JPMorgan Trust IV N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23117

JPMorgan Trust IV

(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, 2020 through December 31, 2020

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Intrepid Value Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Equity Focus Fund	3
JPMorgan Equity Income Fund	5
JPMorgan Equity Premium Income Fund	7
JPMorgan Hedged Equity Fund	10
JPMorgan Intrepid Value Fund	12
JPMorgan Large Cap Growth Fund	14
JPMorgan Large Cap Value Fund	16
JPMorgan U.S. Equity Fund	18
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)	20
JPMorgan U.S. Large Cap Core Plus Fund	22
JPMorgan U.S. Research Enhanced Equity Fund	25
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)	27
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)	29
Schedules of Portfolio Investments	31
Financial Statements	72
Financial Highlights	104
Notes to Financial Statements	130
Schedule of Shareholder Expenses	149
Board Approval of Investment Advisory Agreements	155

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 at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

For the six months ended December 31, 2020, the Russell 2000 Index returned 37.9%, the Russell Mid Cap Index returned 28.9% and the Russell 1000 Index returned 24.5%. The S&P 500 Index posted a total return of 22.16%.

2 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	27.40%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$105,845

INVESTMENT OBJECTIVE**

The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection and overweight position in the financials sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the communication services and health care sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., Capital One Financial Corp. and Charles Schwab Corp. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period. Shares of Charles Schwab, a financial services provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020 as well as positive investor expectations following the company’s $26 billion acquisition of TD Ameritrade in October 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Regeneron Pharmaceuticals Inc., Kinder Morgan Inc. and Amgen Inc. Shares of Regeneron Pharmaceuticals and Amgen, both drug development companies, fell as the U.S. approval of multiple vaccines against Covid-19 reduced both demand for alternative therapies for the virus and investor demand for pharmaceutical companies not pursuing vaccines. Shares of Kinder Morgan, an operator of pipelines and storage for the petroleum and natural gas industries, fell after industry data showed a larger-than-expected increase in U.S. crude oil inventories.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach to stock selection, the Fund’s largest positions were in the information technology and financials sectors and the Fund’s smallest positions were in the consumer staples and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.8	%
	2.	Microsoft Corp.	5.7
	3.	Amazon.com, Inc.	5.1
	4.	Loews Corp.	4.4
	5.	Berkshire Hathaway, Inc., Class B	3.6
	6.	Capital One Financial Corp.	3.5
	7.	Bank of America Corp.	3.5
	8.	AbbVie, Inc.	3.4
	9.	Charles Schwab Corp. (The)	3.3
	10.	UnitedHealth Group, Inc.	3.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.3	%
Financials	20.8
Consumer Discretionary	14.1
Health Care	12.4
Materials	4.8
Communication Services	4.4
Real Estate	3.7
Energy	3.5
Industrials	3.4
Consumer Staples	1.7
Utilities	1.7
Short-Term Investments	3.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge**			20.53	%		16.75	%		13.96	%		13.62	%
Without Sales Charge			27.22			23.23			15.20			14.27
CLASS C SHARES	July 29, 2011
With CDSC***			25.90			21.60			14.62			13.78
Without CDSC			26.90			22.60			14.62			13.78
CLASS I SHARES	July 29, 2011		27.40			23.52			15.49			14.56
CLASS R6 SHARES	October 1, 2018		27.52			23.84			15.61			14.62

* 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.

LIFE OF FUND PERFORMANCE (7/29/11 TO 12/31/20)

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

The Fund commenced operations on July 29, 2011.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because 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 Equity Focus Fund and the S&P 500 Index from July 29, 2011 to December 31, 2020. 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 S&P 500 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 securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of

large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

4 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	20.56%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$36,404,904

INVESTMENT OBJECTIVE**

The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and utilities sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in General Dynamics Corp. and Home Depot Inc. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of General Dynamics, an aerospace and defense manufacturer, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of Home Depot, a home improvement and building materials retailer, underperformed the broader market during the period following a run-up in the share price in the first half of 2020 driven by consumer demand during at-home quarantines.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Apple Inc. and its underweight positions in Intel Corp. and AT&T Inc. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would produce their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at attractive valuations had the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Comcast Corp., Class A	2.6	%
	2.	BlackRock, Inc.	2.4
	3.	Analog Devices, Inc.	2.3
	4.	Johnson & Johnson	2.2
	5.	Texas Instruments, Inc.	2.2
	6.	PNC Financial Services Group, Inc. (The)	2.1
	7.	Bank of America Corp.	2.1
	8.	Bristol-Myers Squibb Co.	2.1
	9.	CME Group, Inc.	2.1
	10.	Medtronic plc	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.1	%
Industrials	15.0
Health Care	14.2
Information Technology	10.2
Consumer Staples	10.1
Consumer Discretionary	7.5
Utilities	4.9
Communication Services	4.2
Energy	3.9
Materials	2.8
Real Estate	2.2
Short-Term Investments	2.9

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

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

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			14.08	%		(2.12	)%		9.56	%		10.78	%
Without Sales Charge			20.41			3.31			10.75			11.38
CLASS C SHARES	November 4, 1997
With CDSC***			19.11			1.82			10.20			10.94
Without CDSC			20.11			2.82			10.20			10.94
CLASS I SHARES	July 2, 1987		20.56			3.62			11.03			11.66
CLASS R2 SHARES	February 28, 2011		20.23			3.06			10.46			11.10
CLASS R3 SHARES	September 9, 2016		20.37			3.33			10.75			11.38
CLASS R4 SHARES	September 9, 2016		20.57			3.62			11.03			11.66
CLASS R5 SHARES	February 28, 2011		20.70			3.77			11.22			11.86
CLASS R6 SHARES	January 31, 2012		20.71			3.88			11.32			11.93

* 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 (12/31/10 TO 12/31/20)

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for 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 $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value

Index from December 31, 2010 to December 31, 2020. 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 1000 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 Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

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

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

6 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		16.44%
S&P 500 Index		22.16%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.07%
Net Assets as of 12/31/2020 (In Thousands)	$	287,212

INVESTMENT OBJECTIVE**

The JPMorgan Equity Premium Income Fund (the “Fund”) seeks current income while maintaining prospects for capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) and outperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2020. The Fund’s security selection and underweight position in the information technology sector and its security selection in the financials sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its overweight position in the industrials sector were leading contributors to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight position in Apple Inc. and its overweight positions in Jack Henry & Associates Inc. and Northrop Grumman Corp. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Jack Henry & Associates, a payment processing provider mainly serving the financial services sector, fell after the company reported lower-than-expected revenue for its fiscal fourth quarter and issued a lower-than-expected revenue forecast for its fiscal year. Shares

of Northrop Grumman, an aerospace and defense manufacturer, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump — subsequently overridden by the U.S. Congress — and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Microsoft Corp. and Intel Corp., and its overweight position in Target Corp. Shares of Microsoft, a technology conglomerate, underperformed after a run-up in the stock price early in the period amid general investor demand for the largest cap stocks. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Target, a discount department store chain, rose amid two consecutive quarters of better-than-expected growth in earnings and revenue.

HOW WAS THE FUND POSITIONED?

The Fund seeks to generate income through a combination of selling options and investing in large cap stocks and delivering monthly income from associated option premiums and stock dividends. The Fund’s portfolio managers employed a proprietary research process designed to identify what they believed were overvalued and undervalued stocks with attractive risk/return characteristics.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toronto-Dominion Bank (The), ELN, 55.50%, 1/22/2021, (linked to S&P 500 Index)	3.6	%
	2.	Royal Bank of Canada, ELN, 62.43%, 2/5/2021, (linked to S&P 500 Index)	3.4
	3.	BNP Paribas, ELN, 62.53%, 1/29/2021, (linked to S&P 500 Index)	3.1
	4.	BMO Capital Markets Corp., ELN, 55.06%, 1/15/2021, (linked to S&P 500 Index)	3.0
	5.	Barclays Bank plc, ELN, 53.15%, 1/8/2021, (linked to S&P 500 Index)	2.9
	6.	Accenture plc, Class A	1.6
	7.	Microsoft Corp.	1.5
	8.	Alphabet, Inc., Class A	1.5
	9.	Honeywell International, Inc.	1.5
	10.	Amazon.com, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Other****	16.0	%
Information Technology	13.4
Consumer Staples	11.4
Health Care	11.0
Industrials	9.5
Financials	9.2
Communication Services	8.3
Consumer Discretionary	8.1
Utilities	7.3
Materials	2.5
Real Estate	2.3
Others (each less than 1.0%)	0.6
Short-Term Investments	0.4

* 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, 2020. The Fund’s portfolio composition is subject to change.

**** Equity-Linked Notes that are linked to the S&P 500 Index.

ELN Equity-Linked Note

8 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		August 31, 2018
With Sales Charge**				10.19	%		0.12	%		5.15	%
Without Sales Charge				16.30			5.65			7.60
CLASS C SHARES		August 31, 2018
With CDSC***				15.10			4.20			7.06
Without CDSC				16.10			5.20			7.06
CLASS I SHARES		August 31, 2018		16.44			5.89			7.84
CLASS R5 SHARES		August 31, 2018		16.52			6.12			8.00
CLASS R6 SHARES		August 31, 2018		16.67			6.16			8.11

* 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.

LIFE OF FUND PERFORMANCE (8/31/18 to 12/31/20)

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

The Fund commenced operations on August 31, 2018.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index from August 31, 2018 to December 31, 2020. 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 S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through April 7, 2019, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	10.04%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$14,552,638

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in pharmaceutical/medical technology and media sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the telecommunications and technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in FedEx Corp. and Microsoft Corp. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of FedEx, a package and freight delivery company, fell late in the period amid higher costs and after the company withheld its earnings and revenue forecast for 2021. Shares of Microsoft, a technology conglomerate, underperformed after a run-up in the stock price early in the period amid general investor demand for the largest cap stocks.

Leading individual contributors to relative performance included the Fund’s underweight position in Intel Corp. and its overweight positions in Charter Communications Inc. and Applied Materials Inc. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Charter Communications, a cable TV systems operator, rose after the company reported better-than-expected earnings and growth in subscribers for the third quarter of 2020. Shares of Applied Materials, a semiconductor manufacturing equipment maker, rose after the company reported record revenue growth for its fiscal fourth quarter and issued a better-than-expected forecast for revenue and earnings for its fiscal first quarter.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded

index call options. The option overlay is known as a “Put/Spread Collar” strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.6	%
	2.	Microsoft Corp.	5.9
	3.	Amazon.com, Inc.	4.7
	4.	S&P 500 Index 3/31/2021 at USD 3,550.00, European Style	2.2
	5.	Alphabet, Inc., Class A	2.0
	6.	Facebook, Inc., Class A	1.9
	7.	Alphabet, Inc., Class C	1.6
	8.	Mastercard, Inc., Class A	1.6
	9.	Berkshire Hathaway, Inc., Class B	1.5
	10.	Tesla, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.6	%
Consumer Discretionary	12.7
Health Care	12.5
Communication Services	10.2
Financials	9.9
Industrials	7.4
Consumer Staples	5.3
Utilities	2.6
Materials	2.4
Put Options Purchased	2.2
Energy	2.2
Real Estate	1.6
Short-Term Investments	4.4

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

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

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge**			4.13	%		7.77	%		8.20	%		7.10	%
Without Sales Charge			9.89			13.77			9.37			7.92
CLASS C SHARES	December 13, 2013
With CDSC***			8.62			12.22			8.83			7.39
Without CDSC			9.62			13.22			8.83			7.39
CLASS I SHARES	December 13, 2013		10.04			14.10			9.65			8.20
CLASS R5 SHARES	December 13, 2013		10.10			14.23			9.83			8.38
CLASS R6 SHARES	December 13, 2013		10.15			14.34			9.91			8.46

* 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.

LIFE OF FUND PERFORMANCE (12/13/13 TO 12/31/20)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index from December 13, 2013 to December 31, 2020. 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 S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the

beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	21.15%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$249,822

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Value Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the communication services and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in eBay Inc. and Electronic Arts Inc. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of eBay, a provider of online marketplaces, fell amid investor expectations that its business will not benefit from a potential reopening of the economy in 2021. Shares of Electronic Arts, a publisher of video games and other digital content, underperformed the broader market following a run-up in its stock price early in the period.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Qualcomm Inc. and Lam Research Corp., and its underweight position in AT&T Inc. Shares of Qualcomm, a provider of wireless device technology, rose amid increased demand for the company’s products with the implementation of 5G networks. Shares of Lam Research, a manufacturer of semiconductor manufacturing equipment, rose amid continued demand for semiconductors and investor expectations that improved U.S.-China relations would head off a potential U.S. ban on doing business with China’s largest semiconductor company, Semiconductor Manufacturing International Corp. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a behavioral finance investment process that seeks to capitalize on market

inefficiencies. The Fund’s portfolio managers sought companies that they believed had attractive valuations, high quality characteristics and strong momentum. The Fund’s positioning was a result of that process

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Verizon Communications, Inc.	2.6	%
	2.	Bank of America Corp.	2.4
	3.	Medtronic plc	2.4
	4.	Citigroup, Inc.	2.2
	5.	Anthem, Inc.	1.9
	6.	AbbVie, Inc.	1.8
	7.	CSX Corp.	1.7
	8.	Altria Group, Inc.	1.6
	9.	Alphabet, Inc., Class C	1.6
	10.	Berkshire Hathaway, Inc., Class B	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Financials		18.3	%
Health Care		14.3
Industrials		12.8
Information Technology		10.5
Communication Services		9.7
Consumer Staples		7.3
Consumer Discretionary		7.3
Utilities		5.1
Materials		5.1
Energy	��	4.5
Real Estate		3.5
Short-Term Investments		1.6

* 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, 2020. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.70	%		(4.00	)%		7.04	%		8.97	%
Without Sales Charge			21.04			1.32			8.20			9.56
CLASS C SHARES	February 19, 2005
With CDSC***			19.70			(0.19	)		7.66			9.13
Without CDSC			20.70			0.81			7.66			9.13
CLASS I SHARES	February 28, 2003		21.15			1.54			8.42			9.76
CLASS R2 SHARES	November 3, 2008		20.83			1.04			7.91			9.27
CLASS R5 SHARES	May 15, 2006		21.23			1.71			8.61			9.96
CLASS R6 SHARES	November 30, 2010		21.35			1.81			8.70			10.04

* 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 (12/31/10 TO 12/31/20)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund and the Russell 1000 Value Index from December 31, 2010 to December 31, 2020. 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 1000 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 Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	29.63%
Russell 1000 Growth Index	26.12%
Net Assets as of 12/31/2020 (In Thousands)	$32,290,926

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the health care and industrials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc. and Microsoft Corp., and its out-of-Benchmark position in Snap Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Microsoft, a technology conglomerate, rose amid general investor demand for the largest cap stocks as well as the company’s better-than-expected earnings and revenue for its fiscal first quarter. Shares of Snap, an online camera platform and social media provider, rose after the company reported better-than-expected earnings, revenue and user growth for the third quarter of 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Regeneron Pharmaceutical Inc. and DexCom Inc., and its underweight position in Apple Inc. Shares of Regeneron Pharmaceuticals, a drug development company, fell as the U.S. approval of multiple vaccines against Covid-19 reduced demand for alternative therapies for the virus. Shares of DexCom, a medical device manufacturer, fell during the period following a run-up in the stock price in the first half of 2020. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone.

HOW WAS THE FUND POSITIONED?

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

in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	7.6	%
	2.	Microsoft Corp.	4.7
	3.	Amazon.com, Inc.	4.6
	4.	Tesla, Inc.	4.6
	5.	PayPal Holdings, Inc.	3.6
	6.	Facebook, Inc., Class A	3.0
	7.	Snap, Inc., Class A	2.3
	8.	Chipotle Mexican Grill, Inc.	2.1
	9.	QUALCOMM, Inc.	1.9
	10.	Seagen, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	35.1	%
Consumer Discretionary	19.9
Communication Services	12.4
Health Care	12.1
Financials	6.0
Industrials	4.6
Consumer Staples	2.9
Materials	1.8
Real Estate	0.7
Short-Term Investments	4.5

* 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, 2020. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge**			22.66	%		47.47	%		22.49	%		17.44	%
Without Sales Charge			29.45			55.62			23.82			18.08
CLASS C SHARES	November 4, 1997
With CDSC***			28.15			53.90			23.20			17.61
Without CDSC			29.15			54.90			23.20			17.61
CLASS I SHARES	February 28, 1992		29.63			56.04			24.09			18.31
CLASS R2 SHARES	November 3, 2008		29.30			55.24			23.50			17.78
CLASS R3 SHARES	September 9, 2016		29.45			55.62			23.78			18.05
CLASS R4 SHARES	September 9, 2016		29.63			56.01			24.08			18.31
CLASS R5 SHARES	April 14, 2009		29.72			56.28			24.29			18.53
CLASS R6 SHARES	November 30, 2010		29.77			56.42			24.42			18.62

* 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 (12/31/10 TO 12/31/20)

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

Returns for Class R3 and Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from December 31, 2010 to December 31, 2020. 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 1000 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 Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	33.65%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$1,702,750

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Value Fund (the “Fund”) seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in the financials sector and its underweight position in the communication services sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in U.S. Foods Holding Corp., ON Semiconductor Corp. and General Motors Co. Shares of U.S. Foods Holding, a foodservice distributor, rose during the period after the company reported a narrower-than-expected loss for the second quarter of 2020 and amid investor appetite for shares of select companies that were sold off in the first half of the year. Shares of ON Semiconductor, a semiconductor manufacturer, rose after the company reported better-than-expected earnings for the third quarter of 2020 and raised its earnings forecast for the fourth quarter of 2020. Shares of General Motors, an automobile manufacturer, rose amid increased demand for cars and trucks in the second half of 2020 and investor expectations for sales growth in 2021 due to the potential reopening of the economy.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in FMC Corp. and Wells Fargo & Co.

Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of FMC, a diversified chemicals manufacturer, underperformed the broader market during the period after a run-up in the share price during the first half of the year. Shares of Wells Fargo, a banking and financial services company, underperformed the broader market after it reported lower-than-expected earnings for the third quarter of 2020.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio manager combined a bottom-up fundamental approach to security selection with a systematic valuation process. Overall, the Fund’s portfolio manager looked to take advantage of mispriced stocks that he believed appeared attractive relative to their fair value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	US Foods Holding Corp.	3.9	%
	2.	Citigroup, Inc.	3.8
	3.	Comcast Corp., Class A	3.6
	4.	Wells Fargo & Co.	3.5
	5.	General Motors Co.	3.1
	6.	Cigna Corp.	2.7
	7.	ON Semiconductor Corp.	2.6
	8.	Bank of America Corp.	2.5
	9.	Lamb Weston Holdings, Inc.	2.3
	10.	Freeport-McMoRan, Inc.	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.4	%
Industrials	14.6
Health Care	13.3
Consumer Discretionary	11.9
Materials	9.9
Information Technology	7.3
Consumer Staples	7.1
Energy	5 .9
Real Estate	5.2
Communication Services	4.2
Utilities	0.2
Short-Term Investments	3.0

* 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, 2020. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			26.54	%		4.46	%		9.98	%		10.45	%
Without Sales Charge			33.51			10.26			11.16			11.04
CLASS C SHARES	March 22, 1999
With CDSC***			32.13			8.73			10.60			10.59
Without CDSC			33.13			9.73			10.60			10.59
CLASS I SHARES	March 1, 1991		33.65			10.56			11.40			11.24
CLASS R2 SHARES	November 3, 2008		33.25			9.96			10.86			10.74
CLASS R3 SHARES	October 1, 2018		33.51			10.28			11.17			11.05
CLASS R4 SHARES	October 1, 2018		33.68			10.59			11.41			11.25
CLASS R5 SHARES	May 15, 2006		33.79			10.75			11.58			11.45
CLASS R6 SHARES	November 30, 2010		33.86			10.81			11.68			11.52

* 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 (12/31/10 TO 12/31/20)

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of 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 date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000 Value Index from December 31, 2010 to December 31, 2020 . 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 1000 Value Index does not reflect the deduction of expenses or a sales charge asso-

ciated 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 Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	24.60%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$18,666,776

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of selected equity securities.

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

The Fund’s Class L Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s overweight position and security selection in the semiconductors & hardware sector and its security selection in the auto & transportation sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrial cyclical and the media sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. and its underweight position in Intel Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was added to the S&P 500 Index. Shares of Taiwan Semiconductor Manufacturing rose amid monthly growth in revenue and the company’s upbeat earnings forecast. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources.

Leading individual detractors from relative performance included the Fund’s overweight positions in Northrop Grumman Corp. and O’Reilly Automotive Inc. and its underweight position in Walt Disney Co. Shares of Northrop Grumman, an aerospace and defense manufacturer, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump — subsequently overridden by the U.S. Congress — and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of O’Reilly Automotive, a retailer of automotive parts and tools, underperformed the broader markets following a run-up in the stock price early in the period. Shares of Walt Disney, an entertainment conglomerate not held in the Fund, rose amid increased consumer demand for its online streaming entertainment.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.4	%
	2.	Amazon.com, Inc.	5.8
	3.	Apple, Inc.	5.1
	4.	Alphabet, Inc., Class A	4.8
	5.	Mastercard, Inc., Class A	4.5
	6.	Eaton Corp. plc	2.9
	7.	Norfolk Southern Corp.	2.9
	8.	NextEra Energy, Inc.	2.6
	9.	Truist Financial Corp.	2.6
	10.	Coca-Cola Co. (The)	2.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.1	%
Consumer Discretionary	13.4
Health Care	11.6
Financials	10.3
Industrials	8.8
Communication Services	8.3
Utilities	4.9
Consumer Staples	4.5
Materials	3.1
Real Estate	2.4
Others (each less than 1.0%)	0.4
Short-Term Investments	2.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			17.78	%		19.45	%		14.55	%		13.33	%
Without Sales Charge			24.31			26.08			15.78			13.95
CLASS C SHARES	September 10, 2001
With CDSC***			23.04			24.45			15.19			13.49
Without CDSC			24.04			25.45			15.19			13.49
CLASS I SHARES	September 10, 2001		24.56			26.41			16.04			14.19
CLASS L SHARES	September 17, 1993		24.60			26.54			16.21			14.35
CLASS R2 SHARES	November 3, 2008		24.17			25.79			15.47			13.66
CLASS R3 SHARES	September 9, 2016		24.41			26.11			15.77			13.94
CLASS R4 SHARES	September 9, 2016		24.53			26.46			16.04			14.19
CLASS R5 SHARES	May 15, 2006		24.58			26.61			16.23			14.39
CLASS R6 SHARES	November 30, 2010		24.72			26.74			16.33			14.48

* 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 (12/31/10 TO 12/31/20)

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of 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 date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	21.24%
Russell 1000 Growth Index	26.12%
Net Assets as of 12/31/2020 (In Thousands)	$1,287,423

INVESTMENT OBJECTIVE**

The JPMorgan U.S. GARP Equity Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials sector and its underweight position in the utilities sector were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in eBay Inc., Sprouts Farmers Market Inc. and VMware Inc. Shares of eBay, a provider of online marketplaces, fell amid investor expectations that its business will not benefit from a potential reopening of the economy in 2021. Shares of Sprouts Farmers Market, a supermarket chain, fell after the company reported lower-than-expected revenue for the third quarter of 2020. Shares of VMware, a provider of cloud-based software, fell after a run-up in the stock price early in the period.

Leading individual contributors to relative performance included the Fund’s overweight positions in Lam Research Inc. and HubSpot Inc. and its underweight position in Home Depot Inc. Shares of Lam Research, a manufacturer of semiconductor manufacturing equipment, rose amid continued demand for semiconductors and investor expectations that improved U.S.-China relations would head off a potential U.S. ban on doing business with China’s largest semiconductor company, Semiconductor Manufacturing International Corp. Shares of HubSpot, a provider of a cloud-based marketing and customer service platform for businesses, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020 and raised its earnings forecast for the fourth quarter and full year 2020. Shares of Home Depot, a home improvement retail chain not held in the Fund, underperformed the broader market following a run-up in the stock price in the first half of 2020.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a behavioral finance investment process that sought to capitalize on market inefficiencies. The Fund’s managers sought growth companies that they believed had attractive relative valuations, high quality characteristics and strong momentum.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	9.9	%
	2.	Microsoft Corp.	8.3
	3.	Amazon.com, Inc.	6.5
	4.	Facebook, Inc., Class A	4.0
	5.	Mastercard, Inc., Class A	3.4
	6.	Tesla, Inc.	2.7
	7.	AbbVie, Inc.	2.3
	8.	Adobe, Inc.	2.2
	9.	Lam Research Corp.	2.2
	10.	Alphabet, Inc., Class A	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	45.4	%
Consumer Discretionary	15.1
Health Care	13.8
Communication Services	11.1
Industrials	4.3
Consumer Staples	3.5
Real Estate	1.4
Financials	1.3
Materials	1.1
Energy	0.5
Short-Term Investments	2.5

* 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, 2020. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.72	%		20.73	%		15.73	%		14.42	%
Without Sales Charge			21.07			27.43			16.99			15.04
CLASS C SHARES	February 19, 2005
With CDSC***			19.76			25.80			16.41			14.59
Without CDSC			20.76			26.80			16.41			14.59
CLASS I SHARES	February 28, 2003		21.24			27.78			17.28			15.33
CLASS R2 SHARES	November 3, 2008		20.92			27.13			16.70			14.76
CLASS R5 SHARES	May 15, 2006		21.33			27.96			17.48			15.55
CLASS R6 SHARES	November 2, 2015		21.39			28.10			17.58			15.60

* 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 (12/31/10 TO 12/31/20)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from December 31, 2010 to December 31, 2020. 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 1000 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 Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

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

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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	24.41%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$3,032,269

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Large Cap Core Plus Fund (the “Fund”) seeks to provide a high total return from a portfolio of selected equity securities.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in both the semiconductors & hardware sector and the telecommunications sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and pharmaceutical/medical technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s short positions in Intel Corp. and Cisco Systems Inc., and its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Cisco Systems, a provider of networking technology, fell after the company issued a lower-than-expected forecast in August 2020, and amid investor concerns that regulators in China would delay approval for the company’s planned acquisition of Acacia Communications Inc. Shares of Taiwan Semiconductor Manufacturing rose amid monthly growth in revenue and the company’s upbeat earnings forecast.

Leading individual detractors from relative performance included the Fund’s short position in Walt Disney Co. and its

long positions in Northrop Grumman Corp. and O’Reilly Automotive Inc. Shares of Walt Disney, an entertainment conglomerate not held in the Fund, rose amid increased consumer demand for its online streaming entertainment. Shares of Northrop Grumman, an aerospace and defense manufacturer, fell amid the December 23, 2020 veto of the 2021 U.S. military budget act by President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of O’Reilly Automotive, a retailer of automotive parts and tools, underperformed the broader market following a run-up in the stock price early in the period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions, and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting period was 126% to 26%.

* 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.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Microsoft Corp.	5.2	%
	2.	Amazon.com, Inc.	4.7
	3.	Apple, Inc.	4.0
	4.	Alphabet, Inc., Class A	2.5
	5.	Mastercard, Inc., Class A	2.3
	6.	NXP Semiconductors NV (Netherlands)	1.8
	7.	Analog Devices, Inc.	1.7
	8.	Facebook, Inc., Class A	1.6
	9.	PayPal Holdings, Inc.	1.6
	10.	Norfolk Southern Corp.	1.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	ViacomCBS, Inc.	2.9	%
	2.	Take-Two Interactive Software, Inc.	2.6
	3.	Spotify Technology SA	2.4
	4.	General Electric Co.	2.2
	5.	Clorox Co. (The)	2.1
	6.	Kroger Co. (The)	2.0
	7.	Enbridge, Inc. (Canada)	2.0
	8.	Acuity Brands, Inc.	1.8
	9.	Walgreens Boots Alliance, Inc.	1.6
	10.	3M Co.	1.6

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	28.6	%
Consumer Discretionary	13.3
Health Care	12.4
Industrials	11.0
Communication Services	10.3
Financials	7.3
Consumer Staples	4.1
Materials	3.7
Real Estate	3.1
Energy	3.1
Utilities	2.7
Short-Term Investments	0.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Industrials	15.9	%
Information Technology	15.8
Communication Services	14.7
Consumer Staples	9.2
Health Care	8.4
Energy	8.0
Financials	6.7
Materials	6.5
Real Estate	6.3
Consumer Discretionary	5.0
Utilities	3.5

* Percentages indicated are based on total long investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge**			17.70	%		19.22	%		13.65	%		12.74	%
Without Sales Charge			24.22			25.80			14.88			13.35
CLASS C SHARES	November 1, 2005
With CDSC***			22.92			24.19			14.31			12.90
Without CDSC			23.92			25.19			14.31			12.90
CLASS I SHARES	November 1, 2005		24.41			26.17			15.17			13.64
CLASS R2 SHARES	November 3, 2008		23.99			25.37			14.53			13.03
CLASS R5 SHARES	May 15, 2006		24.41			26.21			15.29			13.81
CLASS R6 SHARES	November 1, 2017		24.48			26.33			15.36			13.85

* 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 (12/31/10 TO 12/31/20)

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

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

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

24 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	22.76%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$4,928,062

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Research Enhanced Equity Fund (the “Fund”) seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the S&P 500 Index (the “Benchmark”).

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

The Fund’s Class I Shares outperformed the Benchmark for the six months ended December 31, 2020. The Fund’s security selection in the telecommunications and technology sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical and media sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in Intel Corp. and its overweight positions in Charter Communications Inc. and Applied Materials Inc. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of Charter Communications, a cable TV systems operator, rose after the company reported better-than-expected earnings and growth in subscribers for the third quarter of 2020. Shares of Applied Materials, a semiconductor manufacturing equipment maker, rose after the company reported record revenue growth for its fiscal fourth quarter and issued a better-than-expected forecast for revenue and earnings for its fiscal first quarter.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in FedEx Corp. and Microsoft Corp. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of FedEx, a package and freight delivery company, fell late in the period amid higher costs and after the company withheld its earnings and revenue forecast for 2021. Shares of Microsoft, a technology conglomerate, underperformed after a run-up in the stock price early in the period amid general investor demand for the largest cap stocks.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of

potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	7.0	%
	2.	Microsoft Corp.	6.3
	3.	Amazon.com, Inc.	5.0
	4.	Alphabet, Inc., Class A	2.1
	5.	Facebook, Inc., Class A	2.0
	6.	Alphabet, Inc., Class C	1.7
	7.	Mastercard, Inc., Class A	1.7
	8.	Berkshire Hathaway, Inc., Class B	1.6
	9.	Tesla, Inc.	1.6
	10.	PayPal Holdings, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.2	%
Consumer Discretionary	13.5
Health Care	13.3
Communication Services	10.8
Financials	10.6
Industrials	7.9
Consumer Staples	5.7
Utilities	2.8
Materials	2.6
Energy	2.3
Real Estate	1.7
Short-Term Investments	0.6

* 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, 2020 The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			16.20	%		14.03	%		13.29	%		12.64	%
Without Sales Charge			22.64			20.37			14.51			13.25
CLASS I SHARES	September 10, 2001		22.76			20.67			14.79			13.53
CLASS R6 SHARES	March 24, 2003		22.85			20.78			14.94			13.75

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	20.68%
S&P 500 Index	22.16%
Net Assets as of 12/31/2020 (In Thousands)	$75,330

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Sustainable Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight position in Apple Inc. and its overweight positions in Cisco Systems Inc. and Home Depot Inc. Shares of Apple, an information technology conglomerate not held by the Fund, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Cisco Systems, a provider of networking technology, fell after the company issued a lower-than-expected forecast in August 2020 as well as investor concerns that regulators in China would delay approval for the company’s planned acquisition of Acacia Communications Inc. Shares of Home Depot, a home improvement retail chain, underperformed the broader market following a run-up in the stock price in the first half of 2020.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Walt Disney Co., Aptiv PLC and Deere & Co. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Share of Aptiv, an automotive components manufacturer based in Ireland, rose amid investor expectations that the company would benefit from increased government support for the development of electric vehicles in the U.S. and Europe. Shares of Deere, a manufacturer of farming and industrials vehicles and equipment, rose after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter and issued an upbeat earnings forecast.

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a proprietary scoring methodology to invest in companies that the Fund’s portfolio managers believed have attractive environmental, social and governance characteristics and potential for long-term capital appreciation. The Fund’s positioning during the period was a result of that process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	8.2	%
	2.	Walt Disney Co. (The)	4.5
	3.	Mastercard, Inc., Class A	3.7
	4.	Verizon Communications, Inc.	3.1
	5.	Citigroup, Inc.	2.9
	6.	Texas Instruments, Inc.	2.8
	7.	Home Depot, Inc. (The)	2.6
	8.	Procter & Gamble Co. (The)	2.5
	9.	Lam Research Corp.	2.4
	10.	Bank of America Corp.	2.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	29.9	%
Health Care	13.9
Industrials	11.0
Financials	11.0
Communication Services	9.6
Consumer Discretionary	9.2
Consumer Staples	4.6
Real Estate	4.2
Utilities	1.8
Materials	1.6
Short-Term Investments	3.2

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

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

*** Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			14.21	%		13.16	%		13.07	%		12.90	%
Without Sales Charge			20.55			19.43			14.30			13.51
CLASS C SHARES	February 19, 2005
With CDSC***			19.23			17.84			13.73			13.05
Without CDSC			20.23			18.84			13.73			13.05
CLASS I SHARES	February 28, 2003		20.68			19.74			14.59			13.79
CLASS R6 SHARES	September 30, 2020		20.70			19.76			14.59			13.79

* 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 (12/31/10 TO 12/31/20)

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because 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 U.S. Sustainable Leaders Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. 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 S&P 500 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 on gains resulting from redemptions of Fund shares.

Effective November 1, 2016, the Fund changed its investment strategies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

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

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

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	22.00%
Russell 1000 Value Index	22.75%
Net Assets as of 12/31/2020 (In Thousands)	$1,118,969

INVESTMENT OBJECTIVE**

The U.S. Value Fund (the “Fund”) seeks to provide capital growth over the long term.

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology sector and its overweight position and security selection in the financials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Northrop Grumman Corp., AutoZone Inc. and General Dynamics Corp. Shares of Northrop Grumman and General Dynamics, both aerospace and defense manufacturers, underperformed the broader market amid the December 23, 2020 veto of the 2021 U.S. military budget act by then-President Donald Trump—subsequently overridden by the U.S. Congress—and investor expectations that the defense sector would be unlikely to immediately benefit from a potential reopening of the economy in 2021. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Apple Inc. and its underweight positions in Intel Corp. and AT&T Inc. Shares of Apple, an information technology conglomerate, rose amid investor demand for the largest of the large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after news reports that large technology companies would produce their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental research.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	BlackRock, Inc.	2.5	%
	2.	Citigroup, Inc.	2.2
	3.	Wells Fargo & Co.	2.0
	4.	Berkshire Hathaway, Inc., Class B	2.0
	5.	Bank of America Corp.	2.0
	6.	Comcast Corp., Class A	2.0
	7.	Alphabet, Inc., Class C	1.9
	8.	Texas Instruments, Inc.	1.9
	9.	Bristol-Myers Squibb Co.	1.9
	10.	Analog Devices, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	26.8	%
Health Care	14.4
Industrials	14.1
Information Technology	9.3
Consumer Discretionary	8.9
Communication Services	6.3
Consumer Staples	5.1
Energy	4.0
Utilities	3.7
Materials	3.5
Real Estate	1.1
Short-Term Investments	2.8

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge**		15.59%		(1.18	)%		9.40	%		10.85	%
Without Sales Charge		22.00		4.29			10.59			11.44
CLASS C SHARES	January 2, 1998
With CDSC***		20.68		2.76			10.04			11.00
Without CDSC		21.68		3.76			10.04			11.00
CLASS I SHARES	January 25, 1996	22.14		4.54			10.86			11.73
CLASS R2 SHARES	November 2, 2015	21.82		4.01			10.31			11.30
CLASS R3 SHARES	July 31, 2017	22.01		4.29			10.60			11.45
CLASS R4 SHARES	July 31, 2017	22.16		4.54			10.86			11.73
CLASS R5 SHARES	November 2, 2015	22.24		4.70			11.05			11.83
CLASS R6 SHARES	November 2, 2015	22.31		4.80			11.14			11.87

* 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 (12/31/10 TO 12/31/20)

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

Returns for Class R2 Shares prior to 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 prior to their inception date are based on the performance of the Class A Shares. The actual returns of 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 date are based on the performance of the Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. 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 $10,000 invested in Class A Shares of the JPMorgan U.S. Value Fund and the Russell 1000 Value Index from

December 31, 2010 to December 31, 2020. 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 1000 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 benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. 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 on gains resulting from redemptions of Fund shares.

