)		(7,688	)
Hubbell, Inc.		(14	)		(2,693	)
Rockwell Automation, Inc.		(5	)		(1,420	)
					(11,801	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(64	)		(5,402	)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Energy Equipment & Services — (0.4)%
Halliburton Co.		(343	)		(7,936	)
Schlumberger NV		(119	)		(3,799	)
					(11,735	)
Entertainment — (1.4)%
AMC Entertainment Holdings, Inc., Class A *		(178	)		(10,107	)
Spotify Technology SA *		(32	)		(8,736	)
Take-Two Interactive Software, Inc. *		(98	)		(17,285	)
					(36,128	)
Equity Real Estate Investment Trusts (REITs) — (1.6)%
AvalonBay Communities, Inc.		(14	)		(2,830	)
Crown Castle International Corp.		(8	)		(1,575	)
Duke Realty Corp.		(111	)		(5,235	)
Equity Residential		(55	)		(4,221	)
Iron Mountain, Inc.		(270	)		(11,417	)
National Retail Properties, Inc.		(88	)		(4,133	)
Realty Income Corp.		(58	)		(3,877	)
Simon Property Group, Inc.		(60	)		(7,858	)
SL Green Realty Corp.		(20	)		(1,583	)
Vornado Realty Trust		(28	)		(1,291	)
					(44,020	)
Food & Staples Retailing — (1.2)%
Albertsons Cos., Inc., Class A		(197	)		(3,875	)
Kroger Co. (The)		(384	)		(14,693	)
Walgreens Boots Alliance, Inc.		(110	)		(5,772	)
Walmart, Inc.		(54	)		(7,653	)
					(31,993	)
Food Products — (0.8)%
Campbell Soup Co.		(149	)		(6,796	)
Conagra Brands, Inc.		(117	)		(4,248	)
General Mills, Inc.		(21	)		(1,281	)
Kellogg Co.		(120	)		(7,745	)
					(20,070	)
Gas Utilities — (0.1)%
National Fuel Gas Co.		(52	)		(2,722	)
Health Care Equipment & Supplies — (0.5)%
Baxter International, Inc.		(85	)		(6,882	)
Stryker Corp.		(29	)		(7,476	)
					(14,358	)
Health Care Providers & Services — (0.1)%
Henry Schein, Inc. *		(34	)		(2,540	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Health Care Technology — (0.3)%
Cerner Corp.		(92	)		(7,175	)
Hotels, Restaurants & Leisure — (0.1)%
Starbucks Corp.		(34	)		(3,811	)
Household Durables — (0.1)%
NVR, Inc. *		—	(e)		(1,268	)
PulteGroup, Inc.		(25	)		(1,364	)
					(2,632	)
Household Products — (0.7)%
Clorox Co. (The)		(82	)		(14,763	)
Colgate-Palmolive Co.		(54	)		(4,426	)
					(19,189	)
Industrial Conglomerates — (0.9)%
3M Co.		(75	)		(14,915	)
General Electric Co.		(673	)		(9,054	)
					(23,969	)
Insurance — (0.4)%
Allstate Corp. (The)		(76	)		(9,867	)
Axis Capital Holdings Ltd.		(25	)		(1,223	)
					(11,090	)
IT Services — (1.1)%
Automatic Data Processing, Inc.		(23	)		(4,514	)
Cognizant Technology Solutions Corp., Class A		(35	)		(2,409	)
Infosys Ltd., ADR (India)		(181	)		(3,842	)
International Business Machines Corp.		(12	)		(1,707	)
Paychex, Inc.		(40	)		(4,289	)
Snowflake, Inc., Class A *		(25	)		(5,988	)
Western Union Co. (The)		(250	)		(5,746	)
					(28,495	)
Life Sciences Tools & Services — (0.2)%
Waters Corp. *		(12	)		(4,011	)
Machinery — (0.4)%
Caterpillar, Inc.		(35	)		(7,593	)
Illinois Tool Works, Inc.		(7	)		(1,587	)
PACCAR, Inc.		(29	)		(2,555	)
					(11,735	)
Media — (1.5)%
Discovery, Inc., Class A *		(316	)		(9,709	)
Interpublic Group of Cos., Inc. (The)		(282	)		(9,172	)
Omnicom Group, Inc.		(151	)		(12,100	)
ViacomCBS, Inc.		(169	)		(7,659	)
					(38,640	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 73

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Multiline Retail — (0.2)%
Macy’s, Inc. *		(329	)		(6,232	)
Multi-Utilities — (0.6)%
Consolidated Edison, Inc.		(154	)		(11,064	)
Dominion Energy, Inc.		(66	)		(4,888	)
					(15,952	)
Oil, Gas & Consumable Fuels — (1.6)%
APA Corp.		(261	)		(5,655	)
Devon Energy Corp.		(142	)		(4,141	)
Enbridge, Inc. (Canada)		(243	)		(9,722	)
Exxon Mobil Corp.		(205	)		(12,913	)
Hess Corp.		(47	)		(4,127	)
HollyFrontier Corp.		(114	)		(3,753	)
Marathon Oil Corp.		(225	)		(3,065	)
					(43,376	)
Pharmaceuticals — (0.3)%
Pfizer, Inc.		(180	)		(7,039	)
Road & Rail — (0.4)%
Canadian National Railway Co. (Canada)		(41	)		(4,319	)
JB Hunt Transport Services, Inc.		(16	)		(2,549	)
Werner Enterprises, Inc.		(85	)		(3,769	)
					(10,637	)
Semiconductors & Semiconductor Equipment — (1.2)%
Broadcom, Inc.		(9	)		(4,237	)
Intel Corp.		(227	)		(12,741	)
QUALCOMM, Inc.		(99	)		(14,136	)
					(31,114	)
Software — (0.4)%
Citrix Systems, Inc.		(28	)		(3,281	)
Palantir Technologies, Inc., Class A *		(225	)		(5,918	)
VMware, Inc., Class A *		(8	)		(1,283	)
					(10,482	)
Technology Hardware, Storage & Peripherals — (0.6)%
HP, Inc.		(258	)		(7,790	)
NetApp, Inc.		(10	)		(799	)
Western Digital Corp. *		(66	)		(4,693	)
Xerox Holdings Corp.		(95	)		(2,240	)
					(15,522	)
Trading Companies & Distributors — (0.2)%
Fastenal Co.		(103	)		(5,355	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Water Utilities — (0.1)%
Essential Utilities, Inc.		(52	)		(2,380	)
Total Common Stocks (Proceeds $(622,852))					(664,633	)
Total Short Positions (Proceeds $(622,852))					(664,633	)
Total Investments — 99.9% (Cost $1,064,761)					2,650,696
Other Assets Less Liabilities — 0.1%					550
NET ASSETS — 100.0%					2,651,246

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 $896,235.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2021.
(e)	Amount rounds to less than one thousand.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%
Aerospace & Defense — 1.0%
General Dynamics Corp.		46		8,579
Northrop Grumman Corp.		49		17,847
Raytheon Technologies Corp.		307		26,207
				52,633
Air Freight & Logistics — 1.3%
FedEx Corp.		109		32,501
United Parcel Service, Inc., Class B		168		34,995
				67,496
Airlines — 0.3%
Delta Air Lines, Inc. *		131		5,648
Southwest Airlines Co. *		169		8,982
				14,630
Auto Components — 0.3%
Aptiv plc *		35		5,451
Magna International, Inc. (Canada)		124		11,484
				16,935
Automobiles — 1.6%
General Motors Co. *		191		11,326
Tesla, Inc. *		106		71,948
				83,274
Banks — 3.6%
Bank of America Corp.		660		27,194
Citigroup, Inc.		525		37,131
KeyCorp		112		2,314
Regions Financial Corp.		743		14,984
SVB Financial Group *		16		9,122
Truist Financial Corp.		298		16,556
US Bancorp		394		22,444
Wells Fargo & Co.		1,109		50,230
				179,975
Beverages — 1.0%
Coca-Cola Co. (The)		679		36,751
Constellation Brands, Inc., Class A		68		15,933
				52,684
Biotechnology — 2.1%
AbbVie, Inc.		468		52,741
Alexion Pharmaceuticals, Inc. *		29		5,372
Biogen, Inc. *		44		15,170
Regeneron Pharmaceuticals, Inc. *		25		13,975
Vertex Pharmaceuticals, Inc. *		100		20,177
				107,435

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.1%
Johnson Controls International plc		103		7,041
Masco Corp.		263		15,490
Trane Technologies plc		192		35,396
				57,927
Capital Markets — 4.1%
Ameriprise Financial, Inc.		16		3,974
Charles Schwab Corp. (The)		68		4,965
Goldman Sachs Group, Inc. (The)		116		44,096
Intercontinental Exchange, Inc.		203		24,106
Morgan Stanley		402		36,887
S&P Global, Inc.		109		44,683
State Street Corp.		254		20,900
T. Rowe Price Group, Inc.		132		26,179
				205,790
Chemicals — 2.0%
Air Products and Chemicals, Inc.		22		6,244
Celanese Corp.		48		7,282
DuPont de Nemours, Inc.		212		16,405
Eastman Chemical Co.		202		23,637
Linde plc (United Kingdom)		52		14,982
LyondellBasell Industries NV, Class A		36		3,713
PPG Industries, Inc.		170		28,810
				101,073
Commercial Services & Supplies — 0.1%
Cintas Corp.		14		5,505
Communications Equipment — 0.4%
Cisco Systems, Inc.		304		16,121
Motorola Solutions, Inc.		13		2,912
				19,033
Consumer Finance — 0.5%
Capital One Financial Corp.		171		26,473
Containers & Packaging — 0.3%
Crown Holdings, Inc.		54		5,546
Westrock Co.		146		7,770
				13,316
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B *		295		81,964
Voya Financial, Inc.		51		3,119
				85,083
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		568		31,844

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 75

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		277		27,386
Evergy, Inc.		217		13,125
NextEra Energy, Inc.		503		36,876
Xcel Energy, Inc.		229		15,074
				92,461
Electrical Equipment — 0.7%
Eaton Corp. plc		230		34,125
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		80		5,445
Entertainment — 1.2%
Netflix, Inc. *		77		40,812
Walt Disney Co. (The) *		99		17,357
				58,169
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		97		12,935
Equinix, Inc.		27		21,914
Equity LifeStyle Properties, Inc.		57		4,206
Mid-America Apartment Communities, Inc.		61		10,240
Prologis, Inc.		204		24,411
Public Storage		13		3,932
Sun Communities, Inc.		28		4,778
UDR, Inc.		40		1,974
Ventas, Inc.		143		8,175
				92,565
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		43		16,949
Kroger Co. (The)		39		1,506
				18,455
Food Products — 0.6%
Mondelez International, Inc., Class A		469		29,271
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		275		31,897
ABIOMED, Inc. *		6		1,925
Becton Dickinson and Co.		60		14,492
Boston Scientific Corp. *		482		20,621
Danaher Corp.		26		6,977
Dexcom, Inc. *		13		5,500
Intuitive Surgical, Inc. *		9		8,446
Medtronic plc		346		42,944
Zimmer Biomet Holdings, Inc.		151		24,223
				157,025

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		45		5,169
Anthem, Inc.		68		25,946
Centene Corp. *		121		8,816
Cigna Corp.		128		30,384
UnitedHealth Group, Inc.		165		66,197
				136,512
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. *		9		20,603
Hilton Worldwide Holdings, Inc. *		104		12,575
Royal Caribbean Cruises Ltd. *		30		2,562
Yum! Brands, Inc.		139		15,983
				51,723
Household Durables — 0.5%
DR Horton, Inc.		19		1,734
Lennar Corp., Class A		226		22,435
				24,169
Household Products — 1.5%
Kimberly-Clark Corp.		142		19,020
Procter & Gamble Co. (The)		432		58,339
				77,359
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		101		22,140
Insurance — 1.8%
Allstate Corp. (The)		54		6,980
American International Group, Inc.		171		8,127
Chubb Ltd.		98		15,499
Hartford Financial Services Group, Inc. (The)		215		13,316
Marsh & McLennan Cos., Inc.		48		6,784
Progressive Corp. (The)		268		26,287
Prudential Financial, Inc.		80		8,216
Travelers Cos., Inc. (The)		34		5,127
				90,336
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A *		53		129,603
Alphabet, Inc., Class C *		42		104,950
Facebook, Inc., Class A *		331		115,169
				349,722
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. *		66		227,580

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — 4.8%
Accenture plc, Class A		195		57,579
Fiserv, Inc. *		21		2,215
FleetCor Technologies, Inc. *		12		3,015
Mastercard, Inc., Class A		196		71,521
PayPal Holdings, Inc. *		149		43,339
Visa, Inc., Class A		277		64,792
				242,461
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		29		13,892
Thermo Fisher Scientific, Inc.		106		53,413
Waters Corp. *		9		3,264
				70,569
Machinery — 2.2%
Deere & Co.		124		43,836
Ingersoll Rand, Inc. *		154		7,539
Otis Worldwide Corp.		132		10,760
Parker-Hannifin Corp.		70		21,429
Stanley Black & Decker, Inc.		138		28,218
				111,782
Media — 1.7%
Altice USA, Inc., Class A *		144		4,900
Charter Communications, Inc., Class A *		45		32,563
Comcast Corp., Class A		828		47,226
Fox Corp., Class A		32		1,195
				85,884
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		170		6,314
Multiline Retail — 0.7%
Dollar General Corp.		21		4,505
Dollar Tree, Inc. *		96		9,548
Target Corp.		85		20,482
				34,535
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		162		3,975
Public Service Enterprise Group, Inc.		82		4,918
Sempra Energy		155		20,528
				29,421
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		65		1,139
Cheniere Energy, Inc. *		83		7,226
Chevron Corp.		265		27,734

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
ConocoPhillips		315		19,157
Diamondback Energy, Inc.		146		13,749
EOG Resources, Inc.		162		13,480
Kinder Morgan, Inc.		300		5,470
Phillips 66		149		12,804
Pioneer Natural Resources Co.		142		23,033
Williams Cos., Inc. (The)		743		19,735
				143,527
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		54		17,207
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		672		44,920
Eli Lilly & Co.		196		45,046
Johnson & Johnson		307		50,625
Merck & Co., Inc.		344		26,782
Organon & Co. *		42		1,260
Pfizer, Inc.		245		9,577
				178,210
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		76		6,470
Leidos Holdings, Inc.		160		16,166
				22,636
Road & Rail — 1.0%
Lyft, Inc., Class A *		115		6,962
Norfolk Southern Corp.		104		27,721
Union Pacific Corp.		81		17,883
				52,566
Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices, Inc. *		324		30,472
Analog Devices, Inc.		210		36,111
Applied Materials, Inc.		290		41,347
Intel Corp.		285		16,020
Lam Research Corp.		67		43,644
Microchip Technology, Inc.		66		9,827
Micron Technology, Inc. *		61		5,206
NVIDIA Corp.		85		68,085
NXP Semiconductors NV (China)		124		25,543
QUALCOMM, Inc.		49		7,025
Texas Instruments, Inc.		271		52,186
				335,466

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 77

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 8.8%
Fortinet, Inc. *		20		4,662
Intuit, Inc.		91		44,435
Microsoft Corp.		1,232		333,834
Oracle Corp.		252		19,606
salesforce.com, Inc. *		118		28,833
Workday, Inc., Class A *		42		9,972
				441,342
Specialty Retail — 3.3%
AutoZone, Inc. *		3		4,703
Best Buy Co., Inc.		173		19,918
Home Depot, Inc. (The)		147		46,993
Lowe’s Cos., Inc.		256		49,719
O’Reilly Automotive, Inc. *		45		25,412
TJX Cos., Inc. (The)		293		19,742
				166,487
Technology Hardware, Storage & Peripherals — 6.5%
Apple, Inc.		2,198		301,043
Seagate Technology Holdings plc (Ireland)		240		21,140
				322,183
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		103		10,582
NIKE, Inc., Class B		245		37,827
				48,409

INVESTMENTS	SHARES (000)		VALUE ($000)
Tobacco — 1.2%
Altria Group, Inc.		503		24,004
Philip Morris International, Inc.		361		35,758
				59,762
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		301		43,631
Total Common Stocks (Cost $2,520,239)				5,000,555
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $66,908)		66,881		66,914
Total Investments — 100.3% (Cost $2,587,147)				5,067,469
Liabilities in Excess of Other Assets — (0.3)%				(15,427	)
NET ASSETS — 100.0%				5,052,042

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		213		09/2021		USD		45,673		965

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.0%
Auto Components — 2.1%
Aptiv plc *		15		2,429
Banks — 6.1%
Bank of America Corp.		82		3,385
Citigroup, Inc.		40		2,802
SVB Financial Group *		1		818
				7,005
Biotechnology — 1.8%
Amgen, Inc.		6		1,430
Biogen, Inc. *		2		606
				2,036
Building Products — 3.3%
Trane Technologies plc		15		2,826
Trex Co., Inc. *		10		996
				3,822
Capital Markets — 3.4%
Morgan Stanley		16		1,440
S&P Global, Inc.		3		1,190
State Street Corp.		16		1,344
				3,974
Containers & Packaging — 1.3%
Ball Corp.		18		1,484
Diversified Financial Services — 1.5%
Voya Financial, Inc.		27		1,691
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.		38		2,109
Electric Utilities — 1.6%
NextEra Energy, Inc.		25		1,824
Electrical Equipment — 2.4%
Eaton Corp. plc		19		2,812
Electronic Equipment, Instruments & Components — 0.8%
Itron, Inc. *		9		928
Entertainment — 4.7%
Netflix, Inc. *		3		1,347
Walt Disney Co. (The) *		23		4,085
				5,432
Equity Real Estate Investment Trusts (REITs) — 5.0%
American Tower Corp.		5		1,216
Boston Properties, Inc.		17		1,897
Equinix, Inc.		2		1,493
Prologis, Inc.		9		1,118
				5,724

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 2.2%
Costco Wholesale Corp.		6		2,516
Food Products — 1.4%
General Mills, Inc.		26		1,578
Health Care Equipment & Supplies — 0.7%
Hologic, Inc. *		12		819
Health Care Providers & Services — 2.3%
Cigna Corp.		11		2,669
Insurance — 1.8%
MetLife, Inc.		14		859
Progressive Corp. (The)		13		1,228
				2,087
IT Services — 4.5%
Accenture plc, Class A		4		1,229
Mastercard, Inc., Class A		11		3,947
				5,176
Life Sciences Tools & Services — 5.7%
Agilent Technologies, Inc.		10		1,531
Illumina, Inc. *		2		781
IQVIA Holdings, Inc. *		9		2,156
Thermo Fisher Scientific, Inc.		4		2,104
				6,572
Machinery — 4.2%
Deere & Co.		6		2,015
Parker-Hannifin Corp.		4		1,099
Xylem, Inc.		15		1,786
				4,900
Multiline Retail — 2.0%
Target Corp.		9		2,290
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		34		2,301
Merck & Co., Inc.		27		2,083
				4,384
Semiconductors & Semiconductor Equipment — 7.2%
Lam Research Corp.		3		2,066
NVIDIA Corp.		2		1,688
NXP Semiconductors NV (China)		8		1,695
SolarEdge Technologies, Inc. *		3		915
Texas Instruments, Inc.		10		1,908
				8,272

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 79

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 14.9%
Adobe, Inc. *		2		937
Autodesk, Inc. *		3		890
Cadence Design Systems, Inc. *		14		1,924
Intuit, Inc.		6		3,166
Microsoft Corp.		34		9,263
salesforce.com, Inc. *		5		1,136
				17,316
Specialty Retail — 4.0%
Best Buy Co., Inc.		12		1,377
Home Depot, Inc. (The)		10		3,279
				4,656
Technology Hardware, Storage & Peripherals — 4.3%
Apple, Inc.		37		5,009
Textiles, Apparel & Luxury Goods — 1.2%
VF Corp.		17		1,414
Total Common Stocks (Cost $84,032)				110,928

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 4.0%
Investment Companies — 4.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $4,579)		4,577		4,580
Total Investments — 100.0% (Cost $88,611)				115,508
Other Assets Less Liabilities — 0.0% (c)				42
NET ASSETS — 100.0%				115,550

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
E-Mini S&P 500 ESG Index		25		09/2021		USD		4,583		63

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Aerospace & Defense — 3.8%
General Dynamics Corp.		101		18,947
Northrop Grumman Corp.		51		18,397
Raytheon Technologies Corp.		313		26,704
				64,048
Air Freight & Logistics — 0.8%
United Parcel Service, Inc., Class B		66		13,643
Airlines — 0.8%
Southwest Airlines Co. *		256		13,579
Banks — 11.5%
Bank of America Corp.		870		35,878
Citigroup, Inc.		514		36,330
Citizens Financial Group, Inc.		172		7,898
M&T Bank Corp.		68		9,840
PNC Financial Services Group, Inc. (The)		122		23,311
Truist Financial Corp.		464		25,776
US Bancorp		225		12,797
Wells Fargo & Co.		935		42,330
				194,160
Beverages — 0.5%
PepsiCo, Inc.		56		8,306
Biotechnology — 2.2%
AbbVie, Inc.		137		15,447
Amgen, Inc.		39		9,607
Biogen, Inc. *		11		3,708
Vertex Pharmaceuticals, Inc. *		46		9,295
				38,057
Building Products — 0.8%
Trane Technologies plc		78		14,415
Capital Markets — 9.0%
BlackRock, Inc.		49		42,456
Charles Schwab Corp. (The)		265		19,311
Goldman Sachs Group, Inc. (The)		59		22,462
Morgan Stanley		352		32,308
S&P Global, Inc.		29		11,698
T. Rowe Price Group, Inc.		117		23,096
				151,331
Chemicals — 3.5%
Air Products and Chemicals, Inc.		72		20,818
Axalta Coating Systems Ltd. *		831		25,322
DuPont de Nemours, Inc.		172		13,322
				59,462

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — 0.7%
Republic Services, Inc.		115		12,641
Construction Materials — 0.8%
Vulcan Materials Co.		78		13,540
Consumer Finance — 2.3%
American Express Co.		117		19,362
Capital One Financial Corp.		131		20,193
				39,555
Containers & Packaging — 0.3%
Ball Corp.		64		5,218
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc., Class B *		114		31,599
Diversified Telecommunication Services — 0.7%
Verizon Communications, Inc.		225		12,631
Electric Utilities — 1.6%
Entergy Corp.		56		5,628
NextEra Energy, Inc.		183		13,376
Xcel Energy, Inc.		136		8,928
				27,932
Electrical Equipment — 1.2%
Eaton Corp. plc		135		19,949
Entertainment — 0.7%
Walt Disney Co. (The) *		69		12,147
Equity Real Estate Investment Trusts (REITs) — 1.1%
AvalonBay Communities, Inc.		28		5,938
Ventas, Inc.		149		8,520
Vornado Realty Trust		104		4,874
				19,332
Food & Staples Retailing — 0.9%
Walmart, Inc.		106		14,969
Food Products — 0.8%
Mondelez International, Inc., Class A		225		14,052
Health Care Equipment & Supplies — 2.8%
Becton Dickinson and Co.		72		17,506
Medtronic plc		247		30,678
				48,184
Health Care Providers & Services — 3.9%
Anthem, Inc.		21		8,071
Cigna Corp.		86		20,423
Humana, Inc.		13		5,874
UnitedHealth Group, Inc.		80		32,031
				66,399

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 81

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings, Inc. *		6		12,120
Las Vegas Sands Corp. *		232		12,214
McDonald’s Corp.		65		14,949
				39,283
Household Durables — 0.4%
Newell Brands, Inc.		266		7,313
Household Products — 0.9%
Colgate-Palmolive Co.		193		15,696
Industrial Conglomerates — 0.3%
Honeywell International, Inc.		20		4,328
Insurance — 3.6%
Chubb Ltd.		91		14,538
Hartford Financial Services Group, Inc. (The)		242		14,969
Loews Corp.		130		7,083
Marsh & McLennan Cos., Inc.		49		6,928
MetLife, Inc.		209		12,496
Prudential Financial, Inc.		59		6,013
				62,027
Interactive Media & Services — 1.7%
Alphabet, Inc., Class C *		12		28,890
IT Services — 1.4%
Fidelity National Information Services, Inc.		83		11,783
International Business Machines Corp.		80		11,672
				23,455
Machinery — 3.8%
Dover Corp.		168		25,308
Parker-Hannifin Corp.		90		27,635
Stanley Black & Decker, Inc.		61		12,555
				65,498
Media — 1.9%
Comcast Corp., Class A		580		33,045
Multiline Retail — 0.8%
Dollar General Corp.		60		12,983
Multi-Utilities — 1.3%
CMS Energy Corp.		296		17,500
Public Service Enterprise Group, Inc.		91		5,465
				22,965
Oil, Gas & Consumable Fuels — 5.3%
Chevron Corp.		221		23,170
ConocoPhillips		576		35,070
EOG Resources, Inc.		304		25,367

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Valero Energy Corp.		96		7,513
				91,120
Pharmaceuticals — 5.4%
Bristol-Myers Squibb Co.		506		33,799
Eli Lilly & Co.		86		19,728
Johnson & Johnson		144		23,646
Merck & Co., Inc.		80		6,230
Organon & Co. *		9		261
Pfizer, Inc.		219		8,577
				92,241
Road & Rail — 1.0%
CSX Corp.		545		17,484
Semiconductors & Semiconductor Equipment — 5.1%
Analog Devices, Inc.		177		30,505
Lam Research Corp.		11		7,106
NXP Semiconductors NV (China)		91		18,805
Texas Instruments, Inc.		163		31,262
				87,678
Software — 1.7%
Microsoft Corp.		110		29,833
Specialty Retail — 5.1%
AutoZone, Inc. *		11		15,964
Gap, Inc. (The)		255		8,571
Home Depot, Inc. (The)		63		20,046
Lowe’s Cos., Inc.		82		15,981
O’Reilly Automotive, Inc. *		13		7,417
TJX Cos., Inc. (The)		280		18,909
				86,888
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.		60		8,205
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		130		20,043
Tobacco — 1.4%
Philip Morris International, Inc.		239		23,682
Total Common Stocks (Cost $1,149,430)				1,667,806

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $38,028)		38,009		38,028
Total Investments — 99.9% (Cost $1,187,458)				1,705,834
Other Assets Less Liabilities — 0.1%				1,151
NET ASSETS — 100.0%				1,706,985

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021

(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	$	128,507		$	45,247,303		$	883,537		$	17,911,813
Investments in affiliates, at value		3,582			1,108,433			43,928			312,969
Options purchased, at value		—			—			—			289,993
Cash		—	(a)		58			—			—
Deposits at broker for futures contracts		—			—			—			58,970
Receivables:
Investment securities sold		—			—			34,538			1,613,327
Fund shares sold		6			53,029			6,129			68,592
Interest from non-affiliates		—			—			2,906			—
Dividends from non-affiliates		57			59,512			803			16,039
Dividends from affiliates		—	(a)		2			—	(a)		1
Variation margin on futures contracts		—			—			3			1,604
Total Assets		132,152			46,468,337			971,844			20,273,308
LIABILITIES:
Payables:
Due to custodian		—			—			36			—	(a)
Distributions		—			—	(a)		365			—
Investment securities purchased		—			—			67,674			1,620,132
Fund shares redeemed		80			37,878			2,445			82,569
Outstanding options written, at fair value		—			—			—			266,751
Accrued liabilities:
Investment advisory fees		51			15,124			144			3,709
Administration fees		7			1,315			36			952
Distribution fees		5			1,982			112			668
Service fees		19			5,217			152			3,389
Custodian and accounting fees		6			280			9			122
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—
Other		90			884			67			93
Total Liabilities		258			62,680			71,040			1,978,385
Net Assets	$	131,894		$	46,405,657		$	900,804		$	18,294,923

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	73,362		$	31,739,270		$	867,911		$	15,114,921
Total distributable earnings (loss)		58,532			14,666,387			32,893			3,180,002
Total Net Assets	$	131,894		$	46,405,657		$	900,804		$	18,294,923
Net Assets:
Class A	$	9,949		$	4,715,916		$	174,085		$	1,778,457
Class C		4,293			1,493,408			158,340			502,120
Class I		83,598			17,980,353			519,976			14,416,679
Class R2		—			77,859			—			—
Class R3		—			280,991			—			—
Class R4		—			249,525			—			—
Class R5		—			1,655,531			88			6,024
Class R6		34,054			19,952,074			48,315			1,591,643
Total	$	131,894		$	46,405,657		$	900,804		$	18,294,923
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		284			211,061			11,431			68,678
Class C		130			68,300			10,396			19,523
Class I		2,335			789,911			34,134			555,008
Class R2		—			3,502			—			—
Class R3		—			12,587			—			—
Class R4		—			10,970			—			—
Class R5		—			72,672			6			232
Class R6		956			876,564			3,172			61,133
Net Asset Value (a):
Class A — Redemption price per share	$	35.03		$	22.34		$	15.23		$	25.90
Class C — Offering price per share (b)		33.15			21.87			15.23			25.72
Class I — Offering and redemption price per share		35.80			22.76			15.23			25.98
Class R2 — Offering and redemption price per share		—			22.23			—			—
Class R3 — Offering and redemption price per share		—			22.32			—			—
Class R4 — Offering and redemption price per share		—			22.75			—			—
Class R5 — Offering and redemption price per share		—			22.78			15.23			26.02
Class R6 — Offering and redemption price per share		35.62			22.76			15.23			26.04
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)]	$	36.97		$	23.58		$	16.07		$	27.34
Cost of investments in non-affiliates	$	82,263		$	30,618,832		$	814,023		$	12,048,060
Cost of investments in affiliates		3,582			1,108,296			43,928			312,969
Cost of options purchased		—			—			—			284,491
Premiums received from options written		—			—			—			274,598

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund		JPMorgan Large Cap Value Fund
ASSETS:
Investments in non-affiliates, at value	$	1,362,348		$	563,694		$	35,896,004	$	4,274,645
Investments in affiliates, at value		82,933			17,690			1,501,233		57,325
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			—			427,794		31,359
Options purchased, at value		3,573			4,395			—		—
Cash		236			93			59		7
Deposits at broker for futures contracts		541			505			—		—
Deferred offering costs (See Note 2.J.)		70			70			—		—
Receivables:
Investment securities sold		991			612			35,152		26,549
Fund shares sold		14,218			4,870			38,497		4,552
Dividends from non-affiliates		1,039			408			7,651		2,899
Dividends from affiliates		—	(a)		—	(a)		3		—	(a)
Securities lending income (See Note 2.C.)		—			—			111		2
Variation margin on futures contracts		52			18			—		—
Total Assets		1,466,001			592,355			37,906,504		4,397,338
LIABILITIES:
Payables:
Investment securities purchased		57,216			16,059			—		19,667
Collateral received on securities loaned (See Note 2.C.)		—			—			427,794		31,359
Fund shares redeemed		3,558			933			44,452		2,882
Outstanding options written, at fair value		12,780			8,560			—		—
Accrued liabilities:
Investment advisory fees		201			53			11,923		1,263
Administration fees		49			18			316		162
Distribution fees		39			12			1,571		89
Service fees		203			97			3,513		280
Custodian and accounting fees		24			22			256		17
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			—		2
Other		63			35			299		147
Total Liabilities		74,133			25,789			490,124		55,868
Net Assets	$	1,391,868		$	566,566		$	37,416,380	$	4,341,470

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
NET ASSETS:
Paid-in-Capital	$	1,359,351		$	553,523		$	18,245,625		$	3,660,840
Total distributable earnings (loss)		32,517			13,043			19,170,755			680,630
Total Net Assets	$	1,391,868		$	566,566		$	37,416,380		$	4,341,470
Net Assets:
Class A	$	52,880		$	21,446		$	4,970,767		$	218,302
Class C		57,423			19,229			780,132			62,488
Class I		1,018,781			524,074			10,983,173			1,418,653
Class R2		—			—			129,541			11,175
Class R3		—			—			264,318			16
Class R4		—			—			204,814			135
Class R5		536			21			956,386			24,668
Class R6		262,248			1,796			19,127,249			2,606,033
Total	$	1,391,868		$	566,566		$	37,416,380		$	4,341,470
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,312			1,344			77,398			10,658
Class C		3,600			1,206			16,882			3,195
Class I		63,758			32,802			167,461			70,590
Class R2		—			—			2,122			551
Class R3		—			—			4,089			1
Class R4		—			—			3,128			7
Class R5		33			1			14,170			1,214
Class R6		16,404			112			280,539			129,147
Net Asset Value (a):
Class A — Redemption price per share	$	15.97		$	15.96		$	64.22		$	20.48
Class C — Offering price per share (b)		15.95			15.95			46.21			19.55
Class I — Offering and redemption price per share		15.98			15.98			65.59			20.10
Class R2 — Offering and redemption price per share		—			—			61.05			20.30
Class R3 — Offering and redemption price per share		—			—			64.64			20.09
Class R4 — Offering and redemption price per share		—			—			65.47			20.50
Class R5 — Offering and redemption price per share		15.98			15.98			67.49			20.32
Class R6 — Offering and redemption price per share		15.99			15.98			68.18			20.18
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)]	$	16.85		$	16.84		$	67.78		$	21.61
Cost of investments in non-affiliates	$	1,309,941		$	538,816		$	21,404,067		$	3,745,029
Cost of investments in affiliates		82,933			17,690			1,501,034			57,325
Cost of options purchased		22,284			8,907			—			—
Investment securities on loan, at value (See Note 2.C.)		—			—			422,906			30,637
Cost of investment of cash collateral (See Note 2.C.)		—			—			427,811			31,359
Premiums received from options written		20,801			8,880			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund			JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	267,873		$	19,646,204		$	1,275,680		$	3,303,749
Investments in affiliates, at value		9,182			228,846			31,110			11,580
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			30,501			2,909			—
Cash		1			8			2			—
Foreign currency, at value		—			—			—			20
Deposits at broker for futures contracts		673			5,928			1,828			—
Receivables:
Investment securities sold		6,971			—			—			14,136
Fund shares sold		30			18,421			568			916
Dividends from non-affiliates		259			12,041			391			1,897
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—			22			4			—
Variation margin on futures contracts		14			175			48			—
Total Assets		285,003			19,942,146			1,312,540			3,332,298
LIABILITIES:
Payables:
Due to custodian		—			—			—			21
Due to broker for securities sold short		—			—			—			20
Securities sold short, at value		—			—			—			664,633
Dividend expense to non-affiliates on securities sold short		—			—			—			774
Investment securities purchased		—			1,520			—			8,763
Interest expense to non-affiliates on securities sold short		—			—			—			356
Collateral received on securities loaned (See Note 2.C.)		—			30,501			2,909			—
Fund shares redeemed		8,404			57,302			1,502			4,347
Accrued liabilities:
Investment advisory fees		59			6,087			278			1,363
Administration fees		10			785			54			138
Distribution fees		21			703			61			93
Service fees		41			1,078			82			246
Custodian and accounting fees		9			146			11			38
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—			—	(a)
Other		180			373			55			260
Total Liabilities		8,724			98,495			4,952			681,052
Net Assets	$	276,279		$	19,843,651		$	1,307,588		$	2,651,246

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund			JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	182,349		$	10,227,946		$	594,947		$	703,849
Total distributable earnings (loss)		93,930			9,615,705			712,641			1,947,397
Total Net Assets	$	276,279		$	19,843,651		$	1,307,588		$	2,651,246
Net Assets:
Class A	$	61,187		$	1,642,046		$	119,893		$	335,206
Class C		11,211			367,940			30,159			36,784
Class I		127,530			1,731,572			164,959			1,702,566
Class L		—			1,907,620			—			—
Class R2		3,000			269,266			45,629			5,838
Class R3		—			174,770			—			—
Class R4		—			45,443			—			—
Class R5		4,053			1,089,931			166,478			34,191
Class R6		69,298			12,615,063			780,470			536,661
Total	$	276,279		$	19,843,651		$	1,307,588		$	2,651,246
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,682			76,339			1,633			12,489
Class C		314			17,849			421			1,532
Class I		3,474			80,204			2,197			61,838
Class L		—			88,183			—			—
Class R2		83			12,667			641			231
Class R3		—			8,161			—			—
Class R4		—			2,108			—			—
Class R5		110			50,365			2,256			1,231
Class R6		1,884			581,577			10,574			19,339
Net Asset Value (a):
Class A — Redemption price per share	$	36.38		$	21.51		$	73.40		$	26.84
Class C — Offering price per share (b)		35.72			20.61			71.55			24.01
Class I — Offering and redemption price per share		36.72			21.59			75.08			27.53
Class L — Offering and redemption price per share		—			21.63			—			—
Class R2 — Offering and redemption price per share		35.99			21.26			71.18			25.27
Class R3 — Offering and redemption price per share		—			21.42			—			—
Class R4 — Offering and redemption price per share		—			21.55			—			—
Class R5 — Offering and redemption price per share		36.78			21.64			73.80			27.78
Class R6 — Offering and redemption price per share		36.78			21.69			73.81			27.75
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)]	$	38.40		$	22.70		$	77.47		$	28.33
Cost of investments in non-affiliates	$	195,324		$	11,230,397		$	712,894		$	1,676,033
Cost of investments in affiliates		9,182			228,846			31,107			11,580
Cost of foreign currency		—			—			—			20
Investment securities on loan, at value (See Note 2.C.)		—			30,132			2,790			—
Cost of investment of cash collateral (See Note 2.C.)		—			30,504			2,909			—
Proceeds from securities sold short		—			—			—			622,852

