JP Morgan Fleming Mutual Fund NCSR Certified 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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800)480-4111

Date of fiscal year end: June 30

Date of reporting period: July 1, 2018 through June 30, 2019

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 CFR 270.30e-1).

Annual Report

J.P. Morgan MidCap/Multi-Cap Funds

June 30, 2019

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



Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Growth Advantage Fund			3

JPMorgan Mid Cap Equity Fund			5

JPMorgan Mid Cap Growth Fund			7

JPMorgan Mid Cap Value Fund			9

JPMorgan Value Advantage Fund			11

Schedules of Portfolio Investments			13

Financial Statements			28

Financial Highlights			44

Notes to Financial Statements			54

Report of Independent Registered Public Accounting Firm			66

Trustees			67

Officers			70

Schedule of Shareholder Expenses			71

Tax Letter			74

Privacy Policy — Located at the back of this Annual Report

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

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

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

LETTER TO SHAREHOLDERS

July 31, 2019 (Unaudited)

Dear Shareholders,

Even as the pace of growth slowed, the global economic expansion continued and financial markets largely provided positive returns for the twelve months ended June 30, 2019. Central banks in the U.S. and elsewhere moved to support continued economic expansion in 2019, and low interest rates, growth in corporate profits and general investor optimism added further support to both equity and bond markets.

“We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop.”
— Andrea L. Lisher

The U.S. economy generally outpaced other developed market nations throughout the twelve month reporting period and the U.S. expansion became the longest on record by the end of June 2019. However, growth in U.S. gross domestic product (GDP) slowed significantly to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. At the same time, the U.S. unemployment rate remained below 4% for all but one month of the reporting period.

After reaching record highs in August and September 2018, U.S. equity prices tumbled sharply in December amid investor concerns about slowing global growth, unresolved U.S.-China trade tensions and expectations for further interest rate increases by the U.S. Federal Reserve (the “Fed”). For the month of December, the S&P 500 Index fell by 9.03%.

By the end of 2018, the Fed indicated it would enact fewer-than-expected interest rate increases in 2019. In January 2019, financial markets began to stabilize and started a rebound that would push equity prices back to record highs at the end of April and again by mid-June. For the twelve month reporting period, the S&P 500 returned 10.42%.

In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019. Notably, manufacturing data weakened in 2019. However, unemployment continued to fall throughout the reporting period and the 7.5% euro area jobless rate by the end June 2019 was the lowest since the 2008-09 financial crisis.

In response to slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth rebounded to 1.8% in the first quarter of 2019 from 1.4% in the final quarter of 2018. Political uncertainty surrounding negotiations for U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the twelve month reporting period, the MSCI EAFE Index returned 1.60%.

Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well certain of its trading partners across Asia. During the second half of the reporting period, emerging markets largely benefitted investor appetite for higher yielding assets. While the MSCI Emerging Markets Index returned 1.61% for reporting period, the Bloomberg Barclays Emerging Markets Aggregate Index returned 10.95%.

Subsequent to the end of the reporting period, the Fed cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.

We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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

Andrea L. Lisher

Head of Americas, J.P. Morgan Global Funds

J.P. Morgan Asset Management



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	1

J.P. Morgan MidCap/Multi-Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)

Global equity prices rebounded from two sharp sell-offs and U.S. equity largely outperformed both developed and emerging markets equity during the reporting period.

Growth in corporate profits, low interest rates and the continued growth in the global economy bolstered financial markets throughout the reporting period. However, investor concerns about the direction of U.S. interest rates, rising trade tensions and signs of slowing economic activity in China and Europe helped fuel significant market downturns in late 2018 and again in May 2019.

Leading equity indexes plummeted in the second half of December 2018 amid slowing global economic growth, unresolved U.S.-China trade tensions and investor concerns over rising interest rates.

However, financial market volatility stabilized in January and U.S. equity prices rebounded over the next few months and returned to record high levels by April 2019. Global equity markets slumped in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as emerging markets, dropped by more than 6%. However, global equity prices rebounded again in June.

Within U.S. equity, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks continued to outperform value stocks. For the twelve month reporting period, the S&P 500 returned 10.42% and the Russell Mid Cap Index returned 7.83%.



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		9.63%
Russell 3000 Growth Index		10.60%

Net Assets as of 6/30/2019 (In Thousands)	$	9,389,089

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 twelve months ended June 30, 2019. The Fund’s security selection in the technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and producer durables sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in East West Bancorp, Electronic Arts Inc. and Evolent Health Inc. Shares of East West Bancorp, a provider of financial services, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019 and amid investor concerns about U.S.-China trade tariffs. Shares of Electronic Arts, a maker of digital interactive games and entertainment, fell amid a drop in revenue from mobile gaming and lower-than-expected live services revenue. Shares of Evolent Health, a provider of health care delivery and payment services, fell amid investor concerns about the financial solvency of a key client and the company’s lower-than-expected forecast for 2019 earnings.

Leading individual contributors to relative performance included the Fund’s overweight positions in Exact Sciences Inc., Veeva Systems Inc. and Waste Connections Inc. Shares of Exact Sciences, a provider of cancer diagnostics, rose amid better-than-expected quarterly earnings and revenue and increased adoption of its leading product by health care providers. Shares of Veeva Systems, a provider of software and services to the life sciences industry, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019 and raised its forecast for the full year 2019. Shares of Waste Connections, a provider of solid waste services that was not held in the Benchmark, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019.

HOW WAS THE FUND POSITIONED?

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.9	%
	2.	Amazon.com, Inc.	5.7
	3.	Alphabet, Inc., Class C	4.4
	4.	Apple, Inc.	4.3
	5.	Mastercard, Inc., Class A	2.7
	6.	UnitedHealth Group, Inc.	2.6
	7.	Visa, Inc., Class A	2.3
	8.	Waste Connections, Inc.	2.2
	9.	PayPal Holdings, Inc.	1.9
	10.	Netflix, Inc.	1.7


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	36.9	%
Health Care	13.7
Consumer Discretionary	13.2
Industrials	11.0
Communication Services	9.5
Financials	6.5
Materials	2.8
Investment of cash collateral from securities loaned	2.0
Energy	1.3
Others (each less than 1.0%)	0.9
Short-Term Investments	2.2

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

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

***

Percentages indicated are based on total investments as of June 30, 2019. The Fund’s portfolio composition is subject to change.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge*			3.89	%		12.24	%		16.34	%
Without Sales Charge			9.63			13.46			16.98
CLASS C SHARES	May 1, 2006
With CDSC**			8.06			12.89			16.38
Without CDSC			9.06			12.89			16.38
CLASS I SHARES	May 1, 2006		9.91			13.70			17.22
CLASS R2 SHARES	July 31, 2017		9.36			13.18			16.69
CLASS R3 SHARES	May 31, 2017		9.63			13.47			16.99
CLASS R4 SHARES	May 31, 2017		9.91			13.74			17.27
CLASS R5 SHARES	January 8, 2009		10.05			13.89			17.44
CLASS R6 SHARES	December 23, 2013		10.18			14.01			17.51

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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 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.

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 June 30, 2009 to June 30, 2019. 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	JUNE 30, 2019

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		10.20%
Russell Midcap Index		7.83%

Net Assets as of 6/30/2019 (In Thousands)	$	2,791,397

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 twelve months ended June 30, 2019. The Fund’s security selection in the materials & processing sector and in the health care sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary 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., Paycom Software Inc. and Veeva Systems Inc. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of Paycom Software, a provider of workforce management software, rose amid consistently better-than-expected earnings and revenue during the reporting period. Shares of Veeva Systems, a provider of software and services to the life sciences industry, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019 and raised its forecast for the full year 2019.

Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Corp., Mohawk Industries Inc. and Electronic Arts Inc. Shares of EQT, a natural gas production and transmission company, fell after the company forecast flat production and lower capital expenditures in 2019. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell after the company reported lower-than-expected revenue for the first quarter of 2019. Shares of Electronic Arts, a video games and other interactive entertainment, fell amid a drop in revenue from mobile gaming and lower-than-expected live services revenue.

HOW WAS THE FUND POSITIONED?

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

fundamental analysis. The Fund’s portfolio managers 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.	Ball Corp.	1.4	%
	2.	Synopsys, Inc.	1.2
	3.	AMETEK, Inc.	1.2
	4.	Global Payments, Inc.	1.2
	5.	Amphenol Corp., Class A	1.2
	6.	CBRE Group, Inc., Class A	1.1
	7.	Waste Connections, Inc.	1.1
	8.	Hilton Worldwide Holdings, Inc.	1.1
	9.	CMS Energy Corp.	1.1
	10.	O’Reilly Automotive, Inc.	1.1


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.0	%
Financials	13.6
Consumer Discretionary	12.5
Industrials	12.0
Health Care	10.9
Real Estate	7.2
Utilities	5.0
Materials	4.5
Energy	3.3
Investment of cash collateral from securities loaned	2.9
Communication Services	2.8
Consumer Staples	1.9
Short-Term Investments	3.4

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 June 30, 2019. The Fund’s portfolio composition is subject to change.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge*			4.14	%		7.54	%		14.18	%
Without Sales Charge			9.92			8.71			14.79
CLASS C SHARES	November 2, 2009
With CDSC**			8.39			8.17			14.24
Without CDSC			9.39			8.17			14.24
CLASS I SHARES	January 1, 1997		10.20			9.06			15.16
CLASS R2 SHARES	March 14, 2014		9.66			8.44			14.64
CLASS R5 SHARES	March 14, 2014		10.37			9.18			15.23
CLASS R6 SHARES	March 14, 2014		10.48			9.25			15.27

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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 June 30, 2009 to June 30, 2019. 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	JUNE 30, 2019

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		15.73%
Russell Midcap Growth Index		13.94%

Net Assets as of 6/30/2019 (In Thousands)	$	4,558,492

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2019. The Fund’s security selection in the health care and producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology sector and its underweight position in the consumer staples sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Paycom Software Inc., Veeva Systems Inc. and Exact Sciences Inc. Shares of Paycom Software, a provider of workforce management software, rose amid consistently better-than-expected quarterly earnings and revenue during the reporting period. Shares of Veeva Systems, a provider of software and services to the life sciences industry, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019 and raised its forecast for the full year 2019. Shares of Exact Sciences, a provider of cancer diagnostics, rose amid better-than-expected quarterly earnings and revenue and increased adoption of its leading product by health care providers.

Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc., East West Bancorp and Red Rock Resorts Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell amid a drop in revenue from mobile gaming and lower-than-expected live services revenue. Shares of East West Bancorp, a provider of financial services, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019 and amid investor concerns over U.S.-China trade tariffs. Shares of Red Rock Resorts, a casino and entertainment properties operator not held in the Benchmark, fell amid investor concerns about weaker-than-expected demand at the company’s Palms Casino Resort.

HOW WAS THE FUND POSITIONED?

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Global Payments, Inc.	2.3	%
	2.	Waste Connections, Inc.	2.2
	3.	O’Reilly Automotive, Inc.	2.1
	4.	Fiserv, Inc.	1.8
	5.	Tractor Supply Co.	1.7
	6.	Ball Corp.	1.7
	7.	Advanced Micro Devices, Inc.	1.6
	8.	Xilinx, Inc.	1.6
	9.	Take-Two Interactive Software, Inc.	1.5
	10.	Copart, Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	33.3	%
Industrials	16.4
Health Care	15.3
Consumer Discretionary	13.0
Financials	5.9
Materials	4.4
Investment of cash collateral from securities loaned	4.2
Communication Services	3.2
Real Estate	1.1
Others (each less than 1.0%)	0.8
Short-Term Investments	2.4

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 June 30, 2019. The Fund’s portfolio composition is subject to change.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			9.31	%		9.29	%		15.14	%
Without Sales Charge			15.37			10.48			15.77
CLASS C SHARES	November 4, 1997
With CDSC**			13.78			9.92			15.18
Without CDSC			14.78			9.92			15.18
CLASS I SHARES	March 2, 1989		15.73			10.82			16.13
CLASS R2 SHARES	June 19, 2009		15.10			10.26			15.56
CLASS R3 SHARES	September 9, 2016		15.38			10.48			15.77
CLASS R4 SHARES	September 9, 2016		15.66			10.75			16.06
CLASS R5 SHARES	November 1, 2011		15.89			10.97			16.25
CLASS R6 SHARES	November 1, 2011		15.97			11.04			16.30

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index and the Lipper Mid-Cap Growth Funds Index from June 30, 2009 to June 30, 2019. 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	JUNE 30, 2019

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		4.63%
Russell Midcap Value Index		3.68%

Net Assets as of 6/30/2019 (In Thousands)	$	17,015,485

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 twelve months ended June 30, 2019. The Fund’s security selection in the materials and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp., AutoZone Inc. and Williams Cos. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Williams, an operator of natural gas and petroleum pipelines and storage facilities, rose amid investor expectations for earnings growth and investor demand for stocks that pay relatively high dividends.

Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Corp., Mohawk Industries Inc. and CommScope Holding Co. Shares of EQT, a natural gas production and transmission company, fell after the company forecast flat production and lower capital expenditures in 2019. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell after the company reported lower-than-expected revenue for the first quarter of 2019. Shares of CommScope Holding, a communications infrastructure provider, fell after the company issued a weaker-than-expected earnings and revenue forecast for the second quarter of 2019.

HOW WAS THE FUND POSITIONED?

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

possessing the ability to generate, in their view, sustainable levels of free cash flow.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	CMS Energy Corp.	2.1	%
	2.	WEC Energy Group, Inc.	2.1
	3.	Xcel Energy, Inc.	2.1
	4.	Loews Corp.	2.0
	5.	M&T Bank Corp.	1.9
	6.	Williams Cos., Inc. (The)	1.9
	7.	Diamondback Energy, Inc.	1.6
	8.	SunTrust Banks, Inc.	1.5
	9.	T. Rowe Price Group, Inc.	1.5
	10.	AutoZone, Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.7	%
Real Estate	12.9
Consumer Discretionary	11.9
Utilities	10.1
Industrials	7.5
Health Care	6.5
Information Technology	6.5
Energy	5.8
Materials	4.6
Consumer Staples	3.8
Communication Services	2.5
Investment of cash collateral from securities loaned	2.1
Short-Term Investments	4.1

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

***

Percentages indicated are based on total investments as of June 30, 2019. The Fund’s portfolio composition is subject to change.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			(1.34	)%		5.52	%		13.23	%
Without Sales Charge			4.12			6.66			13.84
CLASS C SHARES	April 30, 2001
With CDSC**			2.59			6.12			13.26
Without CDSC			3.59			6.12			13.26
CLASS I SHARES	October 31, 2001		4.38			6.93			14.12
CLASS L SHARES	November 13, 1997		4.63			7.18			14.40
CLASS R2 SHARES	November 3, 2008		3.86			6.39			13.54
CLASS R3 SHARES	September 9, 2016		4.12			6.66			13.84
CLASS R4 SHARES	September 9, 2016		4.38			6.92			14.12
CLASS R5 SHARES	September 9, 2016		4.52			7.13			14.37
CLASS R6 SHARES	September 9, 2016		4.63			7.18			14.40

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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 June 30, 2009 to June 30, 2019. 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	JUNE 30, 2019

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		7.44%
Russell 3000 Value Index		7.34%

Net Assets as of 6/30/2019 (In Thousands)	$	10,825,760

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the Russell 3000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2019. The Fund’s security selection in the energy and materials sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples sector and its security selection and overweight position in the financials sector were leading detractors from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Ball Corp., AutoZone Inc. and Kinder Morgan Inc. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Kinder Morgan, a natural gas and petroleum pipelines and storage company, rose after the company increased its quarterly dividend by 25% in April 2019.

