JP Morgan Fleming Mutual Fund NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-08189

J.P. Morgan Fleming Mutual Fund Group, Inc.

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(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, 2011 through December 31, 2011

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

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

December 31, 2011 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Core Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Multi-Cap Market Neutral Fund

JPMorgan Value Advantage Fund

LOGO

CONTENTS



CEO’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Growth Advantage Fund			3

JPMorgan Mid Cap Core Fund			6

JPMorgan Mid Cap Equity Fund			8

JPMorgan Mid Cap Growth Fund			10

JPMorgan Mid Cap Value Fund			13

JPMorgan Multi-Cap Market Neutral Fund			16

JPMorgan Value Advantage Fund			19

Schedules of Portfolio Investments			21

Financial Statements			52

Financial Highlights			70

Notes to Financial Statements			84

Schedule of Shareholder Expenses			95

Board Approval of Investment Advisory Agreements			98

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

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. 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’ prospectus 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.

CEO’S LETTER

JANUARY 25, 2012 (Unaudited)

Dear Shareholder:

The confidence in a strong economic comeback that investors demonstrated earlier this year quickly dissipated last summer as a host of concerns revolving around the European debt crisis cast a seemingly dark shadow on our hopes for recovery. This combination of economic and geopolitical issues resulted in a level of market volatility not seen since the financial crisis three years ago.

Nonetheless, stocks have regained some of their footing, as positive fourth-quarter economic data on auto sales, payroll employment and manufacturing activity all appear to indicate that consumer confidence is improving and economic growth may be accelerating.

“This combination of economic and geopolitical issues resulted in a level of market volatility not seen since the financial crisis three years ago.”

We remain cautious, however, since many of the same challenges that we experienced in 2011 — European debt concerns, uncertainty over monetary and fiscal stimulus, and soft economic data — will likely remain in place this year, laying the groundwork for continued market volatility.

Strong fourth quarter surge caps volatile year

The European debt crisis and U.S.-based economic issues created a generally volatile year for equities, culminating in a major sell off in the third quarter. A strong fourth quarter comeback did little to erase earlier losses, as the Standard & Poor’s 500 Index (“S&P 500 Index”) reached a level of 1,258, a decrease of -3.7% from six months earlier.

Large cap stocks lead most style categories

Large cap stocks led the style categories over the six-month period ended December 31, 2011 (the Russell 1000 Index returned -4.6% and the Russell Mid Cap Index returned -8.9%, compared to a return of -9.8% for the Russell 2000 Index).

Overall, growth stocks fared better than value in the large cap space. The Russell 1000 Growth Index returned -3.9% for the six-month reporting period, compared to -5.2% for the Russell 1000 Value Index. In the small cap segment, the Russell 2000 Value Index, with a return of -8.9%, outpaced the Russell 2000 Growth Index, which returned -10.6% as of the end of the six-month period. With regard to mid cap stocks, the Russell Midcap Value Index outpaced the Russell Midcap Growth Index with returns of -7.6% and –10.3%, respectively.

Euro zone uncertainty drives flight-to-quality sentiment

Continued uncertainty surrounding global economic growth prompted investors to seek safe havens in U.S. Treasury securities and high-quality corporate bonds. The Barclays Capital U.S. Aggregate Bond Index returned 5.0%. High yield bonds and emerging markets debt securities also performed relatively well, as the Barclays Capital High Yield Index returned 0.01%, and the Barclays Capital Emerging Markets Index returned 1.9% for the six-month period ended December 31, 2011.

Similar economic concerns pushed yields of U.S. Treasury securities maturing in 10 years or more to historic lows throughout the year. As of the end of the six-month period ended December 31, 2011, the yields on the benchmark 10-year U.S. Treasury bond dropped from 3.2% to 1.9%. In addition, yields on the 30-year U.S. Treasury bond declined from 4.4% to 2.9%, and the two-year U.S. Treasury note dipped from 0.5% to 0.3%.

Lesson for 2012: Keep balance in mind in economic uncertainty

Last year offered its share of shocks to investors: geopolitical upheaval, natural disasters, sovereign-debt crises, and credit-rating downgrades were all among the events competing for the market’s attention. Against the backdrop of an election year, it’s likely that we will face continued global surprises —both on the upside and the downside.

As you reassess your investment strategy for the year ahead, it’s important to stick with a plan that focuses on diversification as well as long-term allocation. Trying to “time” market fluctuations can be risky business, especially given the ongoing uncertainty surrounding the direction of economic growth and the euro zone crisis in the months ahead.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued confidence. We look forward to managing your investment needs for years to come. 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,

LOGO

George C.W. Gatch

CEO-Investment Management Americas

J.P. Morgan Asset Management



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	1

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

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)

The reporting period began amid uncertainty surrounding global economic growth, which dampened investors’ appetite for risk. This negative mood among investors worsened as they seemed to lack confidence in the ability of European governments to combat the region’s debt crisis, stoking fear about economic contagion. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors. Each of these factors helped trigger a sharp downturn in stock prices in the third quarter of 2011. Better-than-expected economic data helped investors regain their appetite for risk in the fourth quarter of 2011, but U.S. mid-cap stocks, as measured by the Russell Midcap Index, still finished the six months ended December 31, 2011 with an 8.91% loss, while the Russell 3000 Index declined 5.01%.

U.S growth stocks outperformed U.S. value stocks, as the Russell 3000 Growth Index returned -4.49% versus the -5.52% return for the Russell 3000 Value Index during the six months ended December 31, 2011. U.S. mid-cap growth stocks underperformed U.S. mid-cap value stocks, as the Russell Midcap Growth Index returned -10.26% versus the -7.56% return for the Russell Midcap Value Index.



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		–7.65%
Russell 3000 Growth Index		–4.49%

Net Assets as of 12/31/2011 (In Thousands)	$	1,062,456

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 (Class A Shares, without a sales charge) underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2011. The Fund’s stock selection in the consumer discretionary and technology sectors detracted from relative performance, while the Fund’s stock selection in the producer durables sector and stock selection and underweight versus the Benchmark in the materials and processing sector contributed to relative performance.

Individual detractors from relative performance included the Fund’s positions in Newfield Exploration Co., NetFlix, Inc. and Agilent Technologies, Inc. Shares of Newfield Exploration Co. declined after the oil and gas operations company lowered its expectations for its fiscal 2011 natural gas production. Shares of NetFlix, Inc., which provides a subscription service for television shows and movies, decreased after the company lost subscribers due to its price increases and the decision to separate its streaming video and DVD rental services, a decision that the company reversed toward the end of the reporting period. Shares of Agilent Technologies, Inc., which provides bio-analytical and electronic measurement solutions, declined as investors became concerned about the company’s future earnings growth.

Individual contributors to relative performance included the Fund’s positions in Alexion Pharmaceuticals, Inc., Apple, Inc. and W.W. Grainger, Inc. Shares of biotechnology company Alexion Pharmaceuticals, Inc. increased as investors reacted positively to the company’s earnings growth and favorable regulatory opinions on its Soliris drug. Shares of technology company Apple, Inc. rose as the company continued to show the ability to gain share in the growing mobility market through the strong sales of its iPhone and iPad. Shares of W.W. Grainger, Inc., an industrial supply manufacturer, benefited as the company continued to gain market share. In addition, the company raised the low end of its 2011 fiscal year guidance and issued a positive outlook for 2012.

HOW WAS THE FUND POSITIONED?

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

across market capitalizations 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.

As a result of this bottom-up stock selection process, the Fund’s largest overweight versus the Benchmark was in the financial services sector, while the Fund’s largest underweight versus the Benchmark was in the consumer staples sector.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	7.7	%
	2.	Google, Inc., Class A	2.5
	3.	QUALCOMM, Inc.	2.3
	4.	Valeant Pharmaceuticals International, Inc., (Canada)	2.1
	5.	Amazon.com, Inc.	2.0
	6.	W.W. Grainger, Inc.	2.0
	7.	UnitedHealth Group, Inc.	1.9
	8.	Biogen Idec, Inc.	1.8
	9.	Pall Corp.	1.8
	10.	MasterCard, Inc., Class A	1.8


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.2	%
Consumer Discretionary	19.9
Industrials	15.9
Health Care	13.7
Financials	9.6
Energy	6.9
Materials	2.5
Consumer Staples	0.4
Short-Term Investment	0.9

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

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

***

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of December 31, 2011. The Fund’s composition is subject to change.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2011

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		10/29/99
Without Sales Charge				(7.65	)%		(1.72	)%		3.37	%		5.41	%
With Sales Charge**				(12.46	)		(6.85	)		2.27			4.84
CLASS B SHARES		10/29/99
Without CDSC				(7.90	)		(2.22	)		2.79			4.85
With CDSC***				(12.90	)		(7.22	)		2.43			4.85
CLASS C SHARES		5/1/06
Without CDSC				(7.78	)		(2.10	)		2.82			4.75
With CDSC****				(8.78	)		(3.10	)		2.82			4.75
CLASS R5 SHARES		1/8/09		(7.42	)		(1.24	)		3.75			5.62
SELECT CLASS SHARES		5/1/06		(7.45	)		(1.47	)		3.63			5.56

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/01 TO 12/31/11)

Source: Lipper, Inc. 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.

As of August 17, 2005, the Fund changed its name, investment objective, certain investment policies and benchmark. Prior to that time, the Fund operated as JPMorgan Mid Cap Growth Fund. 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 August 17, 2005 might be less pertinent for investors considering whether to purchase shares of the Fund. Returns for the Class C Shares prior to their inception date are based on the performance of Class B Shares, whose expenses are substantially similar to those of Class C Shares. Returns for the Select Class Shares prior to their inception date are based on the performance of Class A Shares. During this period, the actual returns of Select Class Shares would have been different because Select Class Shares have different expenses than Class A Shares. Returns for Class R5 Shares prior to their inception date are based on the performance of Select Class Shares from May 1, 2006 to January 8, 2009 and Class A Shares prior to May 1, 2006. The actual returns of Class R5 Shares

would have been different than those shown because Class R5 Shares have different expenses than Select Class and Class A Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2001 to December 31, 2011. The performance of the Fund assumes reinvestment of all dividends and capital gains, 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 gains of the securities included in the benchmark. The performance of the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 Index companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. The Lipper Multi-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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



4	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

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 redemption of Fund shares.

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

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



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		–6.41%
Russell Midcap Index		–8.91%

Net Assets as of 12/31/2011 (In Thousands)	$	266,124

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) outperformed the Russell Midcap Index for the six months ended December 31, 2011. The Fund’s stock selection in the financial services and consumer discretionary sectors contributed to relative performance. The Fund’s stock selection in the energy sector and stock selection and underweight versus the Benchmark in the consumer staples sector detracted from relative performance.

Individual contributors to relative performance included the Fund’s positions in W.W. Grainger, Inc., ProAssurance Corp. and Papa John’s International, Inc. Shares of W.W. Grainger, Inc., an industrial supply manufacturer, benefited as the company continued to gain market share. In addition, the company raised the low end of its 2011 fiscal year guidance and issued a positive outlook for 2012. Shares of insurer ProAssurance Corp. benefited from the company’s announced installment of a quarterly dividend and its strong earnings. Shares of pizza restaurant operator Papa John’s International, Inc. gained after the company increased its expectations for 2011 earnings.

Individual detractors from relative performance included the Fund’s positions in Patterson-UTI Energy, Inc., Devon Energy Corp. and Solera Holdings, Inc. Shares of Patterson-UTI Energy, Inc., an oil well services and equipment company, declined after its estimates for its third-quarter revenue were lower than many investors had expected. Shares of oil and gas operations company Devon Energy Corp. declined due to concerns that slowing economic growth would hurt the demand for oil and natural gas. Shares of Solera Holdings, Inc. declined after the software and programming company lowered its expectations for its fiscal 2012 revenue.

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 invested in companies that, in their view, had leading competitive advantages, predictable and durable business models, sustainable free cash flow generation and management teams committed to increasing intrinsic value.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	UnitedHealth Group, Inc.	3.2	%
	2.	Devon Energy Corp.	3.1
	3.	Jarden Corp.	2.7
	4.	Silgan Holdings, Inc.	2.6
	5.	Penn National Gaming, Inc.	2.4
	6.	Waste Connections, Inc.	2.4
	7.	Chubb Corp. (The)	2.1
	8.	Norfolk Southern Corp.	2.0
	9.	Laboratory Corp. of America Holdings	1.9
	10.	Airgas, Inc.	1.8


PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.6	%
Consumer Discretionary	17.1
Industrials	15.9
Information Technology	9.5
Materials	9.4
Health Care	8.3
Energy	7.5
Utilities	7.4
Consumer Staples	1.4
Short-Term Investment	5.9

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

***

Percentages indicated are based upon total investments as of December 31, 2011. The Fund’s composition is subject to change.



6	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2011

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/10
Without Sales Charge				(6.53	)%		1.24	%		6.63	%
With Sales Charge**				(11.42	)		(4.07	)		1.47
CLASS C SHARES		11/30/10
Without CDSC				(6.72	)		0.80			6.11
With CDSC***				(7.72	)		(0.20	)		6.11
CLASS R2 SHARES		11/30/10		(6.65	)		0.99			6.36
CLASS R5 SHARES		11/30/10		(6.35	)		1.67			7.07
CLASS R6 SHARES		1/31/11		(6.31	)		1.72			7.11
SELECT CLASS SHARES		11/30/10		(6.41	)		1.49			6.88

Not annualized.

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 (11/30/2010 To 12/31/2011)

Source: Lipper, Inc. 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-data, month-end performance information please call 1-800-480-4111.

The fund commenced operations on November 30, 2010.

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 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Mid Cap Core Fund, the Russell Midcap Index and the Lipper Mid-Cap Core Funds Index from November 30, 2010 to December 31, 2011. The performance of the Fund assumes reinvestment of all dividends and capital gains, if any. 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 gains of the securities included in the benchmark. The performance of

the Lipper Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment and carry no sales charge.

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



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		–8.86%
Russell Midcap Index		–8.91%

Net Assets as of 12/31/2011 (In Thousands)	$	568,964

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 (Select Class Shares) outperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2011. The Fund’s stock selection in the industrials sector contributed to relative performance, while the Fund’s stock selection in the consumer discretionary sector detracted from relative performance.

Individual contributors to relative performance included the Fund’s positions in W.W. Grainger, Inc., Humana, Inc. and TJX Cos., Inc. Shares of W.W. Grainger, Inc., an industrial supply manufacturer, benefited as the company continued to gain market share. In addition, the company raised the low end of its 2011 fiscal year guidance and issued a positive outlook for 2012. Shares of insurance company Humana, Inc. gained after the company raised its full-year profit forecast and issued a better-than-expected 2012 outlook. Shares of TJX Cos., Inc. increased after the retail company raised its expectations for its 2012 earnings.

Individual detractors from relative performance included the Fund’s positions in Newfield Exploration Co., Royal Caribbean Cruises Ltd. and Polycom, Inc. Shares of Newfield Exploration Co. declined after the oil and gas operations company lowered its expectations for its fiscal 2011 natural gas production. Shares of cruise ship operator Royal Caribbean Cruises Ltd. declined due to rising fuel prices and the company’s announcement that lingering geopolitical risks in the eastern Mediterranean region would cause it to modify cruise routes, hurting its earnings. Shares of Polycom, Inc. decreased after the communication equipment provider’s estimates for fourth-quarter 2011 revenue growth disappointed investors.

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 deemed capable of achieving sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Humana, Inc.	1.4	%
	2.	Marriott International, Inc., Class A	1.3
	3.	T. Rowe Price Group, Inc.	1.2
	4.	Lincare Holdings, Inc.	1.2
	5.	Sherwin-Williams Co. (The)	1.2
	6.	Carlisle Cos., Inc.	1.2
	7.	W.W. Grainger, Inc.	1.2
	8.	Valeant Pharmaceuticals International, Inc., (Canada)	1.1
	9.	Concho Resources, Inc.	1.1
	10.	TE Connectivity Ltd., (Switzerland)	1.1


PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	18.8	%
Information Technology	15.8
Financials	15.2
Industrials	14.9
Health Care	10.1
Energy	7.6
Utilities	6.0
Materials	5.5
Consumer Staples	3.6
Telecommunication Services	0.6
Short-Term Investment	1.9

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

***

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of December 31, 2011. The Fund’s composition is subject to change.



8	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2011

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		11/2/09
Without Sales Charge				(8.99	)%		(2.14	)%		1.84	%		6.49	%
With Sales Charge**				(13.76	)		(7.27	)		0.75			5.92
CLASS C SHARES		11/2/09
Without CDSC				(9.24	)		(2.62	)		1.62			6.38
With CDSC***				(10.24	)		(3.62	)		1.62			6.38
SELECT CLASS SHARES		1/1/97		(8.86	)		(1.80	)		1.99			6.57

Not annualized.

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 (12/31/01 TO 12/31/11)

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

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index and the Lipper Multi-Cap Core Funds Index from December 31, 2001 to December 31, 2011. The performance of the Fund assumes reinvestment of all dividends and capital gains, if any. 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 gains of the securities included in the benchmark. The performance of

the Lipper Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Multi-Cap Core Funds Index is an index based on total returns of certain mutual funds as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment and carry no sales charge.

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



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			–13.26%
Russell Midcap Growth Index			–10.26%

Net Assets as of 12/31/2011 (In Thousands)			$1,379,851

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital and secondarily, current income by investing primarily in equity securities.

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

The Fund (Select Class Shares) underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2011. The Fund’s stock selection in the consumer discretionary and technology sectors detracted from relative performance, while the Fund’s stock selection in the producer durables and materials and processing sectors contributed to relative performance.

Individual contributors to relative performance included the Fund’s positions in Pall Corp., Alexion Pharmaceuticals, Inc. and W.W. Grainger, Inc. Shares of Pall Corp, a supplier of filtration, separation and purification technologies, benefited from the company’s strong third-quarter earnings, driven by strength from its biopharmaceutical segment. Shares of biotechnology company Alexion Pharmaceuticals, Inc. increased as investors reacted positively to the company’s earnings growth and favorable regulatory opinions on its Soliris drug. Shares of W.W. Grainger, Inc., an industrial supply manufacturer, benefited as the company continued to gain market share. In addition, the company raised the low end of its 2011 fiscal year guidance and issued a positive outlook for 2012.

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 a portfolio 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.

As a result of this bottom-up stock selection process, the Fund’s largest overweight versus the Benchmark was in the technology sector and the Fund’s largest underweight versus the Benchmark was in the consumer staples sector.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	W.W. Grainger, Inc.	2.4	%
	2.	Valeant Pharmaceuticals International, Inc., (Canada)	2.2
	3.	Concho Resources, Inc.	2.2
	4.	Pall Corp.	2.2
	5.	Cameron International Corp.	2.1
	6.	Alliance Data Systems Corp.	1.9
	7.	FMC Corp.	1.8
	8.	Humana, Inc.	1.7
	9.	Harley-Davidson, Inc.	1.6
	10.	Wabtec Corp.	1.6


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	25.3	%
Industrials	21.2
Consumer Discretionary	18.6
Health Care	14.1
Energy	8.5
Financials	6.7
Materials	3.7
Consumer Staples	0.9
Short-Term Investment	1.0

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

***

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of December 31, 2011. The Fund’s composition is subject to change.



10	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2011

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		2/18/92
Without Sales Charge				(13.40	)%		(6.11	)%		1.91	%		4.35	%
With Sales Charge**				(17.94	)		(11.03	)		0.82			3.79
CLASS B SHARES		1/14/94
Without CDSC				(13.69	)		(6.59	)		1.32			3.79
With CDSC***				(18.69	)		(11.59	)		0.94			3.79
CLASS C SHARES		11/4/97
Without CDSC				(13.61	)		(6.54	)		1.33			3.69
With CDSC****				(14.61	)		(7.54	)		1.33			3.69
CLASS R2 SHARES		6/19/09		(13.48	)		(6.24	)		1.75			4.17
CLASS R5 SHARES		11/1/11		(13.22	)		(5.75	)		2.21			4.64
CLASS R6 SHARES		11/1/11		(13.22	)		(5.75	)		2.21			4.64
SELECT CLASS SHARES		3/2/89		(13.26	)		(5.79	)		2.20			4.63

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/01 TO 12/31/11)

Returns for the Class R2, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Select Class Shares. Prior performance for Class R2 Shares has been adjusted to reflect the differences in expenses and sales charges 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 Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2001 to December 31, 2011. The performance of the Fund assumes reinvestment of all dividends and capital gains, 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 gains of the securities included in the benchmark. The performance of the Lipper Mid-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. 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. The Lipper Mid-Cap Growth Funds Index is an index based on total returns of certain mutual funds as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment and carry no sales charge.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited) (continued)

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



12	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		–4.58%
Russell Midcap Value Index		–7.56%

Net Assets as of 12/31/2011 (In Thousands)	$	6,529,835

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 (Institutional Class Shares) outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2011. The Fund’s relative outperformance versus the Benchmark was primarily driven by positive stock selection in the consumer discretionary and financials sectors. The Fund’s overweight versus the Benchmark in the telecommunication services sector and underweight versus the Benchmark in the utilities sector detracted from relative performance.

Individual contributors to relative performance included the Fund’s positions in TJX Cos., Inc., Jack Henry & Associates, Inc. and Transatlantic Holdings, Inc. Shares of TJX Cos., Inc. increased after the retail company raised its expectations for its 2012 earnings. Shares of Jack Henry & Associates, Inc., a provider of technology solutions and payment processing services primarily for the financial services industry, increased due to the company’s strong quarterly revenue. Shares of reinsurance company Transatlantic Holdings, Inc. increased amid investor optimism that it would be taken over.

Individual detractors from the Fund’s relative performance included the Fund’s positions in Cablevision Systems Corp., Newfield Exploration Co. and Albemarle Corp. Shares of Cablevision Systems Corp. declined after the television company announced lower-than-expected third-quarter profit. Shares of Newfield Exploration Co. declined after the oil and gas operations company lowered its expectations for its fiscal 2011 natural gas production. Shares of Albemarle Corp., a manufacturer of engineered specialty chemicals, declined on concerns that slowing economic growth would diminish demand for the company’s products.

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 sustainable levels of free cash flow. The Fund’s portfolio managers believed that these types of companies should perform relatively well in what they

view as a slow but sustainable economic recovery in the United States. The Fund’s largest overweight continued to be in the consumer discretionary sector. The Fund’s portfolio managers sought to own retailers with strong brands and business models that produce recurring revenue, believing that these factors, coupled with lower levels of capital spending, should contribute to their sustainable generation of free cash flow.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Republic Services, Inc.	2.0	%
	2.	Energen Corp.	1.8
	3.	Loews Corp.	1.7
	4.	CMS Energy Corp.	1.7
	5.	Williams Cos., Inc. (The)	1.6
	6.	Ameriprise Financial, Inc.	1.6
	7.	Xcel Energy, Inc.	1.6
	8.	Ball Corp.	1.5
	9.	W.R. Berkley Corp.	1.4
	10.	ONEOK, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.5	%
Consumer Discretionary	18.8
Utilities	11.7
Industrials	8.9
Materials	7.3
Energy	6.6
Information Technology	6.5
Consumer Staples	6.3
Health Care	6.2
Telecommunication Services	1.4
Short-Term Investment	2.8

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

***

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of December 31, 2011. The Fund’s composition is subject to change.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2011

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		4/30/01
Without Sales Charge				(4.80	)%		1.91	%		1.52	%		8.21	%
With Sales Charge**				(9.79	)		(3.44	)		0.43			7.63
CLASS B SHARES		4/30/01
Without CDSC				(5.06	)		1.37			1.00			7.72
With CDSC***				(10.06	)		(3.63	)		0.61			7.72
CLASS C SHARES		4/30/01
Without CDSC				(5.04	)		1.38			1.00			7.60
With CDSC****				(6.04	)		0.38			1.00			7.60
CLASS R2 SHARES		11/3/08		(4.95	)		1.63			1.35			8.12
INSTITUTIONAL CLASS SHARES		11/13/97		(4.58	)		2.42			2.01			8.75
SELECT CLASS SHARES		10/31/01		(4.67	)		2.17			1.76			8.48

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/01 TO 12/31/11)

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.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Mid Cap Value Fund, the Russell Midcap Value Index, the Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index from December 31, 2001 to December 31, 2011. The performance of the Fund assumes reinvestment of all dividends and capital gains, 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 gains of the securities included in the benchmark. The performance of the Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. 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. The Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index are indexes based on total returns of certain groups of mutual funds as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment and carry no sales charge.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		–2.52%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.02%

Net Assets as of 12/31/2011 (In Thousands)	$	486,967

INVESTMENT OBJECTIVE**

The JPMorgan Multi-Cap Market Neutral Fund (the “Fund”) seeks long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

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

The Fund (Select Class Shares) underperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2011.

The Fund’s portfolio managers employed a quantitative bottom-up approach to their stock selection process, focusing on both valuation and fundamentals. The Fund’s valuation stock selection model seeks to determine how a stock is priced relative to its intrinsic value by considering valuation factors such as a company’s cash flow and price-to-book values. The Fund’s fundamentals stock selection model attempts to identify

how healthy a company’s short-term operating trends are judged to be, using metrics such as stock price momentum and earnings momentum.

During the reporting period, the Fund’s stock selection process produced a negative return for the Fund. The Fund experienced negative returns in the technology, industrial and consumer sectors and positive returns in the financial and health care sectors.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers ranked stocks within a universe of approximately 1,300 large-cap, mid-cap and high-end small-cap stocks. The Fund’s portfolio managers sought to go long on inexpensive stocks with improving fundamentals and short on expensive stocks with deteriorating fundamentals. They continued to use strategies designed to produce returns that have no correlation with general domestic market performance.



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Apollo Group, Inc., Class A	0.5	%
	2.	CMS Energy Corp.	0.5
	3.	Eli Lilly & Co.	0.5
	4.	Assurant, Inc.	0.5
	5.	Brinker International, Inc.	0.5
	6.	Stone Energy Corp.	0.4
	7.	Smithfield Foods, Inc.	0.4
	8.	Omnicare, Inc.	0.4
	9.	Alliance Data Systems Corp.	0.4
	10.	Activision Blizzard, Inc.	0.4


TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Quanta Services, Inc.	0.5	%
	2.	Akamai Technologies, Inc.	0.5
	3.	CarMax, Inc.	0.5
	4.	American Tower Corp., Class A	0.5
	5.	McMoRan Exploration Co.	0.5
	6.	Cobalt International Energy, Inc.	0.5
	7.	Concur Technologies, Inc.	0.5
	8.	Cincinnati Financial Corp.	0.5
	9.	World Fuel Services Corp.	0.5
	10.	CapitalSource, Inc.	0.5


LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	16.8	%
Information Technology	16.5
Financials	12.3
Industrials	12.2
Health Care	9.2
Energy	7.2
Consumer Staples	6.2
Materials	6.1
Utilities	5.4
Telecommunication Services	0.6
Short-Term Investment	7.5


SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Industrials	16.7	%
Consumer Discretionary	15.2
Information Technology	14.1
Financials	14.0
Health Care	10.3
Energy	8.3
Materials	7.4
Utilities	6.8
Consumer Staples	5.8
Telecommunication Services	1.4

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

***

Percentages indicated are based upon total long investments as of December 31, 2011. The Fund’s composition is subject to change.

****

Percentages indicated are based upon total short investments as of December 31, 2011. The Fund’s composition is subject to change.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		5/23/03
Without Sales Charge				(2.75	)%		(0.42	)%		(1.69	)%		1.10	%
With Sales Charge**				(7.83	)		(5.64	)		(2.75	)		0.47
CLASS B SHARES		5/23/03
Without CDSC				(3.06	)		(1.08	)		(2.42	)		0.40
With CDSC***				(8.06	)		(6.08	)		(2.86	)		0.40
CLASS C SHARES		5/23/03
Without CDSC				(3.06	)		(1.08	)		(2.42	)		0.35
With CDSC****				(4.06	)		(2.08	)		(2.42	)		0.35
SELECT CLASS SHARES		5/23/03		(2.52	)		(0.10	)		(1.44	)		1.35

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/23/03 TO 12/31/11)

The Fund commenced operations on May 23, 2003.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Multi-Cap Market Neutral Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Equity Market-Neutral Funds Average from May 23, 2003 to December 31, 2011. The performance of the Fund assumes reinvestment of all dividends and capital gains, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill 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 gains of the securities included in the benchmark. The performance of the Lipper Equity Market-Neutral Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The BofA Merrill Lynch 3-Month

U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the 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. The Lipper Equity Market-Neutral Funds Average is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment and carry no sales charge.

