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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-08189

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

(Exact name of registrant as specified in charter)

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, 2019 through December 31, 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 CFR270.30e-1).

Semi-Annual Report

J.P. Morgan MidCap/Multi-Cap Funds

December 31, 2019 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

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

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

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

LOGO

CONTENTS



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

Schedule of Shareholder Expenses			65

Board Approval of Investment Advisory Agreements			68

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

February 10, 2020 (Unaudited)

Dear Shareholders,

We’ve entered 2020 with strong momentum at J.P. Morgan Asset Management, propelled by a strong 2019 for financial markets that included a 31.5% total return in the S&P 500 Index.

“Regardless of the market environment, our goal remains to be the most trusted asset manager in the world by using the unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.” — Andrea L. Lisher

At the end of July 2019, the U.S. Federal Reserve responded to signs of a weakening economy by cutting interest rates for the first time in more than a decade and proceeded to cut rates two more times in 2019. Financial markets responded favorably and the S&P 500 Index reached record highs in late October. Global equity prices were also supported by easing U.S.-China trade tensions, continued growth in corporate profits and accommodative policies of leading global central banks, including a reduction in interest rates and a resumption of monthly asset purchases by the European Central Bank. These tailwinds overshadowed investor concerns about Brexit and weak economic data, allowing for a strong second half of 2019 for financial markets.

While 2019 was largely a rewarding year for investors, 2020 may bring increased market volatility amid geo-political tensions, U.S. elections and a U.S. economy that appears to be in the late stages of a record long expansion. Additionally, the strong equity market returns of the past year may be hard to replicate. On the other hand, we believe leading central banks have clearly signaled they will remain supportive of continued economic expansion, which should benefit financial markets. We believe investors who maintain a well-diversified portfolio and a long-term outlook will be best positioned in the year ahead.

Regardless of the market environment, our goal remains to be the most trusted asset manager in the world by using the unique breadth of capabilities to provide our clients and shareholders with the insights and solutions they need to achieve their long-term goals.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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, Client

J.P. Morgan Asset Management

J.P. Morgan MidCap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

Equity markets largely provided positive returns for the reporting period on the back of low interest rates, continued corporate profit growth and an easing of U.S.-China trade tensions. Overall, U.S. equity outperformed other equity markets as well as fixed income markets.

In response to slowing economic growth and continued low inflation, the U.S. Federal Reserve in late July 2019 cut interest rates for the first time in more than a decade. The central bank followed with another cut in mid-September and another at the end of October. Equity investors responded to lower interest rates by driving stock prices higher and by the end of October leading equity U.S. indexes had returned to record highs. Within U.S. large cap stocks, growth stocks mostly outperformed value stocks but within mid cap and small cap stocks, value generally outperformed growth.

Bond markets generally provided positive returns for the second half of 2019, led by U.S. high yield bonds (also known as “junk bonds”) and emerging markets debt. Investment grade U.S. corporate debt provided modest returns while yields on U.S. Treasury bonds fell during the period. For the six months ended December 31, 2019, the S&P 500 returned 10.9% and the Russell Midcap Index returned 7.6%.



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		10.31%
Russell 3000 Growth Index		11.89%

Net Assets as of 12/31/2019 (In Thousands)	$	9,410,089

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 six months ended December 31, 2019. The Fund’s security selection in the health care and energy sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the producer durables and technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc. its overweight position in Exact Sciences Co. and its out-of-Benchmark position in Waste Connections Inc. Shares of Apple, a maker of mobile and desktop devices and computers, rose amid better-than-expected quarterly earnings as well as positive investor response to the company’s newly launched services, products and latest iPhone upgrade cycle. Shares of Exact Sciences, a maker of cancer screening diagnostics, fell amid investor disappointment with its forecast for the third quarter of 2019. Shares of Waste Connections, a solid waste collection and treatment company, fell amid lower demand for recycled materials in China as well as a shift in investor demand toward more cyclical industrial businesses.

Leading individual contributors to relative performance included the Fund’s overweight positions Advanced Micro Devices Inc. and DexCom Inc. and its underweight position in Cisco Systems Inc. Shares of Advanced Micro Devices, a semiconductor maker, rose on growth in revenue and market share during the reporting period. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2019. Shares of Cisco Systems, a network and information technology provider not held in the Fund, fell following two consecutive quarters of weak revenue growth.

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.	7.5	%
	2.	Apple, Inc.	5.3
	3.	Alphabet, Inc., Class C	5.2
	4.	Amazon.com, Inc.	4.3
	5.	Mastercard, Inc., Class A	2.8
	6.	UnitedHealth Group, Inc.	2.6
	7.	Advanced Micro Devices, Inc.	1.9
	8.	Global Payments, Inc.	1.9
	9.	Ross Stores, Inc.	1.8
	10.	PayPal Holdings, Inc.	1.7


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	38.3	%
Health Care	14.3
Consumer Discretionary	13.7
Industrials	10.8
Communication Services	9.4
Financials	6.2
Materials	2.5
Others (each less than 1.0%)	1.4
Short-Term Investments	3.4

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

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

***

Percentages indicated are based on total investments as of December 31, 2019. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**			4.50	%		28.68	%		13.43	%		15.14	%
Without Sales Charge			10.31			35.81			14.65			15.76
CLASS C SHARES	May 1, 2006
With CDSC***			9.04			34.12			14.09			15.18
Without CDSC			10.04			35.12			14.09			15.18
CLASS I SHARES	May 1, 2006		10.45			36.13			14.91			16.00
CLASS R2 SHARES	July 31, 2017		10.13			35.44			14.36			15.47
CLASS R3 SHARES	May 31, 2017		10.30			35.79			14.66			15.77
CLASS R4 SHARES	May 31, 2017		10.46			36.14			14.94			16.05
CLASS R5 SHARES	January 8, 2009		10.55			36.33			15.11			16.22
CLASS R6 SHARES	December 23, 2013		10.61			36.49			15.24			16.29

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/09 TO 12/31/19)

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 different to those shown because Class R4 Shares have different expenses to Class I Shares.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the LipperMulti-Cap Growth Funds Index from December 31, 2009 to December 31, 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	DECEMBER 31, 2019

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		7.46%
Russell Midcap Index		7.58%

Net Assets as of 12/31/2019 (In Thousands)	$	1,723,019

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2019. The Fund’s security selection in the energy and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and information technologies sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Sage Therapeutics Inc. and its out-of-Benchmark positions in Progressive Corp. and Waste Connections Inc. Shares of Sage Therapeutics, a drug development company, fell after the company’s anti-depression drug candidate failed in a late-stage clinical trial. Shares of Progressive, a provider of property and casualty insurance, fell after the company reported a higher-than-expected core loss ratio for the second quarter of 2019. Shares of Waste Connections, a solid waste collection and treatment company, fell amid lower demand for recycled materials in China as well as a shift in investor demand toward more cyclical industrial businesses.

Leading individual contributors to relative performance included the Fund’s overweight positions in Advanced Micro Devices Inc., DexCom Inc. and Lam Research Corp. Shares of Advanced Micro Devices, a semiconductor maker, rose on growth in revenue and market share during the reporting period. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2019. Shares of Lam Research, a maker of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings for its fiscal first quarter and amid a broader rebound in shares of semiconductor equipment makers.

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.	Advanced Micro Devices, Inc.	1.6	%
	2.	Global Payments, Inc.	1.5
	3.	O’Reilly Automotive, Inc.	1.4
	4.	Fiserv, Inc.	1.3
	5.	Synopsys, Inc.	1.3
	6.	Amphenol Corp., Class A	1.2
	7.	AMETEK, Inc.	1.2
	8.	CBRE Group, Inc., Class A	1.2
	9.	Hilton Worldwide Holdings, Inc.	1.1
	10.	Xcel Energy, Inc.	1.1


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.9	%
Consumer Discretionary	14.3
Financials	13.8
Industrials	12.7
Health Care	10.3
Real Estate	7.4
Utilities	5.3
Materials	4.3
Communication Services	3.0
Energy	3.0
Consumer Staples	1.9
Short-Term Investments	3.1

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 December 31, 2019. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OFDECEMBER 31, 2019
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**		1.68%		25.59	%		8.21	%		12.46	%
Without Sales Charge		7.31		32.56			9.38			13.07
CLASS C SHARES	November 2, 2009
With CDSC***		6.05		30.89			8.84			12.51
Without CDSC		7.05		31.89			8.84			12.51
CLASS I SHARES	January 1, 1997	7.46		32.91			9.73			13.44
CLASS R2 SHARES	March 14, 2014	7.18		32.22			9.11			12.91
CLASS R5 SHARES	March 14, 2014	7.54		33.09			9.86			13.52
CLASS R6 SHARES	March 14, 2014	7.58		33.21			9.94			13.57

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/09 TO 12/31/19)

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from December 31, 2009 to March 13, 2014. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index, the Lipper Multi-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2009 to December 31, 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 bench mark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

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



6	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			7.96%
Russell Midcap Growth Index			7.45%

Net Assets as of 12/31/2019 (In Thousands)			$4,842,246

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 six months ended December 31, 2019. The Fund’s security selection in the consumer discretionary and financial services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector was the sole significant detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Advanced Micro Devices Inc. and Insulet Corp. and its out-of-Benchmark position in Generac Holdings Inc. Shares of Advanced Micro Devices, a semiconductor maker, rose on growth in revenue and market share during the reporting period. Shares of Insulet, a maker of insulin infusion devices, rose after the company reported better-than-expected earnings and growth in product revenue for the third quarter of 2019. Shares of Generac Holdings, a maker of electrical generators and related products, rose amid scheduled electricity blackouts in California and natural disasters elsewhere during the reporting period.

Leading individual detractors from relative performance included the Fund’s overweight positions in Sage Therapeutics and Exact Sciences Corp. and its out-of-Benchmark position in Waste Connections Inc. Shares of Sage Therapeutics, a drug development company, fell after the company’s anti-depression drug candidate failed in a late-stage clinical trial. Shares of Exact Sciences, a maker of cancer screening diagnostics, fell amid investor disappointment with its forecast for the third quarter of 2019. Shares of Waste Connections, a solid waste collection and treatment company, fell amid lower demand for recycled materials in China as well as a shift in investor preferences toward more cyclical industrial businesses.

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 funda-

mentals. 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.	Advanced Micro Devices, Inc.	3.0	%
2.	Global Payments, Inc.	2.9
3.	O’Reilly Automotive, Inc.	2.7
4.	Fiserv, Inc.	2.6
5.	Synopsys, Inc.	1.7
6.	Lam Research Corp.	1.6
7.	Ingersoll-Rand plc	1.6
8.	Waste Connections, Inc.	1.5
9.	Lululemon Athletica, Inc.	1.5
10.	Zebra Technologies Corp., Class A	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	34.4	%
Consumer Discretionary	16.4
Industrials	16.4
Health Care	14.0
Financials	5.9
Materials	3.8
Communication Services	3.2
Real Estate	1.1
Energy	0.7
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 December 31, 2019. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			2.11	%		31.94	%		10.52	%		13.39	%
Without Sales Charge			7.78			39.23			11.71			14.00
CLASS C SHARES	November 4, 1997
With CDSC***			6.55			37.55			11.16			13.44
Without CDSC			7.55			38.55			11.16			13.44
CLASS I SHARES	March 2, 1989		7.96			39.66			12.06			14.36
CLASS R2 SHARES	June 19, 2009		7.64			38.89			11.48			13.80
CLASS R3 SHARES	September 9, 2016		7.80			39.23			11.71			14.01
CLASS R4 SHARES	September 9, 2016		7.92			39.55			11.99			14.29
CLASS R5 SHARES	November 1, 2011		8.03			39.85			12.21			14.49
CLASS R6 SHARES	November 1, 2011		8.07			39.96			12.27			14.55

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/09 TO 12/31/19)

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 December 31, 2009 to December 31, 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	DECEMBER 31, 2019

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		7.11%
Russell Midcap Value Index		7.66%

Net Assets as of 12/31/2019 (In Thousands)	$	17,143,311

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2019. The Fund’s security selection in the energy and financials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and materials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Expedia Group Inc. and Middleby Corp. and its underweight position in State Street Corp. Shares of Expedia, a provider of online travel booking, fell amid increased competition and lower-than-expected earnings and revenue for the third quarter of 2019. Shares of Middleby, a food service equipment manufacturer, fell after the company reported lower-than-expected sales for the third quarter of 2019 and weak results for the second quarter of 2019. Shares of State Street, a banking and financial services company not held in the Fund, rose after the company reported better-than-expected earnings for the third quarter of 2019.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in CDW Corp. and Sherwin-Williams Co. and its overweight position in Tiffany & Co. Shares of CDW, a provider of information technology and services, rose following the company’s initial public offering in June and its inclusion in the S&P 500 Index. Shares of Sherwin-Williams, a paints and coatings manufacturer, rose amid quarterly earnings growth and after the settlement of decades-long lead paint litigation with the state of California. Shares of Tiffany, a luxury retailer, rose after the company agreed to a $16.2 billion acquisition by LVMH Moet Hennessey Louis Vuitton SE.

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.	Xcel Energy, Inc.	2.2	%
	2.	WEC Energy Group, Inc.	2.1
	3.	CMS Energy Corp.	2.1
	4.	Loews Corp.	1.9
	5.	M&T Bank Corp.	1.9
	6.	Diamondback Energy, Inc.	1.7
	7.	Williams Cos., Inc. (The)	1.6
	8.	Sempra Energy	1.6
	9.	T. Rowe Price Group, Inc.	1.6
	10.	AutoZone, Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.1	%
Real Estate	13.5
Consumer Discretionary	11.9
Utilities	10.9
Industrials	8.8
Information Technology	6.7
Health Care	6.6
Energy	5.4
Materials	4.8
Consumer Staples	3.9
Communication Services	2.8
Short-Term Investments	2.6

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

***

Percentages indicated are based on total investments as of December 31, 2019. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			1.23	%		19.37	%		5.65	%		11.51	%
Without Sales Charge			6.84			26.00			6.79			12.11
CLASS C SHARES	April 30, 2001
With CDSC***			5.57			24.35			6.25			11.54
Without CDSC			6.57			25.35			6.25			11.54
CLASS I SHARES	October 31, 2001		7.00			26.34			7.07			12.39
CLASS L SHARES	November 13, 1997		7.11			26.63			7.32			12.65
CLASS R2 SHARES	November 3, 2008		6.71			25.70			6.52			11.82
CLASS R3 SHARES	September 9, 2016		6.85			26.00			6.79			12.11
CLASS R4 SHARES	September 9, 2016		6.99			26.32			7.06			12.39
CLASS R5 SHARES	September 9, 2016		7.07			26.51			7.25			12.62
CLASS R6 SHARES	September 9, 2016		7.14			26.67			7.32			12.66

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/09 TO 12/31/19)

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 December 31, 2009 to December 31, 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	DECEMBER 31, 2019

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*			8.88%
Russell 3000 Value Index			8.80%

Net Assets as of 12/31/2019 (In Thousands)			$11,947,202

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 six months ended December 31, 2019. The Fund’s security selection in the materials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the information technology and communication services sector was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Bank of America Corp., PNC Financial Services Group Inc. and Martin Marietta Materials Inc. Shares of Bank of America and PNC Financial Services Group, both diversified financial services companies, rose amid broader gains in shares of large banks during the reporting period. Shares of Martin Marietta, a provider of crushed stone, sand and gravel, rose after the company reported revenue growth for the second quarter of 2019 and raised its forecast for the full year 2019.