Leading individual detractors from relative performance included the Fund’s overweight positions in Nordstrom Inc., CommScope Holding Co. and Energizer Holdings Inc. Shares of Nordstrom, an apparel retail chain not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue and reduced its forecast for the full year 2019.

Shares of CommScope Holding, a communications infrastructure provider, fell after the company issued a weaker-than-expected earnings and revenue forecast for the second quarter of 2019. Shares of Energizer, a batteries and lighting manufacturer, fell after the company reported lower than expected sales for the first quarter of 2019.

HOW WAS THE FUND POSITIONED?

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

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.3	%
	2.	Pfizer, Inc.	2.7
	3.	Wells Fargo & Co.	2.1
	4.	Capital One Financial Corp.	2.1
	5.	PNC Financial Services Group, Inc. (The)	1.9
	6.	Loews Corp.	1.9
	7.	Chevron Corp.	1.9
	8.	Merck & Co., Inc.	1.7
	9.	Delta Air Lines, Inc.	1.6
	10.	M&T Bank Corp.	1.6


PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.6	%
Energy	9.2
Health Care	9.2
Consumer Discretionary	7.6
Real Estate	7.5
Industrials	6.5
Information Technology	6.0
Utilities	5.6
Communication Services	5.2
Consumer Staples	5.0
Materials	4.7
Investment of cash collateral from securities loaned	2.3
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 June 30, 2019. The Fund’s portfolio composition is subject to change.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge*			1.38	%		5.83	%		13.30	%
Without Sales Charge			7.00			6.98			13.91
CLASS C SHARES	February 28, 2005
With CDSC**			5.48			6.45			13.35
Without CDSC			6.48			6.45			13.35
CLASS I SHARES	February 28, 2005		7.28			7.25			14.20
CLASS L SHARES	February 28, 2005		7.44			7.49			14.46
CLASS R2 SHARES	July 31, 2017		6.75			6.71			13.63
CLASS R3 SHARES	September 9, 2016		7.00			6.98			13.91
CLASS R4 SHARES	September 9, 2016		7.27			7.25			14.20
CLASS R5 SHARES	September 9, 2016		7.41			7.46			14.45
CLASS R6 SHARES	September 9, 2016		7.57			7.53			14.49

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)

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 June 30, 2009 to

June 30, 2019. 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	JUNE 30, 2019

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.3%

Aerospace & Defense — 1.0%

Boeing Co. (The)		264		95,917


Automobiles — 0.2%

Tesla, Inc. * (a)		102		22,704


Banks — 1.6%

East West Bancorp, Inc.		1,600		74,827

First Republic Bank (a)		775		75,650


				150,477


Biotechnology — 2.9%

Exact Sciences Corp. * (a)		881		103,993

Exelixis, Inc. *		2,549		54,466

Intercept Pharmaceuticals, Inc. * (a)		179		14,227

Sage Therapeutics, Inc. * (a)		195		35,721

Vertex Pharmaceuticals, Inc. *		353		64,660


				273,067


Building Products — 1.7%

Fortune Brands Home & Security, Inc.		1,362		77,822

Lennox International, Inc. (a)		284		77,963


				155,785


Capital Markets — 4.0%

BlackRock, Inc.		149		70,020

Charles Schwab Corp. (The)		1,487		59,771

Nasdaq, Inc.		732		70,353

S&P Global, Inc. (a)		521		118,747

TD Ameritrade Holding Corp.		1,046		52,201


				371,092


Commercial Services & Supplies — 3.4%

Copart, Inc. *		1,384		103,470

Waste Connections, Inc.		2,234		213,559


				317,029


Communications Equipment — 0.6%

Arista Networks, Inc. *		224		58,194


Construction Materials — 0.8%

Vulcan Materials Co.		551		75,630


Containers & Packaging — 2.1%

Avery Dennison Corp.		776		89,803

Ball Corp.		1,482		103,697


				193,500


Electrical Equipment — 0.5%

AMETEK, Inc.		530		48,172


Electronic Equipment, Instruments & Components — 3.1%

Amphenol Corp., Class A		710		68,137

Corning, Inc.		2,011		66,835

Keysight Technologies, Inc. *		772		69,333


INVESTMENTS	SHARES (000)		VALUE ($000)

Electronic Equipment, Instruments & Components — continued

Zebra Technologies Corp., Class A * (a)		420		87,923


				292,228


Entertainment — 3.9%

Netflix, Inc. *		456		167,424

Spotify Technology SA *		571		83,492

Take-Two Interactive Software, Inc. *		1,056		119,859


				370,775


Health Care Equipment & Supplies — 1.7%

DexCom, Inc. *		472		70,665

Intuitive Surgical, Inc. * (a)		164		86,131


				156,796


Health Care Providers & Services — 3.9%

Acadia Healthcare Co., Inc. * (a)		1,285		44,907

Anthem, Inc.		278		78,426

UnitedHealth Group, Inc.		1,014		247,475


				370,808


Health Care Technology — 1.8%

Teladoc Health, Inc. *		1,408		93,512

Veeva Systems, Inc., Class A *		488		79,093


				172,605


Hotels, Restaurants & Leisure — 0.6%

Hilton Worldwide Holdings, Inc. (a)		562		54,953


Insurance — 1.1%

Progressive Corp. (The)		1,278		102,135


Interactive Media & Services — 5.3%

Alphabet, Inc., Class C *		395		427,289

Facebook, Inc., Class A *		383		73,861


				501,150


Internet & Direct Marketing Retail — 6.4%

Amazon.com, Inc. *		290		548,206

Wayfair, Inc., Class A * (a)		329		48,005


				596,211


IT Services — 9.8%

Booz Allen Hamilton Holding Corp.		545		36,097

Global Payments, Inc. (a)		951		152,332

GoDaddy, Inc., Class A *		890		62,398

Mastercard, Inc., Class A		996		263,366

PayPal Holdings, Inc. *		1,629		186,490

Visa, Inc., Class A		1,252		217,354


				918,037


Life Sciences Tools & Services — 2.1%

Illumina, Inc. *		272		100,247

Thermo Fisher Scientific, Inc.		331		97,120


				197,367

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (continued)


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

Machinery — 2.7%

Nordson Corp. (a)		338		47,777

Oshkosh Corp.		522		43,540

Parker-Hannifin Corp.		399		67,800

Stanley Black & Decker, Inc.		656		94,821


				253,938


Media — 0.5%

New York Times Co. (The), Class A (a)		1,334		43,505


Oil, Gas & Consumable Fuels — 1.3%

Concho Resources, Inc.		585		60,309

EOG Resources, Inc.		667		62,147


				122,456


Pharmaceuticals — 1.6%

Catalent, Inc. * (a)		1,303		70,636

Jazz Pharmaceuticals plc *		484		68,970

TherapeuticsMD, Inc. *		5,525		14,364


				153,970


Professional Services — 0.8%

IHS Markit Ltd. *		1,110		70,755


Real Estate Management & Development — 0.9%

CBRE Group, Inc., Class A *		1,669		85,640


Road & Rail — 1.1%

Lyft, Inc., Class A *		702		46,148

Old Dominion Freight Line, Inc.		381		56,876


				103,024


Semiconductors & Semiconductor Equipment — 4.6%

Advanced Micro Devices, Inc. * (a)		2,563		77,832

Applied Materials, Inc.		1,463		65,712

Microchip Technology, Inc. (a)		407		35,322

NVIDIA Corp.		483		79,258

QUALCOMM, Inc.		1,201		91,383

Xilinx, Inc.		679		80,091


				429,598


Software — 15.4%

Autodesk, Inc. *		278		45,205

DocuSign, Inc. * (a)		744		36,989

Fair Isaac Corp. *		197		61,799

Intuit, Inc.		500		130,717

Microsoft Corp.		4,972		666,063

Palo Alto Networks, Inc. *		351		71,601

salesforce.com, Inc. * (a)		993		150,653

ServiceNow, Inc. *		421		115,704

Slack Technologies, Inc., Class A * (a)		776		29,092


INVESTMENTS	SHARES (000)		VALUE ($000)

Software — continued

Splunk, Inc. *		575		72,269

Synopsys, Inc. *		543		69,867


				1,449,959


Specialty Retail — 5.5%

Home Depot, Inc. (The)		754		156,726

O’Reilly Automotive, Inc. *		240		88,637

Ross Stores, Inc.		1,659		164,430

Tractor Supply Co.		936		101,880


				511,673


Technology Hardware, Storage & Peripherals — 4.4%

Apple, Inc.		2,086		412,851


Textiles, Apparel & Luxury Goods — 0.9%

Lululemon Athletica, Inc. *		493		88,771


Trading Companies & Distributors — 0.1%

WW Grainger, Inc.		41		10,862


Total Common Stocks (Cost $5,395,304)				9,231,634

Short-Term Investments — 2.3%

Investment Companies — 2.3%

JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) (Cost $214,330)		214,265		214,350


Investment of Cash Collateral from Securities Loaned — 2.1%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c)		157,015		157,046

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c)		36,180		36,180


Total Investment of Cash Collateral from Securities Loaned (Cost $193,211)				193,226

Total Investments — 102.7% (Cost $5,802,845)				9,639,210
Liabilities in Excess of Other Assets — (2.7)%				(250,121	)

NET ASSETS — 100.0%				9,389,089

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $189,162,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.8%

Aerospace & Defense — 0.6%

HEICO Corp., Class A		159		16,437


Auto Components — 0.6%

Aptiv plc		93		7,485

BorgWarner, Inc.		259		10,861


				18,346


Automobiles — 0.1%

Tesla, Inc. * (a)		9		2,101


Banks — 5.2%

Citizens Financial Group, Inc.		395		13,951

Comerica, Inc.		131		9,479

East West Bancorp, Inc.		251		11,747

Fifth Third Bancorp		712		19,866

First Republic Bank		256		24,950

Huntington Bancshares, Inc.		775		10,704

M&T Bank Corp.		159		27,082

SunTrust Banks, Inc.		350		21,978

Zions Bancorp NA		116		5,311


				145,068


Beverages — 0.8%

Constellation Brands, Inc., Class A		62		12,277

Keurig Dr Pepper, Inc. (a)		203		5,874

Molson Coors Brewing Co., Class B		98		5,515


				23,666


Biotechnology — 2.1%

Agios Pharmaceuticals, Inc. * (a)		81		4,060

Alnylam Pharmaceuticals, Inc. * (a)		64		4,629

BioMarin Pharmaceutical, Inc. *		50		4,291

Exact Sciences Corp. * (a)		171		20,161

Exelixis, Inc. *		408		8,723

Intercept Pharmaceuticals, Inc. *		54		4,329

Moderna, Inc. *		169		2,467

Sage Therapeutics, Inc. * (a)		53		9,759


				58,419


Building Products — 1.4%

Fortune Brands Home & Security, Inc.		424		24,244

Lennox International, Inc.		52		14,312


				38,556


Capital Markets — 4.2%

Ameriprise Financial, Inc.		110		15,908

Invesco Ltd.		266		5,443

MSCI, Inc.		52		12,371

Nasdaq, Inc.		117		11,233

Northern Trust Corp.		156		14,001


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

Raymond James Financial, Inc.		152		12,826

S&P Global, Inc.		61		13,986

T. Rowe Price Group, Inc.		191		20,960

TD Ameritrade Holding Corp.		229		11,447


				118,175


Chemicals — 0.5%

Sherwin-Williams Co. (The)		29		13,208


Commercial Services & Supplies — 1.9%

Copart, Inc. *		285		21,293

Waste Connections, Inc.		334		31,924


				53,217


Communications Equipment — 0.7%

Arista Networks, Inc. * (a)		57		14,744

CommScope Holding Co., Inc. *		258		4,052


				18,796


Construction Materials — 1.2%

Martin Marietta Materials, Inc.		52		11,917

Vulcan Materials Co.		150		20,569


				32,486


Consumer Finance — 0.2%

Ally Financial, Inc.		165		5,106


Containers & Packaging — 3.0%

Avery Dennison Corp.		163		18,821

Ball Corp.		593		41,479

Silgan Holdings, Inc.		470		14,381

Westrock Co.		268		9,756


				84,437


Distributors — 0.3%

Genuine Parts Co.		88		9,124


Diversified Consumer Services — 0.6%

Bright Horizons Family Solutions, Inc. *		109		16,369


Electric Utilities — 1.8%

Edison International		94		6,318

Evergy, Inc.		226		13,596

Xcel Energy, Inc.		503		29,897


				49,811


Electrical Equipment — 2.0%

Acuity Brands, Inc.		91		12,546

AMETEK, Inc.		375		34,094

Hubbell, Inc.		62		8,144


				54,784

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (continued)