Because the Class B Shares automatically convert to Class A Shares after eight years, the since inception average annual total return shown above for Class B reflects Class A performance for the period after conversion.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		–3.33%
Russell 3000 Value Index		–5.52%

Net Assets as of 12/31/2011 (In Thousands)	$	872,550

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 (Institutional Class Shares) outperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2011. The Fund’s relative outperformance versus the Benchmark was driven primarily by the Fund’s stock selection in the financials sector. The Fund’s stock selection in the consumer staples sector detracted from the Fund’s relative performance.

Individual contributors to relative performance included the Fund’s positions in Transatlantic Holdings, Inc. and W.R. Berkley Corp. Shares of reinsurance company Transatlantic Holdings, Inc. increased amid investor optimism that it would be taken over. Shares of property and casualty insurer W.R. Berkley Corp. increased as investors reacted positively to the news that the company declared a dividend and increased its stock repurchase authorization.

In addition, the Fund’s underweight position versus the Benchmark in Bank of America Corp. contributed to relative performance, as its shares were hurt by fears that the bank would need to raise capital. The stock also declined after the announcement that American International Group brought a lawsuit against the company.

Individual detractors from the Fund’s relative performance included the Fund’s positions in Devon Energy Corp., Walgreen Co. and Cablevision Systems Corp. Shares of oil and gas operations company Devon Energy Corp. declined due to concerns that slowing economic growth would hurt the demand for oil and natural gas. Shares of Walgreen Co., a retail drugstore operator, declined due to concerns that its terminated partnership with pharmacy benefits manager Express Scripts would negatively impact the company’s earnings. Shares of Cablevision Systems Corp. declined after the television company announced lower-than-expected third-quarter earnings.

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 significant levels of free cash flow.

The Fund was overweight versus the Benchmark in the consumer discretionary sector, where the Fund’s portfolio managers preferred retailers with strong and recognizable brands, a loyal customer base, recurring revenue streams and lower capital expenditure levels. The Fund was also overweight versus the Benchmark in the financials sector.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.0	%
	2.	Loews Corp.	2.8
	3.	Devon Energy Corp.	2.7
	4.	Exxon Mobil Corp.	2.7
	5.	AT&T, Inc.	2.6
	6.	Procter & Gamble Co. (The)	2.4
	7.	Pfizer, Inc.	2.3
	8.	Johnson & Johnson	2.1
	9.	Ameriprise Financial, Inc.	1.8
	10.	Merck & Co., Inc.	1.7


PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.0	%
Consumer Discretionary	12.8
Health Care	11.2
Energy	11.1
Utilities	8.1
Consumer Staples	5.9
Industrials	4.8
Telecommunication Services	4.6
Materials	4.5
Information Technology	2.0
Investment Company	0.8
Short-Term Investment	2.2

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

***

Percentages indicated are based upon total investments as of December 31, 2011. The Fund’s composition is subject to change.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/05
Without Sales Charge				(3.55	)%		1.11	%		1.65	%		5.29	%
With Sales Charge**				(8.63	)		(4.21	)		0.56			4.46
CLASS C SHARES		2/28/05
Without CDSC				(3.78	)		0.61			1.14			4.77
With CDSC***				(4.78	)		(0.39	)		1.14			4.77
INSTITUTIONAL CLASS SHARES		2/28/05		(3.33	)		1.62			2.17			5.74
SELECT CLASS SHARES		2/28/05		(3.45	)		1.37			1.91			5.56

Not annualized.

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 (2/28/05 TO 12/31/11)

The Fund commenced operations on February 28, 2005.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from February 28, 2005 to December 31, 2011. The performance of the Fund assumes reinvestment of all dividends and capital gains, 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 gains of the securities included in the benchmark. The performance of the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses charged by the Fund. 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. The Lipper Multi-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment and carry no sales charge.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 99.7%
		Consumer Discretionary — 20.0%
		Auto Components — 0.9%
	146	BorgWarner, Inc. (a)		9,274

		Automobiles — 1.7%
	335	Harley-Davidson, Inc.		13,017
	191	Tesla Motors, Inc. (a)		5,441

				18,458

		Diversified Consumer Services — 1.3%
	212	American Public Education, Inc. (a)		9,167
	150	Sotheby’s		4,291

				13,458

		Hotels, Restaurants & Leisure — 1.9%
	105	BJ’s Restaurants, Inc. (a)		4,759
	167	Las Vegas Sands Corp. (a)		7,127
	294	Marriott International, Inc., Class A		8,585

				20,471

		Household Durables — 1.7%
	123	Tempur-Pedic International, Inc. (a)		6,450
	593	Toll Brothers, Inc. (a)		12,099

				18,549

		Internet & Catalog Retail — 3.7%
	125	Amazon.com, Inc. (a)		21,689
	246	HomeAway, Inc. (a)		5,714
	45	NetFlix, Inc. (a)		3,132
	19	priceline.com, Inc. (a)		8,840

				39,375

		Media — 3.4%
	287	DIRECTV, Class A (a)		12,276
	6,160	Sirius XM Radio, Inc. (a)		11,212
	325	Walt Disney Co. (The)		12,173

				35,661

		Specialty Retail — 1.2%
	602	Sally Beauty Holdings, Inc. (a)		12,710

		Textiles, Apparel & Luxury Goods — 4.2%
	217	Coach, Inc.		13,258
	92	Deckers Outdoor Corp. (a)		6,922
	175	Lululemon Athletica, Inc., (Canada) (a)		8,142
	310	Michael Kors Holdings Ltd., (Hong Kong) (a)		8,442
	240	Vera Bradley, Inc. (a)		7,737

				44,501

		Total Consumer Discretionary		212,457


SHARES		SECURITY DESCRIPTION	VALUE($)


		Consumer Staples — 0.4%
		Food Products — 0.4%
	138	Diamond Foods, Inc.		4,459

		Energy — 6.9%
		Energy Equipment & Services — 4.2%
	377	Cameron International Corp. (a)		18,558
	113	Dril-Quip, Inc. (a)		7,438
	274	Schlumberger Ltd.		18,737

				44,733

		Oil, Gas & Consumable Fuels — 2.7%
	190	Concho Resources, Inc. (a)		17,813
	178	Laredo Petroleum Holdings, Inc. (a)		3,976
	196	Newfield Exploration Co. (a)		7,410

				29,199

		Total Energy		73,932

		Financials — 9.7%
		Capital Markets — 2.4%
	607	Blackstone Group LP (The)		8,510
	257	Lazard Ltd., (Bermuda), Class A		6,713
	181	T. Rowe Price Group, Inc.		10,319

				25,542

		Commercial Banks — 2.0%
	419	U.S. Bancorp		11,320
	375	Wells Fargo & Co.		10,335

				21,655

		Consumer Finance — 1.2%
	274	American Express Co.		12,915

		Diversified Financial Services — 1.7%
	41	CME Group, Inc.		9,868
	225	Moody’s Corp.		7,585

				17,453

		Insurance — 1.6%
	154	ACE Ltd., (Switzerland)		10,827
	235	Amtrust Financial Services, Inc.		5,576

				16,403

		Real Estate Investment Trusts (REITs) — 0.8%
	308	ProLogis, Inc.		8,792

		Total Financials		102,760

		Health Care — 13.8%
		Biotechnology — 4.7%
	318	Aegerion Pharmaceuticals, Inc. (a)		5,325
	103	Alexion Pharmaceuticals, Inc. (a)		7,336

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Biotechnology — Continued
	177	Biogen Idec, Inc. (a)		19,479
	270	Celgene Corp. (a)		18,218

				50,358

		Health Care Equipment & Supplies — 1.6%
	175	Sirona Dental Systems, Inc. (a)		7,703
	292	Thoratec Corp. (a)		9,806

				17,509

		Health Care Providers & Services — 3.3%
	307	Emeritus Corp. (a)		5,376
	100	Humana, Inc.		8,796
	411	UnitedHealth Group, Inc.		20,824

				34,996

		Life Sciences Tools & Services — 0.7%
	200	Agilent Technologies, Inc. (a)		6,996

		Pharmaceuticals — 3.5%
	161	Allergan, Inc.		14,109
	487	Valeant Pharmaceuticals International, Inc., (Canada) (a) (c)		22,724

				36,833

		Total Health Care		146,692

		Industrials — 16.0%
		Aerospace & Defense — 2.0%
	166	HEICO Corp. (c)		9,679
	116	TransDigm Group, Inc. (a)		11,053

				20,732

		Building Products — 1.0%
	247	Armstrong World Industries, Inc. (a)		10,814

		Industrial Conglomerates — 1.3%
	309	Carlisle Cos., Inc.		13,706

		Machinery — 4.8%
	200	AGCO Corp. (a)		8,598
	142	Cummins, Inc.		12,464
	341	Pall Corp.		19,460
	155	Wabtec Corp.		10,821

				51,343

		Professional Services — 1.2%
	142	IHS, Inc., Class A (a)		12,209

		Road & Rail — 1.9%
	189	J.B. Hunt Transport Services, Inc.		8,500
	294	Old Dominion Freight Line, Inc. (a)		11,916

				20,416


SHARES		SECURITY DESCRIPTION	VALUE($)


		Trading Companies & Distributors — 3.8%
	433	Air Lease Corp. (a)		10,266
	115	W.W. Grainger, Inc.		21,452
	139	Watsco, Inc.		9,147

				40,865

		Total Industrials		170,085

		Information Technology — 30.4%
		Communications Equipment — 4.5%
	359	Aruba Networks, Inc. (a)		6,645
	77	F5 Networks, Inc. (a)		8,150
	508	Polycom, Inc. (a)		8,285
	446	QUALCOMM, Inc.		24,407

				47,487

		Computers & Peripherals — 9.4%
	203	Apple, Inc. (a)		82,154
	388	EMC Corp. (a)		8,351
	262	NetApp, Inc. (a)		9,485

				99,990

		Electronic Equipment, Instruments & Components — 1.0%
	357	TE Connectivity Ltd., (Switzerland)		10,996

		Internet Software & Services — 2.9%
	41	Google, Inc., Class A (a)		26,288
	124	OpenTable, Inc. (a)		4,856

				31,144

		IT Services — 3.5%
	159	Cognizant Technology Solutions Corp., Class A (a)		10,219
	50	MasterCard, Inc., Class A		18,753
	236	VeriFone Systems, Inc. (a)		8,372

				37,344

		Office Electronics — 0.5%
	147	Zebra Technologies Corp., Class A (a)		5,274

		Semiconductors & Semiconductor Equipment — 3.2%
	310	Avago Technologies Ltd., (Singapore)		8,935
	520	Freescale Semiconductor Holdings I Ltd. (a)		6,578
	201	Lam Research Corp. (a)		7,423
	335	Xilinx, Inc.		10,740

				33,676

		Software — 5.4%
	112	Citrix Systems, Inc. (a)		6,776
	189	MICROS Systems, Inc. (a)		8,813
	466	Nuance Communications, Inc. (a)		11,712
	80	Salesforce.com, Inc. (a)		8,158

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)


	Common Stocks — Continued
		Software — Continued
	240	Taleo Corp., Class A (a)		9,301
	80	VMware, Inc., Class A (a)		6,647
	585	Zynga, Inc., Class A (a)		5,500

				56,907

		Total Information Technology		322,818

		Materials — 2.5%
		Chemicals — 2.5%
	182	FMC Corp.		15,694
	122	Sherwin-Williams Co. (The)		10,864

		Total Materials		26,558

		Total Common Stocks (Cost $897,574)		1,059,761


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	9,188	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (m) (Cost $9,188)		9,188

	Investment of Cash Collateral for Securities on Loan — 1.7%
		Investment Company — 1.7%
	18,373	JPMorgan Prime Money Market Fund, Capital Shares, 0.120% (b) (l) (Cost $18,373)		18,373

		Total Investments — 102.3% (Cost $925,135)		1,087,322
		Liabilities in Excess of Other Assets — (2.3)%		(24,866	)

		NET ASSETS — 100.0%	$	1,062,456

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 96.4%
		Consumer Discretionary — 17.5%
		Automobiles — 1.5%
	103	Harley-Davidson, Inc.		4,005

		Distributors — 1.5%
	63	Genuine Parts Co.		3,883

		Hotels, Restaurants & Leisure — 5.1%
	70	Cracker Barrel Old Country Store, Inc.		3,519
	96	Papa John’s International, Inc. (a)		3,619
	172	Penn National Gaming, Inc. (a)		6,531

				13,669

		Household Durables — 2.8%
	247	Jarden Corp.		7,384

		Multiline Retail — 1.6%
	86	Nordstrom, Inc.		4,263

		Specialty Retail — 5.0%
	253	American Eagle Outfitters, Inc.		3,875
	240	Chico’s FAS, Inc.		2,671
	94	Dick’s Sporting Goods, Inc.		3,474
	84	Williams-Sonoma, Inc.		3,246

				13,266

		Total Consumer Discretionary		46,470

		Consumer Staples — 1.4%
		Food & Staples Retailing — 1.4%
	112	Walgreen Co.		3,688

		Energy — 7.7%
		Energy Equipment & Services — 2.8%
	211	Patterson-UTI Energy, Inc.		4,208
	64	Tidewater, Inc.		3,171

				7,379

		Oil, Gas & Consumable Fuels — 4.9%
	75	Cimarex Energy Co.		4,646
	137	Devon Energy Corp.		8,499

				13,145

		Total Energy		20,524

		Financials — 18.1%
		Capital Markets — 6.0%
	21	BlackRock, Inc.		3,654
	323	Calamos Asset Management, Inc., Class A		4,041
	115	Epoch Holding Corp.		2,568
	236	Janus Capital Group, Inc.		1,492
	264	TD Ameritrade Holding Corp.		4,126

				15,881


SHARES		SECURITY DESCRIPTION	VALUE($)


		Commercial Banks — 3.5%
	432	Associated Banc-Corp.		4,829
	151	First Republic Bank (a)		4,614

				9,443

		Insurance — 3.9%
	83	Chubb Corp. (The)		5,735
	57	ProAssurance Corp.		4,544

				10,279

		Real Estate Investment Trusts (REITs) — 4.7%
	72	Mid-America Apartment Communities, Inc.		4,508
	155	National Retail Properties, Inc.		4,091
	231	RLJ Lodging Trust		3,896

				12,495

		Total Financials		48,098

		Health Care — 8.5%
		Health Care Equipment & Supplies — 1.7%
	57	IDEXX Laboratories, Inc. (a)		4,416

		Health Care Providers & Services — 6.8%
	147	Coventry Health Care, Inc. (a)		4,456
	59	Laboratory Corp. of America Holdings (a)		5,093
	171	UnitedHealth Group, Inc.		8,650

				18,199

		Total Health Care		22,615

		Industrials — 16.2%
		Aerospace & Defense — 1.6%
	46	TransDigm Group, Inc. (a)		4,380

		Commercial Services & Supplies — 2.4%
	194	Waste Connections, Inc.		6,419

		Electrical Equipment — 1.3%
	70	Regal-Beloit Corp.		3,576

		Machinery — 7.3%
	42	Cummins, Inc.		3,732
	83	Dover Corp.		4,795
	74	Eaton Corp.		3,242
	45	Joy Global, Inc.		3,336
	69	Toro Co. (The)		4,178

				19,283

		Road & Rail — 2.1%
	77	Norfolk Southern Corp.		5,585

		Trading Companies & Distributors — 1.5%
	21	W.W. Grainger, Inc.		3,912

		Total Industrials		43,155

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES			SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
			Information Technology — 9.8%
			Computers & Peripherals — 1.4%
	101		NetApp, Inc. (a)		3,657

			Electronic Equipment, Instruments & Components — 1.7%
	76		Anixter International, Inc. (a)		4,512

			Semiconductors & Semiconductor Equipment — 3.3%
	281		Intersil Corp., Class A		2,929
	105	��	Linear Technology Corp.		3,157
	191		Marvell Technology Group Ltd., (Bermuda) (a)		2,646

					8,732

			Software — 3.4%
	93		MICROS Systems, Inc. (a)		4,327
	107		Solera Holdings, Inc.		4,756

					9,083

			Total Information Technology		25,984

			Materials — 9.6%
			Chemicals — 3.3%
	64		Airgas, Inc.		4,986
	82		Scotts Miracle-Gro Co. (The), Class A		3,817

					8,803

			Containers & Packaging — 4.5%
	145		Crown Holdings, Inc. (a)		4,875
	184		Silgan Holdings, Inc.		7,104

					11,979

			Metals & Mining — 1.8%
	101		Reliance Steel & Aluminum Co.		4,924

			Total Materials		25,706


SHARES		SECURITY DESCRIPTION	VALUE($)


		Utilities — 7.6%
		Electric Utilities — 1.5%
	86	Southern Co. (The)		3,960

		Gas Utilities — 1.2%
	68	Northwest Natural Gas Co.		3,249

		Multi-Utilities — 4.9%
	204	CMS Energy Corp.		4,502
	104	NorthWestern Corp.		3,737
	137	Wisconsin Energy Corp.		4,802

				13,041

		Total Utilities		20,250

		Total Common Stocks (Cost $257,941)		256,490

	Short-Term Investment — 6.0%
		Investment Company — 6.0%
	16,041	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (m) (Cost $16,041)		16,041

		Total Investments — 102.4% (Cost $273,982)		272,531
		Liabilities in Excess of Other Assets — (2.4)%		(6,407	)

		NET ASSETS — 100.0%	$	266,124

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	25

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 98.0%
		Consumer Discretionary — 18.8%
		Auto Components — 0.7%
	64	BorgWarner, Inc. (a)		4,086

		Automobiles — 1.1%
	116	Harley-Davidson, Inc.		4,521
	52	Tesla Motors, Inc. (a)		1,485

				6,006

		Distributors — 0.5%
	47	Genuine Parts Co.		2,869

		Diversified Consumer Services — 0.3%
	48	Sotheby’s		1,378

		Hotels, Restaurants & Leisure — 4.0%
	68	Darden Restaurants, Inc.		3,093
	213	International Game Technology		3,668
	259	Marriott International, Inc., Class A		7,549
	139	Royal Caribbean Cruises Ltd.		3,440
	21	Wynn Resorts Ltd.		2,365
	47	Yum! Brands, Inc.		2,785

				22,900

		Household Durables — 1.6%
	53	Jarden Corp.		1,569
	36	Mohawk Industries, Inc. (a)		2,124
	36	Tempur-Pedic International, Inc. (a)		1,891
	161	Toll Brothers, Inc. (a)		3,292

				8,876

		Internet & Catalog Retail — 0.6%
	42	Expedia, Inc.		1,207
	16	NetFlix, Inc. (a)		1,088
	42	TripAdvisor, Inc. (a)		1,049

				3,344

		Media — 2.5%
	20	AMC Networks, Inc., Class A (a)		769
	56	Cablevision Systems Corp., Class A		799
	110	CBS Corp. (Non-Voting), Class B		2,975
	102	Clear Channel Outdoor Holdings, Inc., Class A (a)		1,285
	86	DISH Network Corp., Class A		2,438
	120	Gannett Co., Inc.		1,599
	2,156	Sirius XM Radio, Inc. (a)		3,924
	2	Washington Post Co. (The), Class B		661

				14,450

		Multiline Retail — 0.9%
	40	Family Dollar Stores, Inc.		2,289
	62	Kohl’s Corp.		3,045

				5,334


SHARES		SECURITY DESCRIPTION	VALUE($)


		Specialty Retail — 4.1%
	25	Abercrombie & Fitch Co., Class A		1,221
	10	AutoZone, Inc. (a)		3,120
	46	Bed Bath & Beyond, Inc. (a)		2,690
	48	Dick’s Sporting Goods, Inc.		1,785
	128	Gap, Inc. (The)		2,382
	36	PetSmart, Inc.		1,841
	158	Sally Beauty Holdings, Inc. (a)		3,338
	31	Tiffany & Co.		2,021
	62	TJX Cos., Inc.		3,970
	26	Williams-Sonoma, Inc.		989

				23,357

		Textiles, Apparel & Luxury Goods — 2.5%
	48	Coach, Inc.		2,918
	29	Deckers Outdoor Corp. (a)		2,177
	25	Fossil, Inc. (a)		1,968
	48	Lululemon Athletica, Inc., (Canada) (a)		2,221
	81	Michael Kors Holdings Ltd., (Hong Kong) (a)		2,207
	37	PVH Corp.		2,608

				14,099

		Total Consumer Discretionary		106,699

		Consumer Staples — 3.6%
		Beverages — 1.2%
	77	Beam, Inc.		3,940
	17	Brown-Forman Corp., Class B		1,367
	42	Dr. Pepper Snapple Group, Inc.		1,666

				6,973

		Food Products — 2.0%
	37	Diamond Foods, Inc.		1,187
	29	Green Mountain Coffee Roasters, Inc. (a)		1,278
	33	Hershey Co. (The)		2,045
	39	JM Smucker Co. (The)		3,041
	42	Ralcorp Holdings, Inc. (a)		3,617

				11,168

		Household Products — 0.4%
	33	Energizer Holdings, Inc. (a)		2,549

		Total Consumer Staples		20,690

		Energy — 7.6%
		Energy Equipment & Services — 2.0%
	117	Cameron International Corp. (a)		5,758
	14	CARBO Ceramics, Inc.		1,763
	31	Core Laboratories N.V., (Netherlands)		3,578

				11,099

		Oil, Gas & Consumable Fuels — 5.6%
	66	Concho Resources, Inc. (a)		6,225

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Oil, Gas & Consumable Fuels — Continued
	41	CVR Energy, Inc. (a)		762
	58	Devon Energy Corp.		3,609
	105	Energen Corp.		5,265
	39	EQT Corp.		2,115
	46	Laredo Petroleum Holdings, Inc. (a)		1,028
	108	Newfield Exploration Co. (a)		4,056
	52	Range Resources Corp.		3,227
	41	Teekay Corp., (Canada)		1,098
	141	Williams Cos., Inc. (The)		4,643

				32,028

		Total Energy		43,127

		Financials — 15.1%
		Capital Markets — 3.8%
	92	Ameriprise Financial, Inc.		4,582
	175	Blackstone Group LP (The)		2,448
	140	Invesco Ltd.		2,807
	94	Lazard Ltd., (Bermuda), Class A		2,452
	37	Northern Trust Corp.		1,471
	91	Och-Ziff Capital Management Group LLC, Class A		763
	125	T. Rowe Price Group, Inc.		7,104

				21,627

		Commercial Banks — 3.4%
	58	BancorpSouth, Inc.		635
	55	BOK Financial Corp. (c)		3,010
	55	City National Corp.		2,417
	44	Cullen/Frost Bankers, Inc.		2,344
	235	Fifth Third Bancorp		2,994
	176	Huntington Bancshares, Inc.		968
	46	M&T Bank Corp.		3,481
	127	SunTrust Banks, Inc.		2,242
	80	Zions Bancorp		1,304

				19,395

		Diversified Financial Services — 0.5%
	90	Moody’s Corp.		3,018

		Insurance — 4.8%
	22	Arch Capital Group Ltd., (Bermuda) (a)		834
	39	Chubb Corp. (The)		2,672
	133	Loews Corp.		4,996
	108	Marsh & McLennan Cos., Inc.		3,409
	218	Old Republic International Corp.		2,021
	97	OneBeacon Insurance Group Ltd., Class A		1,497
	32	Torchmark Corp.		1,374
	61	Transatlantic Holdings, Inc.		3,311


SHARES		SECURITY DESCRIPTION	VALUE($)


		Insurance — Continued
	120	W.R. Berkley Corp.		4,137
	152	XL Group plc, (Ireland)		2,995

				27,246

		Real Estate Investment Trusts (REITs) — 1.6%
	55	HCP, Inc.		2,287
	85	ProLogis, Inc.		2,427
	60	Regency Centers Corp.		2,265
	30	Vornado Realty Trust		2,279

				9,258

		Real Estate Management & Development — 0.4%
	137	Brookfield Office Properties, Inc.		2,140

		Thrifts & Mortgage Finance — 0.6%
	88	Capitol Federal Financial, Inc.		1,013
	192	People’s United Financial, Inc.		2,462

				3,475

		Total Financials		86,159

		Health Care — 10.1%
		Biotechnology — 0.9%
	49	Alexion Pharmaceuticals, Inc. (a)		3,525
	44	Vertex Pharmaceuticals, Inc. (a)		1,461

				4,986

		Health Care Equipment & Supplies — 1.4%
	35	Becton, Dickinson & Co.		2,623
	58	Sirona Dental Systems, Inc. (a)		2,541
	86	Thoratec Corp. (a)		2,876

				8,040

		Health Care Providers & Services — 5.1%
	92	AmerisourceBergen Corp.		3,418
	207	Brookdale Senior Living, Inc. (a)		3,600
	34	Cigna Corp.		1,407
	156	Coventry Health Care, Inc. (a)		4,733
	57	HCA Holdings, Inc. (a)		1,260
	90	Humana, Inc.		7,855
	270	Lincare Holdings, Inc.		6,939

				29,212

		Life Sciences Tools & Services — 1.1%
	94	Agilent Technologies, Inc. (a)		3,294
	118	Bruker Corp. (a)		1,467
	37	Illumina, Inc. (a)		1,133

				5,894

		Pharmaceuticals — 1.6%
	31	Perrigo Co.		3,017

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Pharmaceuticals — Continued
	134	Valeant Pharmaceuticals International, Inc., (Canada) (a) (c)		6,233

				9,250

		Total Health Care		57,382

		Industrials — 14.9%
		Aerospace & Defense — 1.5%
	36	Alliant Techsystems, Inc.		2,029
	8	Goodrich Corp.		977
	24	L-3 Communications Holdings, Inc.		1,620
	40	TransDigm Group, Inc. (a)		3,866

				8,492

		Building Products — 0.8%
	72	Armstrong World Industries, Inc. (a)		3,172
	94	Fortune Brands Home & Security, Inc. (a)		1,596

				4,768

		Commercial Services & Supplies — 1.6%
	207	Republic Services, Inc.		5,698
	44	Stericycle, Inc. (a)		3,417

				9,115

		Electrical Equipment — 2.6%
	71	AMETEK, Inc.		2,989
	104	Cooper Industries plc		5,610
	57	Regal-Beloit Corp.		2,895
	36	Roper Industries, Inc.		3,165

				14,659

		Industrial Conglomerates — 1.2%
	153	Carlisle Cos., Inc.		6,768

		Machinery — 3.6%
	49	AGCO Corp. (a)		2,110
	31	Cummins, Inc.		2,730
	104	Pall Corp.		5,955
	32	Parker Hannifin Corp.		2,417
	57	Snap-on, Inc.		2,865
	64	Wabtec Corp.		4,447

				20,524

		Professional Services — 0.6%
	41	IHS, Inc., Class A (a)		3,490

		Road & Rail — 0.9%
	150	Avis Budget Group, Inc. (a)		1,611
	74	J.B. Hunt Transport Services, Inc.		3,335

				4,946


SHARES		SECURITY DESCRIPTION	VALUE($)


		Trading Companies & Distributors — 2.1%
	133	Air Lease Corp. (a)		3,146
	33	MSC Industrial Direct Co., Inc., Class A		2,333
	35	W.W. Grainger, Inc.		6,626

				12,105

		Total Industrials		84,867

		Information Technology — 15.7%
		Communications Equipment — 1.5%
	96	Aruba Networks, Inc. (a)		1,783
	38	F5 Networks, Inc. (a)		4,011
	169	Polycom, Inc. (a)		2,747