Leading individual detractors from relative performance included the Fund’s underweight positions in JPMorgan Chase & Co., Intel Corp. and AT&T Corp., none of which were held in the Fund. Shares of JPMorgan Chase, which the Fund is prohibited from holding, rose amid broader gains in stocks of large banks during the reporting period. Shares of Intel, a manufacturer of computer products and technologies, rose amid strong demand for semiconductors during the reporting period. Shares of AT&T, a telecommunications provider, rose after the company announced plans to cut $1.5 billion in costs, increase in its dividend and repurchase of 100 million shares.

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.	3.7	%
	2.	Capital One Financial Corp.	2.2
	3.	PNC Financial Services Group, Inc. (The)	2.1
	4.	Wells Fargo & Co.	1.9
	5.	Loews Corp.	1.8
	6.	Chevron Corp.	1.8
	7.	Pfizer, Inc.	1.6
	8.	Delta Air Lines, Inc.	1.5
	9.	ConocoPhillips	1.5
	10.	Verizon Communications, Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Financials	31.4	%
Health Care	10.3
Energy	8.7
Consumer Discretionary	7.1
Industrials	7.0
Real Estate	6.9
Utilities	5.6
Communication Services	5.0
Information Technology	4.8
Consumer Staples	4.7
Materials	4.3
Short-Term Investments	4.2

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

***

Percentages indicated are based on total investments as of December 31, 2019. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge**			2.98	%		20.08	%		6.53	%		11.39	%
Without Sales Charge			8.67			26.72			7.68			12.00
CLASS C SHARES	February 28, 2005
With CDSC***			7.40			25.09			7.15			11.44
Without CDSC			8.40			26.09			7.15			11.44
CLASS I SHARES	February 28, 2005		8.80			27.03			7.95			12.27
CLASS L SHARES	February 28, 2005		8.88			27.20			8.17			12.52
CLASS R2 SHARES	July 31, 2017		8.53			26.39			7.41			11.72
CLASS R3 SHARES	September 9, 2016		8.65			26.70			7.67			11.99
CLASS R4 SHARES	September 9, 2016		8.81			27.05			7.95			12.27
CLASS R5 SHARES	September 9, 2016		8.91			27.23			8.15			12.52
CLASS R6 SHARES	September 9, 2016		8.94			27.36			8.22			12.55

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE(12/31/09 TO 12/31/19)

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 December 31, 2009 to

December 31, 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	DECEMBER 31, 2019

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%

Automobiles — 1.6%

Tesla, Inc. * (a)		354		148,172


Banks — 1.5%

East West Bancorp, Inc.		1,248		60,753

First Republic Bank		705		82,838


				143,591


Biotechnology — 3.7%

Amgen, Inc.		509		122,584

Exact Sciences Corp. *		782		72,338

Exelixis, Inc. * (a)		2,317		40,817

Intercept Pharmaceuticals, Inc. * (a)		336		41,674

Regeneron Pharmaceuticals, Inc. *		123		45,996

Sage Therapeutics, Inc. * (a)		297		21,448


				344,857


Building Products — 0.9%

Fortune Brands Home & Security, Inc.		1,240		81,028


Capital Markets — 3.9%

BlackRock, Inc.		136		68,266

Charles Schwab Corp. (The)		1,476		70,208

Nasdaq, Inc.		666		71,313

S&P Global, Inc.		475		129,699

TD Ameritrade Holding Corp.		519		25,809


				365,295


Commercial Services & Supplies — 2.6%

Copart, Inc. *		1,047		95,242

Waste Connections, Inc.		1,597		145,005


				240,247


Communications Equipment — 0.4%

Arista Networks, Inc. * (a)		204		41,443


Construction Materials — 0.8%

Vulcan Materials Co. (a)		552		79,439


Containers & Packaging — 1.7%

Avery Dennison Corp.		631		82,560

Ball Corp.		1,164		75,244


				157,804


Electrical Equipment — 2.0%

AMETEK, Inc.		811		80,929

Generac Holdings, Inc. *		1,047		105,348


				186,277


Electronic Equipment, Instruments & Components — 2.8%

Amphenol Corp., Class A		646		69,949

Keysight Technologies, Inc. *		843		86,517


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — continued

Zebra Technologies Corp., Class A *		424		108,230


				264,696


Entertainment — 3.1%

Netflix, Inc. *		300		96,909

Spotify Technology SA *		520		77,736

Take-Two Interactive Software, Inc. *		954		116,768


				291,413


Health Care Equipment & Supplies — 1.8%

DexCom, Inc. *		387		84,630

Intuitive Surgical, Inc. *		149		88,318


				172,948


Health Care Providers & Services — 3.9%

Acadia Healthcare Co., Inc. * (a)		1,167		38,774

Anthem, Inc.		253		76,384

UnitedHealth Group, Inc.		852		250,324


				365,482


Health Care Technology — 1.5%

Teladoc Health, Inc. *		1,161		97,191

Veeva Systems, Inc., Class A *		303		42,634


				139,825


Hotels, Restaurants & Leisure — 0.6%

Hilton Worldwide Holdings, Inc.		511		56,712


Household Durables — 0.7%

Garmin Ltd.		717		69,956


Insurance — 0.9%

Progressive Corp. (The)		1,163		84,219


Interactive Media & Services — 6.1%

Alphabet, Inc., Class C *		374		500,187

Facebook, Inc., Class A *		348		71,488


				571,675


Internet & Direct Marketing Retail — 4.4%

Amazon.com, Inc. *		225		416,318


IT Services — 10.5%

Booz Allen Hamilton Holding Corp.		1,202		85,490

Fiserv, Inc. *		937		108,299

Global Payments, Inc.		991		180,862

Mastercard, Inc., Class A		908		270,971

PayPal Holdings, Inc. *		1,485		160,589

Shopify, Inc., Class A (Canada) *		134		53,435

Visa, Inc., Class A		689		129,407


				989,053

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)


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

Life Sciences Tools & Services — 1.8%

Illumina, Inc. *		223		74,078

Thermo Fisher Scientific, Inc.		301		97,818


				171,896


Machinery — 3.2%

Gardner Denver Holdings, Inc. * (a)		950		34,850

Ingersoll-Rand plc (a)		507		67,430

Nordson Corp. (a)		308		50,089

Parker-Hannifin Corp.		258		52,999

Stanley Black & Decker, Inc.		597		98,980


				304,348


Media — 0.4%

New York Times Co. (The), Class A (a)		1,212		38,987


Oil, Gas & Consumable Fuels — 0.5%

EOG Resources, Inc.		607		50,800


Pharmaceuticals — 2.0%

Catalent, Inc. *		904		50,867

Elanco Animal Health, Inc. *		1,511		44,508

Jazz Pharmaceuticals plc * (a)		507		75,670

TherapeuticsMD, Inc. *		4,983		12,058


				183,103


Professional Services — 1.2%

FTI Consulting, Inc. *		303		33,552

IHS Markit Ltd. *		1,011		76,156


				109,708


Real Estate Management & Development — 0.9%

CBRE Group, Inc., Class A *		1,434		87,865


Road & Rail — 1.2%

Lyft, Inc., Class A *		852		36,645

Old Dominion Freight Line, Inc.		401		76,168


				112,813


Semiconductors & Semiconductor Equipment — 6.3%

Advanced Micro Devices, Inc. *		3,979		182,468

KLA Corp.		450		80,212

Microchip Technology, Inc. (a)		370		38,757

NVIDIA Corp.		508		119,438

QUALCOMM, Inc.		1,401		123,593

Xilinx, Inc.		488		47,741


				592,209


Software — 13.6%

Fair Isaac Corp. *		102		38,105

Intuit, Inc.		456		119,335

Microsoft Corp.		4,534		714,980

salesforce.com, Inc. *		738		119,963

ServiceNow, Inc. *		321		90,512


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

Slack Technologies, Inc., Class A * (a)		701		15,763

Synopsys, Inc. *		494		68,780

Trade Desk, Inc. (The), Class A * (a)		318		82,532

Zscaler, Inc. * (a)		631		29,351


				1,279,321


Specialty Retail — 5.8%

Home Depot, Inc. (The)		726		158,435

National Vision Holdings, Inc. *		1,201		38,954

O’Reilly Automotive, Inc. *		239		104,788

Ross Stores, Inc.		1,512		176,004

Tractor Supply Co. (a)		715		66,847


				545,028


Technology Hardware, Storage & Peripherals — 5.4%

Apple, Inc.		1,734		509,086


Textiles, Apparel & Luxury Goods — 0.9%

Lululemon Athletica, Inc. *		356		82,382


Total Common Stocks (Cost $5,268,713)				9,277,996

Short-Term Investments — 3.4%

Investment Companies — 1.5%

JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (b) (c) (Cost $139,991)		139,949		139,991

Investment of Cash Collateral from Securities Loaned — 1.9%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (b) (c)		164,015		164,031

JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (b) (c)		18,429		18,429

Total Investment of Cash Collateral from Securities Loaned (Cost $182,459)				182,460

Total Short-Term Investments (Cost $322,450)				322,451

Total Investments — 102.0% (Cost $5,591,163)				9,600,447
Liabilities in Excess of Other Assets — (2.0)%				(190,358	)

NET ASSETS — 100.0%				9,410,089

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is approximately $179,510,000.
(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 December 31, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.3%

Aerospace & Defense — 0.4%

HEICO Corp., Class A		85		7,568


Auto Components — 0.7%

Aptiv plc		54		5,092

BorgWarner, Inc.		153		6,639


				11,731


Automobiles — 0.8%

Tesla, Inc. *		20		8,367

Thor Industries, Inc. (a)		63		4,695


				13,062


Banks — 5.3%

Citizens Financial Group, Inc.		234		9,490

Comerica, Inc.		61		4,379

East West Bancorp, Inc.		109		5,331

Fifth Third Bancorp		410		12,590

First Republic Bank		150		17,644

Huntington Bancshares, Inc.		458		6,911

M&T Bank Corp.		91		15,375

TCF Financial Corp.		64		2,984

Truist Financial Corp.		226		12,744

Zions Bancorp NA		68		3,536


				90,984


Beverages — 0.6%

Constellation Brands, Inc., Class A		37		7,044

Keurig Dr Pepper, Inc.		128		3,695


				10,739


Biotechnology — 1.7%

Agios Pharmaceuticals, Inc. *		48		2,275

Alnylam Pharmaceuticals, Inc. *		37		4,299

BioMarin Pharmaceutical, Inc. *		29		2,482

Exact Sciences Corp. *		96		8,895

Exelixis, Inc. *		236		4,162

Intercept Pharmaceuticals, Inc. *		32		3,947

Sage Therapeutics, Inc. *		42		3,051


				29,111


Building Products — 1.0%

Fortune Brands Home & Security, Inc.		249		16,287


Capital Markets — 4.4%

Ameriprise Financial, Inc.		64		10,625

MarketAxess Holdings, Inc.		14		5,383

MSCI, Inc.		30		7,787

Nasdaq, Inc.		68		7,299

Northern Trust Corp.		92		9,793


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

Raymond James Financial, Inc.		103		9,228

S&P Global, Inc.		32		8,856

T. Rowe Price Group, Inc.		111		13,575

TD Ameritrade Holding Corp.		58		2,872


				75,418


Chemicals — 0.6%

Sherwin-Williams Co. (The)		17		9,968


Commercial Services & Supplies — 1.5%

Copart, Inc. *		141		12,849

Waste Connections, Inc.		148		13,447


				26,296


Communications Equipment — 0.5%

Arista Networks, Inc. *		33		6,743

CommScope Holding Co., Inc. *		151		2,145


				8,888


Construction Materials — 1.2%

Martin Marietta Materials, Inc.		31		8,576

Vulcan Materials Co.		87		12,559


				21,135


Consumer Finance — 0.1%

Ally Financial, Inc.		39		1,198


Containers & Packaging — 2.5%

Avery Dennison Corp.		77		10,092

Ball Corp.		273		17,639

Silgan Holdings, Inc.		278		8,649

Westrock Co.		158		6,790


				43,170


Distributors — 0.3%

Genuine Parts Co.		52		5,532


Diversified Consumer Services — 0.4%

Bright Horizons Family Solutions, Inc. *		50		7,554


Electric Utilities — 2.1%

Edison International		132		9,931

Entergy Corp.		72		8,647

Xcel Energy, Inc.		289		18,342


				36,920


Electrical Equipment — 2.6%

Acuity Brands, Inc.		58		7,957

AMETEK, Inc.		214		21,356

Generac Holdings, Inc. *		91		9,162

Hubbell, Inc.		37		5,459


				43,934

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)


