JP Morgan Fleming Mutual Fund N-CSR Certified 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, 2014 through June 30, 2015

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Annual Report

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

June 30, 2015

JPMorgan Growth Advantage 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

CONTENTS

CEO’s Letter	1
Market Overview	3
Fund Commentaries:
JPMorgan Growth Advantage Fund	4
JPMorgan Mid Cap Equity Fund	6
JPMorgan Mid Cap Growth Fund	8
JPMorgan Mid Cap Value Fund	10
JPMorgan Multi-Cap Market Neutral Fund	12
JPMorgan Value Advantage Fund	15
Schedules of Portfolio Investments	17
Financial Statements	41
Financial Highlights	56
Notes to Financial Statements	70
Report of Independent Registered Public Accounting Firm	81
Trustees	82
Officers	84
Schedule of Shareholder Expenses	85
Tax Letter	88
Privacy Policy — Located at back of this Annual Report

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ 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

July 27, 2015 (Unaudited)

Dear Shareholders,

While central banks continued to provide stimulus and support for financial markets and the global economy, a sharp and sustained decline in energy prices and a handful of distinct geopolitical crises marked the twelve months ended June 30, 2015. By late 2014, the U.S. economy was surging, even as growth stagnated in the European Union (EU) and Japan sank into recession.

  “While the challenges faced by financial markets and the global economy changed somewhat over the past twelve months, interest rates remained low and central banks continued to provide significant support for growth.”

However, the U.S. economy cooled in early 2015 and extraordinary stimulus by central banks in the EU, Japan and China propped up domestic growth, as well as global financial markets. By the end of June, the consensus outlook for slow but continued global growth became clouded by investor worries about China and to a lesser degree, Greece.

After showing healthy growth for several quarters, U.S. gross domestic product (GDP) notched only 0.6% growth in the first quarter of 2015, partly due to severe winter weather and a labor dispute that slowed operations at vital West Coast ports. The manufacturing sector of the U.S. economy showed particular weakness in the first half of 2015 as a strong U.S. dollar hurt exports and weak oil prices curtailed energy sector projects. On the positive side, unemployment fell to 5.3% in June 2015 from 6.1% one year earlier.

Robust economic growth and steady gains in employment – though not reflected in wage growth – drove the U.S. Federal Reserve (“Fed”) to end its multibillion-dollar asset purchasing program in October 2014 and signal that it would begin to raise interest rates sometime in 2015.

U.S. equity markets produced increasing returns in 2014 before hitting a plateau around record highs in 2015. While the Standard & Poor’s 500 Index closed in record territory several times in the first half of 2015, the trading range was the narrowest since 1994, and the index produced a total return of just 1.2% for the six month period. However, gains from the latter half of 2014 put the total return at 7.4% for the twelve months ended June 30, 2015.

Amid the prospect of rising U.S. interest rates, bonds with longer maturities, including U.S. Treasuries, slumped in 2015. Though high yield debt (or “junk bonds”) rebounded in 2015, for the entire twelve month reporting period investment grade debt securities outperformed high yield bonds. For the twelve

months ended June 30, 2015, the Barclays U.S. Aggregate Index returned 1.9%, while the Barclays High Yield Index returned -0.4%.

In response to weak growth and a threat of price deflation in late 2014, the European Central Bank undertook a massive asset buying program and sought to reassure investors that it would take whatever actions necessary to sustain economic growth. These actions helped propel equity markets higher. For the first three months of 2015, GDP rose by 0.4% in the EU and unemployment dropped to its lowest level since March 2012, though it stubbornly remained above 11%. Indeed, mild improvement in economic data across Europe coupled with signs of slowing U.S. growth in 2015 increased the relative attractiveness of European equities to investors.

While negotiations to resolve the Greek debt crisis were the focus of daily news reports throughout the first half of the year, the drawn-out nature of the crisis meant that investors were braced for either a deal or default and financial markets had “priced in” those outcomes. Thus the crisis appeared to have little impact on financial markets and domestic economies outside of Greece itself.

Japanese equity markets also benefitted from a strong U.S. dollar (which made Japanese goods relatively cheaper), improved corporate governance and government equity purchases. Japanese stocks outperformed both U.S. and European equities in the latter half of the twelve month reporting period. The Nikkei 250 Index closed out June 2015 at an 18-year high.

Chinese equities produced strong returns for the twelve month reporting period, though volatility grew sharply in Shanghai, Shenzhen and Hong Kong markets in 2015. After reaching a peak on June 12^th, Chinese equity prices fell nearly 30% in the subsequent weeks and ended the month 17.4% down from that peak. On June 27^th, China’s central bank sought to bolster sagging equity prices by cutting interest rates and reducing the amount of required cash reserves at certain banks. When those efforts failed to halt the freefall, the Chinese government on June 29^th granted local government pension funds permission to invest in the stock market, potentially funneling more than $160 billion into the equity market. Interestingly, by the end of June, about one-fourth of all companies listed on the Shanghai and Shenzhen stock exchanges had sought a suspension in trading of their shares rather than endure a further sell-off. It is notable that even after the June decline, the Shanghai Composite Index returned 32.2% for the first half of 2015.

While the global economy remained on a positive growth trajectory, the International Monetary Fund in July lowered its forecast for 2015 growth by 0.2% to 3.3%, citing slower growth in the U.S. Nevertheless, the U.S. economy continued to improve sufficiently to lead the Fed to signal it may raise interest rates in September for the first time since the 2008-09 financial crisis. While the challenges faced by financial markets

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

CEO’S LETTER

July 27, 2015 (Unaudited) (continued)

and the global economy changed somewhat over the past twelve months, interest rates remained low and central banks continued to provide significant support for growth. The changing investment climate and uncertainties about the pace of global economic expansion underscore the practicality of holding a properly diversified portfolio with long-range objectives.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. 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,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

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

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited)

U.S equity markets performed strongly in the latter half of 2014 amid accommodative central bank policies, falling energy prices and steady overall improvement in the U.S. economy. In the first half of 2015, U.S. equity markets closed at several record highs but moved very little overall, remaining closer to flat than during any other six month period since reliable recordkeeping began in 1928.

Overall, U.S. large cap stocks only slightly outperformed mid cap and small cap stocks for the twelve months ended June 30, 2015. However, small cap growth stocks outperformed all other equity categories and growth stocks outperformed value stocks across all market cap categories. For the twelve month period, the S&P 500 Index returned 7.42%, while the Russell Midcap Index returned 6.63%, the Russell Midcap Growth Index returned 9.45% and the Russell Midcap Value Index returned 3.67%.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		14.99%
Russell 3000 Growth Index		10.69%
Net Assets as of 6/30/2015 (In Thousands)	$	5,188,280

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) outperformed the Russell 3000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2015. The Fund’s security selection in the technology and health care sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and consumer staples sectors detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Valeant Pharmaceuticals International Inc., Regeneron Pharmaceuticals Inc. and Avago Technologies Inc. Shares of Valeant, a drug and medical device maker, rose on strong profit and revenue growth. Shares of Regeneron, a biopharmaceutical company, rose on accelerating sales of its eye drug, Eylea, and advances in the company’s pipeline of potential new drugs. Shares of

Avago, a Singapore maker of analog semiconductors, strengthened on increased demand for semiconductors and its $37 billion acquisition of Broadcom Corp.

Leading individual detractors from relative performance included the Fund’s overweight positions in Michael Kors Holdings Ltd. and Antero Resources Corp. and its underweight position in Apple Inc. Shares of Michael Kors, a luxury apparel brand, fell on investor concerns about growing inventory, margin growth and management’s ability to execute strategy. Shares of Antero Resources, an independent oil and gas exploration and production company, declined amid weakness in global oil prices. Shares of Apple, a consumer electronics company, rose on a string of positive earnings announcements.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.8	%
	2.	Facebook, Inc., Class A	3.7
	3.	Gilead Sciences, Inc.	2.8
	4.	Google, Inc., Class C	2.7
	5.	UnitedHealth Group, Inc.	2.5
	6.	Amazon.com, Inc.	2.3
	7.	MasterCard, Inc., Class A	2.1
	8.	Valeant Pharmaceuticals International, Inc.	2.1
	9.	Acuity Brands, Inc.	2.0
	10.	Regeneron Pharmaceuticals, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.6	%
Health Care	20.5
Consumer Discretionary	16.2
Industrials	11.0
Financials	9.1
Materials	4.5
Energy	2.5
Consumer Staples	1.7
Short-Term Investment	3.9

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

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

*** Percentages indicated are based on total investments as of June 30, 2015. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
Without Sales Charge			14.99	%		20.60	%		11.38	%
With Sales Charge*			8.95			19.33			10.77
CLASS C SHARES	May 1, 2006
Without CDSC			14.43			20.01			10.76
With CDSC**			13.43			20.01			10.76
CLASS R5 SHARES	January 8, 2009		15.42			21.09			11.75
CLASS R6 SHARES	December 23, 2013		15.48			21.12			11.77
SELECT CLASS SHARES	May 1, 2006		15.14			20.84			11.61

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/05 TO 6/30/15)

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 its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015 and are no longer offered. The actual returns of Class C Shares would have been similar to those shown because Class C Shares had similar expenses to Class B Shares at the time of their inception. Returns for the Select Class Shares prior to its 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 than those shown because Select Class Shares have different expenses than Class A Shares. Returns for Class R5 Shares prior to its inception date are based on the performance of Select Class Shares from May 1, 2006 to January 7, 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. Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 23, 2013, 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 R6 Shares would have been different than those shown because Class R6 Shares have different expenses than the other classes.

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 June 30, 2005 to June 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The 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 incurred by the Fund. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. 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.

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

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

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		10.37%
Russell Midcap Index		6.63%
Net Assets as of 6/30/2015 (In Thousands)	$	3,303,293

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 twelve months ended June 30, 2015. The Fund’s security selection in both the technology and materials & processing sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the health care sector and its security selection in the utilities sector detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Humana Inc., Valeant Pharmaceuticals International Inc. and Mohawk Industries Inc. Shares of Humana, a health insurance provider, rose on news of a $33 billion takeover bid from Aetna Inc. Shares of Valeant, a drug and medical device maker not held in the Benchmark, rose on strong profit and revenue growth. Shares of Mohawk Industries, a maker of flooring for residential and commercial property, rose on strong earnings growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Michael Kors Holdings Ltd., Laredo Petroleum Holdings Inc. and Southwestern Energy Co. Shares of Michael Kors, a luxury apparel brand, fell on investor concerns about growing inventory, margin growth and management’s ability to execute strategy. Shares of Laredo Petroleum and Southwestern Energy, both oil and gas exploration and production companies, declined on global weakness in energy prices.

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, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Mohawk Industries, Inc.	1.8	%
	2.	Sherwin-Williams Co. (The)	1.5
	3.	Humana, Inc.	1.5
	4.	Carlisle Cos., Inc.	1.4
	5.	Amphenol Corp., Class A	1.3
	6.	Acuity Brands, Inc.	1.2
	7.	CBRE Group, Inc., Class A	1.1
	8.	NXP Semiconductors N.V., (Netherlands)	0.9
	9.	Alliance Data Systems Corp.	0.9
	10.	Brookdale Senior Living, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.5	%
Consumer Discretionary	19.0
Information Technology	16.9
Industrials	12.6
Health Care	11.6
Utilities	4.3
Materials	4.2
Consumer Staples	4.2
Energy	3.6
Short-Term Investment	3.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2015. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
Without Sales Charge			9.97	%		18.85	%		9.68	%
With Sales Charge*			4.19			17.57			9.09
CLASS C SHARES	November 2, 2009
Without CDSC			9.44			18.26			9.37
With CDSC**			8.44			18.26			9.37
CLASS R2 SHARES	March 14, 2014		9.71			18.77			9.65
CLASS R5 SHARES	March 14, 2014		10.49			19.30			9.91
CLASS R6 SHARES	March 14, 2014		10.53			19.31			9.92
SELECT CLASS SHARES	January 1, 1997		10.37			19.26			9.89

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/05 TO 6/30/15)

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

Returns for Class A 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. Returns for Class R2 Shares prior to their inception date are based of Class A Shares from November 2, 2009 to March 13, 2014 and Select Class Shares prior to November 2, 2009. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Select Class Shares. Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns of Class R5 and Class R6 Shares would have been different because Class R5 and Class R6 Shares have different expenses than 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, Lipper Mid-Cap Core Funds Index and the Lipper Mid-Cap Growth Funds Index from June 30, 2005 to June 30, 2015. The performance of the Fund

assumes reinvestment of all dividends and capital gain distributions, if any, and

does not include a sales charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index and 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 incurred 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 and the Lipper Mid-Cap Growth Funds Index are indices based on total returns of certain mutual funds within the mid cap fund categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		12.72%
Russell Midcap Growth Index		9.45%
Net Assets as of 6/30/2015 (In Thousands)	$	3,062,526

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.¹

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

The Fund (Select Class Shares) outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2015. The Fund’s security selection and overweight position in the technology sector and its security selection in the producer durables sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the consumer staples sector and its security selection in the health care sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Valeant Pharmaceuticals International Inc., Avago Technologies Ltd. and Electronic Arts Inc. Shares of Valeant, a drug and medical device maker not held in the Benchmark, rose on strong profit and revenue growth. Shares of Avago, a Singapore maker of analog semiconductors, strengthened on increased demand for semiconductors and its $37 billion acquisition of Broadcom Corp. Shares of Electronic Arts, a maker of video games and software, rose on better-than-expected profit and revenue.

Leading individual detractors from relative performance included the Fund’s overweight positions in Michael Kors Holdings Ltd., Laredo Petroleum Holdings Inc. and Kirby Corp. Shares of Michael Kors, a luxury apparel brand, fell on investor concerns about growing inventory, margin growth and management’s ability to execute strategy. Shares of Laredo Petroleum, an independent oil and natural gas exploration and production company, fell amid weakness in global oil prices. Shares of Kirby, a tank and barge operator, fell on disappointing revenue and the lower revision to the company’s earnings forecast.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Acuity Brands, Inc.	2.3	%
	2.	Sherwin-Williams Co. (The)	2.3
	3.	CBRE Group, Inc., Class A	2.1
	4.	Mohawk Industries, Inc.	1.9
	5.	NXP Semiconductors N.V., (Netherlands)	1.9
	6.	Alliance Data Systems Corp.	1.8
	7.	McGraw Hill Financial, Inc.	1.7
	8.	Delta Air Lines, Inc.	1.7
	9.	Monster Beverage Corp.	1.7
	10.	Carlisle Cos., Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.7	%
Consumer Discretionary	18.9
Health Care	16.4
Industrials	15.5
Financials	11.5
Materials	3.3
Energy	2.7
Consumer Staples	2.6
Short-Term Investment	4.4

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

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

*** Percentages indicated are based on total investments as of June 30, 2015. The Fund’s portfolio composition is subject to change.

¹  Effective July 23, 2014, following approval from the Fund’s Board of Trustees, shareholders approved the change to the Fund’s investment objective. The current investment objective is stated above. Prior to July 23, 2014, the Fund’s investment objective was to seek growth of capital and secondarily, current income by investing primarily in equity securities.

8 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			12.37	%		19.83	%		10.13	%
With Sales Charge*			6.48			18.53			9.54
CLASS C SHARES	November 4, 1997
Without CDSC			11.78			19.22			9.52
With CDSC**			10.78			19.22			9.52
CLASS R2 SHARES	June 19, 2009		12.18			19.64			9.96
CLASS R5 SHARES	November 1, 2011		12.87			20.32			10.51
CLASS R6 SHARES	November 1, 2011		12.96			20.37			10.53
SELECT CLASS SHARES	March 2, 1989		12.72			20.19			10.45

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/05 TO 6/30/15)

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

Returns for the Class 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 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 June 30, 2005 to June 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and

has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The 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 incurred 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.

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

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

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		8.19%
Russell Midcap Value Index		3.67%
Net Assets as of 6/30/2015 (In Thousands)	$	15,959,073

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 twelve months ended June 30, 2015. The Fund’s underweight position and security selection in the energy sector and its security selection and overweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the health care sector and security selection in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Kroger Co., Expedia Inc. and Cigna Corp. Shares of Kroger, a supermarket chain not held in the Benchmark, rose on increased consumer spending in the U.S., an increase in its dividend and a share repurchase program. Shares of Expedia, an online travel service not held in the Benchmark, rose on growth in earnings and revenue. Shares of Cigna, a health insurer, rose on news of a $54 billion takeover offer from Anthem Inc.

Leading individual detractors from relative performance included the Fund’s overweight positions in Southwestern Energy Co. and MSC Industrial Direct Co. and its underweight position in HCA Holdings Inc. Shares of Southwestern Energy, an oil and gas exploration and production company, declined on global weakness in energy prices. Shares of MSC Industrial, a provider of metalworking products, fell after the company forecast sales and earnings below analysts’ estimates. Shares of HCA Holdings, an owner/operator of hospitals and other medical centers that was not held by the Fund, rose on the company’s improved forecast for earnings and revenue.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable levels of free cash flow. Relative to the Benchmark, the Fund had an overweight position in consumer discretionary stocks during the twelve month reporting period. The Fund’s largest relative underweight position was in the health care sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Cigna Corp.	1.7	%
	2.	Kohl’s Corp.	1.7
	3.	Mohawk Industries, Inc.	1.6
	4.	Energen Corp.	1.6
	5.	Humana, Inc.	1.6
	6.	Jack Henry & Associates, Inc.	1.5
	7.	Loews Corp.	1.5
	8.	Fifth Third Bancorp	1.5
	9.	Arrow Electronics, Inc.	1.5
	10.	Synopsys, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.5	%
Consumer Discretionary	18.7
Industrials	9.4
Utilities	8.6
Information Technology	8.5
Health Care	6.5
Consumer Staples	5.7
Materials	5.1
Energy	3.9
Short-Term Investment	4.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2015. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
Without Sales Charge			7.68	%		18.10	%		9.10	%
With Sales Charge*			2.04			16.83			8.51
CLASS C SHARES	April 30, 2001
Without CDSC			7.12			17.50			8.55
With CDSC**			6.12			17.50			8.55
CLASS R2 SHARES	November 3, 2008		7.38			17.80			8.91
INSTITUTIONAL CLASS SHARES	November 13, 1997		8.19			18.69			9.63
SELECT CLASS SHARES	October 31, 2001		7.92			18.40			9.37

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/05 TO 6/30/15)

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

Returns for Class R2 Shares prior to its 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 Core Funds Index from June 30, 2005 to June 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper

Mid-Cap Value Funds Index and 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 incurred 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 Core Funds Index are indices based on total returns of certain mutual funds within the mid cap and multi cap fund categories, respectively, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods 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.

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

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-0.20%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.02%
Net Assets as of 6/30/15 (In Thousands)	$	290,680

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 (the “Benchmark”) for the twelve months ended June 30, 2015. The Fund’s security selection process produced positive returns in the energy and health care sectors and negative returns in the consumer discretionary and utilities sectors.

Leading individual detractors from Fund returns included its short positions in Nuance Communications Inc. and Electronic Arts Inc. and its long positions in Kate Spade & Co. Shares of Nuance Communications, a provider of voice recognition and related technologies, rose on strong quarterly earnings and positive trends in the industry. Shares of Electronic Arts, a developer of videogame software and content, rose on positive earnings announcements, strong industry fundamentals and popular new releases. Shares of Kate Spade, a brand name apparel maker, fell on slowing sales growth.

Leading individual contributors to Fund returns included its long position in McDermott International Inc. and its short positions in Rovi Corp. and Southwest Airlines Co. Shares of McDermott International, a provider of engineering and construction services to the energy industry, rose on news of an organizational restructuring and the winning of several large contracts. Shares of Rovi, a provider of television guide programs to cable TV companies, declined on investor worries about the company’s prospects for contract renewals and litigation over key technology patents. Shares of Southwest Airlines, a passenger airline operator, fell on weak growth in large markets and volatility in fuel prices.

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, in their view, sustained growth,

as well as undervalued companies with the potential to grow their intrinsic value per share. Companies that ranked lowest in the above factors were selected by the Fund’s portfolio managers for possible short sales.