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

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

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%
Aerospace & Defense — 1.6%
Raytheon Technologies Corp.		24		1,718
Automobiles — 2.1%
Tesla, Inc. *		3		2,257
Banks — 3.4%
Bank of America Corp.		121		3,658
Biotechnology — 6.4%
AbbVie, Inc.		33		3,550
Amgen, Inc.		9		1,998
Regeneron Pharmaceuticals, Inc. *		2		1,190
				6,738
Capital Markets — 5.8%
Charles Schwab Corp. (The)		67		3,531
S&P Global, Inc.		4		1,344
T. Rowe Price Group, Inc.		8		1,284
				6,159
Construction Materials — 2.5%
Martin Marietta Materials, Inc.		9		2,618
Consumer Finance — 3.5%
Capital One Financial Corp.		38		3,735
Containers & Packaging — 2.4%
Ball Corp.		10		977
Packaging Corp. of America		11		1,523
				2,500
Diversified Financial Services — 3.6%
Berkshire Hathaway, Inc., Class B *		17		3,856
Electric Utilities — 1.7%
Xcel Energy, Inc.		27		1,769
Electronic Equipment, Instruments & Components — 1.5%
Zebra Technologies Corp., Class A *		4		1,552
Equity Real Estate Investment Trusts (REITs) — 3.7%
Federal Realty Investment Trust		20		1,668
Public Storage		10		2,218
				3,886
Health Care Equipment & Supplies — 3.0%
DexCom, Inc. *		3		1,195
Intuitive Surgical, Inc. *		2		1,951
				3,146
Health Care Providers & Services — 3.1%
UnitedHealth Group, Inc.		9		3,247

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Products — 1.7%
Procter & Gamble Co. (The)		13		1,784
Insurance — 4.3%
Loews Corp.		102		4,610
Interactive Media & Services — 2.7%
Alphabet, Inc., Class C *		2		2,873
Internet & Direct Marketing Retail — 6.5%
Amazon.com, Inc. *		2		5,381
Booking Holdings, Inc. *		1		1,461
				6,842
IT Services — 6.6%
Global Payments, Inc.		7		1,583
Mastercard, Inc., Class A		8		2,966
PayPal Holdings, Inc. *		10		2,416
				6,965
Machinery — 1.8%
Stanley Black & Decker, Inc.		11		1,907
Media — 1.7%
DISH Network Corp., Class A *		57		1,835
Oil, Gas & Consumable Fuels — 3.5%
Kinder Morgan, Inc.		141		1,930
Marathon Petroleum Corp.		44		1,826
				3,756
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc. *		23		2,093
QUALCOMM, Inc.		20		2,990
				5,083
Software — 7.7%
Microsoft Corp.		27		5,985
Synopsys, Inc. *		8		2,155
				8,140
Specialty Retail — 5.5%
AutoZone, Inc. *		3		2,975
Home Depot, Inc. (The)		11		2,878
				5,853
Technology Hardware, Storage & Peripherals — 5.8%
Apple, Inc.		46		6,123
Total Common Stocks (Cost $61,259)				102,610

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $3,350)		3,348		3,350
Total Investments — 100.1% (Cost $64,609)				105,960
Liabilities in Excess of Other Assets — (0.1)%				(115	)
NET ASSETS — 100.0%				105,845

Percentages indicated are based on net assets.

(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, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%
Aerospace & Defense — 3.6%
General Dynamics Corp.		3,025		450,235
Northrop Grumman Corp.		884		269,285
Raytheon Technologies Corp.		8,399		600,586
				1,320,106
Banks — 6.9%
Bank of America Corp.		25,389		769,555
Citigroup, Inc.		4,250		262,045
PNC Financial Services Group, Inc. (The)		5,193		773,701
Truist Financial Corp.		7,405		354,901
US Bancorp		7,881		367,159
				2,527,361
Beverages — 2.1%
Coca-Cola Co. (The)		5,980		327,938
PepsiCo, Inc.		2,982		442,202
				770,140
Biotechnology — 0.5%
Amgen, Inc.		846		194,522
Building Products — 0.6%
Trane Technologies plc		1,369		198,730
Capital Markets — 8.6%
BlackRock, Inc.		1,224		883,371
Charles Schwab Corp. (The)		7,144		378,923
CME Group, Inc.		4,102		746,705
Morgan Stanley		9,038		619,386
Northern Trust Corp.		1,769		164,799
T. Rowe Price Group, Inc.		2,273		344,133
				3,137,317
Chemicals — 2.8%
Air Products and Chemicals, Inc.		1,682		459,546
PPG Industries, Inc.		3,983		574,375
				1,033,921
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		3,061		294,736
Consumer Finance — 2.0%
American Express Co.		4,498		543,849
Capital One Financial Corp.		1,830		180,901
				724,750
Diversified Telecommunication Services — 1.6%
Verizon Communications, Inc.		9,820		576,945

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 3.5%
Entergy Corp.		1,800		179,665
NextEra Energy, Inc.		8,882		685,221
Xcel Energy, Inc.		5,897		393,142
				1,258,028
Electrical Equipment — 1.7%
Eaton Corp. plc		5,207		625,556
Equity Real Estate Investment Trusts (REITs) — 2.2%
Alexandria Real Estate Equities, Inc.		723		128,908
AvalonBay Communities, Inc.		1,317		211,345
Boston Properties, Inc.		991		93,635
Prologis, Inc.		1,545		154,005
Realty Income Corp.		916		56,938
Ventas, Inc.		2,159		105,890
Vornado Realty Trust		964		36,005
				786,726
Food & Staples Retailing — 2.8%
Sysco Corp.		7,204		534,950
Walmart, Inc.		3,322		478,880
				1,013,830
Food Products — 1.5%
Mondelez International, Inc., Class A		9,130		533,805
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		699		76,531
Becton Dickinson and Co.		1,376		344,406
Medtronic plc		6,072		711,287
				1,132,224
Health Care Providers & Services — 3.6%
AmerisourceBergen Corp.		3,002		293,475
CVS Health Corp.		4,642		317,057
UnitedHealth Group, Inc.		2,014		706,398
				1,316,930	��
Hotels, Restaurants & Leisure — 2.2%
McDonald’s Corp.		2,455		526,758
Starbucks Corp.		2,587		276,771
				803,529
Household Products — 1.1%
Procter & Gamble Co. (The)		2,867		398,908
Industrial Conglomerates — 0.8%
Honeywell International, Inc.		1,434		304,998

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 4.5%
Arthur J Gallagher & Co.		2,301		284,599
Chubb Ltd.		2,574		396,130
Hartford Financial Services Group, Inc. (The)		5,625		275,531
Marsh & McLennan Cos., Inc.		1,039		121,542
MetLife, Inc.		5,912		277,591
Progressive Corp. (The)		2,874		284,192
				1,639,585
IT Services — 3.5%
Accenture plc, Class A		910		237,719
Automatic Data Processing, Inc.		1,733		305,322
Fidelity National Information Services, Inc.		3,096		438,029
International Business Machines Corp.		2,420		304,630
				1,285,700
Leisure Products — 0.8%
Hasbro, Inc.		2,981		278,834
Machinery — 6.0%
Deere & Co.		1,665		447,871
Dover Corp.		5,500		694,330
Otis Worldwide Corp.		1,470		99,289
Parker-Hannifin Corp.		2,258		614,967
Stanley Black & Decker, Inc.		1,753		312,998
				2,169,455
Media — 2.6%
Comcast Corp., Class A		18,083		947,575
Multi-Utilities — 1.4%
CMS Energy Corp.		4,947		301,789
Public Service Enterprise Group, Inc.		3,654		213,018
				514,807
Oil, Gas & Consumable Fuels — 3.9%
Chevron Corp.		5,887		497,119
ConocoPhillips		14,369		574,632
EOG Resources, Inc.		4,741		236,428
Valero Energy Corp.		2,025		114,572
				1,422,751
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		12,394		768,807
Eli Lilly and Co.		2,783		469,899
Johnson & Johnson		5,061		796,479
Merck & Co., Inc.		3,411		278,991
Pfizer, Inc.		5,794		213,294
				2,527,470

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.5%
Norfolk Southern Corp.		2,218		526,920
Semiconductors & Semiconductor Equipment — 4.4%
Analog Devices, Inc.		5,613		829,160
Texas Instruments, Inc.		4,792		786,479
				1,615,639
Software — 1.5%
Microsoft Corp.		2,384		530,172
Specialty Retail — 3.9%
Best Buy Co., Inc.		3,530		352,213
Home Depot, Inc. (The)		2,340		621,553
TJX Cos., Inc. (The)		6,684		456,440
				1,430,206
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		2,079		275,889
Textiles, Apparel & Luxury Goods — 0.6%
VF Corp.		2,425		207,121
Tobacco — 2.6%
Altria Group, Inc.		6,392		262,087
Philip Morris International, Inc.		8,457		700,129
				962,216
Total Common Stocks (Cost $26,001,247)				35,287,402
Short-Term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $1,067,536)		1,067,055		1,067,589
Total Investments — 99.9% (Cost $27,068,783)				36,354,991
Other Assets Less Liabilities — 0.1%				49,913
NET ASSETS — 100.0%				36,404,904

Percentages indicated are based on net assets.

(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, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.4%
Aerospace & Defense — 0.9%
Northrop Grumman Corp.		9		2,709
Air Freight & Logistics — 0.6%
United Parcel Service, Inc., Class B		9		1,575
Banks — 0.5%
US Bancorp		29		1,368
Beverages — 2.8%
Coca-Cola Co. (The)		55		2,993
Constellation Brands, Inc., Class A		6		1,335
PepsiCo, Inc.		25		3,712
				8,040
Biotechnology — 3.1%
AbbVie, Inc.		37		3,923
Alexion Pharmaceuticals, Inc. *		17		2,647
Regeneron Pharmaceuticals, Inc. *		2		1,202
Vertex Pharmaceuticals, Inc. *		5		1,217
				8,989
Building Products — 1.3%
Trane Technologies plc		25		3,589
Capital Markets — 2.6%
BlackRock, Inc.		3		1,886
Intercontinental Exchange, Inc.		34		3,894
S&P Global, Inc.		5		1,667
				7,447
Chemicals — 1.5%
Linde plc (United Kingdom)		13		3,509
PPG Industries, Inc.		6		823
				4,332
Commercial Services & Supplies — 0.6%
Waste Management, Inc.		14		1,707
Containers & Packaging — 1.0%
Silgan Holdings, Inc.		78		2,877
Diversified Financial Services — 1.2%
Berkshire Hathaway, Inc., Class B *		15		3,554
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.		52		3,057
Electric Utilities — 2.6%
NextEra Energy, Inc.		52		4,037
Xcel Energy, Inc.		51		3,426
				7,463

INVESTMENTS	SHARES (000)		VALUE ($000)
Electrical Equipment — 0.7%
Eaton Corp. plc		17		2,053
Entertainment — 0.9%
Netflix, Inc. *		5		2,581
Equity Real Estate Investment Trusts (REITs) — 2.3%
Equinix, Inc.		3		2,260
Prologis, Inc.		18		1,754
Public Storage		6		1,366
Sun Communities, Inc.		8		1,166
				6,546
Food & Staples Retailing — 2.4%
Costco Wholesale Corp.		10		3,755
Kroger Co. (The)		30		949
Walmart, Inc.		14		2,069
				6,773
Food Products — 2.5%
Conagra Brands, Inc.		34		1,220
General Mills, Inc.		20		1,167
Hershey Co. (The)		8		1,157
Mondelez International, Inc., Class A		63		3,676
				7,220
Health Care Equipment & Supplies — 0.5%
Medtronic plc		13		1,546
Health Care Providers & Services — 0.5%
UnitedHealth Group, Inc.		4		1,470
Hotels, Restaurants & Leisure — 0.3%
McDonald’s Corp.		4		829
Household Products — 2.3%
Kimberly-Clark Corp.		22		2,909
Procter & Gamble Co. (The)		27		3,758
				6,667
Industrial Conglomerates — 1.5%
Honeywell International, Inc.		20		4,199
Insurance — 4.7%
Allstate Corp. (The)		34		3,696
Chubb Ltd.		21		3,201
Marsh & McLennan Cos., Inc.		20		2,333
Progressive Corp. (The)		39		3,874
RenaissanceRe Holdings Ltd. (Bermuda)		3		510
				13,614

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 2.2%
Alphabet, Inc., Class A *		2		4,266
Facebook, Inc., Class A *		8		2,171
				6,437
Internet & Direct Marketing Retail — 1.5%
Amazon.com, Inc. *		1		4,156
IT Services — 7.0%
Accenture plc, Class A		17		4,514
Automatic Data Processing, Inc.		5		825
Booz Allen Hamilton Holding Corp.		34		2,955
Leidos Holdings, Inc.		32		3,312
Mastercard, Inc., Class A		11		3,896
PayPal Holdings, Inc. *		8		1,788
Visa, Inc., Class A		12		2,686
				19,976
Life Sciences Tools & Services — 1.6%
PerkinElmer, Inc.		9		1,258
Thermo Fisher Scientific, Inc.		7		3,430
				4,688
Machinery — 1.6%
Cummins, Inc.		7		1,652
Deere & Co.		4		951
PACCAR, Inc.		24		2,073
				4,676
Media — 2.6%
Charter Communications, Inc., Class A *		6		3,981
Comcast Corp., Class A		69		3,619
				7,600
Multiline Retail — 2.3%
Dollar General Corp.		5		1,137
Dollar Tree, Inc. *		11		1,232
Target Corp.		23		4,124
				6,493
Multi-Utilities — 4.6%
Ameren Corp.		43		3,336
CMS Energy Corp.		52		3,166
Public Service Enterprise Group, Inc.		62		3,594
Sempra Energy		18		2,309
WEC Energy Group, Inc.		10		921
				13,326

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 0.4%
TC Energy Corp. (Canada)		28		1,149
Pharmaceuticals — 5.1%
Bristol-Myers Squibb Co.		57		3,530
Eli Lilly and Co.		24		4,049
Johnson & Johnson		22		3,475
Merck & Co., Inc.		43		3,486
				14,540
Road & Rail — 2.3%
Norfolk Southern Corp.		9		2,174
Old Dominion Freight Line, Inc.		17		3,327
Union Pacific Corp.		5		1,017
				6,518
Semiconductors & Semiconductor Equipment — 0.9%
Analog Devices, Inc.		17		2,537
Software — 3.6%
Intuit, Inc.		11		4,047
Microsoft Corp.		19		4,291
salesforce.com, Inc. *		9		2,044
				10,382
Specialty Retail — 3.1%
AutoZone, Inc. *		3		3,758
Home Depot, Inc. (The)		8		1,997
Lowe’s Cos., Inc.		11		1,699
TJX Cos., Inc. (The)		22		1,531
				8,985
Technology Hardware, Storage & Peripherals — 1.8%
Apple, Inc.		29		3,830
Seagate Technology plc		21		1,275
				5,105
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		17		2,407
Tobacco — 1.3%
Altria Group, Inc.		40		1,623
Philip Morris International, Inc.		26		2,135
				3,758
Wireless Telecommunication Services — 1.3%
T-Mobile US, Inc. *		28		3,767
Total Common Stocks (Cost $199,065)				236,705

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 15.8%
Barclays Bank plc, ELN, 53.15%, 1/8/2021, (linked to S&P 500 Index) (a)		2		8,218
BMO Capital Markets Corp., ELN, 55.06%, 1/15/2021, (linked to S&P 500 Index) (a)		2		8,517
BNP Paribas, ELN, 62.53%, 1/29/2021, (linked to S&P 500 Index) (a)		2		8,785
Royal Bank of Canada, ELN, 62.43%, 2/5/2021, (linked to S&P 500 Index) (a)		3		9,627
Toronto-Dominion Bank (The), ELN, 55.50%, 1/22/2021, (linked to S&P 500 Index) (a)		3		10,205
Total Equity-Linked Notes (Cost $45,596)				45,352
	SHARES (000)
Exchange-Traded Funds — 0.2%
International Equity — 0.2%
iShares MSCI USA Min Vol Factor ETF (Cost $510)		8		512
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,271)		1,271		1,271
Total Investments — 98.8% (Cost $246,442)				283,840
Other Assets Less Liabilities — 1.2%				3,372
NET ASSETS — 100.0%				287,212

Percentages indicated are based on net assets.