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

Electronic Equipment, Instruments & Components — 4.7%

Amphenol Corp., Class A		353		33,877

Arrow Electronics, Inc. *		213		15,191

CDW Corp.		172		19,138

Corning, Inc.		299		9,919

FLIR Systems, Inc.		163		8,808

Keysight Technologies, Inc. *		311		27,927

Zebra Technologies Corp., Class A *		83		17,471


				132,331


Entertainment — 1.4%

Spotify Technology SA * (a)		112		16,435

Take-Two Interactive Software, Inc. *		189		21,480


				37,915


Equity Real Estate Investment Trusts (REITs) — 6.1%

American Campus Communities, Inc.		168		7,762

American Homes 4 Rent, Class A		348		8,462

AvalonBay Communities, Inc.		92		18,656

Boston Properties, Inc.		131		16,935

Brixmor Property Group, Inc.		627		11,211

Essex Property Trust, Inc.		38		11,131

Federal Realty Investment Trust		112		14,473

JBG SMITH Properties		149		5,866

Kimco Realty Corp.		498		9,204

Outfront Media, Inc.		409		10,539

Rayonier, Inc.		347		10,527

Regency Centers Corp.		128		8,514

Ventas, Inc.		108		7,408

Vornado Realty Trust		228		14,624

Weyerhaeuser Co.		311		8,196

WP Carey, Inc.		76		6,203


				169,711


Food & Staples Retailing — 0.3%

Kroger Co. (The)		345		7,493


Food Products — 0.4%

Post Holdings, Inc. *		113		11,750


Gas Utilities — 0.5%

National Fuel Gas Co.		256		13,503


Health Care Equipment & Supplies — 2.2%

DexCom, Inc. *		97		14,579

Insulet Corp. * (a)		107		12,786

ResMed, Inc.		137		16,682

Zimmer Biomet Holdings, Inc.		144		16,957


				61,004


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 4.1%

Acadia Healthcare Co., Inc. * (a)		197		6,885

AmerisourceBergen Corp.		185		15,767

Centene Corp. *		236		12,351

Cigna Corp.		79		12,488

Covetrus, Inc. *		43		1,053

Henry Schein, Inc. *		150		10,463

Humana, Inc.		23		6,202

Laboratory Corp. of America Holdings *		93		16,054

Universal Health Services, Inc., Class B		109		14,151

WellCare Health Plans, Inc. *		64		18,159


				113,573


Health Care Technology — 1.2%

Teladoc Health, Inc. *		235		15,606

Veeva Systems, Inc., Class A *		117		18,935


				34,541


Hotels, Restaurants & Leisure — 1.4%

Hilton Worldwide Holdings, Inc.		319		31,207

Red Rock Resorts, Inc., Class A (a)		347		7,449


				38,656


Household Durables — 1.2%

Mohawk Industries, Inc. *		113		16,661

Newell Brands, Inc.		288		4,437

NVR, Inc. *		3		11,526


				32,624


Household Products — 0.3%

Energizer Holdings, Inc.		191		7,363


Industrial Conglomerates — 0.3%

Carlisle Cos., Inc.		61		8,600


Insurance — 4.4%

Alleghany Corp. *		14		9,335

Hartford Financial Services Group, Inc. (The)		356		19,823

Lincoln National Corp.		158		10,155

Loews Corp.		518		28,327

Marsh & McLennan Cos., Inc.		126		12,545

Principal Financial Group, Inc.		60		3,501

Progressive Corp. (The)		322		25,768

Unum Group		102		3,427

WR Berkley Corp.		151		9,971


				122,852


Internet & Direct Marketing Retail — 1.1%

Expedia Group, Inc.		153		20,330

Wayfair, Inc., Class A * (a)		70		10,264


				30,594

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


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

IT Services — 5.7%

Booz Allen Hamilton Holding Corp.		305		20,187

Fiserv, Inc. * (a)		294		26,774

Gartner, Inc. *		71		11,427

Global Payments, Inc. (a)		212		34,011

GoDaddy, Inc., Class A *		198		13,904

Jack Henry & Associates, Inc.		88		11,782

Okta, Inc. *		97		12,030

Shopify, Inc., Class A (Canada) *		39		11,556

Square, Inc., Class A *		119		8,624

Worldpay, Inc., Class A *		68		8,296


				158,591


Life Sciences Tools & Services — 0.4%

Illumina, Inc. *		29		10,669


Machinery — 3.6%

IDEX Corp.		86		14,860

Ingersoll-Rand plc		148		18,773

Middleby Corp. (The) *		91		12,389

Nordson Corp.		71		10,061

Oshkosh Corp.		79		6,554

Parker-Hannifin Corp. (a)		53		8,977

Snap-on, Inc.		90		14,959

Stanley Black & Decker, Inc.		105		15,242


				101,815


Media — 1.6%

CBS Corp.(Non-Voting), Class B		165		8,224

DISH Network Corp., Class A *		257		9,869

Liberty Broadband Corp., Class C *		65		6,726

Liberty Media Corp.-Liberty SiriusXM, Class C *		266		10,121

New York Times Co. (The), Class A (a)		265		8,631


				43,571


Multiline Retail — 0.7%

Kohl’s Corp.		228		10,825

Nordstrom, Inc. (a)		238		7,592


				18,417


Multi-Utilities — 2.9%

CMS Energy Corp.		525		30,393

Sempra Energy		149		20,445

WEC Energy Group, Inc.		361		30,105


				80,943


Oil, Gas & Consumable Fuels — 3.4%

Cabot Oil & Gas Corp.		461		10,575

Concho Resources, Inc.		115		11,886


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued

Diamondback Energy, Inc.		207		22,595

EQT Corp.		387		6,113

Equitrans Midstream Corp.		357		7,036

PBF Energy, Inc., Class A		300		9,386

Williams Cos., Inc. (The)		959		26,877


				94,468


Personal Products — 0.2%

Coty, Inc., Class A (a)		381		5,099


Pharmaceuticals — 1.3%

Catalent, Inc. * (a)		233		12,647

Elanco Animal Health, Inc. *		289		9,765

Jazz Pharmaceuticals plc *		106		15,140


				37,552


Professional Services — 1.5%

CoStar Group, Inc. *		16		9,087

IHS Markit Ltd. *		262		16,663

Verisk Analytics, Inc. (a)		117		17,106


				42,856


Real Estate Management & Development — 1.3%

CBRE Group, Inc., Class A *		642		32,941

Cushman & Wakefield plc * (a)		233		4,164


				37,105


Road & Rail — 0.6%

Lyft, Inc., Class A *		110		7,228

Old Dominion Freight Line, Inc. (a)		68		10,135


				17,363


Semiconductors & Semiconductor Equipment — 3.3%

Advanced Micro Devices, Inc. * (a)		757		22,999

Analog Devices, Inc.		55		6,244

Lam Research Corp.		100		18,746

Marvell Technology Group Ltd. (a)		565		13,487

Microchip Technology, Inc. (a)		99		8,575

Xilinx, Inc.		194		22,818


				92,869


Software — 6.2%

Autodesk, Inc. *		58		9,448

Crowdstrike Holdings, Inc., Class A *		67		4,541

DocuSign, Inc. * (a)		122		6,055

Fair Isaac Corp. *		38		12,027

Intuit, Inc.		56		14,582

Palo Alto Networks, Inc. *		88		17,964

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (continued)


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

Software — continued

Paycom Software, Inc. * (a)		70		15,893

Proofpoint, Inc. * (a)		114		13,673

ServiceNow, Inc. *		50		13,838

Slack Technologies, Inc., Class A *		122		4,583

Splunk, Inc. *		139		17,504

Synopsys, Inc. *		266		34,246

Trade Desk, Inc. (The), Class A * (a)		45		10,159


				174,513


Specialty Retail — 5.4%

American Eagle Outfitters, Inc.		247		4,176

AutoZone, Inc. *		19		20,935

Best Buy Co., Inc.		189		13,189

Gap, Inc. (The)		497		8,934

National Vision Holdings, Inc. * (a)		261		8,033

O’Reilly Automotive, Inc. *		82		30,358

Ross Stores, Inc.		214		21,232

Tiffany & Co. (a)		135		12,662

Tractor Supply Co.		225		24,437

Ulta Beauty, Inc. *		23		7,874


				151,830


Textiles, Apparel & Luxury Goods — 1.5%

Lululemon Athletica, Inc. *		109		19,715

PVH Corp.		119		11,294

Ralph Lauren Corp.		95		10,845


				41,854


Trading Companies & Distributors — 0.4%

MSC Industrial Direct Co., Inc., Class A		129		9,598

WW Grainger, Inc.		9		2,280


				11,878


Total Common Stocks (Cost $1,781,480)				2,702,009


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.5%

Investment Companies — 3.5%

JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) (Cost $97,773)		97,743		97,782

Investment of Cash Collateral from Securities Loaned — 3.0%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c)		69,009		69,023

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c)		15,260		15,260


Total Investment of Cash Collateral from Securities Loaned (Cost $84,278)				84,283

Total Investments — 103.3% (Cost $1,963,531)				2,884,074
Liabilities in Excess of Other Assets — (3.3)%				(92,677	)

NET ASSETS — 100.0%				2,791,397

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $82,780,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%

Aerospace & Defense — 1.2%

HEICO Corp., Class A		522		54,009


Auto Components — 0.5%

Aptiv plc		302		24,395


Automobiles — 0.1%

Tesla, Inc. * (a)		31		6,927


Banks — 1.7%

East West Bancorp, Inc.		825		38,602

First Republic Bank		403		39,382


				77,984


Biotechnology — 4.2%

Agios Pharmaceuticals, Inc. * (a)		268		13,388

Alnylam Pharmaceuticals, Inc. * (a)		210		15,245

BioMarin Pharmaceutical, Inc. *		165		14,150

Exact Sciences Corp. * (a)		561		66,208

Exelixis, Inc. *		1,331		28,435

Intercept Pharmaceuticals, Inc. * (a)		179		14,264

Moderna, Inc. * (a)		557		8,156

Sage Therapeutics, Inc. * (a)		175		32,114


				191,960


Building Products — 2.0%

Fortune Brands Home & Security, Inc.		759		43,356

Lennox International, Inc.		170		46,704


				90,060


Capital Markets — 3.5%

MSCI, Inc.		170		40,642

Nasdaq, Inc.		384		36,900

S&P Global, Inc.		199		45,360

TD Ameritrade Holding Corp.		754		37,622


				160,524


Commercial Services & Supplies — 3.8%

Copart, Inc. *		936		69,934

Waste Connections, Inc.		1,086		103,789


				173,723


Communications Equipment — 1.1%

Arista Networks, Inc. * (a)		186		48,398


Construction Materials — 1.5%

Vulcan Materials Co.		488		67,071


Containers & Packaging — 3.1%

Avery Dennison Corp. (a)		534		61,808

Ball Corp. (a)		1,143		79,995


				141,803


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Consumer Services — 1.2%

Bright Horizons Family Solutions, Inc. *		356		53,755


Electrical Equipment — 1.4%

AMETEK, Inc.		700		63,615


Electronic Equipment, Instruments & Components — 5.4%

Amphenol Corp., Class A		672		64,494

Corning, Inc.		981		32,609

FLIR Systems, Inc.		535		28,954

Keysight Technologies, Inc. *		708		63,550

Zebra Technologies Corp., Class A *		274		57,379


				246,986


Entertainment — 2.7%

Spotify Technology SA * (a)		369		53,970

Take-Two Interactive Software, Inc. *		621		70,536


				124,506


Health Care Equipment & Supplies — 3.2%

DexCom, Inc. *		320		47,904

Insulet Corp. * (a)		352		42,022

ResMed, Inc.		449		54,803


				144,729


Health Care Providers & Services — 2.7%

Acadia Healthcare Co., Inc. * (a)		648		22,656

Centene Corp. *		774		40,583

WellCare Health Plans, Inc. *		209		59,608


				122,847


Health Care Technology — 2.5%

Teladoc Health, Inc. *		772		51,269

Veeva Systems, Inc., Class A *		384		62,194


				113,463


Hotels, Restaurants & Leisure — 1.9%

Hilton Worldwide Holdings, Inc.		624		61,014

Red Rock Resorts, Inc., Class A (a)		1,141		24,504


				85,518


Household Durables — 0.8%

NVR, Inc. *		11		38,084


Insurance — 0.9%

Progressive Corp. (The)		513		40,972


Internet & Direct Marketing Retail — 0.7%

Wayfair, Inc., Class A * (a)		231		33,744


IT Services — 10.6%

Booz Allen Hamilton Holding Corp.		1,001		66,303

Fiserv, Inc. * (a)		965		87,924

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (continued)


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

IT Services — continued

Gartner, Inc. *		233		37,576

Global Payments, Inc.		697		111,674

GoDaddy, Inc., Class A *		651		45,689

Okta, Inc. * (a)		320		39,523

Shopify, Inc., Class A (Canada) *		127		37,999

Square, Inc., Class A *		391		28,345

Worldpay, Inc., Class A *		221		27,027


				482,060


Life Sciences Tools & Services — 0.8%

Illumina, Inc. *		95		35,076


Machinery — 4.3%

Ingersoll-Rand plc		487		61,638

Nordson Corp.		234		33,066

Oshkosh Corp.		256		21,365

Parker-Hannifin Corp. (a)		172		29,259

Stanley Black & Decker, Inc.		346		50,064


				195,392


Media — 0.6%

New York Times Co. (The), Class A (a)		870		28,379


Oil, Gas & Consumable Fuels — 0.9%

Concho Resources, Inc.		379		39,056


Pharmaceuticals — 2.7%

Catalent, Inc. *		753		40,804

Elanco Animal Health, Inc. *		950		32,100

Jazz Pharmaceuticals plc * (a)		349		49,720


				122,624


Professional Services — 3.1%

CoStar Group, Inc. *		54		29,864

IHS Markit Ltd. *		859		54,735

Verisk Analytics, Inc. (a)		384		56,182


				140,781


Real Estate Management & Development — 1.2%

CBRE Group, Inc., Class A *		1,032		52,938


Road & Rail — 1.2%

Lyft, Inc., Class A *		362		23,781

Old Dominion Freight Line, Inc.		222		33,061


				56,842


Semiconductors & Semiconductor Equipment — 6.2%

Advanced Micro Devices, Inc. * (a)		2,487		75,524

Lam Research Corp.		328		61,591

Marvell Technology Group Ltd.		1,857		44,318


INVESTMENTS	SHARES (000)		VALUE ($000)


Semiconductors & Semiconductor Equipment — continued

Microchip Technology, Inc. (a)		322		27,944

Xilinx, Inc.		635		74,926


				284,303


Software — 11.6%

Autodesk, Inc. *		189		30,821

Crowdstrike Holdings, Inc., Class A * (a)		219		14,955

DocuSign, Inc. * (a)		401		19,929

Fair Isaac Corp. *		126		39,504

Intuit, Inc.		183		47,876

Palo Alto Networks, Inc. *		290		59,012

Paycom Software, Inc. * (a)		230		52,236

Proofpoint, Inc. *		374		44,913

ServiceNow, Inc. *		164		45,105

Slack Technologies, Inc., Class A *		403		15,105

Splunk, Inc. *		457		57,472

Synopsys, Inc. *		528		67,884

Trade Desk, Inc. (The), Class A * (a)		147		33,370


				528,182


Specialty Retail — 6.9%

American Eagle Outfitters, Inc. (a)		814		13,762

National Vision Holdings, Inc. * (a)		860		26,412

O’Reilly Automotive, Inc. *		270		99,703

Ross Stores, Inc.		699		69,264

Tractor Supply Co.		738		80,251

Ulta Beauty, Inc. * (a)		75		25,866


				315,258


Textiles, Apparel & Luxury Goods — 1.4%

Lululemon Athletica, Inc. *		359		64,731


Trading Companies & Distributors — 0.2%

WW Grainger, Inc.		28		7,484


Total Common Stocks (Cost $3,119,960)				4,458,179

Short-Term Investments — 2.5%

Investment Companies — 2.5%

JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) (Cost $113,754)		113,720		113,766