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Nuance Communications, Inc.	1.0	%
	2.	Apple, Inc.	1.0
	3.	Archer-Daniels-Midland Co.	1.0
	4.	eBay, Inc.	1.0
	5.	Intuit, Inc.	1.0
	6.	Darden Restaurants, Inc.	1.0
	7.	Target Corp.	1.0
	8.	Electronic Arts, Inc.	1.0
	9.	Lowe’s Cos., Inc.	1.0
	10.	ServiceMaster Global Holdings, Inc.	1.0

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Brown-Forman Corp., Class B	1.3	%
	2.	Estee Lauder Cos., Inc. (The), Class A	1.2
	3.	McCormick & Co., Inc. (Non-Voting)	1.2
	4.	Hain Celestial Group, Inc. (The)	1.2
	5.	Dominion Resources, Inc.	1.2
	6.	Team Health Holdings, Inc.	1.1
	7.	Tenet Healthcare Corp.	1.1
	8.	Cooper Cos., Inc. (The)	1.1
	9.	Markel Corp.	1.1
	10.	Acadia Healthcare Co., Inc.	1.1

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	23.3	%
Industrials	15.1
Consumer Discretionary	13.2
Health Care	11.3
Consumer Staples	6.9
Energy	4.2
Financials	4.2
Materials	3.9
Utilities	2.9
Telecommunication Services	1.8
Short-Term Investment	13.2

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	23.8	%
Industrials	19.9
Consumer Discretionary	15.1
Health Care	12.0
Consumer Staples	9.1
Financials	5.8
Energy	5.1
Materials	4.1
Utilities	3.2
Telecommunication Services	1.9

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

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

*** Percentages indicated are based on total long investments as of June 30, 2015. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of June 30, 2015. The Fund’s portfolio composition is subject to change.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 23, 2003
Without Sales Charge			(0.40	)%		0.33	%		0.25	%
With Sales Charge*			(5.64	)		(0.75	)		(0.29	)
CLASS C SHARES	May 23, 2003
Without CDSC			(0.96	)		(0.32	)		(0.45	)
With CDSC**			(1.96	)		(0.32	)		(0.45	)
SELECT CLASS SHARES	May 23, 2003		(0.20	)		0.57			0.49

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/05 TO 6/30/15)

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

The graph illustrates comparative performance for $1,000,000 invested in 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 Alternative Equity Market Neutral Funds Index from June 30, 2015 to June 30, 2015. Return information prior to October 31, 2005 for the Lipper Alternative Equity Market Neutral Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the 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 gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Equity Market Neutral Funds Index

includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The 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 Alternative Equity Market Neutral 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.

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

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

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		6.36%
Russell 3000 Value Index		3.86%
Net Assets as of 6/30/2015 (In Thousands)	$	11,294,507

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 twelve months ended June 30, 2015. The Fund’s underweight position and security selection in the energy sector and its security selection and overweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the health care sector and security selection in the financial services sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in Chevron Corp. and its overweight positions in Valeant Pharmaceuticals International Inc. and Aetna Inc. Shares of Chevron, an integrated energy producer not held by the Fund, fell amid continued weakness in global energy prices. Shares of Valeant, a drug and medical device maker not held in the Benchmark, rose on strong profit and revenue growth. Shares of Aetna, a health insurer, rose after the company raised its earnings forecast.

Leading individual detractors from relative performance included the Fund’s overweight positions in Consol Energy Inc. and Southwestern Energy Co. and its underweight position in JPMorgan Chase & Co. Shares of both Consol Energy and Southwestern Energy, oil and gas exploration and production companies, fell amid continued weakness in global energy prices. Shares of J.P Morgan, a banking and financial services company that cannot be held by the Fund, rose on earnings and revenue growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow. The Fund’s largest overweight position continued to be in the consumer discretionary sector, where the Fund’s portfolio managers found what they believed to be compelling investment opportunities.

The Fund’s largest underweight position was in the energy sector. In addition, the Fund’s relative performance was hindered by above-average cash holdings. The cash position accrued because the Fund’s portfolio managers believed valuations were stretched and did not want to invest in overvalued securities.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	3.8	%
	2.	Exxon Mobil Corp.	2.2
	3.	Pfizer, Inc.	2.1
	4.	Capital One Financial Corp.	2.0
	5.	Bank of America Corp.	1.8
	6.	Johnson & Johnson	1.6
	7.	Loews Corp.	1.6
	8.	American International Group, Inc.	1.6
	9.	Kohl’s Corp.	1.5
	10.	Merck & Co., Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.8	%
Consumer Discretionary	14.7
Health Care	8.8
Industrials	7.4
Energy	7.2
Utilities	5.4
Consumer Staples	4.8
Information Technology	4.6
Materials	3.7
Telecommunication Services	1.5
Short-Term Investment	9.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2015. The Fund’s portfolio composition is subject to change.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2015
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
Without Sales Charge			5.78	%		16.69	%		9.36	%
With Sales Charge*			0.21			15.44			8.77
CLASS C SHARES	February 28, 2005
Without CDSC			5.26			16.11			8.82
With CDSC**			4.26			16.11			8.82
INSTITUTIONAL CLASS SHARES	February 28, 2005		6.36			17.28			9.86
SELECT CLASS SHARES	February 28, 2005		6.05			16.98			9.64

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/05 TO 6/30/15)

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from June 30, 2005 to June 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The 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 incurred 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.

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

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

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.2%
		Consumer Discretionary — 16.4%
		Automobiles — 1.1%
	220	Tesla Motors, Inc. (a)		58,937
		Hotels, Restaurants & Leisure — 2.3%
	1,858	Hilton Worldwide Holdings, Inc. (a)		51,182
	1,246	Starbucks Corp.		66,826
				118,008
		Household Durables — 1.2%
	336	Mohawk Industries, Inc. (a)		64,047
		Internet & Catalog Retail — 6.0%
	277	Amazon.com, Inc. (a)		120,417
	133	Netflix, Inc. (a)		87,373
	57	Priceline Group, Inc. (The) (a)		65,052
	988	Wayfair, Inc., Class A (a)		37,188
				310,030
		Multiline Retail — 0.8%
	518	Dollar General Corp.		40,293
		Specialty Retail — 4.4%
	1,044	GameStop Corp., Class A		44,842
	859	Home Depot, Inc. (The)		95,416
	405	Ulta Salon Cosmetics & Fragrance, Inc. (a)		62,521
	662	Urban Outfitters, Inc. (a)		23,177
				225,956
		Textiles, Apparel & Luxury Goods — 0.6%
	1,146	Wolverine World Wide, Inc.		32,632
		Total Consumer Discretionary		849,903
		Consumer Staples — 1.7%
		Beverages — 0.9%
	347	Monster Beverage Corp. (a)		46,492
		Food & Staples Retailing — 0.8%
	1,542	Sprouts Farmers Market, Inc. (a)		41,592
		Total Consumer Staples		88,084
		Energy — 2.6%
		Energy Equipment & Services — 0.4%
	284	Dril-Quip, Inc. (a)		21,363
		Oil, Gas & Consumable Fuels — 2.2%
	582	Concho Resources, Inc. (a)		66,244
	920	Range Resources Corp.		45,440
				111,684
		Total Energy		133,047

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 9.2%
		Banks — 2.0%
	872	East West Bancorp, Inc.		39,088
	437	Signature Bank (a)		63,928
				103,016
		Capital Markets — 3.5%
	321	Affiliated Managers Group, Inc. (a)		70,214
	1,069	Lazard Ltd., (Bermuda), Class A		60,132
	1,480	TD Ameritrade Holding Corp.		54,486
				184,832
		Diversified Financial Services — 1.5%
	757	McGraw Hill Financial, Inc.		76,071
		Insurance — 0.5%
	376	AmTrust Financial Services, Inc.		24,608
		Real Estate Management & Development — 1.7%
	2,375	CBRE Group, Inc., Class A (a)		87,886
		Total Financials		476,413
		Health Care — 20.8%
		Biotechnology — 8.6%
	284	Alexion Pharmaceuticals, Inc. (a)		51,303
	725	Celgene Corp. (a)		83,908
	1,237	Gilead Sciences, Inc.		144,769
	393	Kite Pharma, Inc. (a)		23,967
	203	Regeneron Pharmaceuticals, Inc. (a)		103,352
	311	Vertex Pharmaceuticals, Inc. (a)		38,427
				445,726
		Health Care Equipment & Supplies — 0.4%
	1,566	Novadaq Technologies, Inc., (Canada) (a)		18,968
		Health Care Providers & Services — 7.1%
	811	Acadia Healthcare Co., Inc. (a)		63,549
	1,056	Envision Healthcare Holdings, Inc. (a)		41,703
	364	Humana, Inc. (m)		69,530
	277	McKesson Corp.		62,228
	1,079	UnitedHealth Group, Inc.		131,650
				368,660
		Health Care Technology — 0.7%
	1,245	Veeva Systems, Inc., Class A (a)		34,900
		Life Sciences Tools & Services — 1.9%
	703	Fluidigm Corp. (a)		17,008
	388	Illumina, Inc. (a)		84,811
				101,819

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 2.1%
	487	Valeant Pharmaceuticals International, Inc. (a)		108,187
		Total Health Care		1,078,260
		Industrials — 11.1%
		Airlines — 1.0%
	1,304	Delta Air Lines, Inc.		53,581
		Building Products — 2.6%
	285	Advanced Drainage Systems, Inc.		8,354
	922	Fortune Brands Home & Security, Inc.		42,265
	386	Lennox International, Inc.		41,568
	833	Trex Co., Inc. (a)		41,160
				133,347
		Electrical Equipment — 2.0%
	581	Acuity Brands, Inc.		104,586
		Industrial Conglomerates — 1.4%
	750	Carlisle Cos., Inc.		75,100
		Machinery — 1.2%
	488	Pall Corp.		60,669
		Road & Rail — 0.6%
	441	Old Dominion Freight Line, Inc. (a)		30,265
		Trading Companies & Distributors — 2.3%
	1,788	HD Supply Holdings, Inc. (a)		62,913
	557	Rush Enterprises, Inc., Class A (a)		14,604
	343	Watsco, Inc.		42,418
				119,935
		Total Industrials		577,483
		Information Technology — 30.9%
		Communications Equipment — 1.6%
	574	Arista Networks, Inc. (a)		46,911
	219	Palo Alto Networks, Inc. (a)		38,329
				85,240
		Electronic Equipment, Instruments & Components — 1.0%
	907	Amphenol Corp., Class A		52,579
		Internet Software & Services — 8.1%
	232	CoStar Group, Inc. (a)		46,632
	664	Dealertrack Technologies, Inc. (a)		41,680
	2,256	Facebook, Inc., Class A (a)		193,469
	268	Google, Inc., Class C (a)		139,343
				421,124

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 6.7%
	239	Alliance Data Systems Corp. (a)		69,803
	497	Gartner, Inc. (a)		42,590
	1,176	MasterCard, Inc., Class A		109,932
	1,145	VeriFone Systems, Inc. (a)		38,898
	1,285	Visa, Inc., Class A		86,254
				347,477
		Semiconductors & Semiconductor Equipment — 3.5%
	467	Avago Technologies Ltd., (Singapore)		62,052
	462	Lam Research Corp.		37,608
	843	NXP Semiconductors N.V., (Netherlands) (a)		82,753
				182,413
		Software — 5.6%
	705	Adobe Systems, Inc. (a)		57,112
	747	Electronic Arts, Inc. (a)		49,682
	823	Guidewire Software, Inc. (a)		43,551
	1,162	Microsoft Corp.		51,289
	601	Mobileye N.V., (Israel) (a)		31,976
	437	ServiceNow, Inc. (a)		32,481
	291	Workday, Inc., Class A (a)		22,191
				288,282
		Technology Hardware, Storage & Peripherals — 4.4%
	1,605	Apple, Inc. (m)		201,276
	953	Nimble Storage, Inc. (a)		26,744
				228,020
		Total Information Technology		1,605,135
		Materials — 4.5%
		Chemicals — 3.9%
	416	Air Products & Chemicals, Inc. (m)		56,976
	636	PPG Industries, Inc.		72,927
	263	Sherwin-Williams Co. (The)		72,413
				202,316
		Construction Materials — 0.6%
	433	Eagle Materials, Inc.		33,021
		Total Materials		235,337
		Total Common Stocks (Cost $3,612,927)		5,043,662

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.0%
		Investment Company — 4.0%
	205,478	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $205,478)		205,478
		Total Investments — 101.2% (Cost $3,818,405)		5,249,140
		Liabilities in Excess of Other Assets — (1.2)%		(60,860	)
		NET ASSETS — 100.0%	$	5,188,280

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Consumer Discretionary — 18.9%
		Automobiles — 0.9%
	249	Harley-Davidson, Inc.		14,005
	58	Tesla Motors, Inc. (a)		15,586
				29,591
		Distributors — 0.3%
	118	Genuine Parts Co.		10,592
		Hotels, Restaurants & Leisure — 2.1%
	911	Hilton Worldwide Holdings, Inc. (a)		25,109
	131	Marriott International, Inc., Class A		9,752
	399	Norwegian Cruise Line Holdings Ltd. (a)		22,348
	153	Starwood Hotels & Resorts Worldwide, Inc.		12,412
				69,621
		Household Durables — 2.8%
	345	Jarden Corp. (a)		17,842
	309	Mohawk Industries, Inc. (a)		58,897
	389	Toll Brothers, Inc. (a)		14,863
				91,602
		Internet & Catalog Retail — 1.6%
	190	Expedia, Inc.		20,732
	34	Netflix, Inc. (a)		22,533
	107	TripAdvisor, Inc. (a)		9,315
				52,580
		Media — 1.6%
	194	CBS Corp. (Non-Voting), Class B		10,791
	262	DISH Network Corp., Class A (a)		17,713
	195	Gannett Co., Inc. (a)		2,723
	389	TEGNA, Inc.		12,485
	354	Time, Inc.		8,138
				51,850
		Multiline Retail — 2.5%
	368	Big Lots, Inc.		16,539
	309	Dollar General Corp.		23,993
	447	Kohl’s Corp.		27,962
	183	Nordstrom, Inc.		13,654
				82,148
		Specialty Retail — 5.8%
	28	AutoZone, Inc. (a)		18,767
	272	Bed Bath & Beyond, Inc. (a)		18,750
	518	Best Buy Co., Inc.		16,879
	387	GameStop Corp., Class A		16,643
	516	Gap, Inc. (The)		19,698
	312	GNC Holdings, Inc., Class A		13,860
	207	Tiffany & Co.		18,970

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	151	Tractor Supply Co.		13,608
	158	Ulta Salon Cosmetics & Fragrance, Inc. (a)		24,434
	461	Urban Outfitters, Inc. (a)		16,150
	165	Williams-Sonoma, Inc.		13,548
				191,307
		Textiles, Apparel & Luxury Goods — 1.3%
	394	Gildan Activewear, Inc., (Canada)		13,109
	131	PVH Corp.		15,100
	70	Ralph Lauren Corp.		9,245
	105	V.F. Corp.		7,339
				44,793
		Total Consumer Discretionary		624,084
		Consumer Staples — 4.2%
		Beverages — 1.6%
	109	Constellation Brands, Inc., Class A		12,685
	187	Dr. Pepper Snapple Group, Inc.		13,607
	207	Monster Beverage Corp. (a)		27,796
				54,088
		Food & Staples Retailing — 1.7%
	310	Kroger Co. (The)		22,472
	1,977	Rite Aid Corp. (a)		16,509
	576	Sprouts Farmers Market, Inc. (a)		15,541
				54,522
		Food Products — 0.4%
	150	Hershey Co. (The)		13,353
		Household Products — 0.5%
	130	Energizer Holdings, Inc.		17,159
	13	Energizer SpinCo, Inc. (a) (w)		450
				17,609
		Total Consumer Staples		139,572
		Energy — 3.6%
		Energy Equipment & Services — 0.3%
	132	Dril-Quip, Inc. (a)		9,963
		Oil, Gas & Consumable Fuels — 3.3%
	202	Concho Resources, Inc. (a)		23,045
	390	Energen Corp.		26,624
	267	EQT Corp.		21,724
	278	PBF Energy, Inc., Class A		7,888
	283	Range Resources Corp.		13,950
	731	Southwestern Energy Co. (a)		16,615
				109,846
		Total Energy		119,809

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Financials — 20.4%
		Banks — 4.5%
	442	Citizens Financial Group, Inc.		12,079
	126	City National Corp.		11,378
	392	East West Bancorp, Inc.		17,570
	1,083	Fifth Third Bancorp		22,556
	175	First Republic Bank		11,033
	550	Huntington Bancshares, Inc.		6,223
	136	M&T Bank Corp.		17,025
	157	Signature Bank (a)		22,939
	515	SunTrust Banks, Inc.		22,155
	168	Zions Bancorporation		5,346
				148,304
		Capital Markets — 4.4%
	126	Affiliated Managers Group, Inc. (a)		27,609
	164	Ameriprise Financial, Inc.		20,429
	381	Invesco Ltd.		14,292
	411	Lazard Ltd., (Bermuda), Class A		23,092
	169	Legg Mason, Inc.		8,727
	152	Northern Trust Corp.		11,628
	225	T. Rowe Price Group, Inc.		17,479
	636	TD Ameritrade Holding Corp.		23,429
				146,685
		Consumer Finance — 0.4%
	534	Ally Financial, Inc. (a)		11,972
		Diversified Financial Services — 1.4%
	281	McGraw Hill Financial, Inc.		28,196
	169	Moody’s Corp.		18,278
				46,474
		Insurance — 4.4%
	22	Alleghany Corp. (a)		10,465
	148	Chubb Corp. (The)		14,118
	441	Hartford Financial Services Group, Inc. (The)		18,347
	636	Loews Corp.		24,491
	392	Marsh & McLennan Cos., Inc.		22,205
	500	Old Republic International Corp.		7,815
	278	Progressive Corp. (The)		7,745
	430	Unum Group		15,371
	169	W.R. Berkley Corp.		8,780
	459	XL Group plc, (Ireland)		17,066
				146,403
		Real Estate Investment Trusts (REITs) — 4.0%
	273	American Campus Communities, Inc.		10,288
	105	AvalonBay Communities, Inc.		16,739

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	80	Boston Properties, Inc.		9,704
	549	Brixmor Property Group, Inc.		12,691
	535	General Growth Properties, Inc.		13,720
	695	Kimco Realty Corp.		15,667
	286	Outfront Media, Inc.		7,220
	370	Rayonier, Inc.		9,444
	159	Regency Centers Corp.		9,362
	171	Vornado Realty Trust		16,274
	387	Weyerhaeuser Co.		12,202
				133,311
		Real Estate Management & Development — 1.1%
	947	CBRE Group, Inc., Class A (a)		35,050
		Thrifts & Mortgage Finance — 0.2%
	602	Hudson City Bancorp, Inc.		5,949
		Total Financials		674,148
		Health Care — 11.5%
		Biotechnology — 1.4%
	98	BioMarin Pharmaceutical, Inc. (a)		13,377
	41	Intercept Pharmaceuticals, Inc. (a)		9,993
	66	Receptos, Inc. (a)		12,467
	99	Vertex Pharmaceuticals, Inc. (a)		12,225
				48,062
		Health Care Equipment & Supplies — 0.9%
	248	Insulet Corp. (a)		7,675
	219	Sirona Dental Systems, Inc. (a)		21,992
				29,667
		Health Care Providers & Services — 6.3%
	287	Acadia Healthcare Co., Inc. (a)		22,442
	169	AmerisourceBergen Corp.		17,955
	865	Brookdale Senior Living, Inc. (a)		30,007
	176	Cigna Corp.		28,498
	635	Envision Healthcare Holdings, Inc. (a)		25,082
	78	Henry Schein, Inc. (a)		11,071
	254	Humana, Inc.		48,626
	355	Premier, Inc., Class A (a)		13,642
	67	Universal Health Services, Inc., Class B		9,585
				206,908
		Health Care Technology — 0.4%
	125	Inovalon Holdings, Inc., Class A (a)		3,482
	420	Veeva Systems, Inc., Class A (a)		11,777
				15,259

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 0.8%
	117	Illumina, Inc. (a)		25,457
		Pharmaceuticals — 1.7%
	404	Horizon Pharma plc, (Ireland) (a)		14,031
	103	Jazz Pharmaceuticals plc, (Ireland) (a)		18,118
	44	Perrigo Co. plc, (Ireland)		8,169
	67	Valeant Pharmaceuticals International, Inc. (a)		14,840
				55,158
		Total Health Care		380,511
		Industrials — 12.6%
		Airlines — 0.9%
	684	Delta Air Lines, Inc.		28,090
		Building Products — 1.9%
	270	A.O. Smith Corp.		19,442
	618	Fortune Brands Home & Security, Inc.		28,307
	146	Lennox International, Inc.		15,701
				63,450
		Commercial Services & Supplies — 0.9%
	126	Stericycle, Inc. (a)		16,813
	255	Waste Connections, Inc.		12,016
				28,829
		Electrical Equipment — 2.6%
	215	Acuity Brands, Inc.		38,660
	291	AMETEK, Inc.		15,944
	178	Hubbell, Inc., Class B		19,299
	167	Regal Beloit Corp.		12,087
				85,990
		Industrial Conglomerates — 1.4%
	475	Carlisle Cos., Inc.		47,564
		Machinery — 2.6%			��
	226	IDEX Corp.		17,760
	160	Middleby Corp. (The) (a)		17,957
	201	Pall Corp.		25,016
	313	Rexnord Corp. (a)		7,492
	99	Snap-on, Inc.		15,761
				83,986
		Professional Services — 0.5%
	184	Equifax, Inc.		17,905
		Trading Companies & Distributors — 1.8%
	655	HD Supply Holdings, Inc. (a)		23,053
	252	MSC Industrial Direct Co., Inc., Class A		17,596