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	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	$	5,000,555		$	110,928		$	1,667,806
Investments in affiliates, at value		66,914			4,580			38,028
Cash		34			—	(a)		2
Deposits at broker for futures contracts		3,519			270			—
Receivables:
Investment securities sold		4,598			1,130			—
Fund shares sold		1,960			270			1,404
Dividends from non-affiliates		4,343			66			1,574
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Variation margin on futures contracts		98			9			—
Total Assets		5,082,021			117,253			1,708,814
LIABILITIES:
Payables:
Investment securities purchased		4,315			1,232			—
Fund shares redeemed		24,403			412			820
Accrued liabilities:
Investment advisory fees		817			—	(a)		488
Administration fees		171			—			74
Distribution fees		37			7			131
Service fees		68			3			270
Custodian and accounting fees		40			7			14
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		128			42			32
Total Liabilities		29,979			1,703			1,829
Net Assets	$	5,052,042		$	115,550		$	1,706,985

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	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	$	2,114,331		$	84,699		$	1,156,770
Total distributable earnings (loss)		2,937,711			30,851			550,215
Total Net Assets	$	5,052,042		$	115,550		$	1,706,985
Net Assets:
Class A	$	180,296		$	24,169		$	522,230
Class C		—			3,794			37,539
Class I		686,545			62,431			868,339
Class R2		—			—			2,005
Class R3		—			—			1,402
Class R4		—			—			106
Class R5		—			—			178
Class R6		4,185,201			25,156			275,186
Total	$	5,052,042		$	115,550		$	1,706,985
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,944			408			8,082
Class C		—			66			655
Class I		18,611			1,046			12,666
Class R2		—			—			31
Class R3		—			—			21
Class R4		—			—			2
Class R5		—			—			3
Class R6		113,614			421			3,982
Net Asset Value (a):
Class A — Redemption price per share	$	36.46		$	59.20		$	64.61
Class C — Offering price per share (b)		—			57.87			57.32
Class I — Offering and redemption price per share		36.89			59.71			68.55
Class R2 — Offering and redemption price per share		—			—			64.73
Class R3 — Offering and redemption price per share		—			—			68.41
Class R4 — Offering and redemption price per share		—			—			68.60
Class R5 — Offering and redemption price per share		—			—			69.09
Class R6 — Offering and redemption price per share		36.84			59.69			69.10
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	38.48		$	62.48		$	68.19
Cost of investments in non-affiliates	$	2,520,239		$	84,032		$	1,149,430
Cost of investments in affiliates		66,908			4,579			38,028

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 91

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021

(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	$	—		$	—		$	31,801		$	—
Interest income from affiliates		—			—			17			—
Dividend income from non-affiliates		1,230			905,831			5,516			211,098
Dividend income from affiliates		4			1,170			10			61
Income from securities lending (net) (See Note 2.C.)		—	(a)		1			—			—
Total investment income		1,234			907,002			37,344			211,159
EXPENSES:
Investment advisory fees		539			148,636			927			35,936
Administration fees		81			15,453			278			9,826
Distribution fees:
Class A		19			9,838			101			2,662
Class C		27			10,342			222			2,891
Class R2		—			370			—			—
Class R3		—			570			—			—
Service fees:
Class A		19			9,838			101			2,662
Class C		9			3,447			74			964
Class I		168			35,451			667			29,158
Class R2		—			185			—			—
Class R3		—			570			—			—
Class R4		—			440			—			—
Class R5		—			1,440			—	(a)		4
Custodian and accounting fees		24			1,213			43			411
Interest expense to affiliates		—			—			6			—	(a)
Professional fees		51			341			115			189
Trustees’ and Chief Compliance Officer’s fees		25			122			26			61
Printing and mailing costs		4			1,540			18			601
Registration and filing fees		56			1,229			173			775
Transfer agency fees (See Note 2.L.)		4			1,177			10			214
Other		9			488			14			233
Total expenses		1,035			242,690			2,775			86,587
Less fees waived		(149	)		(1,060	)		(320	)		(365	)
Less expense reimbursements		—			—			(1	)		—
Net expenses		886			241,630			2,454			86,222
Net investment income (loss)		348			665,372			34,890			124,937
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,318			932,771			(4,391	)		453,705
Investments in affiliates		(1	)		238			(5	)		—
Options purchased		—			—			—			(1,592,275	)
Futures contracts		—			—			348			114,907
Options written		—			—			—			(942,730	)
Net realized gain (loss)		17,317			933,009			(4,048	)		(1,966,393	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		22,947			10,723,424			61,771			4,363,784
Investments in affiliates		(1	)		(532	)		—	(a)		—
Options purchased		—			—			—			16,465
Futures contracts		—			—			3			3,631
Options written		—			—			—			12,420
Change in net unrealized appreciation/depreciation		22,946			10,722,892			61,774			4,396,300
Net realized/unrealized gains (losses)		40,263			11,655,901			57,726			2,429,907
Change in net assets resulting from operations	$	40,611		$	12,321,273		$	92,616		$	2,554,844

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Hedged Equity 2 Fund (a)			JPMorgan Hedged Equity 3 Fund (a)			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,826		$	1,144		$	146,953		$	31,484
Dividend income from affiliates		3			1			1,768			54
Income from securities lending (net) (See Note 2.C.)		—			—			1,734			54
Total investment income		2,829			1,145			150,455			31,592
EXPENSES:
Investment advisory fees		505			204			141,291			8,220
Administration fees		152			61			14,908			1,541
Distribution fees:
Class A		17			4			10,921			383
Class C		60			13			5,437			315
Class R2		—			—			657			77
Class R3		—			—			442			—	(b)
Service fees:
Class A		17			4			10,921			383
Class C		20			4			1,812			105
Class I		389			194			23,377			1,576
Class R2		—			—			329			39
Class R3		—			—			442			—	(b)
Class R4		—			—			350			3
Class R5		—	(b)		—	(b)		936			22
Custodian and accounting fees		32			29			1,073			58
Interest expense to affiliates		—			—			4			—
Professional fees		84			84			306			64
Trustees’ and Chief Compliance Officer’s fees		6			6			107			31
Printing and mailing costs		10			10			843			48
Registration and filing fees		85			33			1,106			227
Transfer agency fees (See Note 2.L.)		1			2			740			179
Offering costs (See Note 2.J.)		34			34			—			—
Other		8			8			393			35
Total expenses		1,420			690			216,395			13,306
Less fees waived		(166	)		(134	)		(23,981	)		(1,406	)
Less expense reimbursements		(48	)		(52	)		(9	)		(16	)
Net expenses		1,206			504			192,405			11,884
Net investment income (loss)		1,623			641			(41,950	)		19,708
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(343	)		46			5,959,033			227,286
Investments in affiliates		—			—			(26	)		(14	)
Options purchased		(2,158	)		(2,865	)		—			—
Futures contracts		1,649			535			—			—
Options written		(8,937	)		(5,600	)		—			—
Net realized gain (loss)		(9,789	)		(7,884	)		5,959,007			227,272
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		52,407			24,878			4,245,569			529,854
Investments in affiliates		—			—			(454	)		1
Options purchased		(18,711	)		(4,512	)		—			—
Futures contracts		45			32			—			—
Options written		8,021			320			—			—
Change in net unrealized appreciation/depreciation		41,762			20,718			4,245,115			529,855
Net realized/unrealized gains (losses)		31,973			12,834			10,204,122			757,127
Change in net assets resulting from operations	$	33,596		$	13,475		$	10,162,172		$	776,835

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 93

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021 (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund			JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	25		$	55		$	21		$	—
Dividend income from non-affiliates		5,589			250,561			10,333			45,565
Dividend income from affiliates		8			291			38			29
Income from securities lending (net) (See Note 2.C.)		4			78			49			—
Total investment income		5,626			250,985			10,441			45,594
EXPENSES:
Investment advisory fees		767			72,409			3,757			18,932
Administration fees		192			11,618			939			2,184
Distribution fees:
Class A		135			3,741			272			790
Class C		78			2,336			217			316
Class R2		14			1,250			224			26
Class R3		—			373			—			—
Service fees:
Class A		135			3,741			272			790
Class C		26			779			72			105
Class I		296			3,480			385			4,892
Class L		—			2,162			—			—
Class R2		7			625			112			13
Class R3		—			373			—			—
Class R4		—			77			—			—
Class R5		4			952			203			39
Custodian and accounting fees		31			600			43			69
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		2
Professional fees		56			200			65			75
Trustees’ and Chief Compliance Officer’s fees		25			73			28			33
Printing and mailing costs		57			146			43			54
Registration and filing fees		102			377			81			89
Transfer agency fees (See Note 2.L.)		11			345			53			95
Dividend expense to non-affiliates on securities sold short		—			—			—			19,932
Interest expense to non-affiliates on securities sold short		—			—			—			4,692
Other		15			291			28			54
Total expenses		1,951			105,948			6,794			53,182
Less fees waived		(396	)		(6,452	)		(808	)		(3,540	)
Less expense reimbursements		(1	)		(89	)		—			(4	)
Net expenses		1,554			99,407			5,986			49,638
Net investment income (loss)		4,072			151,578			4,455			(4,044	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		29,395			1,978,324			191,228			1,191,197
Investments in affiliates		(1	)		(81	)		(6	)		(5	)
Futures contracts		1,219			38,608			5,731			583
Securities sold short		—			—			—			(183,382	)
Net realized gain (loss)		30,613			2,016,851			196,953			1,008,393
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		61,620			4,024,268			220,149			164,103
Investments in affiliates		(2	)		(3	)		(7	)		(4	)
Futures contracts		107			1,940			512			24
Securities sold short		—			—			—			(109,989	)
Change in net unrealized appreciation/depreciation		61,725			4,026,205			220,654			54,134
Net realized/unrealized gains (losses)		92,338			6,043,056			417,607			1,062,527
Change in net assets resulting from operations	$	96,410		$	6,194,634		$	422,062		$	1,058,483

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	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	$	71,665		$	1,061		$	23,732
Dividend income from affiliates		66			3			39
Income from securities lending (net) (See Note 2.C.)		—			—	(a)		—
Total investment income		71,731			1,064			23,771
EXPENSES:
Investment advisory fees		12,413			223			4,542
Administration fees		3,724			56			852
Distribution fees:
Class A		480			41			1,195
Class C		—			22			224
Class R2		—			—			8
Class R3		—			—			2
Service fees:
Class A		480			41			1,195
Class C		—			7			75
Class I		1,594			110			1,148
Class L (b)		2			—			—
Class R2		—			—			4
Class R3		—			—			2
Class R4		—			—			2
Class R5		—			—			—	(a)
Custodian and accounting fees		174			24			36
Interest expense to affiliates		—	(a)		—			—
Professional fees		87			84			61
Trustees’ and Chief Compliance Officer’s fees		38			25			28
Printing and mailing costs		10			29			61
Registration and filing fees		45			77			88
Transfer agency fees (See Note 2.L.)		64			5			166
Other		75			9			23
Total expenses		19,186			753			9,712
Less fees waived		(5,523	)		(404	)		(891	)
Less expense reimbursements		—	(a)		(4	)		(2	)
Net expenses		13,663			345			8,819
Net investment income (loss)		58,068			719			14,952
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		547,292			3,798			44,109
Investments in affiliates		(14	)		(1	)		7
Futures contracts		15,603			429			—
Net realized gain (loss)		562,881			4,226			44,116
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,148,215			19,528			352,008
Investments in affiliates		(1	)		1			(18	)
Futures contracts		(27	)		63			—
Change in net unrealized appreciation/depreciation		1,148,187			19,592			351,990
Net realized/unrealized gains (losses)		1,711,068			23,818			396,106
Change in net assets resulting from operations	$	1,769,136		$	24,537		$	411,058

(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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	348		$	790		$	665,372		$	603,430
Net realized gain (loss)		17,317			11,963			933,009			(525,251	)
Change in net unrealized appreciation/depreciation		22,946			(8,470	)		10,722,892			(2,030,903	)
Change in net assets resulting from operations		40,611			4,283			12,321,273			(1,952,724	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(862	)		(962	)		(59,104	)		(100,496	)
Class C		(403	)		(540	)		(14,553	)		(36,790	)
Class I		(7,180	)		(10,258	)		(245,584	)		(324,790	)
Class R2		—			—			(921	)		(2,344	)
Class R3		—			—			(3,447	)		(4,859	)
Class R4		—			—			(3,022	)		(2,895	)
Class R5		—			—			(26,918	)		(46,903	)
Class R6		(3,356	)		(4,735	)		(310,281	)		(394,174	)
Total distributions to shareholders		(11,801	)		(16,495	)		(663,830	)		(913,251	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		18,030			(9,562	)		5,193,277			8,758,465
NET ASSETS:
Change in net assets		46,840			(21,774	)		16,850,720			5,892,490
Beginning of period		85,054			106,828			29,554,937			23,662,447
End of period	$	131,894		$	85,054		$	46,405,657		$	29,554,937

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	34,890		$	13,512		$	124,937		$	103,479
Net realized gain (loss)		(4,048	)		(29,238	)		(1,966,393	)		(469,890	)
Change in net unrealized appreciation/depreciation		61,774			4,460			4,396,300			902,244
Change in net assets resulting from operations		92,616			(11,266	)		2,554,844			535,833
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,484	)		(857	)		(7,417	)		(3,986	)
Class C		(2,300	)		(258	)		(1,096	)		(836	)
Class I		(25,702	)		(12,367	)		(115,685	)		(62,588	)
Class R5		(5	)		(2	)		(47	)		(32	)
Class R6		(3,425	)		(39	)		(15,731	)		(8,633	)
Total distributions to shareholders		(34,916	)		(13,523	)		(139,976	)		(76,075	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		651,374			162,286			7,138,463			3,226,028
NET ASSETS:
Change in net assets		709,074			137,497			9,553,331			3,685,786
Beginning of period		191,730			54,233			8,741,592			5,055,806
End of period	$	900,804		$	191,730		$	18,294,923		$	8,741,592

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Hedged Equity 2  Fund			JPMorgan Hedged Equity 3 Fund
	Period Ended June 30, 2021 (a)			Period Ended June 30, 2021 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,623		$	641
Net realized gain (loss)		(9,789	)		(7,884	)
Change in net unrealized appreciation/depreciation		41,762			20,718
Change in net assets resulting from operations		33,596			13,475
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(25	)		(15	)
Class C		(1	)		(3	)
Class I		(785	)		(417	)
Class R5		(1	)		—	(b)
Class R6		(305	)		(2	)
Total distributions to shareholders		(1,117	)		(437	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,359,389			553,528
NET ASSETS:
Change in net assets		1,391,868			566,566
Beginning of period		—			—
End of period	$	1,391,868		$	566,566

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(41,950	)	$	50,317		$	19,708		$	24,035
Net realized gain (loss)		5,959,007			1,883,835			227,272			(22,822	)
Change in net unrealized appreciation/depreciation		4,245,115			3,286,948			529,855			(109,305	)
Change in net assets resulting from operations		10,162,172			5,221,100			776,835			(108,092	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(229,243	)		(307,305	)		(755	)		(2,660	)
Class C		(49,805	)		(82,111	)		(69	)		(354	)
Class I		(484,046	)		(568,389	)		(4,846	)		(4,022	)
Class R2		(7,546	)		(16,104	)		(42	)		(207	)
Class R3		(8,542	)		(7,619	)		—	(a)		—	(a)
Class R4		(6,602	)		(2,550	)		—	(a)		(193	)
Class R5		(48,291	)		(83,447	)		(193	)		(425	)
Class R6		(774,029	)		(964,234	)		(12,971	)		(15,475	)
Total distributions to shareholders		(1,608,104	)		(2,031,759	)		(18,876	)		(23,336	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,597,146			4,163,215			2,323,514			(19,703	)
NET ASSETS:
Change in net assets		14,151,214			7,352,556			3,081,473			(151,131	)
Beginning of period		23,265,166			15,912,610			1,259,997			1,411,128
End of period	$	37,416,380		$	23,265,166		$	4,341,470		$	1,259,997

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,072		$	15,342		$	151,578		$	156,956
Net realized gain (loss)		30,613			46,835			2,016,851			1,074,096
Change in net unrealized appreciation/depreciation		61,725			(120,484	)		4,026,205			588,905
Change in net assets resulting from operations		96,410			(58,307	)		6,194,634			1,819,957
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,695	)		(5,592	)		(83,977	)		(161,648	)
Class C		(287	)		(1,365	)		(17,652	)		(26,242	)
Class I		(4,082	)		(54,344	)		(87,780	)		(97,817	)
Class L		—			—			(164,969	)		(142,043	)
Class R2		(85	)		(314	)		(14,883	)		(21,799	)
Class R3		—			—			(8,862	)		(11,145	)
Class R4		—			—			(1,911	)		(2,149	)
Class R5		(141	)		(3,383	)		(60,489	)		(80,738	)
Class R6		(2,355	)		(11,681	)		(727,732	)		(925,117	)
Total distributions to shareholders		(8,645	)		(76,679	)		(1,168,255	)		(1,468,698	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(67,252	)		(586,626	)		(121,490	)		286,006
NET ASSETS:
Change in net assets		20,513			(721,612	)		4,904,889			637,265
Beginning of period		255,766			977,378			14,938,762			14,301,497
End of period	$	276,279		$	255,766		$	19,843,651		$	14,938,762

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,455		$	16,629		$	(4,044	)	$	16,065
Net realized gain (loss)		196,953			88,286			1,008,393			1,461,601
Change in net unrealized appreciation/depreciation		220,654			54,387			54,134			(1,045,105	)
Change in net assets resulting from operations		422,062			159,302			1,058,483			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		(111,060	)		(56,713	)		(697,740	)		(2,626,307	)
NET ASSETS:
Change in net assets		193,206			(33,956	)		(399,060	)		(3,368,702	)
Beginning of period		1,114,382			1,148,338			3,050,306			6,419,008
End of period	$	1,307,588		$	1,114,382		$	2,651,246		$	3,050,306

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 101

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)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	58,068		$	79,253		$	719		$	428
Net realized gain (loss)		562,881			809,145			4,226			253
Change in net unrealized appreciation/depreciation		1,148,187			(499,565	)		19,592			2,768
Change in net assets resulting from operations		1,769,136			388,833			24,537			3,449
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(7,423	)		(21,842	)		(235	)		(858	)
Class C		—			—			(30	)		(204	)
Class I		(25,017	)		(23,849	)		(711	)		(1,447	)
Class L (a)		—			(45,099	)		—			—
Class R6 (b)		(159,941	)		(463,809	)		(247	)		—
Total distributions to shareholders		(192,381	)		(554,599	)		(1,223	)		(2,509	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(889,477	)		(1,284,816	)		51,536			9,075
NET ASSETS:
Change in net assets		687,278			(1,450,582	)		74,850			10,015
Beginning of period		4,364,764			5,815,346			40,700			30,685
End of period	$	5,052,042		$	4,364,764		$	115,550		$	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.

102 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,952		$	11,575
Net realized gain (loss)		44,116			1,992
Change in net unrealized appreciation/depreciation		351,990			(46,631	)
Change in net assets resulting from operations		411,058			(33,064	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(10,335	)		(19,342	)
Class C		(611	)		(1,019	)
Class I		(11,089	)		(3,705	)
Class R2		(33	)		(16	)
Class R3		(16	)		(2	)
Class R4		(24	)		(12	)
Class R5		(3	)		(3	)
Class R6		(4,026	)		(2,189	)
Total distributions to shareholders		(26,137	)		(26,288	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		595,210			133,703
NET ASSETS:
Change in net assets		980,131			74,351
Beginning of period		726,854			652,503
End of period	$	1,706,985		$	726,854

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,527		$	2,181		$	1,280,565		$	1,164,544
Distributions reinvested		862			962			55,042			95,360
Cost of shares redeemed		(2,169	)		(2,204	)		(1,092,878	)		(977,172	)
Change in net assets resulting from Class A capital transactions		2,220			939			242,729			282,732
Class C
Proceeds from shares issued		419			409			243,967			366,152
Distributions reinvested		403			540			13,343			32,079
Cost of shares redeemed		(612	)		(490	)		(552,490	)		(334,932	)
Change in net assets resulting from Class C capital transactions		210			459			(295,180	)		63,299
Class I
Proceeds from shares issued		9,125			4,205			5,967,956			5,501,467
Distributions reinvested		7,180			10,183			221,627			291,290
Cost of shares redeemed		(3,056	)		(30,218	)		(3,358,152	)		(3,044,873	)
Change in net assets resulting from Class I capital transactions		13,249			(15,830	)		2,831,431			2,747,884
Class R2
Proceeds from shares issued		—			—			18,279			23,230
Distributions reinvested		—			—			901			2,243
Cost of shares redeemed		—			—			(37,123	)		(40,287	)
Change in net assets resulting from Class R2 capital transactions		—			—			(17,943	)		(14,814	)
Class R3
Proceeds from shares issued		—			—			94,161			92,006
Distributions reinvested		—			—			2,770			4,162
Cost of shares redeemed		—			—			(57,502	)		(46,297	)
Change in net assets resulting from Class R3 capital transactions		—			—			39,429			49,871
Class R4
Proceeds from shares issued		—			—			153,736			71,534
Distributions reinvested		—			—			3,022			2,895
Cost of shares redeemed		—			—			(68,895	)		(23,816	)
Change in net assets resulting from Class R4 capital transactions		—			—			87,863			50,613
Class R5
Proceeds from shares issued		—			—			365,652			478,990
Distributions reinvested		—			—			25,988			44,948
Cost of shares redeemed		—			—			(420,221	)		(593,726	)
Change in net assets resulting from Class R5 capital transactions		—			—			(28,581	)		(69,788	)
Class R6
Proceeds from shares issued		2,422			7,519			6,385,588			7,465,340
Subscriptions in-kind (See Note 9)		—			—			—			48,418
Distributions reinvested		3,353			4,735			296,277			377,452
Cost of shares redeemed		(3,424	)		(7,384	)		(4,348,336	)		(2,242,542	)
Change in net assets resulting from Class R6 capital transactions		2,351			4,870			2,333,529			5,648,668
Total change in net assets resulting from capital transactions	$	18,030		$	(9,562	)	$	5,193,277		$	8,758,465

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		112			79			66,002			67,608
Reinvested		29			35			2,827			5,373
Redeemed		(70	)		(84	)		(57,193	)		(57,395	)
Change in Class A Shares		71			30			11,636			15,586
Class C
Issued		13			17			12,513			21,351
Reinvested		15			21			703			1,838
Redeemed		(21	)		(21	)		(29,946	)		(20,307	)
Change in Class C Shares		7			17			(16,730	)		2,882
Class I
Issued		283			143			299,334			317,929
Reinvested		239			366			11,118			16,183
Redeemed		(97	)		(1,079	)		(169,937	)		(181,493	)
Change in Class I Shares		425			(570	)		140,515			152,619
Class R2
Issued		—			—			934			1,382
Reinvested		—			—			47			126
Redeemed		—			—			(1,951	)		(2,304	)
Change in Class R2 Shares		—			—			(970	)		(796	)
Class R3
Issued		—			—			4,910			5,236
Reinvested		—			—			142			235
Redeemed		—			—			(2,969	)		(2,666	)
Change in Class R3 Shares		—			—			2,083			2,805
Class R4
Issued		—			—			7,771			3,947
Reinvested		—			—			150			162
Redeemed		—			—			(3,389	)		(1,344	)
Change in Class R4 Shares		—			—			4,532			2,765
Class R5
Issued		—			—			18,235			26,787
Reinvested		—			—			1,312			2,489
Redeemed		—			—			(21,287	)		(33,212	)
Change in Class R5 Shares		—			—			(1,740	)		(3,936	)
Class R6
Issued		76			264			319,793			418,476
Subscriptions in-kind (See Note 9)		—			—			—			2,637
Reinvested		112			170			14,863			21,032
Redeemed		(109	)		(290	)		(224,750	)		(128,412	)
Change in Class R6 Shares		79			144			109,906			313,733

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	177,480		$	25,022		$	1,460,355		$	495,566
Distributions reinvested		3,413			852			7,380			3,972
Cost of shares redeemed		(25,791	)		(11,252	)		(340,811	)		(348,671	)
Change in net assets resulting from Class A capital transactions		155,102			14,622			1,126,924			150,867
Class C
Proceeds from shares issued		155,434			5,247			242,865			128,940
Distributions reinvested		2,275			254			1,095			835
Cost of shares redeemed		(8,379	)		(238	)		(53,065	)		(56,070	)
Change in net assets resulting from Class C capital transactions		149,330			5,263			190,895			73,705
Class I
Proceeds from shares issued		413,338			165,512			8,854,409			5,474,198
Distributions reinvested		25,319			12,358			111,688			59,927
Cost of shares redeemed		(135,112	)		(36,261	)		(3,681,719	)		(2,956,713	)
Change in net assets resulting from Class I capital transactions		303,545			141,609			5,284,378			2,577,412
Class R5
Proceeds from shares issued		54			—			3,519			1,405
Distributions reinvested		5			2			47			32
Cost of shares redeemed		—	(a)		—			(1,189	)		(550	)
Change in net assets resulting from Class R5 capital transactions		59			2			2,377			887
Class R6
Proceeds from shares issued		47,093			939			1,000,413			755,421
Distributions reinvested		126			25			7,536			3,351
Cost of shares redeemed		(3,881	)		(174	)		(474,060	)		(335,615	)
Change in net assets resulting from Class R6 capital transactions		43,338			790			533,889			423,157
Total change in net assets resulting from capital transactions	$	651,374		$	162,286		$	7,138,463		$	3,226,028

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		11,996			1,779			60,745			23,862
Reinvested		234			66			303			190
Redeemed		(1,795	)		(857	)		(14,054	)		(17,011	)
Change in Class A Shares		10,435			988			46,994			7,041
Class C
Issued		10,447			362			10,337			6,200
Reinvested		154			19			48			40
Redeemed		(568	)		(19	)		(2,234	)		(2,757	)
Change in Class C Shares		10,033			362			8,151			3,483
Class I
Issued		28,524			11,688			374,344			261,714
Reinvested		1,777			917			4,623			2,858
Redeemed		(9,545	)		(2,849	)		(151,283	)		(145,069	)
Change in Class I Shares		20,756			9,756			227,684			119,503
Class R5
Issued		4			—			144			66
Reinvested		—	(a)		1			2			2
Redeemed		—	(a)		—			(49	)		(26	)
Change in Class R5 Shares		4			1			97			42
Class R6
Issued		3,379			64			41,538			36,462
Reinvested		9			2			308			159
Redeemed		(269	)		(14	)		(19,494	)		(16,768	)
Change in Class R6 Shares		3,119			52			22,352			19,853

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund
	Period Ended June 30, 2021 (a)			Period Ended June 30, 2021 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	54,055		$	22,160
Distributions reinvested		25			15
Cost of shares redeemed		(2,233	)		(998	)
Change in net assets resulting from Class A capital transactions		51,847			21,177
Class C
Proceeds from shares issued		57,384			19,425
Distributions reinvested		1			3
Cost of shares redeemed		(1,122	)		(464	)
Change in net assets resulting from Class C capital transactions		56,263			18,964
Class I
Proceeds from shares issued		1,069,346			575,746
Distributions reinvested		783			415
Cost of shares redeemed		(75,413	)		(64,565	)
Change in net assets resulting from Class I capital transactions		994,716			511,596
Class R5
Proceeds from shares issued		545			20
Distributions reinvested		1			—	(b)
Cost of shares redeemed		(21	)		—
Change in net assets resulting from Class R5 capital transactions		525			20
Class R6
Proceeds from shares issued		261,104			1,769
Distributions reinvested		300			2
Cost of shares redeemed		(5,366	)		—	(b)
Change in net assets resulting from Class R6 capital transactions		256,038			1,771
Total change in net assets resulting from capital transactions	$	1,359,389		$	553,528

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund
	Period Ended June 30, 2021 (a)			Period Ended June 30, 2021 (a)
SHARE TRANSACTIONS:
Class A
Issued		3,452			1,406
Reinvested		2			1
Redeemed		(142	)		(63	)
Change in Class A Shares		3,312			1,344
Class C
Issued		3,672			1,235
Reinvested		—	(b)		—	(b)
Redeemed		(72	)		(29	)
Change in Class C Shares		3,600			1,206
Class I
Issued		68,491			36,861
Reinvested		49			26
Redeemed		(4,782	)		(4,085	)
Change in Class I Shares		63,758			32,802
Class R5
Issued		34			1
Reinvested		—	(b)		—	(b)
Redeemed		(1	)		—
Change in Class R5 Shares		33			1
Class R6
Issued		16,725			112
Reinvested		19			—	(b)
Redeemed		(340	)		—	(b)
Change in Class R6 Shares		16,404			112

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,542,784		$	1,093,424		$	81,668		$	138,275
Distributions reinvested		209,959			290,772			737			2,618
Cost of shares redeemed		(1,237,783	)		(1,019,134	)		(49,625	)		(156,095	)
Change in net assets resulting from Class A capital transactions		514,960			365,062			32,780			(15,202	)
Class C
Proceeds from shares issued		263,027			194,307			24,043			3,402
Distributions reinvested		45,342			64,738			68			344
Cost of shares redeemed		(425,827	)		(147,910	)		(13,265	)		(20,436	)
Change in net assets resulting from Class C capital transactions		(117,458	)		111,135			10,846			(16,690	)
Class I
Proceeds from shares issued		3,946,027			2,721,471			1,171,550			187,035
Distributions reinvested		446,730			522,530			4,779			4,008
Cost of shares redeemed		(3,034,183	)		(1,843,411	)		(229,227	)		(206,607	)
Change in net assets resulting from Class I capital transactions		1,358,574			1,400,590			947,102			(15,564	)
Class R2
Proceeds from shares issued		43,616			36,135			3,822			4,111
Distributions reinvested		7,039			13,984			42			196
Cost of shares redeemed		(76,963	)		(83,183	)		(18,227	)		(6,217	)
Change in net assets resulting from Class R2 capital transactions		(26,308	)		(33,064	)		(14,363	)		(1,910	)
Class R3
Proceeds from shares issued		184,953			51,615			1			—	(a)
Distributions reinvested		5,581			4,020			—	(a)		—	(a)
Cost of shares redeemed		(59,342	)		(23,556	)		(9	)		—	(a)
Change in net assets resulting from Class R3 capital transactions		131,192			32,079			(8	)		—	(a)
Class R4
Proceeds from shares issued		134,173			49,115			291			1,815
Distributions reinvested		6,602			2,550			—	(a)		192
Cost of shares redeemed		(35,061	)		(6,458	)		(12,452	)		(3,474	)
Change in net assets resulting from Class R4 capital transactions		105,714			45,207			(12,161	)		(1,467	)
Class R5
Proceeds from shares issued		241,401			172,183			9,493			7,109
Distributions reinvested		46,287			78,312			191			420
Cost of shares redeemed		(375,742	)		(278,117	)		(13,602	)		(17,058	)
Change in net assets resulting from Class R5 capital transactions		(88,054	)		(27,622	)		(3,918	)		(9,529	)
Class R6
Proceeds from shares issued		6,503,315			3,367,122			1,547,366			166,602
Distributions reinvested		744,666			931,375			12,895			15,432
Cost of shares redeemed		(3,529,455	)		(2,028,669	)		(197,025	)		(141,375	)
Change in net assets resulting from Class R6 capital transactions		3,718,526			2,269,828			1,363,236			40,659
Total change in net assets resulting from capital transactions	$	5,597,146		$	4,163,215		$	2,323,514		$	(19,703	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		26,713			26,425			4,245			10,104
Reinvested		3,666			7,477			46			196
Redeemed		(21,267	)		(24,532	)		(3,017	)		(11,819	)
Change in Class A Shares		9,112			9,370			1,274			(1,519	)
Class C
Issued		6,214			6,347			1,298			262
Reinvested		1,097			2,250			5			26
Redeemed		(10,236	)		(4,817	)		(883	)		(1,590	)
Change in Class C Shares		(2,925	)		3,780			420			(1,302	)
Class I
Issued		66,612			64,836			62,079			14,482
Reinvested		7,640			13,208			273			306
Redeemed		(51,094	)		(44,234	)		(12,774	)		(15,555	)
Change in Class I Shares		23,158			33,810			49,578			(767	)
Class R2
Issued		788			906			222			326
Reinvested		129			376			3			15
Redeemed		(1,379	)		(2,121	)		(1,084	)		(468	)
Change in Class R2 Shares		(462	)		(839	)		(859	)		(127	)
Class R3
Issued		3,136			1,251			1			—	(a)
Reinvested		97			103			—	(a)		—	(a)
Redeemed		(1,008	)		(568	)		(1	)		—	(a)
Change in Class R3 Shares		2,225			786			—	(a)		—	(a)
Class R4
Issued		2,275			1,166			20			134
Reinvested		113			64			—	(a)		14
Redeemed		(586	)		(157	)		(942	)		(250	)
Change in Class R4 Shares		1,802			1,073			(922	)		(102	)
Class R5
Issued		3,948			3,989			517			542
Reinvested		769			1,927			12			32
Redeemed		(6,111	)		(6,525	)		(784	)		(1,286	)
Change in Class R5 Shares		(1,394	)		(609	)		(255	)		(712	)
Class R6
Issued		104,867			77,205			76,592			12,775
Reinvested		12,253			22,702			760			1,189
Redeemed		(57,075	)		(47,053	)		(11,736	)		(10,425	)
Change in Class R6 Shares		60,045			52,854			65,616			3,539

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	7,017		$	6,903		$	448,946		$	715,588
Distributions reinvested		1,624			5,106			78,212			154,154
Cost of shares redeemed		(15,672	)		(23,459	)		(1,212,979	)		(605,447	)
Change in net assets resulting from Class A capital transactions		(7,031	)		(11,450	)		(685,821	)		264,295
Class C
Proceeds from shares issued		1,778			567			101,446			40,488
Distributions reinvested		283			1,288			17,249			24,891
Cost of shares redeemed		(5,408	)		(7,152	)		(111,778	)		(84,646	)
Change in net assets resulting from Class C capital transactions		(3,347	)		(5,297	)		6,917			(19,267	)
Class I
Proceeds from shares issued		12,129			134,333			676,639			295,219
Distributions reinvested		4,054			54,229			83,781			94,363
Cost of shares redeemed		(43,512	)		(689,651	)		(445,901	)		(492,924	)
Change in net assets resulting from Class I capital transactions		(27,329	)		(501,089	)		314,519			(103,342	)
Class L
Proceeds from shares issued		—			—			1,503,646			269,061
Distributions reinvested		—			—			156,873			124,874
Cost of shares redeemed		—			—			(1,609,341	)		(663,087	)
Change in net assets resulting from Class L capital transactions		—			—			51,178			(269,152	)
Class R2
Proceeds from shares issued		546			765			43,197			28,578
Distributions reinvested		78			218			14,784			21,162
Cost of shares redeemed		(1,206	)		(2,045	)		(74,678	)		(82,008	)
Change in net assets resulting from Class R2 capital transactions		(582	)		(1,062	)		(16,697	)		(32,268	)
Class R3
Proceeds from shares issued		—			—			40,112			27,510
Distributions reinvested		—			—			7,878			10,063
Cost of shares redeemed		—			—			(32,479	)		(33,612	)
Change in net assets resulting from Class R3 capital transactions		—			—			15,511			3,961
Class R4
Proceeds from shares issued		—			—			19,615			4,496
Distributions reinvested		—			—			1,911			2,149
Cost of shares redeemed		—			—			(6,093	)		(8,139	)
Change in net assets resulting from Class R4 capital transactions		—			—			15,433			(1,494	)
Class R5
Proceeds from shares issued		722			2,988			152,803			78,859
Distributions reinvested		141			3,383			56,125			73,591
Cost of shares redeemed		(2,434	)		(48,472	)		(201,053	)		(194,808	)
Change in net assets resulting from Class R5 capital transactions		(1,571	)		(42,101	)		7,875			(42,358	)
Class R6
Proceeds from shares issued		14,127			55,961			3,065,302			1,785,782
Subscriptions in-kind (See Note 9)		—			—			—			45,414
Distributions reinvested		2,353			11,672			720,789			919,240
Cost of shares redeemed		(43,872	)		(93,260	)		(3,616,496	)		(2,264,805	)
Change in net assets resulting from Class R6 capital transactions		(27,392	)		(25,627	)		169,595			485,631
Total change in net assets resulting from capital transactions	$	(67,252	)	$	(586,626	)	$	(121,490	)	$	286,006