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 4.3%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c)		168,032		168,065

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c)		30,123		30,123


Total Investment of Cash Collateral from Securities Loaned (Cost $198,175)				198,188

Total Investments — 104.6% (Cost $3,431,889)				4,770,133
Liabilities in Excess of Other Assets — (4.6)%				(211,641	)

NET ASSETS — 100.0%				4,558,492

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $194,911,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.5%

Auto Components — 0.8%

BorgWarner, Inc.		3,136		131,652


Banks — 8.6%

Citizens Financial Group, Inc.		4,781		169,057

Comerica, Inc.		1,583		114,957

Fifth Third Bancorp		8,625		240,632

First Republic Bank		1,610		157,175

Huntington Bancshares, Inc.		9,389		129,755

M&T Bank Corp.		1,928		327,947

SunTrust Banks, Inc.		4,235		266,195

Zions Bancorp NA		1,403		64,503


				1,470,221


Beverages — 1.6%

Constellation Brands, Inc., Class A		756		148,809

Keurig Dr Pepper, Inc. (a)		2,467		71,304

Molson Coors Brewing Co., Class B		1,073		60,078


				280,191


Building Products — 0.8%

Fortune Brands Home & Security, Inc.		2,345		133,944


Capital Markets — 4.9%

Ameriprise Financial, Inc.		1,328		192,728

Invesco Ltd.		3,230		66,092

Northern Trust Corp.		1,885		169,662

Raymond James Financial, Inc.		1,838		155,433

T. Rowe Price Group, Inc.		2,352		258,064


				841,979


Chemicals — 0.9%

Sherwin-Williams Co. (The)		349		160,082


Communications Equipment — 0.3%

CommScope Holding Co., Inc. *		3,132		49,267


Construction Materials — 0.8%

Martin Marietta Materials, Inc. (a)		628		144,447


Consumer Finance — 0.4%

Ally Financial, Inc.		2,001		62,018


Containers & Packaging — 2.9%

Ball Corp.		2,963		207,356

Silgan Holdings, Inc.		5,695		174,260

Westrock Co. (a)		3,243		118,286


				499,902


Distributors — 0.7%

Genuine Parts Co. (a)		1,068		110,647


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — 3.5%

Edison International (a)		1,138		76,691

Evergy, Inc.		2,739		164,757

Xcel Energy, Inc. (a)		6,085		362,024


				603,472


Electrical Equipment — 2.5%

Acuity Brands, Inc.		1,102		152,044

AMETEK, Inc.		1,964		178,451

Hubbell, Inc.		758		98,789


				429,284


Electronic Equipment, Instruments & Components — 4.1%

Amphenol Corp., Class A		1,799		172,577

Arrow Electronics, Inc. *		2,583		184,059

CDW Corp.		2,088		231,810

Keysight Technologies, Inc. *		1,159		104,083


				692,529


Equity Real Estate Investment Trusts (REITs) — 11.7%

American Campus Communities, Inc.		2,040		94,154

American Homes 4 Rent, Class A		4,222		102,630

AvalonBay Communities, Inc.		1,112		225,993

Boston Properties, Inc.		1,590		205,162

Brixmor Property Group, Inc.		7,600		135,887

Essex Property Trust, Inc.		462		134,935

Federal Realty Investment Trust		1,362		175,371

JBG SMITH Properties		1,810		71,213

Kimco Realty Corp.		6,039		111,606

Outfront Media, Inc.		5,043		130,055

Rayonier, Inc. (a)		4,212		127,619

Regency Centers Corp.		1,547		103,257

Ventas, Inc.		1,315		89,861

Vornado Realty Trust		2,764		177,196

Weyerhaeuser Co.		3,774		99,408


				1,984,347


Food & Staples Retailing — 0.5%

Kroger Co. (The)		4,187		90,909


Food Products — 0.8%

Post Holdings, Inc. *		1,370		142,411


Gas Utilities — 1.0%

National Fuel Gas Co. (a)		3,102		163,624


Health Care Equipment & Supplies — 1.2%

Zimmer Biomet Holdings, Inc. (a)		1,745		205,425

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


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

Health Care Providers & Services — 5.4%

AmerisourceBergen Corp.		2,241		191,028

Cigna Corp.		961		151,343

Covetrus, Inc. * (a)		530		12,971

Henry Schein, Inc. *		1,815		126,841

Humana, Inc.		284		75,271

Laboratory Corp. of America Holdings *		1,125		194,501

Universal Health Services, Inc., Class B		1,315		171,475


				923,430


Hotels, Restaurants & Leisure — 0.9%

Hilton Worldwide Holdings, Inc.		1,566		153,060


Household Durables — 1.5%

Mohawk Industries, Inc. * (a)		1,369		201,842

Newell Brands, Inc. (a)		3,497		53,919


				255,761


Household Products — 0.5%

Energizer Holdings, Inc. (a)		2,312		89,333


Industrial Conglomerates — 0.6%

Carlisle Cos., Inc.		743		104,295


Insurance — 7.9%

Alleghany Corp. *		166		113,149

Hartford Financial Services Group, Inc. (The)		4,309		240,115

Lincoln National Corp. (a)		1,910		123,118

Loews Corp.		6,274		343,026

Marsh & McLennan Cos., Inc.		1,524		152,046

Principal Financial Group, Inc. (a)		735		42,599

Progressive Corp. (The)		2,016		161,161

Unum Group		1,243		41,690

WR Berkley Corp.		1,834		120,896


				1,337,800


Internet & Direct Marketing Retail — 1.4%

Expedia Group, Inc. (a)		1,851		246,252


IT Services — 0.8%

Jack Henry & Associates, Inc. (a)		1,066		142,802


Machinery — 3.0%

IDEX Corp.		1,046		180,058

Middleby Corp. (The) *		1,107		150,156

Snap-on, Inc.		1,094		181,256


				511,470


Media — 2.5%

CBS Corp.(Non-Voting), Class B		1,999		99,754

DISH Network Corp., Class A *		3,115		119,648


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — continued

Liberty Broadband Corp., Class C *		783		81,622

Liberty Media Corp.-Liberty SiriusXM, Class C *		3,231		122,704


				423,728


Mortgage Real Estate Investment Trusts (REITs) — 0.3%

Starwood Property Trust, Inc. (a)		2,257		51,273


Multiline Retail — 1.3%

Kohl’s Corp.		2,760		131,224

Nordstrom, Inc. (a)		2,891		92,105


				223,329


Multi-Utilities — 5.8%

CMS Energy Corp. (a)		6,355		368,020

Sempra Energy		1,802		247,641

WEC Energy Group, Inc. (a)		4,373		364,543


				980,204


Oil, Gas & Consumable Fuels — 5.9%

Cabot Oil & Gas Corp.		5,583		128,197

Diamondback Energy, Inc.		2,511		273,658

EQT Corp. (a)		4,695		74,221

Equitrans Midstream Corp.		4,331		85,369

PBF Energy, Inc., Class A		3,636		113,820

Williams Cos., Inc. (The)		11,608		325,474


				1,000,739


Personal Products — 0.4%

Coty, Inc., Class A (a)		4,622		61,932


Real Estate Management & Development — 1.5%

CBRE Group, Inc., Class A *		3,974		203,864

Cushman & Wakefield plc * (a)		2,831		50,621


				254,485


Semiconductors & Semiconductor Equipment — 0.5%

Analog Devices, Inc.		680		76,727


Software — 1.0%

Synopsys, Inc. *		1,278		164,420


Specialty Retail — 4.0%

AutoZone, Inc. *		231		253,539

Best Buy Co., Inc.		2,292		159,841

Gap, Inc. (The) (a)		6,029		108,337

Tiffany & Co. (a)		1,639		153,457


				675,174


Textiles, Apparel & Luxury Goods — 1.6%

PVH Corp.		1,446		136,896

Ralph Lauren Corp. (a)		1,157		131,473


				268,369

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (continued)


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

Trading Companies & Distributors — 0.7%

MSC Industrial Direct Co., Inc., Class A		1,567		116,378


Total Common Stocks (Cost $10,157,428)				16,257,312

Short-Term Investments — 4.2%

Investment Companies — 4.2%

JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) (Cost $715,220)		715,003		715,289

Investment of Cash Collateral from Securities Loaned — 2.1%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c)		296,001		296,060

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c)		58,776		58,776


Total Investment of Cash Collateral from Securities Loaned (Cost $354,811)				354,836

Total Investments — 101.8% (Cost $11,227,459)				17,327,437
Liabilities in Excess of Other Assets — (1.8)%				(311,952	)

NET ASSETS — 100.0%				17,015,485

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $349,843,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.4%

Aerospace & Defense — 0.9%

United Technologies Corp.		777		101,122


Airlines — 1.9%

Delta Air Lines, Inc.		3,074		174,477

Southwest Airlines Co.		694		35,251


				209,728


Banks — 14.6%

Bank of America Corp.		12,580		364,826

Citigroup, Inc.		1,956		137,009

Citizens Financial Group, Inc.		3,189		112,767

Fifth Third Bancorp		1,979		55,221

First Republic Bank		524		51,136

M&T Bank Corp.		1,017		172,930

PNC Financial Services Group, Inc. (The)		1,544		211,998

SunTrust Banks, Inc.		2,065		129,802

US Bancorp		2,093		109,652

Wells Fargo & Co.		4,980		235,669


				1,581,010


Beverages — 0.8%

Keurig Dr Pepper, Inc. (a)		1,657		47,892

Molson Coors Brewing Co., Class B		632		35,379


				83,271


Capital Markets — 4.4%

Charles Schwab Corp. (The)		2,387		95,950

Invesco Ltd. (a)		2,191		44,833

Morgan Stanley		3,076		134,756

Northern Trust Corp. (a)		717		64,562

T. Rowe Price Group, Inc.		1,280		140,422


				480,523


Chemicals — 0.2%

AdvanSix, Inc. *		862		21,063


Communications Equipment — 1.6%

Cisco Systems, Inc.		2,370		129,688

CommScope Holding Co., Inc. *		2,919		45,914


				175,602


Construction Materials — 1.5%

Martin Marietta Materials, Inc. (a)		687		158,172


Consumer Finance — 3.2%

American Express Co.		907		111,948

Capital One Financial Corp.		2,576		233,745


				345,693


INVESTMENTS	SHARES (000)		VALUE ($000)


Containers & Packaging — 3.2%

Ball Corp.		1,931		135,169

Graphic Packaging Holding Co. (a)		4,870		68,089

Packaging Corp. of America		759		72,329

Westrock Co.		1,911		69,697


				345,284


Distributors — 0.4%

Genuine Parts Co. (a)		385		39,873


Diversified Telecommunication Services — 1.5%

Verizon Communications, Inc.		2,831		161,745


Electric Utilities — 5.4%

American Electric Power Co., Inc.		1,662		146,292

Duke Energy Corp. (a)		669		59,022

Edison International (a)		571		38,458

Eversource Energy (a)		829		62,836

NextEra Energy, Inc.		616		126,192

Xcel Energy, Inc.		2,496		148,502


				581,302


Electronic Equipment, Instruments & Components — 0.9%

Arrow Electronics, Inc. * (a)		1,333		94,975


Equity Real Estate Investment Trusts (REITs) — 6.7%

American Homes 4 Rent, Class A		2,382		57,913

Brixmor Property Group, Inc.		4,414		78,914

EastGroup Properties, Inc.		428		49,662

Federal Realty Investment Trust		471		60,672

Kimco Realty Corp. (a)		3,738		69,077

Mid-America Apartment Communities, Inc.		986		116,164

Outfront Media, Inc.		3,129		80,695

Public Storage (a)		466		110,916

Rayonier, Inc.		2,139		64,804

Weyerhaeuser Co.		1,355		35,683


				724,500


Food & Staples Retailing — 1.0%

Kroger Co. (The) (a)		1,262		27,406

Walgreens Boots Alliance, Inc. (a)		1,516		82,896


				110,302


Food Products — 0.8%

Post Holdings, Inc. *		834		86,669


Health Care Equipment & Supplies — 0.7%

Medtronic plc		757		73,763


Health Care Providers & Services — 1.9%

AmerisourceBergen Corp.		663		56,493

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2019 (continued)


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

Health Care Providers & Services — continued

HCA Healthcare, Inc.		320		43,274

UnitedHealth Group, Inc.		438		106,909


				206,676


Hotels, Restaurants & Leisure — 1.0%

Brinker International, Inc. (a)		1,123		44,189

Hilton Worldwide Holdings, Inc.		695		67,940


				112,129


Household Products — 2.1%

Clorox Co. (The)		196		30,040

Energizer Holdings, Inc. (a)		1,550		59,879

Procter & Gamble Co. (The)		1,279		140,203


				230,122


Industrial Conglomerates — 1.7%

Carlisle Cos., Inc.		388		54,439

Honeywell International, Inc.		766		133,757


				188,196


Insurance — 8.1%

Alleghany Corp. *		65		44,133

American International Group, Inc. (a)		2,447		130,353

Chubb Ltd. (a)		578		85,199

Fairfax Financial Holdings Ltd. (Canada)		108		52,835

Hartford Financial Services Group, Inc. (The)		1,515		84,437

Loews Corp. (a)		3,825		209,086

Marsh & McLennan Cos., Inc. (a)		898		89,600

Prudential Financial, Inc.		361		36,446

Travelers Cos., Inc. (The) (a)		971		145,239


				877,328


Internet & Direct Marketing Retail — 1.0%

Expedia Group, Inc.		840		111,743


Machinery — 2.0%

Dover Corp.		839		84,039

Illinois Tool Works, Inc. (a)		637		96,108

Middleby Corp. (The) *		263		35,648


				215,795


Media — 3.8%

CBS Corp.(Non-Voting), Class B		1,184		59,076

Charter Communications, Inc., Class A * (a)		383		151,270

DISH Network Corp., Class A * (a)		2,214		85,040

Entercom Communications Corp., Class A (a)		7,872		45,657

Nexstar Media Group, Inc., Class A		714		72,103


				413,146


INVESTMENTS	SHARES (000)		VALUE ($000)