Abbreviations

ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Aerospace & Defense — 1.0%
General Dynamics Corp. (a)		152		22,559
Northrop Grumman Corp.		163		49,755
Raytheon Technologies Corp.		1,022		73,092
				145,406
Air Freight & Logistics — 0.5%
FedEx Corp.		300		77,801
Airlines — 0.3%
Delta Air Lines, Inc.		434		17,467
Southwest Airlines Co.		563		26,245
				43,712
Auto Components — 0.2%
Magna International, Inc. (Canada)		413		29,212
Automobiles — 1.8%
General Motors Co.		798		33,237
Tesla, Inc. *		320		225,928
				259,165
Banks — 3.1%
Bank of America Corp. (a)		2,239		67,877
Citigroup, Inc.		1,499		92,454
KeyCorp (a)		3,395		55,705
Regions Financial Corp.		2,619		42,221
Truist Financial Corp.		698		33,477
US Bancorp		1,209		56,343
Wells Fargo & Co.		3,415		103,075
				451,152
Beverages — 1.3%
Coca-Cola Co. (The) (a)		2,260		123,938
Constellation Brands, Inc., Class A		313		68,617
				192,555
Biotechnology — 2.5%
AbbVie, Inc.		1,499		160,634
Alexion Pharmaceuticals, Inc. *		417		65,122
Amgen, Inc. (a)		47		10,831
Biogen, Inc. * (a)		124		30,352
Regeneron Pharmaceuticals, Inc. *		83		40,268
Vertex Pharmaceuticals, Inc. *		213		50,348
				357,555
Building Products — 0.9%
Masco Corp.		875		48,055
Trane Technologies plc		522		75,727
				123,782

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 3.4%
Goldman Sachs Group, Inc. (The)		293		77,385
Intercontinental Exchange, Inc.		635		73,238
MarketAxess Holdings, Inc.		35		19,863
Morgan Stanley		1,942		133,113
MSCI, Inc.		21		9,399
S&P Global, Inc.		362		119,121
State Street Corp.		706		51,391
T. Rowe Price Group, Inc.		93		14,061
				497,571
Chemicals — 1.8%
Air Products and Chemicals, Inc.		99		27,083
Celanese Corp.		160		20,756
Dow, Inc.		348		19,316
DuPont de Nemours, Inc.		562		39,980
Eastman Chemical Co.		655		65,710
Linde plc (United Kingdom)		173		45,473
LyondellBasell Industries NV, Class A		229		20,994
PPG Industries, Inc.		201		29,016
				268,328
Commercial Services & Supplies — 0.1%
Cintas Corp. (a)		48		16,948
Communications Equipment — 0.4%
Cisco Systems, Inc.		1,009		45,155
Motorola Solutions, Inc.		45		7,606
				52,761
Consumer Finance — 0.5%
Capital One Financial Corp.		704		69,595
Containers & Packaging — 0.6%
Avery Dennison Corp.		103		16,031
Crown Holdings, Inc. * (a)		257		25,753
Packaging Corp. of America		90		12,428
WestRock Co.		627		27,292
				81,504
Diversified Consumer Services — 0.0% (b)
H&R Block, Inc.		179		2,847
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		993		230,277
Voya Financial, Inc.		169		9,934
				240,211
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc. (a)		1,943		114,123

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.4%
Exelon Corp.		594		25,081
NextEra Energy, Inc.		1,922		148,281
Xcel Energy, Inc. (a)		518		34,550
				207,912
Electrical Equipment — 0.6%
Eaton Corp. plc		706		84,862
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		286		34,674
Entertainment — 1.2%
Netflix, Inc. * (a)		311		167,910
Equity Real Estate Investment Trusts (REITs) — 1.7%
Camden Property Trust		324		32,422
Equinix, Inc.		91		64,905
Equity LifeStyle Properties, Inc.		188		11,936
Mid-America Apartment Communities, Inc.		202		25,621
Prologis, Inc.		679		67,719
Public Storage		44		10,052
Realty Income Corp.		97		6,004
Sun Communities, Inc.		62		9,403
UDR, Inc.		134		5,157
Ventas, Inc.		356		17,456
				250,675
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		143		53,712
Kroger Co. (The)		639		20,283
				73,995
Food Products — 0.6%
Mondelez International, Inc., Class A (a)		1,560		91,214
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		178		19,461
ABIOMED, Inc. *		20		6,605
Baxter International, Inc.		758		60,833
Becton Dickinson and Co.		131		32,815
Boston Scientific Corp. * (a)		1,605		57,695
DexCom, Inc. *		43		15,858
Edwards Lifesciences Corp. *		167		15,253
Intuitive Surgical, Inc. * (a)		31		25,096
Medtronic plc (a)		1,088		127,422
Zimmer Biomet Holdings, Inc. (a)		529		81,562
				442,600

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
Anthem, Inc. (a)		119		38,083
Centene Corp. *		148		8,860
Cigna Corp. (a)		391		81,497
McKesson Corp.		436		75,796
UnitedHealth Group, Inc. (a)		541		189,790
				394,026
Hotels, Restaurants & Leisure — 0.6%
Hilton Worldwide Holdings, Inc.		347		38,589
Yum! Brands, Inc.		462		50,204
				88,793
Household Durables — 0.4%
Lennar Corp., Class A		752		57,289
Household Products — 1.7%
Kimberly-Clark Corp.		473		63,790
Procter & Gamble Co. (The) (a)		1,268		176,402
				240,192
Industrial Conglomerates — 1.0%
Honeywell International, Inc. (a)		658		140,013
Insurance — 1.8%
Allstate Corp. (The) (a)		699		76,817
American International Group, Inc.		397		15,015
Chubb Ltd.		325		49,957
Hartford Financial Services Group, Inc. (The)		479		23,461
Marsh & McLennan Cos., Inc.		160		18,762
MetLife, Inc.		145		6,816
Progressive Corp. (The)		736		72,778
				263,606
Interactive Media & Services — 5.8%
Alphabet, Inc., Class A * (a)		174		304,818
Alphabet, Inc., Class C * (a)		139		244,142
Facebook, Inc., Class A * (a)		1,081		295,168
				844,128
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. * (a)		219		714,179
Booking Holdings, Inc. * (a)		31		69,656
				783,835
IT Services — 6.1%
Accenture plc, Class A		618		161,458
Booz Allen Hamilton Holding Corp.		253		22,025
FleetCor Technologies, Inc. *		39		10,705
International Business Machines Corp.		434		54,683

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Leidos Holdings, Inc.		532		55,927
Mastercard, Inc., Class A (a)		680		242,816
PayPal Holdings, Inc. * (a)		861		201,668
Visa, Inc., Class A (a)		599		131,071
				880,353
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		104		38,602
PerkinElmer, Inc.		51		7,254
Thermo Fisher Scientific, Inc. (a)		352		164,052
Waters Corp. *		32		7,801
				217,709
Machinery — 2.0%
Cummins, Inc. (a)		198		45,074
Deere & Co.		274		73,668
Parker-Hannifin Corp.		259		70,636
Snap-on, Inc.		132		22,600
Stanley Black & Decker, Inc.		415		74,136
				286,114
Media — 2.3%
Altice USA, Inc., Class A *		478		18,087
Charter Communications, Inc., Class A * (a)		167		110,192
Comcast Corp., Class A (a)		2,810		147,225
Discovery, Inc., Class A *		975		29,347
Discovery, Inc., Class C *		1,129		29,561
				334,412
Metals & Mining — 0.1%
Newmont Corp.		362		21,663
Multiline Retail — 0.8%
Dollar Tree, Inc. *		319		34,509
Target Corp.		479		84,516
				119,025
Multi-Utilities — 1.3%
Ameren Corp.		501		39,127
CMS Energy Corp.		510		31,137
DTE Energy Co.		269		32,643
Public Service Enterprise Group, Inc.		601		35,031
Sempra Energy		411		52,303
				190,241
Oil, Gas & Consumable Fuels — 2.3%
Cabot Oil & Gas Corp.		217		3,537
Cheniere Energy, Inc. *		277		16,644

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Chevron Corp. (a)		1,214		102,558
ConocoPhillips		581		23,242
Diamondback Energy, Inc.		392		18,975
EOG Resources, Inc. (a)		873		43,558
Kinder Morgan, Inc.		998		13,649
Phillips 66		557		38,945
Pioneer Natural Resources Co. (a)		494		56,218
Williams Cos., Inc. (The)		894		17,933
				335,259
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		180		47,937
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co. (a)		2,189		135,756
Eli Lilly and Co. (a)		788		132,982
Johnson & Johnson (a)		730		114,893
Merck & Co., Inc. (a)		1,386		113,336
Pfizer, Inc.		396		14,594
				511,561
Professional Services — 0.1%
Verisk Analytics, Inc.		74		15,461
Road & Rail — 1.3%
CSX Corp.		256		23,232
Lyft, Inc., Class A *		383		18,820
Norfolk Southern Corp. (a)		476		113,119
Union Pacific Corp.		197		40,945
				196,116
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc. * (a)		873		80,051
Analog Devices, Inc.		698		103,128
Applied Materials, Inc.		1,214		104,749
Intel Corp.		694		34,598
Lam Research Corp.		154		72,687
Microchip Technology, Inc.		220		30,409
Micron Technology, Inc. *		324		24,351
NVIDIA Corp. (a)		233		121,594
NXP Semiconductors NV (Netherlands)		454		72,224
Qorvo, Inc. *		263		43,697
QUALCOMM, Inc.		163		24,894
Texas Instruments, Inc. (a)		858		140,783
				853,165
Software — 8.2%
Fortinet, Inc. *		65		9,654

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Intuit, Inc. (a)		291		110,654
Microsoft Corp. (a)		4,059		902,865
salesforce.com, Inc. * (a)		604		134,319
Workday, Inc., Class A *		139		33,312
				1,190,804
Specialty Retail — 3.3%
AutoZone, Inc. * (a)		60		70,741
Best Buy Co., Inc. (a)		677		67,519
Home Depot, Inc. (The) (a)		494		131,274
Lowe’s Cos., Inc. (a)		853		136,913
TJX Cos., Inc. (The) (a)		974		66,531
				472,978
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc. (a)		7,664		1,016,877
Seagate Technology plc		777		48,283
				1,065,160
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		341		32,104
NIKE, Inc., Class B		738		104,413
				136,517
Tobacco — 1.2%
Altria Group, Inc. (a)		1,839		75,400
Philip Morris International, Inc.		1,201		99,390
				174,790
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *		782		105,427
Total Common Stocks (Cost $10,576,181)				14,344,644

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 2.3%
Put Options Purchased — 2.3%
Index Funds — 2.3%
S&P 500 Index 3/31/2021 at USD 3,550.00, European Style Notional Amount: USD 14,493,172 Exchange-Traded * (Cost $345,846)		38,586		337,242
	SHARES (000)
Short-Term Investments — 4.6%
Investment Companies — 4.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (c) (d) (Cost $675,807)		675,807		675,807
Total Investments — 105.5% (Cost $11,597,834)				15,357,693
Liabilities in Excess of Other Assets — (5.5)%				(805,055	)
NET ASSETS — 100.0%				14,552,638

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		1,039		03/2021		USD		194,566		452

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Written Call Options Contracts as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

38,586

USD 14,493,172

USD 3,895.00

3/31/2021

(251,774

)

Written Put Options Contracts as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

38,586

USD 14,493,172

USD 3,000.00

3/31/2021

(89,326

)

Total Written Options Contracts (Premiums Received $334,309)

(341,100

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 1.4%
Raytheon Technologies Corp.		50		3,597
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		5		842
Airlines — 0.3%
Delta Air Lines, Inc.		19		744
Auto Components — 0.9%
Lear Corp.		15		2,354
Banks — 9.1%
Bank of America Corp.		200		6,071
Citigroup, Inc.		89		5,505
Citizens Financial Group, Inc.		62		2,203
Sterling Bancorp		78		1,402
Truist Financial Corp.		28		1,347
Wells Fargo & Co.		83		2,499
Western Alliance Bancorp		33		1,984
Zions Bancorp NA		39		1,699
				22,710
Biotechnology — 2.5%
AbbVie, Inc.		41		4,444
Biogen, Inc. *		5		1,151
Exelixis, Inc. *		32		632
				6,227
Building Products — 1.1%
Fortune Brands Home & Security, Inc.		8		669
Owens Corning		28		2,098
				2,767
Capital Markets — 2.3%
Ameriprise Financial, Inc.		2		369
Bank of New York Mellon Corp. (The)		28		1,188
Goldman Sachs Group, Inc. (The)		4		1,002
Morgan Stanley		46		3,139
				5,698
Chemicals — 2.9%
Celanese Corp.		13		1,624
DuPont de Nemours, Inc.		43		3,079
Eastman Chemical Co.		8		802
Huntsman Corp.		67		1,672
				7,177
Commercial Services & Supplies — 0.4%
Republic Services, Inc.		11		1,088

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 1.5%
Cisco Systems, Inc.		65		2,900
Lumentum Holdings, Inc. *		10		948
				3,848
Construction & Engineering — 0.8%
AECOM *		22		1,115
MasTec, Inc. *		12		846
				1,961
Consumer Finance — 2.2%
Ally Financial, Inc.		42		1,490
Capital One Financial Corp.		10		1,018
Discover Financial Services		11		978
Synchrony Financial		59		2,041
				5,527
Containers & Packaging — 2.2%
Ardagh Group SA		50		867
Berry Global Group, Inc. *		35		1,944
Crown Holdings, Inc. *		21		2,134
Silgan Holdings, Inc.		18		668
				5,613
Diversified Consumer Services — 0.3%
H&R Block, Inc.		51		807
Diversified Financial Services — 2.3%
Berkshire Hathaway, Inc., Class B *		17		4,011
Voya Financial, Inc.		31		1,841
				5,852
Diversified Telecommunication Services — 2.8%
CenturyLink, Inc.		58		565
Verizon Communications, Inc.		111		6,509
				7,074
Electric Utilities — 3.7%
Entergy Corp.		15		1,538
Exelon Corp.		83		3,513
NextEra Energy, Inc.		36		2,739
Southern Co. (The)		24		1,480
				9,270
Electrical Equipment — 1.3%
Eaton Corp. plc		26		3,172
Energy Equipment & Services — 1.0%
Baker Hughes Co.		33		678
Schlumberger NV		88		1,923
				2,601

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Entertainment — 0.5%
Walt Disney Co. (The) *		6		1,123
Equity Real Estate Investment Trusts (REITs) — 3.5%
American Tower Corp.		5		1,033
Essex Property Trust, Inc.		7		1,543
Invitation Homes, Inc.		59		1,764
Kilroy Realty Corp.		16		890
Paramount Group, Inc.		154		1,392
VEREIT, Inc.		29		1,097
VICI Properties, Inc.		44		1,125
				8,844
Food & Staples Retailing — 1.3%
Sysco Corp.		42		3,141
Food Products — 1.6%
Conagra Brands, Inc.		44		1,585
Mondelez International, Inc., Class A		19		1,134
Tyson Foods, Inc., Class A		19		1,205
				3,924
Health Care Equipment & Supplies — 2.9%
Hologic, Inc. *		18		1,289
Medtronic plc		51		5,974
				7,263
Health Care Providers & Services — 4.0%
Anthem, Inc.		15		4,688
Centene Corp. *		25		1,494
Cigna Corp.		8		1,624
HCA Healthcare, Inc.		8		1,250
McKesson Corp.		5		835
				9,891
Hotels, Restaurants & Leisure — 2.1%
Darden Restaurants, Inc.		7		870
Las Vegas Sands Corp.		41		2,444
Wyndham Destinations, Inc.		44		1,951
				5,265
Household Durables — 0.9%
DR Horton, Inc.		15		1,006
PulteGroup, Inc.		27		1,147
				2,153
Household Products — 2.1%
Procter & Gamble Co. (The)		23		3,214
Spectrum Brands Holdings, Inc.		25		1,983
				5,197

INVESTMENTS	SHARES (000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.		25		499
Industrial Conglomerates — 0.6%
General Electric Co.		138		1,493
Insurance — 2.5%
Allstate Corp. (The)		19		2,034
Fidelity National Financial, Inc.		49		1,927
MetLife, Inc.		15		681
Travelers Cos., Inc. (The)		11		1,474
				6,116
Interactive Media & Services — 3.4%
Alphabet, Inc., Class A *		2		3,137
Alphabet, Inc., Class C *		2		4,030
Zillow Group, Inc., Class C *		10		1,246
				8,413
Internet & Direct Marketing Retail — 1.2%
eBay, Inc.		38		1,899
Qurate Retail, Inc., Series A		89		979
				2,878
IT Services — 2.2%
DXC Technology Co.		76		1,944
Leidos Holdings, Inc.		11		1,146
Mastercard, Inc., Class A		3		982
Science Applications International Corp.		15		1,429
				5,501
Leisure Products — 0.8%
Brunswick Corp.		25		1,868
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		6		723
IQVIA Holdings, Inc. *		10		1,773
PerkinElmer, Inc.		9		1,306
				3,802
Machinery — 3.1%
Caterpillar, Inc.		8		1,438
Deere & Co.		6		1,614
PACCAR, Inc.		15		1,277
Parker-Hannifin Corp.		7		1,907
Toro Co. (The)		15		1,423
				7,659
Media — 3.1%
Charter Communications, Inc., Class A *		5		3,440
Discovery, Inc., Class A * (a)		64		1,911
Fox Corp., Class B		24		687

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Media — continued
Nexstar Media Group, Inc., Class A		6		611
Omnicom Group, Inc.		17		1,067
				7,716
Multi-Utilities — 1.2%
Sempra Energy		14		1,822
WEC Energy Group, Inc.		14		1,261
				3,083
Oil, Gas & Consumable Fuels — 3.4%
Cheniere Energy, Inc. *		28		1,663
Chevron Corp.		14		1,145
Cimarex Energy Co.		52		1,965
Concho Resources, Inc.		20		1,155
EOG Resources, Inc.		14		683
Kinder Morgan, Inc.		65		890
Phillips 66		16		1,112
				8,613
Personal Products — 0.3%
Herbalife Nutrition Ltd. *		18		860
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		53		3,294
Horizon Therapeutics plc *		10		695
Jazz Pharmaceuticals plc *		10		1,617
Johnson & Johnson		8		1,259
Pfizer, Inc.		51		1,881
				8,746
Professional Services — 0.4%
ManpowerGroup, Inc.		12		1,082
Road & Rail — 2.5%
CSX Corp.		46		4,147
Old Dominion Freight Line, Inc.		7		1,269
Union Pacific Corp.		4		895
				6,311
Semiconductors & Semiconductor Equipment — 3.1%
Intel Corp.		37		1,824
Lam Research Corp.		6		2,786
Qorvo, Inc. *		5		815
QUALCOMM, Inc.		15		2,285
				7,710
Software — 2.1%
Microsoft Corp.		11		2,425
Oracle Corp.		43		2,775
				5,200