				8,541

		Computers & Peripherals — 0.4%
	65	NetApp, Inc. (a)		2,339

		Electronic Equipment, Instruments & Components — 2.2%
	76	Amphenol Corp., Class A		3,445
	78	Arrow Electronics, Inc. (a)		2,911
	197	TE Connectivity Ltd., (Switzerland)		6,054

				12,410

		Internet Software & Services — 0.7%
	36	OpenTable, Inc. (a)		1,393
	55	Rackspace Hosting, Inc. (a)		2,383

				3,776

		IT Services — 2.6%
	52	Alliance Data Systems Corp. (a)		5,431
	88	CGI Group, Inc., (Canada), Class A (a)		1,659
	75	FleetCor Technologies, Inc. (a)		2,252
	103	Jack Henry & Associates, Inc.		3,448
	64	VeriFone Systems, Inc. (a)		2,277

				15,067

		Office Electronics — 0.3%
	50	Zebra Technologies Corp., Class A (a)		1,789

		Semiconductors & Semiconductor Equipment — 3.2%
	83	Analog Devices, Inc.		2,963
	105	Avago Technologies Ltd., (Singapore)		3,039
	159	Freescale Semiconductor Holdings I Ltd. (a)		2,009
	68	KLA-Tencor Corp.		3,276
	94	Microchip Technology, Inc. (c)		3,440
	116	Xilinx, Inc.		3,725

				18,452

		Software — 4.8%
	55	Citrix Systems, Inc. (a)		3,309
	41	Concur Technologies, Inc. (a)		2,083

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Software — Continued
	25	FactSet Research Systems, Inc.		2,173
	106	Fortinet, Inc. (a)		2,303
	61	MICROS Systems, Inc. (a)		2,846
	145	Nuance Communications, Inc. (a)		3,651
	81	Red Hat, Inc. (a)		3,353
	17	Salesforce.com, Inc. (a)		1,755
	111	Synopsys, Inc. (a)		3,008
	56	TIBCO Software, Inc. (a)		1,332
	151	Zynga, Inc., Class A (a)		1,423

				27,236

		Total Information Technology		89,610

		Materials — 5.5%
		Chemicals — 3.5%
	32	Airgas, Inc.		2,460
	56	Albemarle Corp.		2,891
	57	FMC Corp.		4,904
	76	Sherwin-Williams Co. (The)		6,794
	47	Sigma-Aldrich Corp.		2,954

				20,003

		Containers & Packaging — 2.0%
	120	Ball Corp.		4,271
	39	Greif, Inc., Class A		1,790
	42	Rock-Tenn Co., Class A		2,441
	77	Silgan Holdings, Inc.		2,966

				11,468

		Total Materials		31,471

		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.4%
	54	CenturyLink, Inc.		2,024

		Wireless Telecommunication Services — 0.3%
	71	Telephone & Data Systems, Inc.		1,700

		Total Telecommunication Services		3,724


SHARES		SECURITY DESCRIPTION	VALUE($)


		Utilities — 6.0%
		Electric Utilities — 1.5%
	44	Northeast Utilities		1,594
	175	NV Energy, Inc.		2,853
	133	Westar Energy, Inc.		3,839

				8,286

		Gas Utilities — 0.7%
	47	ONEOK, Inc.		4,066

		Multi-Utilities — 3.8%
	87	CenterPoint Energy, Inc.		1,750
	224	CMS Energy Corp.		4,948
	68	NSTAR		3,198
	64	Sempra Energy		3,515
	107	Wisconsin Energy Corp.		3,737
	163	Xcel Energy, Inc.		4,516

				21,664

		Total Utilities		34,016

		Total Common Stocks (Cost $478,062)		557,745

	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	10,685	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (m) (Cost $10,685)		10,685

	Investment of Cash Collateral for Securities on Loan — 1.0%
		Investment Company — 1.0%
	5,493	JPMorgan Prime Money Market Fund, Capital Shares, 0.120% (b) (l) (Cost $5,493)		5,493

		Total Investments — 100.9% (Cost $494,240)		573,923
		Liabilities in Excess of Other Assets — (0.9)%		(4,959	)

		NET ASSETS — 100.0%	$	568,964

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 99.3%
		Consumer Discretionary — 18.7%
		Auto Components — 1.5%
	317	BorgWarner, Inc. (a)		20,199

		Automobiles — 2.1%
	576	Harley-Davidson, Inc.		22,374
	257	Tesla Motors, Inc. (a)		7,328

				29,702

		Diversified Consumer Services — 0.5%
	239	Sotheby’s		6,805

		Hotels, Restaurants & Leisure — 4.5%
	1,055	International Game Technology		18,145
	679	Marriott International, Inc., Class A		19,812
	497	Royal Caribbean Cruises Ltd.		12,313
	106	Wynn Resorts Ltd.		11,701

				61,971

		Household Durables — 1.9%
	178	Tempur-Pedic International, Inc. (a)		9,329
	797	Toll Brothers, Inc. (a)		16,281

				25,610

		Internet & Catalog Retail — 0.4%
	77	NetFlix, Inc. (a)		5,349

		Media — 1.4%
	10,666	Sirius XM Radio, Inc. (a)		19,411

		Specialty Retail — 2.3%
	124	Abercrombie & Fitch Co., Class A		6,042
	239	Dick’s Sporting Goods, Inc.		8,822
	792	Sally Beauty Holdings, Inc. (a)		16,724

				31,588

		Textiles, Apparel & Luxury Goods — 4.1%
	236	Coach, Inc.		14,430
	142	Deckers Outdoor Corp. (a)		10,746
	122	Fossil, Inc. (a)		9,706
	235	Lululemon Athletica, Inc., (Canada) (a)		10,974
	408	Michael Kors Holdings Ltd., (Hong Kong) (a)		11,107

				56,963

		Total Consumer Discretionary		257,598

		Consumer Staples — 0.9%
		Food Products — 0.9%
	184	Diamond Foods, Inc.		5,934
	141	Green Mountain Coffee Roasters, Inc. (a)		6,315

		Total Consumer Staples		12,249


SHARES		SECURITY DESCRIPTION	VALUE($)


		Energy — 8.6%
		Energy Equipment & Services — 4.0%
	580	Cameron International Corp. (a)		28,509
	71	CARBO Ceramics, Inc.		8,732
	156	Core Laboratories N.V., (Netherlands)		17,719

				54,960

		Oil, Gas & Consumable Fuels — 4.6%
	329	Concho Resources, Inc. (a)		30,806
	231	Laredo Petroleum Holdings, Inc. (a)		5,140
	303	Newfield Exploration Co. (a)		11,436
	258	Range Resources Corp.		15,950

				63,332

		Total Energy		118,292

		Financials — 6.7%
		Capital Markets — 3.6%
	863	Blackstone Group LP (The)		12,096
	464	Lazard Ltd., (Bermuda), Class A		12,112
	743	Och-Ziff Capital Management Group LLC, Class A		6,253
	349	T. Rowe Price Group, Inc.		19,895

				50,356

		Commercial Banks — 1.1%
	271	BOK Financial Corp.		14,875

		Diversified Financial Services — 1.1%
	443	Moody’s Corp.		14,927

		Real Estate Investment Trusts (REITs) — 0.9%
	419	ProLogis, Inc.		11,991

		Total Financials		92,149

		Health Care — 14.2%
		Biotechnology — 1.8%
	244	Alexion Pharmaceuticals, Inc. (a)		17,439
	222	Vertex Pharmaceuticals, Inc. (a)		7,359

				24,798

		Health Care Equipment & Supplies — 2.0%
	285	Sirona Dental Systems, Inc. (a)		12,552
	423	Thoratec Corp. (a)		14,209

				26,761

		Health Care Providers & Services — 5.0%
	1,024	Brookdale Senior Living, Inc. (a)		17,798
	435	Coventry Health Care, Inc. (a)		13,202
	268	Humana, Inc.		23,446
	583	Lincare Holdings, Inc.		14,984

				69,430

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Life Sciences Tools & Services — 2.1%
	466	Agilent Technologies, Inc. (a)		16,293
	582	Bruker Corp. (a)		7,232
	183	Illumina, Inc. (a)		5,581

				29,106

		Pharmaceuticals — 3.3%
	154	Perrigo Co.		14,936
	661	Valeant Pharmaceuticals International, Inc., (Canada) (a)		30,848

				45,784

		Total Health Care		195,879

		Industrials — 21.2%
		Aerospace & Defense — 1.7%
	39	Goodrich Corp.		4,824
	200	TransDigm Group, Inc. (a)		19,127

				23,951

		Building Products — 1.1%
	357	Armstrong World Industries, Inc. (a)		15,679

		Commercial Services & Supplies — 1.2%
	217	Stericycle, Inc. (a)		16,898

		Electrical Equipment — 2.1%
	236	Cooper Industries plc		12,796
	180	Roper Industries, Inc.		15,640

				28,436

		Industrial Conglomerates — 1.3%
	423	Carlisle Cos., Inc.		18,726

		Machinery — 6.4%
	243	AGCO Corp. (a)		10,429
	153	Cummins, Inc.		13,498
	522	Pall Corp.		29,832
	157	Parker Hannifin Corp.		11,964
	315	Wabtec Corp.		22,000

				87,723

		Professional Services — 1.3%
	203	IHS, Inc., Class A (a)		17,473

		Road & Rail — 1.8%
	742	Avis Budget Group, Inc. (a)		7,955
	366	J.B. Hunt Transport Services, Inc.		16,496

				24,451

		Trading Companies & Distributors — 4.3%
	656	Air Lease Corp. (a) (c)		15,561
	162	MSC Industrial Direct Co., Inc., Class A		11,555


SHARES		SECURITY DESCRIPTION	VALUE($)


		Trading Companies & Distributors — Continued
	176	W.W. Grainger, Inc.		32,852

				59,968

		Total Industrials		293,305

		Information Technology — 25.3%
		Communications Equipment — 3.1%
	482	Aruba Networks, Inc. (a)		8,919
	187	F5 Networks, Inc. (a)		19,866
	833	Polycom, Inc. (a)		13,576

				42,361

		Computers & Peripherals — 0.8%
	319	NetApp, Inc. (a)		11,563

		Electronic Equipment, Instruments & Components — 1.1%
	474	TE Connectivity Ltd., (Switzerland)		14,592

		Internet Software & Services — 1.3%
	176	OpenTable, Inc. (a)		6,871
	274	Rackspace Hosting, Inc. (a)		11,768

				18,639

		IT Services — 4.2%
	259	Alliance Data Systems Corp. (a) (c)		26,884
	434	CGI Group, Inc., (Canada), Class A (a)		8,181
	372	FleetCor Technologies, Inc. (a)		11,121
	317	VeriFone Systems, Inc. (a)		11,249

				57,435

		Office Electronics — 0.6%
	247	Zebra Technologies Corp., Class A (a)		8,834

		Semiconductors & Semiconductor Equipment — 5.5%
	521	Avago Technologies Ltd., (Singapore)		15,033
	784	Freescale Semiconductor Holdings I Ltd. (a)		9,923
	336	KLA-Tencor Corp.		16,202
	464	Microchip Technology, Inc. (c)		17,007
	575	Xilinx, Inc.		18,425

				76,590

		Software — 8.7%
	270	Citrix Systems, Inc. (a)		16,364
	203	Concur Technologies, Inc. (a)		10,290
	123	FactSet Research Systems, Inc.		10,744
	522	Fortinet, Inc. (a)		11,385
	302	MICROS Systems, Inc. (a)		14,072
	718	Nuance Communications, Inc. (a)		18,052
	402	Red Hat, Inc. (a)		16,595
	85	Salesforce.com, Inc. (a)		8,644

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	31

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Software — Continued
	277	TIBCO Software, Inc. (a)		6,628
	751	Zynga, Inc., Class A (a)		7,064

				119,838

		Total Information Technology		349,852

		Materials — 3.7%
		Chemicals — 3.1%
	282	FMC Corp.		24,272
	206	Sherwin-Williams Co. (The)		18,416

				42,688

		Containers & Packaging — 0.6%
	194	Greif, Inc., Class A		8,832

		Total Materials		51,520

		Total Common Stocks (Cost $1,195,950)		1,370,844


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	13,528	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $13,528)		13,528

	Investment of Cash Collateral for Securities on Loan — 1.0%
		Investment Company — 1.0%
	13,316	JPMorgan Prime Money Market Fund, Capital Shares, 0.120% (b) (l) (Cost $13,316)		13,316

		Total Investments — 101.3% (Cost $1,222,794)		1,397,688
		Liabilities in Excess of Other Assets — (1.3)%		(17,837	)

		NET ASSETS — 100.0%	$	1,379,851

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 97.0%
		Consumer Discretionary — 18.8%
		Distributors — 1.0%
	1,044	Genuine Parts Co.		63,918

		Hotels, Restaurants & Leisure — 3.6%
	1,518	Darden Restaurants, Inc.		69,169
	2,736	Marriott International, Inc., Class A		79,802
	853	Royal Caribbean Cruises Ltd.		21,123
	1,066	Yum! Brands, Inc.		62,929

				233,023

		Household Durables — 1.3%
	1,186	Jarden Corp.		35,451
	800	Mohawk Industries, Inc. (a)		47,863

				83,314

		Internet & Catalog Retail — 0.8%
	933	Expedia, Inc.		27,064
	933	TripAdvisor, Inc. (a)		23,510

				50,574

		Media — 3.6%
	457	AMC Networks, Inc., Class A (a)		17,164
	1,258	Cablevision Systems Corp., Class A		17,889
	2,459	CBS Corp. (Non-Voting), Class B		66,726
	2,286	Clear Channel Outdoor Holdings, Inc., Class A (a)		28,695
	1,912	DISH Network Corp., Class A		54,461
	2,850	Gannett Co., Inc.		38,106
	39	Washington Post Co. (The), Class B (c)		14,854

				237,895

		Multiline Retail — 1.8%
	886	Family Dollar Stores, Inc.		51,088
	1,383	Kohl’s Corp.		68,263

				119,351

		Specialty Retail — 5.8%
	214	AutoZone, Inc. (a)		69,413
	1,033	Bed Bath & Beyond, Inc. (a)		59,903
	2,861	Gap, Inc. (The)		53,067
	805	PetSmart, Inc.		41,268
	689	Tiffany & Co.		45,630
	1,370	TJX Cos., Inc.		88,404
	585	Williams-Sonoma, Inc.		22,541

				380,226

		Textiles, Apparel & Luxury Goods — 0.9%
	836	PVH Corp.		58,908

		Total Consumer Discretionary		1,227,209


SHARES		SECURITY DESCRIPTION	VALUE($)


		Consumer Staples — 6.3%
		Beverages — 2.4%
	1,754	Beam, Inc.		89,871
	378	Brown-Forman Corp., Class B		30,465
	953	Dr. Pepper Snapple Group, Inc.		37,634

				157,970

		Food Products — 3.0%
	737	Hershey Co. (The)		45,534
	888	JM Smucker Co. (The)		69,399
	945	Ralcorp Holdings, Inc. (a)		80,788

				195,721

		Household Products — 0.9%
	738	Energizer Holdings, Inc. (a)		57,193

		Total Consumer Staples		410,884

		Energy — 6.6%
		Oil, Gas & Consumable Fuels — 6.6%
	915	CVR Energy, Inc. (a)		17,132
	1,305	Devon Energy Corp.		80,937
	2,365	Energen Corp.		118,270
	873	EQT Corp.		47,857
	1,044	Newfield Exploration Co. (a)		39,409
	935	Teekay Corp., (Canada)		24,991
	3,157	Williams Cos., Inc. (The)		104,247

		Total Energy		432,843

		Financials — 23.4%
		Capital Markets — 4.1%
	2,063	Ameriprise Financial, Inc.		102,402
	3,129	Invesco Ltd.		62,852
	829	Northern Trust Corp.		32,886
	1,212	T. Rowe Price Group, Inc.		69,045

				267,185

		Commercial Banks — 5.6%
	1,277	BancorpSouth, Inc. (c)		14,068
	1,235	City National Corp.		54,571
	1,000	Cullen/Frost Bankers, Inc.		52,910
	5,276	Fifth Third Bancorp		67,116
	3,929	Huntington Bancshares, Inc.		21,569
	1,022	M&T Bank Corp.		78,053
	2,859	SunTrust Banks, Inc.		50,600
	1,790	Zions Bancorp		29,143

				368,030

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	33

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Insurance — 9.4%
	513	Arch Capital Group Ltd., (Bermuda) (a)		19,085
	865	Chubb Corp. (The)		59,845
	3,030	Loews Corp.		114,087
	2,462	Marsh & McLennan Cos., Inc.		77,862
	4,884	Old Republic International Corp.		45,279
	2,173	OneBeacon Insurance Group Ltd., Class A		33,447
	707	Torchmark Corp.		30,696
	1,381	Transatlantic Holdings, Inc.		75,584
	2,700	W.R. Berkley Corp.		92,863
	3,399	XL Group plc, (Ireland)		67,207

				615,955

		Real Estate Investment Trusts (REITs) — 2.4%
	1,236	HCP, Inc.		51,208
	1,350	Regency Centers Corp.		50,768
	664	Vornado Realty Trust		51,023

				152,999

		Real Estate Management & Development — 0.7%
	3,056	Brookfield Office Properties, Inc.		47,789

		Thrifts & Mortgage Finance — 1.2%
	1,983	Capitol Federal Financial, Inc.		22,880
	4,294	People’s United Financial, Inc.		55,177

				78,057

		Total Financials		1,530,015

		Health Care — 6.2%
		Health Care Equipment & Supplies — 0.9%
	787	Becton, Dickinson & Co.		58,782

		Health Care Providers & Services — 5.3%
	2,099	AmerisourceBergen Corp.		78,046
	748	Cigna Corp.		31,427
	1,523	Coventry Health Care, Inc. (a)		46,241
	1,279	HCA Holdings, Inc. (a)		28,168
	814	Humana, Inc.		71,327
	3,410	Lincare Holdings, Inc.		87,680

				342,889

		Total Health Care		401,671

		Industrials — 8.8%
		Aerospace & Defense — 1.2%
	795	Alliant Techsystems, Inc.		45,422
	544	L-3 Communications Holdings, Inc.		36,268

				81,690

		Building Products — 0.6%
	2,141	Fortune Brands Home & Security, Inc. (a)		36,459


SHARES		SECURITY DESCRIPTION	VALUE($)


		Commercial Services & Supplies — 2.0%
	4,658	Republic Services, Inc.		128,316

		Electrical Equipment — 3.0%
	1,584	AMETEK, Inc.		66,701
	1,252	Cooper Industries plc		67,811
	1,268	Regal-Beloit Corp.		64,639

				199,151

		Industrial Conglomerates — 1.0%
	1,515	Carlisle Cos., Inc.		67,113

		Machinery — 1.0%
	1,270	Snap-on, Inc.		64,303

		Total Industrials		577,032

		Information Technology — 6.5%
		Electronic Equipment, Instruments & Components — 3.3%
	1,695	Amphenol Corp., Class A		76,940
	1,745	Arrow Electronics, Inc. (a)		65,279
	2,247	TE Connectivity Ltd., (Switzerland)		69,241

				211,460

		IT Services — 1.2%
	2,301	Jack Henry & Associates, Inc.		77,333

		Semiconductors & Semiconductor Equipment — 1.0%
	1,851	Analog Devices, Inc.		66,213

		Software — 1.0%
	2,481	Synopsys, Inc. (a)		67,481

		Total Information Technology		422,487

		Materials — 7.3%
		Chemicals — 4.0%
	711	Airgas, Inc.		55,498
	1,269	Albemarle Corp.		65,387
	787	Sherwin-Williams Co. (The)		70,263
	1,062	Sigma-Aldrich Corp.		66,332

				257,480

		Containers & Packaging — 3.3%
	2,702	Ball Corp.		96,479
	948	Rock-Tenn Co., Class A		54,717
	1,721	Silgan Holdings, Inc.		66,509

				217,705

		Total Materials		475,185

		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 0.7%
	1,242	CenturyLink, Inc.		46,184

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Wireless Telecommunication Services — 0.7%
	1,967	Telephone & Data Systems, Inc.		46,826

		Total Telecommunication Services		93,010

		Utilities — 11.7%
		Electric Utilities — 2.9%
	989	Northeast Utilities		35,669
	3,938	NV Energy, Inc.		64,380
	2,994	Westar Energy, Inc.		86,176

				186,225

		Gas Utilities — 1.4%
	1,059	ONEOK, Inc.		91,839

		Multi-Utilities — 7.4%
	1,944	CenterPoint Energy, Inc.		39,053
	5,032	CMS Energy Corp.		111,112
	1,527	NSTAR		71,722
	1,444	Sempra Energy		79,419
	2,399	Wisconsin Energy Corp.		83,866
	3,668	Xcel Energy, Inc.		101,373

				486,545

		Total Utilities		764,609

		Total Common Stocks (Cost $5,160,356)		6,334,945


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	184,921	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (m) (Cost $184,921)		184,921

	Investment of Cash Collateral for Securities on Loan — 0.1%
		Investment Company — 0.1%
	4,075	JPMorgan Prime Money Market Fund, Capital Shares, 0.120% (b) (l) (Cost $4,075)		4,075

		Total Investments — 99.9% (Cost $5,349,352)		6,523,941
		Other Assets in Excess of Liabilities — 0.1%		5,894

		NET ASSETS — 100.0%	$	6,529,835

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	35

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)

	Long Positions — 99.7% (j)
			Common Stocks — 92.2%
			Consumer Discretionary — 16.8%
			Auto Components — 1.7%
	25		Autoliv, Inc., (Sweden)		1,358
	16		BorgWarner, Inc. (a)		1,043
	78		Dana Holding Corp. (a)		947
	83		Goodyear Tire & Rubber Co. (The) (a)		1,177
	35		Lear Corp.		1,385
	32		Tenneco, Inc. (a)		964
	43		TRW Automotive Holdings Corp. (a)		1,395

					8,269

			Automobiles — 0.8%
	136		Ford Motor Co. (a)		1,468
	45		General Motors Co. (a)		914
	41		Harley-Davidson, Inc.		1,582

					3,964

			Diversified Consumer Services — 2.1%
	42		Apollo Group, Inc., Class A (a)		2,254
	54		Bridgepoint Education, Inc. (a)		1,252
	23		Career Education Corp. (a)		180
	41		Coinstar, Inc. (a)		1,872
	29		ITT Educational Services, Inc. (a)		1,659
	17		Strayer Education, Inc.		1,682
	25		Weight Watchers International, Inc.		1,397

					10,296

			Hotels, Restaurants & Leisure — 2.4%
	39		Bally Technologies, Inc. (a)		1,545
	82		Brinker International, Inc.		2,199
	21		Cracker Barrel Old Country Store, Inc.		1,067
	—	(h)	Marriott International, Inc., Class A		12
	41		Penn National Gaming, Inc. (a)		1,561
	306		Wendy’s Co. (The)		1,642
	53		Wyndham Worldwide Corp.		1,993
	13		Wynn Resorts Ltd.		1,458

					11,477

			Household Durables — 0.5%
	13		Harman International Industries, Inc.		487
	22		Tempur-Pedic International, Inc. (a)		1,158
	18		Tupperware Brands Corp.		998

					2,643

			Internet & Catalog Retail — 0.9%
	5		Amazon.com, Inc. (a)		869
	36		Expedia, Inc.		1,036
	7		NetFlix, Inc. (a)		477


SHARES		SECURITY DESCRIPTION	VALUE($)


		Internet & Catalog Retail — Continued
	2	priceline.com, Inc. (a)		986
	36	TripAdvisor, Inc. (a)		900

				4,268

		Leisure Equipment & Products — 0.3%
	26	Polaris Industries, Inc.		1,454

		Media — 2.1%
	75	Cablevision Systems Corp., Class A		1,060
	23	CBS Corp. (Non-Voting), Class B		611
	11	Comcast Corp., Class A		262
	71	DISH Network Corp., Class A		2,033
	56	Gannett Co., Inc.		744
	1	Interpublic Group of Cos., Inc. (The)		13
	28	McGraw-Hill Cos., Inc. (The)		1,263
	31	Omnicom Group, Inc.		1,372
	28	Time Warner Cable, Inc.		1,792
	28	Viacom, Inc., Class B		1,287

				10,437

		Multiline Retail — 0.9%
	13	Dollar Tree, Inc. (a)		1,119
	44	Macy’s, Inc.		1,423
	32	Nordstrom, Inc.		1,599

				4,141

		Specialty Retail — 4.2%
	20	Advance Auto Parts, Inc.		1,403
	58	ANN, Inc. (a)		1,437
	3	AutoZone, Inc. (a)		1,131
	17	Bed Bath & Beyond, Inc. (a)		973
	56	Best Buy Co., Inc.		1,298
	38	Buckle, Inc. (The)		1,553
	62	Finish Line, Inc. (The), Class A		1,187
	72	Foot Locker, Inc.		1,721
	55	GameStop Corp., Class A (a)		1,337
	32	Gap, Inc. (The)		598
	22	Genesco, Inc. (a)		1,363
	13	Jos. A. Bank Clothiers, Inc. (a)		654
	35	Limited Brands, Inc.		1,427
	20	O’Reilly Automotive, Inc. (a)		1,601
	66	Penske Automotive Group, Inc.		1,266
	135	RadioShack Corp.		1,312
	2	Ulta Salon Cosmetics & Fragrance, Inc. (a)		125

				20,386

		Textiles, Apparel & Luxury Goods — 0.9%
	24	Coach, Inc.		1,435
	92	Crocs, Inc. (a)		1,353

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES			SECURITY DESCRIPTION	VALUE($)

	Long Positions — Continued
			Textiles, Apparel & Luxury Goods — Continued
	1		Fossil, Inc. (a)		113
	4		PVH Corp.		289
	8		Ralph Lauren Corp.		1,159

					4,349

			Total Consumer Discretionary		81,684

			Consumer Staples — 6.1%
			Beverages — 1.3%
	61		Coca-Cola Enterprises, Inc.		1,579
	70		Constellation Brands, Inc., Class A (a)		1,448
	48		Dr. Pepper Snapple Group, Inc.		1,878
	26		Molson Coors Brewing Co., Class B		1,148

					6,053

			Food & Staples Retailing — 1.0%
	16		Casey’s General Stores, Inc.		834
	37		CVS Caremark Corp.		1,495
	69		Kroger Co. (The)		1,670
	818		Rite Aid Corp. (a)		1,031

					5,030

			Food Products — 2.4%
	12		Archer-Daniels-Midland Co.		334
	29		ConAgra Foods, Inc.		769
	118		Darling International, Inc. (a)		1,567
	136		Dean Foods Co. (a)		1,521
	30		Diamond Foods, Inc.		954
	46		Fresh Del Monte Produce, Inc.		1,151
	63		Sara Lee Corp.		1,197
	86		Smithfield Foods, Inc. (a)		2,090
	93		Tyson Foods, Inc., Class A		1,920

					11,503

			Household Products — 0.1%
	10		Clorox Co. (The)		658

			Personal Products — 0.3%
	28		Herbalife Ltd., (Cayman Islands)		1,449
	3		Nu Skin Enterprises, Inc., Class A		134

					1,583

			Tobacco — 1.0%
	18		Lorillard, Inc.		2,008
	18		Philip Morris International, Inc.		1,415
	35		Universal Corp.		1,612

					5,035

		��	Total Consumer Staples		29,862


SHARES		SECURITY DESCRIPTION	VALUE($)


		Energy — 7.2%
		Energy Equipment & Services — 2.5%
	28	Diamond Offshore Drilling, Inc.		1,522
	34	Halliburton Co.		1,158
	125	Helix Energy Solutions Group, Inc. (a)		1,974
	19	Helmerich & Payne, Inc.		1,114
	81	Nabors Industries Ltd., (Bermuda) (a)		1,409
	9	National Oilwell Varco, Inc.		603
	51	Patterson-UTI Energy, Inc.		1,025
	88	RPC, Inc.		1,612
	21	Superior Energy Services, Inc. (a)		586
	27	Unit Corp. (a)		1,244

