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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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)

Noah D. Greenhill, Esq.

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, 2018 through December 31, 2018

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).

Semi-Annual Report

J.P. Morgan MidCap/Multi-Cap Funds

December 31, 2018 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

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

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

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

LOGO

CONTENTS



CEO’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Growth Advantage Fund			3

JPMorgan Mid Cap Equity Fund			5

JPMorgan Mid Cap Growth Fund			7

JPMorgan Mid Cap Value Fund			9

JPMorgan Value Advantage Fund			11

Schedules of Portfolio Investments			13

Financial Statements			28

Financial Highlights			44

Notes to Financial Statements			54

Schedule of Shareholder Expenses			65

Board Approval of Investment Advisory Agreements			68

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 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

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

“Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	1

J.P. Morgan MidCap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned-6.85% and the Russell Midcap Index returned-11.14%.



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			(10.96)%
Russell 3000 Growth Index			(8.90)%

Net Assets as of 12/31/2018 (In Thousands)			$7,769,612

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the producer durables and materials & processing sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc., Nvidia Corp. and East West Bancorp Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. The Fund eliminated its position in the stock during the reporting period. Shares of Nvidia, a semiconductor manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of East West Bancorp, a Chinese-American bank, fell amid investor concerns about U.S.-China trade tariffs and a weaker outlook for bank profit margins.

Leading individual contributors to relative performance included the Fund’s overweight positions Lennox International Inc., UnitedHealth Group Inc. and Waste Connections Inc. Shares of Lennox International, a provider of heating, ventilation and air conditioning systems, rose after the company raised its forecast for 2019 earnings. Shares of UnitedHealth Group, a health insurance provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018. Shares of Waste Connections, a provider of solid waste collection, transfer and disposal services not held in the Benchmark, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018.

HOW WAS THE FUND POSITIONED?

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	5.8	%
	2.	Amazon.com, Inc.	5.6
	3.	Alphabet, Inc., Class C	5.5
	4.	Apple, Inc.	5.0
	5.	UnitedHealth Group, Inc.	3.9
	6.	Waste Connections, Inc.	2.8
	7.	Mastercard, Inc., Class A	2.4
	8.	Visa, Inc., Class A	2.3
	9.	Boeing Co. (The)	2.0
	10.	salesforce.com, Inc.	1.9


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	34.9	%
Health Care	15.9
Consumer Discretionary	12.9
Industrials	12.9
Communication Services	9.3
Financials	6.9
Materials	2.3
Investment of cash collateral from securities loaned	1.7
Energy	1.5
Real Estate	0.8
Short-Term Investments	0.9

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

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

***

Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**			(15.62	)%		(6.80	)%		8.65	%		15.21	%
Without Sales Charge			(10.96	)		(1.63	)		9.83			15.83
CLASS C SHARES	May 1, 2006
With CDSC***			(12.18	)		(3.14	)		9.28			15.24
Without CDSC			(11.18	)		(2.14	)		9.28			15.24
CLASS I SHARES	May 1, 2006		(10.82	)		(1.39	)		10.05			16.07
CLASS R2 SHARES	July 31, 2017		(11.07	)		(1.89	)		9.55			15.55
CLASS R3 SHARES	May 31, 2017		(10.95	)		(1.63	)		9.84			15.85
CLASS R4 SHARES	May 31, 2017		(10.82	)		(1.34	)		10.09			16.13
CLASS R5 SHARES	January 8, 2009		(10.77	)		(1.22	)		10.24			16.29
CLASS R6 SHARES	December 23, 2013		(10.71	)		(1.12	)		10.36			16.34

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)

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. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.

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

Returns for Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the LipperMulti-Cap Growth Funds Index from December 31, 2008 to

December 31, 2018. 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 LipperMulti-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 higherprice-to-book ratios and higher forecasted growth values. The LipperMulti-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. 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 redemptions of Fund shares.

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



4	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(10.90)%
Russell Midcap Index			(11.14)%

Net Assets as of 12/31/2018 (In Thousands)			$2,417,474

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy sector and the materials & processing sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp., O’Reilly Automotive Inc. and Red Hat Inc. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of O’Reilly Automotive, an automotive parts retailer, rose amid a healthy environment for the auto parts sector and investor expectations that the company will perform well in the later stages of the economic expansion. Shares of Red Hat, a provider of open source software, rose after IBM Corp. agreed to acquire the company for an estimated $34 billion.

Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Inc., Mohawk Industries Inc. and Electronic Arts Inc. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid a slump in the U.S. housing sector. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed abottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Waste Connections, Inc.	1.4	%
	2.	Hilton Worldwide Holdings, Inc.	1.4
	3.	Ross Stores, Inc.	1.3
	4.	O’Reilly Automotive, Inc.	1.3
	5.	Ball Corp.	1.3
	6.	Amphenol Corp., Class A	1.3
	7.	ServiceNow, Inc.	1.2
	8.	CBRE Group, Inc., Class A	1.1
	9.	CMS Energy Corp.	1.0
	10.	Global Payments, Inc.	1.0


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.1	%
Consumer Discretionary	14.9
Financials	14.0
Health Care	12.3
Industrials	11.3
Real Estate	6.5
Utilities	4.9
Materials	4.3
Energy	3.5
Consumer Staples	2.7
Communication Services	2.0
Investment of cash collateral from securities loaned	1.9
Short-Term Investments	1.6

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

***

Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**			(15.69	)%		(13.32	)%		4.71	%		12.59	%
Without Sales Charge			(11.01	)		(8.51	)		5.85			13.20
CLASS C SHARES	November 2, 2009
With CDSC***			(12.21	)		(9.96	)		5.33			12.69
Without CDSC			(11.21	)		(8.96	)		5.33			12.69
CLASS I SHARES	January 1, 1997		(10.90	)		(8.29	)		6.19			13.55
CLASS R2 SHARES	March 14, 2014		(11.11	)		(8.73	)		5.60			13.07
CLASS R5 SHARES	March 14, 2014		(10.82	)		(8.13	)		6.31			13.61
CLASS R6 SHARES	March 14, 2014		(10.77	)		(8.04	)		6.38			13.65

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)

Returns for Class A and Class C Shares prior to their inception dates are based on the performance of Class I 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 Class I Shares.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from November 2, 2009 to March 13, 2014 and Class I 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 Class I Shares.

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index, the Lipper Multi-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. 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 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 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 Multi-Cap Growth Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

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



6	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(10.54)%
Russell Midcap Growth Index			(9.63)%

Net Assets as of 12/31/2018 (In Thousands)			$3,526,662

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the technology sector and its lack of a position in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the health care and financial services sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc. and Red Rock Resorts Inc. and its underweight position in Advanced Micro Devices Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. The Fund eliminated its holdings of Electronic Arts during the reporting period. Shares of Red Rock Resorts, a casino and entertainment properties operator not held in the Benchmark, fell amid higher-than-expected construction costs at its Palms project and general industry weakness inper-room revenue. Shares of Advanced Micro Devices, a maker of semiconductors, rose after the company reported better-than-expected results for the third quarter of 2018 and shifted production to smaller, faster processing units.

Leading individual contributors to relative performance included the Fund’s overweight positions in O’Reilly Automotive Inc., DexCom Inc. and Red Hat Inc. Shares of O’Reilly Automotive, an automotive parts retailer, rose amid a healthy environment for the auto parts sector and investor expectations that the company will perform well in the later stages of the economic expansion. Shares of DexCom, a medical device maker, rose after the company reported better-than-expected revenue and strong demand for its blood glucose monitoring devices. Shares of Red Hat, a provider of open source software, rose after IBM Corp. agreed to acquire the company for an estimated $34 billion.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized abottom-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.	Waste Connections, Inc.	2.7	%
	2.	Ross Stores, Inc.	2.7
	3.	O’Reilly Automotive, Inc.	2.6
	4.	ServiceNow, Inc.	2.4
	5.	Global Payments, Inc.	1.9
	6.	Lennox International, Inc.	1.7
	7.	Red Hat, Inc.	1.6
	8.	Palo Alto Networks, Inc.	1.6
	9.	Fiserv, Inc.	1.5
	10.	GoDaddy, Inc., Class A	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	32.1	%
Health Care	17.7
Consumer Discretionary	16.4
Industrials	15.0
Financials	6.7
Investment of cash collateral from securities loaned	3.6
Materials	3.6
Communication Services	2.4
Energy	1.1
Real Estate	1.0
Short-Term Investments	0.4

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

***

Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(15.38	)%		(10.40	)%		5.55	%		13.69	%
Without Sales Charge			(10.69	)		(5.44	)		6.69			14.30
CLASS C SHARES	November 4, 1997
With CDSC***			(11.90	)		(6.92	)		6.17			13.72
Without CDSC			(10.90	)		(5.92	)		6.17			13.72
CLASS I SHARES	March 2, 1989		(10.54	)		(5.16	)		7.03			14.65
CLASS R2 SHARES	June 19, 2009		(10.80	)		(5.70	)		6.49			14.10
CLASS R3 SHARES	September 9, 2016		(10.66	)		(5.43	)		6.70			14.30
CLASS R4 SHARES	September 9, 2016		(10.55	)		(5.20	)		6.97			14.59
CLASS R5 SHARES	November 1, 2011		(10.48	)		(5.02	)		7.17			14.77
CLASS R6 SHARES	November 1, 2011		(10.46	)		(4.97	)		7.23			14.81

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)

Returns for the Class R2, Class R3, Class R4, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R2, Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. 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 higherprice-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 within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

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



8	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*			(11.50)%
Russell Midcap Value Index			(12.15)%

Net Assets as of 12/31/2018 (In Thousands)			$15,024,150

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy and materials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp. and AutoZone Inc. and an underweight position in Western Digital Co. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter. Shares of Western Digital, a maker of data storage devices not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter.

Leading individual detractors from relative performance included the Fund’s overweight positions EQT Corp., Mohawk Industries Inc. and PVH Corp. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid a slump in the U.S. housing sector. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018.

HOW WAS THE FUND POSITIONED?

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	CMS Energy Corp.	2.1	%
	2.	WEC Energy Group, Inc.	2.0
	3.	Xcel Energy, Inc.	2.0
	4.	Diamondback Energy, Inc.	1.9
	5.	Loews Corp.	1.9
	6.	M&T Bank Corp.	1.8
	7.	Ball Corp.	1.7
	8.	Williams Cos., Inc. (The)	1.7
	9.	AutoZone, Inc.	1.5
	10.	T. Rowe Price Group, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.9	%
Consumer Discretionary	13.4
Real Estate	11.8
Utilities	9.9
Information Technology	7.8
Industrials	7.6
Health Care	6.8
Energy	6.0
Consumer Staples	5.5
Materials	5.0
Communication Services	1.7
Investment of cash collateral from securities loaned	0.7
Short-Term Investments	1.9

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

***

Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			(16.34	)%		(16.70	)%		3.66	%		11.51	%
Without Sales Charge			(11.71	)		(12.09	)		4.79			12.11
CLASS C SHARES	April 30, 2001
With CDSC***			(12.93	)		(13.51	)		4.26			11.55
Without CDSC			(11.93	)		(12.51	)		4.26			11.55
CLASS I SHARES	October 31, 2001		(11.60	)		(11.86	)		5.04			12.39
CLASS L SHARES	November 13, 1997		(11.50	)		(11.65	)		5.30			12.67
CLASS R2 SHARES	November 3, 2008		(11.83	)		(12.32	)		4.51			11.82
CLASS R3 SHARES	September 9, 2016		(11.71	)		(12.09	)		4.79			12.11
CLASS R4 SHARES	September 9, 2016		(11.60	)		(11.84	)		5.04			12.39
CLASS R5 SHARES	September 9, 2016		(11.53	)		(11.73	)		5.25			12.64
CLASS R6 SHARES	September 9, 2016		(11.50	)		(11.66	)		5.29			12.67

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund, the Russell Midcap Value Index, the LipperMid-Cap Value Funds Index and the LipperMid-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 LipperMid-Cap Value Funds Index and the LipperMid-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 lowerprice-to-book ratios and lower forecasted growth values. The LipperMid-Cap Value Funds Index and the LipperMid-Cap Core Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

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



10	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(8.03)%
Russell 3000 Value Index		(7.51)%

Net Assets as of 12/31/2018 (In Thousands)	$	9,877,347

INVESTMENT OBJECTIVE**

The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.

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

The Fund’s Class L Shares underperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials and communications services sectors was a leading detractor from relative performance, while the Fund’s security selection in the energy and industrials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Capital One Financial Corp., Dish Network Corp. and EQT Corp. Shares of Capital One Financial, a credit card and financial services provider, fell after the company reported third quarter 2018 revenue in line with analysts’ estimates. Shares of Dish Network, a subscription television service, fell after the company reported lower-than-expected revenue and a decline in subscriptions for the third quarter of 2018. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight position in Ball Corp. and its underweight positions in General Electric Co. and Schlumberger Ltd. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of Schlumberger, an oilfield services company not held in the Fund, fell as petroleum prices declined toward the end of the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized abottom-up approach to stock selection and sought to identify durable franchises

possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.1	%
	2.	Pfizer, Inc.	3.1
	3.	Wells Fargo & Co.	2.7
	4.	Merck & Co., Inc.	2.1
	5.	Capital One Financial Corp.	1.9
	6.	Loews Corp.	1.8
	7.	Johnson & Johnson	1.7
	8.	PNC Financial Services Group, Inc. (The)	1.7
	9.	Verizon Communications, Inc.	1.7
	10.	Ball Corp.	1.6


PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.0	%
Health Care	10.1
Energy	8.5
Consumer Discretionary	7.8
Real Estate	7.4
Information Technology	6.8
Industrials	6.7
Consumer Staples	5.8
Utilities	5.7
Communication Services	5.6
Materials	4.9
Investment of cash collateral from securities loaned	0.8
Short-Term Investments	0.9

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

***

Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge**			(13.06	)%		(14.18	)%		4.17	%		12.11	%
Without Sales Charge			(8.24	)		(9.42	)		5.30			12.71
CLASS C SHARES	February 28, 2005
With CDSC***			(9.45	)		(10.86	)		4.77			12.14
Without CDSC			(8.45	)		(9.86	)		4.77			12.14
CLASS I SHARES	February 28, 2005		(8.12	)		(9.19	)		5.56			12.99
CLASS L SHARES	February 28, 2005		(8.03	)		(9.05	)		5.80			13.27
CLASS R2 SHARES	July 31, 2017		(8.34	)		(9.64	)		5.03			12.43
CLASS R3 SHARES	September 9, 2016		(8.25	)		(9.41	)		5.29			12.71
CLASS R4 SHARES	September 9, 2016		(8.13	)		(9.18	)		5.56			12.99
CLASS R5 SHARES	September 9, 2016		(8.06	)		(9.06	)		5.78			13.26
CLASS R6 SHARES	September 9, 2016		(7.99	)		(8.97	)		5.83			13.28

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the LipperMulti-Cap Value Funds Index from December 31, 2008 to

December 31, 2018. 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 LipperMulti-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 lowerprice-to-book ratios and lower forecasted growth values. The LipperMulti-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.