Multiline Retail — 1.4%

Kohl’s Corp. (a)		1,477		70,232

Nordstrom, Inc. (a)		2,382		75,875


				146,107


Multi-Utilities — 0.4%

NiSource, Inc.		1,333		38,379


Oil, Gas & Consumable Fuels — 9.4%

Chevron Corp.		1,651		205,500

ConocoPhillips		2,223		135,613

Diamondback Energy, Inc. (a)		628		68,444

EQT Corp.		1,824		28,837

Equitrans Midstream Corp. (a)		1,663		32,784

Exxon Mobil Corp.		1,147		87,911

Kinder Morgan, Inc.		5,655		118,087

Marathon Petroleum Corp.		1,632		91,208

Occidental Petroleum Corp.		743		37,373

PBF Energy, Inc., Class A		1,293		40,482

Phillips 66		775		72,464

Williams Cos., Inc. (The)		3,609		101,208


				1,019,911


Personal Products — 0.4%

Coty, Inc., Class A (a)		2,821		37,798


Pharmaceuticals — 6.8%

Allergan plc		597		99,987

Johnson & Johnson		1,042		145,160

Merck & Co., Inc.		2,197		184,197

Pfizer, Inc.		7,035		304,735


				734,079


Real Estate Management & Development — 1.0%

CBRE Group, Inc., Class A *		2,150		110,289


Semiconductors & Semiconductor Equipment — 2.4%

Analog Devices, Inc.		779		87,881

QUALCOMM, Inc.		290		22,093

Texas Instruments, Inc.		1,260		144,605


				254,579


Software — 1.1%

Microsoft Corp.		906		121,304


Specialty Retail — 3.6%

AutoZone, Inc. *		147		161,461

Best Buy Co., Inc.		799		55,713

Home Depot, Inc. (The)		301		62,499

Murphy USA, Inc. *		534		44,832

Tiffany & Co. (a)		697		65,285


				389,790

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


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

Technology Hardware, Storage & Peripherals — 0.2%

Hewlett Packard Enterprise Co.		1,546		23,119


Textiles, Apparel & Luxury Goods — 0.4%

Columbia Sportswear Co. (a)		471		47,189


Total Common Stocks (Cost $7,536,461)				10,652,276


	NO. OF RIGHTS (000)
Rights — 0.0%

Media — 0.0%

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


	SHARES (000)
Short-Term Investments — 1.7%

Investment Companies — 1.7%

JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (c) (d) (Cost $181,854)		181,797		181,870

Investment of Cash Collateral from Securities Loaned — 2.4%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (c) (d)		214,997		215,041

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (c) (d)		42,795		42,795


Total Investment of Cash Collateral from Securities Loaned (Cost $257,819)				257,836

Total Investments — 102.5% (Cost $7,976,134)				11,091,982
Liabilities in Excess of Other Assets — (2.5)%				(266,222	)

NET ASSETS — 100.0%				10,825,760

Percentages indicated are based on net assets.

Abbreviations


CVR		Contingent Value Rights

(a)		The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $253,972,000.
(b)		Amount rounds to less than one thousand.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019

(Amounts in thousands, except per share amounts)


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund		JPMorgan Mid Cap Growth Fund
ASSETS:
Investments innon-affiliates, at value	$	9,231,634		$	2,702,009	$	4,458,179
Investments in affiliates, at value		214,350			97,782		113,766
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		193,226			84,283		198,188
Cash		443			206		324
Receivables:
Investment securities sold		114,556			98,232		305,591
Fund shares sold		5,909			1,758		4,127
Dividends fromnon-affiliates		429			2,217		653
Dividends from affiliates		14			7		8
Securities lending income (See Note 2.B.)		24			29		90

Total Assets		9,760,585			2,986,523		5,080,926


LIABILITIES:
Payables:
Investment securities purchased		164,951			107,931		310,561
Collateral received on securities loaned (See Note 2.B.)		193,226			84,283		198,188
Fund shares redeemed		6,471			1,141		10,066
Accrued liabilities:
Investment advisory fees		4,360			1,267		2,336
Administration fees		223			50		267
Distribution fees		846			105		278
Service fees		960			156		419
Custodian and accounting fees		71			35		39
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—
Other		388			158		280

Total Liabilities		371,496			195,126		522,434

Net Assets	$	9,389,089		$	2,791,397	$	4,558,492

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,224,488		$	1,742,232		$	3,030,306
Total distributable earnings (loss) (a)		4,164,601			1,049,165			1,528,186

Total Net Assets	$	9,389,089		$	2,791,397		$	4,558,492


Net Assets:
Class A	$	1,825,607		$	451,118		$	1,012,686
Class C		793,489			24,071			83,558
Class I		2,107,041			301,071			1,085,728
Class R2		88			524			44,453
Class R3		448			—			30,023
Class R4		16,423			—			9,343
Class R5		118,449			6,073			457,513
Class R6		4,527,544			2,008,540			1,835,188

Total	$	9,389,089		$	2,791,397		$	4,558,492


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		83,805			8,929			30,748
Class C		42,066			498			3,297
Class I		93,511			5,863			28,297
Class R2		4			11			1,238
Class R3		20			—			790
Class R4		729			—			244
Class R5		5,150			118			11,761
Class R6		195,550			39,070			46,942

Net Asset Value (b):
Class A — Redemption price per share	$	21.78		$	50.52		$	32.94
Class C — Offering price per share (c)		18.86			48.32			25.34
Class I — Offering and redemption price per share		22.53			51.35			38.37
Class R2 — Offering and redemption price per share		21.67			49.96			35.91
Class R3 — Offering and redemption price per share		21.79			—			38.01
Class R4 — Offering and redemption price per share		22.53			—			38.30
Class R5 — Offering and redemption price per share		23.00			51.37			38.90
Class R6 — Offering and redemption price per share		23.15			51.41			39.09
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)]	$	22.99		$	53.32		$	34.77


Cost of investments innon-affiliates	$	5,395,304		$	1,781,480		$	3,119,960
Cost of investments in affiliates		214,330			97,773			113,754
Investment securities on loan, at value (See Note 2.B.)		189,162			82,780			194,911
Cost of investment of cash collateral (See Note 2.B.)		193,211			84,278			198,175

(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.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2019 (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
ASSETS:
Investments innon-affiliates, at value	$	16,257,312		$	10,652,276
Investments in affiliates, at value		715,289			181,870
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		354,836			257,836
Cash		1,741			686
Receivables:
Investment securities sold		54,801			4,173
Fund shares sold		11,291			14,833
Dividends fromnon-affiliates		25,061			9,325
Dividends from affiliates		48			12
Securities lending income (See Note 2.B.)		39			24

Total Assets		17,420,418			11,121,035


LIABILITIES:
Payables:
Investment securities purchased		10,047			708
Collateral received on securities loaned (See Note 2.B.)		354,836			257,836
Fund shares redeemed		27,893			29,106
Accrued liabilities:
Investment advisory fees		8,669			5,097
Administration fees		733			270
Distribution fees		479			569
Service fees		1,112			1,058
Custodian and accounting fees		133			88
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		1,031			543

Total Liabilities		404,933			295,275

Net Assets	$	17,015,485		$	10,825,760

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	10,301,602		$	7,502,697
Total distributable earnings (loss) (a)		6,713,883			3,323,063

Total Net Assets	$	17,015,485		$	10,825,760


Net Assets:
Class A	$	1,662,841		$	1,231,325
Class C		149,839			522,878
Class I		2,662,983			2,445,747
Class L		8,996,364			2,569,596
Class R2		74,236			69
Class R3		73,299			2,241
Class R4		27,681			20,538
Class R5		95,243			8,018
Class R6		3,272,999			4,025,348

Total	$	17,015,485		$	10,825,760


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		43,735			34,725
Class C		4,112			14,816
Class I		69,203			68,574
Class L		230,746			71,994
Class R2		2,043			2
Class R3		1,944			64
Class R4		723			578
Class R5		2,446			225
Class R6		83,987			112,862

Net Asset Value (b):
Class A — Redemption price per share	$	38.02		$	35.46
Class C — Offering price per share (c)		36.44			35.29
Class I — Offering and redemption price per share		38.48			35.67
Class L — Offering and redemption price per share		38.99			35.69
Class R2 — Offering and redemption price per share		36.35			35.24
Class R3 — Offering and redemption price per share		37.70			35.08
Class R4 — Offering and redemption price per share		38.29			35.52
Class R5 — Offering and redemption price per share		38.93			35.62
Class R6 — Offering and redemption price per share		38.97			35.67
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)]	$	40.13		$	37.42


Cost of investments innon-affiliates	$	10,157,428		$	7,536,461
Cost of investments in affiliates		715,220			181,854
Investment securities on loan, at value (See Note 2.B.)		349,843			253,972
Cost of investment of cash collateral (See Note 2.B.)		354,811			257,819

(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.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	31

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2019

(Amounts in thousands)


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	1		$	—	(a)	$	1
Interest income from affiliates		—	(a)		1			—	(a)
Dividend income fromnon-affiliates		62,713			38,659			23,710
Dividend income from affiliates		4,351			1,812			2,718
Income from securities lending (net) (See Note 2.B.)		410			438			1,301

Total investment income		67,475			40,910			27,730


EXPENSES:
Investment advisory fees		57,800			17,665			26,605
Administration fees		6,942			2,122			3,192
Distribution fees:
Class A		4,315			1,025			2,348
Class C		5,681			187			599
Class R2		—	(a)		2			201
Class R3		1			—			69
Service fees:
Class A		4,315			1,025			2,348
Class C		1,894			62			200
Class I		4,765			750			2,791
Class R2		—	(a)		1			101
Class R3		1			—			69
Class R4		35			—			33
Class R5		114			6			321
Custodian and accounting fees		228			204			120
Interest expense to affiliates		3			1			1
Professional fees		152			86			96
Trustees’ and Chief Compliance Officer’s fees		60			35			41
Printing and mailing costs		597			100			324
Registration and filing fees		367			140			142
Transfer agency fees (See Note 2.E.)		247			53			393
Other		203			51			76

Total expenses		87,720			23,515			40,070

Less fees waived		(10,066	)		(3,220	)		(1,740	)
Less expense reimbursements		(34	)		(6	)		(29	)

Net expenses		77,620			20,289			38,301

Net investment income (loss)		(10,145	)		20,621			(10,571	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		629,055			205,660			269,033
Investments in affiliates		2			1			4

Net realized gain (loss)		629,057			205,661			269,037

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		213,927			42,732			351,514
Investments in affiliates		35			14			25

Change in net unrealized appreciation/depreciation		213,962			42,746			351,539

Net realized/unrealized gains (losses)		843,019			248,407			620,576

Change in net assets resulting from operations	$	832,874		$	269,028		$	610,005

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	—	(a)	$	—	(a)
Interest income from affiliates		1			1
Dividend income fromnon-affiliates		396,806			293,028
Dividend income from affiliates		11,506			5,791
Income from securities lending (net) (See Note 2.B.)		346			197

Total investment income		408,659			299,017


EXPENSES:
Investment advisory fees		112,756			72,137
Administration fees		12,734			8,579
Distribution fees:
Class A		4,340			3,124
Class C		1,390			4,147
Class R2		389			—	(a)
Class R3		174			4
Service fees:
Class A		4,340			3,124
Class C		463			1,382
Class I		6,822			6,097
Class L		10,474			2,830
Class R2		195			—	(a)
Class R3		174			5
Class R4		58			45
Class R5		86			7
Custodian and accounting fees		430			283
Professional fees		206			181
Trustees’ and Chief Compliance Officer’s fees		71			66
Printing and mailing costs		1,387			547
Registration and filing fees		301			325
Transfer agency fees (See Note 2.E.)		837			236
Other		393			180

Total expenses		158,020			103,299

Less fees waived		(11,356	)		(11,952	)
Less expense reimbursements		(121	)		(33	)

Net expenses		146,543			91,314

Net investment income (loss)		262,116			207,703


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		854,560			344,696
Investments in affiliates		—	(a)		2

Net realized gain (loss)		854,560			344,698

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		(449,720	)		219,768
Investments in affiliates		94			33

Change in net unrealized appreciation/depreciation		(449,626	)		219,801

Net realized/unrealized gains (losses)		404,934			564,499

Change in net assets resulting from operations	$	667,050		$	772,202

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	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
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(10,145	)	$	(24,732	)	$	20,621		$	11,549
Net realized gain (loss)		629,057			694,039			205,661			280,150
Change in net unrealized appreciation/depreciation		213,962			1,184,781			42,746			63,890

Change in net assets resulting from operations		832,874			1,854,088			269,028			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		562,790			60,031			74,601			(260,045	)


NET ASSETS:
Change in net assets		697,502			1,593,677			57,689			(74,770	)
Beginning of period		8,691,587			7,097,910			2,733,708			2,808,478

End of period	$	9,389,089		$	8,691,587		$	2,791,397		$	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	JUNE 30, 2019


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(10,571	)	$	(12,093	)	$	262,116		$	165,452
Net realized gain (loss)		269,037			321,274			854,560			714,557
Change in net unrealized appreciation/depreciation		351,539			272,913			(449,626	)		323,839

Change in net assets resulting from operations		610,005			582,094			667,050			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		283,053			466,368			(734,957	)		(826,948	)


NET ASSETS:
Change in net assets		641,248			828,966			(1,268,366	)		(119,161	)
Beginning of period		3,917,244			3,088,278			18,283,851			18,403,012

End of period	$	4,558,492		$	3,917,244		$	17,015,485		$	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.