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		230			238			23,673			46,733
Reinvested		56			173			4,247			9,829
Redeemed		(535	)		(800	)		(66,851	)		(39,445	)
Change in Class A Shares		(249	)		(389	)		(38,931	)		17,117
Class C
Issued		57			22			5,407			2,740
Reinvested		10			44			981			1,647
Redeemed		(188	)		(250	)		(6,150	)		(5,697	)
Change in Class C Shares		(121	)		(184	)		238			(1,310	)
Class I
Issued		378			4,400			34,804			18,972
Reinvested		139			1,759			4,522			5,999
Redeemed		(1,437	)		(23,872	)		(22,963	)		(31,630	)
Change in Class I Shares		(920	)		(17,713	)		16,363			(6,659	)
Class L
Issued		—			—			82,220			17,663
Reinvested		—			—			8,466			7,922
Redeemed		—			—			(82,827	)		(42,694	)
Change in Class L Shares		—			—			7,859			(17,109	)
Class R2
Issued		17			25			2,286			1,874
Reinvested		3			8			815			1,363
Redeemed		(41	)		(72	)		(3,942	)		(5,292	)
Change in Class R2 Shares		(21	)		(39	)		(841	)		(2,055	)
Class R3
Issued		—			—			2,150			1,723
Reinvested		—			—			430			644
Redeemed		—			—			(1,724	)		(2,144	)
Change in Class R3 Shares		—			—			856			223
Class R4
Issued		—			—			984			290
Reinvested		—			—			103			137
Redeemed		—			—			(311	)		(534	)
Change in Class R4 Shares		—			—			776			(107	)
Class R5
Issued		22			101			7,725			5,056
Reinvested		5			110			3,019			4,669
Redeemed		(84	)		(1,585	)		(10,515	)		(12,468	)
Change in Class R5 Shares		(57	)		(1,374	)		229			(2,743	)
Class R6
Issued		434			1,871			159,157			113,479
Subscriptions in-kind (See Note 9)		—			—			—			2,771
Reinvested		80			394			38,637			58,213
Redeemed		(1,493	)		(3,593	)		(183,543	)		(143,075	)
Change in Class R6 Shares		(979	)		(1,328	)		14,251			31,388

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,023		$	18,251		$	67,074		$	82,531
Distributions reinvested		7,327			8,614			71,308			107,818
Cost of shares redeemed		(28,020	)		(40,642	)		(103,562	)		(536,310	)
Change in net assets resulting from Class A capital transactions		(670	)		(13,777	)		34,820			(345,961	)
Class C
Proceeds from shares issued		1,789			2,490			5,606			7,465
Distributions reinvested		2,298			3,299			9,039			19,111
Cost of shares redeemed		(12,341	)		(10,656	)		(43,234	)		(60,945	)
Change in net assets resulting from Class C capital transactions		(8,254	)		(4,867	)		(28,589	)		(34,369	)
Class I
Proceeds from shares issued		13,566			21,569			241,025			542,564
Distributions reinvested		12,855			16,565			497,011			811,087
Cost of shares redeemed		(41,096	)		(61,865	)		(946,028	)		(3,344,154	)
Redemptions in-kind (See Note 8)		—			—			(487,288	)		—
Change in net assets resulting from Class I capital transactions		(14,675	)		(23,731	)		(695,280	)		(1,990,503	)
Class R2
Proceeds from shares issued		11,220			10,855			614			1,116
Distributions reinvested		4,130			5,051			1,205			808
Cost of shares redeemed		(20,777	)		(21,173	)		(1,100	)		(1,967	)
Change in net assets resulting from Class R2 capital transactions		(5,427	)		(5,267	)		719			(43	)
Class R5
Proceeds from shares issued		28,851			22,564			5,546			15,058
Distributions reinvested		20,215			23,131			9,489			20,259
Cost of shares redeemed		(119,468	)		(53,596	)		(23,795	)		(84,259	)
Change in net assets resulting from Class R5 capital transactions		(70,402	)		(7,901	)		(8,760	)		(48,942	)
Class R6
Proceeds from shares issued		45,323			41,741			127,531			91,207
Distributions reinvested		61,717			68,077			112,990			113,531
Cost of shares redeemed		(118,672	)		(110,988	)		(241,171	)		(411,227	)
Change in net assets resulting from Class R6 capital transactions		(11,632	)		(1,170	)		(650	)		(206,489	)
Total change in net assets resulting from capital transactions	$	(111,060	)	$	(56,713	)	$	(697,740	)	$	(2,626,307	)

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		314			335			2,537			3,532
Reinvested		119			160			3,151			4,576
Redeemed		(431	)		(754	)		(4,090	)		(21,865	)
Change in Class A Shares		2			(259	)		1,598			(13,757	)
Class C
Issued		28			47			242			340
Reinvested		38			63			446			873
Redeemed		(200	)		(203	)		(1,763	)		(2,792	)
Change in Class C Shares		(134	)		(93	)		(1,075	)		(1,579	)
Class I
Issued		202			377			9,169			22,659
Reinvested		204			300			21,400			33,851
Redeemed		(615	)		(1,107	)		(36,191	)		(138,788	)
Redemptions in-kind (See Note 8)		—			—			(19,946	)		—
Change in Class I Shares		(209	)		(430	)		(25,568	)		(82,278	)
Class R2
Issued		177			204			26			49
Reinvested		69			96			56			36
Redeemed		(324	)		(397	)		(45	)		(90	)
Change in Class R2 Shares		(78	)		(97	)		37			(5	)
Class R5
Issued		442			412			211			639
Reinvested		326			425			405			840
Redeemed		(1,790	)		(983	)		(911	)		(3,482	)
Change in Class R5 Shares		(1,022	)		(146	)		(295	)		(2,003	)
Class R6
Issued		690			784			4,669			3,578
Reinvested		993			1,251			4,828			4,714
Redeemed		(1,768	)		(1,980	)		(9,673	)		(16,836	)
Change in Class R6 Shares		(85	)		55			(176	)		(8,544	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	52,721		$	56,324		$	9,507		$	3,668
Distributions reinvested		7,384			21,732			226			837
Cost of shares redeemed		(123,854	)		(97,073	)		(1,965	)		(4,213	)
Change in net assets resulting from Class A capital transactions		(63,749	)		(19,017	)		7,768			292
Class C
Proceeds from shares issued		—			—			1,229			266
Distributions reinvested		—			—			30			187
Cost of shares redeemed		—			—			(1,166	)		(725	)
Change in net assets resulting from Class C capital transactions		—			—			93			(272	)
Class I
Proceeds from shares issued		127,129			49,261			51,880			12,036
Distributions reinvested		17,371			23,349			688			1,446
Cost of shares redeemed		(230,638	)		(94,822	)		(30,906	)		(4,427	)
Conversion from Class L Shares		368,073			—			—			—
Change in net assets resulting from Class I capital transactions		281,935			(22,212	)		21,662			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		738,779			898,953			23,682			—
Distributions reinvested		159,481			462,987			247			—
Cost of shares redeemed		(1,610,214	)		(1,245,965	)		(1,916	)		—
Redemptions in-kind (See Note 8)		—			(1,336,709	)		—			—
Change in net assets resulting from Class R6 capital transactions		(711,954	)		(1,220,734	)		22,013			—
Total change in net assets resulting from capital transactions	$	(889,477	)	$	(1,284,816	)	$	51,536		$	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.

116 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,755			2,164			180			90
Reinvested		240			890			4			20
Redeemed		(3,944	)		(3,751	)		(37	)		(108	)
Change in Class A Shares		(1,949	)		(697	)		147			2
Class C
Issued		—			—			23			8
Reinvested		—			—			1			4
Redeemed		—			—			(24	)		(18	)
Change in Class C Shares		—			—			—	(a)		(6	)
Class I
Issued		4,149			1,907			1,006			295
Reinvested		556			945			14			33
Redeemed		(7,272	)		(3,638	)		(595	)		(108	)
Conversion from Class L Shares		13,572			—			—			—
Change in Class I Shares		11,005			(786	)		425			220
Class L (b)
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 (c)
Issued		22,714			35,010			451			—
Reinvested		5,100			18,774			5			—
Redeemed		(47,943	)		(46,532	)		(35	)		—
Redemptions in-kind (See Note 8)		—			(52,834	)		—			—
Change in Class R6 Shares		(20,129	)		(45,582	)		421			—

(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.

(c) 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 117

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)
	Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	43,922		$	103,634
Distributions reinvested		9,932			18,821
Cost of shares redeemed		(188,211	)		(69,860	)
Change in net assets resulting from Class A capital transactions		(134,357	)		52,595
Class C
Proceeds from shares issued		11,138			9,193
Distributions reinvested		525			848
Cost of shares redeemed		(10,570	)		(6,721	)
Change in net assets resulting from Class C capital transactions		1,093			3,320
Class I
Proceeds from shares issued		663,191			75,806
Distributions reinvested		10,612			3,345
Cost of shares redeemed		(99,019	)		(33,791	)
Change in net assets resulting from Class I capital transactions		574,784			45,360
Class R2
Proceeds from shares issued		1,007			1,202
Distributions reinvested		33			16
Cost of shares redeemed		(694	)		(111	)
Change in net assets resulting from Class R2 capital transactions		346			1,107
Class R3
Proceeds from shares issued		943			400
Distributions reinvested		10			2
Cost of shares redeemed		(166	)		—	(a)
Change in net assets resulting from Class R3 capital transactions		787			402
Class R4
Proceeds from shares issued		133			1,340
Distributions reinvested		24			12
Cost of shares redeemed		(1,482	)		(38	)
Change in net assets resulting from Class R4 capital transactions		(1,325	)		1,314
Class R5
Proceeds from shares issued		78			71
Distributions reinvested		3			3
Cost of shares redeemed		(23	)		(55	)
Change in net assets resulting from Class R5 capital transactions		58			19
Class R6
Proceeds from shares issued		310,989			48,377
Distributions reinvested		3,841			2,097
Cost of shares redeemed		(34,999	)		(20,888	)
Redemptions in-kind (See Note 8)		(126,007	)		—
Change in net assets resulting from Class R6 capital transactions		153,824			29,586
Total change in net assets resulting from capital transactions	$	595,210		$	133,703

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		799			2,118
Reinvested		184			373
Redeemed		(3,804	)		(1,432	)
Change in Class A Shares		(2,821	)		1,059
Class C
Issued		216			209
Reinvested		11			19
Redeemed		(224	)		(160	)
Change in Class C Shares		3			68
Class I
Issued		11,291			1,616
Reinvested		179			64
Redeemed		(1,602	)		(675	)
Change in Class I Shares		9,868			1,005
Class R2
Issued		19			24
Reinvested		1			—	(a)
Redeemed		(13	)		(2	)
Change in Class R2 Shares		7			22
Class R3
Issued		16			7
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		—	(a)
Change in Class R3 Shares		13			7
Class R4
Issued		3			24
Reinvested		—	(a)		—	(a)
Redeemed		(25	)		(1	)
Change in Class R4 Shares		(22	)		23
Class R5
Issued		1			2
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(1	)
Change in Class R5 Shares		1			1
Class R6
Issued		5,348			915
Reinvested		65			39
Redeemed		(596	)		(395	)
Redemptions in-kind (See Note 8)		(2,169	)		—
Change in Class R6 Shares		2,648			559

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 119

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30, 2021

(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	$	1,058,483
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(2,108,130	)
Proceeds from disposition of investment securities		4,073,456
Covers of investment securities sold short		(1,432,966	)
Proceeds from investment securities sold short		900,673
Purchases of short-term investments — affiliates, net		24,072
Change in unrealized (appreciation)/depreciation on investments in non-affiliiates		(164,103	)
Change in unrealized (appreciation)/depreciation on investments in affiliates		4
Change in unrealized (appreciation)/depreciation on investment securities sold short		109,989
Net realized (gain)/loss on investments in non-affiliates		(1,191,197	)
Net realized (gain)/loss on investments in affiliates		5
Net realized (gain)/loss on securities sold short		183,382
Decrease in interest receivable from non-affiliates		279
Decrease in dividends receivable from non-affiliates		1,765
Decrease in tax reclaims receivable		6
Decrease in variation margin receivable		26
Decrease in dividend expense to non-affiliates on securities sold short		(297	)
Increase in interest expense to non-affiliates on securities sold short		356
Increase in due to broker for securities sold short		20
Decrease in investment advisory fees payable		(207	)
Decrease in administration fees payable		(8	)
Decrease in distribution fees payable		(24	)
Decrease in service fees payable		(62	)
Decrease in custodian and accounting fees payable		(71	)
Decrease in audit fees payable		(38	)
Decrease in printing and mailing cost payable		(172	)
Decrease in registration fees payable		(96	)
Increase in other accrued expenses payable		221
Net cash provided (used) by operating activities		1,455,366
Cash flows provided (used) by financing activities:
Due to custodian		21
Proceeds from shares issued		447,177
Payment for shares redeemed		(1,356,886	)
Redemptions in-kind		(487,288	)
Cash distributions paid to shareholders (net of reinvestments of $701,042)		(58,761	)
Net cash provided (used) by financing activities		(1,455,737	)
Cash:
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker		(371	)
Restricted and unrestricted cash and deposits at broker at beginning of year		391
Restricted and unrestricted cash, foreign currency and deposits at broker at end of year	$	20

Supplemental disclosure of cash flow information:

For the year ended June 30, 2021 the Fund paid $4,338 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 foreign currency at the end of year to the Statements of Assets and Liabilities:

	June 30, 2020		June 30, 2021
Cash	$	23	$	—
Foreign currency, at value		—		20
Deposits at broker:
Futures contracts		368		—
	$	391	$	20

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Year Ended June 30, 2021	$	26.88	$	0.01		$	11.90		$	11.91	$	(0.11	)	$	(3.65	)	$	(3.76	)
Year Ended June 30, 2020		30.15		0.15			1.68			1.83		(0.12	)		(4.98	)		(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45		(0.41	)		(3.72	)		(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31		(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69		(0.01	)		(0.32	)		(0.33	)
Class C
Year Ended June 30, 2021		25.63		(0.13	)		11.30			11.17		—			(3.65	)		(3.65	)
Year Ended June 30, 2020		29.01		0.01			1.60			1.61		(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22		(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03		—			(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42		—			(0.32	)		(0.32	)
Class I
Year Ended June 30, 2021		27.38		0.10			12.13			12.23		(0.16	)		(3.65	)		(3.81	)
Year Ended June 30, 2020		30.60		0.23			1.70			1.93		(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56		(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43		(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81		(0.07	)		(0.32	)		(0.39	)
Class R6
Year Ended June 30, 2021		27.25		0.18			12.07			12.25		(0.23	)		(3.65	)		(3.88	)
Year Ended June 30, 2020		30.48		0.30			1.69			1.99		(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (f) through June 30, 2019		34.55		0.23			(0.05	)		0.18		(0.53	)		(3.72	)		(4.25	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	35.03		47.07	%	$	9,949		1.09	%		0.05	%		1.24	%		58	%
	26.88		5.87			5,723		1.10			0.55			1.34			44
	30.15		9.22			5,511		1.09			0.42			1.41			45
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84
	33.15		46.37			4,293		1.59			(0.45	)		1.74			58
	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	35.80		47.46			83,598		0.85			0.30			0.98			58
	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84
	35.62		47.82			34,054		0.60			0.55			0.73			58
	27.25		6.39			23,881		0.60			1.06			0.83			44
	30.48		2.03			22,346		0.59			1.08			0.95			45

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Income Fund
Class A
Year Ended June 30, 2021	$	16.22	$	0.29	$	6.12		$	6.41		$	(0.29	)	$	—		$	(0.29	)
Year Ended June 30, 2020		17.83		0.32		(1.42	)		(1.10	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Class C
Year Ended June 30, 2021		15.88		0.19		6.00			6.19			(0.20	)		—			(0.20	)
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Class I
Year Ended June 30, 2021		16.52		0.35		6.23			6.58			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Class R2
Year Ended June 30, 2021		16.14		0.23		6.10			6.33			(0.24	)		—			(0.24	)
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Class R3
Year Ended June 30, 2021		16.21		0.29		6.11			6.40			(0.29	)		—			(0.29	)
Year Ended June 30, 2020		17.81		0.32		(1.41	)		(1.09	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.80		0.32		1.49			1.81			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2018		15.66		0.27		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19		1.71			1.90			(0.21	)		(0.09	)		(0.30	)
Class R4
Year Ended June 30, 2021		16.51		0.35		6.23			6.58			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		18.13		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.09		0.36		1.52			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.32		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29		1.67			1.96			(0.23	)		(0.09	)		(0.32	)
Class R5
Year Ended June 30, 2021		16.53		0.37		6.25			6.62			(0.37	)		—			(0.37	)
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Class R6
Year Ended June 30, 2021		16.52		0.39		6.24			6.63			(0.39	)		—			(0.39	)
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	22.34		39.81	%	$	4,715,916		0.96	%		1.48	%		0.96	%		16	%
	16.22		(6.36	)		3,234,850		0.98			1.83			0.98			22
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14
	21.87		39.19			1,493,408		1.45			0.99			1.46			16
	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	22.76		40.16			17,980,353		0.70			1.73			0.71			16
	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	22.23		39.47			77,859		1.22			1.22			1.22			16
	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14
	22.32		39.79			280,991		0.95			1.49			0.96			16
	16.21		(6.29	)		170,246		0.97			1.86			0.97			22
	17.81		11.20			137,142		0.98			1.87			0.99			23
	16.80		9.90			91,267		0.99			1.61			0.99			20
	15.66		13.62			25,209		1.03			1.55			1.05			14
	22.75		40.19			249,525		0.70			1.73			0.70			16
	16.51		(6.07	)		106,277		0.72			2.12			0.72			22
	18.13		11.46			66,602		0.73			2.08			0.74			23
	17.09		10.18			23,451		0.74			1.90			0.75			20
	15.92		13.85			1,340		0.78			2.28			0.83			14
	22.78		40.41			1,655,531		0.55			1.88			0.56			16
	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14
	22.76		40.51			19,952,074		0.45			1.98			0.46			16
	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Equity Premium Income Fund
Class A
Year Ended June 30, 2021	$	12.96	$	1.26	$	2.40		$	3.66		$	(1.39	)
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)
Class C
Year Ended June 30, 2021		12.96		1.15		2.44			3.59			(1.32	)
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)
Class I
Year Ended June 30, 2021		12.96		1.38		2.32			3.70			(1.43	)
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)
Class R5
Year Ended June 30, 2021		12.96		1.37		2.35			3.72			(1.45	)
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)
Class R6
Year Ended June 30, 2021		12.96		1.43		2.30			3.73			(1.46	)
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity Fund
Class A
Year Ended June 30, 2021	$	21.83	$	0.15	$	4.11	$	4.26	$	(0.19	)
Year Ended June 30, 2020		20.23		0.28		1.51		1.79		(0.19	)
Year Ended June 30, 2019		19.43		0.20		0.79		0.99		(0.19	)
Year Ended June 30, 2018		18.24		0.18		1.15		1.33		(0.14	)
Year Ended June 30, 2017		16.23		0.19		2.01		2.20		(0.19	)
Class C
Year Ended June 30, 2021		21.70		0.03		4.07		4.10		(0.08	)
Year Ended June 30, 2020		20.10		0.17		1.52		1.69		(0.09	)
Year Ended June 30, 2019		19.33		0.11		0.77		0.88		(0.11	)
Year Ended June 30, 2018		18.16		0.08		1.15		1.23		(0.06	)
Year Ended June 30, 2017		16.17		0.10		2.01		2.11		(0.12	)
Class I
Year Ended June 30, 2021		21.90		0.21		4.11		4.32		(0.24	)
Year Ended June 30, 2020		20.28		0.33		1.53		1.86		(0.24	)
Year Ended June 30, 2019		19.47		0.26		0.78		1.04		(0.23	)
Year Ended June 30, 2018		18.27		0.23		1.16		1.39		(0.19	)
Year Ended June 30, 2017		16.26		0.23		2.01		2.24		(0.23	)
Class R5
Year Ended June 30, 2021		21.93		0.25		4.11		4.36		(0.27	)
Year Ended June 30, 2020		20.32		0.36		1.52		1.88		(0.27	)
Year Ended June 30, 2019		19.50		0.29		0.79		1.08		(0.26	)
Year Ended June 30, 2018		18.30		0.26		1.16		1.42		(0.22	)
Year Ended June 30, 2017		16.28		0.26		2.02		2.28		(0.26	)
Class R6
Year Ended June 30, 2021		21.95		0.28		4.11		4.39		(0.30	)
Year Ended June 30, 2020		20.32		0.39		1.53		1.92		(0.29	)
Year Ended June 30, 2019		19.49		0.31		0.79		1.10		(0.27	)
Year Ended June 30, 2018		18.29		0.27		1.16		1.43		(0.23	)
Year Ended June 30, 2017		16.28		0.25		2.03		2.28		(0.27	)

(a) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	25.90		19.58	%	$	1,778,457		0.83	%		0.61	%		0.84	%		39	%
	21.83		8.89			473,314		0.85			1.35			0.86			68
	20.23		5.12			296,242		0.85			1.02			0.87			48
	19.43		7.33			277,898		0.84			0.92			0.87			44
	18.24		13.60			133,789		0.84			1.06			1.05			31
	25.72		18.93			502,120		1.33			0.14			1.33			39
	21.70		8.40			246,741		1.35			0.84			1.36			68
	20.10		4.60			158,602		1.35			0.55			1.37			48
	19.33		6.79			81,030		1.34			0.42			1.38			44
	18.16		13.07			29,168		1.34			0.55			1.45			31
	25.98		19.83			14,416,679		0.58			0.89			0.58			39
	21.90		9.21			7,167,488		0.59			1.59			0.60			68
	20.28		5.39			4,214,453		0.60			1.30			0.61			48
	19.47		7.63			1,947,444		0.59			1.17			0.62			44
	18.27		13.86			597,013		0.59			1.30			0.69			31
	26.02		20.01			6,024		0.44			1.03			0.45			39
	21.93		9.30			2,964		0.45			1.74			0.59			68
	20.32		5.57			1,893		0.45			1.46			0.95			48
	19.50		7.81			123		0.39			1.37			0.67			44
	18.30		14.10			37		0.40			1.51			1.08			31
	26.04		20.11			1,591,643		0.33			1.14			0.34			39
	21.95		9.50			851,085		0.35			1.87			0.35			68
	20.32		5.69			384,616		0.35			1.56			0.37			48
	19.49		7.87			121,897		0.34			1.42			0.42			44
	18.29		14.09			3,289		0.34			1.41			0.42			31

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 2 Fund
Class A
February 26, 2021 (g) through June 30, 2021	$	15.00	$	0.03		$	0.95	$	0.98	$	(0.01	)
Class C
February 26, 2021 (g) through June 30, 2021		15.00		—	(h)		0.95		0.95		—	(h)
Class I
February 26, 2021 (g) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)
Class R5
February 26, 2021 (g) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)
Class R6
February 26, 2021 (g) through June 30, 2021		15.00		0.05			0.96		1.01		(0.02	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	15.97		6.54	%	$	52,880		0.85	%		0.57	%		0.92	%		6	%
	15.95		6.36			57,423		1.35			0.05			1.43			6
	15.98		6.63			1,018,781		0.60			0.80			0.70			6
	15.98		6.66			536		0.45			0.99			0.88			6
	15.99		6.75			262,248		0.35			1.04			0.43			6

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 3 Fund
Class A
February 26, 2021 (g) through June 30, 2021	$	15.00	$	0.03		$	0.95	$	0.98	$	(0.02	)
Class C
February 26, 2021 (g) through June 30, 2021		15.00		—	(h)		0.96		0.96		(0.01	)
Class I
February 26, 2021 (g) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)
Class R5
February 26, 2021 (g) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)
Class R6
February 26, 2021 (g) through June 30, 2021		15.00		0.06			0.94		1.00		(0.02	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	15.96		6.50	%	$	21,446		0.85	%		0.60	%		1.00	%		7	%
	15.95		6.37			19,229		1.35			0.09			1.51			7
	15.98		6.64			524,074		0.60			0.81			0.80			7
	15.98		6.64			21		0.45			0.96			3.22			7
	15.98		6.68			1,796		0.35			1.10			0.64			7

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Year Ended June 30, 2021	$	48.04	$	(0.27	)	$	19.59	$	19.32	$	—		$	(3.14	)	$	(3.14	)
Year Ended June 30, 2020		41.87		(0.01	)		11.39		11.38		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80		4.71		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92		9.82		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51		8.44		—			(3.14	)		(3.14	)
Class C
Year Ended June 30, 2021		35.43		(0.41	)		14.33		13.92		—			(3.14	)		(3.14	)
Year Ended June 30, 2020		32.33		(0.17	)		8.48		8.31		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64		3.41		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11		7.86		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14		6.94		—			(3.14	)		(3.14	)
Class I
Year Ended June 30, 2021		48.91		(0.12	)		19.97		19.85		(0.03	)		(3.14	)		(3.17	)
Year Ended June 30, 2020		42.46		0.09			11.59		11.68		(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87		4.88		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01		10.00		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55		8.53		—			(3.14	)		(3.14	)
Class R2
Year Ended June 30, 2021		45.90		(0.39	)		18.68		18.29		—			(3.14	)		(3.14	)
Year Ended June 30, 2020		40.32		(0.11	)		10.90		10.79		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61		4.43		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65		9.45		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32		8.16		—			(3.14	)		(3.14	)
Class R3
Year Ended June 30, 2021		48.34		(0.27	)		19.72		19.45		(0.01	)		(3.14	)		(3.15	)
Year Ended June 30, 2020		42.10		(0.01	)		11.46		11.45		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.64		(0.08	)		4.82		4.74		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94		9.86		—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		(0.06	)		7.62		7.56		—			(3.14	)		(3.14	)
Class R4
Year Ended June 30, 2021		48.84		(0.12	)		19.94		19.82		(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		42.45		0.08			11.58		11.66		(0.06	)		(5.21	)		(5.27	)
Year Ended June 30, 2019		42.85		0.01			4.87		4.88		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98		9.99		—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		0.04			7.60		7.64		—			(3.14	)		(3.14	)
Class R5
Year Ended June 30, 2021		50.20		(0.04	)		20.52		20.48		(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		43.44		0.16			11.88		12.04		(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00		5.07		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04		0.06			10.16		10.22		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67		8.72		—			(3.14	)		(3.14	)
Class R6
Year Ended June 30, 2021		50.66		0.03			20.71		20.74		(0.08	)		(3.14	)		(3.22	)
Year Ended June 30, 2020		43.78		0.21			11.99		12.20		(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03		5.14		(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23		10.33		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70		8.79		—			(3.14	)		(3.14	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	64.22		41.00	%	$	4,970,767		0.93	%		(0.46	)%		1.02	%		58	%
	48.04		30.09			3,280,463		0.94			(0.03	)		1.04			47
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22
	46.21		40.32			780,132		1.43			(0.96	)		1.51			58
	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	65.59		41.37			10,983,173		0.68			(0.21	)		0.76			58
	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	61.05		40.65			129,541		1.18			(0.71	)		1.26			58
	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	64.64		41.01			264,318		0.93			(0.45	)		1.01			58
	48.34		30.09			90,107		0.94			(0.02	)		1.03			47
	42.10		13.68			45,376		0.93			(0.21	)		1.08			50
	42.64		28.43			6,865		0.96			(0.21	)		1.10			24
	38.39		24.05			992		1.12			(0.20	)		1.20			22
	65.47		41.37			204,814		0.68			(0.20	)		0.76			58
	48.84		30.40			64,792		0.69			0.19			0.78			47
	42.45		13.96			10,740		0.68			0.02			0.83			50
	42.85		28.74			5,930		0.73			0.02			0.85			24
	38.47		24.31			440		0.89			0.12			1.07			22
	67.49		41.57			956,386		0.53			(0.06	)		0.61			58
	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22
	68.18		41.70			19,127,249		0.43			0.04			0.51			58
	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 135

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Value Fund
Class A
Year Ended June 30, 2021	$	12.72	$	0.11	$	7.73		$	7.84		$	(0.08	)	$	—		$	(0.08	)
Year Ended June 30, 2020		14.11		0.18		(1.40	)		(1.22	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)
Class C
Year Ended June 30, 2021		12.17		0.02		7.39			7.41			(0.03	)		—			(0.03	)
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Class I
Year Ended June 30, 2021		12.49		0.15		7.59			7.74			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Class R2
Year Ended June 30, 2021		12.61		0.06		7.67			7.73			(0.04	)		—			(0.04	)
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Class R3
Year Ended June 30, 2021		12.48		0.10		7.59			7.69			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		13.84		0.18		(1.36	)		(1.18	)		(0.18	)		—			(0.18	)
October 1, 2018 (g) through June 30, 2019		15.63		0.13		(0.88	)		(0.75	)		(0.13	)		(0.91	)		(1.04	)
Class R4
Year Ended June 30, 2021		12.73		0.12		7.77			7.89			(0.12	)		—			(0.12	)
Year Ended June 30, 2020		14.11		0.22		(1.39	)		(1.17	)		(0.21	)		—			(0.21	)
October 1, 2018 (g) through June 30, 2019		15.90		0.16		(0.89	)		(0.73	)		(0.15	)		(0.91	)		(1.06	)
Class R5
Year Ended June 30, 2021		12.62		0.17		7.68			7.85			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Class R6
Year Ended June 30, 2021		12.53		0.19		7.63			7.82			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	20.48		61.86	%	$	218,302		0.93	%		0.62	%		1.04	%		93	%
	12.72		(8.66	)		119,402		0.93			1.33			1.04			177
	14.11		1.07			153,809		0.93			1.19			1.04			162
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145
	19.55		60.96			62,488		1.43			0.11			1.50			93
	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145
	20.10		62.22			1,418,653		0.69			0.84			0.76			93
	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145
	20.30		61.40			11,175		1.18			0.38			1.27			93
	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145
	20.09		61.83			16		0.94			0.63			1.04			93
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162
	20.50		62.16			135		0.69			0.87			0.76			93
	12.73		(8.34	)		11,823		0.69			1.60			0.76			177
	14.11		(4.05	)		14,545		0.68			1.51			0.77			162
	20.32		62.47			24,668		0.54			1.02			0.61			93
	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145
	20.18		62.68			2,606,033		0.44			1.10			0.50			93
	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 137

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Year Ended June 30, 2021	$	25.83	$	0.42		$	11.10		$	11.52		$	(0.64	)	$	(0.33	)	$	(0.97	)
Year Ended June 30, 2020		31.42		0.55	(d)		(3.38	)		(2.83	)		(0.63	)		(2.13	)		(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)		(0.27	)		(0.79	)
Class C
Year Ended June 30, 2021		25.36		0.28			10.90			11.18			(0.49	)		(0.33	)		(0.82	)
Year Ended June 30, 2020		30.90		0.40	(d)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)		(0.27	)		(0.63	)
Class I
Year Ended June 30, 2021		25.79		0.50			11.48			11.98			(0.72	)		(0.33	)		(1.05	)
Year Ended June 30, 2020		31.62		0.62	(d)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)		(0.27	)		(0.85	)
Class R2
Year Ended June 30, 2021		25.55		0.33			11.01			11.34			(0.57	)		(0.33	)		(0.90	)
Year Ended June 30, 2020		31.12		0.47	(d)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)		(0.27	)		(0.71	)
Class R5
Year Ended June 30, 2021		25.66		0.59			11.63			12.22			(0.77	)		(0.33	)		(1.10	)
Year Ended June 30, 2020		31.73		0.67	(d)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)		(0.27	)		(0.92	)
Class R6
Year Ended June 30, 2021		26.06		0.57			11.28			11.85			(0.80	)		(0.33	)		(1.13	)
Year Ended June 30, 2020		31.74		0.70	(d)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)		(0.27	)		(0.94	)

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	36.38		45.65	%	$	61,187		0.83	%		1.37	%		0.99	%		72	%
	25.83		(9.96	)		49,876		0.83			1.88	(d)		0.95			79
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81
	35.72		45.02			11,211		1.33			0.91			1.50			72
	25.36		(10.46	)		11,038		1.33			1.37	(d)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81
	36.72		47.54			127,530		0.59			1.62			0.74			72
	25.79		(10.69	)		113,316		0.59			2.01	(d)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81
	35.99		45.36			3,000		1.09			1.08			1.34			72
	25.55		(10.24	)		2,664		1.09			1.62	(d)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81
	36.78		48.74			4,053		0.44			1.91			0.59			72
	25.66		(11.16	)		4,269		0.44			2.16	(d)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81
	36.78		46.60			69,298		0.34			1.82			0.49			72
	26.06		(9.68	)		74,603		0.34			2.37	(d)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 139

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Year Ended June 30, 2021	$	16.22	$	0.09		$	6.39	$	6.48	$	(0.08	)	$	(1.11	)	$	(1.19	)
Year Ended June 30, 2020		15.86		0.11			1.82		1.93		(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.48		0.12			1.17		1.29		(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11			1.94		2.05		(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11			2.57		2.68		(0.11	)		(0.53	)		(0.64	)
Class C
Year Ended June 30, 2021		15.60		(0.01	)		6.14		6.13		(0.01	)		(1.11	)		(1.12	)
Year Ended June 30, 2020		15.31		0.03			1.75		1.78		(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04			1.13		1.17		(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03			1.89		1.92		(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04			2.49		2.53		(0.04	)		(0.53	)		(0.57	)
Class I
Year Ended June 30, 2021		16.27		0.13			6.43		6.56		(0.13	)		(1.11	)		(1.24	)
Year Ended June 30, 2020		15.91		0.15			1.82		1.97		(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16			1.18		1.34		(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15			1.94		2.09		(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14			2.57		2.71		(0.14	)		(0.53	)		(0.67	)
Class L
Year Ended June 30, 2021		16.30		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
Year Ended June 30, 2020		15.93		0.17			1.83		2.00		(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18			1.18		1.36		(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17			1.94		2.11		(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16			2.58		2.74		(0.16	)		(0.53	)		(0.69	)
Class R2
Year Ended June 30, 2021		16.04		0.04			6.33		6.37		(0.04	)		(1.11	)		(1.15	)
Year Ended June 30, 2020		15.70		0.07			1.80		1.87		(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08			1.16		1.24		(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07			1.92		1.99		(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07			2.55		2.62		(0.07	)		(0.53	)		(0.60	)
Class R3
Year Ended June 30, 2021		16.15		0.09			6.38		6.47		(0.09	)		(1.11	)		(1.20	)
Year Ended June 30, 2020		15.80		0.11			1.81		1.92		(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.43		0.12			1.16		1.28		(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.76		0.11			1.93		2.04		(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (f) through June 30, 2017		14.11		0.08			2.24		2.32		(0.14	)		(0.53	)		(0.67	)
Class R4
Year Ended June 30, 2021		16.25		0.13			6.41		6.54		(0.13	)		(1.11	)		(1.24	)
Year Ended June 30, 2020		15.89		0.15			1.82		1.97		(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.50		0.17			1.16		1.33		(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.82		0.16			1.93		2.09		(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (f) through June 30, 2017		14.15		0.13			2.22		2.35		(0.15	)		(0.53	)		(0.68	)
Class R5
Year Ended June 30, 2021		16.31		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
Year Ended June 30, 2020		15.94		0.17			1.83		2.00		(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19			1.17		1.36		(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18			1.95		2.13		(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17			2.57		2.74		(0.17	)		(0.53	)		(0.70	)
Class R6
Year Ended June 30, 2021		16.34		0.18			6.46		6.64		(0.18	)		(1.11	)		(1.29	)
Year Ended June 30, 2020		15.97		0.19			1.83		2.02		(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20			1.19		1.39		(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19			1.95		2.14		(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18			2.58		2.76		(0.18	)		(0.53	)		(0.71	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	21.51		41.18	%	$	1,642,046		0.94	%		0.46	%		0.98	%		60	%
	16.22		12.59			1,869,111		0.94			0.70			0.99			84
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86
	20.61		40.52			367,940		1.44			(0.05	)		1.47			60
	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86
	21.59		41.64			1,731,572		0.69			0.69			0.72			60
	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	21.63		41.81			1,907,620		0.54			0.83			0.58			60
	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	21.26		40.92			269,266		1.19			0.20			1.22			60
	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86
	21.42		41.30			174,770		0.94			0.44			0.97			60
	16.15		12.57			117,991		0.94			0.70			0.98			84
	15.80		9.14			111,902		0.94			0.79			0.99			91
	16.43		13.18			61,413		0.95			0.69			1.00			97
	15.76		16.83			25,050		1.00			0.67			1.03			86
	21.55		41.58			45,443		0.69			0.69			0.72			60
	16.25		12.84			21,651		0.69			0.95			0.73			84
	15.89		9.44			22,870		0.69			1.08			0.75			91
	16.50		13.48			10,531		0.70			0.94			0.75			97
	15.82		16.99			1,030		0.75			1.03			0.81			86
	21.64		41.79			1,089,931		0.54			0.84			0.57			60
	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86
	21.69		41.98			12,615,063		0.44			0.95			0.47			60
	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 141

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			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
Year Ended June 30, 2021	$	57.64	$	(0.01	)	$	21.89	$	21.88	$	(0.52	)	$	(5.60	)	$	(6.12	)
Year Ended June 30, 2020		56.61		0.63	(d)		7.41		8.04		(0.34	)		(6.67	)		(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01		3.46		(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51		10.74		(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27		8.49		(0.26	)		—			(0.26	)
Class C
Year Ended June 30, 2021		56.26		(0.32	)		21.36		21.04		(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35	(d)		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		—	(e)		8.13		8.13		(0.04	)		—			(0.04	)
Class I
Year Ended June 30, 2021		58.80		0.16			22.37		22.53		(0.65	)		(5.60	)		(6.25	)
Year Ended June 30, 2020		57.60		0.79	(d)		7.54		8.33		(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05		3.65		(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68		11.06		(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40		8.74		(0.39	)		—			(0.39	)
Class R2
Year Ended June 30, 2021		56.08		(0.17	)		21.26		21.09		(0.39	)		(5.60	)		(5.99	)
Year Ended June 30, 2020		55.27		0.48	(d)		7.22		7.70		(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93		3.23		(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31		10.40		(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12		8.23		(0.23	)		—			(0.23	)
Class R5
Year Ended June 30, 2021		57.93		0.26			21.96		22.22		(0.75	)		(5.60	)		(6.35	)
Year Ended June 30, 2020		56.82		0.86	(d)		7.47		8.33		(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99		3.67		(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56		11.02		(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29		8.71		(0.46	)		—			(0.46	)
Class R6
Year Ended June 30, 2021		57.93		0.33			21.96		22.29		(0.81	)		(5.60	)		(6.41	)
Year Ended June 30, 2020		56.81		0.91	(d)		7.49		8.40		(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98		3.72		(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56		11.07		(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29		8.73		(0.49	)		—			(0.49	)

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(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.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	73.40		40.08	%	$	119,893		0.84	%		(0.01	)%		0.90	%		64	%
	57.64		15.11			94,017		0.84			1.15	(d)		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
	71.55		39.44			30,159		1.34			(0.50	)		1.40			64
	56.26		14.50			31,216		1.34			0.65	(d)		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	(f)		1.67			68
	75.08		40.46			164,959		0.59			0.25			0.65			64
	58.80		15.38			141,497		0.59			1.40	(d)		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
	71.18		39.73			45,629		1.09			(0.26	)		1.21			64
	56.08		14.84			40,305		1.09			0.90	(d)		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
	73.80		40.57			166,478		0.44			0.39			0.50			64
	57.93		15.63			189,889		0.44			1.55	(d)		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
	73.81		40.70			780,470		0.34			0.50			0.40			64
	57.93		15.76			617,458		0.34			1.65	(d)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 143

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Year Ended June 30, 2021	$	24.58	$	(0.10	)	$	9.21	$	9.11	$	(0.03	)	$	(6.82	)	$	(6.85	)
Year Ended June 30, 2020		27.51		0.04			2.65		2.69		(0.03	)		(5.59	)		(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53		1.58		(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(h)		3.87		3.87		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(h)		5.54		5.54		(0.01	)		(1.24	)		(1.25	)
Class C
Year Ended June 30, 2021		22.67		(0.21	)		8.37		8.16		—			(6.82	)		(6.82	)
Year Ended June 30, 2020		25.88		(0.08	)		2.46		2.38		—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43		1.35		—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71		3.56		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36		5.22		—			(1.24	)		(1.24	)
Class I
Year Ended June 30, 2021		25.04		(0.03	)		9.41		9.38		(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		27.94		0.10			2.69		2.79		(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54		1.67		(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92		4.00		(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59		5.67		(0.09	)		(1.24	)		(1.33	)
Class R2
Year Ended June 30, 2021		23.54		(0.18	)		8.74		8.56		(0.01	)		(6.82	)		(6.83	)
Year Ended June 30, 2020		26.62		(0.04	)		2.55		2.51		—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47		1.43		—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78		3.69		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44		5.37		—			(1.24	)		(1.24	)
Class R5
Year Ended June 30, 2021		25.20		(0.02	)		9.49		9.47		(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		28.08		0.11			2.71		2.82		(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55		1.69		(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93		4.04		(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62		5.75		(0.14	)		(1.24	)		(1.38	)
Class R6
Year Ended June 30, 2021		25.18		—	(h)		9.47		9.47		(0.08	)		(6.82	)		(6.90	)
Year Ended June 30, 2020		28.07		0.14			2.70		2.84		(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56		1.73		(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (j) through June 30, 2018		32.99		0.09			1.79		1.88		(0.12	)		(4.12	)		(4.24	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.10% and 1.25% for the year ended June 30, 2021, 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018 and 1.25% and 1.43% for the year ended June 30, 2017, for Class C are 1.59% and 1.74% for the year ended June 30, 2021, 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018 and 1.75% and 1.94% for the year ended June 30, 2017, for Class I are 0.85% and 0.99% for the year ended June 30, 2021, 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018 and 0.98% and 1.16% for the year ended June 30, 2017, for Class R2 are 1.45% and 1.50% for the year ended June 30, 2021, 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018 and 1.50% and 1.76% for the year ended June 30, 2017, for Class R5 are 0.80% and 0.84% for the year ended June 30, 2021, 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018 and 0.80% and 0.96% for the year ended June 30, 2017 and for Class R6 are 0.70% and 0.74% for the year ended June 30, 2021, 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(g) Interest expense on securities sold short is 0.16%.