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



12	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.2%

Aerospace & Defense — 2.0%

Boeing Co. (The)		479		154,510


Airlines — 0.6%

Delta Air Lines, Inc.		996		49,715


Automobiles — 1.0%

Tesla, Inc. * (a)		243		80,837


Banks — 1.6%

East West Bancorp, Inc.		1,629		70,902

First Republic Bank		604		52,487


				123,389


Biotechnology — 3.9%

Biogen, Inc. *		129		38,939

Exact Sciences Corp. * (a)		925		58,336

Exelixis, Inc. *		2,510		49,370

Intercept Pharmaceuticals, Inc. *		390		39,308

Sage Therapeutics, Inc. *		199		19,033

Spark Therapeutics, Inc. * (a)		565		22,130

Vertex Pharmaceuticals, Inc. *		464		76,823


				303,939


Building Products — 1.9%

Fortune Brands Home & Security, Inc.		908		34,510

Lennox International, Inc.		531		116,127


				150,637


Capital Markets — 4.1%

BlackRock, Inc.		132		51,656

Charles Schwab Corp. (The)		2,279		94,651

Nasdaq, Inc.		978		79,804

S&P Global, Inc.		531		90,187


				316,298


Commercial Services & Supplies — 3.8%

Copart, Inc. *		1,531		73,156

Waste Connections, Inc. (a)		2,994		222,286


				295,442


Communications Equipment — 1.7%

Arista Networks, Inc. *		257		54,182

Palo Alto Networks, Inc. *		398		75,039


				129,221


Construction Materials — 0.7%

Vulcan Materials Co.		561		55,417


Containers & Packaging — 1.6%

Avery Dennison Corp.		790		71,002

Ball Corp.		1,202		55,286


				126,288


INVESTMENTS	SHARES (000)		VALUE ($000)


Distributors — 0.6%

LKQ Corp. *		2,096		49,726


Electronic Equipment, Instruments & Components — 2.4%

Amphenol Corp., Class A		723		58,586

Corning, Inc.		2,359		71,250

Zebra Technologies Corp., Class A *		335		53,358


				183,194


Entertainment — 3.1%

Netflix, Inc. *		464		124,221

Spotify Technology SA *		515		58,452

Take-Two Interactive Software, Inc. *		591		60,791


				243,464


Health Care Equipment & Supplies — 1.9%

DexCom, Inc. *		543		65,087

Intuitive Surgical, Inc. *		167		80,028


				145,115


Health Care Providers & Services — 5.2%

Acadia Healthcare Co., Inc. * (a)		1,309		33,642

Centene Corp. *		517		59,633

UnitedHealth Group, Inc.		1,254		312,471


				405,746


Health Care Technology — 2.1%

Evolent Health, Inc., Class A * (a)		2,175		43,391

Teladoc Health, Inc. * (a)		1,132		56,113

Veeva Systems, Inc., Class A *		720		64,302


				163,806


Hotels, Restaurants & Leisure — 0.8%

Hilton Worldwide Holdings, Inc.		876		62,878


Insurance — 1.3%

Progressive Corp. (The)		1,720		103,786


Interactive Media & Services — 6.4%

Alphabet, Inc., Class C *		419		433,408

Facebook, Inc., Class A *		468		61,298


				494,706


Internet & Direct Marketing Retail — 6.1%

Amazon.com, Inc. *		295		442,631

Wayfair, Inc., Class A * (a)		364		32,753


				475,384


IT Services — 9.7%

Global Payments, Inc.		1,088		112,216

GoDaddy, Inc., Class A *		1,397		91,684

Mastercard, Inc., Class A		1,014		191,197

PayPal Holdings, Inc. *		1,291		108,552

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

IT Services — continued

Square, Inc., Class A *		254		14,219

Visa, Inc., Class A		1,391		183,541

Worldpay, Inc. *		658		50,314


				751,723


Life Sciences Tools & Services — 1.2%

Illumina, Inc. *		308		92,259


Machinery — 3.4%

Deere & Co.		333		49,599

Nordson Corp.		344		41,092

Oshkosh Corp.		724		44,376

Parker-Hannifin Corp.		456		67,933

Stanley Black & Decker, Inc.		525		62,840


				265,840


Oil, Gas & Consumable Fuels — 1.5%

Concho Resources, Inc. *		595		61,170

EOG Resources, Inc.		679		59,233


				120,403


Pharmaceuticals — 1.9%

Catalent, Inc. *		1,327		41,370

Jazz Pharmaceuticals plc *		493		61,050

Revance Therapeutics, Inc. * (a)		1,079		21,712

TherapeuticsMD, Inc. *		5,626		21,437


				145,569


Real Estate Management & Development — 0.9%

CBRE Group, Inc., Class A *		1,700		68,056


Road & Rail — 0.6%

Old Dominion Freight Line, Inc. (a)		388		47,920


Semiconductors & Semiconductor Equipment — 2.5%

Applied Materials, Inc.		1,811		59,299

NVIDIA Corp.		609		81,301

Xilinx, Inc.		607		51,724


				192,324


Software — 14.3%

Adobe, Inc. *		329		74,501

DocuSign, Inc. * (a)		758		30,369

Fair Isaac Corp. *		270		50,565

Intuit, Inc.		451		88,779

Microsoft Corp.		4,550		462,133

Red Hat, Inc. *		194		34,109

SailPoint Technologies Holding, Inc. * (a)		1,746		41,007

salesforce.com, Inc. *		1,101		150,859

ServiceNow, Inc. *		605		107,791


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

Splunk, Inc. *		684		71,749


				1,111,862


Specialty Retail — 3.6%

O’Reilly Automotive, Inc. *		233		80,091

Ross Stores, Inc.		1,592		132,479

Tractor Supply Co.		815		67,962


				280,532


Technology Hardware, Storage & Peripherals — 5.1%

Apple, Inc.		2,492		393,017


Textiles, Apparel & Luxury Goods — 1.0%

Lululemon Athletica, Inc. *		609		74,012


Trading Companies & Distributors — 0.7%

WW Grainger, Inc. (a)		205		57,911


Total Common Stocks (Cost $5,371,661)				7,714,926

Short-Term Investments — 0.9%

Investment Companies — 0.9%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $67,534)		67,534		67,534


Investment of Cash Collateral from Securities Loaned — 1.8%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		112,011		112,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		26,088		26,088


Total Investment of Cash Collateral from Securities Loaned (Cost $138,088)				138,088

Total Investments — 101.9% (Cost $5,577,283)				7,920,548
Liabilities in Excess of Other Assets — (1.9%)				(150,936	)

NET ASSETS — 100.0%				7,769,612

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $135,257,000.
(b)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(C)		The rate shown is the current yield as of December 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%

Aerospace & Defense — 0.8%

Curtiss-Wright Corp.		56		5,678

HEICO Corp., Class A		213		13,445


				19,123


Auto Components — 0.9%

Aptiv plc		209		12,868

BorgWarner, Inc.		247		8,579


				21,447


Automobiles — 0.3%

Tesla, Inc. * (a)		24		7,887


Banks — 4.8%

Citizens Financial Group, Inc.		377		11,197

Comerica, Inc.		82		5,654

East West Bancorp, Inc.		260		11,325

Fifth Third Bancorp		692		16,272

First Republic Bank		226		19,638

Huntington Bancshares, Inc.		754		8,988

M&T Bank Corp.		149		21,349

SunTrust Banks, Inc.		340		17,128

Zions Bancorp		110		4,494


				116,045


Beverages — 0.8%

Constellation Brands, Inc., Class A		59		9,512

Keurig Dr Pepper, Inc.		194		4,976

Molson Coors Brewing Co., Class B		98		5,531


				20,019


Biotechnology — 2.6%

Agios Pharmaceuticals, Inc. * (a)		109		5,040

Alnylam Pharmaceuticals, Inc. * (a)		48		3,485

BioMarin Pharmaceutical, Inc. *		85		7,263

Exact Sciences Corp. *		182		11,465

Exelixis, Inc. *		569		11,184

Intercept Pharmaceuticals, Inc. *		55		5,533

Moderna, Inc. * (a)		217		3,306

Sage Therapeutics, Inc. * (a)		55		5,278

Spark Therapeutics, Inc. *		91		3,570

Vertex Pharmaceuticals, Inc. *		46		7,557


				63,681


Building Products — 1.4%

Fortune Brands Home & Security, Inc.		355		13,469

Lennox International, Inc.		96		20,954


				34,423


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 4.5%

Ameriprise Financial, Inc.		170		17,770

Invesco Ltd.		334		5,597

Nasdaq, Inc.		177		14,430

Northern Trust Corp.		151		12,644

Raymond James Financial, Inc.		148		10,981

S&P Global, Inc.		112		19,101

T. Rowe Price Group, Inc.		183		16,924

TD Ameritrade Holding Corp.		237		11,623


				109,070


Chemicals — 0.5%

Sherwin-Williams Co. (The)		28		11,033


Commercial Services & Supplies — 2.1%

Copart, Inc. *		318		15,194

Waste Connections, Inc.		464		34,422


				49,616


Communications Equipment — 1.6%

Arista Networks, Inc. *		64		13,440

CommScope Holding Co., Inc. *		291		4,766

Palo Alto Networks, Inc. *		104		19,581


				37,787


Construction Materials — 1.1%

Martin Marietta Materials, Inc.		49		8,495

Vulcan Materials Co.		178		17,557


				26,052


Consumer Finance — 0.4%

Ally Financial, Inc.		460		10,426


Containers & Packaging — 2.9%

Avery Dennison Corp.		183		16,457

Ball Corp.		694		31,909

Silgan Holdings, Inc.		457		10,798

Westrock Co.		255		9,645


				68,809


Distributors — 0.8%

Genuine Parts Co.		92		8,857

LKQ Corp. *		428		10,161


				19,018


Diversified Consumer Services — 0.6%

Bright Horizons Family Solutions, Inc. *		124		13,842


Electric Utilities — 1.7%

Edison International		89		5,080

Evergy, Inc.		220		12,478

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — continued

Xcel Energy, Inc.		488		24,029


				41,587


Electrical Equipment — 1.3%

Acuity Brands, Inc.		101		11,633

AMETEK, Inc.		186		12,580

Hubbell, Inc.		61		6,056


				30,269


Electronic Equipment, Instruments & Components — 4.0%

Amphenol Corp., Class A		381		30,893

Arrow Electronics, Inc. *		226		15,562

CDW Corp.		168		13,581

Corning, Inc.		440		13,295

Keysight Technologies, Inc. *		184		11,431

Zebra Technologies Corp., Class A *		73		11,656


				96,418


Entertainment — 1.2%

Electronic Arts, Inc. *		85		6,699

Spotify Technology SA *		85		9,659

Take-Two Interactive Software, Inc. *		127		13,022


				29,380


Equity Real Estate Investment Trusts (REITs) — 5.5%

American Campus Communities, Inc.		164		6,789

American Homes 4 Rent, Class A		332		6,596

AvalonBay Communities, Inc.		89		15,527

Boston Properties, Inc.		122		13,692

Brixmor Property Group, Inc.		594		8,726

Essex Property Trust, Inc.		37		9,105

Federal Realty Investment Trust		104		12,244

JBG SMITH Properties		139		4,851

Kimco Realty Corp.		486		7,113

Outfront Media, Inc.		444		8,054

Rayonier, Inc.		332		9,185

Regency Centers Corp.		124		7,299

Vornado Realty Trust		199		12,355

Weyerhaeuser Co.		254		5,542

WP Carey, Inc.		76		4,993


				132,071


Food & Staples Retailing — 0.4%

Kroger Co. (The)		363		9,992


Food Products — 0.8%

Conagra Brands, Inc.		437		9,336

Post Holdings, Inc. *		118		10,525


				19,861


INVESTMENTS	SHARES (000)		VALUE ($000)


Gas Utilities — 0.5%

National Fuel Gas Co.		249		12,737


Health Care Equipment & Supplies — 2.7%

DexCom, Inc. *		143		17,107

Edwards Lifesciences Corp. *		63		9,704

Insulet Corp. * (a)		111		8,820

ResMed, Inc.		142		16,158

Zimmer Biomet Holdings, Inc.		140		14,516


				66,305


Health Care Providers & Services —4.6%

Acadia Healthcare Co., Inc. * (a)		203		5,219

AmerisourceBergen Corp.		269		19,995

Centene Corp. *		136		15,659

Cigna Corp.		82		15,612

Henry Schein, Inc. *		107		8,365

Humana, Inc.		25		7,282

Laboratory Corp. of America Holdings *		90		11,409

Universal Health Services, Inc., Class B		106		12,301

WellCare Health Plans, Inc. *		67		15,700


				111,542


Health Care Technology — 1.0%

Teladoc Health, Inc. * (a)		194		9,607

Veeva Systems, Inc., Class A *		167		14,943


				24,550


Hotels, Restaurants & Leisure — 2.1%

Hilton Worldwide Holdings, Inc.		467		33,516

Red Rock Resorts, Inc., Class A (a)		358		7,277

Vail Resorts, Inc.		41		8,728


				49,521


Household Durables — 0.8%

Mohawk Industries, Inc. *		110		12,844

Newell Brands, Inc.		397		7,371


				20,215


Household Products — 0.3%

Energizer Holdings, Inc.		145		6,539


Industrial Conglomerates — 0.4%

Carlisle Cos., Inc.		92		9,256


Insurance — 4.5%

Alleghany Corp.		13		8,318

Hartford Financial Services Group, Inc. (The)		371		16,480

Lincoln National Corp.		142		7,261

Loews Corp.		503		22,891

Marsh & McLennan Cos., Inc.		145		11,549

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — continued

Principal Financial Group, Inc.		136		5,994

Progressive Corp. (The)		396		23,909

Unum Group		166		4,888

WR Berkley Corp.		103		7,579


				108,869


Interactive Media & Services — 0.3%

Match Group, Inc.		173		7,414


Internet & Direct Marketing Retail — 1.3%

Expedia Group, Inc.		148		16,723

GrubHub, Inc. * (a)		99		7,604

Wayfair, Inc., Class A * (a)		82		7,342


				31,669


IT Services — 5.3%

Booz Allen Hamilton Holding Corp.		292		13,178

Fiserv, Inc. *		263		19,357

Gartner, Inc. *		74		9,447

Global Payments, Inc.		236		24,349

GoDaddy, Inc., Class A *		294		19,305

Jack Henry & Associates, Inc.		94		11,931

Okta, Inc. * (a)		101		6,444

Shopify, Inc., Class A (Canada) *		45		6,286

Square, Inc., Class A *		166		9,300

Worldpay, Inc. *		117		8,950


				128,547


Life Sciences Tools & Services — 0.4%

Illumina, Inc. *		35		10,432


Machinery — 3.5%

Fortive Corp.(a)		177		11,969

IDEX Corp.		88		11,062

Middleby Corp. (The) *		82		8,456

Nordson Corp.		84		10,073

Oshkosh Corp.		117		7,167

Parker-Hannifin Corp.		79		11,752

Snap-on, Inc.		101		14,650

Stanley Black & Decker, Inc.		85		10,202


				85,331


Media — 0.5%

CBS Corp. (Non-Voting), Class B		161		7,024

DISH Network Corp., Class A *		245		6,121


				13,145


Multiline Retail — 0.9%

Kohl’s Corp.		224		14,852


INVESTMENTS	SHARES (000)		VALUE ($000)