JUNE 30, 2019	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
	Year Ended June 30, 2019			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	207,703		$	153,657
Net realized gain (loss)		344,698			371,543
Change in net unrealized appreciation/depreciation		219,801			415,090

Change in net assets resulting from operations		772,202			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		(123	)		(17	)
Class R4		(1,103	)		(43	)
Class R5		(451	)		(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		(621,729	)		(360,503	)


NET ASSETS:
Change in net assets		(558,477	)		326,211
Beginning of period		11,384,237			11,058,026

End of period	$	10,825,760		$	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	JUNE 30, 2019


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	403,155		$	385,379		$	104,599		$	69,668
Distributions reinvested		134,593			67,889			41,253			21,589
Cost of shares redeemed		(459,409	)		(604,708	)		(96,097	)		(90,548	)

Change in net assets resulting from Class A capital transactions	$	78,339		$	(151,440	)	$	49,755		$	709

Class C
Proceeds from shares issued	$	156,438		$	167,812		$	2,104		$	2,589
Distributions reinvested		66,057			27,785			2,589			1,665
Cost of shares redeemed		(164,414	)		(179,201	)		(7,756	)		(8,820	)

Change in net assets resulting from Class C capital transactions	$	58,081		$	16,396		$	(3,063	)	$	(4,566	)

Class I
Proceeds from shares issued	$	749,623		$	820,383		$	49,175		$	67,824
Distributions reinvested		135,181			48,329			31,662			19,948
Cost of shares redeemed		(558,012	)		(1,088,919	)		(100,951	)		(567,749	)

Change in net assets resulting from Class I capital transactions	$	326,792		$	(220,207	)	$	(20,114	)	$	(479,977	)

Class R2(a)
Proceeds from shares issued	$	44		$	40		$	65		$	75
Distributions reinvested		5			1			40			19
Cost of shares redeemed		(5	)		(2	)		(21	)		(284	)

Change in net assets resulting from Class R2 capital transactions	$	44		$	39		$	84		$	(190	)

Class R3
Proceeds from shares issued	$	184		$	379		$	—		$	—
Distributions reinvested		27			11			—			—
Cost of shares redeemed		(41	)		(187	)		—			—

Change in net assets resulting from Class R3 capital transactions	$	170		$	203		$	—		$	—

Class R4
Proceeds from shares issued	$	4,852		$	12,768		$	—		$	—
Distributions reinvested		957			1			—			—
Cost of shares redeemed		(2,115	)		(1,127	)		—			—

Change in net assets resulting from Class R4 capital transactions	$	3,694		$	11,642		$	—		$	—

Class R5
Proceeds from shares issued	$	21,008		$	22,793		$	62		$	4,460
Distributions reinvested		8,803			4,273			621			317
Cost of shares redeemed		(26,114	)		(31,002	)		(1,088	)		(361	)

Change in net assets resulting from Class R5 capital transactions	$	3,697		$	(3,936	)	$	(405	)	$	4,416

Class R6
Proceeds from shares issued	$	705,912		$	1,307,512		$	259,016		$	659,956
Distributions reinvested		333,918			165,238			209,472			126,386
Cost of shares redeemed		(947,857	)		(1,065,416	)		(420,144	)		(566,779	)

Change in net assets resulting from Class R6 capital transactions	$	91,973		$	407,334		$	48,344		$	219,563

Total change in net assets resulting from capital transactions	$	562,790		$	60,031		$	74,601		$	(260,045	)

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

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	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
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		19,276			19,063			2,159			1,371
Reinvested		7,186			3,464			952			435
Redeemed		(22,010	)		(29,518	)		(1,995	)		(1,784	)

Change in Class A Shares		4,452			(6,991	)		1,116			22

Class C
Issued		8,466			9,329			45			52
Reinvested		4,060			1,603			63			35
Redeemed		(9,125	)		(10,165	)		(167	)		(180	)

Change in Class C Shares		3,401			767			(59	)		(93	)

Class I
Issued		34,535			39,183			996			1,338
Reinvested		6,986			2,400			719			396
Redeemed		(26,418	)		(55,106	)		(2,083	)		(11,347	)

Change in Class I Shares		15,103			(13,523	)		(368	)		(9,613	)

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

Change in Class R2 Shares		2			2			2			(3	)

Class R3
Issued		9			20			—			—
Reinvested		1			—	(b)		—			—
Redeemed		(2	)		(9	)		—			—

Change in Class R3 Shares		8			11			—			—

Class R4
Issued		238			587			—			—
Reinvested		50			—	(b)		—			—
Redeemed		(96	)		(51	)		—			—

Change in Class R4 Shares		192			536			—			—

Class R5
Issued		934			1,072			2			88
Reinvested		446			209			14			6
Redeemed		(1,188	)		(1,457	)		(22	)		(7	)

Change in Class R5 Shares		192			(176	)		(6	)		87

Class R6
Issued		31,785			63,769			5,236			13,118
Reinvested		16,814			8,033			4,754			2,502
Redeemed		(43,117	)		(49,818	)		(8,527	)		(10,935	)

Change in Class R6 Shares		5,482			21,984			1,463			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	JUNE 30, 2019


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	114,825		$	118,397		$	232,702		$	363,088
Distributions reinvested		61,839			61,743			101,729			45,299
Cost of shares redeemed		(170,138	)		(251,332	)		(588,500	)		(671,647	)

Change in net assets resulting from Class A capital transactions	$	6,526		$	(71,192	)	$	(254,069	)	$	(263,260	)

Class C
Proceeds from shares issued	$	14,313		$	14,077		$	18,374		$	7,880
Distributions reinvested		6,348			6,179			10,374			4,180
Cost of shares redeemed		(24,318	)		(35,034	)		(86,785	)		(263,384	)

Change in net assets resulting from Class C capital transactions	$	(3,657	)	$	(14,778	)	$	(58,037	)	$	(251,324	)

Class I
Proceeds from shares issued	$	238,900		$	339,754		$	746,983		$	751,430
Distributions reinvested		63,129			61,456			166,354			70,707
Cost of shares redeemed		(444,249	)		(427,645	)		(1,161,145	)		(851,133	)

Change in net assets resulting from Class I capital transactions	$	(142,220	)	$	(26,435	)	$	(247,808	)	$	(28,996	)

Class L
Proceeds from shares issued	$	—		$	—		$	1,602,921		$	1,968,939
Distributions reinvested		—			—			713,339			306,493
Cost of shares redeemed		—			—			(4,636,220	)		(3,432,839	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(2,319,960	)	$	(1,157,407	)

Class R2
Proceeds from shares issued	$	15,230		$	14,239		$	14,477		$	17,627
Distributions reinvested		2,347			2,362			4,936			1,815
Cost of shares redeemed		(14,882	)		(17,165	)		(24,713	)		(25,651	)

Change in net assets resulting from Class R2 capital transactions	$	2,695		$	(564	)	$	(5,300	)	$	(6,209	)

Class R3
Proceeds from shares issued	$	8,791		$	27,693		$	25,594		$	51,385
Distributions reinvested		1,655			102			4,297			1,347
Cost of shares redeemed		(9,229	)		(1,822	)		(17,703	)		(10,294	)

Change in net assets resulting from Class R3 capital transactions	$	1,217		$	25,973		$	12,188		$	42,438

Class R4
Proceeds from shares issued	$	4,725		$	14,393		$	11,792		$	18,175
Distributions reinvested		921			242			1,720			385
Cost of shares redeemed		(11,309	)		(897	)		(3,466	)		(4,544	)

Change in net assets resulting from Class R4 capital transactions	$	(5,663	)	$	13,738		$	10,046		$	14,016

Class R5
Proceeds from shares issued	$	199,729		$	79,191		$	26,423		$	70,982
Distributions reinvested		17,215			15,915			5,681			2,165
Cost of shares redeemed		(109,050	)		(59,057	)		(19,629	)		(21,198	)

Change in net assets resulting from Class R5 capital transactions	$	107,894		$	36,049		$	12,475		$	51,949

Class R6
Proceeds from shares issued	$	565,276		$	649,363		$	2,480,879		$	924,565
Distributions reinvested		90,442			63,657			82,670			18,935
Cost of shares redeemed		(339,457	)		(209,443	)		(448,041	)		(171,655	)

Change in net assets resulting from Class R6 capital transactions	$	316,261		$	503,577		$	2,115,508		$	771,845

Total change in net assets resulting from capital transactions	$	283,053		$	466,368		$	(734,957	)	$	(826,948	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	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
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		3,765			3,941			6,269			9,353
Reinvested		2,301			2,145			2,966			1,153
Redeemed		(5,639	)		(8,462	)		(15,628	)		(17,242	)

Change in Class A Shares		427			(2,376	)		(6,393	)		(6,736	)

Class C
Issued		610			586			538			210
Reinvested		306			271			315			111
Redeemed		(1,023	)		(1,457	)		(2,429	)		(7,079	)

Change in Class C Shares		(107	)		(600	)		(1,576	)		(6,758	)

Class I
Issued		6,807			9,954			20,189			19,096
Reinvested		2,019			1,861			4,798			1,778
Redeemed		(12,716	)		(12,666	)		(30,988	)		(21,586	)

Change in Class I Shares		(3,890	)		(851	)		(6,001	)		(712	)

Class L
Issued		—			—			41,784			49,400
Reinvested		—			—			20,337			7,611
Redeemed		—			—			(124,718	)		(86,072	)

Change in Class L Shares		—			—			(62,597	)		(29,061	)

Class R2
Issued		460			437			404			472
Reinvested		80			75			150			48
Redeemed		(451	)		(526	)		(692	)		(686	)

Change in Class R2 Shares		89			(14	)		(138	)		(166	)

Class R3
Issued		248			799			680			1,326
Reinvested		53			3			127			34
Redeemed		(267	)		(51	)		(469	)		(265	)

Change in Class R3 Shares		34			751			338			1,095

Class R4
Issued		134			419			313			464
Reinvested		30			7			50			10
Redeemed		(325	)		(25	)		(92	)		(115	)

Change in Class R4 Shares		(161	)		401			271			359

Class R5
Issued		5,532			2,258			697			1,800
Reinvested		544			477			162			54
Redeemed		(3,055	)		(1,695	)		(517	)		(534	)

Change in Class R5 Shares		3,021			1,040			342			1,320

Class R6
Issued		15,732			18,762			66,731			23,270
Reinvested		2,842			1,899			2,355			471
Redeemed		(9,571	)		(6,005	)		(11,820	)		(4,290	)

Change in Class R6 Shares		9,003			14,656			57,266			19,451

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


	JPMorgan Value Advantage Fund
	Year Ended June 30, 2019			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	232,481		$	302,187
Distributions reinvested		70,886			25,163
Cost of shares redeemed		(426,883	)		(497,550	)

Change in net assets resulting from Class A capital transactions	$	(123,516	)	$	(170,200	)

Class C
Proceeds from shares issued	$	49,965		$	58,391
Distributions reinvested		28,077			7,029
Cost of shares redeemed		(149,047	)		(261,978	)

Change in net assets resulting from Class C capital transactions	$	(71,005	)	$	(196,558	)

Class I
Proceeds from shares issued	$	990,121		$	844,644
Distributions reinvested		145,394			44,769
Cost of shares redeemed		(990,428	)		(897,538	)

Change in net assets resulting from Class I capital transactions	$	145,087		$	(8,125	)

Class L
Proceeds from shares issued	$	682,284		$	1,135,519
Distributions reinvested		161,936			85,647
Cost of shares redeemed		(1,552,416	)		(1,811,163	)

Change in net assets resulting from Class L capital transactions	$	(708,196	)	$	(589,997	)

Class R2(a)
Proceeds from shares issued	$	33		$	38
Distributions reinvested		2			—	(b)
Cost of shares redeemed		(6	)		(1	)

Change in net assets resulting from Class R2 capital transactions	$	29		$	37

Class R3
Proceeds from shares issued	$	1,084		$	793
Distributions reinvested		109			14
Cost of shares redeemed		(69	)		(103	)

Change in net assets resulting from Class R3 capital transactions	$	1,124		$	704

Class R4
Proceeds from shares issued	$	4,132		$	19,694
Distributions reinvested		1,103			43
Cost of shares redeemed		(2,174	)		(2,597	)

Change in net assets resulting from Class R4 capital transactions	$	3,061		$	17,140

Class R5
Proceeds from shares issued	$	2,695		$	6,381
Distributions reinvested		451			115
Cost of shares redeemed		(1,340	)		(1,014	)

Change in net assets resulting from Class R5 capital transactions	$	1,806		$	5,482

Class R6
Proceeds from shares issued	$	581,176		$	1,235,372
Distributions reinvested		263,676			77,658
Cost of shares redeemed		(714,971	)		(732,016	)

Change in net assets resulting from Class R6 capital transactions	$	129,881		$	581,014

Total change in net assets resulting from capital transactions	$	(621,729	)	$	(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.



JUNE 30, 2019	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
	Year Ended June 30, 2019			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		6,752			8,673
Reinvested		2,205			704
Redeemed		(12,282	)		(14,215	)

Change in Class A Shares		(3,325	)		(4,838	)

Class C
Issued		1,459			1,674
Reinvested		875			198
Redeemed		(4,326	)		(7,551	)

Change in Class C Shares		(1,992	)		(5,679	)

Class I
Issued		28,239			24,044
Reinvested		4,502			1,245
Redeemed		(28,665	)		(25,207	)

Change in Class I Shares		4,076			82

Class L
Issued		19,446			32,262
Reinvested		5,015			2,380
Redeemed		(43,889	)		(51,546	)

Change in Class L Shares		(19,428	)		(16,904	)

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

Change in Class R2 Shares		1			1

Class R3
Issued		31			22
Reinvested		3			1
Redeemed		(2	)		(3	)

Change in Class R3 Shares		32			20

Class R4
Issued		120			558
Reinvested		34			1
Redeemed		(62	)		(74	)

Change in Class R4 Shares		92			485

Class R5
Issued		77			186
Reinvested		14			3
Redeemed		(38	)		(29	)

Change in Class R5 Shares		53			160

Class R6
Issued		16,654			35,495
Reinvested		8,179			2,160
Redeemed		(20,665	)		(20,295	)

Change in Class R6 Shares		4,168			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	JUNE 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2019	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
Year Ended June 30, 2019	$	21.73	$	(0.08	)	$	1.89		$	1.81		$	(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	)

Class C
Year Ended June 30, 2019		19.16		(0.16	)		1.62			1.46			(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	)

Class I
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			(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	)

Class R2
Year Ended June 30, 2019		21.68		(0.13	)		1.88			1.75			(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			(0.84	)

Class R3
Year Ended June 30, 2019		21.74		(0.07	)		1.88			1.81			(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
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			(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
Year Ended June 30, 2019		22.76		0.01			1.99			2.00			(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	)

Class R6
Year Ended June 30, 2019		22.87		0.03			2.01			2.04			(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	)

(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	JUNE 30, 2019


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


$	21.78			9.63	%	$	1,825,607		1.14	%		(0.38	)%		1.25	%		40	%
	21.73			26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95			24.48			1,550,092		1.24			(0.56	)		1.32			34
	14.42			(5.07	)		1,643,136		1.25			(0.55	)		1.35			46
	15.74			14.99			1,174,260		1.24			(0.65	)		1.35			46


	18.86			9.06			793,489		1.64			(0.88	)		1.75			40
	19.16			25.60			740,817		1.66			(1.07	)		1.76			31
	15.99			23.86			605,999		1.74			(1.06	)		1.82			34
	12.91			(5.55	)		594,190		1.75			(1.04	)		1.85			46
	14.22			14.43			321,500		1.74			(1.14	)		1.84			46


	22.53			9.91			2,107,041		0.89			(0.12	)		1.00			40
	22.36			26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40			24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75			(4.91	)		922,981		1.08			(0.41	)		1.09			46
	16.06			15.14			1,219,501		1.09			(0.48	)		1.09			46


	21.67			9.36			88		1.39			(0.61	)		2.24			40
	21.68			22.39			43		1.41			(0.77	)		1.59			31


	21.79			9.63			448		1.14			(0.36	)		1.40			40
	21.74			26.20			266		1.15			(0.53	)		1.28			31
	17.96			0.62			20		1.25			(0.55	)		1.25			34


	22.53			9.91			16,423		0.89			(0.12	)		1.00			40
	22.36			26.56			12,005		0.88			(0.16	)		1.00			31
	18.40			0.60			20		0.99			(0.29	)		1.00			34