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — continued
	156	Watsco, Inc.		19,322
				59,971
		Total Industrials		415,785
		Information Technology — 16.8%
		Communications Equipment — 2.3%
	194	Arista Networks, Inc. (a)		15,890
	631	Ciena Corp. (a)		14,937
	341	CommScope Holding Co., Inc. (a)		10,413
	213	Harris Corp.		16,413
	105	Palo Alto Networks, Inc. (a)		18,326
				75,979
		Electronic Equipment, Instruments & Components — 2.7%
	754	Amphenol Corp., Class A		43,728
	433	Arrow Electronics, Inc. (a)		24,161
	238	Fitbit, Inc., Class A (a)		9,099
	109	Zebra Technologies Corp., Class A (a)		12,071
				89,059
		Internet Software & Services — 1.2%
	108	CoStar Group, Inc. (a)		21,796
	246	Dealertrack Technologies, Inc. (a)		15,434
	258	Pandora Media, Inc. (a)		4,015
				41,245
		IT Services — 2.9%
	105	Alliance Data Systems Corp. (a)		30,741
	210	Gartner, Inc. (a)		18,040
	398	Jack Henry & Associates, Inc.		25,765
	585	VeriFone Systems, Inc. (a)		19,873
				94,419
		Semiconductors & Semiconductor Equipment — 3.7%
	242	Analog Devices, Inc.		15,556
	946	Applied Materials, Inc.		18,184
	122	Avago Technologies Ltd., (Singapore)		16,257
	110	KLA-Tencor Corp.		6,170
	208	Lam Research Corp.		16,896
	316	NXP Semiconductors N.V., (Netherlands) (a)		31,031
	433	Xilinx, Inc.		19,104
				123,198
		Software — 4.0%
	70	Autodesk, Inc. (a)		3,505
	390	Electronic Arts, Inc. (a)		25,922
	314	Guidewire Software, Inc. (a)		16,641
	291	Mobileye N.V., (Israel) (a)		15,483

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	104	NetSuite, Inc. (a)		9,560
	200	ServiceNow, Inc. (a)		14,884
	457	Synopsys, Inc. (a)		23,152
	102	Tableau Software, Inc., Class A (a)		11,715
	146	Workday, Inc., Class A (a)		11,168
				132,030
		Total Information Technology		555,930
		Materials — 4.3%
		Chemicals — 2.4%
	187	Airgas, Inc.		19,830
	172	Albemarle Corp.		9,530
	182	Sherwin-Williams Co. (The)		50,178
				79,538
		Construction Materials — 0.5%
	208	Eagle Materials, Inc.		15,892
		Containers & Packaging — 1.4%
	191	Ball Corp.		13,393
	202	Rock-Tenn Co., Class A		12,170
	356	Silgan Holdings, Inc.		18,758
				44,321
		Total Materials		139,751
		Utilities — 4.3%
		Electric Utilities — 1.3%
	229	Edison International		12,752
	447	Westar Energy, Inc.		15,303
	495	Xcel Energy, Inc.		15,927
				43,982

SHARES		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 0.9%
	172	National Fuel Gas Co.		10,114
	906	Questar Corp.		18,939
				29,053
		Multi-Utilities — 2.1%
	1,073	CenterPoint Energy, Inc.		20,422
	480	CMS Energy Corp.		15,289
	202	NiSource, Inc.		9,225
	112	Sempra Energy		11,070
	283	WEC Energy Group, Inc.		12,726
				68,732
		Total Utilities		141,767
		Total Common Stocks (Cost $2,359,100)		3,191,357
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	102,329	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $102,329)		102,329
		Total Investments — 99.7% (Cost $2,461,429)		3,293,686
		Other Assets in Excess of Liabilities — 0.3%		9,607
		NET ASSETS — 100.0%	$	3,303,293

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.4%
		Consumer Discretionary — 19.0%
		Automobiles — 1.8%
	450	Harley-Davidson, Inc.		25,341
	105	Tesla Motors, Inc. (a)		28,194
				53,535
		Hotels, Restaurants & Leisure — 2.9%
	1,683	Hilton Worldwide Holdings, Inc. (a)		46,367
	737	Norwegian Cruise Line Holdings Ltd. (a)		41,290
				87,657
		Household Durables — 2.8%
	308	Mohawk Industries, Inc. (a)		58,797
	721	Toll Brothers, Inc. (a)		27,531
				86,328
		Internet & Catalog Retail — 1.9%
	62	Netflix, Inc. (a)		40,796
	199	TripAdvisor, Inc. (a)		17,324
				58,120
		Multiline Retail — 2.4%
	680	Big Lots, Inc.		30,607
	569	Dollar General Corp.		44,203
				74,810
		Specialty Retail — 5.9%
	717	GameStop Corp., Class A		30,802
	577	GNC Holdings, Inc., Class A		25,683
	280	Tractor Supply Co.		25,210
	292	Ulta Salon Cosmetics & Fragrance, Inc. (a)		45,130
	854	Urban Outfitters, Inc. (a)		29,894
	305	Williams-Sonoma, Inc.		25,117
				181,836
		Textiles, Apparel & Luxury Goods — 1.3%
	731	Gildan Activewear, Inc., (Canada)		24,304
	127	Ralph Lauren Corp.		16,816
				41,120
		Total Consumer Discretionary		583,406
		Consumer Staples — 2.6%
		Beverages — 1.7%
	383	Monster Beverage Corp. (a)		51,316
		Food & Staples Retailing — 0.9%
	1,067	Sprouts Farmers Market, Inc. (a)		28,774
		Total Consumer Staples		80,090

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 2.8%
		Energy Equipment & Services — 0.6%
	241	Dril-Quip, Inc. (a)		18,105
		Oil, Gas & Consumable Fuels — 2.2%
	366	Concho Resources, Inc. (a)		41,707
	511	Range Resources Corp.		25,243
				66,950
		Total Energy		85,055
		Financials — 11.6%
		Banks — 2.2%
	584	East West Bancorp, Inc.		26,161
	285	Signature Bank (a)		41,692
				67,853
		Capital Markets — 4.5%
	233	Affiliated Managers Group, Inc. (a)		50,890
	758	Lazard Ltd., (Bermuda), Class A		42,628
	1,175	TD Ameritrade Holding Corp.		43,274
				136,792
		Diversified Financial Services — 2.8%
	518	McGraw Hill Financial, Inc. (m)		52,033
	313	Moody’s Corp.		33,803
				85,836
		Real Estate Management & Development — 2.1%
	1,747	CBRE Group, Inc., Class A (a)		64,647
		Total Financials		355,128
		Health Care — 16.5%
		Biotechnology — 2.9%
	181	BioMarin Pharmaceutical, Inc. (a)		24,798
	77	Intercept Pharmaceuticals, Inc. (a)		18,538
	122	Receptos, Inc. (a)		23,129
	179	Vertex Pharmaceuticals, Inc. (a)		22,140
				88,605
		Health Care Equipment & Supplies — 1.8%
	442	Insulet Corp. (a)		13,695
	405	Sirona Dental Systems, Inc. (a)		40,640
				54,335
		Health Care Providers & Services — 6.1%
	529	Acadia Healthcare Co., Inc. (a)		41,468
	900	Brookdale Senior Living, Inc. (a)		31,223
	1,173	Envision Healthcare Holdings, Inc. (a)		46,318
	226	Humana, Inc. (m)		43,214
	658	Premier, Inc., Class A (a)		25,295
				187,518

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Technology — 0.9%
	230	Inovalon Holdings, Inc., Class A (a)		6,428
	779	Veeva Systems, Inc., Class A (a)		21,828
				28,256
		Life Sciences Tools & Services — 1.5%
	211	Illumina, Inc. (a)		46,074
		Pharmaceuticals — 3.3%
	749	Horizon Pharma plc, (Ireland) (a)		26,010
	190	Jazz Pharmaceuticals plc, (Ireland) (a)		33,506
	82	Perrigo Co. plc, (Ireland)		15,211
	124	Valeant Pharmaceuticals International, Inc. (a)		27,480
				102,207
		Total Health Care		506,995
		Industrials — 15.6%
		Airlines — 1.7%
	1,262	Delta Air Lines, Inc.		51,843
		Building Products — 3.1%
	499	A.O. Smith Corp.		35,947
	650	Fortune Brands Home & Security, Inc.		29,797
	270	Lennox International, Inc.		29,065
				94,809
		Commercial Services & Supplies — 1.7%
	232	Stericycle, Inc. (a)		31,130
	473	Waste Connections, Inc.		22,293
				53,423
		Electrical Equipment — 2.3%
	396	Acuity Brands, Inc.		71,272
		Industrial Conglomerates — 1.7%
	508	Carlisle Cos., Inc.		50,901
		Machinery — 2.6%
	296	Middleby Corp. (The) (a)		33,209
	363	Pall Corp.		45,225
				78,434
		Trading Companies & Distributors — 2.5%
	1,211	HD Supply Holdings, Inc. (a)		42,592
	288	Watsco, Inc.		35,588
				78,180
		Total Industrials		478,862
		Information Technology — 25.0%
		Communications Equipment — 4.0%
	360	Arista Networks, Inc. (a)		29,410
	1,168	Ciena Corp. (a)		27,661

SHARES		SECURITY DESCRIPTION	VALUE($)
		Communications Equipment — continued
	394	Harris Corp. (m)		30,295
	194	Palo Alto Networks, Inc. (a)		33,909
				121,275
		Electronic Equipment, Instruments & Components — 2.9%
	857	Amphenol Corp., Class A		49,680
	427	Fitbit, Inc., Class A (a)		16,332
	202	Zebra Technologies Corp., Class A (a)		22,388
				88,400
		Internet Software & Services — 2.5%
	200	CoStar Group, Inc. (a)		40,292
	441	Dealertrack Technologies, Inc. (a)		27,659
	474	Pandora Media, Inc. (a)		7,367
				75,318
		IT Services — 4.1%
	194	Alliance Data Systems Corp. (a)		56,724
	389	Gartner, Inc. (a)		33,377
	1,082	VeriFone Systems, Inc. (a)		36,738
				126,839
		Semiconductors & Semiconductor Equipment — 4.9%
	1,750	Applied Materials, Inc.		33,631
	221	Avago Technologies Ltd., (Singapore)		29,417
	376	Lam Research Corp. (m)		30,579
	583	NXP Semiconductors N.V., (Netherlands) (a)		57,251
				150,878
		Software — 6.6%
	127	Autodesk, Inc. (a)		6,359
	720	Electronic Arts, Inc. (a) (m)		47,867
	583	Guidewire Software, Inc. (a)		30,874
	539	Mobileye N.V., (Israel) (a)		28,664
	194	NetSuite, Inc. (a)		17,781
	371	ServiceNow, Inc. (a)		27,554
	189	Tableau Software, Inc., Class A (a)		21,746
	271	Workday, Inc., Class A (a)		20,725
				201,570
		Total Information Technology		764,280
		Materials — 3.3%
		Chemicals — 2.3%
	259	Sherwin-Williams Co. (The)		71,230
		Construction Materials — 1.0%
	386	Eagle Materials, Inc.		29,425
		Total Materials		100,655
		Total Common Stocks (Cost $2,166,064)		2,954,471

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	136,866	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (m) (Cost $136,866)		136,866
		Total Investments — 100.9% (Cost $2,302,930)		3,091,337
		Liabilities in Excess of Other Assets — (0.9)%		(28,811	)
		NET ASSETS — 100.0%	$	3,062,526

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.2%
		Consumer Discretionary — 18.8%
		Distributors — 0.6%
	1,143	Genuine Parts Co.		102,338
		Hotels, Restaurants & Leisure — 1.4%
	1,274	Marriott International, Inc., Class A		94,738
	1,487	Starwood Hotels & Resorts Worldwide, Inc.		120,610
				215,348
		Household Durables — 2.7%
	3,377	Jarden Corp. (a)		174,770
	1,370	Mohawk Industries, Inc. (a)		261,509
				436,279
		Internet & Catalog Retail — 1.3%
	1,946	Expedia, Inc.		212,814
		Media — 3.3%
	1,867	CBS Corp. (Non-Voting), Class B		103,624
	2,521	DISH Network Corp., Class A (a)		170,693
	2,171	Gannett Co., Inc. (a)		30,370
	4,342	TEGNA, Inc.		139,235
	3,340	Time, Inc.		76,843
				520,765
		Multiline Retail — 2.5%
	4,288	Kohl’s Corp.		268,460
	1,774	Nordstrom, Inc.		132,185
				400,645
		Specialty Retail — 5.6%
	268	AutoZone, Inc. (a)		178,481
	2,641	Bed Bath & Beyond, Inc. (a)		182,191
	5,053	Best Buy Co., Inc.		164,794
	4,933	Gap, Inc. (The)		188,309
	1,978	Tiffany & Co.		181,562
				895,337
		Textiles, Apparel & Luxury Goods — 1.4%
	1,245	PVH Corp.		143,435
	1,067	V.F. Corp.		74,439
				217,874
		Total Consumer Discretionary		3,001,400
		Consumer Staples — 5.7%
		Beverages — 1.6%
	1,061	Constellation Brands, Inc., Class A		123,067
	1,886	Dr. Pepper Snapple Group, Inc.		137,516
				260,583

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 2.2%
	3,007	Kroger Co. (The)		218,016
	15,560	Rite Aid Corp. (a)		129,926
				347,942
		Food Products — 0.8%
	1,448	Hershey Co. (The)		128,600
		Household Products — 1.1%
	1,262	Energizer Holdings, Inc.		165,979
	130	Energizer SpinCo, Inc. (a) (w)		4,410
				170,389
		Total Consumer Staples		907,514
		Energy — 4.0%
		Oil, Gas & Consumable Fuels — 4.0%
	3,791	Energen Corp.		258,952
	2,596	EQT Corp.		211,159
	2,622	PBF Energy, Inc., Class A		74,513
	3,820	Southwestern Energy Co. (a)		86,825
		Total Energy		631,449
		Financials — 29.6%
		Banks — 7.1%
	4,319	Citizens Financial Group, Inc.		117,962
	1,324	City National Corp.		119,647
	11,271	Fifth Third Bancorp		234,666
	1,965	First Republic Bank		123,872
	5,177	Huntington Bancshares, Inc.		58,551
	1,674	M&T Bank Corp.		209,128
	5,028	SunTrust Banks, Inc.		216,321
	1,631	Zions Bancorporation		51,746
				1,131,893
		Capital Markets — 4.6%
	1,655	Ameriprise Financial, Inc.		206,757
	3,935	Invesco Ltd.		147,534
	1,751	Legg Mason, Inc.		90,223
	1,450	Northern Trust Corp.		110,892
	2,309	T. Rowe Price Group, Inc.		179,514
				734,920
		Consumer Finance — 0.7%
	4,995	Ally Financial, Inc. (a)		112,042
		Insurance — 8.8%
	214	Alleghany Corp. (a)		100,285
	1,449	Chubb Corp. (The)		137,880
	4,279	Hartford Financial Services Group, Inc. (The)		177,866
	6,215	Loews Corp.		239,342

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	3,701	Marsh & McLennan Cos., Inc.		209,849
	4,727	Old Republic International Corp.		73,877
	2,582	Progressive Corp. (The)		71,865
	4,150	Unum Group		148,360
	1,610	W.R. Berkley Corp.		83,627
	4,448	XL Group plc, (Ireland)		165,465
				1,408,416
		Real Estate Investment Trusts (REITs) — 8.0%
	2,601	American Campus Communities, Inc.		98,045
	1,007	AvalonBay Communities, Inc.		161,043
	763	Boston Properties, Inc.		92,295
	5,251	Brixmor Property Group, Inc.		121,460
	5,105	General Growth Properties, Inc.		130,989
	6,696	Kimco Realty Corp.		150,919
	2,720	Outfront Media, Inc.		68,663
	3,520	Rayonier, Inc.		89,937
	1,517	Regency Centers Corp.		89,470
	1,636	Vornado Realty Trust		155,278
	3,727	Weyerhaeuser Co.		117,400
				1,275,499
		Thrifts & Mortgage Finance — 0.4%
	6,261	Hudson City Bancorp, Inc.		61,860
		Total Financials		4,724,630
		Health Care — 6.5%
		Health Care Providers & Services — 6.5%
	1,747	AmerisourceBergen Corp.		185,726
	3,627	Brookdale Senior Living, Inc. (a)		125,859
	1,709	Cigna Corp.		276,815
	727	Henry Schein, Inc. (a)		103,358
	1,353	Humana, Inc.		258,893
	639	Universal Health Services, Inc., Class B		90,774
		Total Health Care		1,041,425
		Industrials — 9.4%
		Building Products — 0.7%
	2,564	Fortune Brands Home & Security, Inc.		117,472
		Electrical Equipment — 2.8%
	2,818	AMETEK, Inc.		154,355
	1,705	Hubbell, Inc., Class B		184,580
	1,578	Regal Beloit Corp.		114,530
				453,465
		Industrial Conglomerates — 1.2%
	1,939	Carlisle Cos., Inc.		194,114

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 2.5%
	2,179	IDEX Corp.		171,205
	2,958	Rexnord Corp. (a)		70,715
	954	Snap-on, Inc.		151,852
				393,772
		Professional Services — 1.1%
	1,782	Equifax, Inc.		173,033
		Trading Companies & Distributors — 1.1%
	2,433	MSC Industrial Direct Co., Inc., Class A		169,764
		Total Industrials		1,501,620
		Information Technology — 8.5%
		Communications Equipment — 0.6%
	3,270	CommScope Holding Co., Inc. (a)		99,760
		Electronic Equipment, Instruments & Components — 2.5%
	2,766	Amphenol Corp., Class A		160,320
	4,182	Arrow Electronics, Inc. (a)		233,341
				393,661
		IT Services — 1.5%
	3,796	Jack Henry & Associates, Inc.		245,631
		Semiconductors & Semiconductor Equipment — 2.5%
	2,489	Analog Devices, Inc.		159,732
	1,141	KLA-Tencor Corp.		64,114
	4,064	Xilinx, Inc.		179,459
				403,305
		Software — 1.4%
	4,377	Synopsys, Inc. (a)		221,698
		Total Information Technology		1,364,055
		Materials — 5.1%
		Chemicals — 2.4%
	1,813	Airgas, Inc.		191,794
	1,638	Albemarle Corp.		90,554
	401	Sherwin-Williams Co. (The)		110,172
				392,520
		Containers & Packaging — 2.7%
	1,815	Ball Corp.		127,340
	1,963	Rock-Tenn Co., Class A		118,144
	3,450	Silgan Holdings, Inc.		182,012
				427,496
		Total Materials		820,016
		Utilities — 8.6%
		Electric Utilities — 2.7%
	2,239	Edison International		124,436

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	4,302	Westar Energy, Inc.		147,230
	4,756	Xcel Energy, Inc.		153,037
				424,703
		Gas Utilities — 1.7%
	1,628	National Fuel Gas Co.		95,845
	8,852	Questar Corp.		185,090
				280,935
		Multi-Utilities — 4.2%
	10,427	CenterPoint Energy, Inc.		198,421
	4,664	CMS Energy Corp.		148,495
	1,974	NiSource, Inc.		89,986
	1,094	Sempra Energy		108,221
	2,698	WEC Energy Group, Inc.		121,333
				666,456
		Total Utilities		1,372,094
		Total Common Stocks (Cost $10,059,772)		15,364,203

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	648,674	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $648,674)		648,674
		Total Investments — 100.3% (Cost $10,708,446)		16,012,877
		Liabilities in Excess of Other Assets — (0.3)%		(53,804	)
		NET ASSETS — 100.0%	$	15,959,073