Multiline Retail — continued

Nordstrom, Inc.		171		7,989


				22,841


Multi-Utilities — 2.7%

CMS Energy Corp.		509		25,285

Sempra Energy		142		15,362

WEC Energy Group, Inc.		350		24,270


				64,917


Oil, Gas & Consumable Fuels — 3.6%

Cabot Oil & Gas Corp.		298		6,661

Concho Resources, Inc. *		134		13,784

Diamondback Energy, Inc.		249		23,103

EQT Corp.		419		7,906

Equitrans Midstream Corp. *		386		7,719

PBF Energy, Inc., Class A		223		7,294

Williams Cos., Inc. (The)		915		20,173


				86,640


Personal Products — 0.4%

Coty, Inc., Class A		655		4,299

Edgewell Personal Care Co. *		160		5,977


				10,276


Pharmaceuticals — 1.1%

Catalent, Inc. *		250		7,807

Elanco Animal Health, Inc. * (a)		132		4,159

Jazz Pharmaceuticals plc *		125		15,520


				27,486


Professional Services — 0.7%

Verisk Analytics, Inc. *		145		15,811


Real Estate Management & Development — 1.2%

CBRE Group, Inc., Class A *		646		25,882

Cushman & Wakefield plc *		222		3,217


				29,099


Road & Rail — 0.5%

Old Dominion Freight Line, Inc.		89		10,929


Semiconductors & Semiconductor Equipment — 3.0%

Advanced Micro Devices, Inc. *		445		8,215

Analog Devices, Inc.		155		13,271

Lam Research Corp.		104		14,161

Marvell Technology Group Ltd.		587		9,509

Microchip Technology, Inc. (a)		150		10,817

Xilinx, Inc.		196		16,651


				72,624

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Software — 6.7%

Autodesk, Inc. * (a)		148		19,073

DocuSign, Inc. *		125		5,010

Fair Isaac Corp. *		52		9,687

Intuit, Inc.		49		9,547

Paycom Software, Inc. *		93		11,327

Proofpoint, Inc. *		118		9,881

Red Hat, Inc. *		115		20,163

ServiceNow, Inc. *		167		29,752

Splunk, Inc. *		160		16,765

Synopsys, Inc. *		236		19,862

Tyler Technologies, Inc. *		56		10,332


				161,399


Specialty Retail — 6.0%

AutoZone, Inc. *		21		17,631

Best Buy Co., Inc.		184		9,748

Gap, Inc. (The)		422		10,875

National Vision Holdings, Inc. *		130		3,673

O’Reilly Automotive, Inc. *		96		32,884

Ross Stores, Inc.		399		33,205

Tiffany & Co.		132		10,591

Tractor Supply Co.		211		17,614

Ulta Beauty, Inc. *		35		8,496


				144,717


Textiles, Apparel & Luxury Goods — 1.5%

Lululemon Athletica, Inc. *		132		16,004

PVH Corp.		113		10,491

Ralph Lauren Corp.		92		9,538


				36,033


Trading Companies & Distributors — 1.0%

MSC Industrial Direct Co., Inc., Class A		139		10,676

WW Grainger, Inc.		48		13,665


				24,341


Total Common Stocks (Cost $1,876,921)				2,381,041


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.6%

Investment Companies — 1.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $39,324)		39,324		39,324

Investment of Cash Collateral from Securities Loaned — 2.0%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		40,004		40,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		7,708		7,708


Total Investment of Cash Collateral from Securities Loaned (Cost $47,708)				47,708

Total Investments — 102.1% (Cost $1,963,953)				2,468,073
Liabilities in Excess of Other Assets — (2.1%)				(50,599	)

NET ASSETS — 100.0%				2,417,474

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $47,406,000.
(b)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)

Common Stocks — 100.3%

Aerospace & Defense — 1.6%

Curtiss-Wright Corp.		164		16,717

HEICO Corp., Class A		629		39,623


				56,340


Auto Components — 1.1%

Aptiv plc		616		37,921


Automobiles — 0.7%

Tesla, Inc. * (a)		69		23,096


Banks — 1.6%

East West Bancorp, Inc.		766		33,364

First Republic Bank		285		24,775


				58,139


Biotechnology — 5.3%

Agios Pharmaceuticals, Inc. * (a)		321		14,806

Alnylam Pharmaceuticals, Inc. * (a)		141		10,273

BioMarin Pharmaceutical, Inc. *		251		21,398

Exact Sciences Corp. *		536		33,790

Exelixis, Inc. *		1,675		32,955

Intercept Pharmaceuticals, Inc. *		162		16,295

Moderna, Inc. * (a)		636		9,712

Sage Therapeutics, Inc. *		162		15,547

Spark Therapeutics, Inc. *		269		10,521

Vertex Pharmaceuticals, Inc. *		134		22,270


				187,567


Building Products — 2.3%

Fortune Brands Home & Security, Inc.		489		18,592

Lennox International, Inc.		283		61,857


				80,449


Capital Markets — 4.3%

Ameriprise Financial, Inc.		188		19,590

Nasdaq, Inc.		521		42,515

S&P Global, Inc.		330		56,136

TD Ameritrade Holding Corp.		700		34,254


				152,495


Commercial Services & Supplies — 4.1%

Copart, Inc. *		937		44,770

Waste Connections, Inc. (a)		1,361		101,083


				145,853


Communications Equipment — 2.8%

Arista Networks, Inc. *		188		39,510

Palo Alto Networks, Inc. *		306		57,695


				97,205


INVESTMENTS	SHARES (000)		VALUE ($000)



Construction Materials — 1.5%

Vulcan Materials Co.		523		51,718


Containers & Packaging — 2.3%

Avery Dennison Corp.		540		48,490

Ball Corp.		691		31,782


				80,272


Distributors — 0.8%

LKQ Corp. *		1,262		29,940


Diversified Consumer Services — 1.2%

Bright Horizons Family Solutions, Inc. *		366		40,780


Electronic Equipment, Instruments & Components — 3.6%

Amphenol Corp., Class A		675		54,692

Corning, Inc.		1,297		39,173

Zebra Technologies Corp., Class A *		216		34,362


				128,227


Entertainment — 2.5%

Electronic Arts, Inc. *		250		19,736

Spotify Technology SA *		251		28,466

Take-Two Interactive Software, Inc. *		373		38,365


				86,567


Health Care Equipment & Supplies — 4.3%

DexCom, Inc. *		421		50,400

Edwards Lifesciences Corp. *		186		28,504

Insulet Corp. * (a)		327		25,914

ResMed, Inc.		418		47,609


				152,427


Health Care Providers & Services — 3.6%

Acadia Healthcare Co., Inc. * (a)		596		15,329

AmerisourceBergen Corp.		262		19,500

Centene Corp. *		399		45,993

WellCare Health Plans, Inc. *		195		46,132


				126,954


Health Care Technology — 2.1%

Teladoc Health, Inc. * (a)		571		28,299

Veeva Systems, Inc., Class A *		493		44,040


				72,339


Hotels, Restaurants & Leisure — 2.8%

Hilton Worldwide Holdings, Inc.		728		52,259

Red Rock Resorts, Inc., Class A (a)		1,053		21,393

Vail Resorts, Inc.		122		25,657


				99,309

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)

Common Stocks — continued

Insurance — 1.0%

Progressive Corp. (The)		599		36,113


Internet & Direct Marketing Retail — 1.2%

GrubHub, Inc. * (a)		292		22,406

Wayfair, Inc., Class A * (a)		240		21,630


				44,036


IT Services — 9.7%

Booz Allen Hamilton Holding Corp.		859		38,706

Fiserv, Inc. * (a)		776		57,043

Gartner, Inc. *		217		27,713

Global Payments, Inc.		696		71,748

GoDaddy, Inc., Class A *		867		56,892

Okta, Inc. *		297		18,936

Shopify, Inc., Class A (Canada) *		133		18,469

Square, Inc., Class A *		489		27,406

Worldpay, Inc. *		344		26,272


				343,185


Life Sciences Tools & Services — 0.9%

Illumina, Inc. *		103		30,766


Machinery — 4.3%

Fortive Corp. (a)		520		35,156

Nordson Corp.		249		29,683

Oshkosh Corp.		343		21,029

Parker-Hannifin Corp.		232		34,630

Stanley Black & Decker, Inc.		251		30,067


				150,565


Oil, Gas & Consumable Fuels — 1.2%

Concho Resources, Inc. *		395		40,604


Pharmaceuticals — 2.3%

Catalent, Inc. *		738		23,005

Elanco Animal Health, Inc. * (a)		389		12,249

Jazz Pharmaceuticals plc * (a)		368		45,576


				80,830


Professional Services — 1.3%

Verisk Analytics, Inc. *		427		46,593


Real Estate Management & Development — 1.1%

CBRE Group, Inc., Class A *		961		38,480


Road & Rail — 0.9%

Old Dominion Freight Line, Inc.		261		32,194


Semiconductors & Semiconductor Equipment — 5.0%

Advanced Micro Devices, Inc. *		1,311		24,207

Lam Research Corp.		306		41,639


INVESTMENTS	SHARES (000)		VALUE ($000)



Semiconductors & Semiconductor Equipment — continued

Marvell Technology Group Ltd.		1,727		27,954

Microchip Technology, Inc. (a)		443		31,875

Xilinx, Inc.		574		48,913


				174,588


Software — 12.5%

Autodesk, Inc. *		437		56,203

DocuSign, Inc. * (a)		368		14,765

Fair Isaac Corp. *		153		28,555

Intuit, Inc.		143		28,071

Paycom Software, Inc. * (a)		273		33,392

Proofpoint, Inc. *		347		29,116

Red Hat, Inc. *		337		59,243

ServiceNow, Inc. *		492		87,685

Splunk, Inc. * (a)		471		49,388

Synopsys, Inc. *		274		23,090

Tyler Technologies, Inc. *		164		30,419


				439,927


Specialty Retail — 8.0%

National Vision Holdings, Inc. *		383		10,789

O’Reilly Automotive, Inc. *		281		96,848

Ross Stores, Inc.		1,176		97,850

Tractor Supply Co.		622		51,908

Ulta Beauty, Inc. *		102		24,965


				282,360


Textiles, Apparel & Luxury Goods — 1.3%

Lululemon Athletica, Inc. *		387		47,051


Trading Companies & Distributors — 1.1%

WW Grainger, Inc. (a)		142		40,123


Total Common Stocks (Cost $2,992,453)				3,535,013

Short-Term Investments — 0.4%

Investment Companies — 0.4%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $15,690)		15,690		15,690

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 3.8%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		114,011		114,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		19,998		19,998


Total Investment of Cash Collateral from Securities Loaned (Cost $133,998)				133,998

Total Investments — 104.5% (Cost $3,142,141)				3,684,701
Liabilities in Excess of Other Assets — (4.5%)				(158,039	)

NET ASSETS — 100.0%				3,526,662

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $132,610,000.
(b)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%