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

Electronic Equipment, Instruments & Components — 4.7%

Amphenol Corp., Class A		198		21,408

Arrow Electronics, Inc. *		82		6,922

CDW Corp.		69		9,904

FLIR Systems, Inc.		95		4,949

Keysight Technologies, Inc. *		178		18,263

SYNNEX Corp.		46		5,944

Zebra Technologies Corp., Class A *		51		13,062


				80,452


Entertainment — 1.3%

Spotify Technology SA *		71		10,683

Take-Two Interactive Software, Inc. *		100		12,241


				22,924


Equity Real Estate Investment Trusts (REITs) — 6.0%

American Campus Communities, Inc.		99		4,672

American Homes 4 Rent, Class A		206		5,394

AvalonBay Communities, Inc.		54		11,411

Boston Properties, Inc.		81		11,120

Brixmor Property Group, Inc.		333		7,188

Essex Property Trust, Inc.		23		6,790

Federal Realty Investment Trust		67		8,568

JBG SMITH Properties		88		3,508

Kimco Realty Corp.		295		6,103

Outfront Media, Inc.		213		5,716

Rayonier, Inc.		206		6,733

Regency Centers Corp.		75		4,754

Ventas, Inc.		64		3,690

Vornado Realty Trust		125		8,328

Weyerhaeuser Co.		184		5,556

WP Carey, Inc.		43		3,479


				103,010


Food & Staples Retailing — 0.3%

Kroger Co. (The)		195		5,640


Food Products — 0.4%

Post Holdings, Inc. *		69		7,529


Gas Utilities — 0.4%

National Fuel Gas Co.		151		7,047


Health Care Equipment & Supplies — 2.5%

DexCom, Inc. *		53		11,650

Insulet Corp. * (a)		53		9,096

ResMed, Inc.		67		10,420

Zimmer Biomet Holdings, Inc.		77		11,600


				42,766


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 3.9%

Acadia Healthcare Co., Inc. *		115		3,824

AmerisourceBergen Corp.		97		8,289

Centene Corp. *		105		6,632

Cigna Corp.		35		7,235

Henry Schein, Inc. *		92		6,142

Humana, Inc.		12		4,426

Laboratory Corp. of America Holdings *		55		9,303

Universal Health Services, Inc., Class B		57		8,213

WellCare Health Plans, Inc. *		37		12,269


				66,333


Health Care Technology — 1.0%

Teladoc Health, Inc. *		104		8,744

Veeva Systems, Inc., Class A *		55		7,733


				16,477


Hotels, Restaurants & Leisure — 1.7%

Chipotle Mexican Grill, Inc. *		7		5,687

Hilton Worldwide Holdings, Inc.		175		19,444

Red Rock Resorts, Inc., Class A		203		4,852


				29,983


Household Durables — 1.6%

Garmin Ltd.		69		6,732

Mohawk Industries, Inc. *		61		8,263

Newell Brands, Inc.		284		5,449

NVR, Inc. *		2		7,461


				27,905


Household Products — 0.4%

Energizer Holdings, Inc. (a)		125		6,294


Industrial Conglomerates — 0.8%

Carlisle Cos., Inc.		79		12,806


Insurance — 4.1%

Alleghany Corp. *		8		6,480

Hartford Financial Services Group, Inc. (The)		184		11,204

Lincoln National Corp.		107		6,342

Loews Corp.		307		16,125

Marsh & McLennan Cos., Inc.		74		8,296

Principal Financial Group, Inc.		35		1,949

Progressive Corp. (The)		182		13,170

Unum Group		40		1,176

WR Berkley Corp.		81		5,613


				70,355


Internet & Direct Marketing Retail — 0.5%

Expedia Group, Inc.		83		8,936

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


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

IT Services — 6.0%

Black Knight, Inc. *		79		5,076

Booz Allen Hamilton Holding Corp.		178		12,650

Fidelity National Information Services, Inc.		27		3,720

Fiserv, Inc. *		196		22,635

FleetCor Technologies, Inc. *		28		7,970

Global Payments, Inc.		142		25,887

Jack Henry & Associates, Inc.		52		7,588

MongoDB, Inc. *		32		4,264

Okta, Inc. *		57		6,555

Shopify, Inc., Class A (Canada) *		18		7,270


				103,615


Life Sciences Tools & Services — 0.3%

Illumina, Inc. *		13		4,477


Machinery — 4.2%

Gardner Denver Holdings, Inc. *		86		3,165

IDEX Corp.		46		7,927

Ingersoll-Rand plc		103		13,732

ITT, Inc.		66		4,901

Lincoln Electric Holdings, Inc.		53		5,089

Middleby Corp. (The) *		65		7,128

Nordson Corp.		42		6,766

Parker-Hannifin Corp.		23		4,785

Snap-on, Inc.		53		9,059

Stanley Black & Decker, Inc.		56		9,304


				71,856


Media — 1.7%

DISH Network Corp., Class A *		152		5,386

Liberty Broadband Corp., Class C *		45		5,649

Liberty Media Corp.-Liberty SiriusXM, Class C *		187		9,007

New York Times Co. (The), Class A		154		4,968

ViacomCBS, Inc.		97		4,079


				29,089


Multiline Retail — 1.1%

Dollar General Corp.		60		9,418

Kohl’s Corp.		110		5,586

Nordstrom, Inc. (a)		89		3,640


				18,644


Multi-Utilities — 2.8%

CMS Energy Corp.		277		17,407

Sempra Energy		88		13,357

WEC Energy Group, Inc.		193		17,836


				48,600


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — 3.0 %

Cabot Oil & Gas Corp.		384		6,690

Concho Resources, Inc.		66		5,807

Diamondback Energy, Inc.		158		14,651

EQT Corp.		220		2,397

Equitrans Midstream Corp.		209		2,790

PBF Energy, Inc., Class A		177		5,561

Williams Cos., Inc. (The)		576		13,667


				51,563


Personal Products — 0.2%

Coty, Inc., Class A		224		2,518


Pharmaceuticals — 1.1%

Catalent, Inc. *		83		4,659

Elanco Animal Health, Inc. *		196		5,765

Jazz Pharmaceuticals plc *		62		9,239


				19,663


Professional Services — 1.4%

CoStar Group, Inc. *		13		8,015

FTI Consulting, Inc. *		44		4,830

IHS Markit Ltd. *		153		11,495


				24,340


Real Estate Management & Development — 1.4%

CBRE Group, Inc., Class A *		348		21,351

Cushman & Wakefield plc *		158		3,237


				24,588


Road & Rail — 0.7%

Lyft, Inc., Class A *		84		3,602

Old Dominion Freight Line, Inc.		45		8,446


				12,048


Semiconductors & Semiconductor Equipment — 4.6%

Advanced Micro Devices, Inc. *		588		26,950

Analog Devices, Inc.		33		3,926

KLA Corp.		57		10,234

Lam Research Corp.		50		14,547

Marvell Technology Group Ltd.		280		7,443

Microchip Technology, Inc. (a)		57		5,992

Xilinx, Inc.		102		9,972


				79,064


Software — 5.2%

Anaplan, Inc. *		107		5,596

Crowdstrike Holdings, Inc., Class A *		73		3,636

Fair Isaac Corp. *		16		6,148

Intuit, Inc.		28		7,314

Paycom Software, Inc. *		23		6,152

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)


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

Software — continued

Proofpoint, Inc. *		41		4,728

RingCentral, Inc., Class A *		37		6,273

ServiceNow, Inc. *		22		6,177

Slack Technologies, Inc., Class A *		72		1,608

Splunk, Inc. *		52		7,851

Synopsys, Inc. *		159		22,120

Trade Desk, Inc. (The), Class A * (a)		38		9,792

Zscaler, Inc. * (a)		59		2,760


				90,155


Specialty Retail — 5.5%

AutoZone, Inc. *		11		13,044

Best Buy Co., Inc.		109		9,578

Burlington Stores, Inc. *		38		8,633

Gap, Inc. (The)		257		4,538

National Vision Holdings, Inc. *		178		5,757

O’Reilly Automotive, Inc. *		54		23,665

Ross Stores, Inc.		109		12,726

Tiffany & Co.		64		8,542

Tractor Supply Co.		95		8,895


				95,378


Textiles, Apparel & Luxury Goods — 1.6%

Lululemon Athletica, Inc. *		57		13,281

PVH Corp.		64		6,685

Ralph Lauren Corp.		68		7,957


				27,923


Trading Companies & Distributors — 0.2%

MSC Industrial Direct Co., Inc., Class A		51		4,016


Total Common Stocks (Cost $983,717)				1,675,489


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.1%

Investment Companies — 2.5%

JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (b) (c) (Cost $44,045)		44,031		44,045


Investment of Cash Collateral from Securities Loaned — 0.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (b) (c)		3,010		3,010

JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (b) (c)		6,945		6,945

Total Investment of Cash Collateral from Securities Loaned (Cost $9,955)				9,955

Total Short-Term Investments (Cost $54,000)				54,000

Total Investments — 100.4% (Cost $1,037,717)				1,729,489
Liabilities in Excess of Other Assets — (0.4)%				(6,470	)

NET ASSETS — 100.0%				1,723,019

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is approximately $9,779,000.
(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 December 31, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.1%

Aerospace & Defense — 0.9%

HEICO Corp., Class A		484		43,322


Auto Components — 0.6%

Aptiv plc		307		29,118


Automobiles — 1.5%

Tesla, Inc. * (a)		114		47,731

Thor Industries, Inc. (a)		362		26,893


				74,624


Banks — 1.6%

East West Bancorp, Inc.		627		30,518

First Republic Bank (a)		410		48,154


				78,672


Biotechnology — 3.4%

Agios Pharmaceuticals, Inc. * (a)		273		13,026

Alnylam Pharmaceuticals, Inc. *		214		24,600

BioMarin Pharmaceutical, Inc. *		168		14,196

Exact Sciences Corp. *		552		51,003

Exelixis, Inc. *		1,352		23,826

Intercept Pharmaceuticals, Inc. * (a)		182		22,587

Sage Therapeutics, Inc. *		240		17,333


				166,571


Building Products — 1.0%

Fortune Brands Home & Security, Inc.		772		50,410


Capital Markets — 3.8%

MarketAxess Holdings, Inc.		81		30,708

MSCI, Inc.		173		44,665

Nasdaq, Inc.		390		41,769

S&P Global, Inc.		185		50,468

TD Ameritrade Holding Corp.		331		16,447


				184,057


Commercial Services & Supplies — 3.1%

Copart, Inc. *		809		73,552

Waste Connections, Inc. (a)		842		76,444


				149,996


Communications Equipment — 0.8%

Arista Networks, Inc. * (a)		190		38,548


Construction Materials — 1.5%

Vulcan Materials Co.		494		71,140


Containers & Packaging — 2.5%

Avery Dennison Corp.		441		57,744

Ball Corp. (a)		996		64,440


				122,184


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Consumer Services — 0.9%

Bright Horizons Family Solutions, Inc. *		288		43,269


Electrical Equipment — 2.5%

AMETEK, Inc.		676		67,404

Generac Holdings, Inc. *		521		52,428


				119,832


Electronic Equipment, Instruments & Components — 5.2%

Amphenol Corp., Class A		683		73,957

FLIR Systems, Inc.		544		28,321

Keysight Technologies, Inc. *		722		74,140

Zebra Technologies Corp., Class A *		292		74,691


				251,109


Entertainment — 2.7%

Spotify Technology SA *		409		61,136

Take-Two Interactive Software, Inc. *		572		70,067


				131,203


Health Care Equipment & Supplies — 3.7%

DexCom, Inc. *		303		66,256

Insulet Corp. * (a)		302		51,737

ResMed, Inc. (a)		385		59,633


				177,626


Health Care Providers & Services — 2.7%

Acadia Healthcare Co., Inc. * (a)		659		21,883

Centene Corp. *		604		37,954

WellCare Health Plans, Inc. *		213		70,203


				130,040


Health Care Technology — 1.9%

Teladoc Health, Inc. *		594		49,722

Veeva Systems, Inc., Class A *		315		44,273


				93,995


Hotels, Restaurants & Leisure — 2.7%

Chipotle Mexican Grill, Inc. *		39		32,396

Hilton Worldwide Holdings, Inc.		635		70,388

Red Rock Resorts, Inc., Class A		1,159		27,768


				130,552


Household Durables — 1.7%

Garmin Ltd.		395		38,520

NVR, Inc. *		12		43,797


				82,317


Industrial Conglomerates — 0.8%

Carlisle Cos., Inc.		246		39,780

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)


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

Insurance — 0.8%

Progressive Corp. (The)		521		37,708


IT Services — 11.3%

Black Knight, Inc. *		451		29,048

Booz Allen Hamilton Holding Corp.		1,018		72,410

Fidelity National Information Services, Inc.		153		21,301

Fiserv, Inc. *		1,121		129,610

FleetCor Technologies, Inc. *		158		45,316

Global Payments, Inc.		811		148,093

MongoDB, Inc. * (a)		185		24,348

Okta, Inc. *		325		37,518

Shopify, Inc., Class A (Canada) *		104		41,508


				549,152


Life Sciences Tools & Services — 0.5%

Illumina, Inc. *		77		25,669


Machinery — 4.5%

Gardner Denver Holdings, Inc. * (a)		498		18,256

Ingersoll-Rand plc		591		78,595

Nordson Corp.		238		38,740

Parker-Hannifin Corp.		133		27,333

Stanley Black & Decker, Inc.		322		53,285


				216,209


Media — 0.6%

New York Times Co. (The), Class A (a)		884		28,445


Multiline Retail — 1.1%

Dollar General Corp. (a)		345		53,876


Oil, Gas & Consumable Fuels — 0.7%

Concho Resources, Inc.		379		33,174


Pharmaceuticals — 2.3%

Catalent, Inc. *		474		26,675

Elanco Animal Health, Inc. *		1,120		32,993

Jazz Pharmaceuticals plc * (a)		355		52,930


				112,598


Professional Services — 2.9%

CoStar Group, Inc. *		77		45,889

FTI Consulting, Inc. *		250		27,632

IHS Markit Ltd. *		873		65,796


				139,317


Real Estate Management & Development — 1.2%

CBRE Group, Inc., Class A *		915		56,088


INVESTMENTS	SHARES (000)		VALUE ($000)