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 100.7% (j)
	Common Stocks — 87.4%
		Consumer Discretionary — 13.3%
		Auto Components — 0.4%
	54	Dana Holding Corp.		1,102
		Diversified Consumer Services — 1.2%
	63	Apollo Education Group, Inc. (a)		811
	78	ServiceMaster Global Holdings, Inc. (a)		2,837
				3,648
		Hotels, Restaurants & Leisure — 2.0%
	40	Darden Restaurants, Inc.		2,856
	39	Restaurant Brands International, Inc., (Canada)		1,476
	14	Vail Resorts, Inc.		1,523
				5,855
		Household Durables — 1.0%
	1	NVR, Inc. (a)		737
	46	PulteGroup, Inc.		925
	36	Toll Brothers, Inc. (a)		1,391
				3,053
		Internet & Catalog Retail — 0.9%
	94	Liberty Interactive Corp. QVC Group, Class A (a)		2,613
		Media — 2.1%
	16	John Wiley & Sons, Inc., Class A		872
	64	Live Nation Entertainment, Inc. (a)		1,764
	6	Regal Entertainment Group, Class A		127
	379	Sirius XM Holdings, Inc. (a)		1,413
	19	Time Warner, Inc.		1,685
	8	Time, Inc.		185
				6,046
		Multiline Retail — 2.1%
	18	Dillard’s, Inc., Class A		1,881
	20	Macy’s, Inc.		1,316
	35	Target Corp.		2,855
				6,052
		Specialty Retail — 2.7%
	74	Best Buy Co., Inc.		2,405
	42	Lowe’s Cos., Inc.		2,844
	164	Staples, Inc.		2,505
				7,754
		Textiles, Apparel & Luxury Goods — 0.9%
	5	Carter’s, Inc.		547
	29	Deckers Outdoor Corp. (a)		2,107
				2,654
		Total Consumer Discretionary		38,777

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 6.9%
		Beverages — 0.9%
	39	Molson Coors Brewing Co., Class B		2,730
		Food & Staples Retailing — 1.2%
	37	Kroger Co. (The)		2,718
	9	Walgreens Boots Alliance, Inc.		766
				3,484
		Food Products — 3.4%
	60	Archer-Daniels-Midland Co.		2,880
	31	Bunge Ltd.		2,685
	30	Ingredion, Inc.		2,368
	90	Pilgrim’s Pride Corp.		2,063
				9,996
		Household Products — 0.9%
	20	Edgewell Personal Care Co.		2,635
		Personal Products — 0.3%
	14	Herbalife Ltd. (a)		753
		Tobacco — 0.2%
	7	Reynolds American, Inc.		503
		Total Consumer Staples		20,101
		Energy — 4.2%
		Energy Equipment & Services — 1.2%
	39	Cameron International Corp. (a)		2,016
	22	Ensco plc, (United Kingdom), Class A		482
	51	Superior Energy Services, Inc.		1,080
				3,578
		Oil, Gas & Consumable Fuels — 3.0%
	71	Denbury Resources, Inc.		453
	24	Devon Energy Corp.		1,417
	50	Kosmos Energy Ltd. (a)		423
	21	Marathon Oil Corp.		546
	20	Newfield Exploration Co. (a)		715
	82	Oasis Petroleum, Inc. (a)		1,297
	8	Tesoro Corp.		714
	26	Valero Energy Corp.		1,612
	21	World Fuel Services Corp.		987
	39	WPX Energy, Inc. (a)		477
				8,641
		Total Energy		12,219
		Financials — 4.2%
		Banks — 0.6%
	46	KeyCorp		698

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Banks — continued
	35	Popular, Inc., (Puerto Rico) (a)		1,000
				1,698
		Capital Markets — 0.9%
	74	E*TRADE Financial Corp. (a)		2,218
	23	NorthStar Asset Management Group, Inc.		426
				2,644
		Consumer Finance — 0.2%
	10	Springleaf Holdings, Inc. (a)		457
		Insurance — 0.8%
	13	Aspen Insurance Holdings Ltd., (Bermuda)		613
	3	Everest Re Group Ltd., (Bermuda)		456
	15	Prudential Financial, Inc.		1,326
				2,395
		Real Estate Investment Trusts (REITs) — 1.3%
	153	NorthStar Realty Finance Corp.		2,425
	50	RLJ Lodging Trust		1,503
				3,928
		Thrifts & Mortgage Finance — 0.4%
	92	MGIC Investment Corp. (a)		1,051
		Total Financials		12,173
		Health Care — 11.4%
		Biotechnology — 2.6%
	10	Amgen, Inc.		1,478
	21	Gilead Sciences, Inc.		2,511
	7	United Therapeutics Corp. (a)		1,141
	19	Vertex Pharmaceuticals, Inc. (a)		2,394
				7,524
		Health Care Equipment & Supplies — 2.0%
	22	Alere, Inc. (a)		1,170
	70	Hologic, Inc. (a)		2,662
	21	Stryker Corp.		1,966
				5,798
		Health Care Providers & Services — 5.8%
	19	Aetna, Inc.		2,390
	17	Anthem, Inc.		2,827
	32	Cardinal Health, Inc.		2,675
	30	Express Scripts Holding Co. (a)		2,635
	42	Health Net, Inc. (a)		2,669
	7	LifePoint Health, Inc. (a)		650
	8	Molina Healthcare, Inc. (a)		594
	27	Omnicare, Inc.		2,559
				16,999

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 1.0%
	84	Pfizer, Inc.		2,832
		Total Health Care		33,153
		Industrials — 15.2%
		Aerospace & Defense — 3.1%
	35	Curtiss-Wright Corp.		2,524
	12	General Dynamics Corp.		1,651
	12	Huntington Ingalls Industries, Inc.		1,312
	8	Northrop Grumman Corp.		1,255
	39	Spirit AeroSystems Holdings, Inc., Class A (a)		2,135
				8,877
		Air Freight & Logistics — 1.0%
	31	Expeditors International of Washington, Inc.		1,429
	9	FedEx Corp.		1,483
				2,912
		Airlines — 1.3%
	27	Delta Air Lines, Inc.		1,115
	60	Southwest Airlines Co.		1,988
	12	United Continental Holdings, Inc. (a)		619
				3,722
		Commercial Services & Supplies — 1.6%
	8	Cintas Corp.		698
	30	KAR Auction Services, Inc.		1,104
	121	Pitney Bowes, Inc.		2,512
	22	R.R. Donnelley & Sons Co.		378
				4,692
		Construction & Engineering — 1.2%
	79	AECOM (a)		2,616
	50	KBR, Inc.		966
				3,582
		Electrical Equipment — 0.6%
	54	Babcock & Wilcox Co. (The) (a)		1,755
		Machinery — 5.1%
	85	Allison Transmission Holdings, Inc.		2,496
	43	Crane Co.		2,517
	36	IDEX Corp.		2,813
	30	Illinois Tool Works, Inc.		2,784
	10	Parker-Hannifin Corp.		1,198
	13	SPX Corp.		959
	93	Terex Corp.		2,160
				14,927

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Professional Services — 0.9%
	22	Dun & Bradstreet Corp. (The)		2,663
		Road & Rail — 0.4%
	16	Landstar System, Inc.		1,056
		Total Industrials		44,186
		Information Technology — 23.5%
		Communications Equipment — 1.5%
	11	ARRIS Group, Inc. (a)		347
	229	Brocade Communications Systems, Inc.		2,724
	103	Polycom, Inc. (a)		1,175
				4,246
		Electronic Equipment, Instruments & Components — 0.3%
	76	Vishay Intertechnology, Inc.		888
		Internet Software & Services — 1.9%
	48	eBay, Inc. (a)		2,866
	40	VeriSign, Inc. (a)		2,481
				5,347
		IT Services — 6.7%
	49	Amdocs Ltd.		2,670
	50	Broadridge Financial Solutions, Inc.		2,505
	38	Computer Sciences Corp.		2,473
	68	CoreLogic, Inc. (a)		2,707
	16	International Business Machines Corp.		2,521
	67	Leidos Holdings, Inc.		2,696
	40	Teradata Corp. (a)		1,481
	124	Western Union Co. (The)		2,525
				19,578
		Semiconductors & Semiconductor Equipment — 2.5%
	55	Broadcom Corp., Class A		2,833
	5	Lam Research Corp.		438
	77	NVIDIA Corp.		1,551
	124	Teradyne, Inc.		2,399
				7,221
		Software — 6.3%
	17	Aspen Technology, Inc. (a)		764
	13	CA, Inc.		379
	21	Citrix Systems, Inc. (a)		1,445
	43	Electronic Arts, Inc. (a)		2,855
	16	Fortinet, Inc. (a)		657
	28	Intuit, Inc.		2,864
	170	Nuance Communications, Inc. (a)		2,973
	60	PTC, Inc. (a)		2,472
	69	Rovi Corp. (a)		1,108

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	23	SolarWinds, Inc. (a)		1,066
	75	Symantec Corp.		1,754
				18,337
		Technology Hardware, Storage & Peripherals — 4.3%
	23	Apple, Inc.		2,941
	83	Hewlett-Packard Co.		2,484
	63	Lexmark International, Inc., Class A		2,795
	73	NetApp, Inc.		2,291
	26	Western Digital Corp.		2,011
				12,522
		Total Information Technology		68,139
		Materials — 4.0%
		Chemicals — 1.1%
	9	LyondellBasell Industries N.V., Class A		901
	38	Mosaic Co. (The)		1,770
	8	Scotts Miracle-Gro Co. (The), Class A		485
				3,156
		Containers & Packaging — 1.3%
	55	Sealed Air Corp.		2,823
	19	Silgan Holdings, Inc.		1,023
				3,846
		Metals & Mining — 0.6%
	33	Steel Dynamics, Inc.		693
	44	United States Steel Corp.		913
				1,606
		Paper & Forest Products — 1.0%
	64	Domtar Corp., (Canada)		2,664
	7	International Paper Co.		312
				2,976
		Total Materials		11,584
		Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.8%
	42	AT&T, Inc.		1,496
	75	CenturyLink, Inc.		2,217
	291	Frontier Communications Corp.		1,441
		Total Telecommunication Services		5,154
		Utilities — 2.9%
		Electric Utilities — 0.9%
	36	Entergy Corp.		2,554

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Gas Utilities — 0.8%
	73	UGI Corp.		2,512
		Independent Power & Renewable Electricity Producers — 0.7%
	148	AES Corp.		1,959
		Multi-Utilities — 0.5%
	37	Public Service Enterprise Group, Inc.		1,448
		Total Utilities		8,473
		Total Common Stocks (Cost $215,226)		253,959
	Short-Term Investment — 13.3%
		Investment Company — 13.3%
	38,662	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $38,662)		38,662
		Total Investments — 100.7% (Cost $253,888)		292,621
		Liabilities in Excess of Other Assets — (0.7)% (c)		(1,941	)
		NET ASSETS — 100.0%	$	290,680
	Short Positions — 86.9%
	Common Stocks — 86.9%
		Consumer Discretionary — 13.1%
		Automobiles — 0.2%
	2	Tesla Motors, Inc. (a)		584
		Distributors — 0.9%
	91	LKQ Corp. (a)		2,760
		Hotels, Restaurants & Leisure — 2.9%
	61	Aramark		1,885
	6	McDonald’s Corp.		529
	12	Panera Bread Co., Class A (a)		2,036
	28	Starbucks Corp.		1,524
	24	Wynn Resorts Ltd.		2,378
				8,352
		Household Durables — 0.8%
	12	Mohawk Industries, Inc. (a)		2,348
		Internet & Catalog Retail — 1.0%
	3	Amazon.com, Inc. (a)		1,400
	1	Netflix, Inc. (a)		657
	5	TripAdvisor, Inc. (a)		431
	29	zulily, Inc., Class A (a)		377
				2,865

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — 2.0%
	6	AMC Entertainment Holdings, Inc., Class A		174
	5	Charter Communications, Inc., Class A (a)		788
	87	DreamWorks Animation SKG, Inc., Class A (a)		2,290
	32	Madison Square Garden Co. (The), Class A (a)		2,707
				5,959
		Specialty Retail — 4.3%
	40	Ascena Retail Group, Inc. (a)		670
	51	Cabela’s, Inc. (a)		2,531
	38	CarMax, Inc. (a)		2,488
	20	Restoration Hardware Holdings, Inc. (a)		1,960
	21	Signet Jewelers Ltd., (Bermuda)		2,631
	24	Tractor Supply Co.		2,198
				12,478
		Textiles, Apparel & Luxury Goods — 1.0%
	86	Kate Spade & Co. (a)		1,855
	11	Under Armour, Inc., Class A (a)		936
				2,791
		Total Consumer Discretionary		38,137
		Consumer Staples — 7.9%
		Beverages — 1.9%
	9	Boston Beer Co., Inc. (The), Class A (a)		2,030
	34	Brown-Forman Corp., Class B		3,387
				5,417
		Food & Staples Retailing — 1.1%
	27	Sprouts Farmers Market, Inc. (a)		740
	40	United Natural Foods, Inc. (a)		2,526
				3,266
		Food Products — 3.5%
	93	Darling Ingredients, Inc. (a)		1,360
	45	Hain Celestial Group, Inc. (The) (a)		2,982
	19	Hershey Co. (The)		1,652
	38	McCormick & Co., Inc. (Non-Voting)		3,106
	23	WhiteWave Foods Co. (The) (a)		1,113
				10,213
		Household Products — 0.3%
	11	Procter & Gamble Co. (The)		887
		Personal Products — 1.1%
	36	Estee Lauder Cos., Inc. (The), Class A		3,110
		Total Consumer Staples		22,893

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Energy — 4.4%
		Energy Equipment & Services — 1.0%
	273	McDermott International, Inc. (a)		1,457
	30	Patterson-UTI Energy, Inc.		568
	41	RPC, Inc.		561
	34	Seadrill Ltd., (Bermuda)		350
				2,936
		Oil, Gas & Consumable Fuels — 3.4%
	33	Cabot Oil & Gas Corp.		1,055
	7	Chevron Corp.		649
	7	Concho Resources, Inc. (a)		757
	75	CONSOL Energy, Inc.		1,633
	23	Golar LNG Ltd., (Bermuda)		1,084
	14	Kinder Morgan, Inc.		530
	51	Rice Energy, Inc. (a)		1,065
	49	SM Energy Co.		2,264
	8	Whiting Petroleum Corp. (a)		267
	11	Williams Cos., Inc. (The)		641
				9,945
		Total Energy		12,881
		Financials — 5.0%
		Banks — 0.6%
	110	People’s United Financial, Inc.		1,781
		Capital Markets — 1.3%
	48	Artisan Partners Asset Management, Inc., Class A		2,213
	18	T. Rowe Price Group, Inc.		1,411
				3,624
		Insurance — 1.2%
	4	Markel Corp. (a)		2,822
	124	MBIA, Inc. (a)		747
				3,569
		Real Estate Investment Trusts (REITs) — 1.6%
	57	Plum Creek Timber Co., Inc.		2,299
	97	Rayonier, Inc.		2,483
				4,782
		Real Estate Management & Development — 0.2%
	14	Realogy Holdings Corp. (a)		665
		Thrifts & Mortgage Finance — 0.1%
	22	Ocwen Financial Corp. (a)		229
		Total Financials		14,650

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 10.4%
		Biotechnology — 1.2%
	5	Alnylam Pharmaceuticals, Inc. (a)		644
	36	Cepheid, Inc. (a)		2,186
	1	Regeneron Pharmaceuticals, Inc. (a)		676
				3,506
		Health Care Equipment & Supplies — 1.0%
	16	Cooper Cos., Inc. (The)		2,847
		Health Care Providers & Services — 4.1%
	36	Acadia Healthcare Co., Inc. (a)		2,816
	66	Envision Healthcare Holdings, Inc. (a)		2,609
	5	Henry Schein, Inc. (a)		639
	44	Team Health Holdings, Inc. (a)		2,901
	50	Tenet Healthcare Corp. (a)		2,880
				11,845
		Health Care Technology — 0.5%
	35	Allscripts Healthcare Solutions, Inc. (a)		480
	10	athenahealth, Inc. (a)		1,115
				1,595
		Life Sciences Tools & Services — 0.6%
	18	Bio-Techne Corp.		1,728
		Pharmaceuticals — 3.0%
	58	Akorn, Inc. (a)		2,547
	25	Eli Lilly & Co.		2,100
	21	Pacira Pharmaceuticals, Inc. (a)		1,457
	57	Zoetis, Inc.		2,744
				8,848
		Total Health Care		30,369
		Industrials — 17.3%
		Aerospace & Defense — 2.5%
	45	B/E Aerospace, Inc.		2,450
	55	Hexcel Corp.		2,753
	11	Precision Castparts Corp.		2,116
				7,319
		Airlines — 0.6%
	9	Copa Holdings S.A., (Panama), Class A		704
	16	Spirit Airlines, Inc. (a)		988
				1,692
		Building Products — 2.0%
	51	Armstrong World Industries, Inc. (a)		2,705
	43	Fortune Brands Home & Security, Inc.		1,952
	27	Owens Corning		1,130
				5,787

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Commercial Services & Supplies — 2.5%
	48	Republic Services, Inc.		1,875
	21	Stericycle, Inc. (a)		2,752
	58	Waste Connections, Inc.		2,726
				7,353
		Construction & Engineering — 0.9%
	89	Quanta Services, Inc. (a)		2,554
		Electrical Equipment — 0.3%
	15	SolarCity Corp. (a)		803
		Machinery — 2.5%
	42	CLARCOR, Inc.		2,609
	15	Colfax Corp. (a)		682
	69	Donaldson Co., Inc.		2,482
	39	Oshkosh Corp.		1,632
				7,405
		Marine — 0.2%
	8	Kirby Corp. (a)		596
		Professional Services — 0.6%
	22	Verisk Analytics, Inc., Class A (a)		1,633
		Road & Rail — 2.6%
	12	Genesee & Wyoming, Inc., Class A (a)		942
	54	Hertz Global Holdings, Inc. (a)		984
	30	J.B. Hunt Transport Services, Inc.		2,487
	20	Kansas City Southern		1,794
	15	Ryder System, Inc.		1,319
				7,526
		Trading Companies & Distributors — 2.6%
	60	Fastenal Co.		2,548
	36	MSC Industrial Direct Co., Inc., Class A		2,517
	11	W.W. Grainger, Inc.		2,568
				7,633
		Total Industrials		50,301
		Information Technology — 20.7%
		Communications Equipment — 0.9%
	43	ViaSat, Inc. (a)		2,614
		Electronic Equipment, Instruments & Components — 4.1%
	29	Amphenol Corp., Class A		1,706
	34	FEI Co.		2,805
	106	Ingram Micro, Inc., Class A (a)		2,646
	99	Knowles Corp. (a)		1,794
	94	Trimble Navigation Ltd. (a)		2,211
	8	Zebra Technologies Corp., Class A (a)		858
				12,020

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 4.9%
	11	Akamai Technologies, Inc. (a)		768
	13	CoStar Group, Inc. (a)		2,556
	7	Facebook, Inc., Class A (a)		566
	9	LinkedIn Corp., Class A (a)		1,762
	152	Pandora Media, Inc. (a)		2,355
	49	Twitter, Inc. (a)		1,771
	44	Yelp, Inc. (a)		1,907
	28	Zillow Group, Inc., Class A (a)		2,420
				14,105
		IT Services — 4.3%
	30	Fidelity National Information Services, Inc.		1,832
	17	FleetCor Technologies, Inc. (a)		2,637
	38	IGATE Corp. (a)		1,829
	41	Jack Henry & Associates, Inc.		2,632
	54	Paychex, Inc.		2,523
	9	WEX, Inc. (a)		1,006
				12,459
		Semiconductors & Semiconductor Equipment — 2.0%
	21	Analog Devices, Inc.		1,349
	5	Avago Technologies Ltd., (Singapore)		628
	30	Cavium, Inc. (a)		2,063
	14	Cree, Inc. (a)		352
	43	Cypress Semiconductor Corp. (a)		511
	25	SunEdison, Inc. (a)		738
				5,641
		Software — 4.1%
	24	Autodesk, Inc. (a)		1,197
	44	CommVault Systems, Inc. (a)		1,854
	18	FireEye, Inc. (a)		881
	28	NetSuite, Inc. (a)		2,536
	9	ServiceNow, Inc. (a)		650
	51	Solera Holdings, Inc.		2,283
	16	Ultimate Software Group, Inc. (The) (a)		2,584
				11,985
		Technology Hardware, Storage & Peripherals — 0.4%
	36	Stratasys Ltd. (a)		1,255
		Total Information Technology		60,079
		Materials — 3.6%
		Chemicals — 2.6%
	17	Air Products & Chemicals, Inc.		2,317
	49	FMC Corp.		2,572
	22	Praxair, Inc.		2,630
				7,519

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Metals & Mining — 1.0%
	42	Carpenter Technology Corp.		1,617
	24	Freeport-McMoRan, Inc.		450
	30	Southern Copper Corp., (Mexico)		878
				2,945
		Total Materials		10,464
		Telecommunication Services — 1.7%
		Wireless Telecommunication Services — 1.7%
	355	Sprint Corp. (a)		1,618
	79	Telephone & Data Systems, Inc.		2,322
	24	United States Cellular Corp. (a)		915
		Total Telecommunication Services		4,855