				12,247

		Oil, Gas & Consumable Fuels — 4.7%
	19	Chevron Corp.		2,065
	57	Cloud Peak Energy, Inc. (a)		1,102
	24	ConocoPhillips		1,723
	11	Continental Resources, Inc. (a)		718
	77	CVR Energy, Inc. (a)		1,438
	44	Denbury Resources, Inc. (a)		670
	26	Devon Energy Corp.		1,603
	24	Energen Corp.		1,223
	11	Energy XXI Bermuda Ltd., (Bermuda) (a)		355
	4	EOG Resources, Inc.		403
	18	EQT Corp.		1,010
	21	Gulfport Energy Corp. (a)		631
	17	HollyFrontier Corp.		398
	56	Marathon Oil Corp.		1,629
	6	Northern Oil & Gas, Inc. (a)		142
	2	Occidental Petroleum Corp.		204
	29	Peabody Energy Corp.		951
	14	Range Resources Corp.		897
	80	Stone Energy Corp. (a)		2,117
	41	Tesoro Corp. (a)		960
	22	Valero Energy Corp.		464
	83	W&T Offshore, Inc.		1,751
	29	Western Refining, Inc. (a)		383

				22,837

		Total Energy		35,084

		Financials — 12.3%
		Capital Markets — 2.3%
	34	Ameriprise Financial, Inc.		1,712
	40	Apollo Investment Corp.		259
	108	Ares Capital Corp.		1,672
	57	Bank of New York Mellon Corp. (The)		1,139

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	37

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Long Positions — Continued
		Capital Markets — Continued
	67	Eaton Vance Corp.		1,584
	29	Federated Investors, Inc., Class B		432
	8	Franklin Resources, Inc.		761
	122	Knight Capital Group, Inc., Class A (a)		1,438
	91	Prospect Capital Corp.		843
	34	State Street Corp.		1,350

				11,190

		Commercial Banks — 2.1%
	11	Bank of Hawaii Corp.		506
	4	Commerce Bancshares, Inc.		134
	90	East West Bancorp, Inc.		1,779
	31	Fifth Third Bancorp		392
	112	Fulton Financial Corp.		1,094
	287	Huntington Bancshares, Inc.		1,578
	24	PNC Financial Services Group, Inc.		1,388
	59	U.S. Bancorp		1,586
	70	Wells Fargo & Co.		1,935

				10,392

		Consumer Finance — 1.2%
	32	Capital One Financial Corp.		1,356
	6	Cash America International, Inc.		263
	65	Discover Financial Services		1,551
	33	Ezcorp, Inc., Class A (a)		882
	13	First Cash Financial Services, Inc. (a)		458
	92	SLM Corp.		1,232

				5,742

		Diversified Financial Services — 0.6%
	48	Citigroup, Inc.		1,257
	13	Moody’s Corp.		423
	51	NASDAQ OMX Group, Inc. (The) (a)		1,246

				2,926

		Insurance — 5.5%
	26	ACE Ltd., (Switzerland)		1,826
	38	Aflac, Inc.		1,631
	19	Allied World Assurance Co. Holdings AG, (Switzerland)		1,175
	44	American Financial Group, Inc.		1,622
	54	Assurant, Inc.		2,206
	131	Assured Guaranty Ltd., (Bermuda)		1,718
	283	CNO Financial Group, Inc. (a)		1,785
	45	Delphi Financial Group, Inc., Class A		2,009
	85	Hartford Financial Services Group, Inc.		1,387
	92	Lincoln National Corp.		1,789
	35	MetLife, Inc.		1,096


SHARES		SECURITY DESCRIPTION	VALUE($)


		Insurance — Continued
	45	Principal Financial Group, Inc.		1,117
	10	ProAssurance Corp.		777
	67	Protective Life Corp.		1,515
	24	Prudential Financial, Inc.		1,194
	28	Reinsurance Group of America, Inc.		1,469
	30	Torchmark Corp.		1,294
	52	Unum Group		1,096

				26,706

		Real Estate Investment Trusts (REITs) — 0.4%
	10	Mid-America Apartment Communities, Inc.		645
	11	Post Properties, Inc.		497
	4	Simon Property Group, Inc.		522

				1,664

		Thrifts & Mortgage Finance — 0.2%
	73	Ocwen Financial Corp. (a)		1,052

		Total Financials		59,672

		Health Care — 9.2%
		Biotechnology — 1.2%
	9	Amgen, Inc.		571
	6	Biogen Idec, Inc. (a)		689
	9	Celgene Corp. (a)		600
	22	Gilead Sciences, Inc. (a)		883
	99	Human Genome Sciences, Inc. (a)		732
	19	Incyte Corp., Ltd. (a)		291
	29	InterMune, Inc. (a)		362
	36	United Therapeutics Corp. (a)		1,678

				5,806

		Health Care Equipment & Supplies — 1.0%
	44	Alere, Inc. (a)		1,024
	14	C.R. Bard, Inc.		1,227
	15	Cooper Cos., Inc. (The)		1,025
	14	Teleflex, Inc.		841
	15	Zimmer Holdings, Inc. (a)		821

				4,938

		Health Care Providers & Services — 3.0%
	30	Aetna, Inc.		1,252
	5	AmerisourceBergen Corp.		181
	37	Cigna Corp.		1,535
	33	Community Health Systems, Inc. (a)		579
	33	HCA Holdings, Inc. (a)		730
	35	Health Net, Inc. (a)		1,063
	21	Humana, Inc.		1,832
	61	Omnicare, Inc.		2,084

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Long Positions — Continued
		Health Care Providers & Services — Continued
	28	UnitedHealth Group, Inc.		1,419
	38	WellCare Health Plans, Inc. (a)		2,000
	24	WellPoint, Inc.		1,600

				14,275

		Health Care Technology — 0.2%
	18	SXC Health Solutions Corp. (a)		1,035

		Life Sciences Tools & Services — 0.1%
	49	Bruker Corp. (a)		614

		Pharmaceuticals — 3.7%
	24	Abbott Laboratories		1,374
	56	Bristol-Myers Squibb Co.		1,971
	53	Eli Lilly & Co.		2,219
	11	Endo Pharmaceuticals Holdings, Inc. (a)		378
	48	Forest Laboratories, Inc. (a)		1,468
	33	Jazz Pharmaceuticals, Inc. (a)		1,262
	27	Medicis Pharmaceutical Corp., Class A		897
	39	Merck & Co., Inc.		1,464
	59	Pfizer, Inc.		1,271
	37	Salix Pharmaceuticals Ltd. (a)		1,764
	67	ViroPharma, Inc. (a)		1,848
	61	Warner Chilcott plc, (Ireland), Class A (a)		923
	18	Watson Pharmaceuticals, Inc. (a)		1,084

				17,923

		Total Health Care		44,591

		Industrials — 12.1%
		Aerospace & Defense — 2.0%
	21	Alliant Techsystems, Inc.		1,183
	22	L-3 Communications Holdings, Inc.		1,482
	23	Lockheed Martin Corp.		1,857
	31	Northrop Grumman Corp.		1,807
	28	Raytheon Co.		1,348
	83	Textron, Inc.		1,537
	6	TransDigm Group, Inc. (a)		610

				9,824

		Air Freight & Logistics — 0.3%
	35	Atlas Air Worldwide Holdings, Inc. (a)		1,331
	2	United Parcel Service, Inc., Class B		133

				1,464

		Airlines — 0.4%
	7	Copa Holdings S.A., (Panama), Class A		420
	301	U.S. Airways Group, Inc. (a)		1,526

				1,946


SHARES		SECURITY DESCRIPTION	VALUE($)


		Commercial Services & Supplies — 0.8%
	1	Brink's Co. (The)		14
	22	Copart, Inc. (a)		1,060
	1	Corrections Corp. of America (a)		13
	30	Covanta Holding Corp.		415
	16	Deluxe Corp.		368
	49	Herman Miller, Inc.		896
	23	R.R. Donnelley & Sons Co.		333
	21	United Stationers, Inc.		679

				3,778

		Construction & Engineering — 1.6%
	45	Chicago Bridge & Iron Co. N.V., (Netherlands)		1,701
	57	EMCOR Group, Inc.		1,528
	28	Fluor Corp.		1,403
	78	Foster Wheeler AG, (Switzerland) (a)		1,491
	45	URS Corp. (a)		1,589

				7,712

		Electrical Equipment — 1.1%
	32	Belden, Inc.		1,069
	53	EnerSys (a)		1,377
	56	General Cable Corp. (a)		1,410
	5	Rockwell Automation, Inc.		376
	25	Thomas & Betts Corp. (a)		1,342

				5,574

		Industrial Conglomerates — 0.4%
	112	General Electric Co.		2,005

		Machinery — 3.6%
	40	AGCO Corp. (a)		1,718
	19	Caterpillar, Inc.		1,698
	42	CNH Global N.V., (Netherlands) (a)		1,520
	16	Cummins, Inc.		1,447
	13	Deere & Co.		983
	12	Dover Corp.		709
	15	Gardner Denver, Inc.		1,147
	50	Ingersoll-Rand plc, (Ireland)		1,534
	87	ITT Corp.		1,673
	6	Kennametal, Inc.		218
	36	Navistar International Corp. (a)		1,361
	37	PACCAR, Inc.		1,391
	14	Parker Hannifin Corp.		1,048
	2	Valmont Industries, Inc.		149
	25	WABCO Holdings, Inc. (a)		1,103

				17,699

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	39

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Long Positions — Continued
		Marine — 0.3%
	23	Kirby Corp. (a)		1,508

		Professional Services — 0.0% (g)
	4	Corporate Executive Board Co. (The)		134

		Road & Rail — 1.3%
	63	Avis Budget Group, Inc. (a)		674
	53	CSX Corp.		1,119
	25	J.B. Hunt Transport Services, Inc.		1,140
	68	Knight Transportation, Inc.		1,071
	23	Norfolk Southern Corp.		1,684
	5	Union Pacific Corp.		546

				6,234

		Trading Companies & Distributors — 0.3%
	43	TAL International Group, Inc.		1,246

		Total Industrials		59,124

		Information Technology — 16.4%
		Communications Equipment — 1.8%
	23	Arris Group, Inc. (a)		247
	88	Cisco Systems, Inc.		1,588
	41	Harris Corp.		1,485
	41	Motorola Solutions, Inc.		1,891
	37	NETGEAR, Inc. (a)		1,247
	51	Plantronics, Inc.		1,816
	14	QUALCOMM, Inc.		739

				9,013

		Computers & Peripherals — 1.0%
	4	Apple, Inc. (a)		1,639
	108	Dell, Inc. (a)		1,581
	31	Seagate Technology plc, (Ireland)		515
	38	Western Digital Corp. (a)		1,190

				4,925

		Electronic Equipment, Instruments & Components — 2.4%
	108	Corning, Inc.		1,405
	10	FEI Co. (a)		417
	242	Flextronics International Ltd., (Singapore) (a)		1,372
	59	Ingram Micro, Inc., Class A (a)		1,068
	34	IPG Photonics Corp. (a)		1,162
	74	Jabil Circuit, Inc.		1,446
	34	SYNNEX Corp. (a)		1,021
	36	TE Connectivity Ltd., (Switzerland)		1,101
	34	Tech Data Corp. (a)		1,691
	104	TTM Technologies, Inc. (a)		1,141

				11,824


SHARES			SECURITY DESCRIPTION	VALUE($)


			Internet Software & Services — 1.5%
	71		Digital River, Inc. (a)		1,065
	50		eBay, Inc. (a)		1,503
	46		IAC/InterActiveCorp.		1,962
	19		Sohu.com, Inc., (China) (a)		929
	49		VeriSign, Inc.		1,760

					7,219

			IT Services — 2.6%
	27		Accenture plc, (Ireland), Class A		1,434
	20		Alliance Data Systems Corp. (a)		2,081
	17		Broadridge Financial Solutions, Inc.		380
	31		CACI International, Inc., Class A (a)		1,756
	49		Fidelity National Information Services, Inc.		1,298
	25		Gartner, Inc. (a)		854
	9		International Business Machines Corp.		1,585
	—	(h)	MasterCard, Inc., Class A		132
	136		SAIC, Inc. (a)		1,670
	79		Western Union Co. (The)		1,436

					12,626

			Semiconductors & Semiconductor Equipment — 3.7%
	190		Advanced Micro Devices, Inc. (a)		1,027
	242		Amkor Technology, Inc. (a)		1,055
	134		Applied Materials, Inc.		1,440
	210		GT Advanced Technologies, Inc. (a)		1,517
	39		Intel Corp.		945
	42		KLA-Tencor Corp.		2,031
	250		LSI Corp. (a)		1,486
	117		Marvell Technology Group Ltd., (Bermuda) (a)		1,623
	45		Novellus Systems, Inc. (a)		1,839
	108		NVIDIA Corp. (a)		1,496
	176		PMC-Sierra, Inc. (a)		970
	96		Teradyne, Inc. (a)		1,303
	50		Veeco Instruments, Inc. (a)		1,046

					17,778

			Software — 3.4%
	168		Activision Blizzard, Inc.		2,069
	13		Adobe Systems, Inc. (a)		360
	4		Ariba, Inc. (a)		119
	46		BMC Software, Inc. (a)		1,500
	83		CA, Inc.		1,686
	186		Cadence Design Systems, Inc. (a)		1,939
	45		Fair Isaac Corp.		1,600
	80		Microsoft Corp.		2,067
	48		Oracle Corp.		1,240
	61		Quest Software, Inc. (a)		1,131

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Long Positions — Continued
		Software — Continued
	100	Symantec Corp. (a)		1,562
	151	TiVo, Inc. (a)		1,354
	1	VMware, Inc., Class A (a)		112

				16,739

		Total Information Technology		80,124

		Materials — 6.1%
		Chemicals — 2.6%
	6	Albemarle Corp.		333
	25	Celanese Corp., Class A		1,092
	12	CF Industries Holdings, Inc.		1,669
	10	Cytec Industries, Inc.		452
	75	Kronos Worldwide, Inc.		1,354
	22	Monsanto Co.		1,562
	29	Mosaic Co. (The)		1,467
	5	NewMarket Corp.		925
	48	OM Group, Inc. (a)		1,068
	38	Rockwood Holdings, Inc. (a)		1,492
	30	Westlake Chemical Corp.		1,199

				12,613

		Containers & Packaging — 0.6%
	4	Ball Corp.		140
	16	Crown Holdings, Inc. (a)		539
	36	Owens-Illinois, Inc. (a)		692
	89	Sealed Air Corp.		1,529

				2,900

		Metals & Mining — 2.2%
	142	Alcoa, Inc.		1,228
	25	Cliffs Natural Resources, Inc.		1,555
	63	Coeur d’Alene Mines Corp. (a)		1,514
	20	Compass Minerals International, Inc.		1,372
	31	Freeport-McMoRan Copper & Gold, Inc.		1,131
	44	Molycorp, Inc. (a)		1,064
	6	Nucor Corp.		236
	23	Schnitzer Steel Industries, Inc., Class A		968
	124	Steel Dynamics, Inc.		1,628

				10,696

		Paper & Forest Products — 0.7%
	24	Domtar Corp., (Canada)		1,898
	53	International Paper Co.		1,566

				3,464

		Total Materials		29,673


SHARES		SECURITY DESCRIPTION	VALUE($)


		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.1%
	28	Level 3 Communications, Inc. (a)		481
	5	Verizon Communications, Inc.		198

				679

		Wireless Telecommunication Services — 0.5%
	156	MetroPCS Communications, Inc. (a)		1,358
	23	SBA Communications Corp., Class A (a)		979
	27	Sprint Nextel Corp. (a)		64

				2,401

		Total Telecommunication Services		3,080

		Utilities — 5.4%
		Electric Utilities — 2.1%
	49	American Electric Power Co., Inc.		2,036
	43	Edison International		1,790
	36	El Paso Electric Co.		1,247
	25	Entergy Corp.		1,845
	81	PNM Resources, Inc.		1,468
	81	Portland General Electric Co.		2,042

				10,428

		Gas Utilities — 0.6%
	11	Atmos Energy Corp.		362
	9	New Jersey Resources Corp.		439
	2	ONEOK, Inc.		137
	51	Questar Corp.		1,007
	41	UGI Corp.		1,216

				3,161

		Independent Power Producers & Energy Traders — 0.6%
	126	AES Corp. (The) (a)		1,494
	76	NRG Energy, Inc. (a)		1,379

				2,873

		Multi-Utilities — 2.0%
	60	Ameren Corp.		1,989
	101	CMS Energy Corp.		2,223
	11	DTE Energy Co.		623
	11	Integrys Energy Group, Inc.		604
	41	PG&E Corp.		1,708
	36	Public Service Enterprise Group, Inc.		1,198
	22	Sempra Energy		1,217

				9,562

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	41

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Long Positions — Continued
		Water Utilities — 0.1%
	8	American Water Works Co., Inc.		268

		Total Utilities		26,292

		Total Common Stocks (Cost $426,657)		449,186

		Short-Term Investment — 7.5%
		Investment Company — 7.5%
	36,621	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (Cost $36,621)		36,621

		Total Investments — 99.7% (Cost $463,278)		485,807
		Other Assets in Excess of Liabilities — 0.3%		1,160

		NET ASSETS — 100.0%	$	486,967

	Short Positions — 92.9%
		Common Stocks — 92.9%
		Consumer Discretionary — 14.1%
		Auto Components — 0.4%
	20	Gentex Corp.		581
	52	Johnson Controls, Inc.		1,635

				2,216

		Distributors — 0.2%
	30	Pool Corp.		895

		Diversified Consumer Services — 0.2%
	10	DeVry, Inc.		371
	17	Sotheby’s		487

				858

		Hotels, Restaurants & Leisure — 3.4%
	34	BJ’s Restaurants, Inc. (a)		1,541
	49	Carnival Corp.		1,586
	5	Chipotle Mexican Grill, Inc. (a)		1,808
	39	Gaylord Entertainment Co. (a)		930
	28	Hyatt Hotels Corp., Class A (a)		1,062
	31	Jack in the Box, Inc. (a)		651
	39	Life Time Fitness, Inc. (a)		1,831
	6	Panera Bread Co., Class A (a)		916
	26	Royal Caribbean Cruises Ltd.		636
	15	Six Flags Entertainment Corp.		627
	37	Starbucks Corp.		1,706
	22	Starwood Hotels & Resorts Worldwide, Inc.		1,045
	19	Vail Resorts, Inc.		821
	71	WMS Industries, Inc. (a)		1,451

				16,611


SHARES		SECURITY DESCRIPTION	VALUE($)


		Household Durables — 0.7%
	85	MDC Holdings, Inc.		1,503
	31	Mohawk Industries, Inc. (a)		1,864

				3,367

		Internet & Catalog Retail — 0.3%
	63	Shutterfly, Inc. (a)		1,432

		Media — 2.5%
	78	DreamWorks Animation SKG, Inc., Class A (a)		1,292
	61	Lamar Advertising Co., Class A (a)		1,687
	25	Liberty Media Corp. - Liberty Capital, Class A (a)		1,914
	161	Live Nation Entertainment, Inc. (a)		1,335
	6	Meredith Corp.		190
	112	New York Times Co. (The), Class A (a)		865
	3	Scripps Networks Interactive, Inc., Class A		136
	52	Thomson Reuters Corp.		1,397
	10	Valassis Communications, Inc. (a)		194
	85	Virgin Media, Inc.		1,823
	35	Walt Disney Co. (The)		1,300

				12,133

		Multiline Retail — 0.3%
	50	J.C. Penney Co., Inc.		1,747

		Specialty Retail — 3.4%
	17	Abercrombie & Fitch Co., Class A		816
	17	Aeropostale, Inc. (a)		260
	78	American Eagle Outfitters, Inc.		1,185
	77	Cabela’s, Inc. (a)		1,946
	72	CarMax, Inc. (a)		2,187
	34	Children’s Place Retail Stores, Inc. (The) (a)		1,823
	121	Collective Brands, Inc. (a)		1,740
	30	DSW, Inc., Class A		1,344
	18	Guess?, Inc.		539
	33	Monro Muffler Brake, Inc.		1,294
	23	Rent-A-Center, Inc.		842
	9	Staples, Inc.		124
	8	Tractor Supply Co.		558
	66	Urban Outfitters, Inc. (a)		1,820

				16,478

		Textiles, Apparel & Luxury Goods — 2.7%
	47	Carter’s, Inc. (a)		1,879
	17	Deckers Outdoor Corp. (a)		1,261
	71	Hanesbrands, Inc. (a)		1,542
	74	Iconix Brand Group, Inc. (a)		1,204
	95	Jones Group, Inc. (The)		998
	12	NIKE, Inc., Class B		1,204

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short Positions — Continued
		Textiles, Apparel & Luxury Goods — Continued
	26	Under Armour, Inc., Class A (a)		1,893
	12	V.F. Corp.		1,510
	41	Wolverine World Wide, Inc.		1,463

				12,954

		Total Consumer Discretionary		68,691

		Consumer Staples — 5.3%
		Beverages — 0.5%
	15	Brown-Forman Corp., Class B		1,236
	9	Coca-Cola Co. (The)		650
	8	PepsiCo, Inc.		553

				2,439

		Food & Staples Retailing — 0.8%
	36	Ruddick Corp.		1,529
	31	Sysco Corp.		917
	38	United Natural Foods, Inc. (a)		1,519

				3,965

		Food Products — 3.7%
	80	Flowers Foods, Inc.		1,509
	41	General Mills, Inc.		1,661
	29	Green Mountain Coffee Roasters, Inc. (a)		1,298
	22	H.J. Heinz Co.		1,171
	13	Hershey Co. (The)		798
	17	JM Smucker Co. (The)		1,363
	25	Kellogg Co.		1,281
	52	Kraft Foods, Inc., Class A		1,951
	36	McCormick & Co., Inc. (Non-Voting)		1,798
	28	Mead Johnson Nutrition Co.		1,958
	30	Sanderson Farms, Inc.		1,493
	25	TreeHouse Foods, Inc. (a)		1,609

				17,890

		Personal Products — 0.3%
	15	Estee Lauder Cos., Inc. (The), Class A		1,714

		Total Consumer Staples		26,008

		Energy — 7.7%
		Energy Equipment & Services — 2.5%
	9	Atwood Oceanics, Inc. (a)		340
	34	Cameron International Corp. (a)		1,663
	27	Dril-Quip, Inc. (a)		1,795
	30	FMC Technologies, Inc. (a)		1,548
	129	ION Geophysical Corp. (a)		794
	22	Lufkin Industries, Inc.		1,453
	51	Noble Corp., (Switzerland) (a)		1,531
	42	Rowan Cos., Inc. (a)		1,261


SHARES		SECURITY DESCRIPTION	VALUE($)


		Energy Equipment & Services — Continued
	37	Tidewater, Inc.		1,820
	14	Weatherford International Ltd., (Switzerland) (a)		211

				12,416

		Oil, Gas & Consumable Fuels — 5.2%
	75	Alpha Natural Resources, Inc. (a)		1,537
	43	Bill Barrett Corp. (a)		1,481
	19	Cabot Oil & Gas Corp.		1,480
	20	Cimarex Energy Co.		1,235
	136	Cobalt International Energy, Inc. (a)		2,109
	28	Comstock Resources, Inc. (a)		433
	15	Forest Oil Corp. (a)		199
	15	Hess Corp.		843
	145	McMoRan Exploration Co. (a)		2,110
	140	Patriot Coal Corp. (a)		1,182
	5	Pioneer Natural Resources Co.		442
	177	Quicksilver Resources, Inc. (a)		1,189
	242	SandRidge Energy, Inc. (a)		1,973
	46	Spectra Energy Corp.		1,401
	39	Sunoco, Inc.		1,620
	12	Targa Resources Corp.		480
	56	Teekay Corp., (Canada)		1,484
	35	Ultra Petroleum Corp. (a)		1,040
	21	Whiting Petroleum Corp. (a)		965
	49	World Fuel Services Corp.		2,055

				25,258

		Total Energy		37,674

		Financials — 13.1%
		Capital Markets — 2.0%
	183	E*Trade Financial Corp. (a)		1,453
	1	Goldman Sachs Group, Inc. (The)		123
	45	Greenhill & Co., Inc.		1,625
	45	Janus Capital Group, Inc.		281
	67	Legg Mason, Inc.		1,615
	68	SEI Investments Co.		1,181
	58	Stifel Financial Corp. (a)		1,866
	30	T. Rowe Price Group, Inc.		1,720

				9,864

		Commercial Banks — 4.3%
	102	Associated Banc-Corp.		1,135
	66	BancorpSouth, Inc.		724
	304	CapitalSource, Inc.		2,040
	51	CIT Group, Inc. (a)		1,779
	223	First Horizon National Corp.		1,784
	95	FirstMerit Corp.		1,434

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	43

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short Positions — Continued
		Commercial Banks — Continued
	29	Iberiabank Corp.		1,424
	119	Regions Financial Corp.		511
	19	Signature Bank (a)		1,124
	96	SunTrust Banks, Inc.		1,691
	162	Susquehanna Bancshares, Inc.		1,362
	1,022	Synovus Financial Corp.		1,440
	114	TCF Financial Corp.		1,172
	136	Umpqua Holdings Corp.		1,690
	16	Wintrust Financial Corp.		443
	71	Zions Bancorp		1,157

				20,910

		Diversified Financial Services — 0.8%
	257	Bank of America Corp.		1,430
	3	CME Group, Inc.		800
	50	MSCI, Inc., Class A (a)		1,660

				3,890

		Insurance — 4.0%
	48	Allstate Corp. (The)		1,308
	74	American International Group, Inc. (a)		1,710
	13	Aspen Insurance Holdings Ltd., (Bermuda)		339
	82	Brown & Brown, Inc.		1,855
	67	Cincinnati Financial Corp.		2,055
	33	First American Financial Corp.		423
	74	Genworth Financial, Inc., Class A (a)		487
	32	Hanover Insurance Group, Inc. (The)		1,131
	4	Markel Corp. (a)		1,760
	38	Mercury General Corp.		1,720
	76	Montpelier Re Holdings Ltd., (Bermuda)		1,348
	166	Old Republic International Corp.		1,538
	8	PartnerRe Ltd., (Bermuda)		484
	38	Platinum Underwriters Holdings Ltd., (Bermuda)		1,297
	24	RenaissanceRe Holdings Ltd., (Bermuda)		1,808

				19,263

		Real Estate Investment Trusts (REITs) — 1.1%
	28	Apartment Investment & Management Co., Class A		652
	4	BRE Properties, Inc.		197
	19	Colonial Properties Trust		393
	32	Equity One, Inc.		548
	4	Home Properties, Inc.		223
	10	Kilroy Realty Corp.		384
	4	Vornado Realty Trust		276


SHARES		SECURITY DESCRIPTION	VALUE($)


		Real Estate Investment Trusts (REITs) — Continued
	30	Weingarten Realty Investors		656
	102	Weyerhaeuser Co.		1,898

				5,227

		Thrifts & Mortgage Finance — 0.9%
	19	Astoria Financial Corp.		157
	123	Capitol Federal Financial, Inc.		1,418
	276	Hudson City Bancorp, Inc.		1,728
	90	Northwest Bancshares, Inc.		1,115

				4,418

		Total Financials		63,572

		Health Care — 9.5%
		Biotechnology — 1.3%
	15	Alexion Pharmaceuticals, Inc. (a)		1,049
	142	Ariad Pharmaceuticals, Inc. (a)		1,740
	23	BioMarin Pharmaceutical, Inc. (a)		791
	23	Cepheid, Inc. (a)		800
	40	Myriad Genetics, Inc. (a)		838
	31	Theravance, Inc. (a)		680
	18	Vertex Pharmaceuticals, Inc. (a)		582

				6,480

		Health Care Equipment & Supplies — 2.4%
	48	DENTSPLY International, Inc.		1,662
	8	Edwards Lifesciences Corp. (a)		546
	23	Haemonetics Corp. (a)		1,388
	20	HeartWare International, Inc. (a)		1,385
	13	Integra LifeSciences Holdings Corp. (a)		415
	1	Intuitive Surgical, Inc. (a)		422
	51	Masimo Corp. (a)		948
	4	Medtronic, Inc.		150
	77	NxStage Medical, Inc. (a)		1,376
	43	STERIS Corp.		1,283
	9	Stryker Corp.		446
	10	Thoratec Corp. (a)		324
	56	Volcano Corp. (a)		1,322