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — 1.1%
Best Buy Co., Inc.		14		1,367
Foot Locker, Inc.		37		1,496
				2,863
Technology Hardware, Storage & Peripherals — 1.7%
Dell Technologies, Inc., Class C *		31		2,294
Hewlett Packard Enterprise Co.		91		1,079
NetApp, Inc.		12		762
				4,135
Tobacco — 2.1%
Altria Group, Inc.		100		4,116
Philip Morris International, Inc.		13		1,060
				5,176
Trading Companies & Distributors — 0.6%
United Rentals, Inc. *		6		1,484
Total Common Stocks (Cost $202,330)				246,938
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $30)		14		10
	SHARES (000)
Short-Term Investments — 1.6%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $3,492)		3,491		3,492
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		3		4
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		423		423
Total Investment of Cash Collateral from Securities Loaned (Cost $427)				427
Total Short-Term Investments (Cost $3,919)				3,919
Total Investments — 100.4% (Cost $206,279)				250,867
Liabilities in Excess of Other Assets — (0.4)%				(1,045	)
NET ASSETS — 100.0%				249,822

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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, 2020. The total value of securities on loan at December 31, 2020 is approximately $418,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		9		03/2021		USD		1,685		38

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.5%
Air Freight & Logistics — 0.6%
FedEx Corp.		774		200,868
Automobiles — 4.6%
Tesla, Inc. *		2,126		1,500,466
Beverages — 2.0%
Boston Beer Co., Inc. (The), Class A *		216		214,270
Monster Beverage Corp. *		4,648		429,879
				644,149
Biotechnology — 5.6%
Alnylam Pharmaceuticals, Inc. *		342		44,411
Biogen, Inc. *		614		150,222
BioMarin Pharmaceutical, Inc. *		1,794		157,328
Exact Sciences Corp. * (a)		2,572		340,698
Moderna, Inc. *		1,172		122,470
Regeneron Pharmaceuticals, Inc. * (a)		846		408,615
Seagen, Inc. *		3,327		582,638
				1,806,382
Capital Markets — 6.1%
Blackstone Group, Inc. (The), Class A		4,420		286,473
Charles Schwab Corp. (The)		7,496		397,578
MarketAxess Holdings, Inc.		940		536,155
Morgan Stanley		4,856		332,775
MSCI, Inc.		315		140,434
S&P Global, Inc.		797		262,064
				1,955,479
Chemicals — 1.8%
Air Products and Chemicals, Inc.		1,121		306,225
Sherwin-Williams Co. (The)		391		287,129
				593,354
Electrical Equipment — 1.3%
Rockwell Automation, Inc.		1,620		406,262
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		2,150		281,156
Entertainment — 2.1%
Netflix, Inc. *		554		299,727
Spotify Technology SA *		1,241		390,587
				690,314
Equity Real Estate Investment Trusts (REITs) — 0.7%
Equinix, Inc.		329		234,930
Health Care Equipment & Supplies — 3.9%
ABIOMED, Inc. *		345		111,784
Align Technology, Inc. *		753		402,281

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
DexCom, Inc. *		970		358,518
Intuitive Surgical, Inc. *		461		377,287
				1,249,870
Health Care Providers & Services — 1.7%
HCA Healthcare, Inc.		1,078		177,337
McKesson Corp.		2,128		370,086
				547,423
Health Care Technology — 0.3%
Veeva Systems, Inc., Class A *		398		108,488
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc., Class A *		263		38,638
Chipotle Mexican Grill, Inc. *		482		668,255
				706,893
Industrial Conglomerates — 0.6%
Roper Technologies, Inc.		423		182,179
Interactive Media & Services — 10.3%
Alphabet, Inc., Class C *		201		352,937
Facebook, Inc., Class A *		3,606		984,967
Match Group, Inc. *		3,258		492,595
Pinterest, Inc., Class A *		2,402		158,279
Snap, Inc., Class A *		15,184		760,278
Twitter, Inc. *		2,462		133,317
Zillow Group, Inc., Class C *		3,524		457,363
				3,339,736
Internet & Direct Marketing Retail — 9.5%
Alibaba Group Holding Ltd., ADR (China) *		1,460		339,739
Amazon.com, Inc. *		461		1,501,461
Booking Holdings, Inc. *		194		431,645
Grubhub, Inc. *		732		54,373
MercadoLibre, Inc. (Argentina) * (a)		295		494,869
Wayfair, Inc., Class A * (a)		1,034		233,510
				3,055,597
IT Services — 7.4%
Cognizant Technology Solutions Corp., Class A		2,711		222,134
Mastercard, Inc., Class A		1,299		463,522
PayPal Holdings, Inc. *		5,030		1,178,131
Shopify, Inc., Class A (Canada) * (a)		31		35,204
Square, Inc., Class A *		2,246		488,906
				2,387,897
Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc.		500		233,104

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 0.7%
Deere & Co.		805		216,666
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		1,155		307,476
Professional Services — 0.3%
CoStar Group, Inc. * (a)		113		104,629
Road & Rail — 1.2%
Norfolk Southern Corp.		1,584		376,303
Semiconductors & Semiconductor Equipment — 9.6%
Advanced Micro Devices, Inc. *		5,357		491,309
ASML Holding NV (Registered), NYRS (Netherlands)		1,014		494,694
Enphase Energy, Inc. * (a)		1,390		243,886
Lam Research Corp.		735		347,307
NVIDIA Corp.		840		438,578
QUALCOMM, Inc.		4,165		634,542
Texas Instruments, Inc.		2,758		452,671
				3,102,987
Software — 9.9%
Microsoft Corp.		6,882		1,530,761
salesforce.com, Inc. *		1,359		302,307
ServiceNow, Inc. *		273		150,515
SS&C Technologies Holdings, Inc.		2,842		206,763
Synopsys, Inc. *		1,920		497,767
Trade Desk, Inc. (The), Class A *		347		278,027
Workday, Inc., Class A *		905		216,823
				3,182,963
Specialty Retail — 2.9%
Carvana Co. *		1,305		312,672
Home Depot, Inc. (The)		1,350		358,650
Lowe’s Cos., Inc.		1,577		253,108
				924,430
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.		18,771		2,490,705
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica, Inc. *		926		322,276
Total Common Stocks (Cost $16,902,448)				31,152,982
Short-Term Investments — 4.6%
Investment Companies — 4.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,289,076)		1,288,551		1,289,196

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		177,129		177,146
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		28,095		28,095
Total Investment of Cash Collateral from Securities Loaned (Cost $205,242)				205,241
Total Short-Term Investments (Cost $1,494,318)				1,494,437
Total Investments — 101.1% (Cost $18,396,766)				32,647,419
Liabilities in Excess of Other Assets — (1.1)%				(356,493	)
NET ASSETS — 100.0%				32,290,926

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $176,206,000.
(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, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Aerospace & Defense — 1.9%
Raytheon Technologies Corp.		445		31,808
Airlines — 1.3%
Spirit Airlines, Inc. * (a)		920		22,487
Automobiles — 3.1%
General Motors Co.		1,264		52,650
Banks — 9.9%
Bank of America Corp.		1,433		43,437
Citigroup, Inc.		1,059		65,318
Wells Fargo & Co.		2,002		60,433
				169,188
Beverages — 1.0%
Coca-Cola Co. (The)		293		16,068
Biotechnology — 3.3%
Alexion Pharmaceuticals, Inc. *		198		30,873
Biogen, Inc. *		43		10,431
Vertex Pharmaceuticals, Inc. *		65		15,433
				56,737
Building Products — 4.2%
Carrier Global Corp.		484		18,271
Owens Corning		459		34,789
Trane Technologies plc		131		18,958
				72,018
Capital Markets — 2.3%
Franklin Resources, Inc.		269		6,722
Goldman Sachs Group, Inc. (The)		53		13,845
Morgan Stanley		271		18,572
				39,139
Chemicals — 7.0%
Celanese Corp. (a)		258		33,524
DuPont de Nemours, Inc. (a)		358		25,436
Eastman Chemical Co.		220		22,092
FMC Corp.		246		28,250
LyondellBasell Industries NV, Class A		116		10,605
				119,907
Containers & Packaging — 0.7%
WestRock Co.		259		11,253
Electrical Equipment — 0.5%
Sensata Technologies Holding plc *		170		8,950
Equity Real Estate Investment Trusts (REITs) — 3.8%
Host Hotels & Resorts, Inc.		1,168		17,092
Ventas, Inc.		607		29,753
Weingarten Realty Investors		852		18,469
				65,314

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 3.9%
US Foods Holding Corp. *		2,003		66,723
Food Products — 2.3%
Lamb Weston Holdings, Inc.		494		38,921
Health Care Equipment & Supplies — 1.7%
Zimmer Biomet Holdings, Inc.		184		28,276
Health Care Providers & Services — 6.4%
Anthem, Inc.		48		15,412
Centene Corp. *		199		11,916
Cigna Corp.		222		46,258
CVS Health Corp.		238		16,262
McKesson Corp.		75		12,992
Universal Health Services, Inc., Class B		39		5,307
				108,147
Hotels, Restaurants & Leisure — 2.7%
Darden Restaurants, Inc.		267		31,841
Royal Caribbean Cruises Ltd.		188		14,071
				45,912
Household Durables — 0.7%
PulteGroup, Inc.		292		12,608
Industrial Conglomerates — 1.5%
Honeywell International, Inc.		122		25,992
Insurance — 5.3%
American International Group, Inc.		873		33,036
Chubb Ltd.		117		17,932
Hartford Financial Services Group, Inc. (The)		477		23,383
Prudential Financial, Inc.		208		16,270
				90,621
Internet & Direct Marketing Retail — 0.8%
Booking Holdings, Inc. *		6		14,032
IT Services — 3.2%
Leidos Holdings, Inc.		117		12,330
Sabre Corp. (a)		1,543		18,541
WEX, Inc. *		114		23,162
				54,033
Machinery — 3.3%
AGCO Corp.		201		20,752
Parker-Hannifin Corp.		78		21,221
Stanley Black & Decker, Inc.		78		13,892
				55,865

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 49

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Media — 4.2%
Comcast Corp., Class A		1,170		61,313
Discovery, Inc., Class A * (a)		339		10,204
				71,517
Metals & Mining — 2.3%
Freeport-McMoRan, Inc.		1,485		38,650
Multiline Retail — 0.9%
Kohl’s Corp.		375		15,275
Multi-Utilities — 0.2%
Dominion Energy, Inc.		44		3,301
Oil, Gas & Consumable Fuels — 5.9%
Diamondback Energy, Inc.		325		15,745
EOG Resources, Inc.		481		24,007
Parsley Energy, Inc., Class A		1,145		16,256
Phillips 66		252		17,653
Pioneer Natural Resources Co.		238		27,083
				100,744
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		366		22,728
Pfizer, Inc.		360		13,255
				35,983
Real Estate Management & Development — 1.5%
Cushman & Wakefield plc * (a)		1,678		24,888
Road & Rail — 1.9%
Lyft, Inc., Class A * (a)		222		10,902
Norfolk Southern Corp.		92		21,955
				32,857
Semiconductors & Semiconductor Equipment — 3.7%
Microchip Technology, Inc.		63		8,715
NXP Semiconductors NV (Netherlands)		63		10,065
ON Semiconductor Corp. *		1,368		44,758
				63,538
Specialty Retail — 1.5%
AutoNation, Inc. *		360		25,117
Technology Hardware, Storage & Peripherals — 0.5%
Seagate Technology plc		131		8,162
Textiles, Apparel & Luxury Goods — 2.3%
Carter’s, Inc.		259		24,383
Tapestry, Inc.		474		14,729
				39,112
Total Common Stocks (Cost $1,303,652)				1,665,793

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $456)		214		148
	SHARES (000)
Short-Term Investments — 3.0%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $32,096)		32,077		32,093
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		16,397		16,398
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,838		1,838
Total Investment of Cash Collateral from Securities Loaned (Cost $18,236)				18,236
Total Short-Term Investments (Cost $50,332)				50,329
Total Investments — 100.8% (Cost $1,354,440)				1,716,270
Liabilities in Excess of Other Assets — (0.8)%				(13,520	)
NET ASSETS — 100.0%				1,702,750

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, 2020. The total value of securities on loan at December 31, 2020 is approximately $17,592,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Aerospace & Defense — 1.6%
Northrop Grumman Corp.		995		303,091
Automobiles — 2.0%
Tesla, Inc. *		537		378,618
Banks — 5.7%
Huntington Bancshares, Inc.		7,971		100,670
KeyCorp		9,776		160,420
Regions Financial Corp.		5,867		94,584
Truist Financial Corp.		10,141		486,048
Wells Fargo & Co.		7,233		218,300
				1,060,022
Beverages — 4.5%
Coca-Cola Co. (The)		8,595		471,352
Constellation Brands, Inc., Class A		1,666		364,875
				836,227
Biotechnology — 2.7%
AbbVie, Inc.		4,267		457,197
Biogen, Inc. *		210		51,441
				508,638
Capital Markets — 3.0%
Ameriprise Financial, Inc.		1,175		228,362
Morgan Stanley		4,933		338,046
				566,408
Chemicals — 1.6%
Eastman Chemical Co.		2,972		298,021
Containers & Packaging — 1.5%
Crown Holdings, Inc. *		2,824		282,952
Electric Utilities — 4.0%
NextEra Energy, Inc.		6,369		491,392
Xcel Energy, Inc.		3,938		262,535
				753,927
Electrical Equipment — 2.9%
Eaton Corp. plc		4,525		543,673
Entertainment — 1.9%
Netflix, Inc. *		641		346,800
Equity Real Estate Investment Trusts (REITs) — 2.4%
Prologis, Inc.		4,523		450,722
Health Care Equipment & Supplies — 2.4%
Boston Scientific Corp. *		7,521		270,386
Intuitive Surgical, Inc. *		225		184,458
				454,844

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
Cigna Corp.		1,939		403,559
Quest Diagnostics, Inc.		797		95,015
				498,574
Hotels, Restaurants & Leisure — 3.3%
McDonald’s Corp.		1,636		350,977
Yum! Brands, Inc.		2,379		258,264
				609,241
Insurance — 1.6%
Chubb Ltd.		736		113,227
Progressive Corp. (The)		1,880		185,887
				299,114
Interactive Media & Services — 5.5%
Alphabet, Inc., Class A *		514		901,318
Facebook, Inc., Class A *		441		120,362
				1,021,680
Internet & Direct Marketing Retail — 5.8%
Amazon.com, Inc. *		333		1,085,743
IT Services — 8.3%
Booz Allen Hamilton Holding Corp.		792		69,056
FleetCor Technologies, Inc. *		972		265,293
Leidos Holdings, Inc.		3,256		342,245
Mastercard, Inc., Class A		2,342		835,788
Okta, Inc. *		133		33,802
				1,546,184
Machinery — 1.1%
Stanley Black & Decker, Inc.		1,177		210,206
Media — 1.0%
Charter Communications, Inc., Class A *		277		183,382
Multi-Utilities — 0.9%
CMS Energy Corp.		2,643		161,239
Oil, Gas & Consumable Fuels — 0.5%
Pioneer Natural Resources Co.		728		82,947
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		5,837		362,052
Eli Lilly and Co.		2,082		351,533
				713,585
Road & Rail — 3.2%
Norfolk Southern Corp.		2,286		543,238
Uber Technologies, Inc. *		891		45,441
				588,679

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 51

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 8.2%
Advanced Micro Devices, Inc. *		3,032		278,037
Analog Devices, Inc.		2,725		402,595
ASML Holding NV (Registered), NYRS (Netherlands)		459		223,812
Lam Research Corp.		275		129,857
NXP Semiconductors NV (Netherlands)		2,320		368,917
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		1,177		128,388
				1,531,606
Software — 8.5%
Ceridian HCM Holding, Inc. *		650		69,266
Coupa Software, Inc. *		181		61,271
Microsoft Corp.		5,409		1,203,034
salesforce.com, Inc. *		831		184,830
Workday, Inc., Class A *		312		74,865
				1,593,266
Specialty Retail — 2.3%
O’Reilly Automotive, Inc. *		543		245,676
Ross Stores, Inc.		1,496		183,710
				429,386
Technology Hardware, Storage & Peripherals — 5.1%
Apple, Inc.		7,206		956,172
Total Common Stocks (Cost $11,141,568)				18,294,947

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $403,806)		403,569		403,771
Total Investments — 100.2% (Cost $11,545,374)				18,698,718
Liabilities in Excess of Other Assets — (0.2)%				(31,942	)
NET ASSETS — 100.0%				18,666,776

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(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, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		1,626		03/2021		USD		304,489		5,543

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 0.8%
Raytheon Technologies Corp.		142		10,119
Air Freight & Logistics — 0.4%
United Parcel Service, Inc., Class B		34		5,658
Automobiles — 2.7%
Tesla, Inc. *		50		35,354
Biotechnology — 4.2%
AbbVie, Inc.		281		30,104
Biogen, Inc. *		16		3,942
Exelixis, Inc. *		238		4,771
Seagen, Inc. *		43		7,514
Vertex Pharmaceuticals, Inc. *		34		8,012
				54,343
Building Products — 0.6%
Fortune Brands Home & Security, Inc.		32		2,760
Owens Corning		69		5,212
				7,972
Capital Markets — 1.1%
LPL Financial Holdings, Inc.		55		5,722
MSCI, Inc.		7		3,304
S&P Global, Inc.		15		4,997
				14,023
Commercial Services & Supplies — 0.5%
Waste Management, Inc.		49		5,814
Communications Equipment — 0.4%
Lumentum Holdings, Inc. *		53		5,024
Containers & Packaging — 1.1%
Berry Global Group, Inc. *		174		9,794
Crown Holdings, Inc. *		38		3,818
				13,612
Electronic Equipment, Instruments & Components — 0.4%
Keysight Technologies, Inc. *		35		4,650
Entertainment — 1.2%
Electronic Arts, Inc.		32		4,552
Netflix, Inc. *		20		10,652
				15,204
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.		43		9,584
Equinix, Inc.		13		9,070
				18,654
Food & Staples Retailing — 0.8%
Sysco Corp.		138		10,278