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 2.8%
		Electric Utilities — 0.6%
	41	Southern Co. (The)		1,700
		Multi-Utilities — 2.2%
	44	Dominion Resources, Inc.		2,910
	36	MDU Resources Group, Inc.		703
	59	NiSource, Inc.		2,707
				6,320
		Total Utilities		8,020
		Total Securities Sold Short (Proceeds $253,357)	$	252,649

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(7	)	E-mini S&P 500		09/18/15		USD	$	(719	)	$	11
	(9	)	S&P Mid Cap 400		09/18/15		USD		(1,348	)		25
											$	36

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 90.6%
		Consumer Discretionary — 14.7%
		Distributors — 0.8%
	998	Genuine Parts Co.		89,351
		Hotels, Restaurants & Leisure — 0.7%
	1,709	ClubCorp Holdings, Inc.		40,805
	1,860	La Quinta Holdings, Inc. (a)		42,505
				83,310
		Internet & Catalog Retail — 1.0%
	999	Expedia, Inc.		109,252
		Media — 5.0%
	857	CBS Corp. (Non-Voting), Class B		47,563
	400	Charter Communications, Inc., Class A (a)		68,500
	3,531	Clear Channel Outdoor Holdings, Inc., Class A		35,765
	1,976	DISH Network Corp., Class A (a)		133,803
	1,566	Entercom Communications Corp., Class A (a)		17,887
	455	Gannett Co., Inc. (a)		6,361
	2,168	Media General, Inc. (a)		35,819
	567	Omnicom Group, Inc.		39,422
	909	TEGNA, Inc.		29,166
	714	Time Warner, Inc.		62,393
	2,107	Time, Inc.		48,489
	1,155	Twenty-First Century Fox, Inc., Class B		37,217
				562,385
		Multiline Retail — 1.4%
	2,621	Kohl’s Corp.		164,069
		Specialty Retail — 5.1%
	141	AutoZone, Inc. (a)		93,980
	1,727	Bed Bath & Beyond, Inc. (a)		119,142
	3,540	Best Buy Co., Inc.		115,424
	2,501	Gap, Inc. (The)		95,467
	749	Home Depot, Inc. (The)		83,193
	714	Tiffany & Co.		65,508
				572,714
		Textiles, Apparel & Luxury Goods — 0.7%
	2,274	Hanesbrands, Inc.		75,770
		Total Consumer Discretionary		1,656,851
		Consumer Staples — 4.7%
		Beverages — 0.7%
	1,055	Dr. Pepper Snapple Group, Inc.		76,878
		Food & Staples Retailing — 1.5%
	888	CVS Health Corp.		93,155
	1,055	Kroger Co. (The)		76,505
				169,660

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.3%
	1,477	Post Holdings, Inc. (a)		79,634
	849	TreeHouse Foods, Inc. (a)		68,809
				148,443
		Household Products — 1.2%
	387	Energizer SpinCo, Inc. (a) (w)		13,164
	1,614	Procter & Gamble Co. (The)		126,303
				139,467
		Total Consumer Staples		534,448
		Energy — 7.1%
		Oil, Gas & Consumable Fuels — 7.1%
	3,153	CONSOL Energy, Inc.		68,553
	1,356	Devon Energy Corp.		80,674
	3,018	Exxon Mobil Corp.		251,073
	1,056	HollyFrontier Corp.		45,099
	1,002	Kinder Morgan, Inc.		38,474
	1,072	Marathon Petroleum Corp.		56,097
	2,311	PBF Energy, Inc., Class A		65,672
	1,423	Phillips 66		114,637
	3,812	Southwestern Energy Co. (a)		86,656
		Total Energy		806,935
		Financials — 32.7%
		Banks — 13.0%
	12,072	Bank of America Corp.		205,460
	2,427	Citigroup, Inc.		134,042
	2,649	Citizens Financial Group, Inc.		72,330
	3,959	Fifth Third Bancorp		82,419
	1,107	First Republic Bank		69,798
	429	M&T Bank Corp.		53,576
	1,179	National Bank Holdings Corp., Class A		24,555
	1,514	PNC Financial Services Group, Inc. (The)		144,824
	2,850	SunTrust Banks, Inc.		122,594
	2,958	U.S. Bancorp		128,382
	7,603	Wells Fargo & Co.		427,565
				1,465,545
		Capital Markets — 2.9%
	481	Ameriprise Financial, Inc.		60,116
	1,756	Legg Mason, Inc.		90,461
	774	Northern Trust Corp.		59,197
	1,517	T. Rowe Price Group, Inc.		117,919
				327,693
		Consumer Finance — 2.8%
	4,235	Ally Financial, Inc. (a)		94,982

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Consumer Finance — continued
	2,534	Capital One Financial Corp.		222,872
				317,854
		Insurance — 9.4%
	90	Alleghany Corp. (a)		42,350
	1,257	Allied World Assurance Co. Holdings AG, (Switzerland)		54,319
	2,936	American International Group, Inc.		181,516
	3,215	CNO Financial Group, Inc.		58,999
	2,756	Hartford Financial Services Group, Inc. (The)		114,563
	4,745	Loews Corp.		182,742
	930	Marsh & McLennan Cos., Inc.		52,714
	2,535	Old Republic International Corp.		39,624
	1,283	Prudential Financial, Inc.		112,279
	1,088	Travelers Cos., Inc. (The)		105,166
	2,516	Unum Group		89,961
	518	W.R. Berkley Corp.		26,921
				1,061,154
		Real Estate Investment Trusts (REITs) — 3.7%
	2,818	American Homes 4 Rent, Class A		45,206
	2,067	American Residential Properties, Inc. (a)		38,248
	3,387	Brixmor Property Group, Inc.		78,344
	728	EastGroup Properties, Inc.		40,952
	2,448	Excel Trust, Inc.		38,600
	2,349	Kimco Realty Corp.		52,937
	2,643	Rayonier, Inc.		67,529
	2,018	Weyerhaeuser Co.		63,561
				425,377
		Real Estate Management & Development — 0.6%
	1,890	Brookfield Asset Management, Inc., (Canada), Class A		66,018
		Thrifts & Mortgage Finance — 0.3%
	3,518	Hudson City Bancorp, Inc.		34,759
		Total Financials		3,698,400
		Health Care — 8.8%
		Health Care Providers & Services — 3.2%
	920	Aetna, Inc.		117,225
	946	HCA Holdings, Inc. (a)		85,830
	480	National HealthCare Corp.		31,167
	1,046	UnitedHealth Group, Inc.		127,661
				361,883
		Pharmaceuticals — 5.6%
	1,900	Johnson & Johnson		185,203
	2,846	Merck & Co., Inc.		162,040
	7,068	Pfizer, Inc.		236,980

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	211	Valeant Pharmaceuticals International, Inc. (a)		46,918
				631,141
		Total Health Care		993,024
		Industrials — 7.4%
		Aerospace & Defense — 1.9%
	946	Honeywell International, Inc.		96,433
	1,024	United Technologies Corp.		113,570
				210,003
		Airlines — 1.1%
	3,111	Delta Air Lines, Inc.		127,816
		Industrial Conglomerates — 1.0%
	1,101	Carlisle Cos., Inc.		110,245
		Machinery — 1.9%
	1,655	Dover Corp.		116,169
	1,045	Illinois Tool Works, Inc.		95,893
				212,062
		Marine — 0.3%
	436	Kirby Corp. (a)		33,401
		Professional Services — 0.3%
	402	Equifax, Inc.		39,049
		Trading Companies & Distributors — 0.9%
	419	W.W. Grainger, Inc.		99,204
		Total Industrials		831,780
		Information Technology — 4.6%
		Communications Equipment — 1.6%
	4,073	Cisco Systems, Inc.		111,842
	1,039	QUALCOMM, Inc.		65,101
				176,943
		Electronic Equipment, Instruments & Components — 0.7%
	1,543	Arrow Electronics, Inc. (a)		86,093
		Semiconductors & Semiconductor Equipment — 1.4%
	586	Analog Devices, Inc.		37,632
	577	KLA-Tencor Corp.		32,416
	1,799	Texas Instruments, Inc.		92,682
				162,730
		Software — 0.5%
	1,206	Microsoft Corp.		53,262
		Technology Hardware, Storage & Peripherals — 0.4%
	1,382	Hewlett-Packard Co.		41,482
		Total Information Technology		520,510

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 3.7%
		Chemicals — 0.8%
	1,819	Mosaic Co. (The)		85,239
		Construction Materials — 0.9%
	743	Martin Marietta Materials, Inc.		105,094
		Containers & Packaging — 1.6%
	1,178	Ball Corp.		82,616
	1,550	Rock-Tenn Co., Class A		93,304
				175,920
		Paper & Forest Products — 0.4%
	2,047	KapStone Paper & Packaging Corp.		47,331
		Total Materials		413,584
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 0.9%
	2,331	Verizon Communications, Inc.		108,653
		Wireless Telecommunication Services — 0.6%
	1,645	T-Mobile US, Inc. (a)		63,765
		Total Telecommunication Services		172,418
		Utilities — 5.4%
		Electric Utilities — 4.7%
	1,611	American Electric Power Co., Inc.		85,335
	1,470	Duke Energy Corp.		103,790

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	1,400	Edison International		77,836
	1,418	Eversource Energy		64,396
	1,030	NextEra Energy, Inc.		100,951
	2,917	Xcel Energy, Inc.		93,869
				526,177
		Multi-Utilities — 0.7%
	861	Sempra Energy		85,148
		Total Utilities		611,325
		Total Common Stocks (Cost $8,587,866)		10,239,275
	Short-Term Investment — 9.1%
		Investment Company — 9.1%
	1,024,973	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost$1,024,973)		1,024,973
		Total Investments — 99.7% (Cost $9,612,839)		11,264,248
		Other Assets in Excess of Liabilities — 0.3%		30,259
		NET ASSETS — 100.0%	$	11,294,507

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

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

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2015

USD	—  United States Dollar
(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)	—  Included in this amount is cash segregated as collateral for futures contracts.
(j)	—  All or a portion of these securities are segregated for short sales.

The following approximates the aggregate amount of securities segregated for short sales (amounts in thousands):

Fund	Value
Multi-Cap Market Neutral Fund	$	48,829

(l)	—  The rate shown is the current yield as of June 30, 2015.
(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.
(w)	—  When-issued security.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2015

(Amounts in thousands, except per share amounts)

	Growth Advantage Fund		Mid Cap Equity Fund			Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	5,043,662	$	3,191,357		$	2,954,471
Investments in affiliates, at value		205,478		102,329			136,866
Total investment securities, at value		5,249,140		3,293,686			3,091,337
Cash		—		—	(a)		4
Receivables:
Investment securities sold		71,347		93,935			169,777
Fund shares sold		20,869		3,958			6,169
Dividends from non-affiliates		1,363		2,171			533
Dividends from affiliates		10		7			9
Total Assets		5,342,729		3,393,757			3,267,829
LIABILITIES:
Payables:
Investment securities purchased		146,569		85,264			199,313
Fund shares redeemed		3,176		2,355			3,107
Accrued liabilities:
Investment advisory fees		2,741		1,757			1,579
Administration fees		348		215			185
Distribution fees		428		64			253
Shareholder servicing fees		539		104			313
Custodian and accounting fees		49		34			33
Trustees’ and Chief Compliance Officer’s fees		2		2			2
Other		597		669			518
Total Liabilities		154,449		90,464			205,303
Net Assets	$	5,188,280	$	3,303,293		$	3,062,526

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands, except per share amounts)

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	3,628,313		$	2,355,380		$	2,158,462
Accumulated undistributed (distributions in excess of) net investment income		(10,303	)		(25	)		(7,971	)
Accumulated net realized gains (losses)		139,535			115,681			123,628
Net unrealized appreciation (depreciation)		1,430,735			832,257			788,407
Total Net Assets	$	5,188,280		$	3,303,293		$	3,062,526
Net Assets:
Class A	$	1,174,260		$	232,320		$	984,262
Class C		321,500			25,597			75,494
Class R2		—			823			9,868
Class R5		58,686			1,636			164,713
Class R6		2,414,333			1,268,988			265,905
Select Class		1,219,501			1,773,929			1,562,284
Total	$	5,188,280		$	3,303,293		$	3,062,526
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		74,582			4,931			35,519
Class C		22,608			555			3,292
Class R2		—			17			329
Class R5		3,612			34			5,269
Class R6		148,353			26,721			8,487
Select Class		75,917			37,366			50,291
Net Asset Value (a):
Class A — Redemption price per share	$	15.74		$	47.12		$	27.71
Class C — Offering price per share (b)		14.22			46.16			22.93
Class R2 — Offering and redemption price per share		—			46.98			29.96
Class R5 — Offering and redemption price per share		16.25			47.49			31.26
Class R6 — Offering and redemption price per share		16.27			47.49			31.33
Select Class — Offering and redemption price per share		16.06			47.47			31.06
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)]	$	16.61		$	49.73		$	29.25
Cost of investments in non-affiliates	$	3,612,927		$	2,359,100		$	2,166,064
Cost of investments in affiliates		205,478			102,329			136,866

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

	Mid Cap Value Fund		Multi-Cap Market Neutral Fund		Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	15,364,203	$	253,959	$	10,239,275
Investments in affiliates, at value		648,674		38,662		1,024,973
Total investment securities, at value		16,012,877		292,621		11,264,248
Cash		—		262		23
Deposits at broker for futures contracts		—		271		—
Deposits at broker for securities sold short		—		251,620		—
Receivables:
Investment securities sold		—		1,891		14,395
Fund shares sold		13,514		101		33,033
Dividends from non-affiliates		18,427		272		10,480
Dividends from affiliates		33		2		50
Total Assets		16,044,851		547,040		11,322,229
LIABILITIES:
Payables:
Securities sold short, at value		—		252,649		—
Dividend expense to non-affiliates on securities sold short		—		83		—
Investment securities purchased		42,295		3,216		12,810
Interest expense to non-affiliates on securities sold short		—		45		—
Fund shares redeemed		28,133		24		5,273
Variation margin on futures contracts		—		3		—
Accrued liabilities:
Investment advisory fees		8,394		209		5,529
Administration fees		1,098		—		615
Distribution fees		959		6		938
Shareholder servicing fees		1,163		61		965
Custodian and accounting fees		196		10		105
Trustees’ and Chief Compliance Officer’s fees		6		1		5
Other		3,534		53		1,482
Total Liabilities		85,778		256,360		27,722
Net Assets	$	15,959,073	$	290,680	$	11,294,507

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2015 (continued)

(Amounts in thousands, except per share amounts)

	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	9,943,186		$	310,114		$	9,512,394
Accumulated undistributed (distributions in excess of) net investment income		41,285			(889	)		39,348
Accumulated net realized gains (losses)		670,171			(58,022	)		91,356
Net unrealized appreciation (depreciation)		5,304,431			39,477			1,651,409
Total Net Assets	$	15,959,073		$	290,680		$	11,294,507
Net Assets:
Class A	$	2,623,772		$	6,273		$	2,440,061
Class C		595,385			6,760			701,023
Class R2		71,697			—			—
Institutional Class		10,320,516			—			5,058,172
Select Class		2,347,703			277,647			3,095,251
Total	$	15,959,073		$	290,680		$	11,294,507
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		70,949			636			81,765
Class C		16,635			726			23,584
Class R2		2,006			—			—
Institutional Class		273,330			—			168,290
Select Class		62,834			27,565			103,205
Net Asset Value (a):
Class A — Redemption price per share	$	36.98		$	9.87		$	29.84
Class C — Offering price per share (b)		35.79			9.31			29.72
Class R2 — Offering and redemption price per share		35.73			—			—
Institutional Class — Offering and redemption price per share		37.76			—			30.06
Select Class — Offering and redemption price per share		37.36			10.07			29.99
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)]	$	39.03		$	10.42		$	31.49
Cost of investments in non-affiliates	$	10,059,772		$	215,226		$	8,587,866
Cost of investments in affiliates		648,674			38,662			1,024,973
Proceeds from securities sold short		—			253,357			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2015

(Amounts in thousands)

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	25,211		$	36,215		$	13,432
Dividend income from affiliates		46			38			49
Total investment income		25,257			36,253			13,481
EXPENSES:
Investment advisory fees		27,504			19,842			15,943
Administration fees		3,479			2,510			2,017
Distribution fees:
Class A		2,229			473			2,117
Class B (a)		17			—			30
Class C		1,559			169			416
Class R2		—			4			24
Shareholder servicing fees:
Class A		2,229			473			2,117
Class B (a)		5			—			10
Class C		520			56			139
Class R2		—			2			12
Class R5		180			—	(b)		30
Select Class		2,697			4,464			3,357
Custodian and accounting fees		134			89			87
Interest expense to affiliates		—	(b)		—			—
Professional fees		83			71			72
Trustees’ and Chief Compliance Officer’s fees		39			28			23
Printing and mailing costs		252			376			238
Registration and filing fees		429			231			138
Transfer agent fees		2,202			3,279			2,456
Other		224			290			35
Total expenses		43,782			32,357			29,261
Less fees waived		(1,331	)		(5,513	)		(3,798	)
Less earnings credits		—			—	(b)		—
Less expense reimbursements		—			(293	)		(12	)
Net expenses		42,451			26,551			25,451
Net investment income (loss)		(17,194	)		9,702			(11,970	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		172,792			165,578			173,141
Change in net unrealized appreciation/depreciation of investments in non-affiliates		461,167			134,637			150,704
Net realized/unrealized gains (losses)		633,959			300,215			323,845
Change in net assets resulting from operations	$	616,765		$	309,917		$	311,875

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2015

(Amounts in thousands)

	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	282,182		$	5,549		$	181,881
Dividend income from affiliates		196			19			287
Total investment income		282,378			5,568			182,168
EXPENSES:
Investment advisory fees		103,514			4,516			62,972
Administration fees		13,098			297			7,966
Distribution fees:
Class A		6,927			19			5,282
Class B (a)		63			1			—
Class C		4,545			58			4,144
Class R2		366			—			—
Shareholder servicing fees:
Class A		6,927			19			5,282
Class B (a)		21			—	(b)		—
Class C		1,515			19			1,381
Class R2		183			—			—
Institutional Class		9,720			—			4,174
Select Class		6,867			865			7,123
Custodian and accounting fees		443			36			279
Interest expense to affiliates		—			—	(b)		—
Professional fees		226			55			128
Trustees’ and Chief Compliance Officer’s fees		153			4			87
Printing and mailing costs		934			6			596
Registration and filing fees		581			49			924
Transfer agent fees		15,294			52			6,758
Other		809			10			408
Dividend expense to non-affiliates on securities sold short		—			3,734			—
Interest expense to non-affiliates on securities sold short		—			612			—
Total expenses		172,186			10,352			107,504
Less fees waived		(24,286	)		(1,484	)		(12,627	)
Less earnings credits		—	(b)		—			—
Less expense reimbursements		(2,625	)		—	(b)		(436	)
Net expenses		145,275			8,868			94,441
Net investment income (loss)		137,103			(3,300	)		87,727
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,096,684			55,400			148,940
Futures		—			522			—
Securities sold short		—			(52,926	)		—
Foreign currency transactions		—			2			—
Net realized gain (loss)		1,096,684			2,998			148,940
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(12,168	)		(34,391	)		322,296
Futures		—			57			—
Securities sold short		—			35,440			—
Change in net unrealized appreciation/depreciation		(12,168	)		1,106			322,296
Net realized/unrealized gains (losses)		1,084,516			4,104			471,236
Change in net assets resulting from operations	$	1,221,619		$	804		$	558,963

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

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

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Growth Advantage Fund						Mid Cap Equity Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(17,194	)	$	(7,964	)	$	9,702		$	4,036
Net realized gain (loss)		172,792			223,546			165,578			135,142
Distributions of capital gains received from investment company affiliates		—			3			—			1
Change in net unrealized appreciation/depreciation		461,167			492,238			134,637			222,527
Change in net assets resulting from operations		616,765			707,823			309,917			361,706
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(81	)		(29	)
From net realized gains		(32,469	)		(21,773	)		(8,089	)		(4,217	)
Class B (a)
From net realized gains		(98	)		(123	)		—			—
Class C
From net investment income		—			—			—			—
From net realized gains		(7,969	)		(4,242	)		(990	)		(1,100	)
Class R2 (b)
From net investment income		—			—			—			—	(c)
From net realized gains		—			—			(30	)		—
Class R5 (b)
From net investment income		—			—			(2	)		—	(c)
From net realized gains		(1,758	)		(54,106	)		(26	)		—
Class R6 (b) (d)
From net investment income		—			—			(3,446	)		(913	)
From net realized gains		(73,271	)		—			(46,736	)		—
Select Class
From net investment income		—			—			(3,414	)		(3,282	)
From net realized gains		(39,626	)		(49,152	)		(80,115	)		(90,616	)
Total distributions to shareholders		(155,191	)		(129,396	)		(142,929	)		(100,157	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,161,499			987,358			363,135			1,551,394
NET ASSETS:
Change in net assets		1,623,073			1,565,785			530,123			1,812,943
Beginning of period		3,565,207			1,999,422			2,773,170			960,227
End of period	$	5,188,280		$	3,565,207		$	3,303,293		$	2,773,170
Accumulated undistributed (distributions in excess of) net investment income	$	(10,303	)	$	(7,786	)	$	(25	)	$	(535	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Commencement of offering of class of shares effective March 14, 2014 for Mid Cap Equity Fund.