Road & Rail — 1.4%

Lyft, Inc., Class A *		479		20,619

Old Dominion Freight Line, Inc.		255		48,356


				68,975



Semiconductors & Semiconductor Equipment — 8.8%

Advanced Micro Devices, Inc. *		3,343		153,301

KLA Corp.		329		58,582

Lam Research Corp.		285		83,331

Marvell Technology Group Ltd.		1,604		42,606

Microchip Technology, Inc. (a)		328		34,296

Xilinx, Inc.		578		56,491


				428,607


Software — 9.8%

Anaplan, Inc. *		610		31,964

Crowdstrike Holdings, Inc., Class A * (a)		413		20,596

Fair Isaac Corp. *		94		35,182

Intuit, Inc.		160		41,935

Paycom Software, Inc. * (a)		133		35,266

Proofpoint, Inc. *		234		26,904

RingCentral, Inc., Class A * (a)		211		35,505

ServiceNow, Inc. *		124		34,944

Slack Technologies, Inc., Class A * (a)		409		9,190

Splunk, Inc. *		300		44,967

Synopsys, Inc. *		604		84,105

Trade Desk, Inc. (The), Class A *		216		56,035

Zscaler, Inc. * (a)		339		15,782


				472,375


Specialty Retail — 7.1%

Burlington Stores, Inc. *		217		49,414

National Vision Holdings, Inc. *		1,016		32,958

O’Reilly Automotive, Inc. *		309		135,495

Ross Stores, Inc.		625		72,784

Tractor Supply Co.		545		50,953


				341,604


Textiles, Apparel & Luxury Goods — 1.6%

Lululemon Athletica, Inc. *		328		76,034


Total Common Stocks (Cost $3,362,507)				4,848,196

Short-Term Investments — 4.3%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (b) (c) (Cost $56,417)		56,400		56,417

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 3.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (b) (c)		133,026		133,039

JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (b) (c)		17,244		17,244


Total Investment of Cash Collateral from Securities Loaned (Cost $150,285)				150,283


Total Short-Term Investments (Cost $206,702)				206,700

Total Investments — 104.4% (Cost $3,569,209)				5,054,896
Liabilities in Excess of Other Assets — (4.4)%				(212,650	)

NET ASSETS — 100.0%				4,842,246

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is approximately $147,700,000.
(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 December 31, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited)


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

Auto Components — 0.8%

BorgWarner, Inc. (a)		3,136		136,042


Banks — 9.1%

Citizens Financial Group, Inc.		4,781		194,157

Comerica, Inc.		883		63,330

Fifth Third Bancorp		8,371		257,319

First Republic Bank		1,610		189,044

Huntington Bancshares, Inc.		9,389		141,585

M&T Bank Corp.		1,928		327,330

TCF Financial Corp.		1,317		61,625

Truist Financial Corp.		4,538		255,557

Zions Bancorp NA (a)		1,403		72,836


				1,562,783


Beverages — 1.3%

Constellation Brands, Inc., Class A		760		144,274

Keurig Dr Pepper, Inc. (a)		2,625		75,986


				220,260


Building Products — 0.9%

Fortune Brands Home & Security, Inc.		2,345		153,193


Capital Markets — 5.1%

Ameriprise Financial, Inc.		1,279		213,070

Northern Trust Corp.		1,885		200,276

Raymond James Financial, Inc.		2,110		188,777

T. Rowe Price Group, Inc.		2,234		272,228


				874,351


Chemicals — 1.2%

Sherwin-Williams Co. (The)		349		203,832


Communications Equipment — 0.3%

CommScope Holding Co., Inc. * (a)		3,132		44,443


Construction Materials — 1.0%

Martin Marietta Materials, Inc.		628		175,538


Consumer Finance — 0.1%

Ally Financial, Inc.		812		24,825


Containers & Packaging — 2.6%

Ball Corp. (a)		2,022		130,748

Silgan Holdings, Inc.		5,695		176,994

Westrock Co.		3,243		139,174


				446,916


Distributors — 0.7%

Genuine Parts Co. (a)		1,068		113,478


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — 4.4%

Edison International		2,694		203,136

Entergy Corp.		1,464		175,382

Xcel Energy, Inc.		5,899		374,526


				753,044


Electrical Equipment — 2.7%

Acuity Brands, Inc.		1,181		162,921

AMETEK, Inc.		1,964		195,935

Hubbell, Inc.		758		111,986


				470,842


Electronic Equipment, Instruments & Components — 4.2%

Amphenol Corp., Class A		1,580		171,050

Arrow Electronics, Inc. *		1,674		141,840

CDW Corp.		1,309		187,043

Keysight Technologies, Inc. *		1,046		107,374

SYNNEX Corp.		929		119,686


				726,993


Equity Real Estate Investment Trusts (REITs) — 11.9%

American Campus Communities, Inc.		2,040		95,928

American Homes 4 Rent, Class A		4,222		110,651

AvalonBay Communities, Inc.		1,112		233,245

Boston Properties, Inc.		1,649		227,323

Brixmor Property Group, Inc.		6,811		147,192

Essex Property Trust, Inc. (a)		462		139,063

Federal Realty Investment Trust		1,362		175,330

JBG SMITH Properties		1,810		72,209

Kimco Realty Corp.		6,039		125,073

Outfront Media, Inc.		4,373		117,276

Rayonier, Inc.		4,212		137,981

Regency Centers Corp.		1,547		97,610

Ventas, Inc.		1,315		75,912

Vornado Realty Trust		2,563		170,462

Weyerhaeuser Co.		3,774		113,975


				2,039,230


Food & Staples Retailing — 0.7%

Kroger Co. (The)		3,992		115,734


Food Products — 0.9%

Post Holdings, Inc. *		1,413		154,178


Gas Utilities — 0.8%

National Fuel Gas Co. (a)		3,102		144,362


Health Care Equipment & Supplies — 1.4%

Zimmer Biomet Holdings, Inc.		1,621		242,688

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


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

Health Care Providers & Services — 5.2%

AmerisourceBergen Corp. (a)		1,995		169,620

Cigna Corp.		725		148,183

Henry Schein, Inc. *		1,887		125,875

Humana, Inc.		253		92,588

Laboratory Corp. of America Holdings *		1,125		190,304

Universal Health Services, Inc., Class B		1,198		171,822


				898,392


Hotels, Restaurants & Leisure — 0.9%

Hilton Worldwide Holdings, Inc.		1,321		146,469


Household Durables — 1.6%

Mohawk Industries, Inc. *		1,240		169,085

Newell Brands, Inc.		5,709		109,722


				278,807


Household Products — 0.8%

Energizer Holdings, Inc. (a)		2,569		129,031


Industrial Conglomerates — 0.7%

Carlisle Cos., Inc.		743		120,213


Insurance — 7.6%

Alleghany Corp. *		166		132,828

Hartford Financial Services Group, Inc. (The)		3,769		229,025

Lincoln National Corp.		2,203		130,004

Loews Corp.		6,274		329,347

Marsh & McLennan Cos., Inc.		1,524		169,819

Principal Financial Group, Inc.		735		40,451

Progressive Corp. (The)		1,864		134,957

Unum Group		847		24,696

WR Berkley Corp.		1,629		112,554


				1,303,681


Internet & Direct Marketing Retail — 1.1%

Expedia Group, Inc.		1,677		181,380


IT Services — 0.9%

Jack Henry & Associates, Inc.		1,066		155,331


Machinery — 4.1%

IDEX Corp.		944		162,294

ITT, Inc.		1,362		100,657

Lincoln Electric Holdings, Inc. (a)		1,080		104,475

Middleby Corp. (The) *		1,333		145,960

Snap-on, Inc.		1,094		185,371


				698,757


Media — 2.9%

DISH Network Corp., Class A * (a)		3,115		110,490

Liberty Broadband Corp., Class C *		921		115,878


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — continued

Liberty Media Corp.-Liberty SiriusXM, Class C *		3,828		184,287

ViacomCBS, Inc.		1,999		83,901


				494,556


Mortgage Real Estate Investment Trusts (REITs) — 0.3%

Starwood Property Trust, Inc.		2,257		56,102


Multiline Retail — 1.1%

Kohl’s Corp. (a)		2,250		114,629

Nordstrom, Inc. (a)		1,834		75,051


				189,680


Multi-Utilities — 5.8%

CMS Energy Corp.		5,656		355,452

Sempra Energy		1,802		272,938

WEC Energy Group, Inc. (a)		3,949		364,219


				992,609


Oil, Gas & Consumable Fuels — 5.5%

Cabot Oil & Gas Corp.		7,795		135,716

Diamondback Energy, Inc.		3,201		297,250

EQT Corp.		4,700		51,230

Equitrans Midstream Corp. (a)		4,331		57,865

PBF Energy, Inc., Class A		3,636		114,075

Williams Cos., Inc. (The)		11,774		279,284


				935,420


Personal Products — 0.3%

Coty, Inc., Class A (a)		4,622		51,995


Real Estate Management & Development — 1.7%

CBRE Group, Inc., Class A *		3,780		231,673

Cushman & Wakefield plc *		3,266		66,750


				298,423


Semiconductors & Semiconductor Equipment — 0.5%

Analog Devices, Inc.		680		80,785


Software — 0.9%

Synopsys, Inc. *		1,082		150,565


Specialty Retail — 4.2%

AutoZone, Inc. *		220		261,687

Best Buy Co., Inc.		2,187		192,062

Gap, Inc. (The)		5,276		93,273

Tiffany & Co.		1,308		174,860


				721,882


Textiles, Apparel & Luxury Goods — 1.7%

PVH Corp.		1,303		137,010

Ralph Lauren Corp.		1,390		162,938


				299,948

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)


Investments	Shares (000)		Value ($000)
Common Stocks — continued

Trading Companies & Distributors — 0.5%

MSC Industrial Direct Co., Inc., Class A		1,053		82,610


Total Common Stocks (Cost $9,993,800)				16,869,368

Short-Term Investments — 2.6%

Investment Companies — 1.5%

JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (b) (c) (Cost $252,935)		252,859		252,935

Investment of Cash Collateral from Securities Loaned — 1.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (b) (c)		174,019		174,037

JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (b) (c)		21,933		21,933


Total Investment of Cash Collateral from Securities Loaned (Cost $195,970)				195,970


Total Short-term Investments (Cost $448,905)				448,905

Total Investments — 101.0% (Cost $10,442,705)				17,318,273
Liabilities in Excess of Other Assets — (1.0)%				(174,962	)

NET ASSETS — 100.0%				17,143,311

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2019. The total value of securities on loan at December 31, 2019 is approximately $193,021,000.
(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 December 31, 2019.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.3%

Aerospace & Defense — 1.3%

General Dynamics Corp.		201		35,358

United Technologies Corp.		813		121,765


				157,123


Airlines — 2.0%

Delta Air Lines, Inc.		3,258		190,504

Southwest Airlines Co.		910		49,138


				239,642


Banks — 15.2%

Bank of America Corp.		13,053		459,730

Citigroup, Inc.		2,043		163,178

Citizens Financial Group, Inc.		3,338		135,553

Fifth Third Bancorp		2,095		64,411

First Republic Bank (a)		554		65,086

M&T Bank Corp.		1,000		169,804

PNC Financial Services Group, Inc. (The)		1,606		256,442

Truist Financial Corp.		2,792		157,258

US Bancorp (a)		1,946		115,402

Wells Fargo & Co.		4,319		232,364


				1,819,228


Beverages — 0.4%

Keurig Dr Pepper, Inc. (a)		1,765		51,093


Biotechnology — 0.8%

AbbVie, Inc.		1,027		90,940


Capital Markets — 4.5%

Charles Schwab Corp. (The)		2,477		117,806

Invesco Ltd. (a)		1,727		31,049

Morgan Stanley		3,211		164,168

Northern Trust Corp. (a)		756		80,302

T. Rowe Price Group, Inc.		1,148		139,841


				533,166


Chemicals — 0.2%

AdvanSix, Inc. *		952		18,996


Communications Equipment — 1.2%

Cisco Systems, Inc.		1,956		93,819

CommScope Holding Co., Inc. *		3,770		53,491


				147,310


Construction Materials — 1.2%

Martin Marietta Materials, Inc.		523		146,385


Consumer Finance — 3.2%

American Express Co.		950		118,253

Capital One Financial Corp.		2,578		265,342


				383,595


INVESTMENTS	SHARES (000)		VALUE ($000)


Containers & Packaging — 3.0%

Ball Corp.		1,809		116,960

Graphic Packaging Holding Co.		4,600		76,596

Packaging Corp. of America (a)		798		89,323

Westrock Co.		1,752		75,173


				358,052


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		711		161,042


Diversified Telecommunication Services — 1.5%

Verizon Communications, Inc.		2,951		181,190


Electric Utilities — 5.4%

American Electric Power Co., Inc.		1,734		163,872

Duke Energy Corp. (a)		707		64,466

Edison International		849		64,016

Entergy Corp.		496		59,409

NextEra Energy, Inc.		589		142,703

Xcel Energy, Inc. (a)		2,458		156,030


				650,496


Electronic Equipment, Instruments & Components — 0.6%

Arrow Electronics, Inc. *		855		72,454


Equity Real Estate Investment Trusts (REITs) — 6.0%

American Homes 4 Rent, Class A		2,340		61,344

Brixmor Property Group, Inc.		3,456		74,689

EastGroup Properties, Inc.		255		33,830

Federal Realty Investment Trust		475		61,121

Kimco Realty Corp.		3,797		78,629

Mid-America Apartment Communities, Inc. (a)		733		96,673

Outfront Media, Inc.		2,700		72,412

Public Storage		564		120,024

Rayonier, Inc.		2,171		71,118

Weyerhaeuser Co.		1,448		43,742


				713,582


Food & Staples Retailing — 0.9%

Walgreens Boots Alliance, Inc.		1,837		108,321


Food Products — 0.8%

Post Holdings, Inc. *		876		95,549


Health Care Equipment & Supplies — 0.8%

Medtronic plc		796		90,340


Health Care Providers & Services — 2.3%

AmerisourceBergen Corp.		702		59,667

HCA Healthcare, Inc.		427		63,136

UnitedHealth Group, Inc.		515		151,351


				274,154

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)


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

Hotels, Restaurants & Leisure — 1.0%

Brinker International, Inc. (a)		1,419		59,609

Hilton Worldwide Holdings, Inc.		481		53,393


				113,002


Household Products — 2.3%

Clorox Co. (The)		212		32,612

Energizer Holdings, Inc. (a)		1,723		86,507

Procter & Gamble Co. (The)		1,280		159,902


				279,021


Industrial Conglomerates — 1.6%

Carlisle Cos., Inc.		381		61,728

Honeywell International, Inc.		739		130,824


				192,552


Insurance — 7.6%

Alleghany Corp. *		69		55,007

American International Group, Inc.		1,804		92,589

Chubb Ltd.		607		94,555

Fairfax Financial Holdings Ltd. (Canada) (a)		133		62,292

Hartford Financial Services Group, Inc. (The)		1,491		90,595

Loews Corp.		4,182		219,487

Marsh & McLennan Cos., Inc.		796		88,665

Prudential Financial, Inc.		389		36,422

Travelers Cos., Inc. (The) (a)		1,267		173,484


				913,096


Internet & Direct Marketing Retail — 0.8%

Booking Holdings, Inc. *		47		96,731


Machinery — 2.2%

Dover Corp.		937		108,035

Illinois Tool Works, Inc. (a)		594		106,732

Middleby Corp. (The) *		447		48,977


				263,744


Media — 3.6%

Charter Communications, Inc., Class A *		280		135,962

DISH Network Corp., Class A *		2,644		93,794

Entercom Communications Corp., Class A (a)		8,332		38,662

Nexstar Media Group, Inc., Class A		796		93,313

ViacomCBS, Inc.		1,508		63,277


				425,008


Multiline Retail — 1.3%

Kohl’s Corp.		1,585		80,741

Nordstrom, Inc. (a)		1,713		70,109


				150,850


INVESTMENTS	SHARES (000)		VALUE ($000)