Auto Components — 0.7%

BorgWarner, Inc.		3,136		108,947


Banks — 8.1%

Citizens Financial Group, Inc.		4,781		142,140

Comerica, Inc.		1,046		71,864

Fifth Third Bancorp		8,775		206,487

First Republic Bank		1,640		142,518

Huntington Bancshares, Inc. (a)		9,575		114,134

M&T Bank Corp.		1,892		270,853

SunTrust Banks, Inc.		4,309		217,336

Zions Bancorp		1,403		57,152


				1,222,484


Beverages — 1.6%

Constellation Brands, Inc., Class A		751		120,774

Keurig Dr Pepper, Inc.		2,467		63,261

Molson Coors Brewing Co., Class B		1,099		61,697


				245,732


Building Products — 0.6%

Fortune Brands Home & Security, Inc.		2,394		90,962


Capital Markets — 4.9%

Ameriprise Financial, Inc.		1,353		141,182

Invesco Ltd.		4,250		71,143

Northern Trust Corp.		1,920		160,485

Raymond James Financial, Inc.		1,873		139,405

T. Rowe Price Group, Inc.		2,393		220,951


				733,166


Chemicals — 0.9%

Sherwin-Williams Co. (The)		356		140,055


Communications Equipment — 0.4%

CommScope Holding Co., Inc. *		3,714		60,865


Construction Materials — 0.7%

Martin Marietta Materials, Inc. (a)		628		107,888


Consumer Finance — 0.9%

Ally Financial, Inc.		5,841		132,364


Containers & Packaging — 3.5%

Ball Corp.		5,818		267,526

Silgan Holdings, Inc.		5,803		137,078

Westrock Co.		3,243		122,470


				527,074


Distributors — 0.7%

Genuine Parts Co.		1,171		112,469


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — 3.5%

Edison International		1,138		64,586

Evergy, Inc.		2,790		158,375

Xcel Energy, Inc.		6,187		304,831


				527,792


Electrical Equipment — 2.6%

Acuity Brands, Inc.		1,285		147,665

AMETEK, Inc.		2,359		159,674

Hubbell, Inc.		775		76,961


				384,300


Electronic Equipment, Instruments & Components — 4.5%

Amphenol Corp., Class A		1,933		156,583

Arrow Electronics, Inc. *		2,864		197,477

CDW Corp.		2,127		172,359

Keysight Technologies, Inc. *		2,338		145,117


				671,536


Equity Real Estate Investment Trusts (REITs) — 10.8%

American Campus Communities, Inc.		2,084		86,250

American Homes 4 Rent, Class A		4,222		83,801

AvalonBay Communities, Inc.		1,132		197,030

Boston Properties, Inc.		1,544		173,764

Brixmor Property Group, Inc.		7,543		110,814

Essex Property Trust, Inc.		471		115,603

Federal Realty Investment Trust		1,317		155,418

JBG SMITH Properties		1,772		61,688

Kimco Realty Corp. (a)		6,168		90,358

Outfront Media, Inc.		5,817		105,398

Rayonier, Inc.		4,212		116,626

Regency Centers Corp.		1,580		92,718

Vornado Realty Trust		2,528		156,823

Weyerhaeuser Co.		3,223		70,447


				1,616,738


Food & Staples Retailing — 0.8%

Kroger Co. (The)		4,613		126,860


Food Products — 1.7%

Conagra Brands, Inc.		5,535		118,221

Post Holdings, Inc. * (a)		1,499		133,629


				251,850


Gas Utilities — 1.1%

National Fuel Gas Co. (a)		3,159		161,664


Health Care Equipment & Supplies — 1.2%

Zimmer Biomet Holdings, Inc.		1,776		184,221

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Providers & Services — 5.8%

AmerisourceBergen Corp.		2,281		169,733

Cigna Corp.		1,043		198,108

Henry Schein, Inc. * (a)		1,353		106,239

Humana, Inc.		323		92,487

Laboratory Corp. of America Holdings *		1,146		144,826

Universal Health Services, Inc., Class B		1,339		156,122


				867,515


Hotels, Restaurants & Leisure — 1.3%

Hilton Worldwide Holdings, Inc.		2,790		200,299


Household Durables — 1.7%

Mohawk Industries, Inc. *		1,394		163,015

Newell Brands, Inc. (a)		5,037		93,629


				256,644


Household Products — 0.6%

Energizer Holdings, Inc.		1,840		83,077


Industrial Conglomerates — 0.8%

Carlisle Cos., Inc.		1,169		117,541


Insurance — 8.2%

Alleghany Corp.		170		105,662

Hartford Financial Services Group, Inc. (The)		4,705		209,134

Lincoln National Corp.		1,798		92,233

Loews Corp.		6,380		290,404

Marsh & McLennan Cos., Inc.		1,838		146,613

Principal Financial Group, Inc.		1,725		76,181

Progressive Corp. (The)		2,451		147,882

Unum Group		2,115		62,149

WR Berkley Corp.		1,302		96,267


				1,226,525


Interactive Media & Services — 0.6%

Match Group, Inc. (a)		2,202		94,174


Internet & Direct Marketing Retail — 1.4%

Expedia Group, Inc.		1,884		212,192


IT Services — 1.0%

Jack Henry & Associates, Inc.		1,197		151,439


Machinery — 2.9%

IDEX Corp.		1,112		140,442

Middleby Corp. (The) *		1,045		107,383

Snap-on, Inc.		1,280		185,913


				433,738


Media — 1.1%

CBS Corp. (Non-Voting), Class B		2,041		89,232


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — continued

DISH Network Corp., Class A *		3,115		77,783


				167,015


Mortgage Real Estate Investment Trusts (REITs) — 0.3%

Starwood Property Trust, Inc. (a)		2,319		45,713


Multiline Retail — 1.9%

Kohl’s Corp.		2,841		188,472

Nordstrom, Inc.		2,177		101,463


				289,935


Multi-Utilities — 5.5%

CMS Energy Corp.		6,460		320,759

Sempra Energy		1,802		194,938

WEC Energy Group, Inc.		4,445		307,888


				823,585


Oil, Gas & Consumable Fuels — 6.2%

Cabot Oil & Gas Corp.		3,786		84,619

Diamondback Energy, Inc.		3,162		293,089

EQT Corp.		5,316		100,412

Equitrans Midstream Corp. * (a)		4,897		98,044

PBF Energy, Inc., Class A		2,836		92,660

Williams Cos., Inc. (The)		11,608		255,945


				924,769


Personal Products — 0.9%

Coty, Inc., Class A		8,337		54,689

Edgewell Personal Care Co. * (a)		2,033		75,947


				130,636


Real Estate Management & Development — 1.4%

CBRE Group, Inc., Class A *		4,048		162,067

Cushman & Wakefield plc * (a)		2,831		40,967


				203,034


Semiconductors & Semiconductor Equipment — 1.1%

Analog Devices, Inc.		1,962		168,436


Software — 1.0%

Synopsys, Inc. *		1,810		152,455


Specialty Retail — 4.1%

AutoZone, Inc. *		267		223,761

Best Buy Co., Inc.		2,337		123,767

Gap, Inc. (The)		5,359		138,048

Tiffany & Co. (a)		1,670		134,464


				620,040


Textiles, Apparel & Luxury Goods — 1.7%

PVH Corp.		1,474		137,021

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Textiles, Apparel & Luxury Goods — continued

Ralph Lauren Corp.		1,171		121,101


				258,122


Trading Companies & Distributors — 0.9%

MSC Industrial Direct Co., Inc., Class A		1,762		135,525


Total Common Stocks (Cost $11,042,473)				14,969,376

Short-Term Investments — 1.9%

Investment Companies — 1.9%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $286,144)		286,144		286,144


Investment of Cash Collateral from Securities Loaned — 0.7%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		89,009		89,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		14,483		14,483


Total Investment of Cash Collateral from Securities Loaned (Cost $103,483)				103,483

Total Investments — 102.2% (Cost $11,432,100)				15,359,003
Liabilities in Excess of Other Assets — (2.2%)				(334,853	)

NET ASSETS — 100.0%				15,024,150

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $101,814,000.
(b)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2018.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%

Aerospace & Defense — 1.0%

United Technologies Corp.		910		96,872


Airlines — 2.2%

Delta Air Lines, Inc.		3,023		150,832

Southwest Airlines Co.		1,464		68,056


				218,888


Banks — 14.2%

Bank of America Corp.		12,743		313,978

Citigroup, Inc.		2,049		106,673

Citizens Financial Group, Inc.		3,057		90,882

Fifth Third Bancorp		2,423		57,014

First Republic Bank		554		48,174

M&T Bank Corp.		1,017		145,537

PNC Financial Services Group, Inc. (The)		1,430		167,226

SunTrust Banks, Inc.		2,163		109,100

US Bancorp		2,195		100,320

Wells Fargo & Co.		5,795		267,039


				1,405,943


Beverages — 0.9%

Keurig Dr Pepper, Inc.		1,657		42,490

Molson Coors Brewing Co., Class B		857		48,149


				90,639


Capital Markets — 4.1%

Charles Schwab Corp. (The)		1,833		76,141

Invesco Ltd.		2,329		38,994

Morgan Stanley		2,423		96,089

Northern Trust Corp.		757		63,240

T. Rowe Price Group, Inc.		1,383		127,645


				402,109


Chemicals — 0.2%

AdvanSix, Inc. *		1,021		24,858


Communications Equipment — 1.7%

Cisco Systems, Inc.		2,850		123,508

CommScope Holding Co., Inc. *		2,787		45,684


				169,192


Construction Materials — 1.4%

Martin Marietta Materials, Inc. (a)		784		134,673


Consumer Finance — 3.3%

Ally Financial, Inc.		1,488		33,707

American Express Co.		1,022		97,408

Capital One Financial Corp.		2,560		193,540


				324,655


INVESTMENTS	SHARES (000)		VALUE ($000)


Containers & Packaging — 3.3%

Ball Corp.		3,444		158,358

Graphic Packaging Holding Co. (a)		5,071		53,957

Packaging Corp. of America		723		60,358

Westrock Co.		1,564		59,052


				331,725


Distributors — 0.5%

Genuine Parts Co.		530		50,924


Diversified Telecommunication Services — 1.7%

Verizon Communications, Inc.		2,959		166,354


Electric Utilities — 5.4%

American Electric Power Co., Inc.		1,740		130,019

Duke Energy Corp.		707		60,978

Edison International		733		41,585

Eversource Energy		962		62,543

NextEra Energy, Inc.		645		112,199

Xcel Energy, Inc.		2,612		128,715


				536,039


Electronic Equipment, Instruments & Components — 0.9%

Arrow Electronics, Inc. *		1,262		87,009


Equity Real Estate Investment Trusts (REITs) — 6.6%

American Homes 4 Rent, Class A		2,680		53,192

Brixmor Property Group, Inc.		4,814		70,712

CorePoint Lodging, Inc.		1,733		21,228

EastGroup Properties, Inc.		527		48,332

Federal Realty Investment Trust		497		58,701

Kimco Realty Corp. (a)		4,166		61,028

Mid-America Apartment Communities, Inc.		1,035		99,016

Outfront Media, Inc.		3,250		58,892

Public Storage		476		96,367

Rayonier, Inc.		1,992		55,158

Weyerhaeuser Co.		1,319		28,834


				651,460


Food & Staples Retailing — 1.6%

Kroger Co. (The)		1,648		45,308

Walgreens Boots Alliance, Inc.		1,647		112,526


				157,834


Food Products — 0.9%

Post Holdings, Inc. *		1,021		91,028


Health Care Equipment & Supplies — 0.5%

Medtronic plc		593		53,939


Health Care Providers & Services — 1.9%

AmerisourceBergen Corp.		672		50,027

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Providers & Services — continued

HCA Healthcare, Inc.		341		42,380

UnitedHealth Group, Inc.		367		91,436


				183,843


Hotels, Restaurants & Leisure — 1.1%

Brinker International, Inc. (a)		770		33,854

Hilton Worldwide Holdings, Inc.		1,003		72,030


				105,884


Household Products — 2.1%

Clorox Co. (The) (a)		263		40,477

Energizer Holdings, Inc.		1,122		50,666

Procter & Gamble Co. (The)		1,229		112,927


				204,070


Industrial Conglomerates — 1.7%

Carlisle Cos., Inc.		564		56,664

Honeywell International, Inc.		832		109,874


				166,538


Insurance — 7.8%

Alleghany Corp.		66		41,012

American International Group, Inc.		2,479		97,704

Chubb Ltd.		637		82,319

Fairfax Financial Holdings Ltd. (Canada)		109		48,184

Hartford Financial Services Group, Inc. (The)		1,888		83,925

Loews Corp.		3,896		177,355

Marsh & McLennan Cos., Inc.		975		77,720

Prudential Financial, Inc.		386		31,466

Travelers Cos., Inc. (The)		911		109,077

Unum Group		740		21,738


				770,500


Internet & Direct Marketing Retail — 0.6%

Expedia Group, Inc.		494		55,614


Machinery — 1.9%

Dover Corp.		974		69,120

Illinois Tool Works, Inc.		669		84,778

Middleby Corp. (The) *		325		33,429


				187,327


Media — 4.0%

CBS Corp. (Non-Voting), Class B		1,251		54,697

Charter Communications, Inc., Class A *		426		121,451

DISH Network Corp., Class A *		3,999		99,863

Entercom Communications Corp., Class A (a)		6,516		37,209

Nexstar Media Group, Inc., Class A		1,063		83,609


				396,829


INVESTMENTS	SHARES (000)		VALUE ($000)


Multiline Retail — 1.7%

Kohl’s Corp.		1,292		85,713

Nordstrom, Inc.		1,801		83,963


				169,676


Multi-Utilities — 0.4%

NiSource, Inc. (a)		1,422		36,058


Oil, Gas & Consumable Fuels — 8.6%

Chevron Corp.		590		64,230

ConocoPhillips		1,675		104,428

Diamondback Energy, Inc.		457		42,345

EQT Corp. (a)		1,914		36,157

Equitrans Midstream Corp. *		1,485		29,728

Exxon Mobil Corp.		2,063		140,677

Kinder Morgan, Inc.		6,784		104,332

Marathon Petroleum Corp.		1,256		74,141

Occidental Petroleum Corp.		1,478		90,738

PBF Energy, Inc., Class A		659		21,541

Phillips 66		653		56,237

Williams Cos., Inc. (The)		3,737		82,390


				846,944


Personal Products — 0.3%

Coty, Inc., Class A		5,088		33,378


Pharmaceuticals — 7.8%

Allergan plc		660		88,267

Johnson & Johnson		1,319		170,271

Merck & Co., Inc.		2,685		205,172

Pfizer, Inc.		7,121		310,832


				774,542


Real Estate Management & Development — 0.9%

CBRE Group, Inc., Class A *		2,255		90,278


Semiconductors & Semiconductor Equipment — 2.7%

Analog Devices, Inc.		893		76,646

QUALCOMM, Inc.		953		54,208

Texas Instruments, Inc.		1,442		136,285


				267,139


Software — 1.2%

Microsoft Corp.		1,133		115,040


Specialty Retail — 3.5%

AutoZone, Inc. *		171		143,569

Best Buy Co., Inc.		845		44,745

Home Depot, Inc. (The)		318		54,556

Murphy USA, Inc. *		766		58,677

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Specialty Retail — continued

Tiffany & Co. (a)		558		44,924


				346,471


Technology Hardware, Storage & Peripherals — 0.4%

Hewlett Packard Enterprise Co.		2,915		38,510


Textiles, Apparel & Luxury Goods —0.5%

Columbia Sportswear Co. (a)		559		46,984


Total Common Stocks (Cost $8,164,982)				9,829,766

	No. of Rights (000)
Rights — 0.0% (b)

Media — 0.0% (b)

Media General, Inc., CVR * ‡ (Cost $—)		2,982		146

	SHARES (000)
Short-Term Investments — 0.9%

Investment Companies — 0.9%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) (Cost $89,301)		89,301		89,301

Investment of Cash Collateral from Securities Loaned — 0.8%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (c) (d)		63,006		63,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d)		12,166		12,166


Total Investment of Cash Collateral from Securities Loaned (Cost $75,166)				75,166

Total Investments — 101.2% (Cost $8,329,449)				9,994,379
Liabilities in Excess of Other Assets — (1.2%)				(117,032	)

NET ASSETS — 100.0%				9,877,347

Percentages indicated are based on net assets.

Abbreviations


CVR		ContingentValue Rights

(a)		The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $73,853,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of December 31, 2018.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	7,714,926		$	2,381,041		$	3,535,013
Investments in affiliates, at value		67,534			39,324			15,690
Investment of cash collateral received from securities loaned, at value (Note 2.B.)		138,088			47,708			133,998
Receivables:
Due from custodian		—			1,328			—
Investment securities sold		281			—			—
Fund shares sold		15,464			3,265			4,867
Dividends from non-affiliates		938			2,243			848
Dividends from affiliates		188			147			130
Securities lending income (Note 2.B.)		28			21			60

Total Assets		7,937,447			2,475,077			3,690,606


LIABILITIES:
Payables:
Due to custodian		—	(a)		—			25
Investment securities purchased		—			1,971			1,888
Collateral received on securities loaned (Note 2.B.)		138,088			47,708			133,998
Fund shares redeemed		23,681			6,160			24,973
Accrued liabilities:
Investment advisory fees		3,937			1,222			1,949
Administration fees		256			80			231
Distribution fees		762			92			242
Service fees		831			140			348
Custodian and accounting fees		51			18			26
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		—
Other		229			212			264

Total Liabilities		167,835			57,603			163,944

Net Assets	$	7,769,612		$	2,417,474		$	3,526,662

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,423,404		$	1,930,821		$	3,046,243
Total distributable earnings (loss) (a)		2,346,208			486,653			480,419

Total Net Assets	$	7,769,612		$	2,417,474		$	3,526,662


Net Assets:
Class A	$	1,501,771		$	354,294		$	810,019
Class C		660,694			21,438			68,402
Class I		1,638,415			268,432			949,095
Class R2		49			416			34,025
Class R3		321			—			24,148
Class R4		13,470			—			13,809
Class R5		100,007			5,279			268,818
Class R6		3,854,885			1,767,615			1,358,346

Total	$	7,769,612		$	2,417,474		$	3,526,662


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		84,879			8,662			31,764
Class C		43,017			547			3,478
Class I		89,636			6,464			31,997
Class R2		3			10			1,222
Class R3		18			—			821
Class R4		737			—			466
Class R5		5,364			127			8,945
Class R6		205,499			42,573			44,986

Net Asset Value (b):
Class A — Redemption price per share	$	17.69		$	40.90		$	25.50
Class C — Offering price per share (c)		15.36			39.22			19.67
Class I — Offering and redemption price per share		18.28			41.53			29.66
Class R2 — Offering and redemption price per share		17.62			40.50			27.83
Class R3 — Offering and redemption price per share		17.70			—			29.43
Class R4 — Offering and redemption price per share		18.28			—			29.62
Class R5 — Offering and redemption price per share		18.65			41.51			30.05
Class R6 — Offering and redemption price per share		18.76			41.52			30.19
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)]	$	18.67		$	43.17		$	26.91


Cost of investments in non-affiliates	$	5,371,661		$	1,876,921		$	2,992,453
Cost of investments in affiliates		67,534			39,324			15,690
Investment securities on loan, at value		135,257			47,406			132,610
Cost of investment of cash collateral		138,088			47,708			133,998

(a)	Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)(continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Mid Cap Value Fund		JPMorgan Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	14,969,376	$	9,829,912
Investments in affiliates, at value		286,144		89,301
Investment of cash collateral received from securities loaned, at value (Note 2.B.)		103,483		75,166
Receivables:
Fund shares sold		38,379		21,175
Interest and dividends from non-affiliates		25,360		12,782
Dividends from affiliates		782		253
Securities lending income (Note 2.B.)		48		13