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

(d) Commencement of offering of class of shares effective December 23, 2013 for Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mid Cap Growth Fund						Mid Cap Value Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(11,970	)	$	(6,054	)	$	137,103		$	103,278
Net realized gain (loss)		173,141			314,124			1,096,684			1,068,473
Distributions of capital gains received from investment company affiliates		—			—	(b)		—			6
Change in net unrealized appreciation/depreciation		150,704			225,799			(12,168	)		1,889,585
Change in net assets resulting from operations		311,875			533,869			1,221,619			3,061,342
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(15,287	)		(14,338	)
From net realized gains		(80,615	)		(69,231	)		(197,218	)		(135,361	)
Class B (a)
From net realized gains		(608	)		(943	)		(668	)		(524	)
Class C
From net investment income		—			—			(1,024	)		(38	)
From net realized gains		(6,222	)		(3,392	)		(45,175	)		(24,588	)
Class R2
From net investment income		—			—			(331	)		(201	)
From net realized gains		(345	)		(58	)		(5,603	)		(2,784	)
Class R5
From net realized gains		(3,427	)		(2,276	)		—			—
Class R6
From net realized gains		(7,943	)		(5,408	)		—			—
Institutional Class
From net investment income		—			—			(108,605	)		(69,637	)
From net realized gains		—			—			(711,308	)		(318,626	)
Select Class
From net investment income		—			—			(19,269	)		(17,743	)
From net realized gains		(119,065	)		(99,863	)		(172,337	)		(112,976	)
Total distributions to shareholders		(218,225	)		(181,171	)		(1,276,825	)		(696,816	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		787,072			251,309			368,694			18,077
NET ASSETS:
Change in net assets		880,722			604,007			313,488			2,382,603
Beginning of period		2,181,804			1,577,797			15,645,585			13,262,982
End of period	$	3,062,526		$	2,181,804		$	15,959,073		$	15,645,585
Accumulated undistributed (distributions in excess of) net investment income	$	(7,971	)	$	(5,808	)	$	41,285		$	48,215

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

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

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(3,300	)	$	(4,373	)	$	87,727		$	83,781
Net realized gain (loss)		2,998			9,737			148,940			278,242
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			5
Change in net unrealized appreciation/depreciation		1,106			(136	)		322,296			747,106
Change in net assets resulting from operations		804			5,228			558,963			1,109,134
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(18,586	)		(6,931	)
From net realized gains		—			—			(49,085	)		(30,061	)
Class C
From net investment income		—			—			(2,882	)		(562	)
From net realized gains		—			—			(12,315	)		(7,282	)
Institutional Class
From net investment income		—			—			(51,909	)		(19,755	)
From net realized gains		—			—			(93,724	)		(54,303	)
Select Class
From net investment income		—			—			(31,036	)		(12,951	)
From net realized gains		—			—			(67,644	)		(42,336	)
Total distributions to shareholders		—			—			(327,181	)		(174,181	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(161,126	)		101,988			3,369,281			3,061,568
NET ASSETS:
Change in net assets		(160,322	)		107,216			3,601,063			3,996,521
Beginning of period		451,002			343,786			7,693,444			3,696,923
End of period	$	290,680		$	451,002		$	11,294,507		$	7,693,444
Accumulated undistributed (distributions in excess of) net investment income	$	(889	)	$	(2,110	)	$	39,348		$	57,743

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Growth Advantage Fund							Mid Cap Equity Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014				Year Ended June 30, 2015			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	548,977		$	463,178			$	93,435		$	92,281
Net assets acquired in Fund reorganization (See Note 8)		—			—				—			42,694
Distributions reinvested		31,822			21,355				8,101			4,242
Cost of shares redeemed		(222,820	)		(135,058	)			(35,536	)		(16,208	)
Conversion from Class B Shares		2,100			34				—			—
Change in net assets resulting from Class A capital transactions	$	360,079		$	349,509			$	66,000		$	123,009
Class B (a)
Proceeds from shares issued	$	225		$	342			$	—		$	—
Distributions reinvested		95			118				—			—
Cost of shares redeemed		(865	)		(565	)			—			—
Conversion to Class A Shares		(2,100	)		(34	)			—			—
Change in net assets resulting from Class B capital transactions	$	(2,645	)	$	(139	)		$	—		$	—
Class C
Proceeds from shares issued	$	182,071		$	101,473			$	6,417		$	11,105
Net assets acquired in Fund reorganization (See Note 8)		—			—				—			1,648
Distributions reinvested		6,954			3,500				990			1,100
Cost of shares redeemed		(32,956	)		(18,573	)			(2,929	)		(1,925	)
Change in net assets resulting from Class C capital transactions	$	156,069		$	86,400			$	4,478		$	11,928
Class R2 (b)
Proceeds from shares issued	$	—		$	—			$	336		$	51
Net assets acquired in Fund reorganization (See Note 8)		—			—				—			632
Distributions reinvested		—			—				18			—	(c)
Cost of shares redeemed		—			—				(251	)		(28	)
							��
Change in net assets resulting from Class R2 capital transactions	$	—		$	—			$	103		$	655
Class R5 (b)
Proceeds from shares issued	$	77,457		$	540,555			$	1,637		$	1
Net assets acquired in Fund reorganization (See Note 8)		—			—				—			87
Distributions reinvested		1,758			54,106				28			—	(c)
Cost of shares redeemed		(1,506,939	)		(225,926	)			(186	)		—
Change in net assets resulting from Class R5 capital transactions	$	(1,427,724	)	$	368,735			$	1,479		$	88
Class R6 (b) (d)
Proceeds from shares issued	$	1,928,585		$	276,436			$	369,933		$	108,850
Net assets acquired in Fund reorganization (See Note 8)		—			—				—			676,262
Distributions reinvested		70,979			—				49,924			906
Cost of shares redeemed		(53,688	)		(11,268	)			(35,342	)		(751	)
Change in net assets resulting from Class R6 capital transactions	$	1,945,876		$	265,168			$	384,515		$	785,267
Select Class
Proceeds from shares issued	$	361,358		$	429,743			$	345,873		$	490,477
Net assets acquired in Fund reorganization (See Note 8)		—			—				—			390,167
Distributions reinvested		23,846			20,345				60,746			82,318
Cost of shares redeemed		(255,360	)		(532,403	)			(500,059	)		(332,515	)
Change in net assets resulting from Select Class capital transactions	$	129,844		$	(82,315	)		$	(93,440	)	$	630,447
Total change in net assets resulting from capital transactions	$	1,161,499		$	987,358			$	363,135		$	1,551,394

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Commencement of offering of class of shares effective March 14, 2014 for Mid Cap Equity Fund.

(c) Amount rounds to less than 1,000.

(d) Commencement of offering of class of shares effective December 23, 2013 for Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

	Growth Advantage Fund						Mid Cap Equity Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		36,907			34,638			2,053			2,197
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			995
Reinvested		2,270			1,645			188			107
Redeemed		(15,105	)		(10,120	)		(784	)		(381	)
Conversion from Class B Shares		131			3			—			—
Change in Class A Shares		24,203			26,166			1,457			2,918
Class B (a)
Issued		17			28			—			—
Reinvested		7			10			—			—
Redeemed		(64	)		(47	)		—			—
Conversion to Class A Shares		(146	)		(3	)		—			—
Change in Class B Shares		(186	)		(12	)		—			—
Class C
Issued		13,414			8,282			144			269
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			39
Reinvested		547			295			23			28
Redeemed		(2,464	)		(1,524	)		(65	)		(46	)
Change in Class C Shares		11,497			7,053			102			290
Class R2 (b)
Issued		—			—			7			2
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			15
Reinvested		—			—			—	(c)		—	(c)
Redeemed		—			—			(6	)		(1	)
Change in Class R2 Shares		—			—			1			16
Class R5 (b)
Issued		5,216			39,731			35			—	(c)
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			2
Reinvested		122			4,065			1			—	(c)
Redeemed		(101,089	)		(15,945	)		(4	)		—
Change in Class R5 Shares		(95,751	)		27,851			32			2
Class R6 (b) (d)
Issued		128,407			19,372			8,126			2,551
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			15,676
Reinvested		4,909			—			1,145			20
Redeemed		(3,544	)		(791	)		(779	)		(18	)
Change in Class R6 Shares		129,772			18,581			8,492			18,229
Select Class
Issued		23,952			31,913			7,557			11,736
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			9,044
Reinvested		1,668			1,541			1,396			2,060
Redeemed		(16,966	)		(38,838	)		(10,866	)		(7,967	)
Change in Select Class Shares		8,654			(5,384	)		(1,913	)		14,873

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Commencement of offering of class of shares effective March 14, 2014 for Mid Cap Equity Fund.

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

(d) Commencement of offering of class of shares effective December 23, 2013 for Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mid Cap Growth Fund						Mid Cap Value Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	274,574		$	116,580		$	394,792		$	455,082
Distributions reinvested		76,907			65,053			195,292			139,350
Cost of shares redeemed		(162,077	)		(127,370	)		(1,360,678	)		(880,766	)
Conversion from Class B Shares		3,778			890			6,728			781
Change in net assets resulting from Class A capital transactions	$	193,182		$	55,153		$	(763,866	)	$	(285,553	)
Class B (a)
Proceeds from shares issued	$	27		$	60		$	22		$	98
Distributions reinvested		593			905			639			502
Cost of shares redeemed		(1,919	)		(2,663	)		(4,670	)		(6,624	)
Conversion to Class A Shares		(3,778	)		(890	)		(6,728	)		(781	)
Change in net assets resulting from Class B capital transactions	$	(5,077	)	$	(2,588	)	$	(10,737	)	$	(6,805	)
Class C
Proceeds from shares issued	$	37,238		$	14,903		$	27,636		$	27,504
Distributions reinvested		5,274			2,860			36,724			19,472
Cost of shares redeemed		(8,786	)		(5,376	)		(72,861	)		(66,037	)
Change in net assets resulting from Class C capital transactions	$	33,726		$	12,387		$	(8,501	)	$	(19,061	)
Class R2
Proceeds from shares issued	$	8,894		$	1,589		$	16,445		$	21,879
Distributions reinvested		345			58			5,637			2,790
Cost of shares redeemed		(1,635	)		(276	)		(21,709	)		(20,179	)
Change in net assets resulting from Class R2 capital transactions	$	7,604		$	1,371		$	373		$	4,490
Class R5
Proceeds from shares issued	$	139,213		$	11,177		$	—		$	—
Distributions reinvested		3,427			2,276			—			—
Cost of shares redeemed		(10,062	)		(8,354	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	132,578		$	5,099		$	—		$	—
Class R6
Proceeds from shares issued	$	185,884		$	33,802		$	—		$	—
Distributions reinvested		7,291			4,757			—			—
Cost of shares redeemed		(26,514	)		(12,254	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	166,661		$	26,305		$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	2,898,688		$	1,953,853
Distributions reinvested		—			—			686,825			315,542
Cost of shares redeemed		—			—			(1,786,837	)		(1,555,034	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	1,798,676		$	714,361
Select Class
Proceeds from shares issued	$	427,509		$	235,397		$	1,046,215		$	551,560
Distributions reinvested		103,039			84,914			174,083			120,569
Cost of shares redeemed		(272,150	)		(166,729	)		(1,867,549	)		(1,061,484	)
Change in net assets resulting from Select Class capital transactions	$	258,398		$	153,582		$	(647,251	)	$	(389,355	)
Total change in net assets resulting from capital transactions	$	787,072		$	251,309		$	368,694		$	18,077

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

	Mid Cap Growth Fund						Mid Cap Value Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		10,468			4,511			10,652			13,252
Reinvested		3,166			2,708			5,494			4,172
Redeemed		(6,089	)		(4,940	)		(36,773	)		(25,729	)
Conversion from Class B Shares		136			35			178			23
Change in Class A Shares		7,681			2,314			(20,449	)		(8,282	)
Class B (a)
Issued		1			3			1			4
Reinvested		37			53			18			15
Redeemed		(106	)		(144	)		(128	)		(200	)
Conversion to Class A Shares		(202	)		(49	)		(182	)		(23	)
Change in Class B Shares		(270	)		(137	)		(291	)		(204	)
Class C
Issued		1,668			673			779			830
Reinvested		262			140			1,070			602
Redeemed		(396	)		(244	)		(2,021	)		(1,968	)
Change in Class C Shares		1,534			569			(172	)		(536	)
Class R2
Issued		310			58			458			654
Reinvested		13			2			164			86
Redeemed		(57	)		(10	)		(607	)		(599	)
Change in Class R2 Shares		266			50			15			141
Class R5
Issued		4,578			397			—			—
Reinvested		125			86			—			—
Redeemed		(334	)		(293	)		—			—
Change in Class R5 Shares		4,369			190			—			—
Class R6
Issued		6,285			1,187			—			—
Reinvested		266			179			—			—
Redeemed		(882	)		(432	)		—			—
Change in Class R6 Shares		5,669			934			—			—
Institutional Class
Issued		—			—			75,729			55,438
Reinvested		—			—			18,860			9,240
Redeemed		—			—			(47,177	)		(44,220	)
Change in Institutional Class Shares		—			—			47,412			20,458
Select Class
Issued		14,507			8,322			27,961			15,917
Reinvested		3,790			3,204			4,839			3,571
Redeemed		(9,299	)		(5,903	)		(48,879	)		(30,426	)
Change in Select Class Shares		8,998			5,623			(16,079	)		(10,938	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	558		$	2,518		$	1,131,012		$	931,606
Distributions reinvested		—			—			63,610			34,685
Cost of shares redeemed		(4,659	)		(6,487	)		(503,182	)		(255,314	)
Conversion from Class B Shares		79			45			—			—
Change in net assets resulting from Class A capital transactions	$	(4,022	)	$	(3,924	)	$	691,440		$	710,977
Class B (a)
Proceeds from shares issued	$	—		$	3		$	—		$	—
Cost of shares redeemed		(129	)		(280	)		—			—
Conversion to Class A Shares		(79	)		(45	)		—			—
Change in net assets resulting from Class B capital transactions	$	(208	)	$	(322	)	$	—		$	—
Class C
Proceeds from shares issued	$	522		$	505		$	341,265		$	164,051
Distributions reinvested		—			—			12,024			6,053
Cost of shares redeemed		(2,310	)		(3,141	)		(65,697	)		(28,716	)
Change in net assets resulting from Class C capital transactions	$	(1,788	)	$	(2,636	)	$	287,592		$	141,388
Institutional Class
Proceeds from shares issued	$	—		$	—		$	2,416,260		$	1,480,427
Distributions reinvested		—			—			134,005			69,075
Cost of shares redeemed		—			—			(641,266	)		(330,856	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	1,908,999		$	1,218,646
Select Class
Proceeds from shares issued	$	8,612		$	114,928		$	883,261		$	1,276,857
Distributions reinvested		—			—			87,369			49,543
Cost of shares redeemed		(163,720	)		(6,058	)		(489,380	)		(335,843	)
Change in net assets resulting from Select Class capital transactions	$	(155,108	)	$	108,870		$	481,250		$	990,557
Total change in net assets resulting from capital transactions	$	(161,126	)	$	101,988		$	3,369,281		$	3,061,568

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Year Ended June 30, 2015			Year Ended June 30, 2014			Year Ended June 30, 2015			Year Ended June 30, 2014
SHARE TRANSACTIONS:
Class A
Issued		56			257			38,204			34,698
Reinvested		—			—			2,177			1,320
Redeemed		(468	)		(663	)		(16,986	)		(9,483	)
Conversion from Class B Shares		8			5			—			—
Change in Class A Shares		(404	)		(401	)		23,395			26,535
Class B (a)
Issued		—			1			—			—
Redeemed		(14	)		(31	)		—			—
Conversion to Class A Shares		(8	)		(5	)		—			—
Change in Class B Shares		(22	)		(35	)		—			—
Class C
Issued		56			54			11,531			6,062
Reinvested		—			—			414			232
Redeemed		(245	)		(338	)		(2,215	)		(1,062	)
Change in Class C Shares		(189	)		(284	)		9,730			5,232
Institutional Class
Issued		—			—			81,240			54,588
Reinvested		—			—			4,545			2,610
Redeemed		—			—			(21,282	)		(12,230	)
Change in Institutional Class Shares		—			—			64,503			44,968
Select Class
Issued		848			11,408			29,705			47,271
Reinvested		—			—			2,972			1,877
Redeemed		(16,074	)		(607	)		(16,492	)		(12,507	)
Change in Select Class Shares		(15,226	)		10,801			16,185			36,641

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			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
Growth Advantage Fund
Class A
Year Ended June 30, 2015	$	14.24	$	(0.10	)(f)	$	2.17	$	2.07	$	—		$	(0.57	)	$	(0.57	)
Year Ended June 30, 2014		11.43		(0.07	)(f)		3.52		3.45		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.49		0.01	(f)(g)		1.97		1.98		(0.01	)		(0.03	)		(0.04	)
Year Ended June 30, 2012		9.28		(0.03	)(f)(h)		0.24		0.21		—			—			—
Year Ended June 30, 2011		6.76		(0.04	)(f)		2.56		2.52		—			—			—
Class C
Year Ended June 30, 2015		12.98		(0.15	)(f)		1.96		1.81		—			(0.57	)		(0.57	)
Year Ended June 30, 2014		10.51		(0.12	)(f)		3.23		3.11		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		8.77		(0.04	)(f)(g)		1.81		1.77		—			(0.03	)		(0.03	)
Year Ended June 30, 2012		8.61		(0.07	)(f)(h)		0.23		0.16		—			—			—
Year Ended June 30, 2011		6.31		(0.08	)(f)		2.38		2.30		—			—			—
Class R5
Year Ended June 30, 2015		14.63		(0.04	)(f)		2.23		2.19		—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.68		(0.02	)(f)		3.61		3.59		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.69		0.06	(f)(g)		2.01		2.07		(0.05	)		(0.03	)		(0.08	)
Year Ended June 30, 2012		9.44		0.01	(f)(h)		0.24		0.25		—			—			—
Year Ended June 30, 2011		6.86		—	(f)(i)		2.58		2.58		—			—			—
Class R6
Year Ended June 30, 2015		14.64		(0.03	)(f)		2.23		2.20		—			(0.57	)		(0.57	)
December 23, 2013(j) through June 30, 2014		13.86		(0.01	)(f)		0.79		0.78		—			—			—
Select Class
Year Ended June 30, 2015		14.50		(0.07	)(f)		2.20		2.13		—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.60		(0.04	)(f)		3.58		3.54		—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.63		0.04	(f)(g)		1.98		2.02		(0.02	)		(0.03	)		(0.05	)
Year Ended June 30, 2012		9.39		(0.02	)(f)(h)		0.26		0.24		—			—			—
Year Ended June 30, 2011		6.83		(0.02	)(f)		2.58		2.56		—			—			—

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

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.02), $(0.06), $0.03 and $0.01 for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.17)%, (0.66)%, 0.27% and 0.09% for Class A, Class C, Class R5 and Select Class Shares, respectively.