(h) Amount rounds to less than $0.005.

(i) Amount rounds to less than 0.005%.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	26.84		42.30	%	$	335,206		1.94	%(g)		(0.39	)%		2.09	%		57	%		96	%
	24.58		11.66			267,701		1.92			0.19			2.08			85			134
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(i)		2.39			94			131
	24.01		41.55			36,784		2.43	(g)		(0.88	)		2.58			57			96
	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	27.53		42.65			1,702,566		1.69	(g)		(0.12	)		1.83			57			96
	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	25.27		41.77			5,838		2.29	(g)		(0.74	)		2.34			57			96
	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	27.78		42.75			34,191		1.64	(g)		(0.08	)		1.68			57			96
	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	27.75		42.86			536,661		1.54	(g)		0.01			1.58			57			96
	25.18		12.10			491,414		1.52			0.58			1.57			85			134
	28.07		7.30			787,497		1.52			0.59			1.67			98			148
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 145

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Year Ended June 30, 2021	$	26.55	$	0.27	$	10.81	$	11.08	$	(0.34	)	$	(0.83	)	$	—		$	(1.17	)
Year Ended June 30, 2020		27.38		0.38		1.80		2.18		(0.31	)		(2.70	)		—			(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96		2.30		(0.36	)		(2.93	)		—			(3.29	)
Year Ended June 30, 2018		25.40		0.31		2.96		3.27		(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72		4.00		(0.32	)		—			(0.02	)		(0.34	)
Class I
Year Ended June 30, 2021		26.85		0.35		10.94		11.29		(0.42	)		(0.83	)		—			(1.25	)
Year Ended June 30, 2020		27.65		0.45		1.83		2.28		(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98		2.39		(0.42	)		(2.93	)		—			(3.35	)
Year Ended June 30, 2018		25.62		0.39		2.98		3.37		(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76		4.11		(0.39	)		—			(0.02	)		(0.41	)
Class R6
Year Ended June 30, 2021		26.81		0.38		10.93		11.31		(0.45	)		(0.83	)		—			(1.28	)
Year Ended June 30, 2020		27.62		0.48		1.81		2.29		(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98		2.42		(0.44	)		(2.93	)		—			(3.37	)
Year Ended June 30, 2018		25.59		0.41		2.97		3.38		(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75		4.13		(0.42	)		—			(0.02	)		(0.44	)

(a) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	36.46		42.55	%	$	180,296		0.60	%		0.85	%		0.84	%		35	%
	26.55		9.08			183,005		0.60			1.45			0.85			59
	27.38		9.39			207,809		0.60			1.24			0.85			42
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40
	36.89		42.92			686,545		0.35			1.09			0.58			35
	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40
	36.84		43.09			4,185,201		0.25			1.19			0.33			35
	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 147

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Year Ended June 30, 2021	$	42.76	$	0.42	$	16.81	$	17.23	$	(0.30	)	$	(0.49	)	$	(0.79	)
Year Ended June 30, 2020		41.85		0.47		3.52		3.99		(0.43	)		(2.65	)		(3.08	)
Year Ended June 30, 2019		41.28		0.50		3.21		3.71		(0.41	)		(2.73	)		(3.14	)
Year Ended June 30, 2018		39.35		0.58		4.05		4.63		(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29		6.20		6.49		(0.34	)		—			(0.34	)
Class C
Year Ended June 30, 2021		41.80		0.16		16.43		16.59		(0.03	)		(0.49	)		(0.52	)
Year Ended June 30, 2020		40.98		0.25		3.44		3.69		(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29		3.16		3.45		(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41		3.92		4.33		(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11		6.06		6.17		(0.14	)		—			(0.14	)
Class I
Year Ended June 30, 2021		43.11		0.55		16.95		17.50		(0.41	)		(0.49	)		(0.90	)
Year Ended June 30, 2020		42.15		0.57		3.56		4.13		(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60		3.23		3.83		(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66		4.10		4.76		(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38		6.25		6.63		(0.44	)		—			(0.44	)
Class R6
September 30, 2020 (f) through June 30, 2021		46.79		0.43		13.40		13.83		(0.44	)		(0.49	)		(0.93	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	59.20		40.64	%	$	24,169		0.64	%		0.80	%		1.23	%		44	%
	42.76		9.57			11,178		0.82			1.12			1.53			99
	41.85		9.90			10,828		0.83			1.22			1.73			97
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53
	57.87		39.94			3,794		1.13			0.32			1.72			44
	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53
	59.71		40.99			62,431		0.39			1.06			0.96			44
	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53
	59.69		29.93			25,156		0.34			1.05			0.70			44

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 149

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
Year Ended June 30, 2021	$	45.62	$	0.64	$	19.59		$	20.23		$	(0.60	)	$	(0.64	)	$	(1.24	)
Year Ended June 30, 2020		49.84		0.79		(3.18	)		(2.39	)		(0.76	)		(1.07	)		(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)
Class C
Year Ended June 30, 2021		40.63		0.32		17.40			17.72			(0.39	)		(0.64	)		(1.03	)
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Class I
Year Ended June 30, 2021		48.34		0.83		20.76			21.59			(0.74	)		(0.64	)		(1.38	)
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Class R2
Year Ended June 30, 2021		45.72		0.50		19.63			20.13			(0.48	)		(0.64	)		(1.12	)
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
Class R3
Year Ended June 30, 2021		48.25		0.68		20.73			21.41			(0.61	)		(0.64	)		(1.25	)
Year Ended June 30, 2020		52.66		0.75		(3.29	)		(2.54	)		(0.80	)		(1.07	)		(1.87	)
Year Ended June 30, 2019		52.41		0.89		2.33			3.22			(0.83	)		(2.14	)		(2.97	)
July 31, 2017 (f) through June 30, 2018		49.99		0.68		4.46			5.14			(0.64	)		(2.08	)		(2.72	)
Class R4
Year Ended June 30, 2021		48.31		0.79		20.81			21.60			(0.67	)		(0.64	)		(1.31	)
Year Ended June 30, 2020		52.69		1.04		(3.46	)		(2.42	)		(0.89	)		(1.07	)		(1.96	)
Year Ended June 30, 2019		52.41		1.02		2.34			3.36			(0.94	)		(2.14	)		(3.08	)
July 31, 2017 (f) through June 30, 2018		49.99		0.79		4.46			5.25			(0.75	)		(2.08	)		(2.83	)
Class R5
Year Ended June 30, 2021		48.69		0.93		20.93			21.86			(0.82	)		(0.64	)		(1.46	)
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
Class R6
Year Ended June 30, 2021		48.70		1.02		20.89			21.91			(0.87	)		(0.64	)		(1.51	)
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
$	64.61		44.88	%	$	522,230		0.93	%		1.17	%		1.03	%		14	%
	45.62		(5.11	)		497,399		0.94			1.61			1.06			22
	49.84		6.68			490,597		0.93			1.73			1.06			26
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28
	57.32		44.13			37,539		1.43			0.66			1.51			14
	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28
	68.55		45.22			868,339		0.69			1.35			0.75			14
	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28
	64.73		44.51			2,005		1.18			0.90			1.25			14
	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28
	68.41		44.89			1,402		0.94			1.15			1.01			14
	48.25		(5.10	)		398		0.94			1.50			1.03			22
	52.66		6.66			24		0.93			1.73			1.84			26
	52.41		10.33			22		0.94			1.42			1.12			32
	68.60		45.26			106		0.68			1.46			0.76			14
	48.31		(4.88	)		1,159		0.69			2.15			0.77			22
	52.69		6.94			24		0.68			1.98			1.60			26
	52.41		10.56			22		0.71			1.64			0.87			32
	69.09		45.47			178		0.54			1.56			0.61			14
	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28
	69.10		45.60			275,186		0.44			1.74			0.50			14
	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Dollar values in thousands)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 15 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Equity Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Equity Premium Income Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Hedged Equity 2 Fund(1)	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity 3 Fund(1)	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Applied Data Science Value Fund(2)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. GARP Equity  Fund(3)	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(4) and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders Fund(5)	Class A, Class C, Class I and Class R6(6)	JPM I	Diversified
JPMorgan U.S. Value Fund(7)	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾ Commenced operations on February 26, 2021.

⁽²⁾  Effective July 1, 2021, JPMorgan Intrepid Value Fund changed its name to JPMorgan U.S. Applied Data Science Value Fund.

⁽³⁾  Effective February 1, 2021, JPMorgan Intrepid Growth Fund changed its name to JPMorgan U.S. GARP Equity Fund.

⁽⁴⁾  On July 6, 2020, Class L Shares were converted into Class I Shares. Additionally, as of July 6, 2020, Class L Shares are no longer offered.

⁽⁵⁾  Effective August 15, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

⁽⁶⁾  Commenced operations on September 30, 2020.

⁽⁷⁾  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”), JPMorgan Hedged Equity 2 Fund (“Hedged Equity 2 Fund”) and JPMorgan Hedged Equity 3 Fund (“Hedged Equity 3 Fund”) is to seek to provide capital appreciation.

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

The investment objective of JPMorgan U.S. Applied Data Science Value Fund (“U.S. Applied Data Science Value Fund”) and JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund (“U.S. GARP Equity Fund”) is to seek to provide long-term capital growth.

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

152 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund (“U.S. Value Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds’ prospectus.

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

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

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

2. Significant Accounting Policies

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

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

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

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

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

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

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

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

Equity Focus Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	132,089	$	—	$	—	$	132,089

(a) Please refer to the SOI for specifics of portfolio holdings.

Equity Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	46,355,736	$	—	$	—	$	46,355,736

(a) Please refer to the SOI for specifics of portfolio holdings.

Equity Premium Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	741,641	$	—	$	—	$	741,641
Equity-Linked Notes		—		141,896		—		141,896
Short-Term Investments
Investment Companies		43,928		—		—		43,928
Total Investments in Securities	$	785,569	$	141,896	$	—	$	927,465
Appreciation in Other Financial Instruments
Futures Contracts	$	3	$	—	$	—	$	3

154 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,514,775		$	—	$	—	$	18,514,775
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,311		$	—	$	—	$	5,311
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(200,436	)		—		—		(200,436	)
Put Options Written		(66,315	)		—		—		(66,315	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(261,440	)	$	—	$	—	$	(261,440	)

(a) Please refer to the SOI for specifics of portfolio holdings.

Hedged Equity 2 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,448,854		$	—	$	—	$	1,448,854
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	45		$	—	$	—	$	45
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(12,140	)		—		—		(12,140	)
Put Options Written		(640	)		—		—		(640	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(12,735	)	$	—	$	—	$	(12,735	)

(a) Please refer to the SOI for specifics of portfolio holdings.

Hedged Equity 3 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	585,779		$	—	$	—	$	585,779
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	32		$	—	$	—	$	32
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(7,591	)		—		—		(7,591	)
Put Options Written		(969	)		—		—		(969	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(8,528	)	$	—	$	—	$	(8,528	)

(a) Please refer to the SOI for specifics of portfolio holdings.

Large Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	37,825,031	$	—	$	—	$	37,825,031

(a) Please refer to the SOI for specifics of portfolio holdings.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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)	$	4,363,329	$	—	$	—	$	4,363,329

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Applied Data Science Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	277,055	$	—	$	—	$	277,055
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	107	$	—	$	—	$	107

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	19,905,551	$	—	$	—	$	19,905,551
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,940	$	—	$	—	$	1,940

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. GARP Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,309,699	$	—	$	—	$	1,309,699
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	512	$	—	$	—	$	512

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,315,329		$	—	$	—	$	3,315,329
Total Liabilities for Securities Sold Short (a)	$	(664,633	)	$	—	$	—	$	(664,633	)

(a) Please refer to the SOI for specifics of portfolio holdings.

156 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,067,469	$	—	$	—	$	5,067,469
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	965	$	—	$	—	$	965

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	115,508	$	—	$	—	$	115,508
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	63	$	—	$	—	$	63

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,705,834	$	—	$	—	$	1,705,834

(a) Please refer to the SOI for specifics of portfolio holdings.

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

As of June 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2021.

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Large Cap Growth Fund	$	422,906	$	(422,906	)	$	—
Large Cap Value Fund		30,637		(30,637	)		—
U.S. Equity Fund		30,132		(30,132	)		—
U.S. GARP Equity Fund		2,790		(2,790	)		—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%. For the year ended June 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Equity Focus Fund	$	—	(a)
Equity Income Fund		—	(a)
Large Cap Growth Fund		47
Large Cap Value Fund		3
U.S. Applied Data Science 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).

Equity Focus Fund, Equity Income Fund, U.S. Applied Data Science Value Fund and U.S. Sustainable Leaders Fund did not have any securities out on loan at June 30, 2021. Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 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 year ended June 30, 2021.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the

158 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Equity Focus Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	3,216	$	36,907	$	36,539	$	(1	)	$	(1	)	$	3,582		3,580	$	4		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		—		1,810		1,810		—			—			—		—		—	*(c)		—
Total	$	3,216	$	38,717	$	38,349	$	(1	)	$	(1	)	$	3,582			$	4		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

Equity Income Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	883,014	$	7,081,611	$	6,855,898	$	238	$	(532	)	$	1,108,433		1,107,879	$	1,170		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		—		11,346		11,346		—		—			—		—		—	*(c)		—
	$	883,014	$	7,092,957	$	6,867,244	$	238	$	(532	)	$	1,108,433			$	1,170		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

Equity Premium Income Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	5,899	$	800,957	$	762,923	$	(5	)	$	—	(c)	$	43,928		43,906	$	10	$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Hedged Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	456,381	$	6,474,865	$	6,618,277	$	—	$	—	$	312,969		312,969	$	61	$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

Hedged Equity 2 Fund
For the period ended June 30, 2021
Security Description	Value at February 26, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)	$	—	$	749,510	$	666,577	$	—	$	—	$	82,933		82,933	$	3	$	—

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

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

(c) The rate shown is the current yield as of June 30, 2021.

Hedged Equity 3 Fund
For the period ended June 30, 2021
Security Description	Value at February 26, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)	$	—	$	270,762	$	253,072	$	—	$	—	$	17,690		17,690	$	1	$	—

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

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

(c) The rate shown is the current yield as of June 30, 2021.

Large Cap Growth Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,084,362	$	14,721,272	$	14,303,977	$	(26	)	$	(398	)	$	1,501,233		1,500,482	$	1,768		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,102,899		3,197,800		3,986,304		(220	)*		(56	)		314,119		314,119		1,287	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		96,805		2,581,274		2,564,404		—			—			113,675		113,675		38	*		—
Total	$	2,284,066	$	20,500,346	$	20,854,685	$	(246	)	$	(454	)	$	1,929,027			$	3,093		$	—

160 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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

(b) The rate shown is the current yield as of June 30, 2021.

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

Large Cap Value Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	12,570	$	2,845,097	$	2,800,329	$	(14	)	$	1		$	57,325		57,297	$	54		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		51,705		236,700		280,500		(8	)*		—	(c)		7,897		7,896		41	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,692		140,745		125,975		—			—			23,462		23,462		2	*		—
Total	$	72,967	$	3,222,542	$	3,206,804	$	(22	)	$	1		$	88,684			$	97		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

U.S. Applied Data Science Value Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	4,719	$	73,416	$	68,951	$	(1	)	$	(1	)	$	9,182		9,178	$	8		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		3		5,501		5,503		—	*(c)		(1	)		—		—		2	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		2,452		24,723		27,175		—			—			—		—		1	*		—
Total	$	7,174	$	103,640	$	101,629	$	(1	)	$	(2	)	$	9,182			$	11		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

U.S. Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	41,341	$	5,762,716	$	5,575,130	$	(81	)	$	—	(c)	$	228,846		228,732	$	291		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,074		401,000		375,066		(10	)*		(3	)		26,995		26,995		72	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		12,605		125,583		134,682		—			—			3,506		3,506		3	*		—
Total	$	55,020	$	6,289,299	$	6,084,878	$	(91	)	$	(3	)	$	259,347			$	366		$	—

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

U.S. GARP Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	12,447	$	278,039	$	259,363	$	(6	)	$	(7	)	$	31,110		31,095	$	38		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		—		153,000		151,000		(6	)*		—	(c)		1,994		1,994		26	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,327		145,116		155,528		—			—			915		915		2	*		—
Total	$	23,774	$	576,155	$	565,891	$	(12	)	$	(7	)	$	34,019			$	66		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

U.S. Large Cap Core Plus Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	35,661	$	883,510	$	907,582	$	(5	)	$	(4	)	$	11,580		11,574	$	29	$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

U.S. Research Enhanced Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	110,144	$	1,058,266	$	1,101,481	$	(14	)	$	(1	)	$	66,914		66,881	$	66	$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

162 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

U.S. Sustainable Leaders Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,605	$	59,100	$	56,125	$	(1	)	$	1	$	4,580		4,577	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		326		2,242		2,568		—			—		—		—		—	*(c)		—
Total	$	1,931	$	61,342	$	58,693	$	(1	)	$	1	$	4,580			$	3		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

U.S. Value Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	25,234	$	751,274	$	738,469	$	7	$	(18	)	$	38,028		38,009	$	39		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		236		236		—		—			—		—		—	*(c)		—
Total	$	25,234	$	751,510	$	738,705	$	7	$	(18	)	$	38,028			$	39		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

(c) Amount rounds to less than one thousand.

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

E. Options — Hedged Equity Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge equity risks within their portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

F. Futures Contracts — Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

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

G. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ options and futures contracts activity during the year ended June 30, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

	Equity Premium Income Fund			Hedged Equity Fund		Hedged Equity 2 Fund			Hedged Equity 3 Fund			U.S. Applied Data Science Value Fund		U.S. Equity Fund		U.S. GARP Equity Fund		U.S. Large Cap Core Plus Fund		U.S. Research Enhanced Equity Fund		U.S. Sustainable Leaders Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	5,129	(a)	$	240,641	$	12,681	(b)	$	1,417	(b)	$	5,378	$	166,556	$	20,156	$	737	$	45,618	$	1,633
Ending Notional Balance Long		1,501			362,593		27,446			2,788			7,719		115,361		31,735		—		45,673		4,583
Exchange-Traded Options:
Average Number of Contracts Purchased		—			38,531		1,809	(b)		730	(b)		—		—		—		—		—		—
Average Number of Contracts Written		—			77,062		3,618	(b)		1,460	(b)		—		—		—		—		—		—
Ending Number of Contracts Purchased		—			42,646		3,233			1,318			—		—		—		—		—		—
Ending Number of Contracts Written		—			85,292		6,466			2,636			—		—		—		—		—		—

164 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

(a) For the period February 1, 2021 through June 30, 2021.

(b) For the period March 1, 2021 through June 30, 2021.

The Funds’ derivatives contracts held at June 30, 2021 are not accounted for as hedging instruments under GAAP.

H. Equity-Linked Notes — Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of June 30, 2021, Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

I. Short Sales — U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the 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 SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2021, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

J. Offering and Organization Costs — Total offering costs of $104 and $104, respectively, incurred in connection with the offering of shares of Hedged Equity 2 Fund and Hedged Equity 3 Fund are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of the Funds, if any, are recorded as an expense at the time the Funds commenced operations. For the year ended June 30, 2021, total offering costs amortized were $34 and $34, respectively.

K. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income 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.

L. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2021 are as follows:

	Class A			Class C			Class I		Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Total
Equity Focus Fund
Transfer agency fees	$	1		$	1		$	2		n/a			n/a			n/a			n/a			n/a		$	—	(a)	$	4
Equity Income Fund
Transfer agency fees		435			68			366		n/a		$	12		$	7		$	4		$	31			254			1,177
Equity Premium Income Fund
Transfer agency fees		—	(a)		—	(a)		9		n/a			n/a			n/a			n/a			—	(a)		1			10
Hedged Equity Fund
Transfer agency fees		49			10			126		n/a			n/a			n/a			n/a			1			28			214
Hedged Equity 2 Fund
Transfer agency fees		—	(a)		—	(a)		1		n/a			n/a			n/a			n/a			—	(a)		—	(a)		1
Hedged Equity 3 Fund
Transfer agency fees		—	(a)		1			1		n/a			n/a			n/a			n/a			—	(a)		—	(a)		2
Large Cap Growth Fund
Transfer agency fees		403			27			126		n/a			9			3			3			14			155			740
Large Cap Value Fund
Transfer agency fees		62			2			90		n/a			4			—	(a)		—	(a)		3			18			179
U.S. Applied Data Science Value Fund
Transfer agency fees		1			2			3		n/a			3			n/a			n/a			—	(a)		2			11
U.S. Equity Fund
Transfer agency fees		95			12			33	$	87			6			4			—	(a)		10			98			345
U.S. GARP Equity Fund
Transfer agency fees		9			2			5		n/a			29			n/a			n/a			2			6			53
U.S. Large Cap Core Plus Fund
Transfer agency fees		34			4			51		n/a			1			n/a			n/a			—	(a)		5			95
U.S. Research Enhanced Equity Fund
Transfer agency fees		16			n/a			13		—	(a)		n/a			n/a			n/a			n/a			35			64
U.S. Sustainable Leaders Fund
Transfer agency fees		3			—	(a)		2		n/a			n/a			n/a			n/a			n/a			—	(a)		5
U.S. Value Fund
Transfer agency fees		149			2			12		n/a			—	(a)		—	(a)		—	(a)		—	(a)		3			166

(a) Amount rounds to less than one thousand.

M. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

N. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Equity Focus Fund, Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid at least annually, and Equity Income Fund and Equity Premium Income Fund, for which distributions are generally declared daily 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.

166 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Equity Focus Fund	$	35		$	(49	)	$	14
Equity Income Fund		(5,136	)		(1,553	)		6,689
Equity Premium Income Fund		(74	)		(75	)		149
Hedged Equity Fund		—			(4,017	)		4,017
Hedged Equity 2 Fund		(38	)		38			—
Hedged Equity 3 Fund		(5	)		5			—
Large Cap Growth Fund		495,481			19,600			(515,081	)
Large Cap Value Fund		—			(216	)		216
U.S. Applied Data Science Value Fund		2,738			(317	)		(2,421	)
U.S. Equity Fund		197,537			(2,245	)		(195,292	)
U.S. GARP Equity Fund		1,012			(10	)		(1,002	)
U.S. Large Cap Core Plus Fund		309,335			1,704			(311,039	)
U.S. Research Enhanced Equity Fund		—			(1,904	)		1,904
U.S. Sustainable Leaders Fund		—			(2	)		2
U.S. Value Fund		(130	)		(214	)		344

The reclassifications for the Funds relate primarily to non-taxable dividends, redemptions in-kind and tax equalization.

O. 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
Hedged Equity 2 Fund	0.25
Hedged Equity 3 Fund	0.25
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Applied Data Science Value Fund	0.30
U.S. Equity Fund	0.40
U.S. GARP Equity Fund	0.30
U.S. Large Cap Core Plus Fund	0.65
U.S. Research Enhanced Equity Fund	0.25
U.S. Sustainable Leaders Fund	0.30
U.S. Value Fund	0.40

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2021, the effective rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Growth Fund, Large Cap Value Fund,

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.07%, 0.04%, 0.07%, 0.07%, 0.075%, 0.075%, 0.05%, 0.07%, 0.07%, 0.06%, 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
Hedged Equity 2 Fund		0.25			0.75			n/a			n/a
Hedged Equity 3 Fund		0.25			0.75			n/a			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Applied Data Science Value Fund		0.25			0.75			0.50			n/a
U.S. Equity Fund		0.25			0.75			0.50			0.25
U.S. GARP Equity Fund		0.25			0.75			0.50			n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50			n/a
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a
U.S. Value Fund		0.25			0.75			0.50			0.25

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Equity Focus Fund	$	2	$	1
Equity Income Fund		622		4
Equity Premium Income Fund		115		—
Hedged Equity Fund		263		1
Hedged Equity 2 Fund		46		—
Hedged Equity 3 Fund		18		—
Large Cap Growth Fund		887		1
Large Cap Value Fund		29		—
U.S. Applied Data Science Value Fund		3		—
U.S. Equity Fund		210		—	(a)
U.S. GARP Equity Fund		7		—	(a)
U.S. Large Cap Core Plus Fund		21		—	(a)
U.S. Research Enhanced Equity Fund		1		—
U.S. Sustainable Leaders Fund		8		—
U.S. Value Fund		22		—	(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

168 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Equity Focus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Equity Premium Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity 2 Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity 3 Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Applied Data Science Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. GARP Equity Fund		0.25			0.25			0.25			n/a			0.25	%		n/a			n/a			0.10
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Value Fund		0.25			0.25			0.25			n/a			0.25			0.25	%		0.25	%		0.10

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

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

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

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

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a			n/a			n/a			n/a			n/a			0.60	%
Equity Premium Income Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	%		0.35
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Hedged Equity 2 Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Hedged Equity 3 Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Large Cap Growth Fund		0.94			1.44			0.69			n/a			1.19	%		0.94	%		0.69	%		0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
U.S. Applied Data Science Value Fund		0.83	(1)		1.33	(1)		0.59	(1)		n/a			1.09			n/a			n/a			0.44			0.34
U.S. Equity Fund		0.94			1.44			0.69			n/a	(2)		1.19			0.94			0.69			0.54			0.44
U.S. GARP Equity Fund		0.84			1.34			0.59			n/a			1.09			n/a			n/a			0.44			0.34
U.S. Large Cap Core Plus Fund		1.10			1.60			0.85			n/a			1.45			n/a			n/a			0.80			0.70
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			0.25
U.S. Sustainable Leaders Fund		0.64			1.14			0.39			n/a			n/a			n/a			n/a			n/a			0.34
U.S. Value Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44

⁽¹⁾  Effective July 1, 2021, the contractual expense limitations changed to 0.73%, 1.23% and 0.49% for Class A, Class C and Class I Shares, respectively, and the contractual expense limitations for all classes of the Fund were extended until at least June 30, 2023.

⁽²⁾  Effective November 1, 2020, the contractual expense limitation expired. Prior to November 1, 2020, the contractual expense limitation was 0.61%.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

For the year ended June 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	87	$	55	$	3	$	145	$	—
Equity Income Fund		28		—		—		28		—
Equity Premium Income Fund		181		120		9		310		1
Hedged Equity Fund		—		—		3		3		—
Hedged Equity 2 Fund		105		57		1		163		48
Hedged Equity 3 Fund		91		41		1		133		52
Large Cap Growth Fund		13,309		8,859		437		22,605		9
Large Cap Value Fund		711		474		177		1,362		16
U.S. Applied Data Science Value Fund		225		150		15		390		1
U.S. Equity Fund		3,640		2,421		157		6,218		89
U.S. GARP Equity Fund		440		294		43		777		—
U.S. Large Cap Core Plus Fund		665		443		2,400		3,508		4
U.S. Research Enhanced Equity Fund		2,516		1,676		1,266		5,458		—	(a)
U.S. Sustainable Leaders Fund		212		56		133		401		4
U.S. Value Fund		420		280		159		859		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 year ended June 30, 2021 were as follows:

Equity Focus Fund	$	4
Equity Income Fund		1,032
Equity Premium Income Fund		10
Hedged Equity Fund		362
Hedged Equity 2 Fund		3
Hedged Equity 3 Fund		1
Large Cap Growth Fund		1,376
Large Cap Value Fund		44
U.S. Applied Data Science Value Fund		6
U.S. Equity Fund		234
U.S. GARP Equity Fund		31
U.S. Large Cap Core Plus Fund		32
U.S. Research Enhanced Equity Fund		65
U.S. Sustainable Leaders Fund		3
U.S. Value Fund		32

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

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

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

During the year ended June 30, 2021, 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.

170 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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 year ended June 30, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	66,707	$	60,241	$	—	$	—
Equity Income Fund		10,618,660		5,698,557		—		—
Equity Premium Income Fund		1,451,478		806,058		—		—
Hedged Equity Fund		10,328,405		5,566,162		—		—
Hedged Equity 2 Fund		1,347,967		37,676		—		—
Hedged Equity 3 Fund		555,540		16,766		—		—
Large Cap Growth Fund		21,085,125		17,536,359		—		—
Large Cap Value Fund		4,134,889		1,861,283		—		—
U.S. Applied Data Science Value Fund		178,122		251,858		—		—
U.S. Equity Fund		10,580,066		11,876,673		—		—
U.S. GARP Equity Fund		784,347		1,009,139		—		—
U.S. Large Cap Core Plus Fund		2,084,301		3,566,133		900,847		1,424,813
U.S. Research Enhanced Equity Fund		1,700,221		2,701,974		—		—
U.S. Sustainable Leaders Fund		79,521		31,353		—		—
U.S. Value Fund		851,132		158,918		—		—

During the year ended June 30, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	86,383	$	46,511	$	805	$	45,706
Equity Income Fund		31,798,573		14,619,610		62,447		14,557,163
Equity Premium Income Fund		860,594		69,928		3,054		66,874
Hedged Equity Fund		12,739,132		5,530,022		15,819		5,514,203
Hedged Equity 2 Fund		1,384,217		76,205		24,303		51,902
Hedged Equity 3 Fund		552,612		31,579		6,940		24,639
Large Cap Growth Fund		23,431,804		14,521,976		128,749		14,393,227
Large Cap Value Fund		3,848,135		537,337		22,143		515,194
U.S. Applied Data Science Value Fund		208,145		69,600		583		69,017
U.S. Equity Fund		11,649,282		8,294,130		35,921		8,258,209
U.S. GARP Equity Fund		749,270		565,544		4,603		560,941
U.S. Large Cap Core Plus Fund		1,155,422		1,569,941		74,667		1,495,274
U.S. Research Enhanced Equity Fund		2,625,984		2,444,918		2,468		2,442,450
U.S. Sustainable Leaders Fund		89,169		26,447		45		26,402
U.S. Value Fund		1,191,076		517,510		2,752		514,758

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark to market of options contracts and non-taxable dividends.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 171

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	3,392	$	8,409	$	11,801
Equity Income Fund		662,251		1,579		663,830
Equity Premium Income Fund		34,916		—		34,916
Hedged Equity Fund		139,976		—		139,976
Hedged Equity 2 Fund		1,117		—		1,117
Hedged Equity 3 Fund		437		—		437
Large Cap Growth Fund		178,186		1,429,918		1,608,104
Large Cap Value Fund		18,876		—		18,876
U.S. Applied Data Science Value Fund		6,606		2,039		8,645
U.S. Equity Fund		297,885		870,370		1,168,255
U.S. GARP Equity Fund		27,898		89,898		117,796
U.S. Large Cap Core Plus Fund		96,118		663,685		759,803
U.S. Research Enhanced Equity Fund		67,147		125,234		192,381
U.S. Sustainable Leaders Fund		544		679		1,223
U.S. Value Fund		14,336		11,801		26,137

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

The tax character of distributions paid during the year ended June 30, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	1,840	$	14,655	$	16,495
Equity Income Fund		604,025		309,226		913,251
Equity Premium Income Fund		13,523		—		13,523
Hedged Equity Fund		76,075		—		76,075
Large Cap Growth Fund		25,755		2,006,004		2,031,759
Large Cap Value Fund		23,336		—		23,336
U.S. Applied Data Science Value Fund		13,455		63,224		76,679
U.S. Equity Fund		156,829		1,311,869		1,468,698
U.S. GARP Equity Fund		10,945		125,600		136,545
U.S. Large Cap Core Plus Fund		20,011		1,154,945		1,174,956
U.S. Research Enhanced Equity Fund		70,897		483,702		554,599
U.S. Sustainable Leaders Fund		692		1,817		2,509
U.S. Value Fund		12,810		13,478		26,288

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

As of June 30, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	2,820	$	10,037		$	45,706
Equity Income Fund		—		109,367			14,557,163
Equity Premium Income Fund		258		(33,857	)		66,874
Hedged Equity Fund		7,432		(530,655	)		5,514,203
Hedged Equity 2 Fund		545		(19,927	)		51,902
Hedged Equity 3 Fund		211		(11,805	)		24,639
Large Cap Growth Fund		170,774		4,629,307			14,393,227
Large Cap Value Fund		79,543		85,941			515,194

172 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
U.S. Applied Data Science Value Fund	$	15,387	$	9,571	$	69,017
U.S. Equity Fund		564,794		792,879		8,258,209
U.S. GARP Equity Fund		65,654		86,091		560,941
U.S. Large Cap Core Plus Fund		26,321		428,338		1,495,274
U.S. Research Enhanced Equity Fund		120,335		375,010		2,442,450
U.S. Sustainable Leaders Fund		1,964		2,519		26,402
U.S. Value Fund		12,957		22,557		514,758

The cumulative timing differences primarily consist of mark to market of options contracts, post-October capital loss deferrals, non-taxable dividends and wash sale loss deferrals.

At June 30, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Equity Premium Income Fund	$	33,857	*	$	—
Hedged Equity Fund		239,515			291,140
Hedged Equity 2 Fund		7,867	*		12,060	*
Hedged Equity 3 Fund		4,547			7,258

* Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2021, the following Funds deferred to July 1, 2021 the following net capital losses of:

	Net Capital Losses (Gains)				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Hedged Equity Fund	$	582,316	$	1,228,621	$	—
Large Cap Growth Fund		—		—		22,352
U.S. Large Cap Core Plus Fund		—		—		2,396

During the year ended June 30, 2021, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Large Cap Value Fund		24,093		—

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended June 30, 2021.