Total Assets		15,423,572		10,028,602


LIABILITIES:
Payables:		—		—
Collateral received on securities loaned (Note 2.B.)		103,483		75,166
Fund shares redeemed		283,621		68,276
Accrued liabilities:
Investment advisory fees		8,526		5,138
Administration fees		965		347
Distribution fees		493		578
Service fees		1,183		1,063
Custodian and accounting fees		116		76
Trustees’ and Chief Compliance Officer’s fees		13		1
Other		1,022		610

Total Liabilities		399,422		151,255

Net Assets	$	15,024,150	$	9,877,347

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	11,014,246		$	8,195,257
Total distributable earnings (loss) (a)		4,009,904			1,682,090

Total Net Assets	$	15,024,150		$	9,877,347


Net Assets:
Class A	$	1,514,797		$	1,113,086
Class C		164,325			498,528
Class I		2,323,938			2,224,973
Class L		9,701,063			2,388,550
Class R2		68,776			36
Class R3		61,548			1,763
Class R4		22,364			15,703
Class R5		73,299			6,310
Class R6		1,094,040			3,628,398

Total	$	15,024,150		$	9,877,347


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		46,982			36,603
Class C		5,305			16,431
Class I		71,306			72,833
Class L		294,128			78,189
Class R2		2,228			1
Class R3		1,925			59
Class R4		690			516
Class R5		2,225			207
Class R6		33,189			118,920

Net Asset Value (b):
Class A — Redemption price per share	$	32.24		$	30.41
Class C — Offering price per share (c)		30.98			30.34
Class I — Offering and redemption price per share		32.59			30.55
Class L — Offering and redemption price per share		32.98			30.55
Class R2 — Offering and redemption price per share		30.86			30.26
Class R3 — Offering and redemption price per share		31.97			30.08
Class R4 — Offering and redemption price per share		32.43			30.42
Class R5 — Offering and redemption price per share		32.95			30.49
Class R6 — Offering and redemption price per share		32.96			30.51
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	34.03		$	32.09


Cost of investments in non-affiliates	$	11,042,473		$	8,164,982
Cost of investments in affiliates		286,144			89,301
Investment securities on loan, at value		101,814			73,853
Cost of investment of cash collateral		103,483			75,166

(a)	Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	31

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	—	(a)	$	1
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		26,231			21,390			10,729
Dividend income from affiliates		2,606			917			1,290
Income from securities lending (net)		74			28			82

Total investment income		28,912			22,335			12,102


EXPENSES:
Investment advisory fees		29,064			8,935			13,067
Administration fees		3,626			1,115			1,630
Distribution fees:
Class A		2,171			508			1,170
Class C		2,859			99			304
Class R2		—	(a)		1			100
Class R3		—	(a)		—			35
Service fees:
Class A		2,171			508			1,170
Class C		953			33			101
Class I		2,349			393			1,420
Class R2		—	(a)		1			50
Class R3		—	(a)		—			35
Class R4		16			—			19
Class R5		58			3			156
Custodian and accounting fees		112			38			59
Interest expense to affiliates		—			1			—
Professional fees		71			41			45
Trustees’ and Chief Compliance Officer’s fees		30			17			21
Printing and mailing costs		220			48			121
Registration and filing fees		177			80			81
Transfer agency fees (See Note 2.E.)		117			26			197
Other		77			21			36

Total expenses		44,071			11,868			19,817

Less fees waived		(5,166	)		(1,621	)		(940	)
Less expense reimbursements		(12	)		—			(8	)

Net expenses		38,893			10,247			18,869

Net investment income (loss)		(9,981	)		12,088			(6,767	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		323,813			68,104			26,218
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(1,279,138	)		(373,677	)		(444,145	)

Net realized/unrealized gains (losses)		(955,325	)		(305,573	)		(417,927	)

Change in net assets resulting from operations	$	(965,306	)	$	(293,485	)	$	(424,694	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)
Interest income from affiliates		—	(a)		—	(a)
Dividend income from non-affiliates		234,395			162,477
Dividend income from affiliates		6,229			2,637
Income from securities lending (net)		99			23

Total investment income		240,723			165,137


EXPENSES:
Investment advisory fees		58,889			37,442
Administration fees		7,348			4,672
Distribution fees:
Class A		2,303			1,635
Class C		751			2,177
Class R2		203			—	(a)
Class R3		86			2
Service fees:
Class A		2,303			1,635
Class C		251			726
Class I		3,593			3,073
Class L		5,867			1,553
Class R2		101			—	(a)
Class R3		86			2
Class R4		25			22
Class R5		42			3
Custodian and accounting fees		231			151
Professional fees		106			88
Trustees’ and Chief Compliance Officer’s fees		38			34
Printing and mailing costs		427			226
Registration and filing fees		233			214
Transfer agency fees (See Note 2.E.)		440			118
Other		169			89

Total expenses		83,492			53,862

Less fees waived		(6,713	)		(6,432	)
Less expense reimbursements		(97	)		(12	)

Net expenses		76,682			47,418

Net investment income (loss)		164,041			117,719


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		421,731			244,627
Investments in affiliates		—	(a)		—

Net realized gain (loss)		421,731			244,627

Change in net unrealized appreciation/depreciation on investments in non-affiliates		(2,622,701	)		(1,231,117	)

Net realized/unrealized gains (losses)		(2,200,970	)		(986,490	)

Change in net assets resulting from operations	$	(2,036,929	)	$	(868,771	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(9,981	)	$	(24,732	)	$	12,088		$	11,549
Net realized gain (loss)		323,813			694,039			68,104			280,150
Change in net unrealized appreciation/depreciation		(1,279,138	)		1,184,781			(373,677	)		63,890

Change in net assets resulting from operations		(965,306	)		1,854,088			(293,485	)		355,589


DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(137,182	)		(69,162	)		(41,313	)		(21,659	)
Class C		(69,324	)		(29,276	)		(2,590	)		(1,665	)
Class I		(147,315	)		(52,479	)		(31,866	)		(20,261	)
Class R2 (b)		(5	)		(1	)		(47	)		(22	)
Class R3		(27	)		(11	)		—			—
Class R4		(957	)		(1	)		—			—
Class R5		(8,804	)		(4,273	)		(621	)		(317	)
Class R6		(334,548	)		(165,239	)		(209,503	)		(126,390	)

Total distributions to shareholders		(698,162	)		(320,442	)		(285,940	)		(170,314	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		741,493			60,031			263,191			(260,045	)


NET ASSETS:
Change in net assets		(921,975	)		1,593,677			(316,234	)		(74,770	)
Beginning of period		8,691,587			7,097,910			2,733,708			2,808,478

End of period	$	7,769,612		$	8,691,587		$	2,417,474		$	2,733,708

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund
Class A
From net realized gains	$	(69,162	)	$	(21,659	)
Class C
From net realized gains		(29,276	)		(1,665	)
Class I
From net investment income		—			(521	)
From net realized gains		(52,479	)		(19,740	)
Class R2(b)
From net realized gains		(1	)		(22	)
Class R3
From net realized gains		(11	)		—
Class R4
From net realized gains		(1	)		—
Class R5
From net investment income		—			(17	)
From net realized gains		(4,273	)		(300	)
Class R6
From net investment income		—			(7,565	)
From net realized gains		(165,239	)		(118,825	)

(b)	Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(6,767	)	$	(12,093	)	$	164,041		$	165,452
Net realized gain (loss)		26,218			321,274			421,731			714,557
Change in net unrealized appreciation/depreciation		(444,145	)		272,913			(2,622,701	)		323,839

Change in net assets resulting from operations		(424,694	)		582,094			(2,036,929	)		1,203,848


DISTRIBUTIONS TO SHAREHOLDERS:(a)
Class A		(64,068	)		(64,175	)		(113,824	)		(50,500	)
Class C		(6,859	)		(6,964	)		(11,787	)		(4,819	)
Class I		(66,577	)		(64,653	)		(180,706	)		(76,469	)
Class L		—			—			(790,206	)		(339,034	)
Class R2		(2,466	)		(2,500	)		(5,220	)		(1,965	)
Class R3		(1,655	)		(102	)		(4,506	)		(1,355	)
Class R4		(921	)		(242	)		(1,721	)		(385	)
Class R5		(18,376	)		(16,962	)		(5,681	)		(2,165	)
Class R6		(90,888	)		(63,898	)		(86,808	)		(19,369	)

Total distributions to shareholders		(251,810	)		(219,496	)		(1,200,459	)		(496,061	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		285,922			466,368			(22,313	)		(826,948	)


NET ASSETS:
Change in net assets		(390,582	)		828,966			(3,259,701	)		(119,161	)
Beginning of period		3,917,244			3,088,278			18,283,851			18,403,012

End of period	$	3,526,662		$	3,917,244		$	15,024,150		$	18,283,851

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:


	JPMorgan Mid Cap Growth Fund			JPMorgan Mid Cap Value Fund
Class A
From net investment income	$	—		$	(10,151	)
From net realized gains		(64,175	)		(40,349	)
Class C
From net realized gains		(6,964	)		(4,819	)
Class I
From net investment income		—			(21,474	)
From net realized gains		(64,653	)		(54,995	)
Class L
From net investment income		—			(115,010	)
From net realized gains		—			(224,024	)
Class R2
From net investment income		—			(285	)
From net realized gains		(2,500	)		(1,680	)
Class R3
From net investment income		—			(401	)
From net realized gains		(102	)		(954	)
Class R4
From net investment income		—			(124	)
From net realized gains		(242	)		(261	)
Class R5
From net investment income		—			(715	)
From net realized gains		(16,962	)		(1,450	)
Class R6
From net investment income		—			(6,725	)
From net realized gains		(63,898	)		(12,644	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	117,719		$	153,657
Net realized gain (loss)		244,627			371,543
Change in net unrealized appreciation/depreciation		(1,231,117	)		415,090

Change in net assets resulting from operations		(868,771	)		940,290


DISTRIBUTIONS TO SHAREHOLDERS:(a)
Class A		(75,407	)		(26,776	)
Class C		(31,120	)		(7,814	)
Class I		(161,614	)		(50,925	)
Class L		(175,343	)		(90,228	)
Class R2 (b)		(3	)		—	(c)
Class R3		(122	)		(17	)
Class R4		(1,103	)		(43	)
Class R5		(452	)		(115	)
Class R6		(263,786	)		(77,658	)

Total distributions to shareholders		(708,950	)		(253,576	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		70,831			(360,503	)


NET ASSETS:
Change in net assets		(1,506,890	)		326,211
Beginning of period		11,384,237			11,058,026

End of period	$	9,877,347		$	11,384,237

(a)	The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:


	JPMorgan Value Advantage Fund
Class A
From net investment income	$	(12,114	)
From net realized gains		(14,662	)
Class C
From net investment income		(1,306	)
From net realized gains		(6,508	)
Class I
From net investment income		(27,074	)
From net realized gains		(23,851	)
Class L
From net investment income		(51,294	)
From net realized gains		(38,934	)
Class R2(b)
From net investment income		—	(c)
From net realized gains		—	(c)
Class R3
From net investment income		(9	)
From net realized gains		(8	)
Class R4
From net investment income		(24	)
From net realized gains		(19	)
Class R5
From net investment income		(65	)
From net realized gains		(50	)
Class R6
From net investment income		(44,453	)
From net realized gains		(33,205	)

(b)	Commencement of offering of class of shares effective July 31, 2017.

(c)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	214,101		$	385,379		$	49,447		$	69,668
Distributions reinvested		134,593			67,889			41,253			21,589
Cost of shares redeemed		(248,175	)		(604,708	)		(53,826	)		(90,548	)

Change in net assets resulting from Class A capital transactions	$	100,519		$	(151,440	)	$	36,874		$	709

Class C
Proceeds from shares issued	$	92,928		$	167,812		$	1,008		$	2,589
Distributions reinvested		66,057			27,785			2,589			1,665
Cost of shares redeemed		(83,772	)		(179,201	)		(4,470	)		(8,820	)

Change in net assets resulting from Class C capital transactions	$	75,213		$	16,396		$	(873	)	$	(4,566	)

Class I
Proceeds from shares issued	$	425,158		$	820,383		$	24,303		$	67,824
Distributions reinvested		135,181			48,329			31,662			19,948
Cost of shares redeemed		(315,905	)		(1,088,919	)		(48,681	)		(567,749	)

Change in net assets resulting from Class I capital transactions	$	244,434		$	(220,207	)	$	7,284		$	(479,977	)

Class R2 (a)
Proceeds from shares issued	$	17		$	40		$	34		$	75
Distributions reinvested		5			1			40			19
Cost of shares redeemed		(4	)		(2	)		(2	)		(284	)

Change in net assets resulting from Class R2 capital transactions	$	18		$	39		$	72		$	(190	)

Class R3
Proceeds from shares issued	$	92		$	379		$	—		$	—
Distributions reinvested		27			11			—			—
Cost of shares redeemed		—	(b)		(187	)		—			—

Change in net assets resulting from Class R3 capital transactions	$	119		$	203		$	—		$	—

Class R4
Proceeds from shares issued	$	3,974		$	12,768		$	—		$	—
Distributions reinvested		957			1			—			—
Cost of shares redeemed		(1,045	)		(1,127	)		—			—

Change in net assets resulting from Class R4 capital transactions	$	3,886		$	11,642		$	—		$	—

Class R5
Proceeds from shares issued	$	12,640		$	22,793		$	—		$	4,460
Distributions reinvested		8,802			4,273			621			317
Cost of shares redeemed		(13,023	)		(31,002	)		(595	)		(361	)

Change in net assets resulting from Class R5 capital transactions	$	8,419		$	(3,936	)	$	26		$	4,416

Class R6
Proceeds from shares issued	$	412,977		$	1,307,512		$	136,277		$	659,956
Distributions reinvested		333,918			165,238			209,472			126,386
Cost of shares redeemed		(438,010	)		(1,065,416	)		(125,941	)		(566,779	)

Change in net assets resulting from Class R6 capital transactions	$	308,885		$	407,334		$	219,808		$	219,563

Total change in net assets resulting from capital transactions	$	741,493		$	60,031		$	263,191		$	(260,045	)

(a)	Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		10,056			19,063			997			1,371
Reinvested		7,186			3,464			952			435
Redeemed		(11,716	)		(29,518	)		(1,100	)		(1,784	)

Change in Class A Shares		5,526			(6,991	)		849			22

Class C
Issued		4,896			9,329			21			52
Reinvested		4,060			1,603			63			35
Redeemed		(4,604	)		(10,165	)		(94	)		(180	)

Change in Class C Shares		4,352			767			(10	)		(93	)

Class I
Issued		19,146			39,183			475			1,338
Reinvested		6,986			2,400			719			396
Redeemed		(14,904	)		(55,106	)		(961	)		(11,347	)

Change in Class I Shares		11,228			(13,523	)		233			(9,613	)

Class R2 (a)
Issued		1			2			1			3
Reinvested		—	(b)		—	(b)		1			—	(b)
Redeemed		—	(b)		—	(b)		(1	)		(6	)

Change in Class R2 Shares		1			2			1			(3	)

Class R3
Issued		5			20			—			—
Reinvested		1			—	(b)		—			—
Redeemed		—	(b)		(9	)		—			—

Change in Class R3 Shares		6			11			—			—

Class R4
Issued		196			587			—			—
Reinvested		50			—	(b)		—			—
Redeemed		(46	)		(51	)		—			—