(h) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.05), $(0.09), $(0.01) and $(0.03) for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.56)%, (1.03)%, (0.12)% and (0.37)% for Class A, Class C, Class R5 and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

		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)(e)
$	15.74		14.99	%	$	1,174,260		1.24	%		(0.65	)%		1.35	%		46	%
	14.24		30.69			717,564		1.24			(0.51	)		1.31			62
	11.43		20.95			276,670		1.24			0.11	(g)		1.28			76
	9.49		2.26			194,911		1.25			(0.37	)(h)		1.30			86
	9.28		37.28			176,492		1.25			(0.45	)		1.31			96
	14.22		14.43			321,500		1.74			(1.14	)		1.84			46
	12.98		30.12			144,229		1.74			(1.01	)		1.81			62
	10.51		20.27			42,655		1.74			(0.38	)(g)		1.78			76
	8.77		1.86			27,469		1.75			(0.84	)(h)		1.80			86
	8.61		36.45			20,676		1.75			(0.95	)		1.81			96
	16.25		15.42			58,686		0.86			(0.25	)		0.87			46
	14.63		31.25			1,453,864		0.85			(0.11	)		0.86			62
	11.68		21.49			835,233		0.83			0.55	(g)		0.84			76
	9.69		2.65			468,064		0.85			0.07	(h)		0.85			86
	9.44		37.61			179,677		0.86			(0.05	)		0.86			96
	16.27		15.48			2,414,333		0.76			(0.17	)		0.77			46
	14.64		5.63			271,958		0.80			(0.15	)		0.82			62
	16.06		15.14			1,219,501		1.09			(0.48	)		1.09			46
	14.50		31.03			975,175		1.05			(0.30	)		1.06			62
	11.60		21.14			842,783		1.03			0.37	(g)		1.03			76
	9.63		2.56			662,786		1.05			(0.18	)(h)		1.05			86
	9.39		37.48			836,154		1.06			(0.27	)		1.06			96

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			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
Year Ended June 30, 2015	$	44.91	$	(0.03	)(f)	$	4.32		$	4.29		$	(0.02	)	$	(2.06	)	$	(2.08	)
Year Ended June 30, 2014		38.10		(0.04	)(f)		10.25			10.21			(0.02	)		(3.38	)		(3.40	)
Year Ended June 30, 2013		30.97		0.10	(f)(g)		7.36			7.46			(0.07	)		(0.26	)		(0.33	)
Year Ended June 30, 2012		31.29		0.10	(f)(g)		(0.34	)		(0.24	)		(0.08	)		—			(0.08	)
Year Ended June 30, 2011		22.95		0.04	(f)		8.36			8.40			(0.06	)		—			(0.06	)
Class C
Year Ended June 30, 2015		44.21		(0.25	)(f)		4.23			3.98			—			(2.03	)		(2.03	)
Year Ended June 30, 2014		37.71		(0.24	)(f)		10.12			9.88			—			(3.38	)		(3.38	)
Year Ended June 30, 2013		30.75		(0.07	)(f)(g)		7.29			7.22			—	(j)		(0.26	)		(0.26	)
Year Ended June 30, 2012		31.16		(0.05	)(f)(g)		(0.35	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended June 30, 2011		22.93		(0.12	)(f)		8.37			8.25			(0.02	)		—			(0.02	)
Class R2
Year Ended June 30, 2015		44.87		(0.14	)(f)		4.30			4.16			—			(2.05	)		(2.05	)
March 14, 2014(i) through June 30, 2014		42.92		(0.05	)(f)		2.01			1.96			(0.01	)		—			(0.01	)
Class R5
Year Ended June 30, 2015		45.15		0.20	(f)		4.33			4.53			(0.13	)		(2.06	)		(2.19	)
March 14, 2014(i) through June 30, 2014		43.14		0.04	(f)		2.02			2.06			(0.05	)		—			(0.05	)
Class R6
Year Ended June 30, 2015		45.15		0.20	(f)		4.34			4.54			(0.14	)		(2.06	)		(2.20	)
March 14, 2014(i) through June 30, 2014		43.14		0.04	(f)		2.02			2.06			(0.05	)		—			(0.05	)
Select Class
Year Ended June 30, 2015		45.15		0.13	(f)		4.34			4.47			(0.09	)		(2.06	)		(2.15	)
Year Ended June 30, 2014		38.22		0.11	(f)		10.30			10.41			(0.10	)		(3.38	)		(3.48	)
Year Ended June 30, 2013		31.05		0.20	(f)(g)		7.40			7.60			(0.17	)		(0.26	)		(0.43	)
Year Ended June 30, 2012		31.36		0.19	(f)(g)		(0.33	)		(0.14	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2011		22.97		0.14	(f)		8.37			8.51			(0.12	)		—			(0.12	)

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

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.03, $(0.14) and $0.14 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.09%, (0.39)% and 0.39% for Class A, Class C and Select Class Shares, respectively.

(h) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend the net investment income (loss) per share would have been $0.05, $(0.10) and $0.14 for Class A, Class C and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.18%, (0.33)% and 0.48% for Class A, Class C and Select Class Shares, respectively.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

		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)(e)
$	47.12		9.99	%	$	232,320		1.24	%		(0.06	)%		1.44	%		41	%
	44.91		27.96			156,016		1.24			(0.08	)		1.41			47
	38.10		24.23			21,171		1.24			0.27	(g)		1.49			67
	30.97		(0.76	)		6,965		1.24			0.34	(h)		1.54			55
	31.29		36.60			2,918		1.24			0.14			1.53			88
	46.16		9.44			25,597		1.74			(0.56	)		1.91			41
	44.21		27.34			20,018		1.74			(0.57	)		1.93			47
	37.71		23.60			6,136		1.74			(0.21	)(g)		2.00			67
	30.75		(1.29	)		1,244		1.75			(0.18	)(h)		2.03			55
	31.16		35.98			447		1.74			(0.40	)		2.06			88
	46.98		9.71			823		1.49			(0.31	)		1.69			41
	44.87		4.56			688		1.47			(0.41	)		1.60			47
	47.49		10.49			1,636		0.79			0.43			0.88			41
	45.15		4.77			91		0.78			0.27			0.91			47
	47.49		10.53			1,268,988		0.74			0.45			0.80			41
	45.15		4.78			823,036		0.73			0.34			0.86			47
	47.47		10.35			1,773,929		0.89			0.29			1.16			41
	45.15		28.45			1,773,321		0.89			0.27			1.18			47
	38.22		24.64			932,920		0.89			0.57	(g)		1.23			67
	31.05		(0.42	)		813,125		0.89			0.64	(h)		1.30			55
	31.36		37.09			568,854		0.89			0.50			1.27			88

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Mid Cap Growth Fund
Class A
Year Ended June 30, 2015	$	27.49	$	(0.18	)(f)	$	3.19		$	3.01		$	(2.79	)
Year Ended June 30, 2014		22.99		(0.13	)(f)(g)		7.42			7.29			(2.79	)
Year Ended June 30, 2013		19.52		(0.04	)(f)(h)		4.50			4.46			(0.99	)
Year Ended June 30, 2012		23.30		(0.05	)(f)(i)		(1.72	)		(1.77	)		(2.01	)
Year Ended June 30, 2011		16.35		(0.09	)(f)		7.04			6.95			—
Class C
Year Ended June 30, 2015		23.35		(0.26	)(f)		2.63			2.37			(2.79	)
Year Ended June 30, 2014		19.97		(0.22	)(f)(g)		6.39			6.17			(2.79	)
Year Ended June 30, 2013		17.17		(0.12	)(f)(h)		3.91			3.79			(0.99	)
Year Ended June 30, 2012		20.88		(0.13	)(f)(i)		(1.57	)		(1.70	)		(2.01	)
Year Ended June 30, 2011		14.73		(0.18	)(f)		6.33			6.15			—
Class R2
Year Ended June 30, 2015		29.54		(0.24	)(f)		3.45	��		3.21			(2.79	)
Year Ended June 30, 2014		24.56		(0.20	)(f)(g)		7.97			7.77			(2.79	)
Year Ended June 30, 2013		20.83		(0.07	)(f)(h)		4.79			4.72			(0.99	)
Year Ended June 30, 2012		24.73		(0.07	)(f)(i)		(1.82	)		(1.89	)		(2.01	)
Year Ended June 30, 2011		17.38		(0.13	)(f)		7.48			7.35			—
Class R5
Year Ended June 30, 2015		30.52		(0.07	)(f)		3.60			3.53			(2.79	)
Year Ended June 30, 2014		25.15		(0.02	)(f)(g)		8.18			8.16			(2.79	)
Year Ended June 30, 2013		21.18		0.06	(f)(h)		4.90			4.96			(0.99	)
November 1, 2011(j) through June 30, 2012		21.75		0.04	(f)(i)		1.40			1.44			(2.01	)

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

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $(0.14), $(0.23), $(0.20), $(0.02), $(0.01) and $(0.06) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.03)%, (0.73)%, (0.08)%, (0.03)% and (0.22)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.17), $(0.13), $0.01, $0.02 and $(0.02) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.42)%, (0.92)%, (0.57)%, 0.04%, 0.09% and (0.10)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.09), $(0.17), $(0.12), less than $0.01, $0.03 and $(0.03) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.46)%, (0.97)%, (0.57)%, (0.03)%, 0.24% and (0.14)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

		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)(e)
$	27.71		12.37	%	$	984,262		1.23	%		(0.68	)%		1.35	%		57	%
	27.49		33.44			765,310		1.24			(0.51	)(g)		1.37			69
	22.99		23.70			586,787		1.23			(0.17	)(h)		1.45			70
	19.52		(6.61	)		538,323		1.24			(0.23	)(i)		1.38			70
	23.30		42.51			696,334		1.24			(0.44	)		1.36			79
	22.93		11.78			75,494		1.73			(1.19	)		1.86			57
	23.35		32.85			41,047		1.73			(1.01	)(g)		1.86			69
	19.97		23.03			23,745		1.73			(0.67	)(h)		1.95			70
	17.17		(7.06	)		22,190		1.75			(0.75	)(i)		1.88			70
	20.88		41.75			29,187		1.77			(0.97	)		1.86			79
	29.96		12.18			9,868		1.39			(0.85	)		1.64			57
	29.54		33.25			1,852		1.40			(0.71	)(g)		1.59			69
	24.56		23.46			320		1.39			(0.32	)(h)		1.71			70
	20.83		(6.72	)		230		1.40			(0.35	)(i)		1.63			70
	24.73		42.29			121		1.40			(0.59	)		1.60			79
	31.26		12.87			164,713		0.78			(0.25	)		0.87			57
	30.52		34.06			27,454		0.79			(0.06	)(g)		0.92			69
	25.15		24.22			17,848		0.79			0.28	(h)		1.00			70
	21.18		7.71			14,837		0.78			0.31	(i)		0.92			70

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

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 (continued)
Class R6
Year Ended June 30, 2015	$	30.57	$	(0.06	)(f)	$	3.61		$	3.55		$	(2.79	)
Year Ended June 30, 2014		25.17		—	(f)(g)(k)		8.19			8.19			(2.79	)
Year Ended June 30, 2013		21.19		0.08	(f)(h)		4.89			4.97			(0.99	)
November 1, 2011(j) through June 30, 2012		21.75		0.08	(f)(i)		1.37			1.45			(2.01	)
Select Class
Year Ended June 30, 2015		30.39		(0.11	)(f)		3.57			3.46			(2.79	)
Year Ended June 30, 2014		25.08		(0.06	)(f)(g)		8.16			8.10			(2.79	)
Year Ended June 30, 2013		21.15		0.03	(f)(h)		4.89			4.92			(0.99	)
Year Ended June 30, 2012		24.97		0.02	(f)(i)		(1.83	)		(1.81	)		(2.01	)
Year Ended June 30, 2011		17.47		(0.03	)(f)		7.53			7.50			—

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

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $(0.14), $(0.23), $(0.20), $(0.02), $(0.01) and $(0.06) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.03)%, (0.73)%, (0.08)%, (0.03)% and (0.22)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.17), $(0.13), $0.01, $0.02 and $(0.02) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.42)%, (0.92)%, (0.57)%, 0.04%, 0.09% and (0.10)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.09), $(0.17), $(0.12), less than $0.01, $0.03 and $(0.03) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.46)%, (0.97)%, (0.57)%, (0.03)%, 0.24% and (0.14)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

		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)(e)
$	31.33		12.92	%	$	265,905		0.73	%		(0.19	)%		0.78	%		57	%
	30.57		34.16			86,150		0.74			(0.01	)(g)		0.86			69
	25.17		24.26			47,434		0.74			0.34	(h)		0.98			70
	21.19		7.76			13,982		0.73			0.58	(i)		0.87			70
	31.06		12.68			1,562,284		0.92			(0.37	)		1.12			57
	30.39		33.91			1,254,748		0.93			(0.20	)(g)		1.12			69
	25.08		24.06			894,740		0.93			0.14	(h)		1.20			70
	21.15		(6.31	)		827,306		0.93			0.09	(i)		1.13			70
	24.97		42.93			1,031,463		0.93			(0.13	)		1.10			79

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

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
Year Ended June 30, 2015	$	37.25	$	0.20	(d)	$	2.52	$	2.72	$	(0.20	)	$	(2.79	)	$	(2.99	)
Year Ended June 30, 2014		31.68		0.15	(d)(e)		7.02		7.17		(0.15	)		(1.45	)		(1.60	)
Year Ended June 30, 2013		25.80		0.19	(d)(f)		6.20		6.39		(0.29	)		(0.22	)		(0.51	)
Year Ended June 30, 2012		24.76		0.20	(d)		1.00		1.20		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		18.91		0.18	(d)		5.85		6.03		(0.18	)		—			(0.18	)
Class C
Year Ended June 30, 2015		36.19		0.01	(d)		2.44		2.45		(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(d)(e)		6.83		6.80		—	(g)		(1.45	)		(1.45	)
Year Ended June 30, 2013		25.14		0.05	(d)(f)		6.03		6.08		(0.16	)		(0.22	)		(0.38	)
Year Ended June 30, 2012		24.13		0.07	(d)		0.98		1.05		(0.04	)		—			(0.04	)
Year Ended June 30, 2011		18.44		0.07	(d)		5.69		5.76		(0.07	)		—			(0.07	)
Class R2
Year Ended June 30, 2015		36.14		0.10	(d)		2.43		2.53		(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(d)(e)		6.82		6.88		(0.10	)		(1.45	)		(1.55	)
Year Ended June 30, 2013		25.18		0.12	(d)(f)		6.03		6.15		(0.30	)		(0.22	)		(0.52	)
Year Ended June 30, 2012		24.27		0.14	(d)		0.97		1.11		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		18.63		0.12	(d)		5.76		5.88		(0.24	)		—			(0.24	)
Institutional Class
Year Ended June 30, 2015		37.99		0.40	(d)		2.56		2.96		(0.40	)		(2.79	)		(3.19	)
Year Ended June 30, 2014		32.26		0.32	(d)(e)		7.17		7.49		(0.31	)		(1.45	)		(1.76	)
Year Ended June 30, 2013		26.24		0.34	(d)(f)		6.31		6.65		(0.41	)		(0.22	)		(0.63	)
Year Ended June 30, 2012		25.19		0.32	(d)		1.01		1.33		(0.28	)		—			(0.28	)
Year Ended June 30, 2011		19.22		0.30	(d)		5.95		6.25		(0.28	)		—			(0.28	)
Select Class
Year Ended June 30, 2015		37.61		0.28	(d)		2.55		2.83		(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(d)(e)		7.10		7.33		(0.22	)		(1.45	)		(1.67	)
Year Ended June 30, 2013		26.01		0.27	(d)(f)		6.24		6.51		(0.35	)		(0.22	)		(0.57	)
Year Ended June 30, 2012		24.97		0.26	(d)		1.01		1.27		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		19.07		0.24	(d)		5.90		6.14		(0.24	)		—			(0.24	)

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

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.14, $(0.03), $0.05, $0.32 and $0.23 for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.41%, (0.10)%, 0.16%, 0.90% and 0.66% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.16, $0.01, $0.09, $0.31 and $0.23 for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.55%, 0.04%, 0.31%, 1.04% and 0.80% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(g) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	36.98		7.68	%	$	2,623,772		1.23	%		0.53	%		1.38	%		18	%
	37.25		23.25			3,404,974		1.23			0.42	(e)		1.37			25
	31.68		25.06			3,157,503		1.23			0.67	(f)		1.38			23
	25.80		4.92			1,986,930		1.24			0.83			1.41			30
	24.76		31.96			1,979,270		1.23			0.81			1.39			41
	35.79		7.12			595,385		1.74			0.03			1.84			18
	36.19		22.63			608,283		1.74			(0.09	)(e)		1.87			25
	30.84		24.43			534,813		1.74			0.16	(f)		1.88			23
	25.14		4.38			370,781		1.75			0.32			1.91			30
	24.13		31.29			373,415		1.74			0.30			1.89			41
	35.73		7.38			71,697		1.49			0.28			1.71			18
	36.14		22.94			71,958		1.49			0.17	(e)		1.62			25
	30.81		24.71			57,003		1.49			0.43	(f)		1.63			23
	25.18		4.65			14,824		1.49			0.59			1.66			30
	24.27		31.66			6,500		1.49			0.50			1.65			41
	37.76		8.19			10,320,516		0.74			1.05			0.94			18
	37.99		23.88			8,581,992		0.74			0.92	(e)		0.97			25
	32.26		25.68			6,627,529		0.74			1.16	(f)		0.98			23
	26.24		5.43			3,543,900		0.74			1.33			1.01			30
	25.19		32.66			2,812,296		0.74			1.29	��		0.99			41
	37.36		7.92			2,347,703		0.98			0.75			1.10			18
	37.61		23.59			2,967,759		0.98			0.67	(e)		1.12			25
	31.95		25.35			2,870,752		0.98			0.92	(f)		1.13			23
	26.01		5.20			1,836,012		0.98			1.09			1.16			30
	24.97		32.29			1,513,926		0.98			1.05			1.14			41

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	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
Multi-Cap Market Neutral Fund
Class A
Year Ended June 30, 2015	$	9.91	$	(0.11	)(e)	$	0.07	$	(0.04	)
Year Ended June 30, 2014		9.79		(0.13	)(e)		0.25		0.12
Year Ended June 30, 2013		9.69		(0.11	)(e)(f)		0.21		0.10
Year Ended June 30, 2012		9.81		(0.14	)(e)		0.02		(0.12	)
Year Ended June 30, 2011		9.71		(0.16	)(e)		0.26		0.10
Class C
Year Ended June 30, 2015		9.40		(0.15	)(e)		0.06		(0.09	)
Year Ended June 30, 2014		9.33		(0.17	)(e)		0.24		0.07
Year Ended June 30, 2013		9.30		(0.17	)(e)(f)		0.20		0.03
Year Ended June 30, 2012		9.48		(0.20	)(e)		0.02		(0.18	)
Year Ended June 30, 2011		9.46		(0.23	)(e)		0.25		0.02
Select Class
Year Ended June 30, 2015		10.09		(0.09	)(e)		0.07		(0.02	)
Year Ended June 30, 2014		9.94		(0.11	)(e)		0.26		0.15
Year Ended June 30, 2013		9.82		(0.09	)(e)(f)		0.21		0.12
Year Ended June 30, 2012		9.91		(0.12	)(e)		0.03		(0.09	)
Year Ended June 30, 2011		9.79		(0.14	)(e)		0.26		0.12

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

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(c) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.48% and 1.95% for the year ended June 30, 2015, 1.49% and 1.91% for the year ended June 30, 2014, 1.48% and 1.88% for the year ended June 30, 2013, 1.48% and 1.94% for 2012, and 1.49% and 1.95% for 2011; for Class C are 1.98% and 2.45% for the year ended June 30, 2015, 1.99% and 2.40% for the year ended June 30, 2014, 2.15% and 2.38% for the year ended June 30, 2013, 2.23% and 2.44% for 2012, 2.24% and 2.45% for 2011; for Select Class are 1.23% and 1.64% for the year ended June 30, 2015, 1.23% and 1.65% for the year ended June 30, 2014, 1.23% and 1.63% for the year ended June 30, 2013, 1.23% and 1.69% for 2012, and 1.24% and 1.70% for 2011, respectively.