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 1.7%
Campbell Soup Co.		78		3,781
Conagra Brands, Inc.		237		8,590
Mondelez International, Inc., Class A		166		9,706
				22,077
Health Care Equipment & Supplies — 1.6%
Becton Dickinson and Co.		25		6,181
Medtronic plc		119		13,951
				20,132
Health Care Providers & Services — 4.0%
Anthem, Inc.		60		19,201
Centene Corp. *		137		8,206
HCA Healthcare, Inc.		44		7,204
Humana, Inc. (a)		22		9,149
UnitedHealth Group, Inc.		21		7,364
				51,124
Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A *		21		3,036
Darden Restaurants, Inc.		27		3,216
Las Vegas Sands Corp.		231		13,750
				20,002
Household Durables — 0.4%
PulteGroup, Inc.		129		5,575
Household Products — 1.0%
Procter & Gamble Co. (The)		96		13,357
Insurance — 0.3%
Marsh & McLennan Cos., Inc.		29		3,416
Interactive Media & Services — 8.8%
Alphabet, Inc., Class A *		16		28,217
Alphabet, Inc., Class C *		16		27,505
Facebook, Inc., Class A *		190		51,846
Zillow Group, Inc., Class C *		48		6,217
				113,785
Internet & Direct Marketing Retail — 8.6%
Amazon.com, Inc. *		26		84,029
eBay, Inc.		332		16,658
Expedia Group, Inc.		79		10,459
				111,146
IT Services — 8.4%
Accenture plc, Class A		71		18,441
Akamai Technologies, Inc. *		95		9,985
Leidos Holdings, Inc.		67		7,032
Mastercard, Inc., Class A		124		44,332

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 53

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
PayPal Holdings, Inc. *		95		22,226
Visa, Inc., Class A		28		6,146
				108,162
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc.		53		6,316
IQVIA Holdings, Inc. *		53		9,550
Thermo Fisher Scientific, Inc.		17		7,685
				23,551
Machinery — 0.9%
Parker-Hannifin Corp.		20		5,448
Toro Co. (The)		69		6,516
				11,964
Media — 1.2%
Charter Communications, Inc., Class A *		14		9,394
Discovery, Inc., Class A * (a)		185		5,567
				14,961
Oil, Gas & Consumable Fuels — 0.5%
Cheniere Energy, Inc. *		109		6,555
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.		306		18,981
Horizon Therapeutics plc *		154		11,229
				30,210
Road & Rail — 1.2%
CSX Corp.		101		9,166
Old Dominion Freight Line, Inc.		30		5,797
				14,963
Semiconductors & Semiconductor Equipment — 6.8%
Applied Materials, Inc.		269		23,206
Lam Research Corp.		60		28,478
NVIDIA Corp.		24		12,585
Qorvo, Inc. *		47		7,731
QUALCOMM, Inc.		105		15,950
				87,950
Software — 18.1%
Adobe, Inc. *		58		29,157
Cadence Design Systems, Inc. *		95		12,947
Fortinet, Inc. *		84		12,432
HubSpot, Inc. *		9		3,608
Intuit, Inc.		68		25,982
Microsoft Corp.		487		108,285
Oracle Corp.		223		14,400
Palo Alto Networks, Inc. *		24		8,636

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
ServiceNow, Inc. *		13		7,266
VMware, Inc., Class A * (a)		43		5,975
Workday, Inc., Class A *		19		4,552
				233,240
Specialty Retail — 1.9%
Best Buy Co., Inc.		77		7,714
Lowe’s Cos., Inc.		102		16,308
				24,022
Technology Hardware, Storage & Peripherals — 11.8%
Apple, Inc.		973		129,134
Dell Technologies, Inc., Class C *		218		15,977
NetApp, Inc.		97		6,439
				151,550
Total Common Stocks (Cost $771,011)				1,268,447
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Pharmaceuticals — 0.0% (b)
Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $71)		33		23
	SHARES (000)
Short-Term Investments — 2.5%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $19,430)		19,423		19,433
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		9,993		9,994
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,916		2,916
Total Investment of Cash Collateral from Securities Loaned (Cost $12,910)				12,910
Total Short-Term Investments (Cost $32,340)				32,343
Total Investments — 101.0% (Cost $803,422)				1,300,813
Liabilities in Excess of Other Assets — (1.0)%				(13,390	)
NET ASSETS — 100.0%				1,287,423

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $12,768,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		55		03/2021		USD		10,299		249

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 55

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 125.7%
Common Stocks — 125.3%
Aerospace & Defense — 2.0%
Northrop Grumman Corp. (a)		100		30,608
Raytheon Technologies Corp.		428		30,601
				61,209
Auto Components — 0.7%
Aptiv plc		58		7,521
Magna International, Inc. (Canada)		211		14,942
				22,463
Banks — 2.8%
Bank of America Corp. (a)		318		9,649
Citigroup, Inc.		95		5,875
First Republic Bank		53		7,829
SVB Financial Group *		24		9,332
Truist Financial Corp.		594		28,493
Wells Fargo & Co.		816		24,613
				85,791
Beverages — 2.3%
Coca-Cola Co. (The) (a)		553		30,315
Constellation Brands, Inc., Class A		75		16,417
PepsiCo, Inc. (a)		162		24,079
				70,811
Biotechnology — 3.1%
AbbVie, Inc.		420		44,979
Alexion Pharmaceuticals, Inc. *		102		15,966
Biogen, Inc. * (a)		64		15,572
Regeneron Pharmaceuticals, Inc. *		10		5,043
Vertex Pharmaceuticals, Inc. *		52		12,364
				93,924
Building Products — 1.6%
Trane Technologies plc		327		47,421
Capital Markets — 2.1%
Charles Schwab Corp. (The)		244		12,916
CME Group, Inc.		17		3,035
Morgan Stanley (a)		643		44,069
S&P Global, Inc.		9		2,885
				62,905
Chemicals — 4.6%
Air Products and Chemicals, Inc.		76		20,836
Celanese Corp.		202		26,271
DuPont de Nemours, Inc.		230		16,325
Eastman Chemical Co.		179		17,906
FMC Corp.		33		3,815

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
Linde plc (United Kingdom)		148		39,053
PPG Industries, Inc.		101		14,626
				138,832
Consumer Finance — 1.6%
American Express Co.		110		13,311
Capital One Financial Corp.		360		35,598
				48,909
Containers & Packaging — 0.1%
Packaging Corp. of America		22		3,018
Diversified Financial Services — 0.5%
Voya Financial, Inc.		280		16,442
Electric Utilities — 2.8%
NextEra Energy, Inc.		730		56,326
Xcel Energy, Inc.		426		28,415
				84,741
Electrical Equipment — 1.1%
AMETEK, Inc.		72		8,727
Eaton Corp. plc		168		20,149
Sensata Technologies Holding plc *		59		3,125
				32,001
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		55		6,688
Energy Equipment & Services — 0.2%
Baker Hughes Co.		308		6,422
Entertainment — 2.6%
Electronic Arts, Inc.		81		11,579
Netflix, Inc. * (a)		107		57,767
Warner Music Group Corp., Class A		219		8,316
				77,662
Equity Real Estate Investment Trusts (REITs) — 3.9%
Brixmor Property Group, Inc.		463		7,657
Camden Property Trust		44		4,377
Cousins Properties, Inc.		126		4,234
Equity LifeStyle Properties, Inc.		131		8,274
Kimco Realty Corp.		112		1,687
Prologis, Inc.		256		25,544
Realty Income Corp.		79		4,929
SBA Communications Corp.		57		16,119
Sun Communities, Inc.		89		13,554
UDR, Inc.		154		5,914

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Ventas, Inc.		367		17,982
WP Carey, Inc.		125		8,802
				119,073
Food Products — 0.6%
Conagra Brands, Inc.		74		2,688
Mondelez International, Inc., Class A (a)		268		15,660
				18,348
Health Care Equipment & Supplies — 3.2%
Boston Scientific Corp. * (a)		787		28,310
Intuitive Surgical, Inc. *		9		7,688
Medtronic plc		170		19,878
Zimmer Biomet Holdings, Inc. (a)		259		39,852
				95,728
Health Care Providers & Services — 3.9%
Centene Corp. *		57		3,395
Cigna Corp. (a)		210		43,788
CVS Health Corp.		66		4,505
McKesson Corp.		121		21,048
UnitedHealth Group, Inc. (a)		133		46,591
				119,327
Hotels, Restaurants & Leisure — 2.2%
Hilton Worldwide Holdings, Inc.		38		4,213
Las Vegas Sands Corp.		230		13,720
McDonald’s Corp.		32		6,817
Yum! Brands, Inc.		395		42,875
				67,625
Household Durables — 0.6%
KB Home		217		7,277
Lennar Corp., Class A		33		2,483
Toll Brothers, Inc.		198		8,627
				18,387
Household Products — 1.6%
Kimberly-Clark Corp.		17		2,348
Procter & Gamble Co. (The)		335		46,632
				48,980
Industrial Conglomerates — 1.2%
Honeywell International, Inc. (a)		172		36,518
Insurance — 2.1%
Arthur J Gallagher & Co.		72		8,902
Chubb Ltd.		200		30,719

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
Hartford Financial Services Group, Inc. (The)		127		6,232
Marsh & McLennan Cos., Inc.		33		3,882
Progressive Corp. (The)		137		13,559
				63,294
Interactive Media & Services — 6.6%
Alphabet, Inc., Class A * (a)		54		94,962
Alphabet, Inc., Class C * (a)		22		38,818
Facebook, Inc., Class A * (a)		227		62,095
ZoomInfo Technologies, Inc., Class A *		71		3,404
				199,279
Internet & Direct Marketing Retail — 7.0%
Amazon.com, Inc. * (a)		55		178,258
Booking Holdings, Inc. *		15		32,942
				211,200
IT Services — 9.2%
Booz Allen Hamilton Holding Corp.		60		5,220
Fiserv, Inc. * (a)		333		37,917
FleetCor Technologies, Inc. *		59		15,999
Leidos Holdings, Inc.		336		35,359
Mastercard, Inc., Class A (a)		246		87,946
PayPal Holdings, Inc. * (a)		261		61,173
WEX, Inc. *		177		36,017
				279,631
Life Sciences Tools & Services — 1.4%
Thermo Fisher Scientific, Inc. (a)		92		43,081
Machinery — 3.0%
Parker-Hannifin Corp.		144		39,099
Stanley Black & Decker, Inc.		283		50,541
				89,640
Media — 2.8%
Charter Communications, Inc., Class A * (a)		52		34,365
Comcast Corp., Class A (a)		740		38,797
Discovery, Inc., Class A *		339		10,202
				83,364
Multiline Retail — 0.4%
Dollar Tree, Inc. *		116		12,530
Multi-Utilities — 0.7%
Ameren Corp.		151		11,825
Sempra Energy		64		8,180
				20,005

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 57

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — 3.7%
Chevron Corp.		275		23,182
Cimarex Energy Co.		75		2,799
ConocoPhillips		138		5,508
Diamondback Energy, Inc.		698		33,791
Kinder Morgan, Inc.		166		2,276
Pioneer Natural Resources Co. (a)		242		27,564
TC Energy Corp. (Canada)		95		3,874
Williams Cos., Inc. (The)		588		11,783
				110,777
Personal Products — 0.6%
Estee Lauder Cos., Inc. (The), Class A		74		19,612
Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co. (a)		575		35,689
Elanco Animal Health, Inc. *		199		6,118
Eli Lilly and Co.		288		48,639
Johnson & Johnson		74		11,584
Merck & Co., Inc.		243		19,854
				121,884
Road & Rail — 5.0%
Canadian Pacific Railway Ltd. (Canada)		14		4,850
CSX Corp.		201		18,230
Lyft, Inc., Class A *		703		34,516
Norfolk Southern Corp. (a)		248		59,019
Uber Technologies, Inc. *		187		9,558
Union Pacific Corp. (a)		117		24,303
				150,476
Semiconductors & Semiconductor Equipment — 9.9%
Advanced Micro Devices, Inc. *		451		41,338
Analog Devices, Inc. (a)		428		63,171
Applied Materials, Inc.		393		33,888
KLA Corp.		13		3,428
Lam Research Corp.		96		45,545
Microchip Technology, Inc.		25		3,386
Micron Technology, Inc. *		128		9,594
NVIDIA Corp. (a)		44		23,005
NXP Semiconductors NV (Netherlands)		428		68,041
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		39		4,265
Texas Instruments, Inc. (a)		29		4,813
				300,474
Software — 11.1%
Ceridian HCM Holding, Inc. *		224		23,856
Coupa Software, Inc. *		62		21,050

INVESTMENTS	SHARES (000)			VALUE ($000)
Software — continued
Intuit, Inc.		69			26,128
Microsoft Corp. (a)		895			199,036
Paylocity Holding Corp. *		52			10,791
salesforce.com, Inc. * (a)		132			29,280
ServiceNow, Inc. *		14			7,455
Workday, Inc., Class A *		82			19,553
					337,149
Specialty Retail — 4.9%
AutoZone, Inc. * (a)		16			19,161
Best Buy Co., Inc.		57			5,714
Home Depot, Inc. (The) (a)		68			17,963
Lowe’s Cos., Inc.		278			44,690
O’Reilly Automotive, Inc. *		83			37,510
TJX Cos., Inc. (The)		350			23,901
					148,939
Technology Hardware, Storage & Peripherals — 5.4%
Apple, Inc. (a)		1,163			154,310
Hewlett Packard Enterprise Co.		156			1,852
Seagate Technology plc		134			8,299
					164,461
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		40			3,737
NIKE, Inc., Class B		147			20,828
					24,565
Trading Companies & Distributors — 0.1%
WW Grainger, Inc.		7			3,059
Wireless Telecommunication Services — 1.1%
T-Mobile US, Inc. *		238			32,096
Total Common Stocks (Cost $2,039,051)					3,798,741
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c)(Cost $13,846)		13,838			13,845
Total Long Positions (Cost $2,052,897)					3,812,586
Short Positions — (25.9)%
Common Stocks — (25.9)%
Aerospace & Defense — (0.6)%
Boeing Co. (The)		(24	)		(5,146	)
HEICO Corp.		(40	)		(5,240	)

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Aerospace & Defense — continued
Huntington Ingalls Industries, Inc.		(9	)		(1,515	)
L3Harris Technologies, Inc.		(8	)		(1,444	)
Lockheed Martin Corp.		(9	)		(3,353	)
Textron, Inc.		(32	)		(1,531	)
					(18,229	)
Air Freight & Logistics — (0.5)%
CH Robinson Worldwide, Inc.		(86	)		(8,065	)
Expeditors International of Washington, Inc.		(62	)		(5,911	)
					(13,976	)
Automobiles — (0.1)%
Ford Motor Co.		(447	)		(3,931	)
Banks — (0.3)%
PNC Financial Services Group, Inc. (The)		(54	)		(8,077	)
Beverages — 0.0% (d)
Brown-Forman Corp., Class B		(18	)		(1,461	)
Biotechnology — (0.4)%
Amgen, Inc.		(10	)		(2,411	)
Gilead Sciences, Inc.		(159	)		(9,283	)
					(11,694	)
Building Products — (0.1)%
Johnson Controls International plc		(74	)		(3,436	)
Capital Markets — (0.8)%
Franklin Resources, Inc.		(327	)		(8,174	)
Moody’s Corp.		(10	)		(3,028	)
Nasdaq, Inc.		(62	)		(8,170	)
Northern Trust Corp.		(68	)		(6,311	)
					(25,683	)
Chemicals — (0.5)%
Albemarle Corp.		(54	)		(7,959	)
Ecolab, Inc.		(14	)		(3,056	)
Sherwin-Williams Co. (The)		(4	)		(3,072	)
					(14,087	)
Commercial Services & Supplies — (0.2)%
Republic Services, Inc.		(57	)		(5,492	)
Communications Equipment — (0.4)%
Cisco Systems, Inc.		(191	)		(8,559	)
Juniper Networks, Inc.		(208	)		(4,680	)
					(13,239	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Construction Materials — (0.2)%
Martin Marietta Materials, Inc.		(11	)		(3,111	)
Vulcan Materials Co.		(19	)		(2,817	)
					(5,928	)
Containers & Packaging — (1.0)%
Avery Dennison Corp.		(21	)		(3,287	)
Ball Corp.		(75	)		(6,956	)
International Paper Co.		(238	)		(11,850	)
Silgan Holdings, Inc.		(41	)		(1,532	)
Sonoco Products Co.		(119	)		(7,032	)
					(30,657	)
Diversified Telecommunication Services — (0.6)%
AT&T, Inc.		(438	)		(12,594	)
CenturyLink, Inc.		(699	)		(6,819	)
					(19,413	)
Electric Utilities — (0.5)%
American Electric Power Co., Inc.		(111	)		(9,227	)
Duke Energy Corp.		(12	)		(1,135	)
PPL Corp.		(49	)		(1,371	)
Southern Co. (The)		(54	)		(3,310	)
					(15,043	)
Electrical Equipment — (0.5)%
Acuity Brands, Inc.		(115	)		(13,865	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(84	)		(6,758	)
Energy Equipment & Services — (0.5)%
Halliburton Co.		(445	)		(8,403	)
Schlumberger NV		(259	)		(5,646	)
					(14,049	)
Entertainment — (1.4)%
Spotify Technology SA *		(59	)		(18,463	)
Take-Two Interactive Software, Inc. *		(96	)		(20,048	)
Walt Disney Co. (The) *		(19	)		(3,465	)
					(41,976	)
Equity Real Estate Investment Trusts (REITs) — (1.6)%
AvalonBay Communities, Inc.		(18	)		(2,849	)
Digital Realty Trust, Inc.		(20	)		(2,730	)
Duke Realty Corp.		(68	)		(2,715	)
Equity Residential		(72	)		(4,256	)
Essex Property Trust, Inc.		(18	)		(4,366	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 59