	23.00			10.05			118,449		0.74			0.02			0.85			40
	22.76			26.74			112,830		0.77			(0.18	)		0.85			31
	18.69			24.93			95,952		0.85			(0.17	)		0.88			34
	14.96			(4.72	)		82,358		0.89			(0.20	)		0.90			46
	16.25			15.42			58,686		0.86			(0.25	)		0.87			46


	23.15			10.18			4,527,544		0.64			0.12			0.75			40
	22.87			26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76			25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00			(4.59	)		2,720,935		0.76			(0.07	)		0.76			46
	16.27	��		15.48			2,414,333		0.76			(0.17	)		0.77			46

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	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) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Equity Fund
Class A
Year Ended June 30, 2019	$	51.57	$	0.18		$	4.04		$	4.22		$	(0.13	)	$	(5.14	)	$	(5.27	)
Year Ended June 30, 2018		48.53		—	(d)		5.89			5.89			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)		(1.37	)		(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)
Year Ended June 30, 2015		44.91		(0.03	)		4.32			4.29			(0.02	)		(2.06	)		(2.08	)

Class C
Year Ended June 30, 2019		49.66		(0.04	)		3.84			3.80			—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.21		(0.25	)		4.23			3.98			—			(2.03	)		(2.03	)

Class I
Year Ended June 30, 2019		52.32		0.33			4.07			4.40			(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09		��	7.23			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)
Year Ended June 30, 2015		45.15		0.13			4.34			4.47			(0.09	)		(2.06	)		(2.15	)

Class R2
Year Ended June 30, 2019		51.08		0.05			4.00			4.05			(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.87		(0.14	)		4.30			4.16			—			(2.05	)		(2.05	)

Class R5
Year Ended June 30, 2019		52.35		0.41			4.06			4.47			(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)
Year Ended June 30, 2015		45.15		0.20			4.33			4.53			(0.13	)		(2.06	)		(2.19	)

Class R6
Year Ended June 30, 2019		52.39		0.43			4.09			4.52			(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)
Year Ended June 30, 2015		45.15		0.20			4.34			4.54			(0.14	)		(2.06	)		(2.20	)

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


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


$	50.52		9.92	%	$	451,118		1.13	%		0.37	%		1.26	%		34	%
	51.57		12.37			402,897		1.17			0.01			1.25			31
	48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	47.12		9.99			232,320		1.24			(0.06	)		1.44			41


	48.32		9.37			24,071		1.63			(0.09	)		1.76			34
	49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	46.16		9.44			25,597		1.74			(0.56	)		1.91			41


	51.35		10.20			301,071		0.88			0.65			1.00			34
	52.32		12.68			326,026		0.89			0.26			1.00			31
	49.13		17.01			778,378		0.89			0.30			1.08			38
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	47.47		10.35			1,773,929		0.89			0.29			1.16			41


	49.96		9.63			524		1.38			0.10			1.57			34
	51.08		12.09			443		1.43			(0.28	)		1.57			31
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	46.98		9.71			823		1.49			(0.31	)		1.69			41


	51.37		10.37			6,073		0.73			0.81			0.86			34
	52.35		12.83			6,499		0.75			0.47			0.85			31
	49.17		17.14			1,804		0.79			0.40			0.87			38
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	47.49		10.49			1,636		0.79			0.43			0.88			41


	51.41		10.48			2,008,540		0.63			0.87			0.75			34
	52.39		12.93			1,970,177		0.67			0.51			0.75			31
	49.18		17.18			1,619,045		0.74			0.45			0.75			38
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39
	47.49		10.53			1,268,988		0.74			0.45			0.80			41

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	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
Year Ended June 30, 2019	$	30.84	$	(0.17	)	$	4.42		$	4.25		$	(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	)

Class C
Year Ended June 30, 2019		24.37		(0.25	)		3.37			3.12			(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	)

Class I
Year Ended June 30, 2019		35.44		(0.09	)		5.17			5.08			(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	)

Class R2
Year Ended June 30, 2019		33.49		(0.27	)		4.84			4.57			(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	)

Class R3
Year Ended June 30, 2019		35.23		(0.20	)		5.13			4.93			(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.13	)		4.79			4.66			(0.01	)

Class R4
Year Ended June 30, 2019		35.40		(0.11	)		5.16			5.05			(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.06	)		4.78			4.72			(0.01	)

Class R5
Year Ended June 30, 2019		35.85		(0.04	)		5.24			5.20			(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	)

Class R6
Year Ended June 30, 2019		36.00		(0.02	)		5.26			5.24			(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	)

(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)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


		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)


$	32.94		15.37	%	$	1,012,686		1.23	%		(0.56	)%		1.28	%		54	%
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56
	27.71		12.37			984,262		1.23			(0.68	)		1.35			57


	25.34		14.78			83,558		1.73			(1.06	)		1.75			54
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56
	22.93		11.78			75,494		1.73			(1.19	)		1.86			57


	38.37		15.73			1,085,728		0.92			(0.25	)		1.00			54
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56
	31.06		12.68			1,562,284		0.92			(0.37	)		1.12			57


	35.91		15.10			44,453		1.48			(0.81	)		1.55			54
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56
	29.96		12.18			9,868		1.39			(0.85	)		1.64			57


	38.01		15.38			30,023		1.23			(0.56	)		1.25			54
	35.23		18.34			26,638		1.23			(0.54	)		1.26			56
	31.71		17.24			152		1.23			(0.54	)		1.42			41


	38.30		15.66			9,343		0.98			(0.31	)		1.00			54
	35.40		18.66			14,320		0.98			(0.33	)		1.01			56
	31.77		17.46			129		0.98			(0.23	)		1.10			41


	38.90		15.89			457,513		0.78			(0.11	)		0.85			54
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56
	31.26		12.87			164,713		0.78			(0.25	)		0.87			57


	39.09		15.94			1,835,188		0.73			(0.05	)		0.75			54
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56
	31.33		12.92			265,905		0.73			(0.19	)		0.78			57

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	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
Year Ended June 30, 2019	$	39.24	$	0.45		$	0.87	$	1.32	$	(0.38	)	$	(2.16	)	$	(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14		2.34		(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60		4.77		(0.14	)		(2.24	)		(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33		0.52		(0.14	)		(1.95	)		(2.09	)
Year Ended June 30, 2015		37.25		0.20			2.52		2.72		(0.20	)		(2.79	)		(2.99	)

Class C
Year Ended June 30, 2019		37.68		0.26			0.83		1.09		(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07		2.05		—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44		4.42		—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32		0.33		—			(1.95	)		(1.95	)
Year Ended June 30, 2015		36.19		0.01			2.44		2.45		(0.06	)		(2.79	)		(2.85	)

Class I
Year Ended June 30, 2019		39.70		0.54			0.88		1.42		(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16		2.46		(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66		4.93		(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33		0.61		(0.23	)		(1.95	)		(2.18	)
Year Ended June 30, 2015		37.61		0.28			2.55		2.83		(0.29	)		(2.79	)		(3.08	)

Class L
Year Ended June 30, 2019		40.21		0.62			0.90		1.52		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20		2.60		(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71		5.07		(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33		0.70		(0.32	)		(1.95	)		(2.27	)
Year Ended June 30, 2015		37.99		0.40			2.56		2.96		(0.40	)		(2.79	)		(3.19	)

Class R2
Year Ended June 30, 2019		37.64		0.31			0.86		1.17		(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05		2.15		(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43		4.50		(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32		0.42		(0.06	)		(1.95	)		(2.01	)
Year Ended June 30, 2015		36.14		0.10			2.43		2.53		(0.15	)		(2.79	)		(2.94	)

Class R3
Year Ended June 30, 2019		38.97		0.39			0.91		1.30		(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11		2.32		(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (f) through June 30, 2017		35.78		0.26			4.15		4.41		(0.28	)		(2.24	)		(2.52	)

Class R4
Year Ended June 30, 2019		39.56		0.50			0.90		1.40		(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33			2.13		2.46		(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (f) through June 30, 2017		36.18		0.38			4.15		4.53		(0.31	)		(2.24	)		(2.55	)

Class R5
Year Ended June 30, 2019		40.15		0.58			0.90		1.48		(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38			2.17		2.55		(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (f) through June 30, 2017		36.60		0.36			4.28		4.64		(0.33	)		(2.24	)		(2.57	)

Class R6
Year Ended June 30, 2019		40.19		0.58			0.94		1.52		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43			2.16		2.59		(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (f) through June 30, 2017		36.60		0.32			4.34		4.66		(0.33	)		(2.24	)		(2.57	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


		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)


$	38.02		4.12	%	$	1,662,841		1.23	%		1.20	%		1.25	%		11	%
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	35.41		1.85			2,302,567		1.24			0.54			1.41			20
	36.98		7.68			2,623,772		1.23			0.53			1.38			18


	36.44		3.59			149,839		1.73			0.72			1.74			11
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20
	35.79		7.12			595,385		1.74			0.03			1.84			18


	38.48		4.38			2,662,983		0.98			1.41			0.99			11
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20
	37.36		7.92			2,347,703		0.98			0.75			1.10			18


	38.99		4.63			8,996,364		0.74			1.61			0.85			11
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20
	37.76		8.19			10,320,516		0.74			1.05			0.94			18


	36.35		3.86			74,236		1.49			0.87			1.50			11
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20
	35.73		7.38			71,697		1.49			0.28			1.71			18


	37.70		4.12			73,299		1.24			1.04			1.25			11
	38.97		6.17			62,576		1.24			0.55			1.25			13
	37.67		12.70			19,262		1.24			0.87			1.35			23


	38.29		4.38			27,681		0.98			1.32			0.99			11
	39.56		6.45			17,859		0.99			0.83			1.00			13
	38.16		12.89			3,537		0.99			1.26			1.10			23


	38.93		4.52			95,243		0.83			1.50			0.84			11
	40.15		6.61			84,457		0.84			0.96			0.85			13
	38.67		13.06			30,334		0.84			1.18			1.02			23


	38.97		4.63			3,272,999		0.73			1.52			0.74			11
	40.19		6.71			1,073,888		0.74			1.08			0.75			13
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	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
Year Ended June 30, 2019	$	35.38	$	0.55		$	1.68		$	2.23		$	(0.46	)	$	(1.69	)	$	(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		29.84		0.27			(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)
Year Ended June 30, 2015		29.15		0.19			1.47			1.66			(0.26	)		(0.71	)		(0.97	)

Class C
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14			(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2015		29.08		0.04			1.47			1.51			(0.16	)		(0.71	)		(0.87	)

Class I
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33			(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)
Year Ended June 30, 2015		29.27		0.27			1.48			1.75			(0.32	)		(0.71	)		(1.03	)

Class L
Year Ended June 30, 2019		35.62		0.72			1.64			2.36			(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43			(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2015		29.31		0.34			1.50			1.84			(0.38	)		(0.71	)		(1.09	)

Class R2
Year Ended June 30, 2019		35.22		0.48			1.65			2.13			(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)

Class R3
Year Ended June 30, 2019		35.11		0.49			1.71			2.20			(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)

Class R4
Year Ended June 30, 2019		35.47		0.62			1.69			2.31			(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)

Class R5
Year Ended June 30, 2019		35.57		0.65			1.71			2.36			(0.62	)��		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)

Class R6
Year Ended June 30, 2019		35.60		0.71			1.70			2.41			(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

(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	JUNE 30, 2019


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


$	35.46		7.00	%	$	1,231,325		1.14	%		1.59	%		1.25	%		15	%
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26
	29.84		5.78			2,440,061		1.24			0.64			1.41			17


	35.29		6.45			522,878		1.64			1.08			1.75			15
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26
	29.72		5.26			701,023		1.73			0.14			1.83			17


	35.67		7.28			2,445,747		0.89			1.76			0.99			15
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26
	29.99		6.05			3,095,251		0.99			0.89			1.05			17


	35.69		7.41			2,569,596		0.74			2.04			0.84			15
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26
	30.06		6.36			5,058,172		0.74			1.15			0.90			17


	35.24		6.72			69		1.39			1.40			2.14			15
	35.22		5.54			38		1.41			0.78	(f)		1.61			23


	35.08		7.00			2,241		1.14			1.44			1.26			15
	35.11		7.82			1,132		1.15			1.01	(f)		1.28			23
	33.24		14.87			385		1.24			1.09			1.36			24


	35.52		7.27			20,538		0.89			1.79			0.99			15
	35.47		8.07			17,231		0.89			1.43	(f)		1.00			23
	33.55		15.10			34		1.00			1.05			1.08			24


	35.62		7.41			8,018		0.74			1.85			0.84			15
	35.57		8.25			6,114		0.76			1.41	(f)		0.88			23
	33.59		15.27			422		0.83			1.14			0.89			24


	35.67		7.57			4,025,348		0.64			2.02			0.74			15
	35.60		8.31			3,869,991		0.67			1.52	(f)		0.75			23
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019

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⁽¹⁾, 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⁽¹⁾, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾	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	JUNE 30, 2019

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include 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 (“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)	$	9,639,210	$	—	$	—	$	9,639,210


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)	$	2,884,074	$	—	$	—	$	2,884,074


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)	$	4,770,133	$	—	$	—	$	4,770,133


Mid Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	17,327,437	$	—	$	—	$	17,327,437



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (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)	$	11,091,982	$	—	$	—	(c)	$	11,091,982

(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 SOI. Level 3 consists of rights. Please refer to the SOI for industry specifics of portfolio holdings.

(c)	Amount rounds to less than one thousand.

There were no transfers into and out of level 3 for the year ended June 30, 2019.

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.

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), subject to certaindeminimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs. At June 30, 2019, 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	$	189,162	$	193,226	$	193,226
Mid Cap Equity Fund		82,780		84,283		84,283
Mid Cap Growth Fund		194,911		198,188		198,188
Mid Cap Value Fund		349,843		354,836		354,836
Value Advantage Fund		253,972		257,836		257,836

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.