(d) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(e) Calculated based upon average shares outstanding.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.13), $(0.19) and $(0.11) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.38)%, (2.06)% and (1.16)% for Class A, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (b)(c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (c)			Portfolio turnover rate (d)			Portfolio turnover rate (including short sales) (d)
$	9.87		(0.40	)%	$	6,273		2.68	%		(1.14	)%		3.15	%		74	%		204	%
	9.91		1.23			10,301		2.78			(1.36	)		3.20			106			227
	9.79		1.03			14,101		3.04			(1.13	)(g)		3.44			94			251
	9.69		(1.22	)		19,759		2.86			(1.42	)		3.32			151			316
	9.81		1.03			29,216		2.92			(1.65	)		3.38			145			339
	9.31		(0.96	)		6,760		3.18			(1.62	)		3.65			74			204
	9.40		0.75			8,602		3.28			(1.85	)		3.70			106			227
	9.33		0.32			11,181		3.69			(1.81	)(g)		3.92			94			251
	9.30		(1.90	)		15,677		3.61			(2.17	)		3.82			151			316
	9.48		0.21			22,094		3.67			(2.46	)		3.88			145			339
	10.07		(0.20	)		277,647		2.43			(0.89	)		2.84			74			204
	10.09		1.51			431,890		2.52			(1.07	)		2.94			106			227
	9.94		1.22			317,974		2.78			(0.90	)(g)		3.18			94			251
	9.82		(0.91	)		476,803		2.61			(1.17	)		3.07			151			316
	9.91		1.23			491,653		2.67			(1.39	)		3.13			145			339

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			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
Year Ended June 30, 2015	$	29.15	$	0.19	(d)	$	1.47	$	1.66	$	(0.26	)	$	(0.71	)	$	(0.97	)
Year Ended June 30, 2014		24.64		0.34	(d)		5.03		5.37		(0.16	)		(0.70	)		(0.86	)
Year Ended June 30, 2013		19.96		0.22	(d)		4.75		4.97		(0.20	)		(0.09	)		(0.29	)
Year Ended June 30, 2012		19.07		0.25	(d)		0.84		1.09		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		15.22		0.23	(d)		3.79		4.02		(0.17	)		—			(0.17	)
Class C
Year Ended June 30, 2015		29.08		0.04	(d)		1.47		1.51		(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2014		24.61		0.20	(d)		5.02		5.22		(0.05	)		(0.70	)		(0.75	)
Year Ended June 30, 2013		19.91		0.11	(d)		4.74		4.85		(0.06	)		(0.09	)		(0.15	)
Year Ended June 30, 2012		19.01		0.16	(d)		0.84		1.00		(0.10	)		—			(0.10	)
Year Ended June 30, 2011		15.17		0.14	(d)		3.77		3.91		(0.07	)		—			(0.07	)
Institutional Class
Year Ended June 30, 2015		29.31		0.34	(d)		1.50		1.84		(0.38	)		(0.71	)		(1.09	)
Year Ended June 30, 2014		24.74		0.48	(d)		5.04		5.52		(0.25	)		(0.70	)		(0.95	)
Year Ended June 30, 2013		19.99		0.34	(d)		4.75		5.09		(0.25	)		(0.09	)		(0.34	)
Year Ended June 30, 2012		19.11		0.35	(d)		0.83		1.18		(0.30	)		—			(0.30	)
Year Ended June 30, 2011		15.24		0.32	(d)		3.79		4.11		(0.24	)		—			(0.24	)
Select Class
Year Ended June 30, 2015		29.27		0.27	(d)		1.48		1.75		(0.32	)		(0.71	)		(1.03	)
Year Ended June 30, 2014		24.72		0.42	(d)		5.03		5.45		(0.20	)		(0.70	)		(0.90	)
Year Ended June 30, 2013		20.00		0.28	(d)		4.75		5.03		(0.22	)		(0.09	)		(0.31	)
Year Ended June 30, 2012		19.12		0.30	(d)		0.83		1.13		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		15.27		0.28	(d)		3.79		4.07		(0.22	)		—			(0.22	)

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

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	29.84		5.78	%	$	2,440,061		1.24	%		0.64	%		1.41	%		17	%
	29.15		22.19			1,701,250		1.24			1.26			1.33			36
	24.64		25.09			784,359		1.24			0.98			1.33			22
	19.96		5.83			206,816		1.25			1.34			1.41			49
	19.07		26.45			232,103		1.24			1.28			1.34			33
	29.72		5.26			701,023		1.73			0.14			1.83			17
	29.08		21.58			402,880		1.74			0.74			1.83			36
	24.61		24.45			212,198		1.74			0.49			1.83			22
	19.91		5.32			117,937		1.75			0.84			1.91			49
	19.01		25.82			131,743		1.74			0.78			1.84			33
	30.06		6.36			5,058,172		0.74			1.15			0.90			17
	29.31		22.77			3,042,506		0.74			1.77			0.93			36
	24.74		25.73			1,455,125		0.74			1.50			0.93			22
	19.99		6.36			384,525		0.75			1.86			1.01			49
	19.11		27.06			284,433		0.74			1.79			0.94			33
	29.99		6.05			3,095,251		0.99			0.89			1.05			17
	29.27		22.49			2,546,808		0.99			1.53			1.08			36
	24.72		25.38			1,245,241		0.99			1.23			1.08			22
	20.00		6.09			422,861		1.00			1.62			1.16			49
	19.12		26.75			270,562		0.99			1.53			1.09			33

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2015

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 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”, with JPM I, JPM II and JPMMFIT (the “Trusts”)), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.

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

	Classes Offered	Trust	Diversified/Non-Diversified
Growth Advantage Fund	Class A, Class C, Class R5, Class R6* and Select Class	JPMMFIT	Diversified
Mid Cap Equity Fund	Class A, Class C, Class R2**, Class R5**, Class R6** and Select Class	JPM I	Diversified
Mid Cap Growth Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Mid Cap Value Fund	Class A, Class C, Class R2, Institutional Class and Select Class	JPMFMFG	Diversified
Multi-Cap Market Neutral Fund	Class A, Class C, and Select Class	JPM II	Diversified
Value Advantage Fund	Class A, Class C, Institutional Class and Select Class	JPM I	Diversified

* Class R6 Shares of Growth Advantage Fund commenced operations on December 23, 2013.

** Class R2, Class R5 and Class R6 Shares of Mid Cap Equity Fund commenced operations on March 14, 2014.

The investment objective of Growth Advantage Fund and Mid Cap Equity Fund is to seek to provide long-term capital growth.

The investment objective of Mid Cap Growth Fund is to seek growth of capital.

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 as of the close of business on January 3, 2014, all share classes of the Mid Cap Equity Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Classes’ prospectuses.

Effective as of the close of business on February 22, 2013, all share classes of the Mid Cap Value Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Classes’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class 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.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.

2. Significant Accounting Policies

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

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

JPMorgan Funds Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies excluding Exchange Traded Funds (“ETFs”) (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

Growth Advantage Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,249,140		$	—	$	—	$	5,249,140
Mid Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,293,686		$	—	$	—	$	3,293,686
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)	$	3,091,337		$	—	$	—	$	3,091,337
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)	$	16,012,877		$	—	$	—	$	16,012,877
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)	$	292,621		$	—	$	—	$	292,621
Total Liabilities for Securities Sold Short (a)	$	(252,649	)	$	—	$	—	$	(252,649	)
Appreciation in Other Financial Instruments
Futures Contracts	$	36		$	—	$	—	$	36

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2015 (continued)

Value Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,264,248	$	—	$	—	$	11,264,248

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended June 30, 2015.

B. Short Sales — 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 anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as interest income or interest expense, respectively, on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2015, the Fund had outstanding short sales as listed on its SOI.

C. Futures Contracts — Multi-Cap Market Neutral Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Fund also bought futures contracts to immediately invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. 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 are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs 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 positions.

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

The table below discloses the volume of the Fund’s futures contracts activity during the year ended June 30, 2015 (amounts in thousands):

	Multi-Cap Market Neutral Fund
Futures Contracts:
Average Notional Balance Long	$	3,413	(a)
Average Notional Balance Short		2,469
Ending Notional Balance Long		—
Ending Notional Balance Short		2,067

(a) For the period March 1, 2015 through March 31, 2015.

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

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

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

E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV 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.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

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

	Paid-in-Capital			Accumulated Undistributed (Distributions in Excess of) Net Investment Income			Accumulated Net Realized Gains (Losses)
Growth Advantage Fund	$	(7,398	)	$	14,677		$	(7,279	)
Mid Cap Equity Fund		(6	)		(2,249	)		2,255
Mid Cap Growth Fund		(11	)		9,807			(9,796	)
Mid Cap Value Fund		(5,262	)		483			4,779
Multi-Cap Market Neutral Fund		(4,597	)		4,521			76
Value Advantage Fund		—			(1,709	)		1,709

The reclassification for the Funds relate primarily to capital loss carryforwards, investments in partnerships, net operating losses and non-taxable dividends.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2015 (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management, Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each 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 rate for each Fund is as follows:

Growth Advantage 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 Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (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 year ended June 30, 2015, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (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 has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B, Class C and Class R2 Shares of the Funds, as applicable, 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 Equity Fund		0.25			n/a			0.75			0.50	%
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 year ended June 30, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	767	$	1
Mid Cap Equity Fund		203		—
Mid Cap Growth Fund		99		1
Mid Cap Value Fund		37		—	(a)
Multi-Cap Market Neutral Fund		1		—
Value Advantage Fund		644		3

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

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

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 accrued 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 Equity Fund		0.25			n/a			0.25			0.25	%		0.05			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 to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and 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 related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s 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	%		0.85	%*		n/a			1.10	%
Mid Cap Equity Fund		1.25			n/a			1.75			1.50	%		0.80			0.75			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		1.50			2.00			2.00			n/a			n/a			n/a			n/a			1.25
Value Advantage Fund		1.25			n/a			1.75			n/a			n/a			n/a			0.75			1.00

* Prior to January 1, 2015, the contractual expense limitation for Growth Advantage Fund Class R6 was 0.80%.

The expense limitation agreements were in effect for the year ended June 30, 2015. The contractual expense limitation percentages in the table above are in place until at least October 31, 2015, except Mid Cap Equity Fund which is in place until October 31, 2016 and Class B Shares which are no longer operating. In addition, the Funds’ service providers have voluntarily waived fees during the year ended June 30, 2015. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the year ended June 30, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Growth Advantage Fund	$	40	$	3	$	1,078	$	1,121	$	—
Mid Cap Equity Fund		923		615		3,776		5,314		293
Mid Cap Growth Fund		785		517		2,353		3,655		12
Mid Cap Value Fund		6,594		4,303		12,366		23,263		2,625
Multi-Cap Market Neutral Fund		1,107		297		9		1,413		—	(a)
Value Advantage Fund		2,793		1,830		6,572		11,195		436

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

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2015 (continued)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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 these money market funds for the year ended June 30, 2015 was as follows (amounts in thousands):

Growth Advantage Fund	$	210
Mid Cap Equity Fund		199
Mid Cap Growth Fund		143
Mid Cap Value Fund		1,023
Multi-Cap Market Neutral Fund		71
Value Advantage Fund		1,432

G. Other — Certain officers of the Trusts are affiliated with the Adviser, 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 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 on the Statements of Operations.

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

During the year ended June 30, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended June 30, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Growth Advantage Fund	$	2
Mid Cap Equity Fund		—	(a)
Mid Cap Growth Fund		—	(a)

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

4. Investment Transactions

During the year ended June 30, 2015, 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	$	2,787,395	$	1,903,868	$	—	$	—
Mid Cap Equity Fund		1,430,107		1,199,994		—		—
Mid Cap Growth Fund		1,875,012		1,346,817		—		—
Mid Cap Value Fund		2,809,649		3,580,977		—		—
Multi-Cap Market Neutral Fund		238,074		398,530		260,535		414,404
Value Advantage Fund		4,181,677		1,544,170		—		—

During the year ended June 30, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	3,827,543	$	1,468,447	$	46,850	$	1,421,597
Mid Cap Equity Fund		2,471,328		875,460		53,102		822,358
Mid Cap Growth Fund		2,307,026		827,294		42,983		784,311

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Mid Cap Value Fund	$	10,728,989	$	5,465,948	$	182,060	$	5,283,888
Multi-Cap Market Neutral Fund		255,039		68,567		30,985		37,582
Value Advantage Fund		9,632,583		1,850,545		218,880		1,631,665

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in partnerships and wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2015 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	27,729	$	127,462	$	155,191
Mid Cap Equity Fund		39,516		103,413		142,929
Mid Cap Growth Fund		27,727		190,498		218,225
Mid Cap Value Fund		255,048		1,021,777		1,276,825
Value Advantage Fund		166,645		160,536		327,181

The tax character of distributions paid during the year ended June 30, 2014 was as follows (amounts in thousands):

	Ordinary Income		Net Long Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	41,088	$	88,308	$	129,396
Mid Cap Equity Fund		33,507		66,650		100,157
Mid Cap Growth Fund		1,961		179,210		181,171
Mid Cap Value Fund		235,213		461,603		696,816
Value Advantage Fund		93,947		80,234		174,181

As of June 30, 2015, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	—	$	163,952	$	—		$	1,421,597
Mid Cap Equity Fund		20,826		104,754		—			822,358
Mid Cap Growth Fund		3,127		124,596		—			784,311
Mid Cap Value Fund		56,281		698,118		(22,101	)		5,283,888
Multi-Cap Market Neutral Fund		—		—		(16,117	)		27,397
Value Advantage Fund		84,088		68,931		—			1,629,140

For the Funds, the cumulative timing differences primarily consist of post-October capital loss deferrals, late year ordinary loss deferrals, investments in partnerships and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (“the “Act”), net capital losses recognized by the Funds after June 30, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, 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.

As of June 30, 2015, the Funds did not have post-enactment capital loss carryforwards.

As of June 30, 2015, the following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2016		2017		2018		Total
Mid Cap Value Fund	$	—	$	—	$	22,101	$	22,101	*
Multi-Cap Market Neutral Fund		16,117		—		—		16,117

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381 - 384. Excludes approximately $5,263,000 of losses no longer available due to merger limitations.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2015 (continued)

During the year ended June 30, 2015, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Pre-Enactment Capital Loss Carryforwards Utilized
Mid Cap Growth Fund	$	13,557
Mid Cap Value Fund		7,367
Multi-Cap Market Neutral Fund		13,495

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2015, the following Funds deferred to July 1, 2016 late year ordinary losses and post-October capital losses of (amounts in thousands):

	Late Year Ordinary Loss Deferral		Post-October Capital Loss Character
			Short-Term		Long-Term
Growth Advantage Fund	$	10,270	$	15,279	$	—
Mid Cap Growth Fund		7,877		—		—
Multi-Cap Market Neutral Fund		854		29,825		—

6. Borrowings

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

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 9, 2015.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at June 30, 2015. Average borrowings from the Facility for the year ended June 30, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Multi-Cap Market Neutral Fund	$	21,128		0.21	%		4	$	—	(a)

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

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on 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. The amount of exposure would depend on 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 Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Funds’ assets for each of the Growth Advantage Fund, Mid Cap Equity Fund and Mid Cap Growth Fund.

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

In addition, as of June 30, 2015, 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 following Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Growth Advantage Fund		—			40.6	%
Mid Cap Equity Fund		—			33.4
Multi-Cap Market Neutral Fund		89.9	%		—
Value Advantage Fund		—			17.2

Additionally, Mid Cap Value Fund and Value Advantage Fund each have one or more shareholders, each of which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of that Fund’s outstanding shares.

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

As of June 30, 2015, the Multi-Cap Market Neutral Fund pledged substantially all of its assets for securities sold short to Citigroup Global Markets, Inc., who also held 100% of the Multi-Cap Market Neutral Fund’s cash proceeds for securities sold short.

8. Business Combinations

In November 2013, the Board of Trustees of JPM I approved management’s proposal to merge JPMorgan Mid Cap Core Fund (the “Target Fund”) into JPMorgan Mid Cap Equity Fund (the “Acquiring Fund”). The Agreement and Plan of Reorganization with respect to the Target Fund was approved by the Target Fund’s Board of Trustees on November 19-21, 2013. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on March 14, 2014. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $1,111,228,000 and identified cost of approximately $904,208,000 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The following is a summary of Shares Outstanding, Net Assets, NAV and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands, except per share amounts):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Mid Cap Core Fund							$	207,020
Class A		1,967	$	42,694	$	21.70
Class C		77		1,648		21.48
Class R2		29		632		21.60
Class R5		4		87		21.87
Class R6		30,932		676,262		21.86
Select Class		17,884		390,167		21.82
Acquiring Fund
Mid Cap Equity Fund								407,160
Class A		1,999		85,802		42.92
Class C		386		16,354		42.32
Select Class		29,489		1,272,165		43.14

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2015 (continued)

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Post Reorganization
Mid Cap Equity Fund							$	614,180
Class A		2,994	$	128,496	$	42.92
Class C		425		18,002		42.32
Class R2		15		632		42.92
Class R5		2		87		43.14
Class R6		15,676		676,262		43.14
Select Class		38,533		1,662,333		43.14

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

80 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund, JPMorgan Multi-Cap Market Neutral Fund and JPMorgan Value Advantage Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (each a separate fund of JPMorgan Trust I), JPMorgan Mid Cap Growth Fund and JPMorgan Multi-Cap Market Neutral Fund (each a separate fund of JPMorgan Trust II), JPMorgan Growth Advantage Fund (a separate fund of J.P. Morgan Mutual Fund Investment Trust) and JPMorgan Mid Cap Value Fund (a separate fund of J.P. Morgan Fleming Mutual Fund Group, Inc.) (hereafter collectively referred to as the “Funds”) at June 30, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

August 26, 2015

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 81

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	153	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	153	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	153	None
Frankie D. Hughes (1952), Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	153	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	153	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	153	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	153	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	153	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	153	Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present).

82 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	153	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	153	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	153	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	153	None

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

⁽²⁾ A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (153 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

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

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 83

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

* The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

84 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2015, and continued to hold your shares at the end of the reporting period, June 30, 2015.

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 the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Expense Example

	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,098.40	$	6.45		1.24	%
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,096.40		9.04		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class R5
Actual		1,000.00		1,100.20		5.00		0.96
Hypothetical		1,000.00		1,020.38		4.81		0.96
Class R6
Actual		1,000.00		1,100.80		3.91		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Select Class
Actual		1,000.00		1,099.20		5.78		1.11
Hypothetical		1,000.00		1,019.39		5.56		1.11
Mid Cap Equity Fund
Class A
Actual		1,000.00		1,057.20		6.32		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,054.60		8.86		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class R2
Actual		1,000.00		1,055.70		7.59		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 85

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Equity Fund (continued)
Class R5
Actual	$	1,000.00	$	1,059.60	$	4.03		0.79	%
Hypothetical		1,000.00		1,020.88		3.96		0.79
Class R6
Actual		1,000.00		1,059.80		3.78		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Select Class
Actual		1,000.00		1,058.80		4.54		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Mid Cap Growth Fund
Class A
Actual		1,000.00		1,102.20		6.41		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class C
Actual		1,000.00		1,099.20		9.00		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class R2
Actual		1,000.00		1,101.10		7.24		1.39
Hypothetical		1,000.00		1,017.90		6.95		1.39
Class R5
Actual		1,000.00		1,104.60		4.07		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class R6
Actual		1,000.00		1,104.70		3.81		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73
Select Class
Actual		1,000.00		1,103.80		4.80		0.92
Hypothetical		1,000.00		1,020.23		4.61		0.92
Mid Cap Value Fund
Class A
Actual		1,000.00		1,014.00		6.14		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class C
Actual		1,000.00		1,011.30		8.68		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class R2
Actual		1,000.00		1,012.50		7.43		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Institutional Class
Actual		1,000.00		1,016.40		3.70		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Select Class
Actual		1,000.00		1,015.20		4.90		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98
Multi-Cap Market Neutral Fund
Class A
Actual		1,000.00		980.10		13.16		2.68
Hypothetical		1,000.00		1,011.50		13.37		2.68
Class C
Actual		1,000.00		976.90		15.59		3.18
Hypothetical		1,000.00		1,009.03		15.84		3.18

86 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

	Beginning Account Value January 1, 2015		Ending Account Value June 30, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Multi-Cap Market Neutral Fund (continued)
Select Class
Actual	$	1,000.00	$	980.50	$	11.93		2.43	%
Hypothetical		1,000.00		1,012.74		12.13		2.43
Value Advantage Fund
Class A
Actual		1,000.00		1,005.70		6.12		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class C
Actual		1,000.00		1,003.40		8.59		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Institutional Class
Actual		1,000.00		1,008.40		3.64		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73
Select Class
Actual		1,000.00		1,007.10		4.88		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98

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

JUNE 30, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 87

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2015. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2015:

	Dividends Received Deduction
Mid Cap Equity Fund		100.00	%
Mid Cap Growth Fund		100.00
Mid Cap Value Fund		100.00
Value Advantage Fund		100.00

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2015 (amounts in thousands):

	Long-Term Capital Gain Distribution
Growth Advantage Fund	$	127,462
Mid Cap Equity Fund		103,413
Mid Cap Growth Fund		190,499
Mid Cap Value Fund		1,021,777
Value Advantage Fund		160,536

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2015 (amounts in thousands):

	Qualified Dividend Income
Growth Advantage Fund	$	25,227
Mid Cap Equity Fund		38,478
Mid Cap Growth Fund		13,459
Mid Cap Value Fund		255,048
Value Advantage Fund		166,644

88 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2015

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC 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 on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the 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., 2015.  All rights reserved. June 2015. AN-MC-615

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.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Mitchell Merin. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2015 – $28,100

2014 – $27,150

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2015 – $5,500

2014 – $5,020

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2015 – $10,035

2014 – $8,330

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2015 and 2014, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2015 – Not applicable

2014 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2015 – 0.0%

2014 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

None.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2014 – $30.6 million

2013 – $33.7million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. 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.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	September 3, 2015

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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	September 3, 2015
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	September 3, 2015