Multi-Utilities — 0.3%

NiSource, Inc. (a)		1,060		29,510


Oil, Gas & Consumable Fuels — 8.8%

Cabot Oil & Gas Corp.		2,396		41,718

Chevron Corp.		1,793		216,038

ConocoPhillips		2,923		190,106

Diamondback Energy, Inc.		1,111		103,158

EQT Corp.		3,684		40,157

Equitrans Midstream Corp. (a)		3,051		40,766

Kinder Morgan, Inc.		5,649		119,593

Marathon Petroleum Corp.		1,598		96,292

PBF Energy, Inc., Class A		1,415		44,394

Phillips 66		526		58,577

Williams Cos., Inc. (The)		4,257		100,974


				1,051,773


Personal Products — 0.3%

Coty, Inc., Class A (a)		3,438		38,683


Pharmaceuticals — 6.6%

Allergan plc		626		119,612

Bristol-Myers Squibb Co.		2,252		144,562

Johnson & Johnson		1,079		157,440

Merck & Co., Inc.		1,898		172,609

Pfizer, Inc.		5,013		196,418


				790,641


Real Estate Management & Development — 1.0%

CBRE Group, Inc., Class A *		1,966		120,471


Semiconductors & Semiconductor Equipment — 2.0%

Analog Devices, Inc.		818		97,235

QUALCOMM, Inc.		318		28,051

Texas Instruments, Inc.		873		111,967


				237,253


Software — 0.9%

Microsoft Corp.		654		103,186


Specialty Retail — 3.7%

AutoZone, Inc. *		121		144,690

Best Buy Co., Inc.		846		74,259

Home Depot, Inc. (The)		317		69,187

Murphy USA, Inc. *		567		66,306

Tiffany & Co.		686		91,669


				446,111


Technology Hardware, Storage & Peripherals — 0.2%

Hewlett Packard Enterprise Co.		1,687		26,753

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


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

Textiles, Apparel & Luxury Goods — 0.4%

Columbia Sportswear Co. (a)		502		50,339


Total Common Stocks (Cost $7,898,925)				11,621,382


	NO. OF RIGHTS (000)
Rights — 0.0%(b)

Media — 0.0%(b)

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


	SHARES (000)
Short-Term Investments — 4.3%

Investment Companies — 2.7%

JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (d) (e) (Cost $322,392)		322,295		322,392

Investment of Cash Collateral from Securities Loaned — 1.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (d) (e)		157,003		157,018

JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (d) (e)		31,883		31,883


Total Investment of Cash Collateral from Securities Loaned (Cost $188,897)				188,901


Total Short-term Investments (Cost $511,289)				511,293

Total Investments — 101.6% (Cost $8,410,214)				12,132,675

Liabilities in Excess of Other Assets — (1.6)%				(185,473	)

NET ASSETS — 100.0%				11,947,202

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 December 31, 2019. The total value of securities on loan at December 31, 2019 is approximately $185,815,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of December 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019 (Unaudited)

(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	$	9,277,996	$	1,675,489	$	4,848,196
Investments in affiliates, at value		139,991		44,045		56,417
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		182,460		9,955		150,283
Cash		218		623		106
Receivables:
Investment securities sold		—		1,424		1,416
Fund shares sold		7,095		1,937		7,557
Dividends fromnon-affiliates		336		1,867		834
Dividends from affiliates		7		2		3
Securities lending income (See Note 2.B.)		45		8		100

Total Assets		9,608,148		1,735,350		5,064,912


LIABILITIES:
Payables:
Investment securities purchased		—		113		552
Collateral received on securities loaned (See Note 2.B.)		182,460		9,955		150,283
Fund shares redeemed		8,326		957		67,941
Accrued liabilities:
Investment advisory fees		4,320		827		2,655
Administration fees		591		40		307
Distribution fees		933		117		297
Service fees		1,048		167		417
Custodian and accounting fees		34		15		18
Trustees’ and Chief Compliance Officer’s fees		1		1		—	(a)
Other		346		139		196

Total Liabilities		198,059		12,331		222,666

Net Assets	$	9,410,089	$	1,723,019	$	4,842,246

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,178,040		$	791,137		$	3,296,637
Total distributable earnings (loss)		4,232,049			931,882			1,545,609

Total Net Assets	$	9,410,089		$	1,723,019		$	4,842,246


Net Assets:
Class A	$	1,943,737		$	485,874		$	1,038,915
Class C		834,197			23,421			84,281
Class I		2,277,130			295,590			1,093,077
Class R2		135			547			39,758
Class R3		687			—			39,109
Class R4		17,336			—			9,959
Class R5		119,957			5,040			493,498
Class R6		4,216,910			912,547			2,043,649

Total	$	9,410,089		$	1,723,019		$	4,842,246


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		89,150			9,803			31,828
Class C		45,018			495			3,456
Class I		100,488			5,863			28,345
Class R2		6			11			1,111
Class R3		32			—			1,026
Class R4		765			—			259
Class R5		5,171			100			12,600
Class R6		180,384			18,099			51,886

Net Asset Value (a):
Class A — Redemption price per share	$	21.80		$	49.56		$	32.64
Class C — Offering price per share (b)		18.53			47.32			24.39
Class I — Offering and redemption price per share		22.66			50.42			38.56
Class R2 — Offering and redemption price per share		21.64			49.03			35.79
Class R3 — Offering and redemption price per share		21.81			—			38.11
Class R4 — Offering and redemption price per share		22.66			—			38.47
Class R5 — Offering and redemption price per share		23.20			50.42			39.17
Class R6 — Offering and redemption price per share		23.38			50.42			39.39
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	23.01		$	52.31		$	34.45


Cost of investments innon-affiliates	$	5,268,713		$	983,717		$	3,362,507
Cost of investments in affiliates		139,991			44,045			56,417
Investment securities on loan, at value (See Note 2.B.)		179,510			9,779			147,700
Cost of investment of cash collateral (See Note 2.B.)		182,459			9,955			150,285

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2019 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Mid Cap Value Fund		JPMorgan Value Advantage Fund
ASSETS:
Investments innon-affiliates, at value	$	16,869,368	$	11,621,382
Investments in affiliates, at value		252,935		322,392
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		195,970		188,901
Cash		551		673
Receivables:
Investment securities sold		33,384		—
Fund shares sold		20,382		8,570
Dividends fromnon-affiliates		35,172		10,906
Dividends from affiliates		12		16
Securities lending income (See Note 2.B.)		54		53

Total Assets		17,407,828		12,152,893


LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.B.)		195,970		188,901
Fund shares redeemed		55,523		8,211
Accrued liabilities:
Investment advisory fees		9,327		5,462
Administration fees		936		717
Distribution fees		484		593
Service fees		1,101		1,130
Custodian and accounting fees		67		48
Trustees’ and Chief Compliance Officer’s fees		1		1
Other		1,108		628

Total Liabilities		264,517		205,691

Net Assets	$	17,143,311	$	11,947,202

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	10,135,027		$	8,134,737
Total distributable earnings (loss)		7,008,284			3,812,465

Total Net Assets	$	17,143,311		$	11,947,202


Net Assets:
Class A	$	1,632,529		$	1,239,813
Class C		145,229			522,311
Class I		2,704,051			2,569,941
Class L		8,756,795			2,537,783
Class R2		74,409			74
Class R3		79,886			1,932
Class R4		25,663			29,803
Class R5		90,977			7,931
Class R6		3,633,772			5,037,614

Total	$	17,143,311		$	11,947,202


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		42,157			33,384
Class C		3,910			14,098
Class I		69,036			68,866
Class L		220,732			67,994
Class R2		2,013			2
Class R3		2,082			53
Class R4		659			802
Class R5		2,296			213
Class R6		91,652			135,143

Net Asset Value (a):
Class A – Redemption price per share	$	38.72		$	37.14
Class C – Offering price per share (b)		37.14			37.05
Class I – Offering and redemption price per share		39.17			37.32
Class L – Offering and redemption price per share		39.67			37.32
Class R2 – Offering and redemption price per share		36.97			36.91
Class R3 – Offering and redemption price per share		38.36			36.73
Class R4 – Offering and redemption price per share		38.96			37.14
Class R5 – Offering and redemption price per share		39.62			37.25
Class R6 – Offering and redemption price per share		39.65			37.28
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)]	$	40.87		$	39.20


Cost of investments innon-affiliates	$	9,993,800		$	7,898,925
Cost of investments in affiliates		252,935			322,392
Investment securities on loan, at value (See Note 2.B.)		193,021			185,815
Cost of investment of cash collateral (See Note 2.B.)		195,970			188,897

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)

(Amounts in thousands)



	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	—	(a)	$	—	(a)	$	—	(a)
Interest income from affiliates		1			—	(a)		—	(a)
Dividend income fromnon-affiliates		31,224			14,330			11,871
Dividend income from affiliates		2,349			843			1,375
Income from securities lending (net) (See Note 2.B.)		302			111			597

Total investment income		33,876			15,284			13,843


EXPENSES:
Investment advisory fees		26,152			7,486			15,155
Administration fees		3,456			864			1,749
Distribution fees:
Class A		2,327			583			1,256
Class C		2,997			87			307
Class R2		—	(a)		2			99
Class R3		1			—			44
Service fees:
Class A		2,327			583			1,256
Class C		999			29			102
Class I		2,657			358			1,351
Class R2		—	(a)		1			49
Class R3		1			—			44
Class R4		21			—			12
Class R5		58			3			237
Custodian and accounting fees		124			41			65
Professional fees		76			42			50
Trustees’ and Chief Compliance Officer’s fees		31			18			22
Printing and mailing costs		242			103			145
Registration and filing fees		181			73			89
Transfer agency fees (See Note 2.E.)		155			31			238
Other		77			23			33

Total expenses		41,882			10,327			22,303

Less fees waived		(1,150	)		(1,371	)		(823	)
Less expense reimbursements		(7	)		—	(a)		(13	)

Net expenses		40,725			8,956			21,467

Net investment income (loss)		(6,849	)		6,328			(7,624	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		736,656			329,267			223,040
Investments in affiliates		4			8			7

Net realized gain (loss)		736,660			329,275			223,047

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		172,953			(228,757	)		147,470
Investments in affiliates		(34	)		(14	)		(27	)

Change in net unrealized appreciation/depreciation		172,919			(228,771	)		147,443

Net realized/unrealized gains (losses)		909,579			100,504			370,490

Change in net assets resulting from operations	$	902,730		$	106,832		$	362,866

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	—	(a)	$	—	(a)
Interest income from affiliates		—			—	(a)
Dividend income fromnon-affiliates		171,638			133,349
Dividend income from affiliates		5,470			3,151
Income from securities lending (net) (See Note 2.B.)		540			360

Total investment income		177,648			136,860


EXPENSES:
Investment advisory fees		54,941			31,424
Administration fees		5,490			4,060
Distribution fees:
Class A		2,027			1,533
Class C		543			1,929
Class R2		183			—	(a)
Class R3		94			3
Service fees:
Class A		2,027			1,533
Class C		181			643
Class I		3,322			3,088
Class L		4,401			1,259
Class R2		92			—	(a)
Class R3		94			2
Class R4		35			31
Class R5		48			4
Custodian and accounting fees		223			149
Professional fees		118			88
Trustees’ and Chief Compliance Officer’s fees		45			34
Printing and mailing costs		674			326
Registration and filing fees		178			195
Transfer agency fees (See Note 2.E.)		438			133
Other		143			83

Total expenses		75,297			46,517

Less fees waived		(4,369	)		(1,215	)
Less expense reimbursements		(13	)		(14	)

Net expenses		70,915			45,288

Net investment income (loss)		106,733			91,572


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		267,306			259,130
Investments in affiliates		44			(18	)

Net realized gain (loss)		267,350			259,112

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		775,684			606,642
Investments in affiliates		(94	)		(29	)

Change in net unrealized appreciation/depreciation		775,590			606,613

Net realized/unrealized gains (losses)		1,042,940			865,725

Change in net assets resulting from operations	$	1,149,673		$	957,297

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(6,849	)	$	(10,145	)	$	6,328		$	20,621
Net realized gain (loss)		736,660			629,057			329,275			205,661
Change in net unrealized appreciation/depreciation		172,919			213,962			(228,771	)		42,746

Change in net assets resulting from operations		902,730			832,874			106,832			269,028


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(176,120	)		(137,182	)		(38,917	)		(41,313	)
Class C		(88,186	)		(69,324	)		(1,879	)		(2,590	)
Class I		(199,341	)		(147,315	)		(23,411	)		(31,866	)
Class R2		(12	)		(5	)		(49	)		(47	)
Class R3		(61	)		(27	)		—			—
Class R4		(1,510	)		(957	)		—			—
Class R5		(10,297	)		(8,804	)		(518	)		(621	)
Class R6		(359,755	)		(334,548	)		(159,341	)		(209,503	)

Total distributions to shareholders		(835,282	)		(698,162	)		(224,115	)		(285,940	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(46,448	)		562,790			(951,095	)		74,601


NET ASSETS:
Change in net assets		21,000			697,502			(1,068,378	)		57,689
Beginning of period		9,389,089			8,691,587			2,791,397			2,733,708

End of period	$	9,410,089		$	9,389,089		$	1,723,019		$	2,791,397

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(7,624	)	$	(10,571	)	$	106,733		$	262,116
Net realized gain (loss)		223,047			269,037			267,350			854,560
Change in net unrealized appreciation/depreciation		147,443			351,539			775,590			(449,626	)

Change in net assets resulting from operations		362,866			610,005			1,149,673			667,050