Change in Class R4 Shares		200			536			—			—

Class R5
Issued		546			1,072			—			88
Reinvested		446			209			14			6
Redeemed		(586	)		(1,457	)		(11	)		(7	)

Change in Class R5 Shares		406			(176	)		3			87

Class R6
Issued		18,215			63,769			2,657			13,118
Reinvested		16,814			8,033			4,754			2,502
Redeemed		(19,598	)		(49,818	)		(2,445	)		(10,935	)

Change in Class R6 Shares		15,431			21,984			4,966			4,685

(a)	Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	56,848		$	118,397		$	118,629		$	363,088
Distributions reinvested		61,839			61,743			101,730			45,299
Cost of shares redeemed		(81,894	)		(251,332	)		(357,388	)		(671,647	)

Change in net assets resulting from Class A capital transactions	$	36,793		$	(71,192	)	$	(137,029	)	$	(263,260	)

Class C
Proceeds from shares issued	$	8,903		$	14,077		$	11,161		$	7,880
Distributions reinvested		6,348			6,179			10,374			4,180
Cost of shares redeemed		(14,693	)		(35,034	)		(37,393	)		(263,384	)

Change in net assets resulting from Class C capital transactions	$	558		$	(14,778	)	$	(15,858	)	$	(251,324	)

Class I
Proceeds from shares issued	$	115,935		$	339,754		$	413,271		$	751,430
Distributions reinvested		63,129			61,456			166,354			70,707
Cost of shares redeemed		(187,907	)		(427,645	)		(747,800	)		(851,133	)

Change in net assets resulting from Class I capital transactions	$	(8,843	)	$	(26,435	)	$	(168,175	)	$	(28,996	)

Class L
Proceeds from shares issued	$	—		$	—		$	961,927		$	1,968,939
Distributions reinvested		—			—			713,339			306,493
Cost of shares redeemed		—			—			(1,659,990	)		(3,432,839	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	15,276		$	(1,157,407	)

Class R2
Proceeds from shares issued	$	6,220		$	14,239		$	7,637		$	17,627
Distributions reinvested		2,347			2,362			4,936			1,815
Cost of shares redeemed		(6,333	)		(17,165	)		(11,347	)		(25,651	)

Change in net assets resulting from Class R2 capital transactions	$	2,234		$	(564	)	$	1,226		$	(6,209	)

Class R3
Proceeds from shares issued	$	4,397		$	27,693		$	16,804		$	51,385
Distributions reinvested		1,655			102			4,297			1,347
Cost of shares redeemed		(3,935	)		(1,822	)		(9,500	)		(10,294	)

Change in net assets resulting from Class R3 capital transactions	$	2,117		$	25,973		$	11,601		$	42,438

Class R4
Proceeds from shares issued	$	3,101		$	14,393		$	8,478		$	18,175
Distributions reinvested		921			242			1,720			385
Cost of shares redeemed		(1,935	)		(897	)		(1,306	)		(4,544	)

Change in net assets resulting from Class R4 capital transactions	$	2,087		$	13,738		$	8,892		$	14,016

Class R5
Proceeds from shares issued	$	45,206		$	79,191		$	8,248		$	70,982
Distributions reinvested		17,215			15,915			5,681			2,165
Cost of shares redeemed		(57,457	)		(59,057	)		(9,664	)		(21,198	)

Change in net assets resulting from Class R5 capital transactions	$	4,964		$	36,049		$	4,265		$	51,949

Class R6
Proceeds from shares issued	$	311,844		$	649,363		$	348,686		$	924,565
Distributions reinvested		90,442			63,657			82,670			18,935
Cost of shares redeemed		(156,274	)		(209,443	)		(173,867	)		(171,655	)

Change in net assets resulting from Class R6 capital transactions	$	246,012		$	503,577		$	257,489		$	771,845

Total change in net assets resulting from capital transactions	$	285,922		$	466,368		$	(22,313	)	$	(826,948	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		1,861			3,941			3,164			9,353
Reinvested		2,301			2,145			2,966			1,153
Redeemed		(2,719	)		(8,462	)		(9,276	)		(17,242	)

Change in Class A Shares		1,443			(2,376	)		(3,146	)		(6,736	)

Class C
Issued		381			586			334			210
Reinvested		306			271			315			111
Redeemed		(613	)		(1,457	)		(1,032	)		(7,079	)

Change in Class C Shares		74			(600	)		(383	)		(6,758	)

Class I
Issued		3,302			9,954			11,025			19,096
Reinvested		2,019			1,861			4,798			1,778
Redeemed		(5,511	)		(12,666	)		(19,721	)		(21,586	)

Change in Class I Shares		(190	)		(851	)		(3,898	)		(712	)

Class L
Issued		—			—			24,439			49,400
Reinvested		—			—			20,337			7,611
Redeemed		—			—			(43,991	)		(86,072	)

Change in Class L Shares		—			—			785			(29,061	)

Class R2
Issued		185			437			207			472
Reinvested		80			75			150			48
Redeemed		(192	)		(526	)		(310	)		(686	)

Change in Class R2 Shares		73			(14	)		47			(166	)

Class R3
Issued		125			799			436			1,326
Reinvested		53			3			127			34
Redeemed		(113	)		(51	)		(244	)		(265	)

Change in Class R3 Shares		65			751			319			1,095

Class R4
Issued		86			419			221			464
Reinvested		30			7			50			10
Redeemed		(55	)		(25	)		(33	)		(115	)

Change in Class R4 Shares		61			401			238			359

Class R5
Issued		1,249			2,258			206			1,800
Reinvested		544			477			162			54
Redeemed		(1,588	)		(1,695	)		(247	)		(534	)

Change in Class R5 Shares		205			1,040			121			1,320

Class R6
Issued		8,635			18,762			8,664			23,270
Reinvested		2,842			1,899			2,355			471
Redeemed		(4,430	)		(6,005	)		(4,551	)		(4,290	)

Change in Class R6 Shares		7,047			14,656			6,468			19,451

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	117,960		$	302,187
Distributions reinvested		70,886			25,163
Cost of shares redeemed		(248,814	)		(497,550	)

Change in net assets resulting from Class A capital transactions	$	(59,968	)	$	(170,200	)

Class C
Proceeds from shares issued	$	30,813		$	58,391
Distributions reinvested		28,076			7,029
Cost of shares redeemed		(75,187	)		(261,978	)

Change in net assets resulting from Class C capital transactions	$	(16,298	)	$	(196,558	)

Class I
Proceeds from shares issued	$	697,056		$	844,644
Distributions reinvested		145,394			44,769
Cost of shares redeemed		(545,909	)		(897,538	)

Change in net assets resulting from Class I capital transactions	$	296,541		$	(8,125	)

Class L
Proceeds from shares issued	$	424,278		$	1,135,519
Distributions reinvested		161,936			85,647
Cost of shares redeemed		(1,081,321	)		(1,811,163	)

Change in net assets resulting from Class L capital transactions	$	(495,107	)	$	(589,997	)

Class R2 (a)
Proceeds from shares issued	$	6		$	38
Distributions reinvested		2			—	(b)
Cost of shares redeemed		(6	)		(1	)

Change in net assets resulting from Class R2 capital transactions	$	2		$	37

Class R3
Proceeds from shares issued	$	849		$	793
Distributions reinvested		109			14
Cost of shares redeemed		(13	)		(103	)

Change in net assets resulting from Class R3 capital transactions	$	945		$	704

Class R4
Proceeds from shares issued	$	1,291		$	19,694
Distributions reinvested		1,103			43
Cost of shares redeemed		(1,447	)		(2,597	)

Change in net assets resulting from Class R4 capital transactions	$	947		$	17,140

Class R5
Proceeds from shares issued	$	1,314		$	6,381
Distributions reinvested		452			115
Cost of shares redeemed		(532	)		(1,014	)

Change in net assets resulting from Class R5 capital transactions	$	1,234		$	5,482

Class R6
Proceeds from shares issued	$	321,398		$	1,235,372
Distributions reinvested		263,676			77,658
Cost of shares redeemed		(242,539	)		(732,016	)

Change in net assets resulting from Class R6 capital transactions	$	342,535		$	581,014

Total change in net assets resulting from capital transactions	$	70,831		$	(360,503	)

(a)	Commencement of offering of class of shares effective July 31, 2017.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		3,379			8,673
Reinvested		2,205			704
Redeemed		(7,031	)		(14,215	)

Change in Class A Shares		(1,447	)		(4,838	)
	��
Class C
Issued		893			1,674
Reinvested		875			198
Redeemed		(2,145	)		(7,551	)

Change in Class C Shares		(377	)		(5,679	)

Class I
Issued		19,534			24,044
Reinvested		4,502			1,245
Redeemed		(15,701	)		(25,207	)

Change in Class I Shares		8,335			82

Class L
Issued		11,852			32,262
Reinvested		5,015			2,380
Redeemed		(30,100	)		(51,546	)

Change in Class L Shares		(13,233	)		(16,904	)

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

Change in Class R2 Shares		—	(b)		1

Class R3
Issued		24			22
Reinvested		3			1
Redeemed		—	(b)		(3	)

Change in Class R3 Shares		27			20

Class R4
Issued		36			558
Reinvested		34			1
Redeemed		(40	)		(74	)

Change in Class R4 Shares		30			485

Class R5
Issued		36			186
Reinvested		14			3
Redeemed		(15	)		(29	)

Change in Class R5 Shares		35			160

Class R6
Issued		8,940			35,495
Reinvested		8,179			2,160
Redeemed		(6,893	)		(20,295	)

Change in Class R6 Shares		10,226			17,360

(a)	Commencement of offering of class of shares effective July 31, 2017.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2017	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Growth Advantage Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	21.73	$	(0.05	)	$	(2.23	)	$	(2.28	)		$(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74			4.62			(0.84	)
Year Ended June 30, 2017		14.42		(0.09	)		3.62			3.53			—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		(0.53	)
Year Ended June 30, 2015		14.24		(0.10	)		2.17			2.07			(0.57	)
Year Ended June 30, 2014		11.43		(0.07	)		3.52			3.45			(0.64	)

Class C
Six Months Ended December 31, 2018 (Unaudited)		19.16		(0.09	)		(1.95	)		(2.04	)		(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20			4.01			(0.84	)
Year Ended June 30, 2017		12.91		(0.15	)		3.23			3.08			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		(0.53	)
Year Ended June 30, 2015		12.98		(0.15	)		1.96			1.81			(0.57	)
Year Ended June 30, 2014		10.51		(0.12	)		3.23			3.11			(0.64	)

Class I
Six Months Ended December 31, 2018 (Unaudited)		22.36		(0.03	)		(2.29	)		(2.32	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87			4.80			(0.84	)
Year Ended June 30, 2017		14.75		(0.05	)		3.70			3.65			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		(0.53	)
Year Ended June 30, 2015		14.50		(0.07	)		2.20			2.13			(0.57	)
Year Ended June 30, 2014		11.60		(0.04	)		3.58			3.54			(0.64	)

Class R2
Six Months Ended December 31, 2018 (Unaudited)		21.68		(0.08	)		(2.22	)		(2.30	)		(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			(0.84	)

Class R3
Six Months Ended December 31, 2018 (Unaudited)		21.74		(0.05	)		(2.23	)		(2.28	)		(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73			4.62			(0.84	)
May 31, 2017 (f) through June 30, 2017		17.85		(0.01	)		0.12			0.11			—

Class R4
Six Months Ended December 31, 2018 (Unaudited)		22.36		(0.03	)		(2.29	)		(2.32	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83			4.80			(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11			0.11			—

Class R5
Six Months Ended December 31, 2018 (Unaudited)		22.76		(0.01	)		(2.34	)		(2.35	)		(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95			4.91			(0.84	)
Year Ended June 30, 2017		14.96		(0.03	)		3.76			3.73			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		(0.53	)
Year Ended June 30, 2015		14.63		(0.04	)		2.23			2.19			(0.57	)
Year Ended June 30, 2014		11.68		(0.02	)		3.61			3.59			(0.64	)

Class R6
Six Months Ended December 31, 2018 (Unaudited)		22.87		—	(g)		(2.35	)		(2.35	)		(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97			4.95			(0.84	)
Year Ended June 30, 2017		15.00		(0.01	)		3.77			3.76			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		(0.53	)
Year Ended June 30, 2015		14.64		(0.03	)		2.23			2.20			(0.57	)
December 23, 2013 (f) through June 30, 2014		13.86		(0.01	)		0.79			0.78			—

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(f)	Commencement of offering of class of shares.

(g)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	17.69		(10.96	)%	$	1,501,771		1.13	%		(0.49	)%		1.25	%		20	%
	21.73		26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95		24.48			1,550,092		1.24			(0.56	)		1.32			34
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46
	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


	15.36		(11.18	)		660,694		1.64			(0.99	)		1.75			20
	19.16		25.60			740,817		1.66			(1.07	)		1.76			31
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46
	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


	18.28		(10.82	)		1,638,415		0.88			(0.23	)		1.00			20
	22.36		26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46
	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


	17.62		(11.07	)		49		1.39			(0.73	)		1.97			20
	21.68		22.39			43		1.41			(0.77	)		1.59			31


	17.70		(10.95	)		321		1.13			(0.47	)		1.35			20
	21.74		26.20			266		1.15			(0.53	)		1.28			31
	17.96		0.62			20		1.25			(0.55	)		1.25			34


	18.28		(10.82	)		13,470		0.88			(0.24	)		1.00			20
	22.36		26.56			12,005		0.88			(0.16	)		1.00			31
	18.40		0.60			20		0.99			(0.29	)		1.00			34


	18.65		(10.77	)		100,007		0.73			(0.09	)		0.85			20
	22.76		26.74			112,830		0.77			(0.18	)		0.85			31
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46
	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


	18.76		(10.71	)		3,854,885		0.63			0.01			0.75			20
	22.87		26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
	Investment operations					Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	51.57	$	0.12		$	(5.52	)	$	(5.40	)		$(0.13)
Year Ended June 30, 2018		48.53		—	(f)		5.89			5.89			—
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)
Year Ended June 30, 2015		44.91		(0.03	)		4.32			4.29			(0.02	)
Year Ended June 30, 2014		38.10		(0.04	)		10.25			10.21			(0.02	)

Class C
Six Months Ended December 31, 2018 (Unaudited)		49.66		0.01			(5.31	)		(5.30	)		—
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—
Year Ended June 30, 2015		44.21		(0.25	)		4.23			3.98			—
Year Ended June 30, 2014		37.71		(0.24	)		10.12			9.88			—

Class I
Six Months Ended December 31, 2018 (Unaudited)		52.32		0.21			(5.63	)		(5.42	)		(0.23	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)
Year Ended June 30, 2015		45.15		0.13			4.34			4.47			(0.09	)
Year Ended June 30, 2014		38.22		0.11			10.30			10.41			(0.10	)

Class R2
Six Months Ended December 31, 2018 (Unaudited)		51.08		0.05			(5.46	)		(5.41	)		(0.03	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—
Year Ended June 30, 2015		44.87		(0.14	)		4.30			4.16			—
March 14, 2014 (g) through June 30, 2014		42.92		(0.05	)		2.01			1.96			(0.01	)

Class R5
Six Months Ended December 31, 2018 (Unaudited)		52.35		0.25			(5.64	)		(5.39	)		(0.31	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)
Year Ended June 30, 2015		45.15		0.20			4.33			4.53			(0.13	)
March 14, 2014 (g) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)