				11,667

		Health Care Providers & Services — 2.5%
	108	Brookdale Senior Living, Inc. (a)		1,871
	8	Catalyst Health Solutions, Inc. (a)		414
	13	Chemed Corp.		648
	95	HealthSouth Corp. (a)		1,682
	27	Henry Schein, Inc. (a)		1,722
	20	HMS Holdings Corp. (a)		649
	19	Mednax, Inc. (a)		1,362

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES			SECURITY DESCRIPTION	VALUE($)

	Short Positions — Continued
			Health Care Providers & Services — Continued
	53		Owens & Minor, Inc.		1,468
	22		Quest Diagnostics, Inc.		1,287
	50		VCA Antech, Inc. (a)		993

					12,096

			Health Care Technology — 0.5%
	26		Cerner Corp. (a)		1,616
	19		Quality Systems, Inc.		699

					2,315

			Life Sciences Tools & Services — 1.3%
	40		Charles River Laboratories International, Inc. (a)		1,087
	7	��	Mettler-Toledo International, Inc. (a)		1,032
	71		Parexel International Corp. (a)		1,483
	34		QIAGEN N.V., (Netherlands) (a)		472
	14		Techne Corp.		975
	36		Thermo Fisher Scientific, Inc. (a)		1,634

					6,683

			Pharmaceuticals — 1.5%
	22		Allergan, Inc.		1,936
	25		Hospira, Inc. (a)		755
	69		Impax Laboratories, Inc. (a)		1,390
	52		Par Pharmaceutical Cos., Inc. (a)		1,709
	15		Perrigo Co.		1,448

					7,238

			Total Health Care		46,479

			Industrials — 15.6%
			Aerospace & Defense — 1.9%
	25		Boeing Co. (The)		1,808
	62		DigitalGlobe, Inc. (a)		1,062
	27		Esterline Technologies Corp. (a)		1,531
	73		Hexcel Corp. (a)		1,759
	9		Precision Castparts Corp.		1,523
	24		Rockwell Collins, Inc.		1,345
	7		Triumph Group, Inc.		400

					9,428

			Air Freight & Logistics — 1.0%
	18		C.H. Robinson Worldwide, Inc.		1,279
	27		Expeditors International of Washington, Inc.		1,116
	41		Hub Group, Inc., Class A (a)		1,324
	83		UTi Worldwide, Inc., (United Kingdom)		1,101

					4,820

			Airlines — 0.2%
	18		Allegiant Travel Co. (a)		952


SHARES		SECURITY DESCRIPTION	VALUE($)


		Building Products — 1.0%
	44	A.O. Smith Corp.		1,754
	13	Armstrong World Industries, Inc. (a)		549
	112	Masco Corp.		1,178
	40	Simpson Manufacturing Co., Inc.		1,342

				4,823

		Commercial Services & Supplies — 2.2%
	50	Avery Dennison Corp.		1,427
	49	Cintas Corp.		1,718
	31	Clean Harbors, Inc. (a)		1,966
	62	GEO Group, Inc. (The) (a)		1,046
	5	Republic Services, Inc.		137
	21	Stericycle, Inc. (a)		1,625
	51	Waste Connections, Inc.		1,674
	31	Waste Management, Inc.		1,029

				10,622

		Construction & Engineering — 1.3%
	49	Jacobs Engineering Group, Inc. (a)		1,974
	18	MasTec, Inc. (a)		309
	105	Quanta Services, Inc. (a)		2,255
	75	Shaw Group, Inc. (The) (a)		2,029

				6,567

		Electrical Equipment — 1.3%
	15	Acuity Brands, Inc.		777
	31	Cooper Industries plc		1,698
	119	GrafTech International Ltd. (a)		1,627
	7	Polypore International, Inc. (a)		320
	33	Regal-Beloit Corp.		1,707

				6,129

		Industrial Conglomerates — 0.4%
	2	3M Co.		138
	37	Danaher Corp.		1,722

				1,860

		Machinery — 2.5%
	33	CLARCOR, Inc.		1,664
	19	Flowserve Corp.		1,936
	41	Kaydon Corp.		1,248
	22	Manitowoc Co., Inc. (The)		202
	45	Pentair, Inc.		1,497
	25	Robbins & Myers, Inc.		1,194
	14	SPX Corp.		826
	63	Trinity Industries, Inc.		1,894
	47	Woodward, Inc.		1,917

				12,378

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	45

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short Positions — Continued
		Marine — 0.3%
	32	Alexander & Baldwin, Inc.		1,293

		Professional Services — 1.5%
	21	Acacia Research - Acacia Technologies (a)		757
	21	CoStar Group, Inc. (a)		1,380
	48	Equifax, Inc.		1,870
	21	IHS, Inc., Class A (a)		1,813
	4	Manpower, Inc.		128
	49	Robert Half International, Inc.		1,381

				7,329

		Road & Rail — 0.8%
	22	Genesee & Wyoming, Inc., Class A (a)		1,315
	63	Hertz Global Holdings, Inc. (a)		735
	7	Landstar System, Inc.		346
	24	Ryder System, Inc.		1,266

				3,662

		Trading Companies & Distributors — 1.2%
	31	Applied Industrial Technologies, Inc.		1,087
	40	Fastenal Co.		1,733
	18	MSC Industrial Direct Co., Inc., Class A		1,309
	2	W.W. Grainger, Inc.		417
	21	Watsco, Inc.		1,349

				5,895

		Total Industrials		75,758

		Information Technology — 13.1%
		Communications Equipment — 2.0%
	51	Acme Packet, Inc. (a)		1,585
	81	Aruba Networks, Inc. (a)		1,505
	129	Ciena Corp. (a)		1,565
	107	Finisar Corp. (a)		1,786
	425	Tellabs, Inc.		1,717
	38	ViaSat, Inc. (a)		1,741

				9,899

		Computers & Peripherals — 0.4%
	9	Hewlett-Packard Co.		232
	34	SanDisk Corp. (a)		1,681

				1,913

		Electronic Equipment, Instruments & Components — 1.6%
	32	Amphenol Corp., Class A		1,467
	44	Cognex Corp.		1,581
	67	FLIR Systems, Inc.		1,689
	20	Molex, Inc.		482
	44	National Instruments Corp.		1,139
	38	Trimble Navigation Ltd. (a)		1,631

				7,989


SHARES			SECURITY DESCRIPTION	VALUE($)


			Internet Software & Services — 0.8%
	69		Akamai Technologies, Inc. (a)		2,222
	—	(h)	LogMeIn, Inc. (a)		13
	42		WebMD Health Corp. (a)		1,574

					3,809

			IT Services — 1.5%
	16		Automatic Data Processing, Inc.		867
	7		Cardtronics, Inc. (a)		195
	74		Genpact Ltd., (Bermuda) (a)		1,112
	37		Global Payments, Inc.		1,748
	32		Jack Henry & Associates, Inc.		1,092
	112		Sapient Corp.		1,414
	16		Syntel, Inc.		739

					7,167

			Office Electronics — 0.3%
	60		Xerox Corp.		478
	34		Zebra Technologies Corp., Class A (a)		1,210

					1,688

			Semiconductors & Semiconductor Equipment — 3.8%
	55		Cavium, Inc. (a)		1,575
	86		Cirrus Logic, Inc. (a)		1,363
	72		Cree, Inc. (a)		1,597
	29		Cymer, Inc. (a)		1,424
	62		Diodes, Inc. (a)		1,316
	24		Hittite Microwave Corp. (a)		1,185
	67		International Rectifier Corp. (a)		1,295
	118		MEMC Electronic Materials, Inc. (a)		465
	50		Microchip Technology, Inc.		1,814
	49		Micron Technology, Inc. (a)		307
	37		Power Integrations, Inc.		1,240
	207		RF Micro Devices, Inc. (a)		1,118
	33		Silicon Laboratories, Inc. (a)		1,412
	52		Texas Instruments, Inc.		1,500
	189		TriQuint Semiconductor, Inc. (a)		920

					18,531

			Software — 2.7%
	41		Concur Technologies, Inc. (a)		2,082
	37		MICROS Systems, Inc. (a)		1,717
	47		NetSuite, Inc. (a)		1,914
	37		Red Hat, Inc. (a)		1,526
	31		Solera Holdings, Inc.		1,383
	24		Synchronoss Technologies, Inc. (a)		713
	123		Take-Two Interactive Software, Inc. (a)		1,673

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short Positions — Continued
		Software — Continued
	42	Taleo Corp., Class A (a)		1,635
	6	Ultimate Software Group, Inc. (a)		369

				13,012

		Total Information Technology		64,008

		Materials — 6.8%
		Chemicals — 2.9%
	16	Air Products & Chemicals, Inc.		1,390
	8	Airgas, Inc.		607
	29	Ashland, Inc.		1,675
	27	Cabot Corp.		860
	36	Dow Chemical Co. (The)		1,039
	20	FMC Corp.		1,755
	32	International Flavors & Fragrances, Inc.		1,663
	17	Praxair, Inc.		1,789
	53	RPM International, Inc.		1,300
	39	Scotts Miracle-Gro Co. (The), Class A		1,802
	2	Sigma-Aldrich Corp.		149

				14,029

		Construction Materials — 0.8%
	65	Eagle Materials, Inc.		1,674
	17	Martin Marietta Materials, Inc.		1,256
	30	Vulcan Materials Co.		1,162

				4,092

		Containers & Packaging — 0.9%
	28	Greif, Inc., Class A		1,279
	71	Packaging Corp. of America		1,801
	47	Sonoco Products Co.		1,554

				4,634

		Metals & Mining — 2.2%
	22	Allegheny Technologies, Inc.		1,044
	57	Allied Nevada Gold Corp. (a)		1,719
	30	Carpenter Technology Corp.		1,562
	246	Thompson Creek Metals Co., Inc., (Canada) (a)		1,711
	112	Titanium Metals Corp.		1,680
	55	United States Steel Corp.		1,461
	22	Walter Energy, Inc.		1,361

				10,538

		Total Materials		33,293

		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 0.5%
	19	AT&T, Inc.		565
	215	Frontier Communications Corp.		1,108


SHARES		SECURITY DESCRIPTION	VALUE($)


		Diversified Telecommunication Services — Continued
	32	tw telecom, inc. (a)		612
	18	Windstream Corp.		216

				2,501

		Wireless Telecommunication Services — 0.8%
	36	American Tower Corp., Class A		2,143
	58	Telephone & Data Systems, Inc.		1,503

				3,646

		Total Telecommunication Services		6,147

		Utilities — 6.4%
		Electric Utilities — 2.3%
	27	IDACORP, Inc.		1,160
	30	NextEra Energy, Inc.		1,833
	51	Northeast Utilities		1,847
	16	NV Energy, Inc.		258
	39	Pepco Holdings, Inc.		785
	40	Southern Co. (The)		1,849
	49	UIL Holdings Corp.		1,750
	63	Westar Energy, Inc.		1,815

				11,297

		Gas Utilities — 1.5%
	40	AGL Resources, Inc.		1,677
	28	National Fuel Gas Co.		1,580
	26	Northwest Natural Gas Co.		1,228
	38	Piedmont Natural Gas Co., Inc.		1,292
	21	South Jersey Industries, Inc.		1,186
	9	Southwest Gas Corp.		386

				7,349

		Independent Power Producers & Energy Traders — 0.5%
	112	Calpine Corp. (a)		1,831
	196	GenOn Energy, Inc. (a)		512

				2,343

		Multi-Utilities — 1.8%
	50	Avista Corp.		1,287
	43	Black Hills Corp.		1,453
	30	Consolidated Edison, Inc.		1,878
	32	Dominion Resources, Inc.		1,704
	23	OGE Energy Corp.		1,329
	37	Xcel Energy, Inc.		1,032

				8,683

		Water Utilities — 0.3%
	56	Aqua America, Inc.		1,231

		Total Utilities		30,903

		Total Short Positions (Proceeds $479,076)	$	452,533

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	47

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 97.1%
		Consumer Discretionary — 12.9%
		Distributors — 1.0%
	143	Genuine Parts Co.		8,758

		Hotels, Restaurants & Leisure — 1.9%
	296	Marriott International, Inc., Class A		8,646
	53	McDonald’s Corp.		5,348
	208	Monarch Casino & Resort, Inc. (a)		2,121

				16,115

		Internet & Catalog Retail — 0.7%
	107	Expedia, Inc.		3,099
	107	TripAdvisor, Inc. (a)		2,690

				5,789

		Media — 3.7%
	276	AH Belo Corp., Class A		1,313
	544	Belo Corp., Class A		3,428
	202	CBS Corp. (Non-Voting), Class B		5,488
	258	Clear Channel Outdoor Holdings, Inc., Class A (a)		3,235
	415	Entercom Communications Corp., Class A (a)		2,553
	400	Gannett Co., Inc.		5,348
	67	Time Warner Cable, Inc.		4,253
	79	Time Warner, Inc.		2,870
	10	Washington Post Co. (The), Class B		3,768

				32,256

		Multiline Retail — 1.4%
	216	Kohl’s Corp.		10,640
	52	Sears Holdings Corp. (a)		1,646

				12,286

		Specialty Retail — 4.2%
	28	AutoZone, Inc. (a)		9,164
	107	Bed Bath & Beyond, Inc. (a)		6,174
	182	Gap, Inc. (The)		3,369
	230	Home Depot, Inc. (The)		9,686
	3	Orchard Supply Hardware Stores Corp., Class A (a) (f) (i)		—
	70	TJX Cos., Inc.		4,525
	104	Williams-Sonoma, Inc.		3,988

				36,906

		Total Consumer Discretionary		112,110

		Consumer Staples — 5.9%
		Beverages — 1.1%
	85	Beam, Inc.		4,344
	65	Diageo plc, (United Kingdom), ADR		5,682

				10,026


SHARES		SECURITY DESCRIPTION	VALUE($)


		Food & Staples Retailing — 1.7%
	260	Walgreen Co.		8,582
	102	Wal-Mart Stores, Inc.		6,066

				14,648

		Food Products — 0.7%
	83	JM Smucker Co. (The)		6,465

		Household Products — 2.4%
	310	Procter & Gamble Co. (The)		20,647

		Total Consumer Staples		51,786

		Energy — 11.1%
		Oil, Gas & Consumable Fuels — 11.1%
	174	ConocoPhillips		12,708
	384	Devon Energy Corp.		23,827
	245	Energen Corp.		12,255
	276	Exxon Mobil Corp.		23,411
	261	NuStar GP Holdings LLC		8,672
	344	Teekay Corp., (Canada)		9,203
	197	Williams Cos., Inc. (The)		6,515

		Total Energy		96,591

		Financials — 32.0%
		Capital Markets — 4.1%
	319	Ameriprise Financial, Inc.		15,825
	559	Charles Schwab Corp. (The)		6,293
	31	Goldman Sachs Group, Inc. (The)		2,804
	378	Invesco Ltd.		7,584
	82	W.P. Carey & Co. LLC		3,353

				35,859

		Commercial Banks — 8.3%
	118	City National Corp.		5,196
	93	Cullen/Frost Bankers, Inc.		4,942
	136	M&T Bank Corp.		10,359
	308	SunTrust Banks, Inc.		5,453
	432	U.S. Bancorp		11,680
	1,278	Wells Fargo & Co.		35,208

				72,838

		Consumer Finance — 1.3%
	260	Capital One Financial Corp.		10,991

		Diversified Financial Services — 1.7%
	929	Bank of America Corp.		5,167
	362	Citigroup, Inc.		9,533

				14,700

		Insurance — 11.7%
	126	Aflac, Inc.		5,434

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


SHARES			SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
			Insurance — Continued
	55		Allied World Assurance Co. Holdings AG, (Switzerland)		3,467
	394		American International Group, Inc. (a)		9,129
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		11,476
	105		Endurance Specialty Holdings Ltd., (Bermuda)		4,020
	652		Loews Corp.		24,559
	613		Old Republic International Corp.		5,685
	185		OneBeacon Insurance Group Ltd., Class A		2,854
	176		Prudential Financial, Inc.		8,826
	156		Transatlantic Holdings, Inc.		8,511
	189		Travelers Cos., Inc. (The)		11,165
	192		W.R. Berkley Corp.		6,613

					101,739

			Real Estate Investment Trusts (REITs) — 2.8%
	205		Agree Realty Corp.		4,993
	586		Cousins Properties, Inc.		3,754
	600		CreXus Investment Corp.		6,231
	485		Excel Trust, Inc.		5,825
	75		National Health Investors, Inc.		3,318

					24,121

			Real Estate Management & Development — 0.8%
	270		Brookfield Asset Management, Inc., (Canada), Class A		7,414

			Thrifts & Mortgage Finance — 1.3%
	217		Capitol Federal Financial, Inc.		2,504
	470		People’s United Financial, Inc.		6,034
	215		Washington Federal, Inc.		3,007

					11,545

			Total Financials		279,207

			Health Care — 11.2%
			Health Care Equipment & Supplies — 0.5%
	52		Becton, Dickinson & Co.		3,900

			Health Care Providers & Services — 3.9%
	293		AmerisourceBergen Corp.		10,904
	49		Humana, Inc.		4,328
	375		Lincare Holdings, Inc.		9,638
	218		National Healthcare Corp.		9,139

					34,009

			Pharmaceuticals — 6.8%
	195		Bristol-Myers Squibb Co.		6,868
	275		Johnson & Johnson		18,002
	385		Merck & Co., Inc.		14,499


SHARES		SECURITY DESCRIPTION	VALUE($)


		Pharmaceuticals — Continued
	939	Pfizer, Inc.		20,318

				59,687

		Total Health Care		97,596

		Industrials — 4.8%
		Building Products — 0.4%
	227	Fortune Brands Home & Security, Inc. (a)		3,871

		Commercial Services & Supplies — 0.7%
	234	Republic Services, Inc.		6,438

		Industrial Conglomerates — 1.2%
	238	Carlisle Cos., Inc.		10,552

		Machinery — 1.1%
	199	Illinois Tool Works, Inc.		9,305

		Professional Services — 0.8%
	189	Equifax, Inc.		7,333

		Trading Companies & Distributors — 0.6%
	203	Air Lease Corp. (a)		4,804

		Total Industrials		42,303

		Information Technology — 2.0%
		Electronic Equipment, Instruments & Components — 0.4%
	110	TE Connectivity Ltd., (Switzerland)		3,389

		Semiconductors & Semiconductor Equipment — 0.5%
	124	Analog Devices, Inc.		4,444

		Software — 1.1%
	365	Microsoft Corp.		9,470

		Total Information Technology		17,303

		Materials — 4.5%
		Chemicals — 2.3%
	185	Albemarle Corp.		9,550
	114	Sherwin-Williams Co. (The)		10,195

				19,745

		Construction Materials — 0.3%
	38	Martin Marietta Materials, Inc.		2,843

		Containers & Packaging — 1.0%
	153	Rock-Tenn Co., Class A		8,822

		Paper & Forest Products — 0.9%
	273	MeadWestvaco Corp.		8,182

		Total Materials		39,592

		Telecommunication Services — 4.6%
		Diversified Telecommunication Services — 3.3%
	762	AT&T, Inc.		23,043

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	49

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — Continued
		Diversified Telecommunication Services — Continued
	163	CenturyLink, Inc.		6,052

				29,095

		Wireless Telecommunication Services — 1.3%
	184	Telephone & Data Systems, Inc.		4,370
	241	Vodafone Group plc, (United Kingdom), ADR		6,764

				11,134

		Total Telecommunication Services		40,229

		Utilities — 8.1%
		Electric Utilities — 4.4%
	175	NextEra Energy, Inc.		10,629
	184	Northeast Utilities		6,637
	154	Progress Energy, Inc.		8,633
	277	Southern Co. (The)		12,799

				38,698

		Gas Utilities — 1.6%
	161	ONEOK, Inc.		13,949

		Multi-Utilities — 2.1%
	180	PG&E Corp.		7,411
	192	Sempra Energy		10,566

				17,977

		Total Utilities		70,624

		Total Common Stocks (Cost $757,228)		847,341


SHARES		SECURITY DESCRIPTION	VALUE($)

	Preferred Stock — 0.0%
		Consumer Discretionary — 0.0%
		Specialty Retail — 0.0%
	3	Orchard Supply Hardware Stores Corp., Series A, Zero Coupon (a) (f) (i) (Cost $—)		—

	Investment Company — 0.9%
	478	Cohen & Steers Infrastructure Fund, Inc. (Cost $7,102)		7,571

	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	18,962	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (m) (Cost $18,962)		18,962

		Total Investments — 100.2% (Cost $783,292)		873,874
		Liabilities in Excess of Other Assets — (0.2)%		(1,324	)

		NET ASSETS — 100.0%	$	872,550

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2011 (Unaudited)


ADR		— American Depositary Receipt

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		— Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(f)		— Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The following approximates the value and percentage of these investments based on total investments (amounts in thousands):



Fund	Value	Percentage
Value Advantage Fund	$—		—	%


(g)		— Amount rounds to less than 0.1%.
(h)		— Amount rounds to less than one thousand (shares or dollars).
(i)		— Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(j)		— All or a portion of these securities are segregated for short sales.
(l)		— The rate shown is the current yield as of December 31, 2011.
(m)		— All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	51

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands, except per share amounts)


	Growth Advantage Fund		Mid Cap Core Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	1,059,761	$	256,490		$	557,745		$	1,370,844
Investments in affiliates, at value		27,561		16,041			16,178			26,844

Total investment securities, at value		1,087,322		272,531			573,923			1,397,688
Receivables:
Investment securities sold		—		571			1,263			5,472
Fund shares sold		519		1,471			1,143			13,412
Dividends from non-affiliates		477		308			517			613
Dividends from affiliates		1		1			1			3
Securities lending income		3		—			1			4

Total Assets		1,088,322		274,882			576,848			1,417,192


LIABILITIES:
Payables:
Dividends		—		17			—			—
Investment securities purchased		—		7,965			1,413			6,873
Collateral for securities lending program		18,373		—			5,493			13,316
Fund shares redeemed		6,408		526			346			15,478
Accrued liabilities:
Investment advisory fees		595		132			241			693
Administration fees		81		10			—			17
Shareholder servicing fees		186		53			—	(a)		256
Distribution fees		48		—	(a)		1			142
Custodian and accounting fees		13		13			11			12
Trustees’ and Chief Compliance Officer’s fees		5		—	(a)		5			9
Other		157		42			374			545

Total Liabilities		25,866		8,758			7,884			37,341

Net Assets	$	1,062,456	$	266,124		$	568,964		$	1,379,851

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Growth Advantage Fund			Mid Cap Core Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
NET ASSETS:
Paid in capital	$	965,846		$	270,345		$	512,945		$	1,288,414
Accumulated undistributed (distributions in excess of) net investment income		(2,019	)		110			80			(1,781	)
Accumulated net realized gains (losses)		(63,558	)		(2,880	)		(23,744	)		(81,676	)
Net unrealized appreciation (depreciation)		162,187			(1,451	)		79,683			174,894

Total Net Assets	$	1,062,456		$	266,124		$	568,964		$	1,379,851


Net Assets:
Class A	$	160,492		$	300		$	3,417		$	539,433
Class B		2,436			—			—			12,769
Class C		19,812			95			454			22,154
Class R2		—			54			—			176
Class R5		210,769			54			—			50
Class R6		—			49			—			50
Select Class		668,947			265,572			565,093			805,219

Total	$	1,062,456		$	266,124		$	568,964		$	1,379,851


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		18,722			19			120			29,800
Class B		307			—			—			931
Class C		2,495			6			16			1,388
Class R2		—			3			—			9
Class R5		24,108			3			—			3
Class R6		—			3			—			3
Select Class		76,980			16,525			19,818			41,121

Net Asset Value (b):
Class A — Redemption price per share	$	8.57		$	16.07		$	28.45		$	18.10
Class B — Offering price per share (c)		7.93			—			—			13.72
Class C — Offering price per share (c)		7.94			15.99			28.28			15.96
Class R2 — Offering and redemption price per share		—			16.03			—			19.33
Class R5 — Offering and redemption price per share		8.74			16.10			—			19.59
Class R6 — Offering and redemption price per share		—			16.09			—			19.59
Select Class — Offering and redemption price per share		8.69			16.07			28.51			19.58
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)]	$	9.04		$	16.96		$	30.03		$	19.10


Cost of investments in non-affiliates	$	897,574		$	257,941		$	478,062		$	1,195,950
Cost of investments in affiliates		27,561			16,041			16,178			26,844
Value of securities on loan		18,149			—			5,404			13,029

(a)	Amount rounds to less than $1,000.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	Mid Cap Value Fund		Multi-Cap Market Neutral Fund		Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	6,334,945	$	449,186	$	854,912
Investments in affiliates, at value		188,996		36,621		18,962

Total investment securities, at value		6,523,941		485,807		873,874
Cash		—		—		5
Deposits at broker for securities sold short		—		454,611		—
Receivables:
Investment securities sold		2,845		—		5,127
Fund shares sold		21,880		101		1,182
Dividends from non-affiliates		8,937		415		1,633
Dividends from affiliates		17		4		1
Securities lending income		1		—		—

Total Assets		6,557,621		940,938		881,822


LIABILITIES:
Payables:
Securities sold short, at value		—		452,533		—
Dividend expense to non-affiliates on securities sold short		—		440		—
Investment securities purchased		416		—		7,502
Interest expense to non-affiliates on securities sold short		—		64		—
Collateral for securities lending program		4,075		—		—
Fund shares redeemed		16,968		254		1,133
Accrued liabilities:
Investment advisory fees		3,113		442		290
Administration fees		84		22		30
Shareholder servicing fees		745		4		120
Distribution fees		635		18		113
Custodian and accounting fees		93		2		14
Trustees’ and Chief Compliance Officer’s fees		1		3		3
Other		1,656		189		67

Total Liabilities		27,786		453,971		9,272

Net Assets	$	6,529,835	$	486,967	$	872,550

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
NET ASSETS:
Paid in capital	$	5,665,590		$	541,725		$	832,685
Accumulated undistributed (distributions in excess of) net investment income		35,902			(3,124	)		1,248
Accumulated net realized gains (losses)		(346,246	)		(100,706	)		(51,965	)
Net unrealized appreciation (depreciation)		1,174,589			49,072			90,582

Total Net Assets	$	6,529,835		$	486,967		$	872,550


Net Assets:
Class A	$	1,800,874		$	23,850		$	200,772
Class B		67,774			2,283			—
Class C		334,963			17,829			113,017
Class R2		8,261			—			—
Institutional Class		2,850,013			—			300,519
Select Class		1,467,950			443,005			258,242

Total	$	6,529,835		$	486,967		$	872,550


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		76,928			2,499			11,037
Class B		2,962			249			—
Class C		14,646			1,940			6,213
Class R2		361			—			—
Institutional Class		119,987			—			16,535
Select Class		62,280			45,879			14,189

Net Asset Value (a):
Class A — Redemption price per share	$	23.41		$	9.54		$	18.19
Class B — Offering price per share (b)		22.89			9.18			—
Class C — Offering price per share (b)		22.87			9.19			18.19
Class R2 — Offering and redemption price per share		22.87			—			—
Institutional Class — Offering and redemption price per share		23.75			—			18.17
Select Class — Offering and redemption price per share		23.57			9.66			18.20
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)]	$	24.71		$	10.07		$	19.20


Cost of investments in non-affiliates	$	5,160,356		$	426,657		$	764,330
Cost of investments in affiliates		188,996			36,621			18,962
Value of securities on loan		3,962			—			—
Proceeds from securities sold short		—			479,076			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)

(Amounts in thousands)


	Growth Advantage Fund			Mid Cap Core Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,764		$	1,604		$	4,072		$	5,931
Dividend income from affiliates		5			4			6			13
Income from securities lending (net)		108			—			29			168
Other income		—			—			—			58