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

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2021.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 173

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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. Hedged Equity 2 Fund and Hedged Equity 3 Fund were not part of the Credit Facility as of June 30, 2021. Both Funds were added to the Credit Facility effective August 10, 2021.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25% (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended June 30, 2021.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		1		64.6	%		1		20.2	%
Equity Income Fund		1		10.8			2		29.1
Equity Premium Income Fund		1		37.2			1		10.8
Hedged Equity Fund		—		—			2		36.2
Hedged Equity 2 Fund		1		21.8			3		42.1
Hedged Equity 3 Fund		—		—			4		67.5
Large Cap Growth Fund		—		—			2		28.8
U.S. Applied Data Science Value Fund		—		—			2		23.6
U.S. Equity Fund		—		—			1		13.4
U.S. GARP Equity Fund		2		31.9			—		—
U.S. Large Cap Core Plus Fund		1		27.3			1		15.0
U.S. Research Enhanced Equity Fund		—		—			1		16.5
U.S. Sustainable Leaders Fund		—		—			3		51.6
U.S. Value Fund		—		—			2		44.2

As of June 30, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		21.2	%		26.6	%
U.S. Equity Fund		n/a			20.7
U.S. GARP Equity Fund		50.4			n/a
U.S. Research Enhanced Equity Fund		19.3			30.3

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

174 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

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

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:

	Value			Realized Gains (Losses)		Type
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

* This amount includes cash of $17,300 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:

	Value			Realized Gains (Losses)			Type
U.S. Value Fund	$	126,007	*	$	(126	)		Redemption in-kind

* This amount includes cash of $4,653 associated with the redemption in-kind.

On January 8, 2021, certain shareholders sold Class I Shares of U.S. Large Cap Core Plus Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below:

	Value			Realized Gains (Losses)		Type
U.S. Large Cap Core Plus Fund	$	487,288	*	$	198,139		Redemption in-kind

* This amount includes cash of $6,300 associated with the redemption in-kind.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 175

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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:

	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. Cash and portfolio securities were transferred as detailed below:

	Value			Type
Equity Income Fund	$	48,418	*		Subscription in-kind

* This amount includes cash of $230 associated with the subscription in-kind.

10. Subsequent Event

On August 11, 2021, the Board of Trustees of JPM II approved, effective as of the close of business on September 30, 2021, offering the Equity Income Fund to the public 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.

176 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Focus Fund, JPMorgan Hedged Equity Fund, JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund), JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund (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) and JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund) (nine of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund and JPMorgan Hedged Equity 3 Fund (three of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations, the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund and statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations, its cash flows for JPMorgan U.S. Large Cap Core Plus Fund and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Equity Focus Fund (2)

JPMorgan Equity Income Fund (2)

JPMorgan Equity Premium Income Fund (2)

JPMorgan Hedged Equity Fund (2)

JPMorgan Hedged Equity 2 Fund (1)

JPMorgan Hedged Equity 3 Fund (1)

JPMorgan Large Cap Growth Fund (2)

JPMorgan Large Cap Value Fund (2)

JPMorgan U.S. Applied Data Science Value Fund (2)

JPMorgan U.S. Equity Fund (2)

JPMorgan U.S. GARP Equity Fund (2)

JPMorgan U.S. Large Cap Core Plus Fund (3)

JPMorgan U.S. Research Enhanced Equity Fund (2)

JPMorgan U.S. Sustainable Leaders Fund (2)

JPMorgan U.S. Value Fund (2)

(1) Statement of operations and statement of changes in net assets for the period February 26, 2021 (commencement of operations) through June 30, 2021

(2) Statement of operations for the year ended June 30, 2021 and statement of changes in net assets for the years ended June 30, 2021 and 2020

(3) Statement of operations and statement of cash flows for the year ended June 30, 2021 and statement of changes in net assets for the years ended June 30, 2021 and 2020

Basis for Opinions

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 177

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(continued)

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2021

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

178 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. (3)	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 179

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	127	None
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

180 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (127 funds).

⁽³⁾  Mr. Harrington retired from the Board of Trustees effective July 31, 2021.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 181

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

182 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2021, and continued to hold your shares at the end of the reporting period, June 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual*	$	1,000.00	$	1,156.10	$	5.88		1.10	%
Hypothetical*		1,000.00		1,019.34		5.51		1.10
Class C
Actual*		1,000.00		1,153.00		8.54		1.60
Hypothetical*		1,000.00		1,016.86		8.00		1.60
Class I
Actual*		1,000.00		1,157.50		4.55		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class R6
Actual*		1,000.00		1,158.80		3.21		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
JPMorgan Equity Income Fund
Class A
Actual*		1,000.00		1,161.10		5.14		0.96
Hypothetical*		1,000.00		1,020.03		4.81		0.96
Class C
Actual*		1,000.00		1,158.80		7.76		1.45
Hypothetical*		1,000.00		1,017.60		7.25		1.45
Class I
Actual*		1,000.00		1,162.60		3.75		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class R2
Actual*		1,000.00		1,159.30		6.48		1.21
Hypothetical*		1,000.00		1,018.79		6.06		1.21

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 183

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R3
Actual*	$	1,000.00	$	1,161.30	$	5.09		0.95	%
Hypothetical*		1,000.00		1,020.08		4.76		0.95
Class R4
Actual*		1,000.00		1,162.70		3.75		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class R5
Actual*		1,000.00		1,163.30		2.95		0.55
Hypothetical*		1,000.00		1,022.07		2.76		0.55
Class R6
Actual*		1,000.00		1,164.00		2.41		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
JPMorgan Equity Premium Income Fund
Class A
Actual*		1,000.00		1,114.10		4.40		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class C
Actual*		1,000.00		1,111.40		7.02		1.34
Hypothetical*		1,000.00		1,018.15		6.71		1.34
Class I
Actual*		1,000.00		1,115.40		3.15		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R5
Actual*		1,000.00		1,117.00		2.36		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual*		1,000.00		1,116.80		1.84		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
JPMorgan Hedged Equity Fund
Class A
Actual*		1,000.00		1,088.40		4.30		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83
Class C
Actual*		1,000.00		1,085.20		6.88		1.33
Hypothetical*		1,000.00		1,018.20		6.66		1.33
Class I
Actual*		1,000.00		1,089.70		3.01		0.58
Hypothetical*		1,000.00		1,021.92		2.91		0.58
Class R5
Actual*		1,000.00		1,090.30		2.23		0.43
Hypothetical*		1,000.00		1,022.66		2.16		0.43
Class R6
Actual*		1,000.00		1,090.80		1.71		0.33
Hypothetical*		1,000.00		1,023.16		1.66		0.33
JPMorgan Hedged Equity 2 Fund
Class A
Actual**		1,000.00		1,065.40		2.93		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class C
Actual**		1,000.00		1,063.60		4.66		1.35
Hypothetical*		1,000.00		1,018.10		6.76		1.35

184 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Hedged Equity 2 Fund (continued)
Class I
Actual**	$	1,000.00	$	1,066.30	$	2.07		0.60	%
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R5
Actual**		1,000.00		1,066.60		1.55		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual**		1,000.00		1,067.50		1.21		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
JPMorgan Hedged Equity 3 Fund
Class A
Actual**		1,000.00		1,065.00		2.93		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class C
Actual**		1,000.00		1,063.70		4.66		1.35
Hypothetical*		1,000.00		1,018.10		6.76		1.35
Class I
Actual**		1,000.00		1,066.40		2.07		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R5
Actual**		1,000.00		1,066.40		1.55		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual**		1,000.00		1,066.80		1.21		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
JPMorgan Large Cap Growth Fund
Class A
Actual*		1,000.00		1,089.00		4.87		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class C
Actual*		1,000.00		1,086.50		7.45		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,090.60		3.58		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R2
Actual*		1,000.00		1,087.70		6.16		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,089.10		4.87		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,090.40		3.58		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,091.20		2.80		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,091.80		2.28		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 185

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Large Cap Value Fund
Class A
Actual*	$	1,000.00	$	1,211.70	$	5.10		0.93	%
Hypothetical*		1,000.00		1,020.18		4.66		0.93
Class C
Actual*		1,000.00		1,209.00		7.89		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,213.80		3.79		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R2
Actual*		1,000.00		1,210.50		6.52		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,212.10		5.16		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,213.00		3.79		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,214.40		2.96		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,215.30		2.42		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
JPMorgan U.S. Applied Data Science Value Fund (formerly JPMorgan Intrepid Value Fund)
Class A
Actual*		1,000.00		1,209.90		4.55		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83
Class C
Actual*		1,000.00		1,206.80		7.28		1.33
Hypothetical*		1,000.00		1,018.20		6.66		1.33
Class I
Actual*		1,000.00		1,211.30		3.23		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class R2
Actual*		1,000.00		1,208.30		5.97		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class R5
Actual*		1,000.00		1,212.20		2.41		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class R6
Actual*		1,000.00		1,212.80		1.87		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan U.S. Equity Fund
Class A
Actual*		1,000.00		1,135.70		4.98		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class C
Actual*		1,000.00		1,132.90		7.62		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,137.10		3.66		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69

186 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Equity Fund (continued)
Class L
Actual*	$	1,000.00	$	1,138.10	$	2.86		0.54	%
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R2
Actual*		1,000.00		1,134.30		6.30		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,135.70		4.98		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,136.90		3.66		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,138.10		2.86		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,138.30		2.33		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Actual*		1,000.00		1,156.50		4.49		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class C
Actual*		1,000.00		1,153.70		7.16		1.34
Hypothetical*		1,000.00		1,018.15		6.71		1.34
Class I
Actual*		1,000.00		1,157.90		3.16		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class R2
Actual*		1,000.00		1,155.00		5.82		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class R5
Actual*		1,000.00		1,158.70		2.36		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class R6
Actual*		1,000.00		1,159.30		1.82		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual*		1,000.00		1,145.10		10.06		1.89
Hypothetical*		1,000.00		1,015.41		9.46		1.89
Class C
Actual*		1,000.00		1,142.20		12.71		2.39
Hypothetical*		1,000.00		1,012.93		11.94		2.39
Class I
Actual*		1,000.00		1,146.60		8.69		1.63
Hypothetical*		1,000.00		1,016.70		8.16		1.63
Class R2
Actual*		1,000.00		1,143.40		11.92		2.24
Hypothetical*		1,000.00		1,013.68		11.19		2.24
Class R5
Actual*		1,000.00		1,147.00		8.48		1.59
Hypothetical*		1,000.00		1,016.90		7.96		1.59
Class R6
Actual*		1,000.00		1,147.60		7.95		1.49
Hypothetical*		1,000.00		1,017.39		7.46		1.49

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 187

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual*	$	1,000.00	$	1,162.40	$	3.22		0.60	%
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class I
Actual*		1,000.00		1,164.20		1.88		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R6
Actual*		1,000.00		1,164.70		1.34		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual*		1,000.00		1,166.70		3.44		0.64
Hypothetical*		1,000.00		1,021.62		3.21		0.64
Class C
Actual*		1,000.00		1,163.70		6.12		1.14
Hypothetical*		1,000.00		1,019.14		5.71		1.14
Class I
Actual*		1,000.00		1,168.30		2.10		0.39
Hypothetical*		1,000.00		1,022.86		1.96		0.39
Class R6
Actual*		1,000.00		1,168.30		1.83		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Actual*		1,000.00		1,187.50		5.10		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class C
Actual*		1,000.00		1,184.50		7.80		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,188.80		3.74		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R2
Actual*		1,000.00		1,186.00		6.45		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,187.60		5.10		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,188.90		3.74		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,189.90		2.93		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,190.40		2.39		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 122/365 (to reflect the actual period). Commencement of operations was February 26, 2021.

188 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

JPMorgan Hedged Equity 2 Fund and JPMorgan Hedged Equity 3 Fund

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering approvals of initial advisory agreements for new funds. At their November 2020 meeting, the Trustees, including a majority of the Trustees who are not parties to the initial advisory agreements or “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreements or any of their affiliates (“Independent Trustees”), approved the initial advisory agreements (each a “New Advisory Agreement” and collectively, the “New Advisory Agreements”) for the Funds. In accordance with SEC guidance, due to the COVID-19 pandemic, the meeting was conducted through video conference.

In connection with the approval of the New Advisory Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreements, the Trustees reviewed the New 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 proposed New Advisory Agreements. The Trustees also discussed the proposed New Advisory Agreements in an 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 New Advisory Agreement is provided below.

The Trustees considered information provided with respect to the Funds, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, and the approval of the New Advisory Agreements. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. After considering and weighing the factors and information they had received, the Trustees found that the proposed compensation to be received by the Adviser from each Fund under the applicable New Advisory Agreement was fair and reasonable under the circumstances and determined that the initial approval of each New Advisory Agreement was in the best interests of each Fund and its potential shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the New Advisory Agreements, the Trustees considered the materials furnished specifically in connection with the approval of each New Advisory Agreement, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex, and the Trustees’ experience with the Adviser and its services. 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 to be 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. The Trustees also considered the investment strategy and investment process for each Fund, and the infrastructure supporting the portfolio management 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 ability to continuing to provide services to each Fund and its shareholders throughout this period. In addition, the Trustees considered information about the structure and distribution strategy of each Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the J.P. Morgan 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 J.P. Morgan Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the J.P. Morgan Funds.

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

The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser, in its role as administrator, will earn fees from the Funds for providing shareholder and administration services, respectively. 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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 189

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(continued)

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 considered the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented contractual expense limitations and fee waivers (“Fee Caps”) which allow the relevant Fund’s shareholders to share potential economies of scale from its inception, prior to reaching scale, and that the proposed fees are 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 each Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at a competitive level, was reasonable. The Trustees concluded that the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve each Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the 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 considered each Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate that will be paid by teach Fund to the Adviser and compared the combined rate to the information prepared by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “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 projected expenses and the expense ratios for each Fund. The Trustees considered the projected Fee Caps proposed for each Fund, and the net advisory fee rate and net expense ratio for each share class, as applicable, after taking into account any projected 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 noted that the Funds’ estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering all of the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory.

190 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

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

including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this

assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (4) whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (6) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 191

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2021:

	Dividends Received Deduction
JPMorgan Equity Focus Fund		33.04	%
JPMorgan Equity Income Fund		100.00
JPMorgan Equity Premium Income Fund		12.80
JPMorgan Hedged Equity Fund		100.00
JPMorgan Hedged Equity 2 Fund		100.00
JPMorgan Hedged Equity 3 Fund		100.00
JPMorgan Large Cap Growth Fund		76.91
JPMorgan Large Cap Value Fund		100.00
JPMorgan U.S. Applied Data Science Value Fund		76.91
JPMorgan U.S. Equity Fund		77.08
JPMorgan U.S. GARP Equity Fund		32.91
JPMorgan U.S. Large Cap Core Plus Fund		39.28
JPMorgan U.S. Research Enhanced Equity Fund		96.49
JPMorgan U.S. Sustainable Leaders Fund		100.00
JPMorgan U.S. Value Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Equity Focus Fund	$	8,423
JPMorgan Equity Income Fund		1,579
JPMorgan Large Cap Growth Fund		1,908,836
JPMorgan U.S. Applied Data Science Value Fund		3,057
JPMorgan U.S. Equity Fund		985,965
JPMorgan U.S. GARP Equity Fund		90,539
JPMorgan U.S. Large Cap Core Plus Fund		776,825
JPMorgan U.S. Research Enhanced Equity Fund		125,234
JPMorgan U.S. Sustainable Leaders Fund		679
JPMorgan U.S. Value Fund		11,801

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2021:

	Qualified Dividend Income
JPMorgan Equity Focus Fund	$	1,102
JPMorgan Equity Income Fund		662,251
JPMorgan Equity Premium Income Fund		4,607
JPMorgan Hedged Equity Fund		139,976
JPMorgan Hedged Equity 2 Fund		1,117
JPMorgan Hedged Equity 3 Fund		437
JPMorgan Large Cap Growth Fund		138,307
JPMorgan Large Cap Value Fund		18,876
JPMorgan U.S. Applied Data Science Value Fund		5,192
JPMorgan U.S. Equity Fund		234,262
JPMorgan U.S. GARP Equity Fund		9,509
JPMorgan U.S. Large Cap Core Plus Fund		41,364
JPMorgan U.S. Research Enhanced Equity Fund		67,146
JPMorgan U.S. Sustainable Leaders Fund		544
JPMorgan U.S. Value Fund		14,336

192 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2021. All rights reserved. June 2021. AN-LCE-621

Annual Report

J.P. Morgan Equity Funds

June 30, 2021

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
Report of Independent Registered Public Accounting Firm	46
Trustees	47
Officers	50
Schedule of Shareholder Expenses	51
Liquidity Risk Management Program	52
Tax Letter	53
Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

August 4, 2021 (Unaudited)

Dear Shareholders,

The rally in equity markets that began in the second half of last year accelerated in 2021 on the back of mass vaccinations against COVID-19, federal relief and recovery efforts and a surge in both corporate profits and consumer spending. As a result, we find ourselves in a different environment than we inhabited a year ago.

  “Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management.” — Andrea L. Lisher

U.S. equity markets turned in a particularly remarkable performance over the twelve months ended June 30, 2021. The S&P 500 posted a total return of 40.79%; the Russell 1000 returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell Small Cap Index returned 62.03%. The lesson for investors, we believe, is clear: Those who were consistently and fully invested in the second half of 2020 through the first half of 2021 stood to benefit greatly from the superlative performance in global equity markets.

The rollout of mass vaccinations and the partial reopening of economies at all scales have fueled job growth, consumer spending and rising corporate profits. However, the pandemic

remains a global threat and the Delta variant of COVID-19 has driven a resurgence in infections across the U.S. and elsewhere. At the same time, a rush of economic activity has driven prices higher for a range of products and commodities and raised investor concerns about the timing of any potential response to rising inflation by the U.S. Federal Reserve. While the central bank has acknowledged stronger-than-expected inflationary data, it has also maintained its stance that upward pressure on consumer prices is likely to be a temporary effect of the economic recovery.

Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 1

J.P. Morgan Index Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

Overall, U.S. and emerging markets equity led a remarkable global rally in stocks on the back of massive central bank interventions, unprecedented fiscal spending and the rollout of multiple vaccines against COVID-19 and its variants. The initial reopening of the U.S. economy in 2021 fueled a surge in corporate profits, consumer spending and business investment.

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. 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 the pandemic 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. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on select equity markets in June.

Within U.S. equity markets, the S&P 500 Index returned 40.79%; the Russell 1000 Index returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell 2000 Index returned 62.03% for the twelve months ended June 30, 2021.

2 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

JPMorgan Equity Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		40.54%
S&P 500 Index**		40.79%
Net Assets as of 6/30/2021 (In Thousands)	$	6,644,441

INVESTMENT OBJECTIVE***

The JPMorgan Equity Index Fund (the “Fund”) seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (the “Benchmark”).

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

For the twelve months ended June 30, 2021, 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 period amid unprecedented monetary and fiscal support, the rollout of mass vaccinations and record high corporate earnings. During the period, the information technology and financials sectors were leading contributors to performance for the Fund and the Benchmark, while the utilities and real estate sectors made the smallest contributors to performance and no sectors detracted from performance.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		5.9	%
	2.	Microsoft Corp.		5.6
	3.	Amazon.com, Inc.		4.0
	4.	Facebook, Inc., Class A		2.3
	5.	Alphabet, Inc., Class A		2.0
	6.	Alphabet, Inc., Class C		2.0
	7.	Berkshire Hathaway, Inc., Class B		1.4
	8.	Tesla, Inc.		1.4
	9.	NVIDIA Corp.		1.4
	10.	JPMorgan Chase & Co.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.2	%
Health Care		12.9
Consumer Discretionary		12.2
Financials		11.2
Communication Services		11.0
Industrials		8.5
Consumer Staples		5.8
Energy		2.8
Materials		2.6
Real Estate		2.5
Utilities		2.4
Short-Term Investments		0.9

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

** “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.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 3

JPMorgan Equity Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			32.84	%		15.87	%		13.71	%
Without Sales Charge			40.19			17.13			14.33
CLASS C SHARES	November 4, 1997
With CDSC**			38.35			16.41			13.68
Without CDSC			39.35			16.41			13.68
CLASS I SHARES	July 2, 1991		40.54			17.42			14.61
CLASS R6 SHARES	September 1, 2016		40.77			17.60			14.70

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and

capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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

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

4 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		58.74%
S&P 1000 Index**		57.32%
Net Assets as of 6/30/21 (In Thousands)	$	1,120,933

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 outperformed the S&P 1000 Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the industrial cyclical and pharmaceutical sectors was the leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and software & services sectors was the leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Customers Bancorp Inc. and Kulicke & Soffa Industries Inc. and its underweight position in Exelixis Inc. Shares of Customers Bancorp, a regional bank, rose amid better-than-expected earnings and revenue in the first quarter of 2021 and increased investor demand for value stocks. Shares of Kulicke & Soffa Brands Industries, a semiconductors equipment maker, rose amid growth in industry demand, several consecutive quarters of better-than-expected earnings and positive earnings forecasts from the company. Shares of Elelixis, a developer of pharmaceutical cancer treatments, fell after the company reported lower-than-expected earnings for the first quarter of 2021 and disappointing results from a drug candidate for late-stage liver cancer.

Leading individual detractors from relative performance included the Fund’s underweight positions in Gamestop Corp., Enphase Energy Inc. and its overweight position in Lannett Co.

Shares of Gamestop, a consumer electronics retail chain, rebounded sharply in early 2021 when users of an Internet forum largely orchestrated a run-up in the stock price in response to large short positions in the stock. 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 Lannett, a generic pharmaceuticals company, fell amid consecutive quarters of lower-than-expected results and in May 2021 they were dropped from the S&P SmallCap 600 Index.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Camden Property Trust		0.5	%
	2.	Molina Healthcare, Inc.		0.5
	3.	United Therapeutics Corp.		0.5
	4.	Bio-Techne Corp.		0.5
	5.	AECOM		0.5
	6.	First Horizon Corp.		0.5
	7.	Signature Bank		0.5
	8.	UGI Corp.		0.4
	9.	AGCO Corp.		0.4
	10.	Arrow Electronics, Inc.		0.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		16.6	%
Financials		14.7
Information Technology		12.7
Consumer Discretionary		12.7
Health Care		10.9
Real Estate		7.9
Materials		5.9
Consumer Staples		3.4
Utilities		2.7
Communication Services		2.2
Energy		2.0
Short-Term Investments		8.3

* 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.

** “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.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
With Sales Charge*			50.05	%		12.10	%		11.30	%
Without Sales Charge			58.28			13.31			11.90
CLASS C SHARES	March 22, 1999
With CDSC**			56.62			12.72			11.35
Without CDSC			57.62			12.72			11.35
CLASS I SHARES	July 31, 1998		58.74			13.59			12.19
CLASS R2 SHARES	November 3, 2008		57.76			12.95			11.58
CLASS R6 SHARES	October 1, 2018		58.97			13.64			12.22

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Market Expansion Enhanced Index Fund and the S&P 1000 Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 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 JUNE 30, 2021

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%
Aerospace & Defense — 1.6%
Boeing Co. (The)*		100		23,984
General Dynamics Corp.		42		7,848
Howmet Aerospace, Inc.*		71		2,454
Huntington Ingalls Industries, Inc.		7		1,544
L3Harris Technologies, Inc.		37		8,069
Lockheed Martin Corp.		45		16,852
Northrop Grumman Corp.		27		9,908
Raytheon Technologies Corp.		276		23,539
Teledyne Technologies, Inc.*(a)		8		3,542
Textron, Inc.		41		2,827
TransDigm Group, Inc.*(a)		10		6,471
				107,038
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		24		2,269
Expeditors International of Washington, Inc.		31		3,894
FedEx Corp.		44		13,263
United Parcel Service, Inc., Class B		132		27,395
				46,821
Airlines — 0.3%
Alaska Air Group, Inc.*		23		1,367
American Airlines Group, Inc.*(a)		117		2,477
Delta Air Lines, Inc.*		116		5,039
Southwest Airlines Co.*		108		5,719
United Airlines Holdings, Inc.*(a)		59		3,081
				17,683
Auto Components — 0.1%
Aptiv plc*		49		7,750
BorgWarner, Inc.(a)		44		2,120
				9,870
Automobiles — 1.8%
Ford Motor Co.*		714		10,611
General Motors Co.*		232		13,756
Tesla, Inc.*		140		95,396
				119,763
Banks — 4.3%
Bank of America Corp.		1,373		56,623
Citigroup, Inc.		376		26,633
Citizens Financial Group, Inc.		78		3,558
Comerica, Inc.		25		1,814
Fifth Third Bancorp		128		4,901
First Republic Bank		32		5,999
Huntington Bancshares, Inc.		269		3,834

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
JPMorgan Chase & Co.(b)		551		85,747
KeyCorp		177		3,650
M&T Bank Corp.		23		3,405
People’s United Financial, Inc.		78		1,335
PNC Financial Services Group, Inc. (The)		77		14,760
Regions Financial Corp.		175		3,533
SVB Financial Group*		10		5,504
Truist Financial Corp.		245		13,593
US Bancorp		247		14,065
Wells Fargo & Co.		753		34,094
Zions Bancorp NA		30		1,577
				284,625
Beverages — 1.4%
Brown-Forman Corp., Class B		33		2,493
Coca-Cola Co. (The)		707		38,240
Constellation Brands, Inc., Class A		31		7,198
Molson Coors Beverage Co., Class B*(a)		34		1,842
Monster Beverage Corp.*		67		6,155
PepsiCo, Inc.		252		37,282
				93,210
Biotechnology — 1.8%
AbbVie, Inc.		322		36,231
Alexion Pharmaceuticals, Inc.*		40		7,395
Amgen, Inc.		105		25,505
Biogen, Inc.*		27		9,494
Gilead Sciences, Inc.		228		15,728
Incyte Corp.*		34		2,864
Regeneron Pharmaceuticals, Inc.*		19		10,650
Vertex Pharmaceuticals, Inc.*		47		9,506
				117,373
Building Products — 0.5%
Allegion plc		16		2,283
AO Smith Corp.		24		1,765
Carrier Global Corp.		149		7,230
Fortune Brands Home & Security, Inc.		25		2,511
Johnson Controls International plc		131		8,957
Masco Corp.		46		2,723
Trane Technologies plc		44		8,020
				33,489
Capital Markets — 3.0%
Ameriprise Financial, Inc.		21		5,253
Bank of New York Mellon Corp. (The)		147		7,527
BlackRock, Inc.		26		22,603

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Capital Markets — continued
Cboe Global Markets, Inc.		19		2,313
Charles Schwab Corp. (The)		273		19,888
CME Group, Inc.		65		13,909
Franklin Resources, Inc.		50		1,587
Goldman Sachs Group, Inc. (The)		62		23,515
Intercontinental Exchange, Inc.		102		12,165
Invesco Ltd.		69		1,842
MarketAxess Holdings, Inc.		7		3,207
Moody’s Corp.		29		10,624
Morgan Stanley		271		24,855
MSCI, Inc.		15		8,002
Nasdaq, Inc.		21		3,678
Northern Trust Corp.		38		4,383
Raymond James Financial, Inc.		22		2,893
S&P Global, Inc.		44		18,007
State Street Corp.		63		5,211
T. Rowe Price Group, Inc.		41		8,179
				199,641
Chemicals — 1.8%
Air Products and Chemicals, Inc.		40		11,595
Albemarle Corp.		21		3,581
Celanese Corp.		21		3,110
CF Industries Holdings, Inc.		39		2,010
Corteva, Inc.		134		5,953
Dow, Inc.		136		8,609
DuPont de Nemours, Inc.		97		7,502
Eastman Chemical Co.		25		2,903
Ecolab, Inc.		45		9,331
FMC Corp.		23		2,540
International Flavors & Fragrances, Inc.		45		6,773
Linde plc (United Kingdom)		95		27,388
LyondellBasell Industries NV, Class A		47		4,823
Mosaic Co. (The)		63		2,008
PPG Industries, Inc.		43		7,330
Sherwin-Williams Co. (The)		44		11,876
				117,332
Commercial Services & Supplies — 0.4%
Cintas Corp.		16		6,139
Copart, Inc.*		38		4,998
Republic Services, Inc.		38		4,219
Rollins, Inc.		40		1,379
Waste Management, Inc.		71		9,910
				26,645

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 0.8%
Arista Networks, Inc.*		10		3,626
Cisco Systems, Inc.		767		40,677
F5 Networks, Inc.*		11		2,027
Juniper Networks, Inc.		60		1,632
Motorola Solutions, Inc.		31		6,700
				54,662
Construction & Engineering — 0.0%(c)
Quanta Services, Inc.		25		2,298
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		11		3,996
Vulcan Materials Co.		24		4,205
				8,201
Consumer Finance — 0.7%
American Express Co.		118		19,580
Capital One Financial Corp.		82		12,719
Discover Financial Services		56		6,568
Synchrony Financial		99		4,779
				43,646
Containers & Packaging — 0.3%
Amcor plc		281		3,218
Avery Dennison Corp.		15		3,178
Ball Corp.		60		4,843
International Paper Co.		71		4,374
Packaging Corp. of America		17		2,343
Sealed Air Corp.		28		1,640
Westrock Co.		48		2,579
				22,175
Distributors — 0.1%
Genuine Parts Co.		26		3,328
LKQ Corp.*		51		2,492
Pool Corp.		7		3,352
				9,172
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B*		345		95,931
Diversified Telecommunication Services — 1.2%
AT&T, Inc.		1,300		37,423
Lumen Technologies, Inc.		181		2,462
Verizon Communications, Inc.		754		42,245
				82,130

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.5%
Alliant Energy Corp.(a)		46		2,540
American Electric Power Co., Inc.		91		7,699
Duke Energy Corp.		140		13,830
Edison International		69		3,995
Entergy Corp.		37		3,643
Evergy, Inc.		42		2,523
Eversource Energy		63		5,019
Exelon Corp.		178		7,885
FirstEnergy Corp.		99		3,686
NextEra Energy, Inc.		357		26,177
NRG Energy, Inc.		45		1,796
Pinnacle West Capital Corp.		21		1,683
PPL Corp.		140		3,919
Southern Co. (The)		193		11,667
Xcel Energy, Inc.		98		6,457
				102,519
Electrical Equipment — 0.6%
AMETEK, Inc.		42		5,614
Eaton Corp. plc		73		10,754
Emerson Electric Co.		109		10,511
Generac Holdings, Inc.*		11		4,760
Rockwell Automation, Inc.		21		6,046
				37,685
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		109		7,445
CDW Corp.		26		4,459
Corning, Inc.		141		5,771
IPG Photonics Corp.*(a)		7		1,378
Keysight Technologies, Inc.*		34		5,181
TE Connectivity Ltd.		60		8,131
Trimble, Inc.*		46		3,740
Zebra Technologies Corp., Class A*		10		5,160
				41,265
Energy Equipment & Services — 0.2%
Baker Hughes Co.(a)		132		3,030
Halliburton Co.		162		3,746
NOV, Inc.*		71		1,090
Schlumberger NV		255		8,151
				16,017
Entertainment — 1.9%
Activision Blizzard, Inc.		142		13,505
Electronic Arts, Inc.		52		7,496
Live Nation Entertainment, Inc.*		26		2,305

INVESTMENTS	SHARES (000)		VALUE ($000)
Entertainment — continued
Netflix, Inc.*		81		42,653
Take-Two Interactive Software, Inc.*		21		3,729
Walt Disney Co. (The)*		331		58,162
				127,850
Equity Real Estate Investment Trusts (REITs) — 2.5%
Alexandria Real Estate Equities, Inc.		25		4,545
American Tower Corp.		83		22,368
AvalonBay Communities, Inc.		25		5,306
Boston Properties, Inc.		26		2,964
Crown Castle International Corp.		79		15,356
Digital Realty Trust, Inc.		51		7,716
Duke Realty Corp.		68		3,234
Equinix, Inc.		16		13,094
Equity Residential		63		4,825
Essex Property Trust, Inc.		12		3,551
Extra Space Storage, Inc.		24		3,990
Federal Realty Investment Trust		13		1,510
Healthpeak Properties, Inc.		98		3,267
Host Hotels & Resorts, Inc.*		129		2,198
Iron Mountain, Inc.(a)		53		2,225
Kimco Realty Corp.		79		1,646
Mid-America Apartment Communities, Inc.		21		3,512
Prologis, Inc.		135		16,104
Public Storage		28		8,336
Realty Income Corp.		68		4,541
Regency Centers Corp.		29		1,843
SBA Communications Corp.		20		6,346
Simon Property Group, Inc.		60		7,807
UDR, Inc.		54		2,648
Ventas, Inc.		68		3,901
Vornado Realty Trust		29		1,334
Welltower, Inc.		76		6,319
Weyerhaeuser Co.		136		4,696
				165,182
Food & Staples Retailing — 1.3%
Costco Wholesale Corp.		81		31,855
Kroger Co. (The)		138		5,282
Sysco Corp.		93		7,244
Walgreens Boots Alliance, Inc.		131		6,874
Walmart, Inc.		250		35,262
				86,517

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — 0.9%
Archer-Daniels-Midland Co.		102		6,166
Campbell Soup Co.(a)		37		1,686
Conagra Brands, Inc.(a)		87		3,180
General Mills, Inc.		111		6,768
Hershey Co. (The)		27		4,643
Hormel Foods Corp.		51		2,451
JM Smucker Co. (The)(a)		20		2,586
Kellogg Co.(a)		46		2,952
Kraft Heinz Co. (The)		118		4,814
Lamb Weston Holdings, Inc.		27		2,149
McCormick & Co., Inc. (Non-Voting)(a)		45		4,005
Mondelez International, Inc., Class A		256		15,974
Tyson Foods, Inc., Class A		54		3,960
				61,334
Gas Utilities — 0.0%(c)
Atmos Energy Corp.		24		2,287
Health Care Equipment & Supplies—3.6%
Abbott Laboratories		324		37,515
ABIOMED, Inc.*		8		2,575
Align Technology, Inc.*		13		8,013
Baxter International, Inc.		92		7,372
Becton Dickinson and Co.		53		12,880
Boston Scientific Corp.*		259		11,065
Cooper Cos., Inc. (The)		9		3,554
Danaher Corp.		116		31,025
Dentsply Sirona, Inc.		40		2,515
Dexcom, Inc.*		18		7,520
Edwards Lifesciences Corp.*		113		11,725
Hologic, Inc.*		47		3,113
IDEXX Laboratories, Inc.*(a)		16		9,809
Intuitive Surgical, Inc.*		22		19,832
Medtronic plc		245		30,414
ResMed, Inc.		27		6,533
STERIS plc		18		3,668
Stryker Corp.		60		15,504
Teleflex, Inc.		9		3,420
West Pharmaceutical Services, Inc.		13		4,828
Zimmer Biomet Holdings, Inc.		38		6,106
				238,986
Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		27		3,084
Anthem, Inc.		45		17,024
Cardinal Health, Inc.		53		3,017

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
Centene Corp.*		106		7,740
Cigna Corp.		62		14,815
CVS Health Corp.		240		20,006
DaVita, Inc.*		13		1,537
HCA Healthcare, Inc.		48		9,895
Henry Schein, Inc.*		26		1,901
Humana, Inc.		23		10,402
Laboratory Corp. of America Holdings*		18		4,905
McKesson Corp.		29		5,509
Quest Diagnostics, Inc.		24		3,140
UnitedHealth Group, Inc.		172		68,821
Universal Health Services, Inc., Class B		14		2,079
				173,875
Health Care Technology — 0.1%
Cerner Corp.		55		4,289
Hotels, Restaurants & Leisure — 2.0%
Booking Holdings, Inc.*		7		16,358
Caesars Entertainment, Inc.*		38		3,943
Carnival Corp.*(a)		145		3,832
Chipotle Mexican Grill, Inc.*		5		7,949
Darden Restaurants, Inc.		24		3,479
Domino’s Pizza, Inc.		7		3,299
Expedia Group, Inc.*		26		4,217
Hilton Worldwide Holdings, Inc.*		51		6,119
Las Vegas Sands Corp.*		60		3,152
Marriott International, Inc., Class A*		49		6,639
McDonald’s Corp.		136		31,390
MGM Resorts International		74		3,162
Norwegian Cruise Line Holdings Ltd.*(a)		67		1,981
Penn National Gaming, Inc.*		27		2,069
Royal Caribbean Cruises Ltd.*		40		3,400
Starbucks Corp.		215		23,993
Wynn Resorts Ltd.*		19		2,344
Yum! Brands, Inc.		54		6,241
				133,567
Household Durables — 0.4%
DR Horton, Inc.		60		5,398
Garmin Ltd.		27		3,948
Leggett & Platt, Inc.		24		1,257
Lennar Corp., Class A		50		4,989
Mohawk Industries, Inc.*		11		2,050
Newell Brands, Inc.		69		1,894
NVR, Inc.*		1		3,098