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Extra Space Storage, Inc.		(31	)		(3,633	)
Iron Mountain, Inc.		(353	)		(10,416	)
National Retail Properties, Inc.		(189	)		(7,723	)
Simon Property Group, Inc.		(79	)		(6,726	)
Vornado Realty Trust		(107	)		(4,003	)
					(49,417	)
Food & Staples Retailing — (1.2)%
Kroger Co. (The)		(491	)		(15,604	)
Walgreens Boots Alliance, Inc.		(322	)		(12,854	)
Walmart, Inc.		(47	)		(6,712	)
					(35,170	)
Food Products — (0.6)%
Campbell Soup Co.		(163	)		(7,899	)
General Mills, Inc.		(77	)		(4,504	)
Kellogg Co.		(84	)		(5,250	)
					(17,653	)
Health Care Equipment & Supplies — (0.5)%
Abbott Laboratories		(27	)		(2,903	)
Stryker Corp.		(50	)		(12,304	)
					(15,207	)
Health Care Providers & Services — (0.6)%
AmerisourceBergen Corp.		(92	)		(8,973	)
Cardinal Health, Inc.		(50	)		(2,702	)
Henry Schein, Inc. *		(101	)		(6,779	)
					(18,454	)
Health Care Technology — (0.3)%
Cerner Corp.		(120	)		(9,435	)
Hotels, Restaurants & Leisure — (0.3)%
Chipotle Mexican Grill, Inc. *		(6	)		(8,093	)
Household Products — (0.5)%
Clorox Co. (The)		(82	)		(16,538	)
Industrial Conglomerates — (1.0)%
3M Co.		(73	)		(12,714	)
General Electric Co.		(1,588	)		(17,146	)
					(29,860	)
Insurance — (0.6)%
Aflac, Inc.		(66	)		(2,953	)
Allstate Corp. (The)		(50	)		(5,541	)
Axis Capital Holdings Ltd.		(33	)		(1,647	)
MetLife, Inc.		(64	)		(3,005	)
Travelers Cos., Inc. (The)		(42	)		(5,848	)
					(18,994	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Interactive Media & Services — (0.3)%
Twitter, Inc. *		(147	)		(7,971	)
Internet & Direct Marketing Retail — (0.2)%
ContextLogic, Inc., Class A *		(250	)		(4,560	)
IT Services — (1.6)%
Automatic Data Processing, Inc.		(14	)		(2,388	)
Cognizant Technology Solutions Corp., Class A		(19	)		(1,551	)
Infosys Ltd., ADR (India)		(237	)		(4,025	)
International Business Machines Corp.		(25	)		(3,120	)
Jack Henry & Associates, Inc.		(68	)		(10,951	)
Paychex, Inc.		(117	)		(10,941	)
Snowflake, Inc., Class A *		(10	)		(2,932	)
Western Union Co. (The)		(547	)		(12,003	)
					(47,911	)
Machinery — (0.8)%
Caterpillar, Inc.		(63	)		(11,415	)
Illinois Tool Works, Inc.		(56	)		(11,410	)
PACCAR, Inc.		(18	)		(1,540	)
					(24,365	)
Media — (1.5)%
Fox Corp., Class A		(169	)		(4,927	)
Interpublic Group of Cos., Inc. (The)		(121	)		(2,845	)
Omnicom Group, Inc.		(178	)		(11,110	)
Sirius XM Holdings, Inc.		(602	)		(3,835	)
ViacomCBS, Inc.		(620	)		(23,094	)
					(45,811	)
Multiline Retail — (0.6)%
Macy’s, Inc.		(699	)		(7,869	)
Nordstrom, Inc.		(319	)		(9,952	)
					(17,821	)
Multi-Utilities — (0.4)%
Consolidated Edison, Inc.		(159	)		(11,465	)
NiSource, Inc.		(60	)		(1,371	)
					(12,836	)
Oil, Gas & Consumable Fuels — (1.6)%
Apache Corp.		(115	)		(1,637	)
Devon Energy Corp.		(296	)		(4,675	)
Enbridge, Inc. (Canada)		(481	)		(15,384	)
Exxon Mobil Corp.		(205	)		(8,463	)
Hess Corp.		(157	)		(8,296	)
Marathon Oil Corp.		(530	)		(3,532	)
Occidental Petroleum Corp.		(399	)		(6,915	)
					(48,902	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Personal Products — 0.0% (d)
Coty, Inc., Class A		(171	)		(1,203	)
Pharmaceuticals — (0.4)%
Pfizer, Inc.		(289	)		(10,650	)
Viatris, Inc. *		(19	)		(352	)
					(11,002	)
Road & Rail — (0.4)%
Canadian National Railway Co. (Canada)		(39	)		(4,339	)
JB Hunt Transport Services, Inc.		(54	)		(7,340	)
					(11,679	)
Semiconductors & Semiconductor Equipment — (0.7)%
Broadcom, Inc.		(24	)		(10,594	)
Intel Corp.		(205	)		(10,225	)
QUALCOMM, Inc.		(10	)		(1,543	)
					(22,362	)
Software — (0.5)%
Adobe, Inc. *		(12	)		(6,147	)
fuboTV, Inc. *		(56	)		(1,575	)
Oracle Corp.		(86	)		(5,586	)
Palantir Technologies, Inc., Class A *		(44	)		(1,030	)
					(14,338	)
Technology Hardware, Storage & Peripherals — (0.6)%
HP, Inc.		(386	)		(9,485	)
NetApp, Inc.		(55	)		(3,642	)
Western Digital Corp.		(63	)		(3,502	)
Xerox Holdings Corp.		(125	)		(2,896	)
					(19,525	)
Textiles, Apparel & Luxury Goods — (0.2)%
VF Corp.		(54	)		(4,629	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Trading Companies & Distributors — (0.1)%
Fastenal Co.		(84	)		(4,109	)
Total Common Stocks (Proceeds $(743,397))					(784,839	)
Total Short Positions (Proceeds $(743,397))					(784,839	)
Total Investments — 99.8% (Cost $1,309,500)					3,027,747
Other Assets Less Liabilities — 0.2%					4,522
NET ASSETS — 100.0%					3,032,269

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $1,071,391,000.
(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, 2020.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 61

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%
Aerospace & Defense — 1.0%
General Dynamics Corp.		52		7,719
Northrop Grumman Corp.		56		17,003
Raytheon Technologies Corp.		349		24,959
				49,681
Air Freight & Logistics — 0.5%
FedEx Corp.		103		26,767
Airlines — 0.3%
Delta Air Lines, Inc.		148		5,965
Southwest Airlines Co.		192		8,965
				14,930
Auto Components — 0.2%
Magna International, Inc. (Canada)		141		9,977
Automobiles — 1.8%
General Motors Co.		273		11,356
Tesla, Inc. *		109		77,200
				88,556
Banks — 3.1%
Bank of America Corp.		765		23,180
Citigroup, Inc.		512		31,554
KeyCorp		1,159		19,025
Regions Financial Corp.		895		14,423
Truist Financial Corp.		239		11,436
US Bancorp		413		19,260
Wells Fargo & Co.		1,167		35,215
				154,093
Beverages — 1.3%
Coca-Cola Co. (The)		772		42,349
Constellation Brands, Inc., Class A		107		23,432
				65,781
Biotechnology — 2.5%
AbbVie, Inc.		512		54,843
Alexion Pharmaceuticals, Inc. *		142		22,228
Amgen, Inc.		16		3,697
Biogen, Inc. *		42		10,367
Regeneron Pharmaceuticals, Inc. *		28		13,767
Vertex Pharmaceuticals, Inc. *		73		17,179
				122,081
Building Products — 0.9%
Masco Corp.		299		16,420
Trane Technologies plc		178		25,884
				42,304

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 3.4%
Goldman Sachs Group, Inc. (The)		100		26,465
Intercontinental Exchange, Inc.		217		24,995
MarketAxess Holdings, Inc.		12		6,797
Morgan Stanley		664		45,476
MSCI, Inc.		7		3,208
S&P Global, Inc.		124		40,695
State Street Corp.		241		17,568
T. Rowe Price Group, Inc.		32		4,788
				169,992
Chemicals — 1.9%
Air Products and Chemicals, Inc.		34		9,244
Celanese Corp.		55		7,085
Dow, Inc.		119		6,602
DuPont de Nemours, Inc.		194		13,812
Eastman Chemical Co.		231		23,154
Linde plc (United Kingdom)		59		15,525
LyondellBasell Industries NV, Class A		78		7,165
PPG Industries, Inc.		67		9,720
				92,307
Commercial Services & Supplies — 0.1%
Cintas Corp.		17		5,846
Communications Equipment — 0.4%
Cisco Systems, Inc.		345		15,417
Motorola Solutions, Inc.		15		2,611
				18,028
Consumer Finance — 0.5%
Capital One Financial Corp.		241		23,779
Containers & Packaging — 0.6%
Avery Dennison Corp.		35		5,411
Crown Holdings, Inc. *		88		8,789
Packaging Corp. of America		31		4,249
WestRock Co.		214		9,319
				27,768
Diversified Consumer Services — 0.0% (a)
H&R Block, Inc.		61		973
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B *		339		78,665
Voya Financial, Inc.		58		3,388
				82,053
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc.		664		38,989

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.4%
Exelon Corp.		203		8,575
NextEra Energy, Inc.		657		50,651
Xcel Energy, Inc.		177		11,808
				71,034
Electrical Equipment — 0.6%
Eaton Corp. plc		241		28,991
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		98		11,846
Entertainment — 1.2%
Netflix, Inc. *		106		57,303
Equity Real Estate Investment Trusts (REITs) — 1.7%
Camden Property Trust		111		11,071
Equinix, Inc.		31		22,057
Equity LifeStyle Properties, Inc.		64		4,077
Mid-America Apartment Communities, Inc.		69		8,757
Prologis, Inc.		232		23,125
Public Storage		15		3,441
Realty Income Corp.		33		2,044
Sun Communities, Inc.		21		3,229
UDR, Inc.		46		1,760
Ventas, Inc.		122		5,968
				85,529
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		48		18,268
Kroger Co. (The)		218		6,925
				25,193
Food Products — 0.6%
Mondelez International, Inc., Class A		533		31,160
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		61		6,657
ABIOMED, Inc. *		7		2,264
Baxter International, Inc.		259		20,780
Becton Dickinson and Co.		45		11,216
Boston Scientific Corp. *		548		19,714
DexCom, Inc. *		15		5,428
Edwards Lifesciences Corp. *		57		5,207
Intuitive Surgical, Inc. *		11		8,595
Medtronic plc		371		43,517
Zimmer Biomet Holdings, Inc.		181		27,868
				151,246
Health Care Providers & Services — 2.8%
Anthem, Inc.		41		13,009
Centene Corp. *		51		3,032

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — continued
Cigna Corp.		134		27,859
McKesson Corp.		155		26,887
UnitedHealth Group, Inc.		185		64,801
				135,588
Hotels, Restaurants & Leisure — 0.6%
Hilton Worldwide Holdings, Inc.		118		13,178
Yum! Brands, Inc.		158		17,147
				30,325
Household Durables — 0.4%
Lennar Corp., Class A		259		19,780
Household Products — 1.7%
Kimberly-Clark Corp.		162		21,797
Procter & Gamble Co. (The)		433		60,251
				82,048
Industrial Conglomerates — 1.0%
Honeywell International, Inc.		225		47,825
Insurance — 1.8%
Allstate Corp. (The)		239		26,231
American International Group, Inc.		135		5,129
Chubb Ltd.		115		17,639
Hartford Financial Services Group, Inc. (The)		164		8,010
Marsh & McLennan Cos., Inc.		55		6,399
MetLife, Inc.		50		2,327
Progressive Corp. (The)		251		24,858
				90,593
Interactive Media & Services — 5.9%
Alphabet, Inc., Class A *		59		104,238
Alphabet, Inc., Class C *		48		83,530
Facebook, Inc., Class A *		369		100,728
				288,496
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. *		75		244,136
Booking Holdings, Inc. *		11		23,783
				267,919
IT Services — 6.1%
Accenture plc, Class A		211		55,128
Booz Allen Hamilton Holding Corp.		86		7,532
FleetCor Technologies, Inc. *		13		3,635
International Business Machines Corp.		148		18,674
Leidos Holdings, Inc.		182		19,088
Mastercard, Inc., Class A		233		83,007

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 63

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
PayPal Holdings, Inc. *		294		68,893
Visa, Inc., Class A		204		44,725
				300,682
Life Sciences Tools & Services — 1.5%
Illumina, Inc. *		36		13,177
PerkinElmer, Inc.		17		2,483
Thermo Fisher Scientific, Inc.		120		56,019
Waters Corp. *		11		2,672
				74,351
Machinery — 2.0%
Cummins, Inc.		68		15,543
Deere & Co.		93		25,154
Parker-Hannifin Corp.		89		24,109
Snap-on, Inc.		45		7,725
Stanley Black & Decker, Inc.		146		26,006
				98,537
Media — 2.3%
Altice USA, Inc., Class A *		163		6,181
Charter Communications, Inc., Class A *		57		37,720
Comcast Corp., Class A		960		50,290
Discovery, Inc., Class A *		333		10,024
Discovery, Inc., Class C *		386		10,102
				114,317
Metals & Mining — 0.2%
Newmont Corp.		123		7,392
Multiline Retail — 0.8%
Dollar Tree, Inc. *		109		11,791
Target Corp.		164		28,870
				40,661
Multi-Utilities — 1.3%
Ameren Corp.		171		13,379
CMS Energy Corp.		174		10,632
DTE Energy Co.		92		11,157
Public Service Enterprise Group, Inc.		214		12,464
Sempra Energy		140		17,861
				65,493
Oil, Gas & Consumable Fuels — 2.3%
Cabot Oil & Gas Corp.		74		1,209
Cheniere Energy, Inc. *		95		5,685
Chevron Corp.		415		35,038
ConocoPhillips		199		7,942
Diamondback Energy, Inc.		134		6,479

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
EOG Resources, Inc.		298		14,876
Kinder Morgan, Inc.		341		4,663
Phillips 66		190		13,295
Pioneer Natural Resources Co.		169		19,204
Williams Cos., Inc. (The)		306		6,126
				114,517
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		62		16,371
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		747		46,331
Eli Lilly and Co.		269		45,419
Johnson & Johnson		249		39,216
Merck & Co., Inc.		473		38,702
Pfizer, Inc.		135		4,985
				174,653
Professional Services — 0.1%
Verisk Analytics, Inc.		25		5,285
Road & Rail — 1.4%
CSX Corp.		87		7,918
Lyft, Inc., Class A *		131		6,429
Norfolk Southern Corp.		163		38,654
Union Pacific Corp.		67		14,013
				67,014
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc. *		298		27,339
Analog Devices, Inc.		238		35,233
Applied Materials, Inc.		415		35,802
Intel Corp.		237		11,824
Lam Research Corp.		53		24,814
Microchip Technology, Inc.		75		10,385
Micron Technology, Inc. *		110		8,300
NVIDIA Corp.		79		41,495
NXP Semiconductors NV (Netherlands)		155		24,666
Qorvo, Inc. *		90		14,912
QUALCOMM, Inc.		56		8,509
Texas Instruments, Inc.		293		48,083
				291,362
Software — 8.3%
Fortinet, Inc. *		22		3,298
Intuit, Inc.		99		37,785
Microsoft Corp.		1,386		308,384
salesforce.com, Inc. *		206		45,906
Workday, Inc., Class A *		47		11,369
				406,742

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.3%
AutoZone, Inc. *		20		24,202
Best Buy Co., Inc.		231		23,058
Home Depot, Inc. (The)		169		44,795
Lowe’s Cos., Inc.		291		46,755
TJX Cos., Inc. (The)		333		22,723
				161,533
Technology Hardware, Storage & Peripherals — 7.4%
Apple, Inc.		2,617		347,297
Seagate Technology plc		267		16,603
				363,900
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		122		11,480
NIKE, Inc., Class B		252		35,646
				47,126
Tobacco — 1.2%
Altria Group, Inc.		628		25,754
Philip Morris International, Inc.		410		33,954
				59,708

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *		267		36,020
Total Common Stocks (Cost $2,782,006)				4,904,445
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $28,737)		28,730		28,744
Total Investments — 100.1% (Cost $2,810,743)				4,933,189
Liabilities in Excess of Other Assets — (0.1)%				(5,127	)
NET ASSETS — 100.0%				4,928,062

Percentages indicated are based on net assets.

(a)	Amount rounds to less than 0.1% of net assets.
(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, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		151		03/2021		USD		28,277		603

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 65

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

Investments	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%
Auto Components — 2.2%
Aptiv plc		12		1,616
Banks — 5.2%
Bank of America Corp.		59		1,789
Citigroup, Inc.		35		2,143
				3,932
Biotechnology — 2.3%
Amgen, Inc.		5		1,036
Biogen, Inc. *		1		309
Gilead Sciences, Inc.		7		387
				1,732
Building Products — 4.4%
Owens Corning		14		1,036
Trane Technologies plc		11		1,638
Trex Co., Inc. *		8		653
				3,327
Capital Markets — 2.1%
S&P Global, Inc.		2		621
State Street Corp.		13		925
				1,546
Communications Equipment — 2.3%
Cisco Systems, Inc.		39		1,754
Containers & Packaging — 1.6%
Ball Corp.		13		1,229
Diversified Financial Services — 1.4%
Voya Financial, Inc.		18		1,066
Diversified Telecommunication Services — 3.1%
Verizon Communications, Inc.		40		2,322
Electric Utilities — 1.7%
NextEra Energy, Inc.		17		1,305
Electrical Equipment — 1.9%
Eaton Corp. plc		12		1,434
Entertainment — 6.5%
Electronic Arts, Inc.		6		884
Netflix, Inc. *		1		622
Walt Disney Co. (The) *		19		3,397
				4,903
Equity Real Estate Investment Trusts (REITs) — 4.2%
American Tower Corp.		3		727
Boston Properties, Inc.		11		1,056

Investments	Shares (000)		Value ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Equinix, Inc.		1		693
Prologis, Inc.		7		671
				3,147
Food Products — 1.6%
General Mills, Inc.		20		1,168
Health Care Equipment & Supplies — 0.9%
Hologic, Inc. *		9		644
Health Care Providers & Services — 2.2%
Cigna Corp.		8		1,690
Household Products — 3.0%
Clorox Co. (The)		2		432
Procter & Gamble Co. (The)		13		1,855
				2,287
Insurance — 2.2%
Lincoln National Corp.		18		926
Travelers Cos., Inc. (The)		5		761
				1,687
IT Services — 4.8%
Accenture plc, Class A		3		825
Mastercard, Inc., Class A		8		2,781
				3,606
Life Sciences Tools & Services — 4.7%
Agilent Technologies, Inc.		7		885
Illumina, Inc. *		2		592
IQVIA Holdings, Inc. *		6		1,148
Thermo Fisher Scientific, Inc.		2		876
				3,501
Machinery — 4.6%
Deere & Co.		6		1,623
Parker-Hannifin Corp.		3		776
Xylem, Inc.		11		1,091
				3,490
Multiline Retail — 1.6%
Target Corp.		7		1,206
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		24		1,462
Merck & Co., Inc.		17		1,408
				2,870

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 8.0%
Applied Materials, Inc.		15		1,306
Lam Research Corp.		4		1,797
NVIDIA Corp.		2		830
Texas Instruments, Inc.		13		2,076
				6,009
Software — 14.7%
Adobe, Inc. *		2		800
Cadence Design Systems, Inc. *		11		1,528
Intuit, Inc.		4		1,656
Microsoft Corp.		28		6,153
salesforce.com, Inc. *		4		926
				11,063
Specialty Retail — 4.0%
Best Buy Co., Inc.		11		1,050
Home Depot, Inc. (The)		7		1,971
				3,021

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — 1.4%
VF Corp.		12		1,060
Total Common Stocks (Cost $55,080)				72,615
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $2,419)		2,418		2,420
Total Investments — 99.6% (Cost $57,499)				75,035
Other Assets Less Liabilities — 0.4%				295
NET ASSETS — 100.0%				75,330

Percentages indicated are based on net assets.