Total investment income		3,877			1,608			4,107			6,170


EXPENSES:
Investment advisory fees		3,609			596			1,787			4,741
Administration fees		491			81			243			645
Distribution fees:
Class A		204			—	(a)		4			741
Class B		10			—			—			55
Class C		71			1			1			91
Class R2		—			—	(a)		—			—	(a)
Shareholder servicing fees:
Class A		204			—	(a)		4			741
Class B		3			—			—			18
Class C		24			—	(a)		—	(a)		30
Class R2		—			—	(a)		—			—	(a)
Class R5		48			—	(a)		—			—	(a)
Select Class		918			229			683			1,034
Custodian and accounting fees		20			13			16			34
Professional fees		24			18			22			22
Trustees’ and Chief Compliance Officer’s fees		10			1			6			12
Printing and mailing costs		38			10			138			152
Registration and filing fees		52			29			31			5
Transfer agent fees		142			5			765			728
Other		52			9			4			10

Total expenses		5,920			992			3,704			9,059

Less amounts waived		(61	)		(82	)		(1,241	)		(1,230	)
Less earnings credits		—	(a)		—	(a)		—	(a)		—	(a)

Net expenses		5,859			910			2,463			7,829

Net investment income (loss)		(1,982	)		698			1,644			(1,659	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(9,168	)		(2,864	)		(2,244	)		29,668
Futures		—			—			—			979

Net realized gain (loss)		(9,168	)		(2,864	)		(2,244	)		30,647

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		(81,273	)		(1,849	)		(47,827	)		(253,662	)
Futures		—			—			—			(173	)

Change in net unrealized appreciation (depreciation)		(81,273	)		(1,849	)		(47,827	)		(253,835	)

Net realized/unrealized gains (losses)		(90,441	)		(4,713	)		(50,071	)		(223,188	)

Change in net assets resulting from operations	$	(92,423	)	$	(4,015	)	$	(48,427	)	$	(224,847	)

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	7		$	—
Dividend income from non-affiliates		67,524			3,776			11,704
Dividend income from affiliates		61			28			7
Income from securities lending (net)		15			—			—

Total investment income		67,600			3,811			11,711


EXPENSES:
Investment advisory fees		20,389			3,307			2,751
Administration fees		2,773			234			374
Distribution fees:
Class A		2,227			33			256
Class B		278			11			—
Class C		1,256			75			431
Class R2		17			—			—
Shareholder servicing fees:
Class A		2,227			33			256
Class B		93			3			—
Class C		419			25			144
Class R2		8			—			—
Institutional Class		1,329			—			141
Select Class		1,772			600			306
Custodian and accounting fees		137			25			25
Interest expense to affiliates		—			—			—	(a)
Professional fees		63			29			26
Trustees’ and Chief Compliance Officer’s fees		34			2			5
Printing and mailing costs		550			26			78
Registration and filing fees		169			30			63
Transfer agent fees		4,063			192			491
Other		74			7			2
Dividend expense to non-affiliates on securities sold short		—			3,062			—
Interest expense to non-affiliates on securities sold short		—			444			—

Total expenses		37,878			8,138			5,349

Less amounts waived		(6,383	)		(1,240	)		(805	)
Less earnings credits		—	(a)		—	(a)		—	(a)

Net expenses		31,495			6,898			4,544

Net investment income (loss)		36,105			(3,087	)		7,167


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		44,827			2,964			9,565
Securities sold short		—			15,657			—

Net realized gain (loss)		44,827			18,621			9,565

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		(392,675	)		(66,357	)		(52,268	)
Securities sold short		—			37,399			—

Change in net unrealized appreciation (depreciation)		(392,675	)		(28,958	)		(52,268	)

Net realized/unrealized gains (losses)		(347,848	)		(10,337	)		(42,703	)

Change in net assets resulting from operations	$	(311,743	)	$	(13,424	)	$	(35,536	)

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	Growth Advantage Fund						Mid Cap Core Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Period Ended 6/30/2011 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,982	)	$	(2,651	)	$	698		$	44
Net realized gain (loss)		(9,168	)		80,245			(2,864	)		78
Change in net unrealized appreciation (depreciation)		(81,273	)		181,810			(1,849	)		398

Change in net assets resulting from operations		(92,423	)		259,404			(4,015	)		520


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			—	(b)		—	(b)
From net realized gains		—			—			—	(b)		—
Class C
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			—	(b)		—
Class R2
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			—	(b)		—
Class R5
From net investment income		—			—			—	(b)		—	(b)
From net realized gains		—			—			—	(b)		—
Class R6 (c)
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			—	(b)		—
Select Class
From net investment income		—			—			(632	)		(1	)
From net realized gains		—			—			(94	)		—

Total distributions to shareholders		—			—			(726	)		(1	)


CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		(61,277	)		157,627			179,083			91,263


NET ASSETS:
Change in net assets		(153,700	)		417,031			174,342			91,782
Beginning of period		1,216,156			799,125			91,782			—

End of period	$	1,062,456		$	1,216,156		$	266,124		$	91,782

Accumulated undistributed (distributions in excess of) net investment income	$	(2,019	)	$	(37	)	$	110		$	44

(a)	Commencement of operations was November 30, 2010.

(b)	Amount rounds to less than $1,000.

(c)	Commencement of offering of class of shares effective January 31, 2011 for Mid Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Mid Cap Equity Fund						Mid Cap Growth Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,644		$	2,229		$	(1,659	)	$	(4,513	)
Net realized gain (loss)		(2,244	)		27,793			30,647			267,778
Change in net unrealized appreciation (depreciation)		(47,827	)		96,239			(253,835	)		276,234

Change in net assets resulting from operations		(48,427	)		126,261			(224,847	)		539,499


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3	)		(5	)		—			—
From net realized gains		—			—			(55,641	)		—
Class B
From net realized gains		—			—			(1,640	)		—
Class C
From net investment income		—			—	(a)		—			—
From net realized gains		—			—			(2,514	)		—
Class R2
From net realized gains		—			—			(16	)		—
Class R5 (b)
From net realized gains		—			—			(5	)		—
Class R6 (b)
From net realized gains		—			—			(5	)		—
Select Class
From net investment income		(1,341	)		(1,984	)		—			—
From net realized gains		—			—			(74,559	)		—

Total distributions to shareholders		(1,344	)		(1,989	)		(134,380	)		—


CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		46,516			(16,990	)		(36,675	)		(53,988	)


NET ASSETS:
Change in net assets		(3,255	)		107,282			(395,902	)		485,511
Beginning of period		572,219			464,937			1,775,753			1,290,242

End of period	$	568,964		$	572,219		$	1,379,851		$	1,775,753

Accumulated undistributed (distributions in excess of) net investment income	$	80		$	(220	)	$	(1,781	)	$	(122	)

(a)	Amount rounds to less than $1,000.

(b)	Commencement of offering of class of shares effective November 1, 2011 for Mid Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Mid Cap Value Fund						Multi-Cap Market Neutral Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	36,105		$	62,082		$	(3,087	)	$	(8,614	)
Net realized gain (loss)		44,827			261,794			18,621			12,061
Change in net unrealized appreciation (depreciation)		(392,675	)		1,311,629			(28,958	)		3,429

Change in net assets resulting from operations		(311,743	)		1,635,505			(13,424	)		6,876


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(12,100	)		(15,422	)		—			—
Class B
From net investment income		—			(167	)		—			—
Class C
From net investment income		(616	)		(1,171	)		—			—
Class R2
From net investment income		(67	)		(36	)		—			—
Institutional Class
From net investment income		(33,157	)		(29,944	)		—			—
Select Class
From net investment income		(14,296	)		(13,423	)		—			—

Total distributions to shareholders		(60,236	)		(60,163	)		—			—


CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		125,980			111,762			(46,056	)		(35,976	)


NET ASSETS:
Change in net assets		(245,999	)		1,687,104			(59,480	)		(29,100	)
Beginning of period		6,775,834			5,088,730			546,447			575,547

End of period	$	6,529,835		$	6,775,834		$	486,967		$	546,447

Accumulated undistributed (distributions in excess of) net investment income	$	35,902		$	60,033		$	(3,124	)	$	(37	)

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Value Advantage Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,167		$	10,539
Net realized gain (loss)		9,565			43,953
Change in net unrealized appreciation (depreciation)		(52,268	)		101,318

Change in net assets resulting from operations		(35,536	)		155,810


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,164	)		(1,878	)
Class C
From net investment income		(619	)		(513	)
Institutional Class
From net investment income		(4,920	)		(3,215	)
Select Class
From net investment income		(3,577	)		(2,578	)

Total distributions to shareholders		(11,280	)		(8,184	)


CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		525			285,229


NET ASSETS:
Change in net assets		(46,291	)		432,855
Beginning of period		918,841			485,986

End of period	$	872,550		$	918,841

Accumulated undistributed (distributions in excess of) net investment income	$	1,248		$	5,361

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Growth Advantage Fund						Mid Cap Core Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Period Ended 6/30/2011 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	28,855		$	92,600		$	192		$	296
Dividends and distributions reinvested		—			—			—	(b)		—	(b)
Cost of shares redeemed		(31,665	)		(59,032	)		(149	)		(33	)

Change in net assets from Class A capital transactions	$	(2,810	)	$	33,568		$	43		$	263

Class B
Proceeds from shares issued	$	120		$	267		$	—		$	—
Cost of shares redeemed		(598	)		(1,177	)		—			—

Change in net assets from Class B capital transactions	$	(478	)	$	(910	)	$	—		$	—

Class C
Proceeds from shares issued	$	5,007		$	11,077		$	7		$	100
Dividends and distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		(4,306	)		(7,860	)		(4	)		(9	)

Change in net assets from Class C capital transactions	$	701		$	3,217		$	3		$	91

Class R2
Proceeds from shares issued	$	—		$	—		$	—		$	50
Dividends and distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			—			—	(b)

Change in net assets from Class R2 capital transactions	$	—		$	—		$	—	(b)	$	50

Class R5
Proceeds from shares issued	$	45,696		$	67,907		$	—		$	50
Dividends and distributions reinvested		—			—			—	(b)		—	(b)
Cost of shares redeemed		(2,312	)		(762	)		—			—

Change in net assets from Class R5 capital transactions	$	43,384		$	67,145		$	—	(b)	$	50

Class R6 (c)
Proceeds from shares issued	$	—		$	—		$	—		$	50
Dividends and distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			—			—	(b)

Change in net assets from Class R6 capital transactions	$	—		$	—		$	—	(b)	$	50

Select Class
Proceeds from shares issued	$	43,057		$	418,656		$	201,849		$	94,382
Dividends and distributions reinvested		—			—			9			1
Cost of shares redeemed		(145,131	)		(364,049	)		(22,821	)		(3,624	)

Change in net assets from Select Class capital transactions	$	(102,074	)	$	54,607		$	179,037		$	90,759

Total change in net assets from capital transactions	$	(61,277	)	$	157,627		$	179,083		$	91,263

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Growth Advantage Fund						Mid Cap Core Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Period Ended 6/30/2011 (a)
SHARE TRANSACTIONS:
Class A
Issued		3,435			10,834			12			18
Reinvested		—			—			—	(b)		—	(b)
Redeemed		(3,739	)		(6,865	)		(9	)		(2	)

Change in Class A Shares		(304	)		3,969			3			16

Class B
Issued		14			32			—			—
Redeemed		(74	)		(152	)		—			—

Change in Class B Shares		(60	)		(120	)		—			—

Class C
Issued		633			1,351			—	(b)		6
Reinvested		—			—			—	(b)		—
Redeemed		(538	)		(981	)		—	(b)		—	(b)

Change in Class C Shares		95			370			—	(b)		6

Class R2
Issued		—			—			—			3
Reinvested		—			—			—	(b)		—
Redeemed		—			—			—			—	(b)

Change in Class R2 Shares		—			—			—	(b)		3

Class R5
Issued		5,343			7,917			—			3
Reinvested		—			—			—	(b)		—	(b)
Redeemed		(266	)		(85	)		—			—

Change in Class R5 Shares		5,077			7,832			—	(b)		3

Class R6 (c)
Issued		—			—			—			3
Reinvested		—			—			—	(b)		—
Redeemed		—			—			—			—	(b)

Change in Class R6 Shares		—			—			—	(b)		3

Select Class
Issued		5,040			46,982			12,677			5,510
Reinvested		—			—			1			—	(b)
Redeemed		(17,069	)		(46,450	)		(1,453	)		(210	)

Change in Select Class Shares		(12,029	)		532			11,225			5,300

(a)	Commencement of operations was November 30, 2010.

(b)	Amount rounds to less than 1,000 (shares or dollars).

(c)	Commencement of offering of class of shares effective January 31, 2011 for Mid Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Mid Cap Equity Fund						Mid Cap Growth Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,758		$	2,423		$	33,783		$	75,693
Dividends and distributions reinvested		3			5			51,675			—
Cost of shares redeemed		(976	)		(1,487	)		(93,640	)		(160,643	)

Change in net assets from Class A capital transactions	$	785		$	941		$	(8,182	)	$	(84,950	)

Class B
Proceeds from shares issued	$	—		$	—		$	241		$	693
Dividends and distributions reinvested		—			—			1,556			—
Cost of shares redeemed		—			—			(3,549	)		(10,361	)

Change in net assets from Class B capital transactions	$	—		$	—		$	(1,752	)	$	(9,668	)

Class C
Proceeds from shares issued	$	125		$	443		$	1,069		$	3,672
Dividends and distributions reinvested		—			—	(a)		2,079			—
Cost of shares redeemed		(69	)		(113	)		(3,629	)		(6,894	)

Change in net assets from Class C capital transactions	$	56		$	330		$	(481	)	$	(3,222	)

Class R2
Proceeds from shares issued	$	—		$	—		$	89		$	31
Dividends and distributions reinvested		—			—			16			—
Cost of shares redeemed		—			—			(4	)		—	(a)

Change in net assets from Class R2 capital transactions	$	—		$	—		$	101		$	31

Class R5 (b)
Proceeds from shares issued	$	—		$	—		$	50		$	—
Dividends and distributions reinvested		—			—			5			—

Change in net assets from Class R5 capital transactions	$	—		$	—		$	55		$	—

Class R6 (b)
Proceeds from shares issued	$	—		$	—		$	50		$	—
Dividends and distributions reinvested		—			—			5			—

Change in net assets from Class R6 capital transactions	$	—		$	—		$	55		$	—

Select Class
Proceeds from shares issued	$	117,159		$	269,128		$	103,057		$	247,747
Dividends and distributions reinvested		1,116			447			62,923			—
Cost of shares redeemed		(72,600	)		(287,836	)		(192,451	)		(203,926	)

Change in net assets from Select Class capital transactions	$	45,675		$	(18,261	)	$	(26,471	)	$	43,821

Total change in net assets from capital transactions	$	46,516		$	(16,990	)	$	(36,675	)	$	(53,988	)

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Mid Cap Equity Fund						Mid Cap Growth Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
SHARE TRANSACTIONS:
Class A
Issued		62			84			1,692			3,594
Reinvested		—	(a)		—	(a)		2,951			—
Redeemed		(35	)		(52	)		(4,725	)		(7,968	)

Change in Class A Shares		27			32			(82	)		(4,374	)

Class B
Issued		—			—			16			41
Reinvested		—			—			117			—
Redeemed		—			—			(222	)		(641	)

Change in Class B Shares		—			—			(89	)		(600	)

Class C
Issued		4			15			60			189
Reinvested		—			—	(a)		135			—
Redeemed		(2	)		(4	)		(205	)		(379	)

Change in Class C Shares		2			11			(10	)		(190	)

Class R2
Issued		—			—			3			1
Reinvested		—			—			1			—
Redeemed		—			—			—	(a)		—	(a)

Change in Class R2 Shares		—			—			4			1

Class R5 (b)
Issued		—			—			3			—
Reinvested		—			—			—	(a)		—

Change in Class R5 Shares		—			—			3			—

Class R6 (b)
Issued		—			—			3			—
Reinvested		—			—			—	(a)		—

Change in Class R6 Shares		—			—			3			—

Select Class
Issued		4,227			9,351			4,837			11,401
Reinvested		41			15			3,322			—
Redeemed		(2,590	)		(11,406	)		(8,342	)		(9,364	)

Change in Select Class Shares		1,678			(2,040	)		(183	)		2,037

(a)	Amount rounds to less than 1,000 (shares or dollars).

(b)	Commencement of offering of class of shares effective November 1, 2011 for Mid Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Mid Cap Value Fund						Multi-Cap Market Neutral Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	161,371		$	373,327		$	2,093		$	34,632
Dividends and distributions reinvested		11,492			14,615			—			—
Cost of shares redeemed		(240,893	)		(621,660	)		(6,778	)		(100,820	)

Change in net assets from Class A capital transactions	$	(68,030	)	$	(233,718	)	$	(4,685	)	$	(66,188	)

Class B
Proceeds from shares issued	$	61		$	626		$	6		$	22
Dividends and distributions reinvested		—			148			—			—
Cost of shares redeemed		(17,386	)		(34,335	)		(1,127	)		(4,375	)

Change in net assets from Class B capital transactions	$	(17,325	)	$	(33,561	)	$	(1,121	)	$	(4,353	)

Class C
Proceeds from shares issued	$	15,205		$	37,081		$	431		$	1,079
Dividends and distributions reinvested		474			873			—			—
Cost of shares redeemed		(33,815	)		(65,800	)		(4,111	)		(18,536	)

Change in net assets from Class C capital transactions	$	(18,136	)	$	(27,846	)	$	(3,680	)	$	(17,457	)

Class R2
Proceeds from shares issued	$	2,814		$	5,542		$	—		$	—
Dividends and distributions reinvested		59			28			—			—
Cost of shares redeemed		(786	)		(1,307	)		—			—

Change in net assets from Class R2 capital transactions	$	2,087		$	4,263		$	—		$	—

Institutional Class
Proceeds from shares issued	$	430,056		$	789,825		$	—		$	—
Dividends and distributions reinvested		25,512			22,919			—			—
Cost of shares redeemed		(264,250	)		(526,461	)		—			—

Change in net assets from Institutional Class capital transactions	$	191,318		$	286,283		$	—		$	—

Select Class
Proceeds from shares issued	$	202,922		$	449,654		$	1,607		$	155,618
Dividends and distributions reinvested		10,362			9,285			—			—
Cost of shares redeemed		(177,218	)		(342,598	)		(38,177	)		(103,596	)

Change in net assets from Select Class capital transactions	$	36,066		$	116,341		$	(36,570	)	$	52,022

Total change in net assets from capital transactions	$	125,980		$	111,762		$	(46,056	)	$	(35,976	)

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Mid Cap Value Fund						Multi-Cap Market Neutral Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011			Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
SHARE TRANSACTIONS:
Class A
Issued		7,119			16,395			214			3,576
Reinvested		500			636			—			—
Redeemed		(10,638	)		(27,300	)		(694	)		(10,335	)

Change in Class A Shares		(3,019	)		(10,269	)		(480	)		(6,759	)

Class B
Issued		3			29			1			2
Reinvested		—			7			—			—
Redeemed		(793	)		(1,559	)		(120	)		(465	)

Change in Class B Shares		(790	)		(1,523	)		(119	)		(463	)

Class C
Issued		687			1,660			45			115
Reinvested		21			39			—			—
Redeemed		(1,538	)		(3,011	)		(436	)		(1,973	)

Change in Class C Shares		(830	)		(1,312	)		(391	)		(1,858	)

Class R2
Issued		126			245			—			—
Reinvested		2			1			—			—
Redeemed		(35	)		(55	)		—			—

Change in Class R2 Shares		93			191			—			—

Institutional Class
Issued		18,742			34,031			—			—
Reinvested		1,094			983			—			—
Redeemed		(11,502	)		(22,926	)		—			—

Change in Institutional Class Shares		8,334			12,088			—			—

Select Class
Issued		8,976			19,629			162			15,949
Reinvested		448			401			—			—
Redeemed		(7,769	)		(15,059	)		(3,888	)		(10,636	)

Change in Select Class Shares		1,655			4,971			(3,726	)		5,313

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Value Advantage Fund
	Six Months Ended 12/31/2011 (Unaudited)			Year Ended 6/30/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	26,807		$	119,805
Dividends and distributions reinvested		2,006			1,727
Cost of shares redeemed		(48,428	)		(81,151	)

Change in net assets from Class A capital transactions	$	(19,615	)	$	40,381

Class C
Proceeds from shares issued	$	4,612		$	22,682
Dividends and distributions reinvested		513			413
Cost of shares redeemed		(17,492	)		(26,534	)

Change in net assets from Class C capital transactions	$	(12,367	)	$	(3,439	)

Institutional Class
Proceeds from shares issued	$	53,306		$	138,756
Dividends and distributions reinvested		4,597			2,906
Cost of shares redeemed		(26,153	)		(20,173	)
Redemptions in-kind (See Note 9)		—			(41,498	)

Change in net assets from Institutional Class capital transactions	$	31,750		$	79,991

Select Class
Proceeds from shares issued	$	45,154		$	196,760
Dividends and distributions reinvested		2,687			1,855
Cost of shares redeemed		(47,084	)		(30,319	)

Change in net assets from Select Class capital transactions	$	757		$	168,296

Total change in net assets from capital transactions	$	525		$	285,229


SHARE TRANSACTIONS:
Class A
Issued		1,524			6,732
Reinvested		112			96
Redeemed		(2,770	)		(4,517	)

Change in Class A Shares		(1,134	)		2,311

Class C
Issued		263			1,279
Reinvested		29			23
Redeemed		(1,008	)		(1,501	)

Change in Class C Shares		(716	)		(199	)

Institutional Class
Issued		2,956			7,736
Reinvested		258			162
Redeemed		(1,561	)		(1,098	)
Redemptions in-kind (See Note 9)		—			(2,189	)

Change in Institutional Class Shares		1,653			4,611

Select Class
Issued		2,580			11,074
Reinvested		150			103
Redeemed		(2,695	)		(1,687	)

Change in Select Class Shares		35			9,490

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations
Growth Advantage Fund
Class A
Six Months Ended December 31, 2011 (Unaudited)	$	9.28	$	(0.02	)(e)	$	(0.69	)	$	(0.71	)
Year Ended June 30, 2011		6.76		(0.04	)(e)		2.56			2.52
Year Ended June 30, 2010		5.88		(0.03	)(e)		0.91			0.88
Year Ended June 30, 2009		8.14		(0.03	)(e)		(2.23	)		(2.26	)
Year Ended June 30, 2008		8.18		(0.05	)(e)		0.01			(0.04	)
Year Ended June 30, 2007		6.63		(0.05	)(e)		1.60			1.55

Class B
Six Months Ended December 31, 2011 (Unaudited)		8.61		(0.04	)(e)		(0.64	)		(0.68	)
Year Ended June 30, 2011		6.31		(0.07	)(e)		2.37			2.30
Year Ended June 30, 2010		5.51		(0.06	)(e)		0.86			0.80
Year Ended June 30, 2009		7.67		(0.06	)(e)		(2.10	)		(2.16	)
Year Ended June 30, 2008		7.76		(0.09	)(e)		—	(g)		(0.09	)
Year Ended June 30, 2007		6.33		(0.10	)(e)		1.53			1.43

Class C
Six Months Ended December 31, 2011 (Unaudited)		8.61		(0.04	)(e)		(0.63	)		(0.67	)
Year Ended June 30, 2011		6.31		(0.08	)(e)		2.38			2.30
Year Ended June 30, 2010		5.52		(0.06	)(e)		0.85			0.79
Year Ended June 30, 2009		7.68		(0.06	)(e)		(2.10	)		(2.16	)
Year Ended June 30, 2008		7.76		(0.09	)(e)		0.01			(0.08	)
Year Ended June 30, 2007		6.34		(0.11	)(e)		1.53			1.42

Class R5
Six Months Ended December 31, 2011 (Unaudited)		9.44		(0.01	)(e)		(0.69	)		(0.70	)
Year Ended June 30, 2011		6.86		—	(e)(g)		2.58			2.58
Year Ended June 30, 2010		5.93		—	(e)(g)		0.93			0.93
January 8, 2009 (h) through June 30, 2009		5.37		—	(e)(g)		0.56			0.56

Select Class
Six Months Ended December 31, 2011 (Unaudited)		9.39		(0.02	)(e)		(0.68	)		(0.70	)
Year Ended June 30, 2011		6.83		(0.02	)(e)		2.58			2.56
Year Ended June 30, 2010		5.93		(0.01	)(e)		0.91			0.90
Year Ended June 30, 2009		8.18		(0.01	)(e)		(2.24	)		(2.25	)
Year Ended June 30, 2008		8.20		(0.03	)(e)		0.01			(0.02	)
Year Ended June 30, 2007		6.64		(0.04	)(e)		1.60			1.56

(a)	Annualized for periods less than one year.

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

(c)

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

(d)	Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e)	Calculated based upon average shares outstanding.

(f)	Includes interest expense of 0.01%.

(g)	Amount rounds to less than $0.01.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)


$	8.57		(7.65	)%	$	160,492		1.25	%		(0.55	)%		1.30	%		36	%
	9.28		37.28			176,492		1.25			(0.45	)		1.31			96
	6.76		14.97			101,814		1.31			(0.41	)		1.31			102
	5.88		(27.76	)		71,841		1.35			(0.48	)		1.42			119
	8.14		(0.49	)		70,546		1.34			(0.58	)		1.47			118
	8.18		23.38			49,782		1.36	(f)		(0.71	)		1.66			159


	7.93		(7.90	)		2,436		1.75			(1.06	)		1.81			36
	8.61		36.45			3,157		1.75			(0.94	)		1.81			96
	6.31		14.52			3,070		1.81			(0.91	)		1.81			102
	5.51		(28.16	)		3,304		1.87			(1.02	)		1.92			119
	7.67		(1.16	)		4,340		1.91			(1.16	)		1.94			118
	7.76		22.59			1,501		2.06	(f)		(1.43	)		2.17			159


	7.94		(7.78	)		19,812		1.75			(1.05	)		1.81			36
	8.61		36.45			20,676		1.75			(0.95	)		1.81			96
	6.31		14.31			12,811		1.81			(0.91	)		1.81			102
	5.52		(28.13	)		9,300		1.87			(1.02	)		1.91			119
	7.68		(1.03	)		14,499		1.88			(1.16	)		1.89			118
	7.76		22.40			251		2.07	(f)		(1.49	)		2.18			159


	8.74		(7.42	)		210,769		0.85			(0.13	)		0.85			36
	9.44		37.61			179,677		0.86			(0.05	)		0.86			96
	6.86		15.68			76,767		0.86			0.05			0.86			102
	5.93		10.43			46,312		0.90			(0.08	)		1.06			119


	8.69		(7.45	)		668,947		1.05			(0.35	)		1.05			36
	9.39		37.48			836,154		1.06			(0.27	)		1.06			96
	6.83		15.18			604,663		1.06			(0.16	)		1.06			102
	5.93		(27.51	)		441,345		1.10			(0.24	)		1.17			119
	8.18		(0.24	)		399,777		1.09			(0.41	)		1.12			118
	8.20		23.49			10,985		1.11	(f)		(0.50	)		1.45			159

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Core Fund
Class A
Six Months Ended December 31, 2011 (Unaudited)	$	17.19	$	0.03	(e)	$	(1.14	)	$	(1.11	)	$	—	(f)	$	(0.01	)	$	(0.01	)
November 30, 2010 (g) through June 30, 2011		15.00		0.01	(e)		2.18			2.19			—	(f)		—			—	(f)

Class C
Six Months Ended December 31, 2011 (Unaudited)		17.15		(0.01	)(e)		(1.14	)		(1.15	)		—	(f)		(0.01	)		(0.01	)
November 30, 2010 (g) through June 30, 2011		15.00		(0.04	)(e)		2.19			2.15			—			—			—

Class R2
Six Months Ended December 31, 2011 (Unaudited)		17.17		0.01	(e)		(1.14	)		(1.13	)		—	(f)		(0.01	)		(0.01	)
November 30, 2010 (g) through June 30, 2011		15.00		(0.02	)(e)		2.19			2.17			—			—			—

Class R5
Six Months Ended December 31, 2011 (Unaudited)		17.23		0.07	(e)		(1.14	)		(1.07	)		(0.05	)		(0.01	)		(0.06	)
November 30, 2010 (g) through June 30, 2011		15.00		0.05	(e)		2.19			2.24			(0.01	)		—			(0.01	)

Class R6
Six Months Ended December 31, 2011 (Unaudited)		17.24		0.07	(e)		(1.15	)		(1.08	)		(0.06	)		(0.01	)		(0.07	)
January 31, 2011 (j) through June 30, 2011		16.36		0.05	(e)		0.83			0.88			—			—			—

Select Class
Six Months Ended December 31, 2011 (Unaudited)		17.22		0.06	(e)		(1.16	)		(1.10	)		(0.04	)		(0.01	)		(0.05	)
November 30, 2010 (g) through June 30, 2011		15.00		0.04	(e)		2.19			2.23			(0.01	)		—			(0.01	)

(a)	Annualized for periods less than one year.