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 collateral received or posted by the Funds as of June 30, 2019 (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	$	189,162	$	(189,162	)	$	—
Mid Cap Equity Fund		82,780		(82,780	)		—
Mid Cap Growth Fund		194,911		(194,911	)		—
Mid Cap Value Fund		349,843		(349,843	)		—
Value Advantage Fund		253,972		(253,972	)		—



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% 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	$	24
Mid Cap Equity Fund		9
Mid Cap Growth Fund		24
Mid Cap Value Fund		25
Value Advantage Fund		15

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 year ended June 30, 2019
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b)	$	—	$	680,153	$	465,825	$	2		$	20	$	214,350		214,265	$	1,017		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b)		—		850,000		693,000		31	*		15		157,046		157,015		2,751	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b)		—		714,399		678,219		—			—		36,180		36,180		729	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		218,911		1,515,257		1,734,168		—			—		—		—		3,334			—

Total	$	218,911	$	3,759,809	$	3,571,212	$	33		$	35	$	407,576			$	7,831		$	—

Mid Cap Equity Fund


For the year ended June 30, 2019
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b)	$	—	$	315,622	$	217,849	$	1		$	8	$	97,782		97,743	$	532		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b)		—		261,000		192,000		17	*		6		69,023		69,009		1,001	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b)		—		255,630		240,370		—			—		15,260		15,260		286	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		80,883		511,978		592,861		—			—		—		—		1,280			—

Total	$	80,883	$	1,344,230	$	1,243,080	$	18		$	14	$	182,065			$	3,099		$	—



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (continued)

Mid Cap Growth Fund


For the year ended June 30, 2019
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b)	$	—	$	343,642	$	229,892	$	4		$	12	$	113,766		113,720	$	915		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b)		—		748,000		580,000		52	*		13		168,065		168,032		2,932	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b)		—		614,171		584,048		—			—		30,123		30,123		744	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		114,331		712,821		827,152		—			—		—		—		1,803			—

Total	$	114,331	$	2,418,634	$	2,221,092	$	56		$	25	$	311,954			$	6,394		$	—

Mid Cap Value Fund


For the year ended June 30, 2019
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b)	$	—	$	1,098,535	$	383,315	$	—	(c)	$	69	$	715,289		715,003	$	3,158		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b)		—		1,171,000		875,000		35	*		25		296,060		296,001		3,261	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b)		—		848,122		789,346		—			—		58,776		58,776		823	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		511,256		1,669,123		2,180,379		—			—		—		—		8,348			—

Total	$	511,256	$	4,786,780	$	4,228,040	$	35		$	94	$	1,070,125			$	15,590		$	—

Value Advantage Fund


For the year ended June 30, 2019
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2019		Shares at June 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b)	$	—	$	666,854	$	485,002	$	2		$	16	$	181,870		181,797	$	1,673		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b)		—		659,000		444,000		24	*		17		215,041		214,997		1,963	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b)		—		605,207		562,412		—			—		42,795		42,795		518	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		253,654		1,499,558		1,753,212		—			—		—		—		4,118			—

Total	$	253,654	$	3,430,619	$	3,244,626	$	26		$	33	$	439,706			$	8,272		$	—

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



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

(b)	The rate shown is the current yield as of June 30, 2019.

(c)	Amount rounds to less than one thousand.

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

D. 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 share class of the Funds for the year ended June 30, 2019 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	$	109	$	45	$	39		n/a	$	—	(a)	$	1		$	—	(a)	$	4		$	49	$	247
Mid Cap Equity Fund
Transfer agency fees		27		1		7		n/a		—	(a)		n/a			n/a			—	(a)		18		53
Mid Cap Growth Fund
Transfer agency fees		264		5		28		n/a		23			2			1			6			64		393
Mid Cap Value Fund
Transfer agency fees		106		6		37	$	631		8			7			1			—	(a)		41		837
Value Advantage Fund
Transfer agency fees		76		37		35		56		—	(a)		—	(a)		—	(a)		—	(a)		32		236

(a)	Amount rounds to less than one thousand.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each 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.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	59

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (continued)

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


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Growth Advantage Fund	$	(20,213	)	$	20,213		$	—
Mid Cap Equity Fund		1			(27	)		26
Mid Cap Growth Fund		(13,068	)		13,028			40
Mid Cap Value Fund		—	(a)		2,738			(2,738	)
Value Advantage Fund		—			(2,030	)		2,030

(a)	Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to net operating losses and non-taxable dividends.

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	%⁽¹⁾
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.65	⁽¹⁾

⁽¹⁾	Effective August 1, 2019, the annual rate for Growth Advantage Fund and Value Advantage Fund will change from 0.65% to 0.55%.

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, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2019, the effective rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.08%, 0.08%, 0.08%, 0.07% and 0.08%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services 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	JUNE 30, 2019

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 year ended June 30, 2019, JPMDS retained the following (amounts in thousands):


	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	490	$	11
Mid Cap Equity Fund		134		—
Mid Cap Growth Fund		95		—	(a)
Mid Cap Value Fund		62		—	(a)
Value Advantage Fund		172		15

(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.

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

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


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		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	⁽¹⁾
Value Advantage Fund		1.14			1.64			0.89			0.75			1.39			1.14			0.89			0.74			0.64

⁽¹⁾	Prior to November 1, 2018, the contractual expense limitation was 0.75% for Class R6 Shares.

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2019 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	61

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (continued)

For the year ended June 30, 2019, 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	$	5,680	$	3,786	$	182	$	9,648	$	34
Mid Cap Equity Fund		1,816		1,211		31		3,058		6
Mid Cap Growth Fund		241		156		1,104		1,501		29
Mid Cap Value Fund		470		302		9,537		10,309		121
Value Advantage Fund		6,758		4,506		147		11,411		33

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, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2019 was as follows (amounts in thousands):


Growth Advantage Fund	$	418
Mid Cap Equity Fund		162
Mid Cap Growth Fund		239
Mid Cap Value Fund		1,047
Value Advantage Fund		541

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

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with 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 year ended June 30, 2019, 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 Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended June 30, 2019, 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	$	3,488,334	$	3,511,207
Mid Cap Equity Fund		895,425		1,080,696
Mid Cap Growth Fund		2,243,066		2,178,280
Mid Cap Value Fund		1,848,321		3,557,417
Value Advantage Fund		1,603,885		2,614,166

During the year ended June 30, 2019, there were no purchases or sales of U.S. Government securities.



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2019 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	5,834,131	$	3,855,079	$	50,000	$	3,805,079
Mid Cap Equity Fund		1,988,448		930,585		34,959		895,626
Mid Cap Growth Fund		3,453,707		1,348,778		32,352		1,316,426
Mid Cap Value Fund		11,274,461		6,358,825		305,849		6,052,976
Value Advantage Fund		8,036,261		3,302,709		246,988		3,055,721

For the Funds, the difference between book and tax basis appreciation/(depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	35,076	$	663,086	$	698,162
Mid Cap Equity Fund		43,984		241,956		285,940
Mid Cap Growth Fund		24,869		226,941		251,810
Mid Cap Value Fund		264,620		935,839		1,200,459
Value Advantage Fund		234,470		474,480		708,950

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

The tax character of distributions paid during the year ended June 30, 2018 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	10,634	$	309,808	$	320,442
Mid Cap Equity Fund		46,277		124,037		170,314
Mid Cap Growth Fund		—		219,496		219,496
Mid Cap Value Fund		175,864		320,197		496,061
Value Advantage Fund		136,339		117,237		253,576

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

As of June 30, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	—	$	391,803	$	3,805,079
Mid Cap Equity Fund		8,119		147,310		895,626
Mid Cap Growth Fund		—		239,543		1,316,426
Mid Cap Value Fund		97,027		579,406		6,052,976
Value Advantage Fund		87,143		185,795		3,055,721

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



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2019 (continued)

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, 2019, the following Funds deferred to July 1, 2019 late year ordinary losses and post-October capital losses of (amounts in thousands):


	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term		Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	32,062	$	—	$	150
Mid Cap Equity Fund		1,839		—		—
Mid Cap Growth Fund		23,877		—		3,796
Mid Cap Value Fund		15,200		—		—
Value Advantage Fund		5,503		—		—

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 June 30, 2019. Average borrowings from the Facility during the year ended June 30, 2019, 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 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at June 30, 2019. Average borrowings from the Credit Facility for, or at any time during the year ended June 30, 2019 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.



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

As of June 30, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		12.1	%		1		16.6	%
Mid Cap Equity Fund		—		—			1		26.9
Mid Cap Value Fund		—		—			2		32.9
Value Advantage Fund		—		—			3		34.2

As of June 30, 2019, 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		25.8	%
Mid Cap Equity Fund		45.4
Value Advantage Fund		21.3

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

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standards 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. Management has 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 the 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. Management has 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.



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tothe Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust IIand Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund and JPMorgan Value Advantage Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

August 23, 2019

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



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.


Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	134	Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	134	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	134	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	134	Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	134	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	134	None



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	67

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	134	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	134	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	134	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	134	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	134	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002).	134	Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006).	134	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

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

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eleven registered investment companies (134 funds).

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

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

***

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

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



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	69

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010)		Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

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

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



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.

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 January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,231.20	$	6.31		1.14	%
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class C
Actual		1,000.00		1,227.90		9.06		1.64
Hypothetical		1,000.00		1,016.66		8.20		1.64
Class I
Actual		1,000.00		1,232.50		4.93		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R2
Actual		1,000.00		1,229.90		7.69		1.39
Hypothetical		1,000.00		1,017.90		6.95		1.39
Class R3
Actual		1,000.00		1,231.10		6.31		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class R4
Actual		1,000.00		1,232.50		4.93		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R5
Actual		1,000.00		1,233.20		4.10		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R6
Actual		1,000.00		1,234.00		3.55		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	1,235.20	$	6.26		1.13	%
Hypothetical		1,000.00		1,019.19		5.66		1.13
Class C
Actual		1,000.00		1,232.00		9.02		1.63
Hypothetical		1,000.00		1,016.71		8.15		1.63
Class I
Actual		1,000.00		1,236.50		4.88		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88
Class R2
Actual		1,000.00		1,233.60		7.64		1.38
Hypothetical		1,000.00		1,017.95		6.90		1.38
Class R5
Actual		1,000.00		1,237.50		4.05		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73
Class R6
Actual		1,000.00		1,238.20		3.50		0.63
Hypothetical		1,000.00		1,021.67		3.16		0.63

JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,291.80		6.99		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class C
Actual		1,000.00		1,288.30		9.82		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class I
Actual		1,000.00		1,293.70		5.23		0.92
Hypothetical		1,000.00		1,020.23		4.61		0.92
Class R2
Actual		1,000.00		1,290.30		8.40		1.48
Hypothetical		1,000.00		1,017.46		7.40		1.48
Class R3
Actual		1,000.00		1,291.50		6.99		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class R4
Actual		1,000.00		1,293.00		5.57		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98
Class R5
Actual		1,000.00		1,294.50		4.44		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class R6
Actual		1,000.00		1,294.80		4.15		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73

JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		1,179.30		6.65		1.23
Hypothetical		1,000.00		1,018.70		6.16		1.23
Class C
Actual		1,000.00		1,176.20		9.33		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class I
Actual		1,000.00		1,180.70		5.30		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98



72	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019


	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	1,182.20	$	4.00		0.74	%
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R2
Actual		1,000.00		1,177.90		8.05		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class R3
Actual		1,000.00		1,179.20		6.70		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class R4
Actual		1,000.00		1,180.70		5.30		0.98
Hypothetical		1,000.00		1,019.93		4.91		0.98
Class R5
Actual		1,000.00		1,181.50		4.44		0.82
Hypothetical		1,000.00		1,020.73		4.11		0.82
Class R6
Actual		1,000.00		1,182.30		3.95		0.73
Hypothetical		1,000.00		1,021.17		3.66		0.73

JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,166.10		6.07		1.13
Hypothetical		1,000.00		1,019.19		5.66		1.13
Class C
Actual		1,000.00		1,163.20		8.74		1.63
Hypothetical		1,000.00		1,016.71		8.15		1.63
Class I
Actual		1,000.00		1,167.60		4.73		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88
Class L
Actual		1,000.00		1,168.20		3.98		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R2
Actual		1,000.00		1,164.60		7.46		1.39
Hypothetical		1,000.00		1,017.90		6.95		1.39
Class R3
Actual		1,000.00		1,166.20		6.07		1.13
Hypothetical		1,000.00		1,019.19		5.66		1.13
Class R4
Actual		1,000.00		1,167.70		4.73		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88
Class R5
Actual		1,000.00		1,168.30		3.98		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R6
Actual		1,000.00		1,169.10		3.44		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64

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



JUNE 30, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	73

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2019:


	Dividends Received Deduction
JPMorgan Growth Advantage Fund		100.00	%
JPMorgan Mid Cap Equity Fund		76.35
JPMorgan Mid Cap Growth Fund		86.11
JPMorgan Mid Cap Value Fund		100.00
JPMorgan Value Advantage Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2019 (amounts in thousands):


	Long-Term Capital Gain Distribution
JPMorgan Growth Advantage Fund	$	663,086
JPMorgan Mid Cap Equity Fund		241,956
JPMorgan Mid Cap Growth Fund		226,941
JPMorgan Mid Cap Value Fund		935,839
JPMorgan Value Advantage Fund		474,480

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2019 (amounts in thousands):


	Qualified Dividend Income
JPMorgan Growth Advantage Fund	$	35,076
JPMorgan Mid Cap Equity Fund		34,588
JPMorgan Mid Cap Growth Fund		23,093
JPMorgan Mid Cap Value Fund		264,620
JPMorgan Value Advantage Fund		234,470



74	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2019

LOGO

Rev. January 2011



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


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

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you areno longer our customer, we continue to share your information as described in this notice.


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



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



Questions?		Call1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



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



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



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

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

Contact JPMorgan Distribution Services, Inc. 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-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

A copy of proxy policies and procedures is available without charge upon request by 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2019. All rights reserved. June 2019.		AN-MC-619

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

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

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

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

AUDIT FEES

2019 – $34,799

2018 – $33,413

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

AUDIT-RELATED FEES

2019 – $5,940

2018 – $5,840

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

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

TAX FEES

2019 – $11,380

2018 – $11,091

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2019 and 2018, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule2-01 ofRegulation S-X.

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

ALL OTHER FEES

2019 – Not applicable

2018 – Not applicable

(e) (1) Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 ofRegulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for thepre-approval of audit andnon-audit services (the“Pre-approval Policy”), the Audit Committeepre-approves all audit andnon-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committeepre-approves the auditor’s engagement fornon-audit services with the Registrant’s investment adviser (not including asub-adviser whose role is primarily portfolio management and issub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may bepre-approved either 1) without consideration of specificcase-by-case services or 2) require the specificpre-approval of the Audit Committee. Therefore, initially thePre-approval Policy listed a number of audit andnon-audit services that have been approved by the Audit Committee, or which were not subject topre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the“Pre-approval List”). The Audit Committee annually reviews andpre-approves the services included on thePre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specificpre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of generalpre-approved services from time to time, based on subsequent determinations. All other audit andnon-audit services not on thePre-approval List must be specificallypre-approved by the Audit Committee.

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

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.

2019 – 0.0%

2018 – 0.0%

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

Not applicable - Less than 50%.

(g) Disclose the 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.

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

2018 - $30.2 million

2017 - $32.0 million

(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.

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

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.

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.

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

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by 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
		August 30, 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
		August 30, 2019

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		August 30, 2019

JP Morgan Fleming Mutual Fund N-CSRCertified annual shareholder report (management investment company)