Class R6
Six Months Ended December 31, 2018 (Unaudited)		52.39		0.26			(5.63	)		(5.37	)		(0.36	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)
Year Ended June 30, 2015		45.15		0.20			4.34			4.54			(0.14	)
March 14, 2014 (g) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


			Ratios/Supplemental data
													Ratios to average net assets(a)
Net realized gain			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


	$ (5.14	)		$(5.27	)	$	40.90		(11.01	)%	$	354,294		1.13	%		0.48	%		1.26	%		17	%
	(2.85	)		(2.85	)		51.57		12.37			402,897		1.17			0.01			1.25			31
	(1.37	)		(1.42	)		48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	(2.11	)		(2.14	)		42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	(2.06	)		(2.08	)		47.12		9.99			232,320		1.24			(0.06	)		1.44			41
	(3.38	)		(3.40	)		44.91		27.96			156,016		1.24			(0.08	)		1.41			47


	(5.14	)		(5.14	)		39.22		(11.23	)		21,438		1.63			0.05			1.76			17
	(2.85	)		(2.85	)		49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	(1.37	)		(1.37	)		47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	(2.11	)		(2.11	)		41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	(2.03	)		(2.03	)		46.16		9.44			25,597		1.74			(0.56	)		1.91			41
	(3.38	)		(3.38	)		44.21		27.34			20,018		1.74			(0.57	)		1.93			47


	(5.14	)		(5.37	)		41.53		(10.88	)		268,432		0.88			0.80			1.00			17
	(2.85	)		(2.92	)		52.32		12.68			326,026		0.89			0.26			1.00			31
	(1.37	)		(1.51	)		49.13		17.01			778,378		0.89			0.30			1.08			38
	(2.11	)		(2.18	)		43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	(2.06	)		(2.15	)		47.47		10.35			1,773,929		0.89			0.29			1.16			41
	(3.38	)		(3.48	)		45.15		28.45			1,773,321		0.89			0.27			1.18			47


	(5.14	)		(5.17	)		40.50		(11.12	)		416		1.38			0.21			1.58			17
	(2.85	)		(2.85	)		51.08		12.09			443		1.43			(0.28	)		1.57			31
	(1.37	)		(1.38	)		48.21		16.30			600		1.49			(0.31	)		1.69			38
	(2.11	)		(2.11	)		42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	(2.05	)		(2.05	)		46.98		9.71			823		1.49			(0.31	)		1.69			41
	—			(0.01	)		44.87		4.56			688		1.47			(0.41	)		1.60			47


	(5.14	)		(5.45	)		41.51		(10.82	)		5,279		0.73			0.97			0.86			17
	(2.85	)		(3.00	)		52.35		12.83			6,499		0.75			0.47			0.85			31
	(1.37	)		(1.55	)		49.17		17.14			1,804		0.79			0.40			0.87			38
	(2.11	)		(2.21	)		43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	(2.06	)		(2.19	)		47.49		10.49			1,636		0.79			0.43			0.88			41
	—			(0.05	)		45.15		4.77			91		0.78			0.27			0.91			47


	(5.14	)		(5.50	)		41.52		(10.77	)		1,767,615		0.63			0.99			0.75			17
	(2.85	)		(3.02	)		52.39		12.93			1,970,177		0.67			0.51			0.75			31
	(1.37	)		(1.56	)		49.18		17.18			1,619,045		0.74			0.45			0.75			38
	(2.11	)		(2.23	)		43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39
	(2.06	)		(2.20	)		47.49		10.53			1,268,988		0.74			0.45			0.80			41
	—			(0.05	)		45.15		4.78			823,036		0.73			0.34			0.86			47

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	30.84	$	(0.10	)	$	(3.09	)	$	(3.19	)	$	(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18			4.99			(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71			4.57			(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		(1.46	)
Year Ended June 30, 2015		27.49		(0.18	)		3.19			3.01			(2.79	)
Year Ended June 30, 2014		22.99		(0.13	)(f)		7.42			7.29			(2.79	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		24.37		(0.14	)		(2.41	)		(2.55	)		(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14			3.87			(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		(1.46	)
Year Ended June 30, 2015		23.35		(0.26	)		2.63			2.37			(2.79	)
Year Ended June 30, 2014		19.97		(0.22	)(f)		6.39			6.17			(2.79	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		35.44		(0.06	)		(3.57	)		(3.63	)		(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89			5.79			(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		(1.46	)
Year Ended June 30, 2015		30.39		(0.11	)		3.57			3.46			(2.79	)
Year Ended June 30, 2014		25.08		(0.06	)(f)		8.16			8.10			(2.79	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		33.49		(0.15	)		(3.36	)		(3.51	)		(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60			5.32			(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		(1.46	)
Year Ended June 30, 2015		29.54		(0.24	)		3.45			3.21			(2.79	)
Year Ended June 30, 2014		24.56		(0.20	)(f)		7.97			7.77			(2.79	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		35.23		(0.11	)		(3.54	)		(3.65	)		(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			(2.14	)
September 9, 2016 (g) through June 30, 2017		27.06		(0.13	)		4.79			4.66			(0.01	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		35.40		(0.07	)		(3.56	)		(3.63	)		(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			(2.14	)
September 9, 2016 (g) through June 30, 2017		27.06		(0.06	)		4.78			4.72			(0.01	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		35.85		(0.03	)		(3.62	)		(3.65	)		(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96			5.90			(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		(1.46	)
Year Ended June 30, 2015		30.52		(0.07	)		3.60			3.53			(2.79	)
Year Ended June 30, 2014		25.15		(0.02	)(f)		8.18			8.16			(2.79	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		36.00		(0.02	)		(3.64	)		(3.66	)		(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98			5.94			(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		(1.46	)
Year Ended June 30, 2015		30.57		(0.06	)		3.61			3.55			(2.79	)
Year Ended June 30, 2014		25.17		—	(f)(h)		8.19			8.19			(2.79	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

Reflects special dividends paid out during the 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), $(0.06), $(0.20), $(0.02) and $(0.01) and for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.03)%, (0.22)%, (0.73)%, (0.08)%, (0.03)% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g)	Commencement of offering of class of shares.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	25.50		(10.69	)%	$	810,019		1.23	%		(0.63	)%		1.28	%		26	%
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56
	27.71		12.37			984,262		1.23			(0.68	)		1.35			57
	27.49		33.44			765,310		1.24			(0.51	)(f)		1.37			69

	19.67		(10.90	)		68,402		1.73			(1.14	)		1.76			26
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56
	22.93		11.78			75,494		1.73			(1.19	)		1.86			57
	23.35		32.85			41,047		1.73			(1.01	)(f)		1.86			69

	29.66		(10.54	)		949,095		0.92			(0.32	)		1.00			26
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56
	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	)(f)		1.12			69

	27.83		(10.80	)		34,025		1.48			(0.88	)		1.55			26
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56
	29.96		12.18			9,868		1.39			(0.85	)		1.64			57
	29.54		33.25			1,852		1.40			(0.71	)(f)		1.59			69

	29.43		(10.66	)		24,148		1.23			(0.63	)		1.25			26
	35.23		18.34			26,638		1.23			(0.54	)		1.26			56
	31.71		17.24			152		1.23			(0.54	)		1.42			41

	29.62		(10.55	)		13,809		0.98			(0.38	)		1.00			26
	35.40		18.66			14,320		0.98			(0.33	)		1.01			56
	31.77		17.46			129		0.98			(0.23	)		1.10			41

	30.05		(10.48	)		268,818		0.78			(0.18	)		0.85			26
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56
	31.26		12.87			164,713		0.78			(0.25	)		0.87			57
	30.52		34.06			27,454		0.79			(0.06	)(f)		0.92			69

	30.19		(10.46	)		1,358,346		0.73			(0.13	)		0.75			26
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56
	31.33		12.92			265,905		0.73			(0.19	)		0.78			57
	30.57		34.16			86,150		0.74			(0.01	)(f)		0.86			69

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	39.24	$	0.31		$	(4.77	)	$	(4.46	)	$	(0.38	)	$	(2.16	)	$	(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14			2.34			(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60			4.77			(0.14	)		(2.24	)		(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33			0.52			(0.14	)		(1.95	)		(2.09	)
Year Ended June 30, 2015		37.25		0.20			2.52			2.72			(0.20	)		(2.79	)		(2.99	)
Year Ended June 30, 2014		31.68		0.15	(f)		7.02			7.17			(0.15	)		(1.45	)		(1.60	)

Class C
Six Months Ended December 31, 2018 (Unaudited)		37.68		0.20			(4.57	)		(4.37	)		(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07			2.05			—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44			4.42			—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32			0.33			—			(1.95	)		(1.95	)
Year Ended June 30, 2015		36.19		0.01			2.44			2.45			(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(f)		6.83			6.80			—	(g)		(1.45	)		(1.45	)

Class I
Six Months Ended December 31, 2018 (Unaudited)		39.70		0.35			(4.82	)		(4.47	)		(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16			2.46			(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66			4.93			(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33			0.61			(0.23	)		(1.95	)		(2.18	)
Year Ended June 30, 2015		37.61		0.28			2.55			2.83			(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(f)		7.10			7.33			(0.22	)		(1.45	)		(1.67	)

Class L
Six Months Ended December 31, 2018 (Unaudited)		40.21		0.38			(4.87	)		(4.49	)		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20			2.60			(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71			5.07			(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33			0.70			(0.32	)		(1.95	)		(2.27	)
Year Ended June 30, 2015		37.99		0.40			2.56			2.96			(0.40	)		(2.79	)		(3.19	)
Year Ended June 30, 2014		32.26		0.32	(f)		7.17			7.49			(0.31	)		(1.45	)		(1.76	)

Class R2
Six Months Ended December 31, 2018 (Unaudited)		37.64		0.22			(4.54	)		(4.32	)		(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05			2.15			(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43			4.50			(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32			0.42			(0.06	)		(1.95	)		(2.01	)
Year Ended June 30, 2015		36.14		0.10			2.43			2.53			(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(f)		6.82			6.88			(0.10	)		(1.45	)		(1.55	)

Class R3
Six Months Ended December 31, 2018 (Unaudited)		38.97		0.25			(4.68	)		(4.43	)		(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11			2.32			(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (h) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)

Class R4
Six Months Ended December 31, 2018 (Unaudited)		39.56		0.32			(4.78	)		(4.46	)		(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33			2.13			2.46			(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (h) through June 30, 2017		36.18		0.38			4.15			4.53			(0.31	)		(2.24	)		(2.55	)

Class R5
Six Months Ended December 31, 2018 (Unaudited)		40.15		0.36			(4.86	)		(4.50	)		(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38			2.17			2.55			(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (h) through June 30, 2017		36.60		0.36			4.28			4.64			(0.33	)		(2.24	)		(2.57	)

Class R6
Six Months Ended December 31, 2018 (Unaudited)		40.19		0.33			(4.82	)		(4.49	)		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43			2.16			2.59			(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (h) through June 30, 2017		36.60		0.32			4.34			4.66			(0.33	)		(2.24	)		(2.57	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

Reflects special dividends paid out during the 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), $0.23, $0.32 and $0.05 for Class A, Class C, Class I, Class L and Class R2 Shares, respectively and the net investment income (loss) ratio would have been 0.41%, (0.10)%, 0.66%, 0.90% and 0.16% for Class A, Class C, Class I, Class L and Class R2 Shares, respectively.

(g)	Amount rounds to less than $0.005.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	32.24		(11.71	)%	$	1,514,797		1.23	%		1.57	%		1.25	%		7	%
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	35.41		1.85			2,302,567		1.24			0.54			1.41			20
	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	(f)		1.37			25


	30.98		(11.93	)		164,325		1.74			1.09			1.75			7
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20
	35.79		7.12			595,385		1.74			0.03			1.84			18
	36.19		22.63			608,283		1.74			(0.09	)(f)		1.87			25


	32.59		(11.60	)		2,323,938		0.98			1.74			1.00			7
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20
	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	(f)		1.12			25


	32.98		(11.50	)		9,701,063		0.74			1.91			0.85			7
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20
	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	(f)		0.97			25


	30.86		(11.83	)		68,776		1.49			1.18			1.51			7
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20
	35.73		7.38			71,697		1.49			0.28			1.71			18
	36.14		22.94			71,958		1.49			0.17	(f)		1.62			25


	31.97		(11.71	)		61,548		1.24			1.29			1.27			7
	38.97		6.17			62,576		1.24			0.55			1.25			13
	37.67		12.70			19,262		1.24			0.87			1.35			23


	32.43		(11.60	)		22,364		0.99			1.63			1.00			7
	39.56		6.45			17,859		0.99			0.83			1.00			13
	38.16		12.89			3,537		0.99			1.26			1.10			23


	32.95		(11.53	)		73,299		0.83			1.79			0.85			7
	40.15		6.61			84,457		0.84			0.96			0.85			13
	38.67		13.06			30,334		0.84			1.18			1.02			23


	32.96		(11.50	)		1,094,040		0.73			1.63			0.75			7
	40.19		6.71			1,073,888		0.74			1.08			0.75			13
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	35.38	$	0.32		$	(3.14	)	$	(2.82	)	$	(0.46	)	$	(1.69	)	$	(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		29.84		0.27			(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)
Year Ended June 30, 2015		29.15		0.19			1.47			1.66			(0.26	)		(0.71	)		(0.97	)
Year Ended June 30, 2014		24.64		0.34			5.03			5.37			(0.16	)		(0.70	)		(0.86	)

Class C
Six Months Ended December 31, 2018 (Unaudited)		35.20		0.23			(3.12	)		(2.89	)		(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14			(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2015		29.08		0.04			1.47			1.51			(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2014		24.61		0.20			5.02			5.22			(0.05	)		(0.70	)		(0.75	)

Class I
Six Months Ended December 31, 2018 (Unaudited)		35.60		0.34			(3.14	)		(2.80	)		(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33			(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)
Year Ended June 30, 2015		29.27		0.27			1.48			1.75			(0.32	)		(0.71	)		(1.03	)
Year Ended June 30, 2014		24.72		0.42			5.03			5.45			(0.20	)		(0.70	)		(0.90	)

Class L
Six Months Ended December 31, 2018 (Unaudited)		35.62		0.41			(3.19	)		(2.78	)		(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43			(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2015		29.31		0.34			1.50			1.84			(0.38	)		(0.71	)		(1.09	)
Year Ended June 30, 2014		24.74		0.48			5.04			5.52			(0.25	)		(0.70	)		(0.95	)

Class R2
Six Months Ended December 31, 2018 (Unaudited)		35.22		0.30			(3.15	)		(2.85	)		(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)

Class R3
Six Months Ended December 31, 2018 (Unaudited)		35.11		0.27			(3.07	)		(2.80	)		(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)

Class R4
Six Months Ended December 31, 2018 (Unaudited)		35.47		0.35			(3.14	)		(2.79	)		(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)

Class R5
Six Months Ended December 31, 2018 (Unaudited)		35.57		0.35			(3.12	)		(2.77	)		(0.62	)		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)

Class R6
Six Months Ended December 31, 2018 (Unaudited)		35.60		0.39			(3.14	)		(2.75	)		(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	30.41		(8.24	)%	$	1,113,086		1.14	%		1.79	%		1.25	%		9	%
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26
	29.84		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


	30.34		(8.48	)		498,528		1.64			1.28			1.75			9
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26
	29.72		5.26			701,023		1.73			0.14			1.83			17
	29.08		21.58			402,880		1.74			0.74			1.83			36


	30.55		(8.12	)		2,224,973		0.89			1.90			1.00			9
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26
	29.99		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


	30.55		(8.06	)		2,388,550		0.74			2.26			0.85			9
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26
	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


	30.26		(8.36	)		36		1.39			1.69			2.12			9
	35.22		5.54			38		1.41			0.78	(f)		1.61			23


	30.08		(8.25	)		1,763		1.14			1.53			1.27			9
	35.11		7.82			1,132		1.15			1.01	(f)		1.28			23
	33.24		14.87			385		1.24			1.09			1.36			24


	30.42		(8.13	)		15,703		0.89			1.96			1.00			9
	35.47		8.07			17,231		0.89			1.43	(f)		1.00			23
	33.55		15.10			34		1.00			1.05			1.08			24


	30.49		(8.06	)		6,310		0.74			1.92			0.85			9
	35.57		8.25			6,114		0.76			1.41	(f)		0.88			23
	33.59		15.27			422		0.83			1.14			0.89			24


	30.51		(7.99	)		3,628,398		0.64			2.16			0.75			9
	35.60		8.31			3,869,991		0.67			1.52	(f)		0.75			23
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

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

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), anopen-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.