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(82,704	)		(64,068	)		(76,720	)		(113,824	)
Class C		(8,737	)		(6,859	)		(6,335	)		(11,787	)
Class I		(75,633	)		(66,577	)		(133,060	)		(180,706	)
Class L		—			—			(443,822	)		(790,206	)
Class R2		(2,939	)		(2,466	)		(3,525	)		(5,220	)
Class R3		(2,669	)		(1,655	)		(3,809	)		(4,506	)
Class R4		(679	)		(921	)		(1,419	)		(1,721	)
Class R5		(33,403	)		(18,376	)		(4,996	)		(5,681	)
Class R6		(138,679	)		(90,888	)		(181,586	)		(86,808	)

Total distributions to shareholders		(345,443	)		(251,810	)		(855,272	)		(1,200,459	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		266,331			283,053			(166,575	)		(734,957	)


NET ASSETS:
Change in net assets		283,754			641,248			127,826			(1,268,366	)
Beginning of period		4,558,492			3,917,244			17,015,485			18,283,851

End of period	$	4,842,246		$	4,558,492		$	17,143,311		$	17,015,485

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	91,572		$	207,703
Net realized gain (loss)		259,112			344,698
Change in net unrealized appreciation/depreciation		606,613			219,801

Change in net assets resulting from operations		957,297			772,202


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(44,981	)		(75,407	)
Class C		(16,494	)		(31,120	)
Class I		(99,554	)		(161,614	)
Class L		(100,871	)		(175,343	)
Class R2		(3	)		(3	)
Class R3		(70	)		(123	)
Class R4		(1,174	)		(1,103	)
Class R5		(334	)		(451	)
Class R6		(204,414	)		(263,786	)

Total distributions to shareholders		(467,895	)		(708,950	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		632,040			(621,729	)


NET ASSETS:
Change in net assets		1,121,442			(558,477	)
Beginning of period		10,825,760			11,384,237

End of period	$	11,947,202		$	10,825,760

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	160,395		$	403,155		$	60,338		$	104,599
Distributions reinvested		171,962			134,593			38,873			41,253
Cost of shares redeemed		(222,689	)		(459,409	)		(59,307	)		(96,097	)

Change in net assets resulting from Class A capital transactions	$	109,668		$	78,339		$	39,904		$	49,755

Class C
Proceeds from shares issued	$	52,361		$	156,438		$	807		$	2,104
Distributions reinvested		83,432			66,057			1,879			2,589
Cost of shares redeemed		(83,806	)		(164,414	)		(3,001	)		(7,756	)

Change in net assets resulting from Class C capital transactions	$	51,987		$	58,081		$	(315	)	$	(3,063	)

Class I
Proceeds from shares issued	$	277,438		$	749,623		$	45,584		$	49,175
Distributions reinvested		183,813			135,181			23,288			31,662
Cost of shares redeemed		(305,828	)		(558,012	)		(70,647	)		(100,951	)

Change in net assets resulting from Class I capital transactions	$	155,423		$	326,792		$	(1,775	)	$	(20,114	)

Class R2
Proceeds from shares issued	$	64		$	44		$	268		$	65
Distributions reinvested		12			5			42			40
Cost of shares redeemed		(29	)		(5	)		(283	)		(21	)

Change in net assets resulting from Class R2 capital transactions	$	47		$	44		$	27		$	84

Class R3
Proceeds from shares issued	$	209		$	184		$	—		$	—
Distributions reinvested		61			27			—			—
Cost of shares redeemed		(33	)		(41	)		—			—

Change in net assets resulting from Class R3 capital transactions	$	237		$	170		$	—		$	—

Class R4
Proceeds from shares issued	$	1,007		$	4,852		$	—		$	—
Distributions reinvested		1,510			957			—			—
Cost of shares redeemed		(1,765	)		(2,115	)		—			—

Change in net assets resulting from Class R4 capital transactions	$	752		$	3,694		$	—		$	—

Class R5
Proceeds from shares issued	$	7,803		$	21,008		$	533		$	62
Distributions reinvested		10,290			8,803			517			621
Cost of shares redeemed		(17,747	)		(26,114	)		(1,988	)		(1,088	)

Change in net assets resulting from Class R5 capital transactions	$	346		$	3,697		$	(938	)	$	(405	)

Class R6
Proceeds from shares issued	$	670,782		$	705,912		$	189,876		$	259,016
Distributions reinvested		358,754			333,918			159,315			209,472
Cost of shares redeemed		(1,394,444	)		(947,857	)		(136,474	)		(420,144	)
Redemptionsin-kind (See Note 7)		—			—			(1,200,715	)		—

Change in net assets resulting from Class R6 capital transactions	$	(364,908	)	$	91,973		$	(987,998	)	$	48,344

Total change in net assets resulting from capital transactions	$	(46,448	)	$	562,790		$	(951,095	)	$	74,601

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		7,325			19,276			1,237			2,159
Reinvested		8,088			7,186			853			952
Redeemed		(10,068	)		(22,010	)		(1,216	)		(1,995	)

Change in Class A Shares		5,345			4,452			874			1,116

Class C
Issued		2,775			8,466			18			45
Reinvested		4,615			4,060			43			63
Redeemed		(4,438	)		(9,125	)		(64	)		(167	)

Change in Class C Shares		2,952			3,401			(3	)		(59	)

Class I
Issued		12,153			34,535			901			996
Reinvested		8,317			6,986			501			719
Redeemed		(13,493	)		(26,418	)		(1,402	)		(2,083	)

Change in Class I Shares		6,977			15,103			—	(a)		(368	)

Class R2
Issued		2			2			5			1
Reinvested		1			—	(a)		1			1
Redeemed		(1	)		—	(a)		(6	)		—	(a)

Change in Class R2 Shares		2			2			—	(a)		2

Class R3
Issued		11			9			—			—
Reinvested		3			1			—			—
Redeemed		(2	)		(2	)		—			—

Change in Class R3 Shares		12			8			—			—

Class R4
Issued		44			238			—			—
Reinvested		68			50			—			—
Redeemed		(76	)		(96	)		—			—

Change in Class R4 Shares		36			192			—			—

Class R5
Issued		331			934			11			2
Reinvested		455			446			11			14
Redeemed		(765	)		(1,188	)		(40	)		(22	)

Change in Class R5 Shares		21			192			(18	)		(6	)

Class R6
Issued		28,916			31,785			3,749			5,236
Reinvested		15,742			16,814			3,444			4,754
Redeemed		(59,824	)		(43,117	)		(2,709	)		(8,527	)
Redemptionsin-kind (See Note 7)		—			—			(25,455	)		—

Change in Class R6 Shares		(15,166	)		5,482			(20,971	)		1,463

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	56,521		$	114,825		$	100,052		$	232,702
Distributions reinvested		80,011			61,839			69,743			101,729
Cost of shares redeemed		(103,872	)		(170,138	)		(229,269	)		(588,500	)

Change in net assets resulting from Class A capital transactions	$	32,660		$	6,526		$	(59,474	)	$	(254,069	)

Class C
Proceeds from shares issued	$	5,022		$	14,313		$	6,954		$	18,374
Distributions reinvested		8,149			6,348			5,516			10,374
Cost of shares redeemed		(9,659	)		(24,318	)		(19,763	)		(86,785	)

Change in net assets resulting from Class C capital transactions	$	3,512		$	(3,657	)	$	(7,293	)	$	(58,037	)

Class I
Proceeds from shares issued	$	112,137		$	238,900		$	237,099		$	746,983
Distributions reinvested		71,080			63,129			123,074			166,354
Cost of shares redeemed		(182,392	)		(444,249	)		(366,664	)		(1,161,145	)

Change in net assets resulting from Class I capital transactions	$	825		$	(142,220	)	$	(6,491	)	$	(247,808	)

Class L
Proceeds from shares issued	$	—		$	—		$	480,014		$	1,602,921
Distributions reinvested		—			—			394,599			713,339
Cost of shares redeemed		—			—			(1,264,957	)		(4,636,220	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(390,344	)	$	(2,319,960	)

Class R2
Proceeds from shares issued	$	4,580		$	15,230		$	7,523		$	14,477
Distributions reinvested		2,875			2,347			3,405			4,936
Cost of shares redeemed		(12,194	)		(14,882	)		(11,959	)		(24,713	)

Change in net assets resulting from Class R2 capital transactions	$	(4,739	)	$	2,695		$	(1,031	)	$	(5,300	)

Class R3
Proceeds from shares issued	$	10,005		$	8,791		$	8,124		$	25,594
Distributions reinvested		2,669			1,655			3,652			4,297
Cost of shares redeemed		(3,856	)		(9,229	)		(6,517	)		(17,703	)

Change in net assets resulting from Class R3 capital transactions	$	8,818		$	1,217		$	5,259		$	12,188

Class R4
Proceeds from shares issued	$	2,129		$	4,725		$	3,199		$	11,792
Distributions reinvested		679			921			1,419			1,720
Cost of shares redeemed		(2,246	)		(11,309	)		(7,108	)		(3,466	)

Change in net assets resulting from Class R4 capital transactions	$	562		$	(5,663	)	$	(2,490	)	$	10,046

Class R5
Proceeds from shares issued	$	67,054		$	199,729		$	8,966		$	26,423
Distributions reinvested		31,743			17,215			4,992			5,681
Cost of shares redeemed		(66,233	)		(109,050	)		(19,844	)		(19,629	)

Change in net assets resulting from Class R5 capital transactions	$	32,564		$	107,894		$	(5,886	)	$	12,475

Class R6
Proceeds from shares issued	$	300,442		$	565,276		$	468,081		$	2,480,879
Distributions reinvested		137,892			90,442			174,996			82,670
Cost of shares redeemed		(246,205	)		(339,457	)		(341,902	)		(448,041	)

Change in net assets resulting from Class R6 capital transactions	$	192,129		$	316,261		$	301,175		$	2,115,508

Total change in net assets resulting from capital transactions	$	266,331		$	283,053		$	(166,575	)	$	(734,957	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,713			3,765			2,615			6,269
Reinvested		2,499			2,301			1,812			2,966
Redeemed		(3,132	)		(5,639	)		(6,005	)		(15,628	)

Change in Class A Shares		1,080			427			(1,578	)		(6,393	)

Class C
Issued		199			610			190			538
Reinvested		341			306			150			315
Redeemed		(381	)		(1,023	)		(542	)		(2,429	)

Change in Class C Shares		159			(107	)		(202	)		(1,576	)

Class I
Issued		2,901			6,807			6,148			20,189
Reinvested		1,879			2,019			3,157			4,798
Redeemed		(4,732	)		(12,716	)		(9,472	)		(30,988	)

Change in Class I Shares		48			(3,890	)		(167	)		(6,001	)

Class L
Issued		—			—			12,221			41,784
Reinvested		—			—			9,979			20,337
Redeemed		—			—			(32,214	)		(124,718	)

Change in Class L Shares		—			—			(10,014	)		(62,597	)

Class R2
Issued		128			460			205			404
Reinvested		82			80			93			150
Redeemed		(337	)		(451	)		(328	)		(692	)

Change in Class R2 Shares		(127	)		89			(30	)		(138	)

Class R3
Issued		267			248			213			680
Reinvested		71			53			96			127
Redeemed		(102	)		(267	)		(171	)		(469	)

Change in Class R3 Shares		236			34			138			338

Class R4
Issued		55			134			83			313
Reinvested		18			30			37			50
Redeemed		(58	)		(325	)		(184	)		(92	)

Change in Class R4 Shares		15			(161	)		(64	)		271

Class R5
Issued		1,710			5,532			229			697
Reinvested		826			544			126			162
Redeemed		(1,697	)		(3,055	)		(505	)		(517	)

Change in Class R5 Shares		839			3,021			(150	)		342

Class R6
Issued		7,628			15,732			11,959			66,731
Reinvested		3,570			2,842			4,428			2,355
Redeemed		(6,254	)		(9,571	)		(8,722	)		(11,820	)

Change in Class R6 Shares		4,944			9,003			7,665			57,266

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	96,288		$	232,481
Distributions reinvested		42,378			70,886
Cost of shares redeemed		(187,113	)		(426,883	)

Change in net assets resulting from Class A capital transactions	$	(48,447	)	$	(123,516	)

Class C
Proceeds from shares issued	$	17,419		$	49,965
Distributions reinvested		14,740			28,077
Cost of shares redeemed		(57,252	)		(149,047	)

Change in net assets resulting from Class C capital transactions	$	(25,093	)	$	(71,005	)

Class I
Proceeds from shares issued	$	249,402		$	990,121
Distributions reinvested		87,746			145,394
Cost of shares redeemed		(323,495	)		(990,428	)

Change in net assets resulting from Class I capital transactions	$	13,653		$	145,087

Class L
Proceeds from shares issued	$	234,410		$	682,284
Distributions reinvested		96,694			161,936
Cost of shares redeemed		(474,489	)		(1,552,416	)

Change in net assets resulting from Class L capital transactions	$	(143,385	)	$	(708,196	)

Class R2
Proceeds from shares issued	$	22		$	33
Distributions reinvested		2			2
Cost of shares redeemed		(22	)		(6	)

Change in net assets resulting from Class R2 capital transactions	$	2		$	29

Class R3
Proceeds from shares issued	$	138		$	1,084
Distributions reinvested		70			109
Cost of shares redeemed		(614	)		(69	)

Change in net assets resulting from Class R3 capital transactions	$	(406	)	$	1,124

Class R4
Proceeds from shares issued	$	13,461		$	4,132
Distributions reinvested		1,174			1,103
Cost of shares redeemed		(6,645	)		(2,174	)

Change in net assets resulting from Class R4 capital transactions	$	7,990		$	3,061

Class R5
Proceeds from shares issued	$	441		$	2,695
Distributions reinvested		334			451
Cost of shares redeemed		(1,217	)		(1,340	)

Change in net assets resulting from Class R5 capital transactions	$	(442	)	$	1,806

Class R6
Proceeds from shares issued	$	1,658,468		$	581,176
Distributions reinvested		203,530			263,676
Cost of shares redeemed		(1,033,830	)		(714,971	)

Change in net assets resulting from Class R6 capital transactions	$	828,168		$	129,881

Total change in net assets resulting from capital transactions	$	632,040		$	(621,729	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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
	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		2,694			6,752
Reinvested		1,145			2,205
Redeemed		(5,180	)		(12,282	)

Change in Class A Shares		(1,341	)		(3,325	)

Class C
Issued		485			1,459
Reinvested		401			875
Redeemed		(1,604	)		(4,326	)

Change in Class C Shares		(718	)		(1,992	)

Class I
Issued		6,868			28,239
Reinvested		2,357			4,502
Redeemed		(8,933	)		(28,665	)

Change in Class I Shares		292			4,076

Class L
Issued		6,506			19,446
Reinvested		2,596			5,015
Redeemed		(13,102	)		(43,889	)

Change in Class L Shares		(4,000	)		(19,428	)

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

Change in Class R2 Shares		—	(a)		1

Class R3
Issued		4			31
Reinvested		2			3
Redeemed		(17	)		(2	)

Change in Class R3 Shares		(11	)		32

Class R4
Issued		376			120
Reinvested		32			34
Redeemed		(184	)		(62	)

Change in Class R4 Shares		224			92

Class R5
Issued		12			77
Reinvested		9			14
Redeemed		(33	)		(38	)

Change in Class R5 Shares		(12	)		53

Class R6
Issued		45,558			16,654
Reinvested		5,469			8,179
Redeemed		(28,746	)		(20,665	)

Change in Class R6 Shares		22,281			4,168

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 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
Six Months Ended December 31, 2019 (Unaudited)	$	21.78	$	(0.04	)	$	2.23		$	2.19		$	(2.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		18.86		(0.09	)		1.93			1.84			(2.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		22.53		(0.02	)		2.32			2.30			(2.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		21.67		(0.07	)		2.21			2.14			(2.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		21.79		(0.04	)		2.23			2.19			(2.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		22.53		(0.02	)		2.32			2.30			(2.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		23.00		—	(g)		2.37			2.37			(2.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		23.15		0.01			2.39			2.40			(2.17	)
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.