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — continued
PulteGroup, Inc.		48		2,628
Whirlpool Corp.		11		2,487
				27,749
Household Products — 1.3%
Church & Dwight Co., Inc.		45		3,806
Clorox Co. (The)		23		4,075
Colgate-Palmolive Co.		154		12,533
Kimberly-Clark Corp.		61		8,221
Procter & Gamble Co. (The)		446		60,161
				88,796
Independent Power and Renewable Electricity Producers — 0.0%(c)
AES Corp. (The)		121		3,163
Industrial Conglomerates — 1.2%
3M Co.(a)		106		20,969
General Electric Co.(a)		1,599		21,519
Honeywell International, Inc.		126		27,745
Roper Technologies, Inc.		19		9,012
				79,245
Insurance — 1.8%
Aflac, Inc.		115		6,177
Allstate Corp. (The)		55		7,111
American International Group, Inc.		156		7,439
Aon plc, Class A		41		9,812
Arthur J Gallagher & Co.		37		5,227
Assurant, Inc.		11		1,723
Chubb Ltd.		82		13,017
Cincinnati Financial Corp.		27		3,182
Everest Re Group Ltd.		7		1,840
Globe Life, Inc.		17		1,645
Hartford Financial Services Group, Inc. (The)		65		4,031
Lincoln National Corp.		33		2,048
Loews Corp.		41		2,226
Marsh & McLennan Cos., Inc.		93		13,028
MetLife, Inc.		136		8,110
Principal Financial Group, Inc.		46		2,911
Progressive Corp. (The)		107		10,466
Prudential Financial, Inc.		72		7,353
Travelers Cos., Inc. (The)		46		6,857
Unum Group		37		1,056
Willis Towers Watson plc		23		5,403
WR Berkley Corp.		26		1,899
				122,561

INVESTMENTS	SHARES (000)		VALUE ($000)
Interactive Media & Services — 6.5%
Alphabet, Inc., Class A*		55		133,739
Alphabet, Inc., Class C*		52		129,973
Facebook, Inc., Class A*		436		151,725
Twitter, Inc.*		145		10,002
				425,439
Internet & Direct Marketing Retail — 4.2%
Amazon.com, Inc.*		78		268,570
eBay, Inc.		118		8,275
Etsy, Inc.*		23		4,765
				281,610
IT Services — 5.2%
Accenture plc, Class A		116		34,125
Akamai Technologies, Inc.*		30		3,461
Automatic Data Processing, Inc.		77		15,392
Broadridge Financial Solutions, Inc.		21		3,416
Cognizant Technology Solutions Corp., Class A		96		6,652
DXC Technology Co.*		46		1,807
Fidelity National Information Services, Inc.		113		16,000
Fiserv, Inc.*		108		11,594
FleetCor Technologies, Inc.*		15		3,887
Gartner, Inc.*		16		3,797
Global Payments, Inc.		54		10,083
International Business Machines Corp.		163		23,854
Jack Henry & Associates, Inc.(a)		14		2,212
Mastercard, Inc., Class A		159		58,164
Paychex, Inc.		58		6,267
PayPal Holdings, Inc.*		214		62,358
VeriSign, Inc.*		18		4,110
Visa, Inc., Class A		308		72,040
Western Union Co. (The)		75		1,712
				340,931
Leisure Products — 0.0%(c)
Hasbro, Inc.		23		2,202
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.		55		8,168
Bio-Rad Laboratories, Inc., Class A*		4		2,529
Charles River Laboratories International, Inc.*		9		3,386
Illumina, Inc.*		27		12,582
IQVIA Holdings, Inc.*		35		8,458
Mettler-Toledo International, Inc.*		4		5,871
PerkinElmer, Inc.		20		3,152
Thermo Fisher Scientific, Inc.		72		36,108
Waters Corp.*		11		3,884
				84,138

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 1.7%
Caterpillar, Inc.		100		21,711
Cummins, Inc.		27		6,492
Deere & Co.		57		20,037
Dover Corp.		26		3,947
Fortive Corp.		62		4,300
IDEX Corp.		14		3,043
Illinois Tool Works, Inc.		52		11,703
Ingersoll Rand, Inc.*		68		3,318
Otis Worldwide Corp.		73		6,007
PACCAR, Inc.		63		5,643
Parker-Hannifin Corp.		24		7,218
Pentair plc		30		2,043
Snap-on, Inc.		10		2,201
Stanley Black & Decker, Inc.		29		6,029
Westinghouse Air Brake Technologies Corp.		32		2,663
Xylem, Inc.		33		3,933
				110,288
Media — 1.3%
Charter Communications, Inc., Class A*		25		18,095
Comcast Corp., Class A		835		47,611
Discovery, Inc., Class A*(a)		31		942
Discovery, Inc., Class C*(a)		55		1,586
DISH Network Corp., Class A*		45		1,891
Fox Corp., Class A		60		2,211
Fox Corp., Class B		28		974
Interpublic Group of Cos., Inc. (The)		72		2,328
News Corp., Class A		71		1,836
News Corp., Class B		22		540
Omnicom Group, Inc.		39		3,133
ViacomCBS, Inc.		110		4,985
				86,132
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		267		9,905
Newmont Corp.		146		9,247
Nucor Corp.		54		5,228
				24,380
Multiline Retail — 0.5%
Dollar General Corp.		43		9,308
Dollar Tree, Inc.*		42		4,203
Target Corp.		90		21,781
				35,292

INVESTMENTS	SHARES (000)		VALUE ($000)
Multi-Utilities — 0.7%
Ameren Corp.		47		3,725
CenterPoint Energy, Inc.		106		2,592
CMS Energy Corp.		53		3,114
Consolidated Edison, Inc.		62		4,478
Dominion Energy, Inc.		147		10,807
DTE Energy Co.		35		4,572
NiSource, Inc.		71		1,750
Public Service Enterprise Group, Inc.		92		5,495
Sempra Energy		57		7,602
WEC Energy Group, Inc.		57		5,110
				49,245
Oil, Gas & Consumable Fuels — 2.6%
APA Corp.		69		1,489
Cabot Oil & Gas Corp.(a)		73		1,271
Chevron Corp.		352		36,867
ConocoPhillips		246		14,966
Devon Energy Corp.		108		3,167
Diamondback Energy, Inc.		33		3,095
EOG Resources, Inc.		106		8,868
Exxon Mobil Corp.		771		48,634
Hess Corp.		50		4,365
Kinder Morgan, Inc.		355		6,466
Marathon Oil Corp.		144		1,955
Marathon Petroleum Corp.		116		7,010
Occidental Petroleum Corp.		153		4,784
ONEOK, Inc.		81		4,515
Phillips 66		80		6,843
Pioneer Natural Resources Co.		42		6,859
Valero Energy Corp.		74		5,812
Williams Cos., Inc. (The)		221		5,874
				172,840
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		42		13,433
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		407		27,185
Catalent, Inc.*		31		3,354
Eli Lilly & Co.		145		33,272
Johnson & Johnson		480		79,007
Merck & Co., Inc.		461		35,862
Organon & Co.*		46		1,394
Perrigo Co. plc		24		1,115

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
Pfizer, Inc.		1,019		39,921
Viatris, Inc.		220		3,146
Zoetis, Inc.		86		16,113
				240,369
Professional Services — 0.4%
Equifax, Inc.		22		5,308
IHS Markit Ltd.		68		7,686
Jacobs Engineering Group, Inc.		24		3,164
Leidos Holdings, Inc.		24		2,448
Nielsen Holdings plc		65		1,611
Robert Half International, Inc.		21		1,827
Verisk Analytics, Inc.		30		5,158
				27,202
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A*		61		5,241
Road & Rail — 1.0%
CSX Corp.		414		13,275
JB Hunt Transport Services, Inc.		15		2,477
Kansas City Southern		17		4,693
Norfolk Southern Corp.		46		12,096
Old Dominion Freight Line, Inc.		17		4,395
Union Pacific Corp.		121		26,607
				63,543
Semiconductors & Semiconductor Equipment — 5.8%
Advanced Micro Devices, Inc.*		221		20,784
Analog Devices, Inc.		67		11,564
Applied Materials, Inc.		167		23,798
Broadcom, Inc.		74		35,457
Enphase Energy, Inc.*		25		4,538
Intel Corp.		735		41,285
KLA Corp.		28		9,050
Lam Research Corp.		26		16,901
Maxim Integrated Products, Inc.*		49		5,149
Microchip Technology, Inc.		50		7,459
Micron Technology, Inc.*		204		17,355
Monolithic Power Systems, Inc.		8		2,925
NVIDIA Corp.		113		90,778
NXP Semiconductors NV (China)		50		10,331
Qorvo, Inc.*		21		4,012
QUALCOMM, Inc.		205		29,362
Skyworks Solutions, Inc.		30		5,765
Teradyne, Inc.		30		4,056

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.		168		32,343
Xilinx, Inc.		45		6,476
				379,388
Software — 8.9%
Adobe, Inc.*		87		50,980
ANSYS, Inc.*		16		5,509
Autodesk, Inc.*		40		11,696
Cadence Design Systems, Inc.*		51		6,934
Citrix Systems, Inc.		23		2,652
Fortinet, Inc.*(a)		25		5,880
Intuit, Inc.		50		24,393
Microsoft Corp.		1,372		371,571
NortonLifeLock, Inc.		106		2,875
Oracle Corp.		331		25,752
Paycom Software, Inc.*		9		3,252
PTC, Inc.*		19		2,706
salesforce.com, Inc.*		169		41,194
ServiceNow, Inc.*		36		19,761
Synopsys, Inc.*		28		7,662
Tyler Technologies, Inc.*		7		3,356
				586,173
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		12		2,445
AutoZone, Inc.*		4		5,875
Best Buy Co., Inc.		41		4,668
CarMax, Inc.*		30		3,837
Gap, Inc. (The)		38		1,273
Home Depot, Inc. (The)		194		61,748
L Brands, Inc.		43		3,074
Lowe’s Cos., Inc.		129		24,971
O’Reilly Automotive, Inc.*		13		7,194
Ross Stores, Inc.		65		8,053
TJX Cos., Inc. (The)		220		14,808
Tractor Supply Co.		21		3,905
Ulta Beauty, Inc.*		10		3,448
				145,299
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc.		2,857		391,258
Hewlett Packard Enterprise Co.		238		3,468
HP, Inc.		219		6,605
NetApp, Inc.		41		3,317

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 6.3%
Seagate Technology Holdings plc (Ireland)		36		3,189
Western Digital Corp.*		56		3,972
				411,809
Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands, Inc.		64		1,187
NIKE, Inc., Class B		232		35,871
PVH Corp.*		13		1,396
Ralph Lauren Corp.		9		1,035
Tapestry, Inc.*		51		2,208
Under Armour, Inc., Class A*		34		727
Under Armour, Inc., Class C*		36		665
VF Corp.		59		4,804
				47,893
Tobacco — 0.7%
Altria Group, Inc.		337		16,070
Philip Morris International, Inc.		284		28,131
				44,201
Trading Companies & Distributors — 0.2%
Fastenal Co.		105		5,439
United Rentals, Inc.*		13		4,205
WW Grainger, Inc.		8		3,492
				13,136
Water Utilities — 0.1%
American Water Works Co., Inc.		33		5,094
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.*		107		15,457
Total Common Stocks (Cost $2,701,314)				6,615,327

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.8%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(d)(e) (Cost $26,043)		26,043		26,043
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08%(d)(e)		25,407		25,407
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(d)(e)		4,179		4,179
Total Investment of Cash Collateral from Securities Loaned (Cost $29,587)				29,586
Total Short-Term Investments (Cost $55,630)				55,629
Total Investments — 100.4% (Cost $2,756,944)				6,670,956
Liabilities in Excess of Other Assets — (0.4)%				(26,515	)
NET ASSETS — 100.0%				6,644,441

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $28,583.
(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 June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	141		09/2021		USD		30,234		458

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Aerospace & Defense — 0.7%
Aerojet Rocketdyne Holdings, Inc.(a)		25		1,193
Axon Enterprise, Inc.*(a)		20		3,448
Curtiss-Wright Corp.		13		1,591
Hexcel Corp.*		29		1,816
Triumph Group, Inc.*		15		307
				8,355
Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings, Inc.*(a)		8		545
Echo Global Logistics, Inc.*		9		280
Forward Air Corp.		10		898
Hub Group, Inc., Class A*		57		3,745
XPO Logistics, Inc.*		35		4,909
				10,377
Airlines — 0.3%
Hawaiian Holdings, Inc.*		27		663
JetBlue Airways Corp.*		170		2,852
				3,515
Auto Components — 1.7%
Adient plc*		29		1,329
American Axle & Manufacturing Holdings, Inc.*		45		467
Dana, Inc.		105		2,490
Fox Factory Holding Corp.*		7		1,074
Gentex Corp.		78		2,594
Gentherm, Inc.*		10		739
Goodyear Tire & Rubber Co. (The)*		222		3,801
LCI Industries		8		1,025
Lear Corp.(a)		29		5,153
Patrick Industries, Inc.		9		635
				19,307
Automobiles — 0.5%
Harley-Davidson, Inc.		49		2,226
Thor Industries, Inc.		18		2,050
Winnebago Industries, Inc.		12		843
				5,119
Banks — 7.4%
Ameris Bancorp		22		1,134
Associated Banc-Corp.		116		2,373
Banc of California, Inc.		12		216
BancorpSouth Bank		34		967
Bank OZK(a)		40		1,692
Banner Corp.		46		2,511
Berkshire Hills Bancorp, Inc.(a)		48		1,305

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Boston Private Financial Holdings, Inc.		24		358
Brookline Bancorp, Inc.		23		342
Cadence BanCorp		37		770
Cathay General Bancorp		25		977
CIT Group, Inc.		34		1,744
Columbia Banking System, Inc.		20		765
Commerce Bancshares, Inc.		34		2,520
Cullen/Frost Bankers, Inc.		8		885
Customers Bancorp, Inc.*		79		3,086
Dime Community Bancshares, Inc.		15		512
Eagle Bancorp, Inc.		45		2,546
East West Bancorp, Inc.		55		3,975
First BanCorp (Puerto Rico)		75		892
First Commonwealth Financial Corp.		35		485
First Financial Bancorp		13		312
First Horizon Corp.		313		5,413
First Midwest Bancorp, Inc.		117		2,316
FNB Corp.		105		1,288
Fulton Financial Corp.		65		1,028
Great Western Bancorp, Inc.		21		702
Hancock Whitney Corp.		68		3,031
Hanmi Financial Corp.		44		840
Hope Bancorp, Inc.		51		726
Independent Bank Group, Inc.		12		866
International Bancshares Corp.		17		739
NBT Bancorp, Inc.		11		389
OFG Bancorp (Puerto Rico)		17		369
Pacific Premier Bancorp, Inc.		78		3,303
PacWest Bancorp		39		1,618
Pinnacle Financial Partners, Inc.(a)		26		2,290
Prosperity Bancshares, Inc.		30		2,160
Signature Bank		22		5,355
Sterling Bancorp		71		1,748
Synovus Financial Corp.		54		2,348
Texas Capital Bancshares, Inc.*		16		1,041
Triumph Bancorp, Inc.*		7		535
Trustmark Corp.		20		629
UMB Financial Corp.		12		1,080
Umpqua Holdings Corp.		74		1,362
United Bankshares, Inc.(a)		41		1,478
United Community Banks, Inc.		88		2,816
Valley National Bancorp		127		1,699
Veritex Holdings, Inc.		17		617
Webster Financial Corp.		30		1,595
Wintrust Financial Corp.		39		2,959
				82,707

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Beverages — 0.3%
Boston Beer Co., Inc. (The), Class A*		3		3,165
Coca-Cola Consolidated, Inc.		2		603
				3,768
Biotechnology — 1.8%
Arrowhead Pharmaceuticals, Inc.*		50		4,166
Eagle Pharmaceuticals, Inc.*		35		1,494
Emergent BioSolutions, Inc.*		5		296
Exelixis, Inc.*		277		5,045
Myriad Genetics, Inc.*		21		654
REGENXBIO, Inc.*		75		2,894
Spectrum Pharmaceuticals, Inc.*(a)		100		375
United Therapeutics Corp.*		32		5,696
				20,620
Building Products — 1.6%
American Woodmark Corp.*		5		425
Apogee Enterprises, Inc.		9		367
Builders FirstSource, Inc.*(a)		112		4,756
Gibraltar Industries, Inc.*		10		733
Griffon Corp.		16		413
Lennox International, Inc.(a)		8		2,826
Owens Corning		33		3,201
Quanex Building Products Corp.		30		735
Resideo Technologies, Inc.*		40		1,203
UFP Industries, Inc.		41		3,075
				17,734
Capital Markets — 2.0%
Affiliated Managers Group, Inc.		14		2,174
Blucora, Inc.*		40		691
Brightsphere Investment Group, Inc.		43		1,012
Donnelley Financial Solutions, Inc.*		16		512
Evercore, Inc., Class A		14		1,907
FactSet Research Systems, Inc.		12		4,027
Federated Hermes, Inc.		32		1,072
Jefferies Financial Group, Inc.		126		4,302
Piper Sandler Cos.		4		531
SEI Investments Co.		4		275
Stifel Financial Corp.(a)		49		3,210
Virtus Investment Partners, Inc.		10		2,861
				22,574
Chemicals — 2.6%
Ashland Global Holdings, Inc.(a)		41		3,561
Avient Corp.		73		3,583
Cabot Corp.		17		988

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Ferro Corp.*		24		516
FutureFuel Corp.		40		384
Hawkins, Inc.		6		197
HB Fuller Co.		50		3,193
Ingevity Corp.*		40		3,222
Koppers Holdings, Inc.*		37		1,200
Kraton Corp.*		11		349
Minerals Technologies, Inc.		17		1,372
RPM International, Inc.		47		4,158
Scotts Miracle-Gro Co. (The)		13		2,572
Sensient Technologies Corp.(a)		14		1,177
Trinseo SA		13		772
Valvoline, Inc.		62		2,016
				29,260
Commercial Services & Supplies — 1.6%
ABM Industries, Inc.		22		984
Brady Corp., Class A		17		975
Brink’s Co. (The)(a)		32		2,491
Clean Harbors, Inc.*		38		3,540
Deluxe Corp.		15		697
Herman Miller, Inc.		27		1,266
HNI Corp.		18		781
IAA, Inc.*		43		2,340
Interface, Inc.		21		315
KAR Auction Services, Inc.*(a)		41		716
Matthews International Corp., Class A		11		381
Pitney Bowes, Inc.		49		427
Stericycle, Inc.*		8		565
Tetra Tech, Inc.		17		2,096
Viad Corp.*		6		319
				17,893
Communications Equipment — 0.5%
ADTRAN, Inc.		18		366
Ciena Corp.*		48		2,730
Comtech Telecommunications Corp.(a)		10		244
Digi International, Inc.*		11		217
Extreme Networks, Inc.*		38		424
Lumentum Holdings, Inc.*		7		591
Viavi Solutions, Inc.*		71		1,261
				5,833
Construction & Engineering — 1.8%
AECOM*		88		5,590
Arcosa, Inc.		17		1,004

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Construction & Engineering — continued
Comfort Systems USA, Inc.		32		2,500
EMCOR Group, Inc.		38		4,726
Fluor Corp.*		14		253
MasTec, Inc.*		36		3,830
Matrix Service Co.*		20		209
MYR Group, Inc.*		5		464
Valmont Industries, Inc.		7		1,629
				20,205
Construction Materials — 0.2%
Eagle Materials, Inc.		10		1,421
US Concrete, Inc.*		6		413
				1,834
Consumer Finance — 0.8%
Encore Capital Group, Inc.*(a)		10		493
Enova International, Inc.*		11		387
EZCORP, Inc., Class A*		29		172
FirstCash, Inc.		14		1,047
Green Dot Corp., Class A*		16		768
LendingTree, Inc.*		2		466
Navient Corp.		78		1,512
PROG Holdings, Inc.		22		1,046
SLM Corp.		140		2,928
				8,819
Containers & Packaging — 0.6%
AptarGroup, Inc.		7		1,028
Greif, Inc., Class A		7		406
O-I Glass, Inc.*		48		782
Silgan Holdings, Inc.		51		2,100
Sonoco Products Co.		31		2,094
				6,410
Diversified Consumer Services — 0.5%
Adtalem Global Education, Inc.*		17		588
American Public Education, Inc.*		26		740
Graham Holdings Co., Class B		2		1,140
Grand Canyon Education, Inc.*		6		540
Service Corp. International		15		815
Strategic Education, Inc.		9		654
WW International, Inc.*		17		622
				5,099
Diversified Telecommunication Services — 0.3%
ATN International, Inc.		3		146
Cogent Communications Holdings, Inc.		13		1,015
Consolidated Communications Holdings, Inc.*		262		2,300
				3,461

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 0.9%
Hawaiian Electric Industries, Inc.		96		4,072
IDACORP, Inc.		40		3,858
OGE Energy Corp.		79		2,642
				10,572
Electrical Equipment — 2.0%
Acuity Brands, Inc.(a)		13		2,394
AZZ, Inc.		8		414
Encore Wire Corp.		23		1,773
EnerSys(a)		15		1,449
Hubbell, Inc.		18		3,360
nVent Electric plc		142		4,445
Powell Industries, Inc.		35		1,086
Regal Beloit Corp.(a)		34		4,600
Sunrun, Inc.*(a)		49		2,711
				22,232
Electronic Equipment, Instruments & Components — 4.0%
Advanced Energy Industries, Inc.		13		1,521
Arrow Electronics, Inc.*		46		5,229
Avnet, Inc.		94		3,765
Bel Fuse, Inc., Class B(a)		24		340
Belden, Inc.		12		628
Benchmark Electronics, Inc.		12		344
Cognex Corp.		44		3,732
Coherent, Inc.*		7		1,928
Fabrinet (Thailand)*(a)		41		3,883
Insight Enterprises, Inc.*		22		2,210
Itron, Inc.*		13		1,330
Jabil, Inc.		86		5,004
Littelfuse, Inc.		7		1,735
OSI Systems, Inc.*		6		569
Sanmina Corp.*(a)		86		3,351
SYNNEX Corp.		41		5,017
TTM Technologies, Inc.*		28		399
Vishay Intertechnology, Inc.		86		1,950
Vontier Corp.		54		1,753
				44,688
Energy Equipment & Services — 0.6%
Bristow Group, Inc.*		9		236
ChampionX Corp.*		125		3,209
Helmerich & Payne, Inc.		22		718
Nabors Industries Ltd.*		2		194
Oceaneering International, Inc.*		35		537
Oil States International, Inc.*(a)		21		161

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Energy Equipment & Services — continued
Patterson-UTI Energy, Inc.		71		710
ProPetro Holding Corp.*		85		776
US Silica Holdings, Inc.*		22		250
				6,791
Entertainment — 0.1%
Cinemark Holdings, Inc.*		35		766
Marcus Corp. (The)*(a)		10		208
				974
Equity Real Estate Investment Trusts (REITs) — 7.8%
Acadia Realty Trust		20		435
Agree Realty Corp.		18		1,283
Alexander & Baldwin, Inc.		56		1,031
American Assets Trust, Inc.		15		571
American Campus Communities, Inc.		11		498
Armada Hoffler Properties, Inc.		18		234
Brixmor Property Group, Inc.		127		2,896
Camden Property Trust		46		6,111
CareTrust REIT, Inc.		29		671
Centerspace		10		773
Chatham Lodging Trust*		15		189
Community Healthcare Trust, Inc.		7		332
CoreSite Realty Corp.		6		754
Corporate Office Properties Trust		117		3,282
Cousins Properties, Inc.		75		2,761
CyrusOne, Inc.		39		2,761
DiamondRock Hospitality Co.*		62		604
Douglas Emmett, Inc.(a)		52		1,731
EastGroup Properties, Inc.		3		460
EPR Properties*		10		543
Essential Properties Realty Trust, Inc.		32		863
First Industrial Realty Trust, Inc.		61		3,170
Four Corners Property Trust, Inc.		43		1,190
Getty Realty Corp.		5		167
Global Net Lease, Inc.		91		1,676
Healthcare Realty Trust, Inc.		42		1,268
Highwoods Properties, Inc.		95		4,284
Hudson Pacific Properties, Inc.(a)		30		843
Independence Realty Trust, Inc.		28		503
Innovative Industrial Properties, Inc.(a)		10		1,891
JBG SMITH Properties		40		1,248
Kilroy Realty Corp.		35		2,434
Kite Realty Group Trust		56		1,237
Life Storage, Inc.		30		3,231

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Medical Properties Trust, Inc.		180		3,618
National Retail Properties, Inc.		26		1,200
National Storage Affiliates Trust		42		2,144
NexPoint Residential Trust, Inc.		17		930
Omega Healthcare Investors, Inc.		30		1,096
Park Hotels & Resorts, Inc.*		129		2,651
Pebblebrook Hotel Trust		10		237
Physicians Realty Trust		41		757
PotlatchDeltic Corp.		42		2,235
Rayonier, Inc.		13		456
Retail Opportunity Investments Corp.		71		1,254
Rexford Industrial Realty, Inc.		15		854
RPT Realty		31		404
Sabra Health Care REIT, Inc.		154		2,800
Saul Centers, Inc.(a)		4		167
Service Properties Trust		98		1,236
SITE Centers Corp.		99		1,494
Spirit Realty Capital, Inc.		72		3,440
STORE Capital Corp.		61		2,105
Summit Hotel Properties, Inc.*		72		673
Uniti Group, Inc.		78		829
Urban Edge Properties		71		1,352
Urstadt Biddle Properties, Inc., Class A		17		324
Weingarten Realty Investors		71		2,279
Xenia Hotels & Resorts, Inc.*		87		1,626
				88,086
Food & Staples Retailing — 0.6%
Andersons, Inc. (The)		31		943
BJ’s Wholesale Club Holdings, Inc.*(a)		39		1,875
SpartanNash Co.(a)		12		233
Sprouts Farmers Market, Inc.*(a)		120		2,987
United Natural Foods, Inc.*		19		714
				6,752
Food Products — 1.7%
Cal-Maine Foods, Inc.		10		344
Darling Ingredients, Inc.*		53		3,604
Flowers Foods, Inc.		82		1,975
Hain Celestial Group, Inc. (The)*(a)		26		1,055
Ingredion, Inc.		38		3,435
J&J Snack Foods Corp.		2		331
John B Sanfilippo & Son, Inc.		3		301
Pilgrim’s Pride Corp.*		61		1,351
Post Holdings, Inc.*		20		2,202

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — continued
Sanderson Farms, Inc.		7		1,241
Seneca Foods Corp., Class A*		9		483
Simply Good Foods Co. (The)*		27		975
TreeHouse Foods, Inc.*		33		1,483
				18,780
Gas Utilities — 0.8%
National Fuel Gas Co.		34		1,763
New Jersey Resources Corp.		30		1,168
Spire, Inc.		16		1,178
UGI Corp.(a)		113		5,245
				9,354
Health Care Equipment & Supplies — 2.7%
Avanos Medical, Inc.*		15		527
CONMED Corp.		8		1,113
Cutera, Inc.*(a)		5		255
Envista Holdings Corp.*(a)		114		4,944
Globus Medical, Inc., Class A*		25		1,915
Haemonetics Corp.*		15		1,026
Hill-Rom Holdings, Inc.		39		4,385
Inogen, Inc.*		7		456
Integer Holdings Corp.*		10		970
Integra LifeSciences Holdings Corp.*		23		1,549
Lantheus Holdings, Inc.*		89		2,460
LivaNova plc*		14		1,178
Masimo Corp.*		3		776
Meridian Bioscience, Inc.*(a)		19		415
Merit Medical Systems, Inc.*		16		1,047
Natus Medical, Inc.*		11		296
Neogen Corp.*		4		175
NuVasive, Inc.*		56		3,782
Orthofix Medical, Inc.*		16		630
Penumbra, Inc.*(a)		8		2,192
Varex Imaging Corp.*(a)		13		349
				30,440
Health Care Providers & Services — 4.2%
Acadia Healthcare Co., Inc.*		28		1,770
Addus HomeCare Corp.*		5		419
Amedisys, Inc.*		12		2,866
AMN Healthcare Services, Inc.*		42		4,030
Chemed Corp.		5		2,467
Covetrus, Inc.*		30		799
Cross Country Healthcare, Inc.*		13		218
Encompass Health Corp.		30		2,372

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
Ensign Group, Inc. (The)		16		1,413
HealthEquity, Inc.*		22		1,754
LHC Group, Inc.*		11		2,123
Magellan Health, Inc.*		29		2,776
MEDNAX, Inc.*		31		949
ModivCare, Inc.*		15		2,483
Molina Healthcare, Inc.*		24		6,071
Owens & Minor, Inc.		56		2,354
R1 RCM, Inc.*		37		827
RadNet, Inc.*		14		465
Select Medical Holdings Corp.		96		4,057
Tenet Healthcare Corp.*(a)		74		4,923
Tivity Health, Inc.*(a)		75		1,976
				47,112
Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.*(a)		62		1,155
HealthStream, Inc.*		10		265
NextGen Healthcare, Inc.*		181		2,999
Omnicell, Inc.*		13		2,029
				6,448
Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc.*(a)		8		378
Bloomin’ Brands, Inc.*		24		662
Boyd Gaming Corp.*		27		1,654
Cheesecake Factory, Inc. (The)*(a)		18		948
Churchill Downs, Inc.		3		654
Cracker Barrel Old Country Store, Inc.(a)		5		776
Dave & Buster’s Entertainment, Inc.*		16		666
Dine Brands Global, Inc.*		16		1,409
Jack in the Box, Inc.		8		914
Marriott Vacations Worldwide Corp.*		13		2,103
Papa John’s International, Inc.		8		836
Ruth’s Hospitality Group, Inc.*		7		168
Scientific Games Corp.*		20		1,549
Six Flags Entertainment Corp.*		57		2,472
Texas Roadhouse, Inc.		19		1,842
Travel + Leisure Co.		38		2,229
Wendy’s Co. (The)		42		972
Wyndham Hotels & Resorts, Inc.		22		1,590
				21,822
Household Durables — 1.5%
Cavco Industries, Inc.*		3		600
Helen of Troy Ltd.*(a)		8		1,822

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — continued
iRobot Corp.*(a)		9		859
KB Home		29		1,193
La-Z-Boy, Inc.		15		548
M/I Homes, Inc.*		9		505
Meritage Homes Corp.*		12		1,129
Taylor Morrison Home Corp.*		42		1,097
Tempur Sealy International, Inc.		62		2,437
Toll Brothers, Inc.		37		2,116
Tri Pointe Homes, Inc.*		166		3,552
Universal Electronics, Inc.*		9		432
				16,290
Household Products — 0.5%
Central Garden & Pet Co.*(a)		33		1,752
Central Garden & Pet Co., Class A*		67		3,227
Energizer Holdings, Inc.		21		915
				5,894
Industrial Conglomerates — 0.3%
Carlisle Cos., Inc.		19		3,680
Insurance — 3.5%
Alleghany Corp.*		8		5,046
American Equity Investment Life Holding Co.		47		1,513
American Financial Group, Inc.		31		3,862
Assured Guaranty Ltd.		38		1,818
Brighthouse Financial, Inc.*		16		747
Brown & Brown, Inc.		28		1,501
CNO Financial Group, Inc.		40		947
eHealth, Inc.*(a)		8		473
First American Financial Corp.		61		3,791
Hanover Insurance Group, Inc. (The)		12		1,618
Horace Mann Educators Corp.(a)		14		516
James River Group Holdings Ltd.		11		394
Kemper Corp.		20		1,493
Old Republic International Corp.		139		3,458
Primerica, Inc.		18		2,772
Reinsurance Group of America, Inc.		26		2,941
RenaissanceRe Holdings Ltd. (Bermuda)		16		2,411
Selective Insurance Group, Inc.		19		1,540
Stewart Information Services Corp.		37		2,086
				38,927

INVESTMENTS	SHARES (000)			VALUE ($000)
Interactive Media & Services — 0.7%
QuinStreet, Inc.*(a)		43			799
TripAdvisor, Inc.*		85			3,426
Yelp, Inc.*		90			3,608
					7,833
Internet & Direct Marketing Retail — 0.2%
Just Eat Takeaway.com NV, ADR (Germany)*		—	(b)		–	(b)
Stamps.com, Inc.*		9			1,783
					1,783
IT Services — 1.8%
Alliance Data Systems Corp.		17			1,740
Concentrix Corp.*		24			3,811
Contra Bmtechnologies*		16			197
EVERTEC, Inc. (Puerto Rico)		19			834
ExlService Holdings, Inc.*		11			1,207
Maximus, Inc.		21			1,847
Perficient, Inc.*(a)		11			901
Sabre Corp.*(a)		114			1,421
TTEC Holdings, Inc.		29			2,990
Unisys Corp.*		39			991
WEX, Inc.*		21			4,150
					20,089
Leisure Products — 0.9%
Brunswick Corp.		29			2,869
Mattel, Inc.*		109			2,181
Polaris, Inc.		18			2,531
YETI Holdings, Inc.*		22			2,029
					9,610
Life Sciences Tools & Services — 1.2%
Bio-Techne Corp.		13			5,628
Luminex Corp.		15			545
Medpace Holdings, Inc.*		9			1,519
PRA Health Sciences, Inc.*		21			3,420
Syneos Health, Inc.*		29			2,577
					13,689
Machinery — 4.4%
AGCO Corp.		40			5,230
Alamo Group, Inc.		3			458
Albany International Corp., Class A(a)		4			321

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Barnes Group, Inc.		16		810
Chart Industries, Inc.*		15		2,180
Colfax Corp.*		29		1,328
Crane Co.		49		4,509
Federal Signal Corp.		19		753
Flowserve Corp.		42		1,706
Graco, Inc.		8		575
Hillenbrand, Inc.		34		1,499
ITT, Inc.		45		4,141
John Bean Technologies Corp.		11		1,569
Lincoln Electric Holdings, Inc.		5		698
Lydall, Inc.*		7		424
Meritor, Inc.*		25		586
Middleby Corp. (The)*		7		1,230
Mueller Industries, Inc.		19		814
Nordson Corp.		12		2,722
Oshkosh Corp.		40		4,923
SPX Corp.*		16		977
SPX FLOW, Inc.(a)		22		1,448
Standex International Corp.		4		398
Terex Corp.		62		2,975
Timken Co. (The)		57		4,582
Toro Co. (The)		9		1,022
Wabash National Corp.		66		1,058
Woodward, Inc.		5		664
				49,600
Marine — 0.1%
Kirby Corp.*		17		1,001
Media — 0.9%
AMC Networks, Inc., Class A*		10		668
Cable One, Inc.(a)		2		3,252
EW Scripps Co. (The), Class A(a)		19		385
Gannett Co., Inc.*		43		236
John Wiley & Sons, Inc., Class A		14		824
Meredith Corp.*		13		584
New York Times Co. (The), Class A		13		562
TEGNA, Inc.		205		3,845
				10,356
Metals & Mining — 2.3%
Allegheny Technologies, Inc.*(a)		62		1,284
Arconic Corp.*		75		2,686
Century Aluminum Co.*		13		173
Cleveland-Cliffs, Inc.*(a)		199		4,295

INVESTMENTS	SHARES (000)		VALUE ($000)
Metals & Mining — 2.3%
Commercial Metals Co.		16		493
Haynes International, Inc.		18		623
Kaiser Aluminum Corp.		9		1,168
Materion Corp.		15		1,100
Reliance Steel & Aluminum Co.		27		4,012
Royal Gold, Inc.		5		616
Steel Dynamics, Inc.		70		4,163
SunCoke Energy, Inc.		176		1,257
United States Steel Corp.(a)		43		1,039
Warrior Met Coal, Inc.		100		1,717
Worthington Industries, Inc.		11		661
				25,287
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Apollo Commercial Real Estate Finance, Inc.		42		671
Granite Point Mortgage Trust, Inc.		17		243
KKR Real Estate Finance Trust, Inc.(a)		55		1,183
PennyMac Mortgage Investment Trust		62		1,306
Ready Capital Corp.		13		208
Redwood Trust, Inc.		256		3,089
				6,700
Multiline Retail — 1.0%
Big Lots, Inc.(a)		14		891
Kohl’s Corp.		78		4,277
Macy’s, Inc.*		176		3,331
Nordstrom, Inc.*		34		1,258
Ollie’s Bargain Outlet Holdings, Inc.*(a)		11		951
				10,708
Multi-Utilities — 0.6%
Black Hills Corp.		14		919
MDU Resources Group, Inc.		142		4,441
NorthWestern Corp.		23		1,363
				6,723
Oil, Gas & Consumable Fuels — 1.6%
Antero Midstream Corp.		91		940
Callon Petroleum Co.*(a)		5		278
Cimarex Energy Co.		62		4,478
CNX Resources Corp.*		66		900
EQT Corp.*		92		2,048
Green Plains, Inc.*		31		1,035
Murphy Oil Corp.		61		1,425
PBF Energy, Inc., Class A*		38		577
PDC Energy, Inc.		33		1,530