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

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


	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Growth Advantage Fund	Class A, Class C, Class I, Class R2*, Class R3, Class R4, Class R5 and Class R6	JPMMFIT	Diversified
JPMorgan Mid Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Mid Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Mid Cap Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMFMFG	Diversified
JPMorgan Value Advantage Fund	Class A, Class C, Class I, Class L, Class R2*, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

Class R2 Shares commenced operations on July 31, 2017 for JPMorgan Growth Advantage Fund and JPMorgan Value Advantage Fund.

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

The investment objective of JPMorgan Mid Cap Growth Fund (“Mid Cap Growth Fund”) is to seek growth of capital.

The investment objective of JPMorgan Mid Cap Value Fund (“Mid Cap Value Fund”) is to seek growth from capital appreciation.

The investment objective of JPMorgan Value Advantage Fund (“Value Advantage Fund”) is to seek to provide long-term total return from a combination of income and capital gains.

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

Class A Shares generally provide for afront-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, 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 investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as



54	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

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

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

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

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

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

•

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

•

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

•

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

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

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

Growth Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities(a)	$	7,920,548	$	—	$	—		$	7,920,548


Mid Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities(a)	$	2,468,073	$	—	$	—		$	2,468,073


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)	$	3,684,701	$	—	$	—		$	3,684,701


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)	$	15,359,003	$	—		$—		$	15,359,003



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)



Value Advantage Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(b)	$	9,994,233	$	—	$	146	$	9,994,379

(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.

(b)	All portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of rights. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels for the six months ended December 31, 2018.

B. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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


	Dividend Income
Growth Advantage Fund	$	592
Mid Cap Equity Fund		169
Mid Cap Growth Fund		461
Mid Cap Value Fund		568
Value Advantage Fund		214

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

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):


	Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
Growth Advantage Fund	$	135,257	$	138,088	$	138,088
Mid Cap Equity Fund		47,406		47,708		47,708
Mid Cap Growth Fund		132,610		133,998		133,998
Mid Cap Value Fund		101,814		103,483		103,483
Value Advantage Fund		73,853		75,166		75,166

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



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Growth Advantage Fund	$	135,257	$	(135,257	)	$	—
Mid Cap Equity Fund		47,406		(47,406	)		—
Mid Cap Growth Fund		132,610		(132,610	)		—
Mid Cap Value Fund		101,814		(101,814	)		—
Value Advantage Fund		73,853		(73,853	)		—

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):


Growth Advantage Fund	$	6
Mid Cap Equity Fund		2
Mid Cap Growth Fund		5
Mid Cap Value Fund		6
Value Advantage Fund		2

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

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

Growth Advantage Fund


For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	281,000	$	169,000	$	—	$	—	$	112,000		112,011	$	446	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		220,791		194,703		—		—		26,088		26,088		146	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		218,911		977,746		1,129,123		—		—		67,534		67,534		2,606			—

Total	$	218,911	$	1,479,537	$	1,492,826	$	—	$	—	$	205,622			$	3,198		$	—



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Mid Cap Equity Fund


For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	90,000	$	50,000	$	—	$	—	$	40,000		40,004	$	125	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		71,460		63,752		—		—		7,708		7,708		44	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		80,883		313,222		354,781		—		—		39,324		39,324		917			—

Total	$	80,883	$	474,682	$	468,533	$	—	$	—	$	87,032			$	1,086		$	—

Mid Cap Growth Fund


For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	216,000	$	102,000	$	—	$	—	$	114,000		114,011	$	351	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		149,108		129,110		—		—		19,998		19,998		110	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		114,331		465,906		564,547		—		—		15,690		15,690		1,290			—

Total	$	114,331	$	831,014	$	795,657	$	—	$	—	$	149,688			$	1,751		$	—

Mid Cap Value Fund


For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	387,000	$	298,000	$	—		$	—	$	89,000		89,009	$	428	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		244,810		230,327		—			—		14,483		14,483		140	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		511,256		960,010		1,185,122		—	(c)		—		286,144		286,144		6,229			—

Total	$	511,256	$	1,591,820	$	1,713,449	$	—	(c)	$	—	$	389,627			$	6,797		$	—



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

Value Advantage Fund


For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	122,000	$	59,000	$	—	$	—	$	63,000		63,006	$	157	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		87,845		75,679		—		—		12,166		12,166		57	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		253,654		1,015,309		1,179,662		—		—		89,301		89,301		2,637			—

Total	$	253,654	$	1,225,154	$	1,314,341	$	—	$	—	$	164,467			$	2,851		$	—

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

(b)	The rate shown is the current yield as of December 31, 2018.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net).

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 theex-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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):


	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	51	$	23	$	22		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	2		$	19	$	117
Mid Cap Equity Fund
Transfer agency fees		12		1		4		n/a		—	(a)		n/a			n/a			—	(a)		9		26
Mid Cap Growth Fund
Transfer agency fees		142		4		17		n/a		11			—	(a)		—	(a)		2			21		197
Mid Cap Value Fund
Transfer agency fees		58		4		20	$	338		5			7			—	(a)		—	(a)		8		440
Value Advantage Fund
Transfer agency fees		39		20		18		29		—	(a)		—	(a)		—	(a)		—	(a)		12		118

(a)	Amount rounds to less than one thousand.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, 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, if any, are generally declared and paid at least annually. Distributions are declared separately for each class of each Fund. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federaltax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser 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
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 Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was 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 six months ended December 31, 2018, the effective annualized 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.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.

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

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

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:


	Class A			Class C			Class R2			Class R3
Growth Advantage Fund		0.25	%		0.75	%		0.50	%		0.25	%
Mid Cap Equity Fund		0.25			0.75			0.50			n/a
Mid Cap Growth Fund		0.25			0.75			0.50			0.25
Mid Cap Value Fund		0.25			0.75			0.50			0.25
Value Advantage Fund		0.25			0.75			0.50			0.25



60	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):


	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	273	$	10
Mid Cap Equity Fund		66		—
Mid Cap Growth Fund		50		—	(a)
Mid Cap Value Fund		11		—	(a)
Value Advantage Fund		89		—	(a)

(a)	Amount rounds to less than one thousand.

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


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Growth Advantage Fund		0.25	%		0.25	%		0.25	%		n/a			0.25	%		0.25	%		0.25	%		0.10	%
Mid Cap Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
Mid Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Mid Cap Value Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
Value Advantage Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plusout-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were 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/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		0.89	%		0.74	%		0.64	%
Mid Cap Equity Fund		1.14			1.64			0.89			n/a			1.39			n/a			n/a			0.74			0.64
Mid Cap Growth Fund		1.24			1.74			0.93			n/a			1.49			1.24			0.99			0.79			0.74
Mid Cap Value Fund		1.24			1.75			0.99			0.75	%		1.50			1.25			1.00			0.85			0.73	*
Value Advantage Fund		1.14			1.64			0.89			0.75			1.39			1.14			0.89			0.74			0.64

*	Prior to November 1, 2018, the contractual expense limitation for Class R6 Shares of Mid Cap Value Fund was 0.75%. The contractual expense percentages in the table above are in place until at least October 31, 2019.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2018 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	2,862	$	1,908	$	91	$	4,861	$	12
Mid Cap Equity Fund		906		604		13		1,523		—
Mid Cap Growth Fund		131		84		575		790		8
Mid Cap Value Fund		221		143		5,664		6,028		97
Value Advantage Fund		3,623		2,416		76		6,115		12

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 was as follows (amounts in thousands):


Growth Advantage Fund	$	305
Mid Cap Equity Fund		98
Mid Cap Growth Fund		150
Mid Cap Value Fund		685
Value Advantage Fund		317

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

The Boards 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 apro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended December 31, 2018, Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund and Mid Cap Value Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments and transfersin-kind) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	2,004,154	$	1,745,429
Mid Cap Equity Fund		504,155		458,019
Mid Cap Growth Fund		1,178,578		998,632
Mid Cap Value Fund		1,217,379		1,628,658
Value Advantage Fund		954,437		1,240,799

During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	5,577,283	$	2,546,106	$	202,841	$	2,343,265
Mid Cap Equity Fund		1,963,953		637,589		133,469		504,120
Mid Cap Growth Fund		3,142,141		752,863		210,303		542,560
Mid Cap Value Fund		11,432,100		4,879,740		952,837		3,926,903
Value Advantage Fund		8,329,449		2,223,555		558,625		1,664,930

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, 2018, the following Funds deferred to July 1, 2018 late year ordinary losses and post-October capital losses of (amounts in thousands):


	Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	10,229
Mid Cap Growth Fund		6,257

6. Borrowings

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

The 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 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility during the six months ended December 31, 2018, were as follows (amounts in thousands, except number of days outstanding):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Mid Cap Equity Fund	$	13,588		2.71	%		1	$	1

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2018 were as follows (amounts in thousands):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Growth Advantage Fund	$	10,500		3.38	%		1	$	1
Value Advantage Fund	$	27,500		3.38	%		1	$	3

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		4		12.1	%		3		15.1	%
Mid Cap Equity Fund		—		—			4		23.3
Mid Cap Growth Fund		—		—			7		15.8
Mid Cap Value Fund		—		—			8		33.0
Value Advantage Fund		—		—			6		22.0

As of December 31, 2018, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:


	JPMorgan SmartRetirement Funds
Growth Advantage Fund		28.3	%
Mid Cap Equity Fund		48.0
Value Advantage Fund		22.0

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

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”)2018-13 (“ASU2018-13”)Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

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.


	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	890.40	$	5.38		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		888.20		7.81		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		891.80		4.20		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		889.30		6.62		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R3
Actual		1,000.00		890.50		5.38		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		891.80		4.20		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		892.30		3.48		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		892.90		3.01		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*			Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	889.90	$	5.38			1.13	%
Hypothetical		1,000.00		1,019.51		5.75			1.13
Class C
Actual		1,000.00		887.70		7.76			1.63
Hypothetical		1,000.00		1,016.99		8.29			1.63
Class I
Actual		1,000.00		891.20		4.19			0.88
Hypothetical		1,000.00		1,020.77		4.48	��		0.88
Class R2
Actual		1,000.00		888.80		6.57			1.38
Hypothetical		1,000.00		1,018.25		7.02			1.38
Class R5
Actual		1,000.00		891.80		3.48			0.73
Hypothetical		1,000.00		1,021.53		3.72			0.73
Class R6
Actual		1,000.00		892.30		3.00			0.63
Hypothetical		1,000.00		1,022.03		3.21			0.63

JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		893.10		5.87			1.23
Hypothetical		1,000.00		1,019.00		6.26			1.23
Class C
Actual		1,000.00		891.00		8.25			1.73
Hypothetical		1,000.00		1,016.48		8.79			1.73
Class I
Actual		1,000.00		894.60		4.39			0.92
Hypothetical		1,000.00		1,020.57		4.69			0.92
Class R2
Actual		1,000.00		892.00		7.06			1.48
Hypothetical		1,000.00		1,017.74		7.53			1.48
Class R3
Actual		1,000.00		893.40		5.87			1.23
Hypothetical		1,000.00		1,019.00		6.26			1.23
Class R4
Actual		1,000.00		894.50		4.68			0.98
Hypothetical		1,000.00		1,020.27		4.99			0.98
Class R5
Actual		1,000.00		895.20		3.73			0.78
Hypothetical		1,000.00		1,021.27		3.97			0.78
Class R6
Actual		1,000.00		895.40		3.49			0.73
Hypothetical		1,000.00		1,021.53		3.72			0.73

JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		882.90		5.84			1.23
Hypothetical		1,000.00		1,019.00		6.26			1.23
Class C
Actual		1,000.00		880.70		8.25			1.74
Hypothetical		1,000.00		1,016.43		8.84			1.74
Class I
Actual		1,000.00		884.00		4.65			0.98
Hypothetical		1,000.00		1,020.27		4.99			0.98



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018


	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	885.00	$	3.52		0.74	%
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R2
Actual		1,000.00		881.70		7.07		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		882.90		5.88		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		884.00		4.70		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		884.70		3.94		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		885.00		3.47		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73

JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		917.60		5.51		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		915.20		7.92		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		918.80		4.30		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class L
Actual		1,000.00		919.40		3.58		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R2
Actual		1,000.00		916.40		6.71		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R3
Actual		1,000.00		917.50		5.51		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class R4
Actual		1,000.00		918.70		4.30		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R5
Actual		1,000.00		919.40		3.58		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		920.10		3.10		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64

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



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

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

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

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Growth Advantage Fund, Mid Cap Equity Fund, and Value Advantage Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as asub-adviser and



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	69

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of theone-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Equity Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second and first quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31,

2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Growth Fund’s performance for Class A shares was in the third, fourth and third quintiles based upon the Peer Group, and in the second, fourth and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for each of theone-, three-, and five-year periods ended December 31, 2017, and in the second, fourth and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Value Fund’s performance for Class A shares was in the third, third and second quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, third and first quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Value Advantage Fund’s performance for Class A shares was in the third, second and third quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for each of theone-, three-, and five-year periods ended December 31, 2017, and in the fourth, third and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2018

December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

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

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the

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

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

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

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



DECEMBER 31, 2018	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

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. at1-800-480-4111 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 at202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the FormN-Q without charge by calling1-800-480-4111 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 prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 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 recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

LOGO

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2018. All rights reserved. December 2018.		SAN-MC-1218

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

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

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

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

(e) (1) Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.

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

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

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision ofnon-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 notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule10A-3 under the Exchange Act (17CFR240.10A-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 Rule10A-3(d) under the Exchange Act (17CFR240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth inSection 210.12-12 of RegulationS-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR240.14a-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 Rule30a-3(c) under the Act (17 CFR270.30a-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 Rule30a-3(b) under the Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or240.15d-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 FormN-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 FormN-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 Rule30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule30a-2(a) under the Act (17 CFR270.30a-2).

Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-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 Rule30a-2(b) under the Act of 1940.

Certifications pursuant to Rule30a-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/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 07, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 07, 2019

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		March 07, 2019

JP Morgan Fleming Mutual Fund N-CSRSCertified semi-annual shareholder report (management investment company)