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

(c)

(d)	Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e)	Calculated based upon average shares outstanding.

(f)	Amount rounds to less than $0.01.

(g)	Commencement of operations.

(h)	Certain non-recurring expenses incurred by the Fund were not annualized for the period ended June 30, 2011.

(i)	Ratios are disproportionate between classes due to the size of net assets and fixed expenses.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)


$	16.07		(6.47	)%	$	300		1.25	%		0.42	%		1.34	%		22	%
	17.19		14.70			276		1.24	(h)		0.11	(h)		5.79	(h)(i)		13


	15.99		(6.72	)		95		1.75			(0.07	)		1.85			22
	17.15		14.33			99		1.75	(h)		(0.39	)(h)		6.49	(h)(i)		13


	16.03		(6.60	)		54		1.50			0.18			1.60			22
	17.17		14.53			57		1.49	(h)		(0.17	)(h)		6.84	(h)(i)		13


	16.10		(6.24	)		54		0.79			0.88			0.89			22
	17.23		15.00			57		0.80	(h)		0.52	(h)		6.17	(h)(i)		13


	16.09		(6.31	)		49		0.75			0.93			0.84			22
	17.24		5.38			53		0.75	(h)		0.68	(h)		5.52	(h)(i)		13


	16.07		(6.41	)		265,572		0.99			0.77			1.08			22
	17.22		14.84			91,240		1.00	(h)		0.41	(h)		3.41	(h)(i)		13

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2011 (Unaudited)	$	31.29	$	0.04	(e)	$	(2.85	)	$	(2.81	)	$	(0.03	)	$	—		$	(0.03	)
Year Ended June 30, 2011		22.95		0.04	(e)		8.36			8.40			(0.06	)		—			(0.06	)
November 2, 2009 (f) through June 30, 2010		21.55		0.05			1.41			1.46			(0.06	)		—			(0.06	)

Class C
Six Months Ended December 31, 2011 (Unaudited)		31.16		(0.03	)(e)		(2.85	)		(2.88	)		—			—			—
Year Ended June 30, 2011		22.93		(0.12	)(e)		8.37			8.25			(0.02	)		—			(0.02	)
November 2, 2009 (f) through June 30, 2010		21.55		(0.03	)		1.41			1.38			—	(g)		—			—	(g)

Select Class
Six Months Ended December 31, 2011 (Unaudited)		31.36		0.09	(e)		(2.87	)		(2.78	)		(0.07	)		—			(0.07	)
Year Ended June 30, 2011		22.97		0.14	(e)		8.37			8.51			(0.12	)		—			(0.12	)
Year Ended June 30, 2010		18.97		0.12			4.00			4.12			(0.12	)		—			(0.12	)
Year Ended June 30, 2009		28.63		0.18			(8.37	)		(8.19	)		(0.17	)		(1.30	)		(1.47	)
Year Ended June 30, 2008		37.93		0.11			(2.80	)		(2.69	)		(0.11	)		(6.50	)		(6.61	)
Year Ended June 30, 2007		34.51		0.12			6.13			6.25			(0.10	)		(2.73	)		(2.83	)

(a)	Annualized for periods less than one year.

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

(c)

(d)	Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e)	Calculated based upon average shares outstanding.

(f)	Commencement of offering of class of shares.

(g)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)


$	28.45		(8.99	)%	$	3,417		1.25	%		0.26	%		1.60	%		26	%
	31.29		36.60			2,918		1.24			0.14			1.53			88
	22.95		6.77			1,394		1.24			0.30			1.44			56


	28.28		(9.24	)		454		1.75			(0.24	)		2.10			26
	31.16		35.98			447		1.74			(0.40	)		2.06			88
	22.93		6.40			65		1.74			(0.23	)		1.92			56


	28.51		(8.86	)		565,093		0.90			0.60			1.35			26
	31.36		37.09			568,854		0.89			0.50			1.27			88
	22.97		21.72			463,478		0.89			0.55			1.17			56
	18.97		(28.02	)		195,785		0.90			0.94			1.20			107
	28.63		(8.19	)		189,589		0.91			0.32			1.12			79
	37.93		18.97			284,546		0.90			0.35			1.09			82

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2011 (Unaudited)	$	23.30	$	(0.04	)(e)	$	(3.15	)	$	(3.19	)	$	(2.01	)
Year Ended June 30, 2011		16.35		(0.09	)(e)		7.04			6.95			—
Year Ended June 30, 2010		13.68		(0.09	)(e)		2.76			2.67			—
Year Ended June 30, 2009		20.46		(0.07	)(e)		(6.33	)		(6.40	)		(0.38	)
Year Ended June 30, 2008		24.89		(0.17	)(e)		(0.45	)		(0.62	)		(3.81	)
Year Ended June 30, 2007		24.85		(0.18	)(e)		4.41			4.23			(4.19	)

Class B
Six Months Ended December 31, 2011 (Unaudited)		18.29		(0.07	)(e)		(2.49	)		(2.56	)		(2.01	)
Year Ended June 30, 2011		12.90		(0.16	)(e)		5.55			5.39			—
Year Ended June 30, 2010		10.85		(0.14	)(e)		2.19			2.05			—
Year Ended June 30, 2009		16.45		(0.13	)(e)		(5.09	)		(5.22	)		(0.38	)
Year Ended June 30, 2008		20.88		(0.26	)(e)		(0.36	)		(0.62	)		(3.81	)
Year Ended June 30, 2007		21.59		(0.28	)(e)		3.76			3.48			(4.19	)

Class C
Six Months Ended December 31, 2011 (Unaudited)		20.88		(0.08	)(e)		(2.83	)		(2.91	)		(2.01	)
Year Ended June 30, 2011		14.73		(0.18	)(e)		6.33			6.15			—
Year Ended June 30, 2010		12.39		(0.16	)(e)		2.50			2.34			—
Year Ended June 30, 2009		18.70		(0.15	)(e)		(5.78	)		(5.93	)		(0.38	)
Year Ended June 30, 2008		23.21		(0.29	)(e)		(0.41	)		(0.70	)		(3.81	)
Year Ended June 30, 2007		23.57		(0.31	)(e)		4.14			3.83			(4.19	)

Class R2
Six Months Ended December 31, 2011 (Unaudited)		24.73		(0.06	)(e)		(3.33	)		(3.39	)		(2.01	)
Year Ended June 30, 2011		17.38		(0.13	)(e)		7.48			7.35			—
Year Ended June 30, 2010		14.56		(0.12	)(e)		2.94			2.82			—
June 19, 2009 (f) through June 30, 2009		14.56		—	(e)(g)		—	(g)		—	(g)		—

Class R5
November 1, 2011 (f) through December 31, 2011 (Unaudited)		21.75		0.02	(e)		(0.17	)		(0.15	)		(2.01	)

Class R6
November 1, 2011 (f) through December 31, 2011 (Unaudited)		21.75		0.02	(e)		(0.17	)		(0.15	)		(2.01	)

Select Class
Six Months Ended December 31, 2011 (Unaudited)		24.97		(0.01	)(e)		(3.37	)		(3.38	)		(2.01	)
Year Ended June 30, 2011		17.47		(0.03	)(e)		7.53			7.50			—
Year Ended June 30, 2010		14.57		(0.04	)(e)		2.94			2.90			—
Year Ended June 30, 2009		21.68		(0.03	)(e)		(6.70	)		(6.73	)		(0.38	)
Year Ended June 30, 2008		26.10		(0.12	)(e)		(0.49	)		(0.61	)		(3.81	)
Year Ended June 30, 2007		25.81		(0.12	)(e)		4.60			4.48			(4.19	)

(a)	Annualized for periods less than one year.

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

(c)

(d)	Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e)	Calculated based upon average shares outstanding.

(f)	Commencement of offering of class of shares.

(g)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)


$	18.10		(13.40	)%	$	539,433		1.24	%		(0.39	)%		1.38	%		33	%
	23.30		42.51			696,334		1.24			(0.44	)		1.36			79
	16.35		19.52			560,054		1.24			(0.53	)		1.42			82
	13.68		(30.97	)		520,201		1.24			(0.48	)		1.56			96
	20.46		(3.22	)		384,225		1.24			(0.75	)		1.39			95
	24.89		18.65			480,084		1.24			(0.73	)		1.36			119


	13.72		(13.62	)		12,769		1.76			(0.93	)		1.88			33
	18.29		41.78			18,648		1.77			(0.97	)		1.86			79
	12.90		18.89			20,893		1.77			(1.07	)		1.92			82
	10.85		(31.35	)		29,963		1.88			(1.14	)		2.03			96
	16.45		(3.90	)		69,186		1.88			(1.38	)		1.89			95
	20.88		17.93			123,779		1.86			(1.35	)		1.86			119


	15.96		(13.61	)		22,154		1.76			(0.92	)		1.88			33
	20.88		41.75			29,187		1.77			(0.97	)		1.86			79
	14.73		18.89			23,389		1.77			(1.06	)		1.92			82
	12.39		(31.38	)		25,624		1.88			(1.13	)		2.04			96
	18.70		(3.85	)		27,785		1.88			(1.38	)		1.89			95
	23.21		17.90			38,805		1.86			(1.35	)		1.86			119


	19.33		(13.43	)		176		1.40			(0.54	)		1.63			33
	24.73		42.29			121		1.40			(0.59	)		1.60			79
	17.38		19.37			63		1.40			(0.69	)		1.67			82
	14.56		0.00			83		1.22			(0.31	)		1.94			96


	19.59		(0.38	)		50		0.79			0.54			0.94			33


	19.59		(0.38	)		50		0.74			0.59			0.89			33


	19.58		(13.26	)		805,219		0.93			(0.08	)		1.13			33
	24.97		42.93			1,031,463		0.93			(0.13	)		1.10			79
	17.47		19.90			685,843		0.93			(0.22	)		1.17			82
	14.57		(30.74	)		631,380		0.98			(0.23	)		1.30			96
	21.68		(3.02	)		539,292		0.99			(0.49	)		1.13			95
	26.10		18.95			740,208		0.99			(0.48	)		1.11			119

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Value Fund
Class A
Six Months Ended December 31, 2011 (Unaudited)	$	24.76	$	0.10	(e)	$	(1.29	)	$	(1.19	)	$	(0.16	)	$	—		$	(0.16	)
Year Ended June 30, 2011		18.91		0.18	(e)		5.85			6.03			(0.18	)		—			(0.18	)
Year Ended June 30, 2010		15.24		0.19	(e)		3.48			3.67			—			—			—
Year Ended June 30, 2009		21.91		0.28	(e)		(5.92	)		(5.64	)		(0.34	)		(0.69	)		(1.03	)
Year Ended June 30, 2008		27.71		0.16			(3.78	)		(3.62	)		(0.12	)		(2.06	)		(2.18	)
Year Ended June 30, 2007		24.73		0.17			4.21			4.38			(0.25	)		(1.15	)		(1.40	)

Class B
Six Months Ended December 31, 2011 (Unaudited)		24.10		0.04	(e)		(1.25	)		(1.21	)		—			—			—
Year Ended June 30, 2011		18.38		0.07	(e)		5.69			5.76			(0.04	)		—			(0.04	)
Year Ended June 30, 2010		14.89		0.10	(e)		3.39			3.49			—			—			—
Year Ended June 30, 2009		21.39		0.20	(e)		(5.79	)		(5.59	)		(0.22	)		(0.69	)		(0.91	)
Year Ended June 30, 2008		27.11		0.03			(3.69	)		(3.66	)		—			(2.06	)		(2.06	)
Year Ended June 30, 2007		24.21		0.05			4.12			4.17			(0.12	)		(1.15	)		(1.27	)

Class C
Six Months Ended December 31, 2011 (Unaudited)		24.13		0.04	(e)		(1.26	)		(1.22	)		(0.04	)		—			(0.04	)
Year Ended June 30, 2011		18.44		0.07	(e)		5.69			5.76			(0.07	)		—			(0.07	)
Year Ended June 30, 2010		14.94		0.10	(e)		3.40			3.50			—			—			—
Year Ended June 30, 2009		21.45		0.20	(e)		(5.80	)		(5.60	)		(0.22	)		(0.69	)		(0.91	)
Year Ended June 30, 2008		27.17		0.04			(3.70	)		(3.66	)		—			(2.06	)		(2.06	)
Year Ended June 30, 2007		24.26		0.05			4.13			4.18			(0.12	)		(1.15	)		(1.27	)

Class R2
Six Months Ended December 31, 2011 (Unaudited)		24.27		0.08	(e)		(1.28	)		(1.20	)		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		18.63		0.12	(e)		5.76			5.88			(0.24	)		—			(0.24	)
Year Ended June 30, 2010		15.06		0.15	(e)		3.42			3.57			—			—			—
November 3, 2008 (f) through June 30, 2009		16.34		0.20	(e)		(0.30	)		(0.10	)		(0.49	)		(0.69	)		(1.18	)

Institutional Class
Six Months Ended December 31, 2011 (Unaudited)		25.19		0.16	(e)		(1.32	)		(1.16	)		(0.28	)		—			(0.28	)
Year Ended June 30, 2011		19.22		0.30	(e)		5.95			6.25			(0.28	)		—			(0.28	)
Year Ended June 30, 2010		15.43		0.29	(e)		3.52			3.81			(0.02	)		—			(0.02	)
Year Ended June 30, 2009		22.31		0.38	(e)		(6.06	)		(5.68	)		(0.51	)		(0.69	)		(1.20	)
Year Ended June 30, 2008		28.17		0.31			(3.85	)		(3.54	)		(0.26	)		(2.06	)		(2.32	)
Year Ended June 30, 2007		25.10		0.30			4.29			4.59			(0.37	)		(1.15	)		(1.52	)

Select Class
Six Months Ended December 31, 2011 (Unaudited)		24.97		0.14	(e)		(1.31	)		(1.17	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		19.07		0.24	(e)		5.90			6.14			(0.24	)		—			(0.24	)
Year Ended June 30, 2010		15.34		0.24	(e)		3.49			3.73			—	(g)		—			—	(g)
Year Ended June 30, 2009		22.14		0.34	(e)		(6.01	)		(5.67	)		(0.44	)		(0.69	)		(1.13	)
Year Ended June 30, 2008		27.96		0.27			(3.85	)		(3.58	)		(0.18	)		(2.06	)		(2.24	)
Year Ended June 30, 2007		24.93		0.27			4.22			4.49			(0.31	)		(1.15	)		(1.46	)

(a)	Annualized for periods less than one year.

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

(c)

(d)	Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e)	Calculated based upon average shares outstanding.

(f)	Commencement of offering of class of shares.

(g)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)


$	23.41		(4.80	)%	$	1,800,874		1.24	%		0.92	%		1.41	%		15	%
	24.76		31.96			1,979,270		1.23			0.81			1.39			41
	18.91		24.08			1,705,572		1.23			1.04			1.40			34
	15.24		(25.49	)		1,600,044		1.25			1.71			1.42			47
	21.91		(13.70	)		2,661,377		1.25			0.66			1.42			31
	27.71		18.21			3,822,632		1.25			0.71			1.35			45


	22.89		(5.02	)		67,774		1.75			0.38			1.91			15
	24.10		31.33			90,427		1.74			0.30			1.89			41
	18.38		23.44			96,966		1.74			0.53			1.90			34
	14.89		(25.89	)		108,114		1.75			1.21			1.92			47
	21.39		(14.14	)		163,091		1.75			0.15			1.92			31
	27.11		17.65			237,745		1.75			0.20			1.85			45


	22.87		(5.04	)		334,963		1.75			0.40			1.91			15
	24.13		31.29			373,415		1.74			0.30			1.89			41
	18.44		23.43			309,513		1.74			0.53			1.90			34
	14.94		(25.88	)		299,956		1.75			1.20			1.92			47
	21.45		(14.11	)		523,722		1.75			0.14			1.92			31
	27.17		17.64			818,261		1.75			0.20			1.85			45


	22.87		(4.95	)		8,261		1.50			0.70			1.66			15
	24.27		31.66			6,500		1.49			0.50			1.65			41
	18.63		23.71			1,441		1.49			0.77			1.65			34
	15.06		(0.24	)		294		1.50			2.12			1.69			47


	23.75		(4.58	)		2,850,013		0.75			1.42			1.00			15
	25.19		32.66			2,812,296		0.74			1.29			0.99			41
	19.22		24.68			1,913,930		0.74			1.52			1.00			34
	15.43		(25.15	)		1,424,004		0.75			2.26			1.02			47
	22.31		(13.25	)		1,777,057		0.75			1.16			1.02			31
	28.17		18.82			2,566,230		0.75			1.21			0.95			45


	23.57		(4.67	)		1,467,950		0.99			1.18			1.15			15
	24.97		32.29			1,513,926		0.98			1.05			1.14			41
	19.07		24.35			1,061,308		0.98			1.29			1.15			34
	15.34		(25.31	)		766,965		1.00			2.05			1.18			47
	22.14		(13.46	)		721,777		1.00			0.90			1.16			31
	27.96		18.49			1,183,839		1.00			0.95			1.10			45

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
Multi-Cap Market Neutral Fund
Class A
Six Months Ended December 31, 2011 (Unaudited)	$	9.81	$	(0.07	)(g)	$	(0.20	)	$	(0.27	)	$	—		$	—		$	—
Year Ended June 30, 2011		9.71		(0.16	)(g)		0.26			0.10			—			—			—
Year Ended June 30, 2010		10.21		(0.17	)(g)		(0.33	)		(0.50	)		—			—			—
Year Ended June 30, 2009		10.23		(0.08	)(g)		0.06			(0.02	)		—			—			—
Year Ended June 30, 2008		11.24		0.28	(g)		(0.74	)		(0.46	)		(0.54	)		(0.01	)		(0.55	)
Year Ended June 30, 2007		10.98		0.37			0.20			0.57			(0.31	)		—			(0.31	)

Class B
Six Months Ended December 31, 2011 (Unaudited)		9.47		(0.10	)(g)		(0.19	)		(0.29	)		—			—			—
Year Ended June 30, 2011		9.44		(0.23	)(g)		0.26			0.03			—			—			—
Year Ended June 30, 2010		10.01		(0.23	)(g)		(0.34	)		(0.57	)		—			—			—
Year Ended June 30, 2009		10.10		(0.15	)(g)		0.06			(0.09	)		—			—			—
Year Ended June 30, 2008		11.07		0.17	(g)		(0.70	)		(0.53	)		(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2007		10.80		0.29			0.20			0.49			(0.22	)		—			(0.22	)

Class C
Six Months Ended December 31, 2011 (Unaudited)		9.48		(0.10	)(g)		(0.19	)		(0.29	)		—			—			—
Year Ended June 30, 2011		9.46		(0.23	)(g)		0.25			0.02			—			—			—
Year Ended June 30, 2010		10.02		(0.23	)(g)		(0.33	)		(0.56	)		—			—			—
Year Ended June 30, 2009		10.12		(0.15	)(g)		0.05			(0.10	)		—			—			—
Year Ended June 30, 2008		11.07		0.19	(g)		(0.71	)		(0.52	)		(0.42	)		(0.01	)		(0.43	)
Year Ended June 30, 2007		10.80		0.29			0.20			0.49			(0.22	)		—			(0.22	)

Select Class
Six Months Ended December 31, 2011 (Unaudited)		9.91		(0.06	)(g)		(0.19	)		(0.25	)		—			—			—
Year Ended June 30, 2011		9.79		(0.14	)(g)		0.26			0.12			—			—			—
Year Ended June 30, 2010		10.27		(0.14	)(g)		(0.34	)		(0.48	)		—			—			—
Year Ended June 30, 2009		10.27		(0.05	)(g)		0.05			—	(h)		—			—			—
Year Ended June 30, 2008		11.31		0.30	(g)		(0.73	)		(0.43	)		(0.60	)		(0.01	)		(0.61	)
Year Ended June 30, 2007		11.04		0.36			0.25			0.61			(0.34	)		—			(0.34	)

(a)	Annualized for periods less than one year.

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

(c)

(d)	Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e)

The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for short sales) for Class A are 1.48% and 1.96% for the six months ended December 31, 2011, 1.49% and 1.95% for the year ended June 30, 2011, 1.49% and 1.94% for 2010, 1.50% and 1.95% for 2009, 1.51% and 1.93% for 2008 and 1.50% and 1.91% for 2007; for Class B are 2.23% and 2.46 for the six months ended December 31, 2011, 2.24% and 2.45% for the year ended June 30, 2011, 2.24% and 2.44% for 2010, 2.25% and 2.45% for 2009, 2.26% and 2.43% for 2008 and 2.25% and 2.41% for 2007; for Class C are 2.23% and 2.46 for the six months ended December 31, 2011, 2.24% and 2.45% for the year ended June 30, 2011, 2.24% and 2.44% for 2010, 2.25% and 2.45% for 2009, 2.26% and 2.43% for 2008 and 2.25% and 2.41% for 2007; for Select Class are 1.23% and 1.71% for the six months ended December 31, 2011, 1.24% and 1.70% for the year ended June 30, 2011, 1.24% and 1.69% for 2010, 1.25% and 1.70% for 2009, 1.25% and 1.67% for 2008 and 1.25% and 1.66% for 2007, respectively.

(f)	Commencing with the period ended June 30, 2009, the Fund presented portfolio turnover in two ways, one including short sales and the other excluding short sales. For periods prior to June 30, 2009, the Fund’s portfolio turnover calculation excluded short sales.

(g)	Calculated based upon average shares outstanding.

(h)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding short sales) (b)(f)			Portfolio turnover rate (including short sales) (b)(f)


$	9.54		(2.75	)%	$	23,850		2.81	%		(1.37	)%		3.29	%		80	%		168	%
	9.81		1.03			29,216		2.92			(1.65	)		3.38			145			339
	9.71		(4.90	)		94,549		2.94			(1.65	)		3.39			146			348
	10.21		(0.20	)		67,884		2.84			(0.79	)		3.29			175			350
	10.23		(4.00	)		77,838		2.52			2.62			2.94			116			—
	11.24		5.27			204,059		2.69			3.32			3.10			96			—


	9.18		(3.06	)		2,283		3.56			(2.13	)		3.79			80			168
	9.47		0.32			3,484		3.67			(2.47	)		3.88			145			339
	9.44		(5.69	)		7,849		3.69			(2.39	)		3.89			146			348
	10.01		(0.89	)		12,766		3.59			(1.55	)		3.79			175			350
	10.10		(4.77	)		16,402		3.28			1.66			3.45			116			—
	11.07		4.56			24,974		3.44			2.60			3.60			96			—


	9.19		(3.06	)		17,829		3.56			(2.12	)		3.79			80			168
	9.48		0.21			22,094		3.67			(2.46	)		3.88			145			339
	9.46		(5.59	)		39,610		3.70			(2.39	)		3.89			146			348
	10.02		(0.99	)		61,467		3.59			(1.54	)		3.79			175			350
	10.12		(4.71	)		90,603		3.28			1.79			3.45			116			—
	11.07		4.56			187,546		3.44			2.60			3.60			96			—


	9.66		(2.52	)		443,005		2.56			(1.11	)		3.04			80			168
	9.91		1.23			491,653		2.67			(1.39	)		3.13			145			339
	9.79		(4.67	)		433,539		2.70			(1.39	)		3.15			146			348
	10.27		0.00			528,478		2.59			(0.45	)		3.04			175			350
	10.27		(3.73	)		933,631		2.27			2.79			2.69			116			—
	11.31		5.59			1,852,145		2.44			3.55			2.85			96			—

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Value Advantage Fund
Class A
Six Months Ended December 31, 2011 (Unaudited)	$	19.07	$	0.13	(e)	$	(0.81	)	$	(0.68	)	$	(0.20	)	$	—		$	(0.20	)
Year Ended June 30, 2011		15.22		0.23	(e)		3.79			4.02			(0.17	)		—			(0.17	)
Year Ended June 30, 2010		12.01		0.23	(e)		3.17			3.40			(0.19	)		—			(0.19	)
Year Ended June 30, 2009		16.38		0.30	(e)		(4.40	)		(4.10	)		(0.20	)		(0.07	)		(0.27	)
Year Ended June 30, 2008		20.45		0.35			(3.19	)		(2.84	)		(0.24	)		(0.99	)		(1.23	)
Year Ended June 30, 2007		17.17		0.26	(e)		3.42			3.68			(0.12	)		(0.28	)		(0.40	)

Class C
Six Months Ended December 31, 2011 (Unaudited)		19.01		0.09	(e)		(0.81	)		(0.72	)		(0.10	)		—			(0.10	)
Year Ended June 30, 2011		15.17		0.14	(e)		3.77			3.91			(0.07	)		—			(0.07	)
Year Ended June 30, 2010		11.97		0.15	(e)		3.17			3.32			(0.12	)		—			(0.12	)
Year Ended June 30, 2009		16.25		0.23	(e)		(4.34	)		(4.11	)		(0.10	)		(0.07	)		(0.17	)
Year Ended June 30, 2008		20.31		0.26			(3.18	)		(2.92	)		(0.15	)		(0.99	)		(1.14	)
Year Ended June 30, 2007		17.10		0.17	(e)		3.38			3.55			(0.06	)		(0.28	)		(0.34	)

Institutional Class
Six Months Ended December 31, 2011 (Unaudited)		19.11		0.18	(e)		(0.82	)		(0.64	)		(0.30	)		—			(0.30	)
Year Ended June 30, 2011		15.24		0.32	(e)		3.79			4.11			(0.24	)		—			(0.24	)
Year Ended June 30, 2010		12.01		0.31	(e)		3.18			3.49			(0.26	)		—			(0.26	)
Year Ended June 30, 2009		16.40		0.37	(e)		(4.42	)		(4.05	)		(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2008		20.47		0.44			(3.19	)		(2.75	)		(0.33	)		(0.99	)		(1.32	)
Year Ended June 30, 2007		17.16		0.39	(e)		3.38			3.77			(0.18	)		(0.28	)		(0.46	)

Select Class
Six Months Ended December 31, 2011 (Unaudited)		19.12		0.16	(e)		(0.83	)		(0.67	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		15.27		0.28	(e)		3.79			4.07			(0.22	)		—			(0.22	)
Year Ended June 30, 2010		12.04		0.27	(e)		3.19			3.46			(0.23	)		—			(0.23	)
Year Ended June 30, 2009		16.44		0.34	(e)		(4.42	)		(4.08	)		(0.25	)		(0.07	)		(0.32	)
Year Ended June 30, 2008		20.52		0.37			(3.17	)		(2.80	)		(0.29	)		(0.99	)		(1.28	)
Year Ended June 30, 2007		17.22		0.31	(e)		3.43			3.74			(0.16	)		(0.28	)		(0.44	)

(a)	Annualized for periods less than one year.