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — 1.6%
Range Resources Corp.*		78		1,304
Renewable Energy Group, Inc.*		15		954
REX American Resources Corp.*		2		180
SM Energy Co.		27		663
Southwestern Energy Co.*		210		1,188
World Fuel Services Corp.		5		164
				17,664
Paper & Forest Products — 0.6%
Domtar Corp.*		35		1,933
Glatfelter Corp.		15		210
Louisiana-Pacific Corp.		61		3,677
Mercer International, Inc. (Germany)(a)		16		203
Neenah, Inc.		15		732
Schweitzer-Mauduit International, Inc.		11		442
				7,197
Personal Products — 0.4%
Coty, Inc., Class A*		94		875
Edgewell Personal Care Co.(a)		19		817
elf Beauty, Inc.*		12		328
Medifast, Inc.		4		1,228
Nu Skin Enterprises, Inc., Class A		19		1,076
USANA Health Sciences, Inc.*(a)		4		379
				4,703
Pharmaceuticals — 1.0%
Endo International plc*		254		1,187
Innoviva, Inc.*(a)		197		2,635
Jazz Pharmaceuticals plc*		27		4,797
Lannett Co., Inc.*(a)		306		1,428
Prestige Consumer Healthcare, Inc.*(a)		19		964
Supernus Pharmaceuticals, Inc.*(a)		16		483
				11,494
Professional Services — 2.0%
ASGN, Inc.*		18		1,784
CACI International, Inc., Class A*		15		3,804
FTI Consulting, Inc.*		11		1,553
Heidrick & Struggles International, Inc.		40		1,795
Insperity, Inc.		11		958
KBR, Inc.		44		1,675
Kelly Services, Inc., Class A*		13		312
Korn Ferry		44		3,221
ManpowerGroup, Inc.		38		4,577

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 2.0%
Resources Connection, Inc.		38		540
Science Applications International Corp.		16		1,420
TrueBlue, Inc.*		20		561
				22,200
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc.*		18		3,574
RE/MAX Holdings, Inc., Class A		7		237
Realogy Holdings Corp.*		98		1,793
				5,604
Road & Rail — 0.8%
ArcBest Corp.		37		2,124
Avis Budget Group, Inc.*		15		1,192
Landstar System, Inc.		23		3,708
Saia, Inc.*		7		1,529
				8,553
Semiconductors & Semiconductor Equipment — 3.6%
Axcelis Technologies, Inc.*		12		469
Cirrus Logic, Inc.*		20		1,663
CMC Materials, Inc.		1		158
Cohu, Inc.*(a)		13		493
Cree, Inc.*		21		2,096
Diodes, Inc.*		13		1,037
First Solar, Inc.*		51		4,642
FormFactor, Inc.*(a)		28		1,021
Ichor Holdings Ltd.*		43		2,313
Kulicke & Soffa Industries, Inc. (Singapore)(a)		75		4,573
MKS Instruments, Inc.		17		3,092
Photronics, Inc.*		19		251
Power Integrations, Inc.		19		1,543
Rambus, Inc.*		37		870
Semtech Corp.*		22		1,514
Silicon Laboratories, Inc.*(a)		14		2,146
SMART Global Holdings, Inc.*(a)		35		1,664
SolarEdge Technologies, Inc.*		16		4,477
Synaptics, Inc.*		11		1,727
Ultra Clean Holdings, Inc.*		26		1,382
Universal Display Corp.		14		3,024
Veeco Instruments, Inc.*(a)		2		52
				40,207
Software — 3.0%
ACI Worldwide, Inc.*		35		1,300

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Blackbaud, Inc.*(a)		15		1,179
Bottomline Technologies DE, Inc.*		11		423
CDK Global, Inc.		90		4,467
Ceridian HCM Holding, Inc.*		41		3,914
CommVault Systems, Inc.*		16		1,266
Fair Isaac Corp.*		9		4,702
InterDigital, Inc.		10		760
J2 Global, Inc.*(a)		16		2,160
Manhattan Associates, Inc.*(a)		21		3,071
Paylocity Holding Corp.*		12		2,213
Progress Software Corp.		10		462
Qualys, Inc.*		11		1,057
SPS Commerce, Inc.*		10		1,008
Teradata Corp.*(a)		34		1,684
Vonage Holdings Corp.*		82		1,183
Xperi Holding Corp.		120		2,674
				33,523
Specialty Retail — 3.9%
Aaron’s Co., Inc. (The)		11		348
Abercrombie & Fitch Co., Class A*		19		891
American Eagle Outfitters, Inc.		68		2,560
Asbury Automotive Group, Inc.*		6		1,097
AutoNation, Inc.*		40		3,754
Bed Bath & Beyond, Inc.*		35		1,175
Boot Barn Holdings, Inc.*(a)		9		790
Caleres, Inc.		15		420
Cato Corp. (The), Class A		7		110
Chico’s FAS, Inc.*		35		228
Children’s Place, Inc. (The)*(a)		5		450
Conn’s, Inc.*		4		110
Designer Brands, Inc., Class A*		22		369
Dick’s Sporting Goods, Inc.(a)		22		2,166
Five Below, Inc.*		6		1,082
Foot Locker, Inc.		37		2,286
GameStop Corp., Class A*(a)		18		3,769
Genesco, Inc.*		5		318
Group 1 Automotive, Inc.		6		865
Guess?, Inc.(a)		16		414
Haverty Furniture Cos., Inc.(a)		5		228
Hibbett, Inc.*		5		466
Lithia Motors, Inc., Class A		9		2,921
ODP Corp. (The)*		18		853
Rent-A-Center, Inc.		38		2,038
RH*(a)		5		3,327

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — continued
Sally Beauty Holdings, Inc.*		70		1,536
Shoe Carnival, Inc.(a)		3		222
Signet Jewelers Ltd.*(a)		19		1,519
Sleep Number Corp.*		7		814
Urban Outfitters, Inc.*(a)		23		932
Williams-Sonoma, Inc.		27		4,327
Zumiez, Inc.*		27		1,342
				43,727
Technology Hardware, Storage & Peripherals — 0.7%
3D Systems Corp.*(a)		23		899
Diebold Nixdorf, Inc.*		28		363
NCR Corp.*		97		4,443
Xerox Holdings Corp.		70		1,642
				7,347
Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd.*		51		2,905
Carter’s, Inc.		11		1,094
Columbia Sportswear Co.		3		285
Crocs, Inc.*		21		2,424
Deckers Outdoor Corp.*		9		3,572
G-III Apparel Group Ltd.*		14		457
Kontoor Brands, Inc.		18		1,027
Oxford Industries, Inc.		5		484
Skechers U.S.A., Inc., Class A*		58		2,877
Steven Madden Ltd.		26		1,158
Unifi, Inc.*		7		173
Vera Bradley, Inc.*		9		113
Wolverine World Wide, Inc.		27		891
				17,460
Thrifts & Mortgage Finance — 1.3%
Essent Group Ltd.		46		2,072
Flagstar Bancorp, Inc.		16		685
HomeStreet, Inc.		9		346
Meta Financial Group, Inc.		11		542
MGIC Investment Corp.		106		1,436
Mr. Cooper Group, Inc.*		23		767
New York Community Bancorp, Inc.(a)		149		1,646
NMI Holdings, Inc., Class A*(a)		49		1,108
Northfield Bancorp, Inc.		15		244
Northwest Bancshares, Inc.		224		3,058
Provident Financial Services, Inc.		21		483
TrustCo Bank Corp.		27		937
Walker & Dunlop, Inc.		9		939
WSFS Financial Corp.		16		755
				15,018

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 23

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Tobacco — 0.0%(c)
Vector Group Ltd.		39		554
Trading Companies & Distributors — 1.1%
Applied Industrial Technologies, Inc.		13		1,166
Boise Cascade Co.		21		1,202
DXP Enterprises, Inc.*		4		140
GMS, Inc.*		72		3,471
MSC Industrial Direct Co., Inc., Class A		15		1,346
NOW, Inc.*		106		1,003
Univar Solutions, Inc.*		75		1,819
Veritiv Corp.*		31		1,879
Watsco, Inc.		2		659
				12,685
Water Utilities — 0.5%
American States Water Co.		12		926
California Water Service Group		15		855
Essential Utilities, Inc.		73		3,314
				5,095
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.		16		762
Spok Holdings, Inc.		93		899
Telephone and Data Systems, Inc.		68		1,529
				3,190
Total Common Stocks (Cost $681,838)				1,091,332

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 8.8%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07%(d)(e) (Cost $35,621)		35,608		35,626
Investment of Cash Collateral from Securities Loaned — 5.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08%(d)(e)		58,005		58,006
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(d)(e)		4,937		4,937
Total Investment of Cash Collateral from Securities Loaned (Cost $62,946)				62,943
Total Short-Term Investments (Cost $98,567)				98,569
Total Investments — 106.2% (Cost $780,405)				1,189,901
Liabilities in Excess of Other Assets — (6.2)%				(68,968	)
NET ASSETS — 100.0%				1,120,933

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $61,512.
(b)	Amount rounds to less than one thousand.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	57		09/2021		USD		6,572		31
S&P Midcap 400 E-Mini Index	75		09/2021		USD		20,178		(131	)
									(100	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	6,529,580		$	1,091,332
Investments in affiliates, at value		111,790			35,626
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		29,586			62,943
Cash		38			5
Deposits at broker for futures contracts		1,751			1,861
Receivables:
Investment securities sold		32,038			26,289
Fund shares sold		1,626			270
Dividends from non-affiliates		3,864			912
Dividends from affiliates		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		4			6
Variation margin on futures contracts		46			26
Due from adviser		8			—
Total Assets		6,710,331			1,219,270
LIABILITIES:
Payables:
Investment securities purchased		—			34,715
Collateral received on securities loaned (See Note 2.B.)		29,586			62,943
Fund shares redeemed		35,484			307
Accrued liabilities:
Investment advisory fees		—			178
Administration fees		170			36
Distribution fees		219			47
Service fees		228			29
Custodian and accounting fees		56			13
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		147			69
Total Liabilities		65,890			98,337
Net Assets	$	6,644,441		$	1,120,933

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	2,767,330		$	620,678
Total distributable earnings (loss)		3,877,111			500,255
Total Net Assets	$	6,644,441		$	1,120,933
Net Assets:
Class A	$	749,440		$	130,822
Class C		110,184			22,386
Class I		991,703			187,197
Class R2		—			14,519
Class R6		4,793,114			766,009
Total	$	6,644,441		$	1,120,933
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		11,487			10,302
Class C		1,707			2,231
Class I		15,181			14,427
Class R2		—			1,168
Class R6		73,350			59,431
Net Asset Value (a):
Class A — Redemption price per share	$	65.24		$	12.70
Class C — Offering price per share (b)		64.55			10.04
Class I — Offering and redemption price per share		65.33			12.98
Class R2 — Offering and redemption price per share		—			12.43
Class R6 — Offering and redemption price per share		65.35			12.89
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)]	$	68.85		$	13.40
Cost of investments in non-affiliates	$	2,667,916		$	681,838
Cost of investments in affiliates		59,441			35,621
Investment securities on loan, at value (See Note 2.B.)		28,583			61,512
Cost of investment of cash collateral (See Note 2.B.)		29,587			62,946

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021

(Amounts in thousands)

	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	92,532		$	13,741
Dividend income from affiliates		2,176			31
Income from securities lending (net) (See Note 2.B.)		153			98
Total investment income		94,861			13,870
EXPENSES:
Investment advisory fees		2,458			2,424
Administration fees		4,608			727
Distribution fees:
Class A		1,662			285
Class C		764			159
Class R2		—			64
Service fees:
Class A		1,662			285
Class C		255			53
Class I		2,484			451
Class R2		—			32
Custodian and accounting fees		242			42
Interest expense to affiliates		4			—	(a)
Professional fees		97			56
Trustees’ and Chief Compliance Officer’s fees		41			27
Printing and mailing costs		121			44
Registration and filing fees		169			66
Transfer agency fees (See Note 2.F.)		275			57
Other		96			26
Total expenses		14,938			4,798
Less fees waived		(6,917	)		(1,540	)
Less expense reimbursements		(29	)		(1	)
Net expenses		7,992			3,257
Net investment income (loss)		86,869			10,613
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		69,616			108,394
Investments in affiliates		2,986			(7	)
Futures contracts		10,641			11,164
Net realized gain (loss)		83,243			119,551
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,849,646			309,127
Investments in affiliates		34,820			(6	)
Futures contracts		(54	)		(603	)
Change in net unrealized appreciation/depreciation		1,884,412			308,518
Net realized/unrealized gains (losses)		1,967,655			428,069
Change in net assets resulting from operations	$	2,054,524		$	438,682

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	86,869		$	110,145		$	10,613		$	11,526
Net realized gain (loss)		83,243			(79,555	)		119,551			13,208
Change in net unrealized appreciation/depreciation		1,884,412			311,041			308,518			(102,163	)
Change in net assets resulting from operations		2,054,524			341,631			438,682			(77,429	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,535	)		(13,786	)		(4,777	)		(7,463	)
Class C		(710	)		(1,399	)		(1,056	)		(1,930	)
Class I		(15,010	)		(17,951	)		(7,824	)		(14,281	)
Class R2		—			—			(505	)		(683	)
Class R6		(74,066	)		(76,732	)		(28,918	)		(32,417	)
Total distributions to shareholders		(98,321	)		(109,868	)		(43,080	)		(56,774	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(315,633	)		261,702			(73,378	)		(16,159	)
NET ASSETS:
Change in net assets		1,640,570			493,465			322,224			(150,362	)
Beginning of period		5,003,871			4,510,406			798,709			949,071
End of period	$	6,644,441		$	5,003,871		$	1,120,933		$	798,709

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	74,031		$	396,037		$	12,668		$	14,635
Distributions reinvested		8,283			13,586			4,485			7,071
Cost of shares redeemed		(119,065	)		(476,055	)		(29,106	)		(35,182	)
Change in net assets resulting from Class A capital transactions		(36,751	)		(66,432	)		(11,953	)		(13,476	)
Class C
Proceeds from shares issued		12,852			28,430			1,380			2,645
Distributions reinvested		573			1,019			1,043			1,874
Cost of shares redeemed		(39,283	)		(27,965	)		(8,237	)		(9,924	)
Change in net assets resulting from Class C capital transactions		(25,858	)		1,484			(5,814	)		(5,405	)
Class I
Proceeds from shares issued		246,978			615,684			30,722			66,205
Distributions reinvested		14,184			17,086			6,558			12,652
Cost of shares redeemed		(612,226	)		(449,355	)		(96,868	)		(132,377	)
Change in net assets resulting from Class I capital transactions		(351,064	)		183,415			(59,588	)		(53,520	)
Class R2
Proceeds from shares issued		—			—			2,268			2,859
Distributions reinvested		—			—			505			683
Cost of shares redeemed		—			—			(4,131	)		(3,891	)
Change in net assets resulting from Class R2 capital transactions		—			—			(1,358	)		(349	)
Class R6
Proceeds from shares issued		1,831,702			933,144			35,619			88,970
Distributions reinvested		73,037			75,669			28,918			32,417
Cost of shares redeemed		(1,806,699	)		(865,578	)		(59,202	)		(64,796	)
Change in net assets resulting from Class R6 capital transactions		98,040			143,235			5,335			56,591
Total change in net assets resulting from capital transactions	$	(315,633	)	$	261,702		$	(73,378	)	$	(16,159	)

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,327			9,010			1,153			1,620
Reinvested		147			300			434			706
Redeemed		(2,136	)		(10,572	)		(2,805	)		(3,909	)
Change in Class A Shares		(662	)		(1,262	)		(1,218	)		(1,583	)
Class C
Issued		229			638			158			354
Reinvested		11			23			128			234
Redeemed		(738	)		(629	)		(995	)		(1,383	)
Change in Class C Shares		(498	)		32			(709	)		(795	)
Class I
Issued		4,416			13,690			2,880			7,326
Reinvested		253			378			620			1,238
Redeemed		(11,138	)		(10,027	)		(9,173	)		(14,740	)
Change in Class I Shares		(6,469	)		4,041			(5,673	)		(6,176	)
Class R2
Issued		—			—			218			332
Reinvested		—			—			50			69
Redeemed		—			—			(395	)		(425	)
Change in Class R2 Shares		—			—			(127	)		(24	)
Class R6
Issued		32,382			20,323			3,304			11,559
Reinvested		1,283			1,679			2,753			3,191
Redeemed		(30,349	)		(19,098	)		(5,522	)		(7,082	)
Change in Class R6 Shares		3,316			2,904			535			7,668

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Equity Index Fund
Class A
Year Ended June 30, 2021	$	47.11	$	0.62	$	18.24	$	18.86	$	(0.73	)	$	—		$	(0.73	)
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	)
Class C
Year Ended June 30, 2021		46.65		0.28		18.00		18.28		(0.38	)		—			(0.38	)
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	)
Class I
Year Ended June 30, 2021		47.22		0.77		18.21		18.98		(0.87	)		—			(0.87	)
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	)
Class R6
Year Ended June 30, 2021		47.21		0.85		18.25		19.10		(0.96	)		—			(0.96	)
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 year ended June 30, 2021, 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 JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	65.24		40.28	%	$	749,440		0.45	%		1.10	%		0.66	%		26	%
	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
	64.55		39.35			110,184		1.05			0.50			1.13			26
	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
	65.33		40.48			991,703		0.20			1.37			0.38			26
	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
	65.35		40.77			4,793,114		0.04	(f)		1.49			0.13			26
	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.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Market Expansion Enhanced Index Fund
Class A
Year Ended June 30, 2021	$	8.38	$	0.09	$	4.68		$	4.77		$	(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	)
Class C
Year Ended June 30, 2021		6.70		0.03		3.73			3.76			(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	)
Class I
Year Ended June 30, 2021		8.55		0.12		4.78			4.90			(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	)
Class R2
Year Ended June 30, 2021		8.21		0.04		4.60			4.64			(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	)
Class R6
Year Ended June 30, 2021		8.49		0.13		4.76			4.89			(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 JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	12.70		58.28	%	$	130,822		0.60	%		0.83	%		0.87	%		35	%
	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
	10.04		57.62			22,386		1.10			0.33			1.38			35
	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
	12.98		58.74			187,197		0.35			1.08			0.60			35
	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
	12.43		57.76			14,519		1.00			0.43			1.25			35
	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
	12.89		58.97			766,009		0.25			1.18			0.35			35
	8.49		(9.65	)		500,129		0.25			1.45			0.36			49
	10.00		(4.81	)		512,512		0.25			1.51			0.37			36

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Dollar values in thousands)

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 JUNE 30, 2021

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

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

Equity Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,670,956	$	—	$	—	$	6,670,956
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	458	$	—	$	—	$	458

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	1,189,901		$	—	$	—	$	1,189,901
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	31		$	—	$	—	$	31
Depreciation in Other Financial Instruments
Futures Contracts (a)		(131	)		—		—		(131	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(100	)	$	—	$	—	$	(100	)

(a) Please refer to the SOI for specifics of portfolio holdings.

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

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

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

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

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

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2021.

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Equity Index Fund	$	28,583	$	(28,583	)	$	—
Market Expansion Enhanced Index Fund		61,512		(61,512	)		—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%. For the year ended June 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Equity Index Fund	$	7
Market Expansion Enhanced Index Fund		3

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

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

Equity Index Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (a)	$	55,564	$	17,224	$	24,847	$	2,986		$	34,820		$	85,747		551	$	2,169		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b)(c)		82,086		456,000		512,650		(29	)*		—	(d)		25,407		25,407		117	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)		44,138		279,006		318,965		—			—			4,179		4,179		6	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b)(c)		23,364		2,081,392		2,078,713		—			—			26,043		26,043		7			—
Total	$	205,152	$	2,833,622	$	2,935,175	$	2,957		$	34,820		$	141,376			$	2,299		$	—

(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

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

(c) The rate shown is the current yield as of June 30, 2021.

(d) 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).

38 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

Market Expansion Enhanced Index Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a)(b)	$	24,762	$	158,806	$	147,934	$	(7	)	$	(1	)	$	35,626		35,608	$	31		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a)(b)		35,019		167,000		144,000		(8	)*		(5	)		58,006		58,005		54	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		4,323		125,107		124,493		—			—			4,937		4,937		2	*		—
Total	$	64,104	$	450,913	$	416,427	$	(15	)	$	(6	)	$	98,569			$	87		$	—

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

(b) The rate shown is the current yield as of June 30, 2021.

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

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on 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 year ended June 30, 2021:

	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	36,040	$	24,904
Ending Notional Balance Long		30,234		26,750

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.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2021 are as follows:

	Class A		Class C		Class I		Class R2		Class R6		Total
Equity Index Fund
Transfer agency fees	$	209	$	5	$	31		n/a	$	30	$	275
Market Expansion Enhanced Index Fund
Transfer agency fees		21		6		6	$	19		5		57

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly for Equity Index Fund and declared and paid at least annually for Market Expansion Enhanced 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.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Equity Index Fund	$	—	$	(1,550	)	$	1,550
Market Expansion Enhanced Index Fund		—		(118	)		118

The reclassifications for the Funds relate primarily to non-taxable dividends.

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.

40 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2021, the effective 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 year ended June 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Equity Index Fund	$	32	$	—	(a)
Market Expansion Enhanced Index Fund		7		—	(a)

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to 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

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The expense limitation agreements were in effect for the year ended June 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

For the year ended June 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Index Fund	$	2,463	$	2,602	$	1,815	$	6,880	$	29
Market Expansion Enhanced Index Fund		595		397		522		1,514		1

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

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2021 were as follows:

Equity Index Fund	$	37
Market Expansion Enhanced Index Fund		26

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

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

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

During the year ended June 30, 2021, 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 year ended June 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Equity Index Fund	$	1,601,893	$	1,906,737
Market Expansion Enhanced Index Fund		329,526		429,096

During the year ended June 30, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	2,890,608	$	3,788,518	$	7,712	$	3,780,806
Market Expansion Enhanced Index Fund		791,319		409,687		11,205		398,482

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, non-taxable dividends and wash sale loss deferrals.

42 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

The tax character of distributions paid during the year ended June 30, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Index Fund	$	98,321	$	—	$	98,321
Market Expansion Enhanced Index Fund		10,680		32,400		43,080

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

The tax character of distributions paid during the year ended June 30, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Index Fund	$	100,689	$	9,179	$	109,868
Market Expansion Enhanced Index Fund		11,935		44,839		56,774

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

As of June 30, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss  Carryover)		Unrealized Appreciation (Depreciation)
Equity Index Fund	$	72,432	$	23,953	$	3,780,806
Market Expansion Enhanced Index Fund		33,029		68,796		398,482

The cumulative timing differences primarily consist of mark to market of futures contracts, non-taxable dividends and wash sale loss deferrals.

As of June 30, 2021, the Funds did not have any net capital loss carryforwards.

During the year ended June 30, 2021, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Equity Index Fund	$	3,355	$	1,124

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 the Trust and may be relied upon by the Funds because the Funds and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund at June 30, 2021. Average borrowings from the Facility during the year ended June 30, 2021 were as follows:

	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 year ended June 30, 2021.

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25% (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended June 30, 2021.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund
Equity Index Fund		1		10.2	%
Market Expansion Enhanced Index Fund		3		56.5

As of June 30, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Blend Funds
Equity Index Fund		—			53.6	%
Market Expansion Enhanced Index Fund		63.7	%		—

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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the

44 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

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

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust II and Shareholders of JPMorgan Equity Index Fund and JPMorgan Market Expansion Enhanced Index Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Index Fund and JPMorgan Market Expansion Enhanced Index Fund (two of the funds constituting JPMorgan Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations for the year ended June 30, 2021, the statements of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2021

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

46 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present);
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions, (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017. (3)	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 47

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	127	None
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

48 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

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

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (127 funds).

⁽³⁾  Mr. Harrington retired from the Board of Trustees effective July 31, 2021.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 49

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

50 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2021, and continued to hold your shares at the end of the reporting period, June 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Index Fund
Class A
Actual	$	1,000.00	$	1,150.10	$	2.40		0.45	%
Hypothetical		1,000.00		1,022.56		2.26		0.45
Class C
Actual		1,000.00		1,146.60		5.59		1.05
Hypothetical		1,000.00		1,019.59		5.26		1.05
Class I
Actual		1,000.00		1,151.60		1.07		0.20
Hypothetical		1,000.00		1,023.80		1.00		0.20
Class R6
Actual		1,000.00		1,152.40		0.21		0.04
Hypothetical		1,000.00		1,024.60		0.20		0.04
JPMorgan Market Expansion Enhanced Index Fund
Class A
Actual		1,000.00		1,204.90		3.28		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class C
Actual		1,000.00		1,202.40		6.01		1.10
Hypothetical		1,000.00		1,019.34		5.51		1.10
Class I
Actual		1,000.00		1,207.40		1.92		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35
Class R2
Actual		1,000.00		1,203.30		5.46		1.00
Hypothetical		1,000.00		1,019.84		5.01		1.00
Class R6
Actual		1,000.00		1,206.90		1.37		0.25
Hypothetical		1,000.00		1,023.55		1.25		0.25

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 51

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

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

including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this

assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (4) whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (6) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

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

52 J.P. MORGAN EQUITY FUNDS JUNE 30, 2021

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to

be provided to shareholders based upon the Funds’ income and

distributions for the taxable year ended June 30, 2021. The

information and distributions reported in this letter may differ

from the information and taxable distributions reported to the

shareholders for the calendar year ending December 31, 2021.

The information necessary to complete your income tax returns

for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions

eligible for the dividends received deduction for corporate

shareholders for the fiscal year ended June 30, 2021:

	Dividends Received Deduction
JPMorgan Equity Index Fund		88.26	%
JPMorgan Market Expansion Enhanced Index Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Market Expansion Enhanced Index Fund	$	32,400

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum

allowable amount, of ordinary income distributions treated as

qualified dividends for the fiscal year ended June 30, 2021:

	Qualified Dividend Income
JPMorgan Equity Index Fund	$	89,219
JPMorgan Market Expansion Enhanced Index Fund		10,680

JUNE 30, 2021 J.P. MORGAN EQUITY FUNDS 53

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2021. All rights reserved. June 2021. AN-INDEX-621

Annual Report

J.P. Morgan Investor Funds

June 30, 2021

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
Report of Independent Registered Public Accounting Firm	43
Trustees	44
Officers	47
Schedule of Shareholder Expenses	48
Liquidity Risk Management Program	50
Tax Letter	51
Privacy Policy — Located at the back of this Annual Report

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

August 4, 2021 (Unaudited)

Dear Shareholders,

The rally in equity markets that began in the second half of last year accelerated in 2021 on the back of mass vaccinations against COVID-19, federal relief and recovery efforts and a surge in both corporate profits and consumer spending. As a result, we find ourselves in a different environment than we inhabited a year ago.

  “Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management.” — Andrea L. Lisher

U.S. equity markets turned in a particularly remarkable performance over the twelve months ended June 30, 2021. The S&P 500 posted a total return of 40.79%; the Russell 1000 returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell Small Cap Index returned 62.03%. The lesson for investors, we believe, is clear: Those who were consistently and fully invested in the second half of 2020 through the first half of 2021 stood to benefit greatly from the superlative performance in global equity markets.

The rollout of mass vaccinations and the partial reopening of economies at all scales have fueled job growth, consumer spending and rising corporate profits. However, the pandemic

remains a global threat and the Delta variant of COVID-19 has driven a resurgence in infections across the U.S. and elsewhere. At the same time, a rush of economic activity has driven prices higher for a range of products and commodities and raised investor concerns about the timing of any potential response to rising inflation by the U.S. Federal Reserve. While the central bank has acknowledged stronger-than-expected inflationary data, it has also maintained its stance that upward pressure on consumer prices is likely to be a temporary effect of the economic recovery.

Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 1

J.P. Morgan Investor Funds

FUND FACTS

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

Fund	Fund Return (With sales charge)*			Fund Return (Without sales charge)*		Bloomberg Barclays U.S. Intermediate Aggregate Index Return (Broad-Based Fixed Income Benchmark)		Russell 3000 Index Return (Broad-Based Equity Benchmark)		MSCI EAFE Index (net of foreign withholding taxes)		Fund Net Assets as of June 30, 2021 (in thousands)
JPMorgan Investor Balanced Fund, Class A		16.86	%		22.40%		0.05%		44.16%		32.35%	$	5,912,919
JPMorgan Investor Conservative Growth Fund, Class A		8.96			14.14		0.05		44.16		32.35		4,859,371
JPMorgan Investor Growth Fund, Class A		32.02			38.24		0.05		44.16		32.35		4,262,795
JPMorgan Investor Growth & Income Fund, Class A		23.67			29.49		0.05		44.16		32.35		4,144,536

Investor Balanced Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		42.6	%
U.S. Equity		37.6
International Equity		13.5
Alternative Assets		4.0
Short-Term Investments		2.3
Investor Conservative Growth Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		61.6	%
U.S. Equity		22.5
International Equity		8.8
Alternative Assets		4.8
Short-Term Investments		2.3
Investor Growth Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		64.3	%
International Equity		22.9
Fixed Income		9.8
Alternative Assets		1.2
Short-Term Investments		1.8

Investor Growth & Income Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		51.0	%
Fixed Income		28.4
International Equity		16.2
Alternative Assets		2.0
Short-Term Investments		2.4

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

2 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

J.P. Morgan Investor Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (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, U.S. and emerging markets equity led a remarkable global rally in stocks on the back of massive central bank interventions, unprecedented fiscal spending and the rollout of multiple vaccines against COVID-19 and its variants. The initial reopening of the U.S. economy in 2021 fueled a surge in corporate profits, consumer spending and business investment.

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. 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 the pandemic 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. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap

stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on non-U.S. equity markets in June.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

In accordance with their model allocations, each of the JPMorgan Investor Funds (the “Investor Funds”) allocated its assets among fixed income, equity and alternative investments.

For the twelve months ended June 30, 2021, 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 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 developed market equity.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 3

J.P. Morgan Investor Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (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 JUNE 30, 2021

JPMorgan Investor Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			16.86	%		8.86	%		7.21	%
Without Sales Charge			22.40			9.87			7.70
CLASS C SHARES	July 1, 1997
With CDSC**			20.78			9.27			7.23
Without CDSC			21.78			9.27			7.23
CLASS I SHARES	December 10, 1996		22.72			10.15			7.96
CLASS R6 SHARES	July 31, 2017		23.03			10.32			8.04

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			8.96	%		6.11	%		5.25	%
Without Sales Charge			14.14			7.09			5.74
CLASS C SHARES	July 1, 1997
With CDSC**			12.54			6.51			5.29
Without CDSC			13.54			6.51			5.29
CLASS I SHARES	December 10, 1996		14.41			7.36			6.00
CLASS R6 SHARES	July 31, 2017		14.70			7.50			6.07

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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 JUNE 30, 2021

JPMorgan Investor Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			32.02	%		13.92	%		10.79	%
Without Sales Charge			38.24			14.97			11.31
CLASS C SHARES	July 1, 1997
With CDSC**			36.52			14.33			10.82
Without CDSC			37.52			14.33			10.82
CLASS I SHARES	December 10, 1996		38.55			15.25			11.59
CLASS R6 SHARES	July 31, 2017		38.86			15.41			11.66

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge*			23.67	%		11.34	%		8.87	%
Without Sales Charge			29.49			12.37			9.37
CLASS C SHARES	July 1, 1997
With CDSC**			27.77			11.74			8.89
Without CDSC			28.77			11.74			8.89
CLASS I SHARES	December 10, 1996		29.74			12.63			9.64
CLASS R6 SHARES	July 31, 2017		30.11			12.80			9.72

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2011 to June 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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 JUNE 30, 2021

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 97.7%
Alternative Assets — 4.0%
JPMorgan Realty Income Fund Class R6 Shares (a)		7,616		120,338
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,377		73,650
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		4,086		41,268
Total Alternative Assets				235,256
Fixed Income — 42.6%
JPMorgan Core Bond Fund Class R6 Shares (a)		93,666		1,128,677
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		58,716		503,785
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		6,879		55,446
JPMorgan High Yield Fund Class R6 Shares (a)		21,096		154,632
JPMorgan Income Fund Class R6 Shares (a)		28,044		268,098
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,201		67,405
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		22,831		232,193
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		10,922		107,582
Total Fixed Income				2,517,818
International Equity — 13.5%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,280		149,181
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,678		105,446
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,264		102,184
JPMorgan International Equity Fund Class R6 Shares (a)		4,254		91,169
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		16,953		351,769
Total International Equity				799,749
U.S. Equity — 37.6%
JPMorgan Equity Income Fund Class R6 Shares (a)		8,107		184,505
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		4,500		306,788
JPMorgan Large Cap Value Fund Class R6 Shares (a)		9,090		183,431
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		17,161		221,200
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		1,055		60,530
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		371		28,605

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,639		56,732
JPMorgan U.S. Equity Fund Class R6 Shares (a)		23,840		517,096
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		2,689		198,466
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,327		269,929
JPMorgan Value Advantage Fund Class R6 Shares (a)		4,542		196,041
Total U.S. Equity				2,223,323
Total Investment Companies (Cost $4,264,652)				5,776,146
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $136,209)		136,209		136,209
Total Investments — 100.0% (Cost $4,400,861)				5,912,355
Other Assets Less Liabilities — 0.0% (c)				564
NET ASSETS — 100.0%				5,912,919

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
(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.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 97.7%
Alternative Assets — 4.8%
JPMorgan Realty Income Fund Class R6 Shares (a)		6,877		108,652
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,932		80,067
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		4,392		44,356
Total Alternative Assets				233,075
Fixed Income — 61.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		112,836		1,359,669
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		64,309		551,771
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,928		47,776
JPMorgan Government Bond Fund Class R6 Shares (a)		4,248		46,731
JPMorgan High Yield Fund Class R6 Shares (a)		17,801		130,480
JPMorgan Income Fund Class R6 Shares (a)		28,877		276,066
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,898		74,982
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		38,014		386,602
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		12,239		120,554
Total Fixed Income				2,994,631
International Equity — 8.8%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		1,964		89,302
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,855		64,351
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		1,160		36,326
JPMorgan International Equity Fund Class R6 Shares (a)		1,703		36,502
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		9,738		202,058
Total International Equity				428,539
U.S. Equity — 22.4%
JPMorgan Equity Income Fund Class R6 Shares (a)		5,147		117,151
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		2,022		137,885
JPMorgan Large Cap Value Fund Class R6 Shares (a)		3,081		62,174
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		6,286		81,023
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		931		53,455

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		273		21,086
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,058		36,636
JPMorgan U.S. Equity Fund Class R6 Shares (a)		10,374		225,007
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		1,584		116,904
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		3,181		117,176
JPMorgan Value Advantage Fund Class R6 Shares (a)		2,812		121,387
Total U.S. Equity				1,089,884
Total Investment Companies (Cost $3,938,395)				4,746,129
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $113,834)		113,834		113,834
Total Investments — 100.0% (Cost $4,052,229)				4,859,963
Liabilities in Excess of Other Assets — 0.0% (c)				(592	)
NET ASSETS — 100.0%				4,859,371

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
(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.