(h)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	21.80		10.31	%	$	1,943,737		1.14	%		(0.40	)%		1.17	%		15	%
	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


	18.53		10.04			834,197		1.64			(0.90	)		1.67			15
	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


	22.66		10.45			2,277,130		0.89			(0.15	)		0.91			15
	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


	21.64		10.13			135		1.39			(0.64	)		1.94			15
	21.67		9.36			88		1.39			(0.61	)		2.24			40
	21.68		22.39			43		1.41			(0.77	)		1.59			31


	21.81		10.30			687		1.14			(0.40	)		1.27			15
	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


	22.66		10.46			17,336		0.89			(0.15	)		0.91			15
	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


	23.20		10.55			119,957		0.74			—	(h)		0.76			15
	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


	23.38		10.61			4,216,910		0.64			0.09			0.66			15
	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.



DECEMBER 31, 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) (b)			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
Six Months Ended December 31, 2019 (Unaudited)	$	50.52	$	0.05		$	3.22		$	3.27		$	(0.30	)	$	(3.93	)	$	(4.23	)
Year Ended June 30, 2019		51.57		0.18			4.04			4.22			(0.13	)		(5.14	)		(5.27	)
Year Ended June 30, 2018		48.53		—	(f)		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
Six Months Ended December 31, 2019 (Unaudited)		48.32		(0.07	)		3.05			2.98			(0.05	)		(3.93	)		(3.98	)
Year Ended June 30, 2019		49.66		(0.04	)		3.84			3.80			—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
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
Six Months Ended December 31, 2019 (Unaudited)		51.35		0.12			3.28			3.40			(0.40	)		(3.93	)		(4.33	)
Year Ended June 30, 2019		52.32		0.33			4.07			4.40			(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)		(1.37	)		(1.51	)
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
Six Months Ended December 31, 2019 (Unaudited)		49.96		(0.01	)		3.17			3.16			(0.16	)		(3.93	)		(4.09	)
Year Ended June 30, 2019		51.08		0.05			4.00			4.05			(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
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
Six Months Ended December 31, 2019 (Unaudited)		51.37		0.15			3.29			3.44			(0.46	)		(3.93	)		(4.39	)
Year Ended June 30, 2019		52.35		0.41			4.06			4.47			(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
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
Six Months Ended December 31, 2019 (Unaudited)		51.41		0.17			3.29			3.46			(0.52	)		(3.93	)		(4.45	)
Year Ended June 30, 2019		52.39		0.43			4.09			4.52			(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
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)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	49.56		7.31	%	$	485,874		1.14	%		0.21	%			1.26	%		16	%
	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


	47.32		7.05			23,421		1.64			(0.29	)			1.76			16
	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


	50.42		7.46			295,590		0.89			0.46				1.01			16
	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


	49.03		7.18			547		1.39			(0.04	)			1.55			16
	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


	50.42		7.54			5,040		0.74			0.59				0.86			16
	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


	50.42		7.58			912,547		0.64			0.69				0.75			16
	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.



DECEMBER 31, 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
Six Months Ended December 31, 2019 (Unaudited)	$	32.94	$	(0.11	)	$	2.62		$	2.51		$	(2.81	)
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
Six Months Ended December 31, 2019 (Unaudited)		25.34		(0.15	)		2.01			1.86			(2.81	)
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
Six Months Ended December 31, 2019 (Unaudited)		38.37		(0.06	)		3.06			3.00			(2.81	)
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
Six Months Ended December 31, 2019 (Unaudited)		35.91		(0.16	)		2.85			2.69			(2.81	)
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
Six Months Ended December 31, 2019 (Unaudited)		38.01		(0.12	)		3.03			2.91			(2.81	)
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
Six Months Ended December 31, 2019 (Unaudited)		38.30		(0.08	)		3.06			2.98			(2.81	)
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
Six Months Ended December 31, 2019 (Unaudited)		38.90		(0.04	)		3.12			3.08			(2.81	)
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
Six Months Ended December 31, 2019 (Unaudited)		39.09		(0.03	)		3.14			3.11			(2.81	)
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	DECEMBER 31, 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)


$	32.64		7.78	%	$	1,038,915		1.24	%		(0.65	)%		1.28	%		21	%
	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


	24.39		7.55			84,281		1.74			(1.15	)		1.76			21
	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


	38.56		7.96			1,093,077		0.93			(0.33	)		1.00			21
	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


	35.79		7.64			39,758		1.49			(0.90	)		1.57			21
	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


	38.11		7.80			39,109		1.24			(0.64	)		1.25			21
	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


	38.47		7.92			9,959		0.99			(0.39	)		1.00			21
	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


	39.17		8.06			493,498		0.79			(0.19	)		0.85			21
	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


	39.39		8.10			2,043,649		0.74			(0.14	)		0.75			21
	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.



DECEMBER 31, 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
Six Months Ended December 31, 2019 (Unaudited)	$	38.02	$	0.17		$	2.41	$	2.58	$	(0.33	)	$	(1.55	)	$	(1.88	)
Year Ended June 30, 2019		39.24		0.45			0.87		1.32		(0.38	)		(2.16	)		(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14		2.34		(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60		4.77		(0.14	)		(2.24	)		(2.38	)
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
Six Months Ended December 31, 2019 (Unaudited)		36.44		0.07			2.30		2.37		(0.12	)		(1.55	)		(1.67	)
Year Ended June 30, 2019		37.68		0.26			0.83		1.09		(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07		2.05		—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44		4.42		—			(2.24	)		(2.24	)
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
Six Months Ended December 31, 2019 (Unaudited)		38.48		0.22			2.45		2.67		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.70		0.54			0.88		1.42		(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16		2.46		(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66		4.93		(0.24	)		(2.24	)		(2.48	)
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
Six Months Ended December 31, 2019 (Unaudited)		38.99		0.27			2.48		2.75		(0.52	)		(1.55	)		(2.07	)
Year Ended June 30, 2019		40.21		0.62			0.90		1.52		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20		2.60		(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71		5.07		(0.32	)		(2.24	)		(2.56	)
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
Six Months Ended December 31, 2019 (Unaudited)		36.35		0.11			2.31		2.42		(0.25	)		(1.55	)		(1.80	)
Year Ended June 30, 2019		37.64		0.31			0.86		1.17		(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05		2.15		(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43		4.50		(0.07	)		(2.24	)		(2.31	)
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
Six Months Ended December 31, 2019 (Unaudited)		37.70		0.17			2.39		2.56		(0.35	)		(1.55	)		(1.90	)
Year Ended June 30, 2019		38.97		0.39			0.91		1.30		(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11		2.32		(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (f) through June 30, 2017		35.78		0.26			4.15		4.41		(0.28	)		(2.24	)		(2.52	)

Class R4
Six Months Ended December 31, 2019 (Unaudited)		38.29		0.22			2.43		2.65		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.56		0.50			0.90		1.40		(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33			2.13		2.46		(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (f) through June 30, 2017		36.18		0.38			4.15		4.53		(0.31	)		(2.24	)		(2.55	)

Class R5
Six Months Ended December 31, 2019 (Unaudited)		38.93		0.25			2.48		2.73		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2019		40.15		0.58			0.90		1.48		(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38			2.17		2.55		(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (f) through June 30, 2017		36.60		0.36			4.28		4.64		(0.33	)		(2.24	)		(2.57	)

Class R6
Six Months Ended December 31, 2019 (Unaudited)		38.97		0.27			2.49		2.76		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2019		40.19		0.58			0.94		1.52		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43			2.16		2.59		(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (f) through June 30, 2017		36.60		0.32			4.34		4.66		(0.33	)		(2.24	)		(2.57	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

(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	DECEMBER 31, 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)


$	38.72		6.84	%	$	1,632,529		1.24	%		0.87	%		1.24	%		6	%
	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


	37.14		6.57			145,229		1.74			0.37			1.74			6
	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


	39.17		7.00			2,704,051		0.98			1.13			0.99			6
	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


	39.67		7.11			8,756,795		0.75			1.36			0.84			6
	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


	36.97		6.71			74,409		1.49			0.62			1.50			6
	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


	38.36		6.85			79,886		1.23			0.89			1.24			6
	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


	38.96		6.99			25,663		0.98			1.14			0.99			6
	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


	39.62		7.07			90,977		0.83			1.27			0.83			6
	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


	39.65		7.14			3,633,772		0.73			1.39			0.73			6
	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.



DECEMBER 31, 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
Six Months Ended December 31, 2019 (Unaudited)	$	35.46	$	0.24		$	2.82		$	3.06		$	(0.45	)	$	(0.93	)	$	(1.38	)
Year Ended June 30, 2019		35.38		0.55			1.68			2.23			(0.46	)		(1.69	)		(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
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
Six Months Ended December 31, 2019 (Unaudited)		35.29		0.15			2.80			2.95			(0.26	)		(0.93	)		(1.19	)
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
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
Six Months Ended December 31, 2019 (Unaudited)		35.67		0.29			2.83			3.12			(0.54	)		(0.93	)		(1.47	)
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
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
Six Months Ended December 31, 2019 (Unaudited)		35.69		0.32			2.83			3.15			(0.59	)		(0.93	)		(1.52	)
Year Ended June 30, 2019		35.62		0.72			1.64		��	2.36			(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
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
Six Months Ended December 31, 2019 (Unaudited)		35.24		0.20			2.79			2.99			(0.39	)		(0.93	)		(1.32	)
Year Ended June 30, 2019		35.22		0.48			1.65			2.13			(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)

Class R3
Six Months Ended December 31, 2019 (Unaudited)		35.08		0.24			2.78			3.02			(0.44	)		(0.93	)		(1.37	)
Year Ended June 30, 2019		35.11		0.49			1.71			2.20			(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)

Class R4
Six Months Ended December 31, 2019 (Unaudited)		35.52		0.29			2.82			3.11			(0.56	)		(0.93	)		(1.49	)
Year Ended June 30, 2019		35.47		0.62			1.69			2.31			(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)

Class R5
Six Months Ended December 31, 2019 (Unaudited)		35.62		0.32			2.84			3.16			(0.60	)		(0.93	)		(1.53	)
Year Ended June 30, 2019		35.57		0.65			1.71			2.36			(0.62	)		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)

Class R6
Six Months Ended December 31, 2019 (Unaudited)		35.67		0.34			2.83			3.17			(0.63	)		(0.93	)		(1.56	)
Year Ended June 30, 2019		35.60		0.71			1.70			2.41			(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	37.14		8.67	%	$	1,239,813		1.14	%		1.33	%		1.17	%		13	%
	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


	37.05		8.40			522,311		1.64			0.83			1.67			13
	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


	37.32		8.80			2,569,941		0.89			1.58			0.91			13
	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


	37.32		8.88			2,537,783		0.74			1.74			0.76			13
	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


	36.91		8.53			74		1.39			1.09			1.58			13
	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


	36.73		8.65			1,932		1.14			1.33			1.18			13
	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


	37.14		8.81			29,803		0.89			1.62			0.91			13
	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


	37.25		8.91			7,931		0.74			1.73			0.76			13
	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


	37.28		8.94			5,037,614		0.64			1.84			0.66			13
	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.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), 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	Diversification Classification
JPMorgan Growth Advantage Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMMFIT	Diversified
JPMorgan Mid Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Mid Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Mid Cap Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMFMFG	Diversified
JPMorgan Value Advantage Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

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

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

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

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

Class L Shares of 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. 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 (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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



54	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

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

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

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

Investments 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)	$	9,600,447	$	—	$	—	$	9,600,447


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)	$	1,729,489	$	—	$	—	$	1,729,489


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)	$	5,054,896	$	—	$	—	$	5,054,896


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)	$	17,318,273	$	—	$	—	$	17,318,273



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)



Value Advantage Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities(b)	$	12,132,675	$	—	$	—	(c)	$	12,132,675

(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 or out of level 3 for the six months ended December 31, 2019.

B. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain 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 certainde minimis amounts.