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

(c)

(d)	Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e)	Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)


$	18.19		(3.55	)%	$	200,772		1.25	%		1.52	%		1.40	%		22	%
	19.07		26.45			232,103		1.24			1.28			1.34			33
	15.22		28.35			150,081		1.24			1.52			1.38			45
	12.01		(24.82	)		112,739		1.25			2.45			1.50			70
	16.38		(14.42	)		152,696		1.25			1.87			1.43			103
	20.45		21.58			201,151		1.25			1.36			1.41			77


	18.19		(3.78	)		113,017		1.75			1.01			1.91			22
	19.01		25.82			131,743		1.74			0.78			1.84			33
	15.17		27.72			108,165		1.74			1.01			1.88			45
	11.97		(25.19	)		97,723		1.75			1.86			1.99			70
	16.25		(14.86	)		182,093		1.75			1.36			1.93			103
	20.31		20.93			247,794		1.75			0.87			1.91			77


	18.17		(3.33	)		300,519		0.75			2.04			1.01			22
	19.11		27.06			284,433		0.74			1.79			0.94			33
	15.24		29.03			156,531		0.74			2.04			0.98			45
	12.01		(24.41	)		70,825		0.75			3.11			1.15			70
	16.40		(13.97	)		19,872		0.75			2.37			1.03			103
	20.47		22.16			24,710		0.75			1.97			1.00			77


	18.20		(3.45	)		258,242		1.00			1.78			1.16			22
	19.12		26.75			270,562		0.99			1.53			1.09			33
	15.27		28.70			71,209		0.99			1.77			1.13			45
	12.04		(24.62	)		51,000		1.00			2.75			1.25			70
	16.44		(14.19	)		49,262		1.00			2.18			1.18			103
	20.52		21.89			36,884		1.00			1.62			1.16			77

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	83

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 (Unaudited)

1. Organization

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

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), an open-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.

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


	Classes Offered	Trust	Diversified/Non-Diversified
Growth Advantage Fund	Class A, Class B, Class C, Class R5 and Select Class	JPMMFIT	Diversified
Mid Cap Core Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
Mid Cap Equity Fund	Class A, Class C, and Select Class	JPM I	Diversified
Mid Cap Growth Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Mid Cap Value Fund	Class A, Class B, Class C, Class R2, Institutional Class and Select Class	JPMFMFG	Diversified
Multi-Cap Market Neutral Fund	Class A, Class B, Class C, and Select Class	JPM II	Diversified
Value Advantage Fund	Class A, Class C, Institutional Class and Select Class	JPM I	Diversified

The Mid Cap Core Fund commenced operations on November 30, 2010.

Class R6 Shares commenced operations on January 31, 2011 for the Mid Cap Core Fund.

Class R5 Shares and Class R6 Shares commenced operations on November 1, 2011 for the Mid Cap Growth Fund.

The investment objective of Growth Advantage Fund is to seek to provide long-term capital growth.

The investment objective of Mid Cap Core Fund is to seek long-term capital appreciation.

The investment objective of Mid Cap Equity Fund is to seek long-term capital growth.

The investment objective of Mid Cap Growth Fund is to seek growth of capital and, secondarily, current income by investing primarily in equity securities.

The investment objective of Mid Cap Value Fund is to seek growth from capital appreciation.

The investment objective of Multi-Cap Market Neutral Fund is to seek long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

The investment objective of Value Advantage Fund is to seek to provide long-term total return from a combination of income and capital gains.

Effective November 1, 2009, Class B Shares of the Growth Advantage Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Multi-Cap Market Neutral Fund may not be purchased or acquired by new or existing shareholders, except through exchanges from Class B Shares of another J.P. Morgan Fund and dividend reinvestments. Shareholders who have invested in Class B Shares prior to November 1, 2009 may continue to hold their Class B Shares until they automatically convert to Class A Shares.

Class A Shares generally provide for a front-end sales charge while Class B and Class C Shares provide for a contingent deferred sales charge (“CDSC”). Class B Shares automatically convert to Class A Shares after eight years. No sales charges are assessed with respect to the Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. 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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trusts in the preparation of their financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Funds are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices



84	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The broker-dealers or pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the broker-dealers or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the broker-dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s net asset value per share as of the report date.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Funds apply fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in their portfolios by utilizing the quotations of an independent pricing service, unless a Fund’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time a Fund calculates its net asset values.

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 fair value of the Funds’ investments are summarized into the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Funds’ own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Growth Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,087,322	$	—	$	—	$	1,087,322

Mid Cap Core Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	272,531	$	—	$	—	$	272,531



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	85

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

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)	$	573,923	$	—	$	—	$	573,923

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)	$	1,397,688	$	—	$	—	$	1,397,688

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)	$	6,523,941	$	—	$	—	$	6,523,941

Multi-Cap Market Neutral Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	485,807		$	—	$	—	$	485,807

Total Liabilities (a)	$	(452,533	)	$	—	$	—	$	(452,533	)

Value Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	112,110	$	—	$	—	(b)	$	112,110
Consumer Staples		46,104		5,682		—			51,786
Energy		96,591		—		—			96,591
Financials		279,207		—		—			279,207
Health Care		97,596		—		—			97,596
Industrials		42,303		—		—			42,303
Information Technology		17,303		—		—			17,303
Materials		39,592		—		—			39,592
Telecommunication Services		33,465		6,764		—			40,229
Utilities		70,624		—		—			70,624

Total Common Stocks		834,895		12,446		—	(b)		847,341

Preferred Stock
Consumer Discretionary		—		—		—	(b)		—	(b)
Investment Company		7,571		—		—			7,571
Short-Term Investment
Investment Company		18,962		—		—			18,962

Total Investments in Securities	$	861,428	$	12,446	$	—	(b)	$	873,874

(a)	All portfolio holdings designated as Level 1 are disclosed individually in the SOIs. Please refer to the SOIs for industry specifics of the portfolio holdings.

(b)	Security has zero value.



86	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

There were no transfers between Levels 1 and 2 during the six months ended December 31, 2011.

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

Value Advantage Fund

Balance as
of 6/30/11

Realized
gain (loss)

Change in
unrealized
appreciation
(depreciation)

Net
amortization
(accretion)

Purchases⁽¹⁾

Sales⁽²⁾

Transfers
into

Level 3

Transfers

out of

Level 3

Balance as
of 12/31/11

Investments in Securities

Common Stocks — Consumer Discretionary

—

(a)

—

(a)

Preferred Stock — Consumer Discretionary

—

(a)

—

(a)

Total

—

(a)

—

(a)

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

⁽²⁾	Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

(a)	Security has zero value.

The change in unrealized appreciation (depreciation) attributable to securities owned at December 31, 2011, which were valued using significant unobservable inputs (Level 3), amounted to zero. This amount is included in Change in net unrealized appreciation (depreciation) of investments in non-affiliates on the Statements of Operations.

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. An illiquid security is a security which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately its fair value and includes, but is not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. 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 net assets of the Funds.

The following is the value and percentage of net assets of illiquid securities as of December 31, 2011 (amounts in thousands):


	Value			Percentage
Value Advantage Fund	$	—	(a)		—	%

(a)	Securities have zero value.

C. Short Sales — The Multi-Cap Market Neutral Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted in 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 in the market value of the short position and cash collateral deposited with the broker. The net income or fee is included as interest income or interest expense, respectively, on securities sold short in the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on record date. Dividends on short positions are recorded on the Statements of Operations as dividend expense on ex-dividend date.

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 unrealized gain or loss on the Statements of Operations. Short sale transactions may result in unlimited losses as the short position loses value and the security’s price increases. 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 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 security declines between those dates.

As of December 31, 2011, the Fund had outstanding short sales as listed on its SOI.

D. Futures Contracts — The Mid Cap Growth Fund uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Fund buys futures contracts to immediately invest incoming cash in the market or sell futures in response to



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	87

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Fund to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in 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 in the Statements of Operations at the closing or expiration of futures contracts. Securities deposited as initial margin are designated in the SOI and cash deposited 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 Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

The table below discloses the volume of the Fund’s futures activities during the six months ended December 31, 2011 (amounts in thousands):


	Mid Cap Growth Fund
Futures Contracts:
Average Notional Balance Long	$	52,340	(a)
Ending Notional Balance Long		—

(a)	Average is for the period July 1, 2011 through July 31, 2011.

E. Securities Lending — Each Fund (except Mid Cap Core Fund, Multi-Cap Market Neutral Fund and Value Advantage Fund) may lend securities to brokers approved by J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) in order to generate additional income. The Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending (“GSAL”) serves as lending agent for the Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund and Mid Cap Value Fund pursuant to a Securities Lending Agreement (the “GSAL Securities Lending Agreement”). Securities loaned are collateralized by cash, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund. Upon termination of a loan, the Funds are required to return to the borrower the posted cash collateral. Loans are subject to termination by the Funds or the borrower at any time.

Securities lending income is comprised of income earned on cash collateral investments (“Collateral Investments”), net of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) on the Statements of Operations. 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.

For the six months ended December 31, 2011, the Funds earned the following amounts from the investment of cash collateral, prior to rebates or fees, from an investment in an affiliated fund as described below (amounts in thousands).


Growth Advantage Fund	$	13
Mid Cap Equity Fund		5
Mid Cap Growth Fund		13
Mid Cap Value Fund		4

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of loaned U.S. securities plus accrued interest. The GSAL Securities Lending Agreement requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities.



88	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

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 in the SOIs. At December 31, 2011, the value of outstanding securities on loan and the value of Collateral Investments were as follows (amounts in thousands):


	Value of Securities on Loan		Cash Collateral Posted by Borrower			Total Value of Collateral Investments
Growth Advantage Fund	$	18,149	$	18,373	*	$	18,373
Mid Cap Equity Fund		5,404		5,493	*		5,493
Mid Cap Growth Fund		13,029		13,316			13,316
Mid Cap Value Fund		3,962		4,075			4,075

*	Subsequent to December 31, 2011, additional collateral was received from borrowers.

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, a Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, a Fund may use leverage (borrow money) to repay the borrower for cash collateral posted, if the Advisor does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

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, GSAL has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM waived fees associated with the Funds’ investment in JPMorgan Prime Money Market Fund as follows (amounts in thousands).


Growth Advantage Fund	$	12
Mid Cap Equity Fund		4
Mid Cap Growth Fund		13
Mid Cap Value Fund		4

These amounts offset the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Funds’ investment in such fund. A portion of the waiver is voluntary.

F. Offering and Organization Costs — Offering costs (registration and filing fees) paid in connection with the offering of shares of the Mid Cap Core Fund are amortized up to 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund were recorded as an expense at the time it commenced operations.

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

The Funds record distributions received in excess of income 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 components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

H. Allocation of Income and Expenses — In calculating the net asset value per share of each class, 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. 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 respective funds. Each class of shares bears its pro-rata portion of expenses attributable to its Fund, except that each class separately bears expenses related specifically to that class, such as distribution and shareholder servicing fees.

I. 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 of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Funds’ conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. Dividends and Distributions to Shareholders — Dividends from net investment income are generally declared and paid at least annually, except for the Mid Cap Equity, Mid Cap Growth and Multi-Cap Market Neutral Funds, which are generally declared and paid at least quarterly. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, JPMIM acts as the investment advisor to the Funds. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). JPMIM supervises the investments of each respective Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual fee rate for each Fund is as follows:


Growth Advantage Fund	0.65	%
Mid Cap Core Fund	0.65
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Multi-Cap Market Neutral Fund	1.25
Value Advantage Fund	0.65

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2011, the annualized effective rate was 0.09% of each Fund’s average daily net assets.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, and successor in interest to J.P. Morgan Investor Services Co. 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. (“the Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B, Class C and Class R2 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:


	Class A			Class B			Class C			Class R2
Growth Advantage Fund		0.25	%		0.75	%		0.75	%		n/a
Mid Cap Core Fund		0.25			n/a			0.75			0.50	%
Mid Cap Equity Fund		0.25			n/a			0.75			n/a
Mid Cap Growth Fund		0.25			0.75			0.75			0.50
Mid Cap Value Fund		0.25			0.75			0.75			0.50
Multi-Cap Market Neutral Fund		0.25			0.75			0.75			n/a
Value Advantage Fund		0.25			n/a			0.75			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2011, the Distributor retained the following (amounts in thousands):


	Front-End Sales Charge			CDSC
Growth Advantage Fund	$	10		$	4
Mid Cap Core Fund		—	(a)		—
Mid Cap Equity Fund		1			—	(a)
Mid Cap Growth Fund		7			3
Mid Cap Value Fund		32			8
Multi-Cap Market Neutral Fund		1			—	(a)
Value Advantage Fund		8			2

(a)	Amount rounds to less than $1,000.



90	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is computed daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class B			Class C			Class R2			Class R5			Institutional Class			Select Class
Growth Advantage Fund		0.25	%		0.25	%		0.25	%		n/a			0.05	%		n/a			0.25	%
Mid Cap Core Fund		0.25			n/a			0.25			0.25	%		0.05			n/a			0.25
Mid Cap Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			0.25
Mid Cap Growth Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
Mid Cap Value Fund		0.25			0.25			0.25			0.25			n/a			0.10	%		0.25
Multi-Cap Market Neutral Fund		0.25			0.25			0.25			n/a			n/a			n/a			0.25
Value Advantage Fund		0.25			n/a			0.25			n/a			n/a			0.10			0.25

The Distributor 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 under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services for the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. The custodian fees may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statements of Operations.

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

F. Waivers and Reimbursements — The Advisor, Administrator and Distributor 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, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


	Class A			Class B			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Growth Advantage Fund		1.25	%		1.75	%		1.75	%		n/a			0.90	%		n/a			n/a			1.10	%
Mid Cap Core Fund		1.25			n/a			1.75			1.50	%		0.80			0.75	%		n/a			1.00
Mid Cap Equity Fund		1.25			n/a			1.75			n/a			n/a			n/a			n/a			0.90
Mid Cap Growth Fund		1.24			1.74			1.74			1.40			0.79			0.74			n/a			0.93
Mid Cap Value Fund		1.24			1.75			1.75			1.50			n/a			n/a			0.75	%		0.99
Multi-Cap Market Neutral Fund		1.75			2.50			2.50			n/a			n/a			n/a			n/a			1.50
Value Advantage Fund		1.25			n/a			1.75			n/a			n/a			n/a			0.75			1.00

Prior to November 1, 2011, the contractual expense limitations for Class B and Class C Shares of the Mid Cap Growth Fund were 1.77% and 1.77%, respectively.

Except as noted above, the contractual expense limitation agreements were in effect for the six months ended December 31, 2011. The contractual expense limitation percentages in the table above are in place until at least October 31, 2012 for all of the Funds. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended December 31, 2011. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended December 31, 2011, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expects the Funds to repay any such waived fees and reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Growth Advantage Fund	$	—	$	—	$	46	$	46
Mid Cap Core Fund		38		36		—		74
Mid Cap Equity Fund		294		243		686		1,223
Mid Cap Growth Fund		257		490		450		1,197
Mid Cap Value Fund		2,352		2,376		1,489		6,217
Multi-Cap Market Neutral Fund		—		—		520		520
Value Advantage Fund		410		231		141		782



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)


	Voluntary Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Multi-Cap Market Neutral Fund	$	452	$	92	$	113	$	657

Additionally, the Funds may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and Distributor as shareholder servicing agent waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended December 31, 2011 was as follows (excluding the waiver disclosed in Note 2.E. regarding cash collateral for securities lending invested in the JPMorgan Prime Money Market Fund) (amounts in thousands):


Growth Advantage Fund	$	15
Mid Cap Core Fund		8
Mid Cap Equity Fund		18
Mid Cap Growth Fund		33
Mid Cap Value Fund		166
Multi-Cap Market Neutral Fund		63
Value Advantage Fund		23

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

The Board of Trustees appointed a Chief Compliance Officer to the Funds in accordance with federal securities regulations. Each Fund, along with other 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 in 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 a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2011, certain Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Funds may use related party broker/dealers. For the six months ended December 31, 2011, the Funds did not incur any brokerage commissions with brokers/dealers affiliated with the Advisor.

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

4. Investment Transactions

During the six months ended December 31, 2011, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Growth Advantage Fund	$	395,905	$	456,398	$	—	$	—
Mid Cap Core Fund		211,691		38,641		—		—
Mid Cap Equity Fund		194,529		138,735		—		—
Mid Cap Growth Fund		477,222		538,722		—		—
Mid Cap Value Fund		1,000,473		896,571		—		—
Multi-Cap Market Neutral Fund		374,148		393,464		393,569		420,675
Value Advantage Fund		192,741		187,036		—		—

During the six months ended December 31, 2011, there were no purchases or sales of U.S. Government securities.



92	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at December 31, 2011, were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	925,135	$	213,686	$	51,499	$	162,187
Mid Cap Core Fund		273,982		10,113		11,564		(1,451	)
Mid Cap Equity Fund		494,240		100,713		21,030		79,683
Mid Cap Growth Fund		1,222,794		268,234		93,340		174,894
Mid Cap Value Fund		5,349,352		1,356,036		181,447		1,174,589
Multi-Cap Market Neutral Fund		463,278		47,954		25,425		22,529
Value Advantage Fund		783,292		111,018		20,436		90,582

At June 30, 2011, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):


	2015		2016		2017		2018		Total
Growth Advantage Fund	$	—	$	—	$	—	$	47,838	$	47,838
Mid Cap Equity Fund		—		—		—		8,310		8,310
Mid Cap Value Fund		—		1,151		14,176		317,213		332,540	*
Multi-Cap Market Neutral Fund		1,901		97,035		—		—		98,936
Value Advantage Fund		—		—		—		53,759		53,759

*	Amounts include capital loss carryforwards from business combinations, which may be limited in future years under Internal Revenue Code Sections 381-384.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after June 30, 2011, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to the Act, pre-enactment net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

6. Borrowings

The Funds rely upon an exemptive order (“Order”) permitting the establishment and operation of an Interfund Lending Facility (“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 they are investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, 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 12, 2012.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2011 or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statements of Operations.

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, as this would involve future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

One or more affiliates of the Advisor have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Funds’ assets for Growth Advantage Fund, Mid Cap Core Fund and Mid Cap Equity Fund. Additionally, the Advisor owns a significant portion of the outstanding shares of Mid Cap Core Fund.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 (Unaudited) (continued)

In addition, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own in the aggregate more than 10% of the net assets of the Funds as follows:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Growth Advantage Fund		N/A			19.15	%
Multi-Cap Market Neutral Fund		85.44	%		N/A
Value Advantage Fund		N/A			23.37

Additionally, Mid Cap Equity Fund has a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of the Fund’s outstanding shares.

Significant shareholder transactions, if any, may impact the Funds’ performance.

As of December 31, 2011, the Multi-Cap Market Neutral Fund pledged substantially all of its assets for securities sold short to Credit Suisse Group, who also held 100% of the Multi-Cap Market Neutral Fund’s cash proceeds for securities sold short.

8. Transfers-In-Kind

Pursuant to procedures approved by the Board of Trustees, on March 29, 2011, an affiliate of the Value Advantage Fund redeemed Institutional Class Shares and the Fund paid the redemption proceeds primarily by means of a redemption in-kind of the Fund’s portfolio securities.

Value

(000’s)

Realized

Gains/(Losses)

(000’s)

Type

Institutional Class

41,498

14,315

Redemption-In-Kind



94	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

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 redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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 the Class at the beginning of the reporting period, July 1, 2011, and continued to hold your shares at the end of the reporting period, December 31, 2011.

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 entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value, July 1, 2011		Ending Account Value December 31, 2011		Expenses Paid During July 1, 2011 to December 31, 2011		Annualized Expense Ratio
Growth Advantage Fund
Class A
Actual*	$	1,000.00	$	923.50	$	6.04		1.25	%
Hypothetical*		1,000.00		1,018.85		6.34		1.25
Class B
Actual*		1,000.00		921.00		8.45		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75
Class C
Actual*		1,000.00		922.20		8.46		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75
Class R5
Actual*		1,000.00		925.80		4.11		0.85
Hypothetical*		1,000.00		1,020.86		4.32		0.85
Select Class
Actual*		1,000.00		925.50		5.08		1.05
Hypothetical*		1,000.00		1,019.86		5.33		1.05

Mid Cap Core Fund
Class A
Actual*		1,000.00		935.30		6.08		1.25
Hypothetical*		1,000.00		1,018.85		6.34		1.25
Class C
Actual*		1,000.00		932.80		8.50		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75
Class R2
Actual*		1,000.00		934.00		7.29		1.50
Hypothetical*		1,000.00		1,017.60		7.61		1.50



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	95

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000


	Beginning Account Value, July 1, 2011		Ending Account Value December 31, 2011		Expenses Paid During July 1, 2011 to December 31, 2011		Annualized Expense Ratio
Mid Cap Core Fund (continued)
Class R5
Actual*	$	1,000.00	$	937.60	$	3.85	��	0.79	%
Hypothetical*		1,000.00		1,021.17		4.01		0.79
Class R6
Actual*		1,000.00		936.90		3.65		0.75
Hypothetical*		1,000.00		1,021.37		3.81		0.75
Select Class
Actual*		1,000.00		935.90		4.82		0.99
Hypothetical*		1,000.00		1,020.16		5.03		0.99

Mid Cap Equity Fund
Class A
Actual*		1,000.00		910.10		6.00		1.25
Hypothetical*		1,000.00		1,018.85		6.34		1.25
Class C
Actual*		1,000.00		907.60		8.39		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75
Select Class
Actual*		1,000.00		911.40		4.32		0.90
Hypothetical*		1,000.00		1,020.61		4.57		0.90

Mid Cap Growth Fund
Class A
Actual*		1,000.00		866.00		5.82		1.24
Hypothetical*		1,000.00		1,018.90		6.29		1.24
Class B
Actual*		1,000.00		863.80		8.25		1.76
Hypothetical*		1,000.00		1,016.29		8.92		1.76
Class C
Actual*		1,000.00		863.90		8.25		1.76
Hypothetical*		1,000.00		1,016.29		8.92		1.76
Class R2
Actual*		1,000.00		865.70		6.57		1.40
Hypothetical*		1,000.00		1,018.10		7.10		1.40
Class R5
Actual**		1,000.00		996.20		1.29		0.79
Hypothetical*		1,000.00		1,021.17		4.01		0.79
Class R6
Actual**		1,000.00		996.20		1.21		0.74
Hypothetical*		1,000.00		1,021.42		3.76		0.74
Select Class
Actual*		1,000.00		867.40		4.37		0.93
Hypothetical*		1,000.00		1,020.46		4.72		0.93

Mid Cap Value Fund
Class A
Actual*		1,000.00		952.00		6.08		1.24
Hypothetical*		1,000.00		1,018.90		6.29		1.24
Class B
Actual*		1,000.00		949.80		8.58		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75
Class C
Actual*		1,000.00		949.60		8.58		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75



96	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011


	Beginning Account Value, July 1, 2011		Ending Account Value December 31, 2011		Expenses Paid During July 1, 2011 to December 31, 2011		Annualized Expense Ratio
Mid Cap Value Fund (continued)
Class R2
Actual*	$	1,000.00	$	950.50	$	7.35		1.50	%
Hypothetical*		1,000.00		1,017.60		7.61		1.50
Institutional Class
Actual*		1,000.00		954.20		3.68		0.75
Hypothetical*		1,000.00		1,021.37		3.81		0.75
Select Class
Actual*		1,000.00		953.30		4.86		0.99
Hypothetical*		1,000.00		1,020.16		5.03		0.99

Multi-Cap Market Neutral Fund
Class A
Actual*		1,000.00		972.50		13.93		2.81	��
Hypothetical*		1,000.00		1,011.01		14.20		2.81
Class B
Actual*		1,000.00		969.40		17.62		3.56
Hypothetical*		1,000.00		1,007.24		17.96		3.56
Class C
Actual*		1,000.00		969.40		17.62		3.56
Hypothetical*		1,000.00		1,007.24		17.96		3.56
Select Class
Actual*		1,000.00		974.80		12.71		2.56
Hypothetical*		1,000.00		1,012.27		12.95		2.56

Value Advantage Fund
Class A
Actual*		1,000.00		964.50		6.17		1.25
Hypothetical*		1,000.00		1,018.85		6.34		1.25
Class C
Actual*		1,000.00		962.20		8.63		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75
Institutional Class
Actual*		1,000.00		966.70		3.71		0.75
Hypothetical*		1,000.00		1,021.37		3.81		0.75
Select Class
Actual*		1,000.00		965.50		4.94		1.00
Hypothetical*		1,000.00		1,020.11		5.08		1.00

*	Expenses are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 60/366 (to reflect the one-half year period). Commencement of offering of class of shares was November 1, 2011.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	97

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. 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 subcommittees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2011, at which the Trustees considered the continuation of each of the investment advisory agreements for the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment subcommittees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment subcommittee reported to the full Board, which then considered the investment subcommittee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 25, 2011.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Advisor on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Advisor of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Advisor also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Advisor, including, with respect to certain J.P. Morgan Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Advisor and with counsels to the Trusts and independent Trustees and received a memorandum from independent counsel to the Trustees

discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trusts and independent Trustees at which no representatives of the Advisor were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Advisor from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Advisor

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Advisor’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Advisor. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Advisor and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Advisor’s risk governance model and reports showing the Advisor’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Advisor, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Advisor to the Funds gained from their experience as Trustees of the Funds. In addition, they considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s responsiveness to questions or concerns raised by them, including the Advisor’s willingness to consider and implement



98	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Advisor and its affiliates as a result of their relationship with the Funds. The Board considered that the Advisor currently uses third-party soft dollar arrangements with respect to securities transactions it executes for these Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Advisor, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Advisor. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. With respect to the Mid Cap Growth Fund and Mid Cap Value Fund, the Trustees also considered the fees paid to JPMCB, the former securities lending agent during the review period. Effective March 1, 2011, these Funds retained an unaffiliated securities lending agent.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Advisor has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Advisor, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

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

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

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

Fees Relative to Advisor’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 Advisor for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Advisor’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Advisor’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for Funds which had at least one full year of performance at the time of the review in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of those Funds which



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	99

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

had at least one full year of performance at the time of the review within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Advisor and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s performance was in the second, third, and first quintiles for Class A shares for the one-, three-, and five-year periods ended December 31, 2010, respectively, and in the second and third quintiles for Select Class shares for the one- and three-year periods ended December 31, 2010, respectively, and that the independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Mid Cap Core Fund since its inception on November 30, 2010 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Mid Cap Equity Fund’s performance was in the first quintile for Class A shares for the one-year period ended December 31, 2010, and in the first quintile for Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2010, and that the independent consultant indicated that overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Mid Cap Growth Fund’s performance was in the fourth, third and third quintiles for Class A shares and in the third, third and second quintiles for the Select Class shares for the one-, three-, and five-year periods ended December 31, 2010, respectively, and that the independent consultant indicated that overall performance was satisfactory. The Trustees discussed the performance and investment

strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Mid Cap Value Fund’s performance was in the third quintile for Class A shares for each of the one-, three-, and five-year periods ended December 31, 2010, and in the third, second, third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2010, respectively, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Multi-Cap Market Neutral Fund’s performance was in the fifth, fourth and fourth quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2010, respectively, and that the independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable. However, they requested that the Fund’s Advisor provide additional Fund performance information to be reviewed with members of the money market and alternative products subcommittee at each of their regular meetings over the course of the next year.

The Trustees noted that the Value Advantage Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2010, respectively, and that the independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Advisor and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and the administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any 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’



100	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2011

determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Mid Cap Core Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile and that the actual total expenses for Class A and Select shares were in the third and second quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee and actual total expenses for both Class A and Select

Class shares were in the second quintile of their respective Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Mid Cap Value Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for Class A and Select shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Multi-Cap Market Neutral Fund’s net advisory fee for both Class A and Select Class shares was in the fourth quintile, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of their respective Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Value Advantage Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile and that the actual total expenses for both Class A and Select Class shares were in the third quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.



DECEMBER 31, 2011	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	101

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 on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or 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 prospectus 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 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 Advisor. 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.

LOGO

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.


		^© JPMorgan Chase & Co., 2012. All rights reserved. December 2011.		SAN-MC-1211

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 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF 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.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

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.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

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. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(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.

(a)(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.

J.P. Morgan Fleming Mutual Fund Group, Inc.


By:		/s/ Patricia A. Maleski
		Patricia A. Maleski
		President and Principal Executive Officer
		March 9, 2012

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/ Patricia A. Maleski
		Patricia A. Maleski
		President and Principal Executive Officer
		March 9, 2012


By:		/s/ Joy C. Dowd
		Joy C. Dowd
		Treasurer and Principal Financial Officer
		March 9, 2012

JP Morgan Fleming Mutual Fund N-CSRSCertified semi-annual shareholder report (management investment company)