10 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.2%
Alternative Assets — 1.2%
JPMorgan Realty Income Fund Class R6 Shares (a)		3,223		50,919
Fixed Income — 9.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		23,796		286,742
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,084		35,044
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,222		17,909
JPMorgan High Yield Fund Class R6 Shares (a)		7,924		58,084
JPMorgan Income Fund Class R6 Shares (a)		1,850		17,684
Total Fixed Income				415,463
International Equity — 22.9%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,779		126,383
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,499		101,406
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,790		118,666
JPMorgan International Equity Fund Class R6 Shares (a)		8,128		174,176
JPMorgan International Focus Fund Class R6 Shares (a)		4,595		127,367
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		15,804		327,933
Total International Equity				975,931
U.S. Equity — 64.4%
JPMorgan Equity Income Fund Class R6 Shares (a)		6,005		136,682
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		6,862		467,865
JPMorgan Large Cap Value Fund Class R6 Shares (a)		21,126		426,327
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		18,258		235,346
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		1,274		73,142
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		257		19,863
JPMorgan Small Cap Value Fund Class R6 Shares (a)		3,020		104,559
JPMorgan U.S. Equity Fund Class R6 Shares (a)		27,317		592,506
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		2,961		218,557
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		8,656		318,872
JPMorgan Value Advantage Fund Class R6 Shares (a)		3,435		148,266
Total U.S. Equity				2,741,985
Total Investment Companies (Cost $2,635,234)				4,184,298

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $77,533)		77,533		77,533
Total Investments — 100.0% (Cost $2,712,767)				4,261,831
Other Assets Less Liabilities — 0.0% (c)				964
NET ASSETS — 100.0%				4,262,795

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.
(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.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 97.5%
Alternative Assets — 2.0%
JPMorgan Realty Income Fund Class R6 Shares (a)		3,668		57,950
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		2,136		24,674
Total Alternative Assets				82,624
Fixed Income — 28.3%
JPMorgan Core Bond Fund Class R6 Shares (a)		46,409		559,233
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		23,486		201,508
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,399		19,335
JPMorgan High Yield Fund Class R6 Shares (a)		14,257		104,504
JPMorgan Income Fund Class R6 Shares (a)		14,318		136,880
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		3,330		36,192
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		5,679		57,752
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		6,061		59,701
Total Fixed Income				1,175,105
International Equity — 16.3%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,351		106,916
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,761		84,781
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		2,754		86,231
JPMorgan International Equity Fund Class R6 Shares (a)		4,368		93,602
JPMorgan International Focus Fund Class R6 Shares (a)		2,095		58,068
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		11,755		243,911
Total International Equity				673,509
U.S. Equity — 50.9%
JPMorgan Equity Income Fund Class R6 Shares (a)		6,130		139,527
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		5,643		384,715
JPMorgan Large Cap Value Fund Class R6 Shares (a)		12,328		248,789
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		13,728		176,949
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		981		56,297
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		245		18,907
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,407		83,333

INVESTMENTS	SHARES (000)		VALUE ($000)
U.S. Equity — continued
JPMorgan U.S. Equity Fund Class R6 Shares (a)		21,322		462,466
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		1,688		124,584
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,272		267,886
JPMorgan Value Advantage Fund Class R6 Shares (a)		3,464		149,502
Total U.S. Equity				2,112,955
Total Investment Companies (Cost $2,731,510)				4,044,193
Short-Term Investments — 2.4%
Investment Companies — 2.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $97,632)		97,632		97,632
Total Investments — 99.9% (Cost $2,829,142)				4,141,825
Other Assets Less Liabilities — 0.1%				2,711
NET ASSETS — 100.0%				4,144,536

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of June 30, 2021.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021

(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	$	5,912,355	$	4,859,963	$	4,261,831		$	4,141,825
Receivables:
Fund shares sold		8,073		5,457		5,191			7,009
Dividends from affiliates		880		905		58			441
Total Assets		5,921,308		4,866,325		4,267,080			4,149,275
LIABILITIES:
Payables:
Due to custodian		877		902		57			437
Distributions		78		25		16			90
Fund shares redeemed		4,460		3,533		2,211			2,217
Accrued liabilities:
Investment advisory fees		238		196		172			167
Distribution fees		1,359		1,196		833			855
Service fees		1,179		984		826			807
Custodian and accounting fees		36		30		24			24
Trustees’ and Chief Compliance Officer’s fees		—		—		—	(a)		—	(a)
Other		162		88		146			142
Total Liabilities		8,389		6,954		4,285			4,739
Net Assets	$	5,912,919	$	4,859,371	$	4,262,795		$	4,144,536

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	4,357,598		$	4,012,155		$	2,685,460		$	2,837,605
Total distributable earnings (loss)		1,555,321			847,216			1,577,335			1,306,931
Total Net Assets	$	5,912,919		$	4,859,371		$	4,262,795		$	4,144,536
Net Assets:
Class A	$	4,788,045		$	3,327,682		$	3,494,958		$	3,595,109
Class C		619,700			840,217			193,877			199,275
Class I		363,694			649,055			547,092			313,988
Class R6		141,480			42,417			26,868			36,164
Total	$	5,912,919		$	4,859,371		$	4,262,795		$	4,144,536
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		280,533			239,426			138,764			179,245
Class C		37,002			60,770			8,452			10,303
Class I		21,258			46,385			21,147			15,976
Class R6		8,276			3,033			1,039			1,840
Net Asset Value (a):
Class A — Redemption price per share	$	17.07		$	13.90		$	25.19		$	20.06
Class C — Offering price per share (b)		16.75			13.83			22.94			19.34
Class I — Offering and redemption price per share		17.11			13.99			25.87			19.65
Class R6 — Offering and redemption price per share		17.10			13.98			25.86			19.65
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)]	$	17.87		$	14.55		$	26.38		$	21.01
Cost of investments in affiliates	$	4,400,861		$	4,052,229		$	2,712,767		$	2,829,142

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021

(Amounts in thousands)

	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	—		$	—	(a)	$	—
Dividend income from affiliates		97,569			88,160			44,734			56,668
Total investment income		97,569			88,160			44,734			56,668
EXPENSES:
Investment advisory fees		2,647			2,141			1,788			1,795
Distribution fees:
Class A		10,619			7,304			7,300			7,767
Class C		4,588			6,485			1,340			1,474
Service fees:
Class A		10,619			7,304			7,300			7,767
Class C		1,529			2,162			447			491
Class I		839			1,158			1,142			640
Custodian and accounting fees		173			135			112			116
Interest expense to affiliates		—	(a)		—			—			—
Professional fees		89			78			68			70
Trustees’ and Chief Compliance Officer’s fees		39			36			34			34
Printing and mailing costs		232			169			184			168
Registration and filing fees		310			264			238			225
Transfer agency fees (See Note 2.D.)		345			208			565			404
Other		77			61			52			53
Total expenses		32,106			27,505			20,570			21,004
Less fees waived		(447	)		(334	)		(1,165	)		(1,035	)
Net expenses		31,659			27,171			19,405			19,969
Net investment income (loss)		65,910			60,989			25,329			36,699
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		42,768			4,006			19,427			18,632
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		836,058			414,720			985,382			769,845
Net realized/unrealized gains (losses)		981,459			487,155			1,094,177			866,711
Change in net assets resulting from operations	$	1,047,369		$	548,144		$	1,119,506		$	903,410

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	65,910		$	83,109		$	60,989		$	67,103
Net realized gain (loss) on investments in affiliates		42,768			154,582			4,006			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		836,058			(149,916	)		414,720			(30,281	)
Change in net assets resulting from operations		1,047,369			206,933			548,144			156,951
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(241,826	)		(229,989	)		(107,114	)		(106,707	)
Class C		(30,839	)		(42,751	)		(25,907	)		(43,315	)
Class I		(20,024	)		(20,229	)		(19,767	)		(6,669	)
Class R6		(4,744	)		(4,648	)		(1,492	)		(75	)
Total distributions to shareholders		(297,433	)		(297,617	)		(154,280	)		(156,766	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		498,681			(26,255	)		930,907			110,079
NET ASSETS:
Change in net assets		1,248,617			(116,939	)		1,324,771			110,264
Beginning of period		4,664,302			4,781,241			3,534,600			3,424,336
End of period	$	5,912,919		$	4,664,302		$	4,859,371		$	3,534,600

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Investor Growth Fund						JPMorgan Investor Growth & Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	25,329		$	33,863		$	36,699		$	45,055
Net realized gain (loss) on investments in affiliates		19,427			130,833			18,632			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		985,382			(153,606	)		769,845			(144,999	)
Change in net assets resulting from operations		1,119,506			123,467			903,410			140,178
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(191,653	)		(177,809	)		(208,071	)		(180,537	)
Class C		(11,958	)		(14,895	)		(12,260	)		(15,142	)
Class I		(30,152	)		(30,485	)		(17,381	)		(16,426	)
Class R6		(1,430	)		(944	)		(2,147	)		(1,136	)
Total distributions to shareholders		(235,193	)		(224,133	)		(239,859	)		(213,241	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		488,131			204,943			448,347			199,917
NET ASSETS:
Change in net assets		1,372,444			104,277			1,111,898			126,854
Beginning of period		2,890,351			2,786,074			3,032,638			2,905,784
End of period	$	4,262,795		$	2,890,351		$	4,144,536		$	3,032,638

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,059,424		$	804,533		$	1,075,821		$	707,325
Distributions reinvested		240,566			229,101			106,705			106,330
Cost of shares redeemed		(749,375	)		(783,437	)		(552,675	)		(558,904	)
Change in net assets resulting from Class A capital transactions		550,615			250,197			629,851			254,751
Class C
Proceeds from shares issued		107,776			92,860			186,648			152,586
Distributions reinvested		30,740			42,486			25,834			43,140
Cost of shares redeemed		(257,583	)		(227,894	)		(425,016	)		(339,533	)
Change in net assets resulting from Class C capital transactions		(119,067	)		(92,548	)		(212,534	)		(143,807	)
Class I
Proceeds from shares issued		62,699			61,893			580,681			29,848
Distributions reinvested		19,591			19,891			19,546			6,494
Cost of shares redeemed		(69,908	)		(253,271	)		(118,479	)		(43,993	)
Change in net assets resulting from Class I capital transactions		12,382			(171,487	)		481,748			(7,651	)
Class R6
Proceeds from shares issued		78,494			8,796			34,441			7,156
Distributions reinvested		4,744			4,648			1,491			75
Cost of shares redeemed		(28,487	)		(25,861	)		(4,090	)		(445	)
Change in net assets resulting from Class R6 capital transactions		54,751			(12,417	)		31,842			6,786
Total change in net assets resulting from capital transactions	$	498,681		$	(26,255	)	$	930,907		$	110,079
SHARE TRANSACTIONS:
Class A
Issued		65,521			54,485			80,439			56,518
Reinvested		15,046			15,430			7,973			8,462
Redeemed		(46,417	)		(54,146	)		(41,273	)		(45,232	)
Change in Class A Shares		34,150			15,769			47,139			19,748
Class C
Issued		6,752			6,428			13,974			12,247
Reinvested		1,964			2,906			1,943			3,449
Redeemed		(16,434	)		(16,049	)		(32,126	)		(27,680	)
Change in Class C Shares		(7,718	)		(6,715	)		(16,209	)		(11,984	)
Class I
Issued		3,860			4,202			43,349			2,372
Reinvested		1,222			1,338			1,447			514
Redeemed		(4,335	)		(16,863	)		(8,697	)		(3,553	)
Change in Class I Shares		747			(11,323	)		36,099			(667	)
Class R6
Issued		4,807			605			2,605			570
Reinvested		295			313			110			6
Redeemed		(1,788	)		(1,717	)		(301	)		(35	)
Change in Class R6 Shares		3,314			(799	)		2,414			541

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Investor Growth Fund						JPMorgan Investor Growth & Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	830,655		$	558,177		$	751,860		$	565,444
Distributions reinvested		190,218			176,437			206,828			179,461
Cost of shares redeemed		(577,179	)		(455,371	)		(530,707	)		(521,230	)
Change in net assets resulting from Class A capital transactions		443,694			279,243			427,981			223,675
Class C
Proceeds from shares issued		35,253			27,420			25,444			27,326
Distributions reinvested		11,871			14,722			12,228			15,011
Cost of shares redeemed		(68,282	)		(54,930	)		(78,939	)		(69,814	)
Change in net assets resulting from Class C capital transactions		(21,158	)		(12,788	)		(41,267	)		(27,477	)
Class I
Proceeds from shares issued		108,448			66,549			78,317			33,034
Distributions reinvested		29,065			29,649			16,763			15,920
Cost of shares redeemed		(80,107	)		(161,471	)		(38,629	)		(56,949	)
Change in net assets resulting from Class I capital transactions		57,406			(65,273	)		56,451			(7,995	)
Class R6
Proceeds from shares issued		14,495			5,644			8,613			11,377
Distributions reinvested		1,425			943			2,143			1,136
Cost of shares redeemed		(7,731	)		(2,826	)		(5,574	)		(799	)
Change in net assets resulting from Class R6 capital transactions		8,189			3,761			5,182			11,714
Total change in net assets resulting from capital transactions	$	488,131		$	204,943		$	448,347		$	199,917
SHARE TRANSACTIONS:
Class A
Issued		36,092			28,831			40,098			34,165
Reinvested		8,516			8,791			11,282			10,681
Redeemed		(25,341	)		(23,795	)		(28,499	)		(31,975	)
Change in Class A Shares		19,267			13,827			22,881			12,871
Class C
Issued		1,667			1,555			1,398			1,717
Reinvested		582			796			693			922
Redeemed		(3,334	)		(3,095	)		(4,447	)		(4,444	)
Change in Class C Shares		(1,085	)		(744	)		(2,356	)		(1,805	)
Class I
Issued		4,534			3,339			4,231			2,041
Reinvested		1,265			1,443			932			967
Redeemed		(3,432	)		(8,024	)		(2,119	)		(3,539	)
Change in Class I Shares		2,367			(3,242	)		3,044			(531	)
Class R6
Issued		606			288			462			706
Reinvested		62			46			119			69
Redeemed		(318	)		(145	)		(306	)		(48	)
Change in Class R6 Shares		350			189			275			727

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 21

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Investor Balanced Fund
Class A
Year Ended June 30, 2021	$	14.77	$	0.21	$	3.03	$	3.24	$	(0.25	)	$	(0.69	)	$	(0.94	)
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	)
Class C
Year Ended June 30, 2021		14.51		0.12		2.98		3.10		(0.17	)		(0.69	)		(0.86	)
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	)
Class I
Year Ended June 30, 2021		14.80		0.25		3.04		3.29		(0.29	)		(0.69	)		(0.98	)
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	)
Class R6
Year Ended June 30, 2021		14.79		0.27		3.06		3.33		(0.33	)		(0.69	)		(1.02	)
Year Ended June 30, 2020		15.02		0.34		0.46		0.80		(0.34	)		(0.69	)		(1.03	)
Year Ended June 30, 2019		15.32		0.36		0.45		0.81		(0.43	)		(0.68	)		(1.11	)
July 31, 2017 (h) through June 30, 2018		15.63		0.29		0.50		0.79		(0.36	)		(0.74	)		(1.10	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	17.07		22.40	%	$	4,788,045		0.56	%		1.28	%		0.57	%		6	%
	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
	16.75		21.78			619,700		1.07			0.75			1.07			6
	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
	17.11		22.72			363,694		0.31			1.54			0.32			6
	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
	17.10		23.03			141,480		0.07			1.69			0.07			6
	14.79		5.46			73,386		0.06			2.27			0.07			26
	15.02		5.96			86,510		0.09			2.40			0.10			12
	15.32		5.07			85,614		0.12			2.03			0.12			9

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Investor Conservative Growth Fund
Class A
Year Ended June 30, 2021	$	12.63	$	0.20	$	1.56	$	1.76	$	(0.23	)	$	(0.26	)	$	(0.49	)
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	)
Class C
Year Ended June 30, 2021		12.57		0.13		1.55		1.68		(0.16	)		(0.26	)		(0.42	)
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	)
Class I
Year Ended June 30, 2021		12.71		0.24		1.57		1.81		(0.27	)		(0.26	)		(0.53	)
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	)
Class R6
Year Ended June 30, 2021		12.70		0.27		1.57		1.84		(0.30	)		(0.26	)		(0.56	)
Year Ended June 30, 2020		12.65		0.37		0.32		0.69		(0.32	)		(0.32	)		(0.64	)
Year Ended June 30, 2019		12.68		0.35		0.38		0.73		(0.36	)		(0.40	)		(0.76	)
July 31, 2017 (h) through June 30, 2018		13.00		0.24		0.14		0.38		(0.29	)		(0.41	)		(0.70	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	13.90		14.14	%	$	3,327,682		0.56	%		1.49	%		0.57	%		3	%
	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
	13.83		13.54			840,217		1.07			0.96			1.07			3
	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
	13.99		14.41			649,055		0.31			1.79			0.32			3
	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
	13.98		14.70			42,417		0.07			2.02			0.07			3
	12.70		5.57			7,862		0.08			2.91			0.09			21
	12.65		6.19			996		0.12			2.78			0.12			10
	12.68		2.95			175		0.14			2.09			0.15			6

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Investor Growth Fund
Class A
Year Ended June 30, 2021	$	19.50	$	0.16	$	7.08	$	7.24	$	(0.22	)	$	(1.33	)	$	(1.55	)
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	)
Class C
Year Ended June 30, 2021		17.92		0.03		6.49		6.52		(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	)
Class I
Year Ended June 30, 2021		19.99		0.22		7.26		7.48		(0.27	)		(1.33	)		(1.60	)
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	)
Class R6
Year Ended June 30, 2021		19.98		0.28		7.25		7.53		(0.32	)		(1.33	)		(1.65	)
Year Ended June 30, 2020		20.61		0.33		0.75		1.08		(0.32	)		(1.39	)		(1.71	)
Year Ended June 30, 2019		21.23		0.36		0.57		0.93		(0.54	)		(1.01	)		(1.55	)
July 31, 2017 (h) through June 30, 2018		21.25		0.29		1.58		1.87		(0.45	)		(1.44	)		(1.89	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	25.19		38.24	%	$	3,494,958		0.55	%		0.70	%		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
	22.94		37.52			193,877		1.08			0.15			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
	25.87		38.55			547,092		0.31			0.94			0.32			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
	25.86		38.86			26,868		0.09			1.17			0.09			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.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 27

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Investor Growth & Income Fund
Class A
Year Ended June 30, 2021	$	16.59	$	0.19	$	4.57	$	4.76	$	(0.24	)	$	(1.05	)	$	(1.29	)
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	)
Class C
Year Ended June 30, 2021		16.04		0.09		4.40		4.49		(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	)
Class I
Year Ended June 30, 2021		16.28		0.23		4.47		4.70		(0.28	)		(1.05	)		(1.33	)
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	)
Class R6
Year Ended June 30, 2021		16.27		0.28		4.47		4.75		(0.32	)		(1.05	)		(1.37	)
Year Ended June 30, 2020		16.64		0.33		0.60		0.93		(0.33	)		(0.97	)		(1.30	)
Year Ended June 30, 2019		17.13		0.26		0.59		0.85		(0.47	)		(0.87	)		(1.34	)
July 31, 2017 (h) through June 30, 2018		17.44		0.22		0.99		1.21		(0.40	)		(1.12	)		(1.52	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	20.06		29.49	%	$	3,595,109		0.55	%		1.03	%		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
	19.34		28.77			199,275		1.07			0.49			1.07			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
	19.65		29.74			313,988		0.31			1.25			0.32			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
	19.65		30.11			36,164		0.07			1.50			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.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Dollar values in thousands)

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 JUNE 30, 2021

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”):

Investor Balanced Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,912,355	$	—	$	—	$	5,912,355

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	4,859,963	$	—	$	—	$	4,859,963

(a) Please refer to the SOI for specifics of portfolio holdings.

Investor Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,261,831	$	—	$	—	$	4,261,831

(a) Please refer to the SOI for specifics of portfolio holdings.

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)	$	4,141,825	$	—	$	—	$	4,141,825

(a) Please refer to the SOI for specifics of portfolio holdings.

B. Investment Transactions with Affiliates — The Funds invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Investor Balanced Fund

	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,016,902	$	140,687	$	—	$	—	$	(28,912	)	$	1,128,677		93,666	$	24,856	$	17,054
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		460,270		51,320		—		—		(7,805	)		503,785		58,716		12,712		7,633

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Investor Balanced Fund (continued)
	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)	$	44,506	$	8,311	$	—	$	—		$	2,629		$	55,446		6,879	$	1,998	$	—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		113,205		265		10,830		2,160			44,381			149,181		3,280		265		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		75,736		1,445		2,496		216			30,545			105,446		4,678		1,446		—
JPMorgan Equity Income Fund Class R6 Shares (a)		134,748		4,176		5,326		230			50,677			184,505		8,107		3,176		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		72,638		1,262		—		—			28,284			102,184		3,264		1,262		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		67,191		741		70,045		(4,392	)		6,505			—		—		741		—
JPMorgan High Yield Fund Class R6 Shares (a)		123,852		16,385		—		—			14,395			154,632		21,096		7,062		—
JPMorgan Income Fund Class R6 Shares (a)		206,297		49,276		—		—			12,525			268,098		28,044		10,505		276
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		63,174		1,481		—		—			2,750			67,405		6,201		1,481		—
JPMorgan International Equity Fund Class R6 Shares (a)		72,965		1,160		5,368		893			21,519			91,169		4,254		1,160		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		276,983		6,338		9,663		478			77,633			351,769		16,953		6,338		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		264,075		13,951		55,946		13,504			71,204			306,788		4,500		344		13,607
JPMorgan Large Cap Value Fund Class R6 Shares (a)		116,791		5,983		10,281		1,074			69,864			183,431		9,090		1,530		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		203,010		28,844		—		—			339			232,193		22,831		2,903		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		157,086		8,663		23,082		812			77,721			221,200		17,161		2,272		6,392
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		46,588		5,267		5,521		1,574			12,622			60,530		1,055		76		5,192
JPMorgan Realty Income Fund Class R6 Shares (a)		—		98,332		—		—			22,006			120,338		7,616		1,216		2,658
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		—		107,615		—		—			(33	)		107,582		10,922		422		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		19,408		712		—		—			8,485			28,605		371		126		586
JPMorgan Small Cap Value Fund Class R6 Shares (a)		40,527		433		12,141		1,328			26,585			56,732		1,639		433		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		71,761		750		—		—			1,139			73,650		6,377		750		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		417,080		30,689		65,082		17,062			117,347			517,096		23,840		4,420		26,268
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		157,349		16,792		20,333		7,108			37,550			198,466		2,689		2,276		14,517
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		85,748		347,131		296,670		—			—			136,209		136,209		42		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		198,019		9,376		11,946		1,283			73,197			269,929		7,327		3,335		6,041
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		37,161		3,081		—		—			1,026			41,268		4,086		1,322		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		125,287		21,503		12,067		(562	)		61,880			196,041		4,542		3,100		2,409
Total	$	4,668,357	$	981,969	$	616,797	$	42,768		$	836,058		$	5,912,355			$	97,569	$	102,633

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of June 30, 2021.

32 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

Investor Conservative Growth Fund

	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,109,768	$	284,248	$	—	$	—		$	(34,347	)	$	1,359,669		112,836	$	28,945	$	20,057
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		444,346		116,717		—		—			(9,292	)		551,771		64,309		13,582		8,265
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		33,346		12,398		—		—			2,032			47,776		5,928		1,694		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		62,166		159		—		—			26,977			89,302		1,964		159		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		44,908		882		—		—			18,561			64,351		2,855		882		—
JPMorgan Equity Income Fund Class R6 Shares (a)		75,542		10,634		—		—			30,975			117,151		5,147		1,944		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		23,298		3,149		—		—			9,879			36,326		1,160		449		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		68,718		767		71,701		(5,815	)		8,031			—		—		767		—
JPMorgan Government Bond Fund Class R6 Shares (a)		36,072		12,071		—		—			(1,412	)		46,731		4,248		707		63
JPMorgan High Yield Fund Class R6 Shares (a)		93,590		25,217		—		—			11,673			130,480		17,801		5,834		—
JPMorgan Income Fund Class R6 Shares (a)		198,144		65,270		—		—			12,652			276,066		28,877		10,633		286
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		58,859		13,272		—		—			2,851			74,982		6,898		1,572		—
JPMorgan International Equity Fund Class R6 Shares (a)		25,534		2,638		—		—			8,330			36,502		1,703		438		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		140,275		22,583		4,474		201			43,473			202,058		9,738		3,621		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		103,858		15,254		16,800		3,666			31,907			137,885		2,022		154		6,086
JPMorgan Large Cap Value Fund Class R6 Shares (a)		36,535		2,706		—		—			22,933			62,174		3,081		492		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		298,450		87,749		—		—			403			386,602		38,014		4,687		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		49,189		11,843		7,869		562			27,298			81,023		6,286		827		2,326
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		33,158		9,252		—		—			11,045			53,455		931		67		4,585
JPMorgan Realty Income Fund Class R6 Shares (a)		—		87,751		—		—			20,901			108,652		6,877		1,082		2,480
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		—		120,544		—		—			10			120,554		12,239		581		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		10,732		5,027		—		—			5,327			21,086		273		71		330
JPMorgan Small Cap Value Fund Class R6 Shares (a)		23,208		1,973		6,671		1,775			16,351			36,636		1,058		273		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		59,857		19,164		—		—			1,046			80,067		6,932		764		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		163,061		17,387		11,291		1,254			54,596			225,007		10,374		1,878		11,319

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Investor Conservative Growth Fund (continued)
	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)	$	86,700	$	18,714	$	13,986	$	1,942		$	23,534	$	116,904		1,584	$	1,340	$	8,546
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		81,542		436,838		404,546		—			—		113,834		113,834		47		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		75,682		15,056		4,765		599			30,604		117,176		3,181		1,386		2,593
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		31,189		12,238		—		—			929		44,356		4,392		1,363		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		69,196		21,512		6,596		(178	)		37,453		121,387		2,812		1,921		1,493
Total	$	3,536,923	$	1,453,013	$	548,699	$	4,006		$	414,720	$	4,859,963			$	88,160	$	68,429

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of June 30, 2021.

Investor Growth Fund

	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	244,531	$	53,006	$	3,768	$	(125	)	$	(6,902	)	$	286,742		23,796	$	6,074	$	4,084
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		34,127		1,484		—		—			(567	)		35,044		4,084		922		562
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		12,685		4,418		—		—			806			17,909		2,222		597		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		86,521		2,236		—		—			37,626			126,383		2,779		221		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		64,972		9,338		—		—			27,096			101,406		4,499		1,276		—
JPMorgan Equity Income Fund Class R6 Shares (a)		81,907		19,777		—		—			34,998			136,682		6,005		2,207		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		82,873		3,450		—		—			32,343			118,666		3,790		1,440		—
JPMorgan High Yield Fund Class R6 Shares (a)		56,620		2,891		7,536		(50	)		6,159			58,084		7,924		2,891		—
JPMorgan Income Fund Class R6 Shares (a)		14,393		2,408		—		—			883			17,684		1,850		724		20
JPMorgan International Equity Fund Class R6 Shares (a)		118,179		18,610		—		—			37,387			174,176		8,128		1,878		—
JPMorgan International Focus Fund Class R6 Shares (a)		87,895		12,304		—		—			27,168			127,367		4,595		1,166		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		224,042		38,707		—		—			65,184			327,933		15,804		5,127		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		382,989		24,911		66,534		18,570			107,929			467,865		6,862		511		20,243
JPMorgan Large Cap Value Fund Class R6 Shares (a)		237,668		29,679		—		—			158,980			426,327		21,126		3,468		—

34 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

Investor Growth Fund (continued)
	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)	$	145,035	$	13,076	$	—	$	—	$	77,235	$	235,346		18,258	$	2,213	$	6,226
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		50,686		6,365		—		—		16,091		73,142		1,274		92		6,273
JPMorgan Realty Income Fund Class R6 Shares (a)		—		42,728		—		—		8,191		50,919		3,223		423		718
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		13,476		495		—		—		5,892		19,863		257		88		407
JPMorgan Small Cap Value Fund Class R6 Shares (a)		59,627		693		—		—		44,239		104,559		3,020		694		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		420,147		33,151		3,327		431		142,104		592,506		27,317		4,814		28,337
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		158,097		17,381		3,223		601		45,701		218,557		2,961		2,355		15,025
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		49,643		289,225		261,335		—		—		77,533		77,533		24		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		185,993		59,890		—		—		72,989		318,872		8,656		3,345		5,776
JPMorgan Value Advantage Fund Class R6 Shares (a)		80,959		23,457		—		—		43,850		148,266		3,435		2,184		1,697
Total	$	2,893,065	$	709,680	$	345,723	$	19,427	$	985,382	$	4,261,831			$	44,734	$	89,368

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of June 30, 2021.

Investor Growth & Income Fund

	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	488,800	$	84,134	$	—	$	—		$	(13,701	)	$	559,233		46,409	$	11,993	$	8,189
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		178,529		26,093		—		—			(3,114	)		201,508		23,486		4,995		2,986
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		13,905		4,585		—		—			845			19,335		2,399		656		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		76,698		4,677		6,634		1,481			30,694			106,916		2,351		182		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		57,707		3,179		—		—			23,895			84,781		3,761		1,134		—
JPMorgan Equity Income Fund Class R6 Shares (a)		96,196		7,349		1,793		27			37,748			139,527		6,130		2,376		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		61,298		1,065		—		—			23,868			86,231		2,754		1,065		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		28,641		325		29,895		(1,479	)		2,408			—		—		325		—
JPMorgan High Yield Fund Class R6 Shares (a)		86,524		8,145		—		—			9,835			104,504		14,257		4,785		—
JPMorgan Income Fund Class R6 Shares (a)		92,158		38,956		—		—			5,766			136,880		14,318		4,869		129
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		33,920		795		—		—			1,477			36,192		3,330		795		—

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Investor Growth & Income Fund (continued)
	For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan International Equity Fund Class R6 Shares (a)	$	70,614	$	1,122	$	—	$	—		$	21,866		$	93,602		4,368	$	1,122	$	—
JPMorgan International Focus Fund Class R6 Shares (a)		43,930		583		—		—			13,555			58,068		2,095		583		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		185,069		6,282		—		—			52,560			243,911		11,755		4,235		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		305,298		25,805		47,819		12,873			88,558			384,715		5,643		414		16,396
JPMorgan Large Cap Value Fund Class R6 Shares (a)		144,690		14,253		4,421		891			93,376			248,789		12,328		2,049		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		48,554		9,124		—		—			74			57,752		5,679		713		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		119,601		6,677		10,646		358			60,959			176,949		13,728		1,751		4,926
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		41,735		6,761		4,994		2,054			10,741			56,297		981		68		4,647
JPMorgan Realty Income Fund Class R6 Shares (a)		—		46,911		—		—			11,039			57,950		3,668		629		1,432
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		—		59,701		—		—			—	(b)		59,701		6,061		269		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		12,828		471		—		—			5,608			18,907		245		84		387
JPMorgan Small Cap Value Fund Class R6 Shares (a)		47,522		553		—		—			35,258			83,333		2,407		553		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		24,041		251		—		—			382			24,674		2,136		251		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		334,653		26,227		11,182		1,208			111,560			462,466		21,322		3,792		22,433
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		99,637		10,513		13,320		1,551			26,203			124,584		1,688		1,425		9,088
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c)		54,957		252,796		210,121		—			—			97,632		97,632		31		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		189,258		12,330		5,244		157			71,385			267,886		7,272		3,223		5,833
JPMorgan Value Advantage Fund Class R6 Shares (a)		97,001		13,295		7,305		(489	)		47,000			149,502		3,464		2,301		1,788
Total	$	3,033,764	$	672,958	$	353,374	$	18,632		$	769,845		$	4,141,825			$	56,668	$	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) Amount rounds to less than one thousand.

(c) The rate shown is the current yield as of June 30, 2021.

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

36 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2021 are as follows:

	Class A		Class C		Class I		Class R6			Total
Investor Balanced Fund
Transfer agency fees	$	305	$	25	$	13	$	2		$	345
Investor Conservative Growth Fund
Transfer agency fees		162		24		21		1			208
Investor Growth Fund
Transfer agency fees		514		24		22		5			565
Investor Growth & Income Fund
Transfer agency fees		377		15		12		—	(a)		404

(a) Amount rounds to less than one thousand.

The Funds invested 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.

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Investor Balanced Fund	$	—	$	13,764	$	(13,764	)
Investor Conservative Growth Fund		—		10,816		(10,816	)
Investor Growth Fund		—		9,981		(9,981	)
Investor Growth & Income Fund		—		9,402		(9,402	)

The reclassifications for the Funds relate primarily to investments in regulated investment companies.

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.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. The Administrator does not receive a fee for these services.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C
	0.25	%		0.75	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	308	$	—	(a)
Investor Conservative Growth Fund		217		1
Investor Growth Fund		252		2
Investor Growth & Income Fund		194		1

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I
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)

38 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

	Class A			Class C			Class I			Class R6
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 expired. Prior to November 1, 2020, the contractual expense limitation was 0.55%.

⁽²⁾  Effective November 1, 2020, the contractual expense limitations for Class C, Class I and Class R6 Shares expired. Prior to November 1, 2020, the contractual expense limitations were 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 year ended June 30, 2021 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 year ended June 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Service Fees		Total
Investor Balanced Fund	$	4	$	363	$	367
Investor Conservative Growth Fund		3		239		242
Investor Growth Fund		3		1,115		1,118
Investor Growth & Income Fund		3		974		977

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2021 were as follows:

Investor Balanced Fund	$	80
Investor Conservative Growth Fund		92
Investor Growth Fund		47
Investor Growth & Income Fund		58

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 year ended June 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Investor Balanced Fund	$	634,841	$	320,129
Investor Conservative Growth Fund		1,016,176		144,154
Investor Growth Fund		420,455		84,388
Investor Growth & Income Fund		420,162		143,255

During the year ended June 30, 2021, there were no purchases or sales of U.S. Government securities.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,460,856	$	1,453,078	$	1,579	$	1,451,499
Investor Conservative Growth Fund		4,072,908		788,162		1,107		787,055
Investor Growth Fund		2,765,448		1,496,383		—		1,496,383
Investor Growth & Income Fund		2,906,718		1,235,632		525		1,235,107

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Investor Balanced Fund	$	104,407	$	193,026	$	297,433
Investor Conservative Growth Fund		74,110		80,170		154,280
Investor Growth Fund		52,034		183,159		235,193
Investor Growth & Income Fund		63,854		176,005		239,859

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Investor Balanced Fund	$	98,387	$	199,230	$	297,617
Investor Conservative Growth Fund		73,997		82,769		156,766
Investor Growth Fund		39,217		184,916		224,133
Investor Growth & Income Fund		54,732		158,509		213,241

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss  Carryover)		Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	7,459	$	96,547	$	1,451,499
Investor Conservative Growth Fund		8,139		52,130		787,055
Investor Growth Fund		1,537		79,503		1,496,383
Investor Growth & Income Fund		2,330		69,669		1,235,107

The cumulative timing differences primarily consist of wash sale loss deferrals.

As of June 30, 2021, the Funds did not have any net capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the Securities and Exchange Commission (“SEC”) (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Funds because the Funds and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

40 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

The Funds had no borrowings outstanding from another fund during the year ended June 30, 2021.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2021.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25% (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended June 30, 2021.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Investor Balanced Fund		1		72.0	%		1		14.3	%
Investor Conservative Growth Fund		1		68.0			2		22.2
Investor Growth Fund		1		54.0			1		20.4
Investor Growth & Income Fund		1		58.6			1		21.6

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

As of June 30, 2021, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Market Expansion Enhanced Index Fund		63.7	%
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)		50.4
JPMorgan Limited Duration Bond Fund		46.9
JPMorgan Europe Dynamic Fund		37.4
JPMorgan International Research Enhanced Equity Fund		22.4
JPMorgan Large Cap Value Fund		21.2
JPMorgan U.S. Research Enhanced Equity Fund		19.3
JPMorgan Small Cap Value Fund		18.6
JPMorgan Realty Income Fund		15.8
JPMorgan Inflation Managed Bond Fund		12.7
JPMorgan Emerging Markets Debt Fund		11.4

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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 appropriate.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

42 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust II and Shareholders of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund (four of the funds constituting JPMorgan Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations for the year ended June 30, 2021, the statements of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2021

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 43

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present.
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.(3)	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None

44 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	127	None
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 45

TRUSTEES

(Unaudited) (continued)

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (127 funds).

⁽³⁾ Mr. Harrington retired from the Board of Trustees effective July 31, 2021.

    * Two family members of Mr. Harrington are employed as a partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

46 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 47

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2021 and continued to hold your shares at the end of the reporting period, June 30, 2021.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Balanced Fund
Class A
Actual	$	1,000.00	$	1,071.70	$	2.93		0.57	%
Hypothetical		1,000.00		1,021.97		2.86		0.57
Class C
Actual		1,000.00		1,069.20		5.49		1.07
Hypothetical		1,000.00		1,019.49		5.36		1.07
Class I
Actual		1,000.00		1,072.80		1.64		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class R6
Actual		1,000.00		1,074.20		0.36		0.07
Hypothetical		1,000.00		1,024.45		0.35		0.07
JPMorgan Investor Conservative Growth Fund
Class A
Actual		1,000.00		1,043.20		2.89		0.57
Hypothetical		1,000.00		1,021.97		2.86		0.57
Class C
Actual		1,000.00		1,040.80		5.41		1.07
Hypothetical		1,000.00		1,019.49		5.36		1.07
Class I
Actual		1,000.00		1,044.20		1.62		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class R6
Actual		1,000.00		1,045.50		0.36		0.07
Hypothetical		1,000.00		1,024.45		0.35		0.07

48 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Growth Fund
Class A
Actual	$	1,000.00	$	1,120.40	$	2.89		0.55	%
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class C
Actual		1,000.00		1,117.40		5.67		1.08
Hypothetical		1,000.00		1,019.44		5.41		1.08
Class I
Actual		1,000.00		1,121.50		1.68		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class R6
Actual		1,000.00		1,122.80		0.42		0.08
Hypothetical		1,000.00		1,024.40		0.40		0.08
JPMorgan Investor Growth & Income Fund
Class A
Actual		1,000.00		1,093.50		2.85		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class C
Actual		1,000.00		1,090.90		5.55		1.07
Hypothetical		1,000.00		1,019.49		5.36		1.07
Class I
Actual		1,000.00		1,094.50		1.66		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class R6
Actual		1,000.00		1,095.80		0.36		0.07
Hypothetical		1,000.00		1,024.45		0.35		0.07

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 49

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of

this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (4) whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (6) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

50 J.P. MORGAN INVESTOR FUNDS JUNE 30, 2021

Tax Letter

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2021:

	Dividends Received Deduction
JPMorgan Investor Balanced Fund		20.24	%
JPMorgan Investor Conservative Growth Fund		14.04
JPMorgan Investor Growth Fund		41.83
JPMorgan Investor Growth & Income Fund		28.84

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Investor Balanced Fund	$	193,026
JPMorgan Investor Conservative Growth Fund		80,170
JPMorgan Investor Growth Fund		183,159
JPMorgan Investor Growth & Income Fund		176,005

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2021:

	Qualified Dividend Income
JPMorgan Investor Balanced Fund	$	46,462
JPMorgan Investor Conservative Growth Fund		32,412
JPMorgan Investor Growth Fund		41,637
JPMorgan Investor Growth & Income Fund		35,484

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2021, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2021 will be disclosed in the semiannual report for the period ended December 31, 2021.

JUNE 30, 2021 J.P. MORGAN INVESTOR FUNDS 51

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2021.  All rights reserved. June 2021. AN-INV-621

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

On April 1, 2021, Kathleen M. Gallagher replaced Dennis P. Harrington as the audit committee financial expert. Ms. Gallagher is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2021 – $375,430

2020 – $393,508

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2021 – $49,455

2020 – $53,460

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2021 – $133,265

2020 – $150,184

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2021 and 2020, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2021 – Not applicable

2020 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2021 – 0.0%

2020 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable - Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2020 - $30.2 million

2019 - $24.9 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	September 1, 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
	September 1, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	September 1, 2021