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 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	$	179,510	$	(179,510	)	$	—
Mid Cap Equity Fund		9,779		(9,779	)		—
Mid Cap Growth Fund		147,700		(147,700	)		—
Mid Cap Value Fund		193,021		(193,021	)		—
Value Advantage Fund		185,815		(185,815	)		—

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

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



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

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%. For the six months ended December 31, 2019, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):


Growth Advantage Fund	$	15
Mid Cap Equity Fund		6
Mid Cap Growth Fund		15
Mid Cap Value Fund		25
Value Advantage Fund		17

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

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

Growth Advantage Fund


For the six months ended December 31, 2019
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (a) (b)	$	214,350	$	1,343,220	$	1,417,563	$	4		$	(20	)	$	139,991		139,949	$	2,349		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (a) (b)		157,046		479,000		472,000		(1	)*		(14	)		164,031		164,015		1,744	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)		36,180		389,503		407,254		—			—			18,429		18,429		311	*		—

Total	$	407,576	$	2,211,723	$	2,296,817	$	3		$	(34	)	$	322,451			$	4,404		$	—

Mid Cap Equity Fund


For the six months ended December 31, 2019
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (a) (b)	$	97,782	$	390,364	$	444,100	$	8		$	(9	)	$	44,045		44,031	$	843		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (a) (b)		69,023		100,000		166,001		(7	)*		(5	)		3,010		3,010		391	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)		15,260		121,385		129,700		—			—			6,945		6,945		117	*		—

Total	$	182,065	$	611,749	$	739,801	$	1		$	(14	)	$	54,000			$	1,351		$	—



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)

Mid Cap Growth Fund


For the six months ended December 31, 2019
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (a) (b)	$	113,766	$	613,156	$	670,500	$	7		$	(12	)	$	56,417		56,400	$	1,375		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (a) (b)		168,065		490,000		525,000		(11	)*		(15	)		133,039		133,026		1,715	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)		30,123		441,888		454,767		—			—			17,244		17,244		313	*		—

Total	$	311,954	$	1,545,044	$	1,650,267	$	(4	)	$	(27	)	$	206,700			$	3,403		$	—

Mid Cap Value Fund


For the six months ended December 31, 2019
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (a) (b)	$	715,289	$	822,627	$	1,284,956	$	44		$	(69	)	$	252,935		252,859	$	5,470		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (a) (b)		296,060		817,000		939,000		2	*		(25	)		174,037		174,019		3,202	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)		58,776		594,514		631,357		—			—			21,933		21,933		516	*		—

Total	$	1,070,125	$	2,234,141	$	2,855,313	$	46		$	(94	)	$	448,905			$	9,188		$	—

Value Advantage Fund


For the six months ended December 31, 2019
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2019		Shares at December 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.77% (a) (b)	$	181,870	$	1,514,215	$	1,373,659	$	(18	)	$	(16	)	$	322,392		322,295	$	3,151		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.82% (a) (b)		215,041		495,999		554,000		(9	)*		(13	)		157,018		157,003		2,051	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.53% (a) (b)		42,795		466,658		477,570		—			—			31,883		31,883		367	*		—

Total	$	439,706	$	2,476,872	$	2,405,229	$	(27	)	$	(29	)	$	511,293			$	5,569		$	—

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

(b)	The rate shown is the current yield as of December 31, 2019.

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



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

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 applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 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	$	73	$	31	$	23		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	2		$	26	$	155
Mid Cap Equity Fund
Transfer agency fees		16		1		4		n/a		—	(a)		n/a			n/a			—	(a)		10		31
Mid Cap Growth Fund
Transfer agency fees		165		4		16		n/a		14			1			—	(a)		3			35		238
Mid Cap Value Fund
Transfer agency fees		62		5		21	$	329		4			—	(a)		—	(a)		—	(a)		17		438
Value Advantage Fund
Transfer agency fees		48		25		19		22		—	(a)		—	(a)		—	(a)		—	(a)		19		133

(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 December 31, 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 Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:


Growth Advantage Fund	0.55	%⁽¹⁾
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.55	⁽¹⁾

⁽¹⁾	Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.65% on each Fund’s respective average daily net assets.

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



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2019, the effective annualized 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 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services 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 Funds’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

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


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

In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the six months ended December 31, 2019, JPMDS retained the following (amounts in thousands):


	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	199	$	4
Mid Cap Equity Fund		62		—
Mid Cap Growth Fund		49		—	(a)
Mid Cap Value Fund		34		—	(a)
Value Advantage Fund		71		—	(a)

(a)	Amount rounds to less than one thousand.

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


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

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, 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.



60	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

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

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


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		n/a	⁽¹⁾		n/a	⁽¹⁾		n/a	⁽¹⁾
Mid Cap Equity Fund		1.14			1.64			0.89			n/a			1.39			n/a			n/a			0.74	%		0.64	%
Mid Cap Growth Fund		1.24			n/a	⁽²⁾		0.93			n/a			1.49			n/a	⁽²⁾		0.99	%		0.79			0.74
Mid Cap Value Fund		1.24			1.75			0.99			0.75	%		1.50			1.25			1.00			0.85			0.73
Value Advantage Fund		1.14			1.64			0.89			0.75			1.39			1.14			0.89			0.74			0.64

⁽¹⁾	Effective November 1, 2019, the contractual expense limitation for Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.89%, 0.74% and 0.64% for Class R4, Class R5 and Class R6 Shares, respectively.

⁽²⁾	Effective November 1, 2019, the contractual expense limitation for Class C and Class R3 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.74% and 1.24% for Class C and Class R3 Shares, respectively.

The expense limitation agreements were in effect for the six months ended December 31, 2019 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2020.

For the six months ended December 31, 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	$	521	$	348	$	116	$	985	$	7
Mid Cap Equity Fund		776		518		15		1,309		—	(a)
Mid Cap Growth Fund		67		42		612		721		13
Mid Cap Value Fund		86		51		3,835		3,972		13
Value Advantage Fund		565		376		77		1,018		14

(a)	Amount rounds to less than one thousand.

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

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2019 was as follows (amounts in thousands):


Growth Advantage Fund	$	165
Mid Cap Equity Fund		62
Mid Cap Growth Fund		102
Mid Cap Value Fund		397
Value Advantage Fund		197

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.



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)

During the six months ended December 31, 2019, Mid Cap Equity Fund and Mid Cap Growth Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 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	$	1,369,139	$	2,232,388
Mid Cap Equity Fund		382,865		350,687
Mid Cap Growth Fund		954,816		935,310
Mid Cap Value Fund		1,010,873		1,425,477
Value Advantage Fund		1,546,128		1,438,927

During the six months ended December 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2019 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	5,591,163	$	4,071,736	$	62,452	$	4,009,284
Mid Cap Equity Fund		1,037,717		707,050		15,278		691,772
Mid Cap Growth Fund		3,569,209		1,536,564		50,877		1,485,687
Mid Cap Value Fund		10,442,705		7,141,032		265,464		6,875,568
Value Advantage Fund		8,410,214		3,921,581		199,120		3,722,461

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 Funds had no borrowings outstanding from another fund during the six months ended December 31, 2019.

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 2, 2020.



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2019.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

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 London InterBank Offered Rate (“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 did not utilize the Credit Facility during the six months ended December 31, 2019.

7. Redemptionsin-Kind

On October 14, 2019, certain shareholders sold Class R6 Shares of Mid Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemptionin-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

Value

Realized

Gains (Losses)

Type

Mid Cap Equity Fund

1,200,715

234,072

Redemption in-kind

*	This amount includes cash of approximately $42,541,000 associated with the redemptionin-kind.

8. Risks, Concentrations and Indemnifications

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

As of December 31, 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/orNon-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		12.8	%		1		19.0	%
Mid Cap Equity Fund		1		10.2			1		50.2
Mid Cap Growth Fund		—		—			1		17.1
Mid Cap Value Fund		—		—			2		33.5
Value Advantage Fund		—		—			3		32.8

As of December 31, 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		19.9	%
Value Advantage Fund		23.6

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2019 (Unaudited) (continued)

used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 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, July 1, 2019, and continued to hold your shares at the end of the reporting period, December 31, 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 titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,103.10	$	6.03		1.14	%
Hypothetical		1,000.00		1,019.41		5.79		1.14
Class C
Actual		1,000.00		1,100.40		8.66		1.64
Hypothetical		1,000.00		1,016.89		8.31		1.64
Class I
Actual		1,000.00		1,104.50		4.71		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89
Class R2
Actual		1,000.00		1,101.30		7.34		1.39
Hypothetical		1,000.00		1,018.15		7.05		1.39
Class R3
Actual		1,000.00		1,103.00		6.03		1.14
Hypothetical		1,000.00		1,019.41		5.79		1.14
Class R4
Actual		1,000.00		1,104.60		4.71		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89
Class R5
Actual		1,000.00		1,105.50		3.92		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Class R6
Actual		1,000.00		1,106.10		3.39		0.64
Hypothetical		1,000.00		1,021.92		3.25		0.64



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	1,073.10	$	5.94		1.14	%
Hypothetical		1,000.00		1,019.41		5.79		1.14
Class C
Actual		1,000.00		1,070.50		8.54		1.64
Hypothetical		1,000.00		1,016.89		8.31		1.64
Class I
Actual		1,000.00		1,074.60		4.64		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89
Class R2
Actual		1,000.00		1,071.80		7.24		1.39
Hypothetical		1,000.00		1,018.15		7.05		1.39
Class R5
Actual		1,000.00		1,075.40		3.86		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Class R6
Actual		1,000.00		1,075.80		3.34		0.64
Hypothetical		1,000.00		1,021.92		3.25		0.64

JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,077.80		6.48		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		1,075.50		9.08		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Class I
Actual		1,000.00		1,079.60		4.86		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Class R2
Actual		1,000.00		1,076.40		7.78		1.49
Hypothetical		1,000.00		1,017.65		7.56		1.49
Class R3
Actual		1,000.00		1,078.00		6.48		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class R4
Actual		1,000.00		1,079.20		5.17		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99
Class R5
Actual		1,000.00		1,080.60		4.13		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79
Class R6
Actual		1,000.00		1,081.00		3.87		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74

JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		1,068.40		6.45		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		1,065.70		9.03		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Class I
Actual		1,000.00		1,070.00		5.10		0.98
Hypothetical		1,000.00		1,020.21		4.98		0.98



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019


	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	1,071.10	$	3.90		0.75	%
Hypothetical		1,000.00		1,021.37		3.81		0.75
Class R2
Actual		1,000.00		1,067.10		7.74		1.49
Hypothetical		1,000.00		1,017.65		7.56		1.49
Class R3
Actual		1,000.00		1,068.50		6.40		1.23
Hypothetical		1,000.00		1,018.95		6.24		1.23
Class R4
Actual		1,000.00		1,069.90		5.10		0.98
Hypothetical		1,000.00		1,020.21		4.98		0.98
Class R5
Actual		1,000.00		1,070.70		4.32		0.83
Hypothetical		1,000.00		1,020.96		4.22		0.83
Class R6
Actual		1,000.00		1,071.40		3.80		0.73
Hypothetical		1,000.00		1,021.47		3.71		0.73

JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,086.70		5.98		1.14
Hypothetical		1,000.00		1,019.41		5.79		1.14
Class C
Actual		1,000.00		1,084.00		8.59		1.64
Hypothetical		1,000.00		1,016.89		8.31		1.64
Class I
Actual		1,000.00		1,088.00		4.67		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89
Class L
Actual		1,000.00		1,088.80		3.89		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Class R2
Actual		1,000.00		1,085.30		7.29		1.39
Hypothetical		1,000.00		1,018.15		7.05		1.39
Class R3
Actual		1,000.00		1,086.50		5.98		1.14
Hypothetical		1,000.00		1,019.41		5.79		1.14
Class R4
Actual		1,000.00		1,088.10		4.67		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89
Class R5
Actual		1,000.00		1,089.10		3.89		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Class R6
Actual		1,000.00		1,089.40		3.36		0.64
Hypothetical		1,000.00		1,021.92		3.25		0.64

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2019.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of

products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted each Fund with fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale, as well as each Fund that had achieved scale and no longer had a Fee Cap in place for some or all of its classes. The Trustees noted that the fees remain competitive with peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders, and that, for those J.P. Morgan Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Mid Cap Growth Fund and Mid Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.



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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Growth Advantage Fund, Mid Cap Equity Fund, and Value Advantage Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as asub-adviser and observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicableone-,three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to

consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s performance for Class A and Class I shares was in the fourth, second and second quintiles based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and second quintiles based upon the Peer Group for theone- and three-year periods ended December 31, 2018, and in the second, first and first quintiles based upon the Universe for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Equity Fund’s performance for Class A shares was in the fourth, third and second quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for theone-,three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the fourth, fourth and third quintiles based upon both the Peer Group and Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group for both theone- and three-year periods ended December 31, 2018, and in the third and fourth quintiles based upon the Universe for theone- and three-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Growth Fund’s performance for Class A shares was in the fifth quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, for each of theone-,three-, and five-year periods ended December 31, 2018. The Trustees noted that the performance for Class I shares was in the fifth, fourth and fourth quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for theone-,three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

the fourth quintile based upon the Peer Group for each ofone-,three- and five-year periods ended December 31, 2018, and in the fourth, fourth and third quintiles based upon the Universe for theone-,three-, and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Value Fund’s performance for Class A shares was in the second, second and first quintiles based upon the Peer Group, and in the fourth, fourth and second quintiles based upon the Universe, for theone-,three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the third, second and first quintiles based upon the Peer Group, and in the third, fourth and second quintiles based upon the Universe, for theone-,three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe for theone-year period ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Value Advantage Fund’s performance for Class A shares was in the third, second and second quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for theone-,three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group, and in the second quintile based upon the Universe, for each of theone-,three-, and five-year periods ended December 31, 2018. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, for theone-year period ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019 were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group ranking were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio after taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. In addition, the Trustees noted the reduction to the Growth Advantage Fund’s and Value Advantage Fund’s contractual advisory fee effective August 1, 2019. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s net advisory fee for Class A shares was in the fourth and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the third and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, including a reduction to the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that



DECEMBER 31, 2019	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

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(Unaudited) (continued)

the actual total expenses for Class A shares were in the third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and actual total expenses for Class R6 shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Value Fund’s net advisory fee for Class A shares was in the second and third quintiles

based upon the Peer Group and Universe, respectively, and actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Value Advantage Fund’s net advisory fee Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.



72	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2019

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. December 2019.		SAN-MC-1219

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

(e) (1) Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.

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

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

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision ofnon-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule10A-3 under the Exchange Act (17CFR240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule10A-3(d) under the Exchange Act (17CFR240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth inSection 210.12-12 of RegulationS-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Act (17 CFR270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule30a-3(b) under the Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on FormN-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule30a-2(a) under the Act (17 CFR270.30a-2).

Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b)

A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule30a-2(b) under the Act of 1940.

Certifications pursuant to Rule30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


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

By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		February 28, 2020

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
		February 28, 2020

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		February 28, 2020

JP Morgan Fleming Mutual Fund N-CSRSCertified semi-annual shareholder report (management investment company)