(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, 2020.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
E-Mini S&P 500 ESG Index		7		03/2021		USD		1,114		19

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 67

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 3.2%
General Dynamics Corp.		74		10,975
Northrop Grumman Corp.		33		10,184
Raytheon Technologies Corp.		205		14,646
				35,805
Airlines — 0.7%
Southwest Airlines Co.		160		7,456
Banks — 10.8%
Bank of America Corp.		741		22,453
Citigroup, Inc.		399		24,621
Citizens Financial Group, Inc.		139		4,973
M&T Bank Corp.		36		4,560
PNC Financial Services Group, Inc. (The)		99		14,766
Truist Financial Corp.		377		18,090
US Bancorp		182		8,476
Wells Fargo & Co.		760		22,926
				120,865
Beverages — 0.6%
PepsiCo, Inc.		45		6,712
Biotechnology — 2.0%
AbbVie, Inc.		111		11,897
Amgen, Inc.		26		5,935
Biogen, Inc. *		9		2,108
Vertex Pharmaceuticals, Inc. *		12		2,907
				22,847
Building Products — 0.9%
Trane Technologies plc		70		10,158
Capital Markets — 8.6%
BlackRock, Inc.		39		28,445
Charles Schwab Corp. (The)		215		11,416
Goldman Sachs Group, Inc. (The)		52		13,656
Morgan Stanley		302		20,714
S&P Global, Inc.		23		7,627
T. Rowe Price Group, Inc.		95		14,346
				96,204
Chemicals — 2.2%
Air Products and Chemicals, Inc.		38		10,427
Axalta Coating Systems Ltd. *		508		14,512
				24,939
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		93		8,967
Construction Materials — 0.8%
Vulcan Materials Co.		63		9,356

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 1.7%
American Express Co.		95		11,496
Capital One Financial Corp.		77		7,645
				19,141
Containers & Packaging — 0.4%
Ball Corp.		52		4,837
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B *		97		22,560
Diversified Telecommunication Services — 1.0%
Verizon Communications, Inc.		183		10,735
Electric Utilities — 2.1%
Entergy Corp.		46		4,638
NextEra Energy, Inc.		148		11,413
Xcel Energy, Inc.		110		7,301
				23,352
Electrical Equipment — 1.2%
Eaton Corp. plc		109		13,122
Entertainment — 0.9%
Walt Disney Co. (The) *		56		10,129
Equity Real Estate Investment Trusts (REITs) — 1.1%
AvalonBay Communities, Inc.		30		4,790
Ventas, Inc.		98		4,796
Vornado Realty Trust		84		3,134
				12,720
Food & Staples Retailing — 1.0%
Walmart, Inc.		76		11,006
Food Products — 0.9%
Mondelez International, Inc., Class A		182		10,662
Health Care Equipment & Supplies — 2.7%
Becton Dickinson and Co.		47		11,882
Medtronic plc		161		18,829
				30,711
Health Care Providers & Services — 3.6%
Anthem, Inc.		17		5,439
Cigna Corp.		65		13,458
Humana, Inc.		11		4,336
UnitedHealth Group, Inc.		49		17,250
				40,483
Hotels, Restaurants & Leisure — 1.6%
Las Vegas Sands Corp.		124		7,384
McDonald’s Corp.		47		10,132
				17,516

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Household Durables — 0.4%
Newell Brands, Inc.		215		4,563
Household Products — 1.2%
Colgate-Palmolive Co.		157		13,386
Industrial Conglomerates — 1.1%
Honeywell International, Inc.		56		11,875
Insurance — 4.1%
Chubb Ltd.		74		11,401
Hartford Financial Services Group, Inc. (The)		227		11,130
Loews Corp.		105		4,710
Marsh & McLennan Cos., Inc.		51		5,914
MetLife, Inc.		169		7,944
Prudential Financial, Inc.		61		4,737
				45,836
Interactive Media & Services — 1.9%
Alphabet, Inc., Class C *		12		21,858
Internet & Direct Marketing Retail — 0.9%
Booking Holdings, Inc. *		2		4,141
Expedia Group, Inc.		43		5,660
				9,801
IT Services — 1.6%
Fidelity National Information Services, Inc.		67		9,517
International Business Machines Corp.		65		8,122
				17,639
Machinery — 4.5%
Dover Corp.		136		17,227
Otis Worldwide Corp.		66		4,472
Parker-Hannifin Corp.		72		19,746
Stanley Black & Decker, Inc.		52		9,275
				50,720
Media — 2.6%
Comcast Corp., Class A		423		22,178
Discovery, Inc., Class A *		224		6,738
				28,916
Multi-Utilities — 1.7%
CMS Energy Corp.		240		14,661
Public Service Enterprise Group, Inc.		74		4,296
				18,957
Oil, Gas & Consumable Fuels — 4.1%
Chevron Corp.		154		13,006
ConocoPhillips		355		14,195
EOG Resources, Inc.		229		11,424

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Phillips 66		36		2,522
Valero Energy Corp.		78		4,397
				45,544
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		348		21,557
Eli Lilly and Co.		70		11,794
Johnson & Johnson		132		20,842
Merck & Co., Inc.		101		8,238
Pfizer, Inc.		177		6,513
				68,944
Road & Rail — 2.0%
CSX Corp.		79		7,148
Kansas City Southern		74		15,051
				22,199
Semiconductors & Semiconductor Equipment — 5.3%
Analog Devices, Inc.		144		21,257
Lam Research Corp.		9		4,213
NXP Semiconductors NV (Netherlands)		74		11,769
Texas Instruments, Inc.		132		21,676
				58,915
Software — 1.8%
Microsoft Corp.		89		19,868
Specialty Retail — 5.0%
AutoZone, Inc. *		10		11,378
Home Depot, Inc. (The)		65		17,349
Lowe’s Cos., Inc.		73		11,779
TJX Cos., Inc. (The)		219		14,967
				55,473
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		69		9,144
Textiles, Apparel & Luxury Goods — 1.3%
NIKE, Inc., Class B		100		14,209
Tobacco — 1.4%
Philip Morris International, Inc.		197		16,288
Total Common Stocks (Cost $769,988)				1,104,418

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 69

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.8%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $31,521)		31,505		31,520
Total Investments — 101.5% (Cost $801,509)				1,135,938
Liabilities in Excess of Other Assets — (1.5)%				(16,969	)
NET ASSETS — 100.0%				1,118,969

Percentages indicated are based on net assets.

(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, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 71

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund		JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	102,610		$	35,287,402	$	282,569		$	14,344,644
Investments in affiliates, at value		3,350			1,067,589		1,271			675,807
Options purchased, at value		—			—		—			337,242
Cash		—	(a)		99		—	(a)		—	(a)
Deposits at broker for futures contracts		—			—		—			32,034
Receivables:
Investment securities sold		—			—		13,011			1,329,251
Fund shares sold		2			122,367		727			196,218
Interest from non-affiliates		—			—		1,295			—
Dividends from non-affiliates		43			69,565		358			13,783
Dividends from affiliates		—			3		—			9
Variation margin on futures contracts		—			—		—			4,665
Prepaid expenses		—			—		—			204
Total Assets		106,005			36,547,025		299,231			16,933,857
LIABILITIES:
Payables:
Distributions		—			—		405			—
Investment securities purchased		—			8,116		10,207			2,021,216
Fund shares redeemed		6			113,670		1,224			11,827
Outstanding options written, at fair value		—			—		—			341,100
Accrued liabilities:
Investment advisory fees		36			11,965		34			2,953
Administration fees		2			1,336		1			820
Distribution fees		4			1,730		10			380
Service fees		15			4,209		52			2,708
Custodian and accounting fees		6			109		12			60
Trustees’ and Chief Compliance Officer’s fees		1			—		2			2
Other		90			986		72			153
Total Liabilities		160			142,121		12,019			2,381,219
Net Assets	$	105,845		$	36,404,904	$	287,212		$	14,552,638

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	64,846		$	27,635,578		$	290,127		$	12,775,118
Total distributable earnings (loss)		40,999			8,769,326			(2,915	)		1,777,520
Total Net Assets	$	105,845		$	36,404,904		$	287,212		$	14,552,638
Net Assets:
Class A	$	7,770		$	3,818,179		$	20,443		$	712,476
Class C		3,573			1,359,361			10,936			382,869
Class I		64,733			14,062,687			217,986			12,182,645
Class R2		—			70,167			—			—
Class R3		—			230,221			—			—
Class R4		—			160,019			—			—
Class R5		—			1,401,252			74			3,728
Class R6		29,769			15,303,018			37,773			1,270,920
Total	$	105,845		$	36,404,904		$	287,212		$	14,552,638
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		256			197,103			1,434			29,868
Class C		124			71,683			767			16,156
Class I		2,093			712,724			15,290			509,232
Class R2		—			3,640			—			—
Class R3		—			11,895			—			—
Class R4		—			8,115			—			—
Class R5		—			70,962			5			156
Class R6		969			775,620			2,650			53,006
Net Asset Value (a):
Class A — Redemption price per share	$	30.30		$	19.37		$	14.26		$	23.85
Class C — Offering price per share (b)		28.75			18.96			14.26			23.70
Class I — Offering and redemption price per share		30.93			19.73			14.26			23.92
Class R2 — Offering and redemption price per share		—			19.28			—			—
Class R3 — Offering and redemption price per share		—			19.35			—			—
Class R4 — Offering and redemption price per share		—			19.72			—			—
Class R5 — Offering and redemption price per share		—			19.75			14.25			23.96
Class R6 — Offering and redemption price per share		30.74			19.73			14.26			23.98
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.98		$	20.44		$	15.05		$	25.17
Cost of investments in non-affiliates	$	61,259		$	26,001,247		$	245,171		$	10,576,181
Cost of investments in affiliates		3,350			1,067,536			1,271			675,807
Cost of options purchased		—			—			—			345,846
Premiums received from options written		—			—			—			334,309

(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, 2020 J.P. MORGAN LARGE CAP FUNDS 73

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	246,948		$	31,152,982		$	1,665,941		$	18,294,947
Investments in affiliates, at value		3,492			1,289,196			32,093			403,771
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		427			205,241			18,236			—
Cash		3			139			3			33
Deposits at broker for futures contracts		274			—			—			17,886
Receivables:
Investment securities sold		1,113			22,843			—			35,369
Fund shares sold		99			94,509			5,653			21,088
Dividends from non-affiliates		370			6,415			1,452			10,270
Dividends from affiliates		—			4			—	(a)		1
Securities lending income (See Note 2.B.)		—	(a)		40			3			—
Variation margin on futures contracts		10			—			—			1,712
Total Assets		252,736			32,771,369			1,723,381			18,785,077
LIABILITIES:
Payables:
Investment securities purchased		1,732			183,134			—			61,470
Collateral received on securities loaned (See Note 2.B.)		427			205,241			18,236			—
Fund shares redeemed		476			75,804			1,458			48,020
Accrued liabilities:
Investment advisory fees		40			10,777			513			5,788
Administration fees		1			528			74			777
Distribution fees		19			1,493			60			618
Service fees		38			3,239			119			1,024
Custodian and accounting fees		8			7			17			56
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		1			2
Other		173			220			153			546
Total Liabilities		2,914			480,443			20,631			118,301
Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	202,289		$	15,670,613		$	1,365,288		$	11,273,172
Total distributable earnings (loss)		47,533			16,620,313			337,462			7,393,604
Total Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776
Net Assets:
Class A	$	51,862		$	4,560,705		$	139,049		$	1,412,328
Class C		9,806			726,684			38,093			304,477
Class I		119,482			9,697,818			419,904			1,411,013
Class L		—			—			—			2,673,394
Class R2		2,689			142,126			14,890			252,713
Class R3		—			173,937			13			153,560
Class R4		—			133,213			11			31,016
Class R5		3,741			958,797			21,544			957,331
Class R6		62,242			15,897,646			1,069,246			11,470,944
Total	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,719			77,342			8,220			74,413
Class C		331			17,085			2,355			16,728
Class I		3,924			161,242			25,294			74,073
Class L		—			—			—			140,085
Class R2		90			2,532			888			13,473
Class R3		—			2,931			1			8,126
Class R4		—			2,219			1			1,631
Class R5		123			15,503			1,284			50,140
Class R6		2,041			254,584			64,174			599,401
Net Asset Value (a):
Class A — Redemption price per share	$	30.17		$	58.97		$	16.92		$	18.98
Class C — Offering price per share (b)		29.63			42.53			16.17			18.20
Class I — Offering and redemption price per share		30.45			60.14			16.60			19.05
Class L — Offering and redemption price per share		—			—			—			19.08
Class R2 — Offering and redemption price per share		29.85			56.13			16.77			18.76
Class R3 — Offering and redemption price per share		—			59.35			16.59			18.90
Class R4 — Offering and redemption price per share		—			60.04			16.94			19.02
Class R5 — Offering and redemption price per share		30.50			61.85			16.78			19.09
Class R6 — Offering and redemption price per share		30.50			62.45			16.66			19.14
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.84		$	62.24		$	17.86		$	20.03
Cost of investments in non-affiliates	$	202,360		$	16,902,448		$	1,304,108		$	11,141,568
Cost of investments in affiliates		3,492			1,289,076			32,096			403,806
Investment securities on loan, at value (See Note 2.B.)		418			176,206			17,592			—
Cost of investment of cash collateral (See Note 2.B.)		427			205,242			18,236			—

(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, 2020 J.P. MORGAN LARGE CAP FUNDS 75

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,268,470		$	3,798,741		$	4,904,445		$	72,615		$	1,104,418
Investments in affiliates, at value		19,433			13,845			28,744			2,420			31,520
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		12,910			—			—			—			—
Cash		3			29			4			—	(a)		41
Deposits at broker for futures contracts		970			—			1,836			144			—
Receivables:
Investment securities sold		—			—			7,324			—			—
Fund shares sold		1,744			12,228			1,800			338			1,903
Dividends from non-affiliates		498			2,851			4,623			60			1,195
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Tax reclaims		—			10			6			—			—
Securities lending income (See Note 2.B.)		2			—			—			—			—
Variation margin on futures contracts		58			—			159			6			—
Due from adviser		—			—			—			21			—
Total Assets		1,304,088			3,827,704			4,948,941			75,604			1,139,077
LIABILITIES:
Payables:
Due to broker for securities sold short		—			—	(a)		—			—			—
Securities sold short, at value		—			784,839			—			—			—
Dividend expense to non-affiliates on securities sold short		—			1,479			—			—			—
Investment securities purchased		—			—			9,552			182			18,697
Interest expense to non-affiliates on securities sold short		—			464			—			—			—
Collateral received on securities loaned (See Note 2.B.)		12,910			—			—			—			—
Fund shares redeemed		3,214			6,025			10,039			68			658
Accrued liabilities:
Investment advisory fees		277			1,646			809			—			325
Administration fees		54			160			165			—			45
Distribution fees		60			93			43			5			110
Service fees		86			313			70			2			184
Custodian and accounting fees		8			84			14			9			12
Trustees’ and Chief Compliance Officer’s fees		1			1			—	(a)		2			2
Other		55			331			187			6			75
Total Liabilities		16,665			795,435			20,879			274			20,108
Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
NET ASSETS:
Paid-in-Capital	$	763,472		$	1,137,486		$	2,776,881		$	58,275		$	784,131
Total distributable earnings (loss)		523,951			1,894,783			2,151,181			17,055			334,838
Total Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969
Net Assets:
Class A	$	109,146		$	318,497		$	196,718		$	15,703		$	439,142
Class C		29,184			36,711			—			2,868			28,077
Class I		155,603			2,084,388			657,940			42,671			516,903
Class R2		46,255			5,345			—			—			1,738
Class R3		—			—			—			—			709
Class R4		—			—			—			—			1,380
Class R5		220,673			43,184			—			—			108
Class R6		726,562			544,144			4,073,404			14,088			130,912
Total	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,720			13,590			6,251			309			8,041
Class C		470			1,746			—			58			579
Class I		2,400			86,809			20,668			835			8,923
Class R2		750			242			—			—			32
Class R3		—			—			—			—			12
Class R4		—			—			—			—			24
Class R5		3,465			1,783			—			—			2
Class R6		11,411			22,501			128,143			276			2,242
Net Asset Value (a):
Class A — Redemption price per share	$	63.47		$	23.44		$	31.47		$	50.74		$	54.61
Class C — Offering price per share (b)		62.02			21.02			—			49.73			48.50
Class I — Offering and redemption price per share		64.84			24.01			31.83			51.11			57.93
Class R2 — Offering and redemption price per share		61.63			22.10			—			—			54.72
Class R3 — Offering and redemption price per share		—			—			—			—			57.82
Class R4 — Offering and redemption price per share		—			—			—			—			57.91
Class R5 — Offering and redemption price per share		63.69			24.22			—			—			58.37
Class R6 — Offering and redemption price per share		63.67			24.18			31.79			51.09			58.38
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	66.99		$	24.74		$	33.21		$	53.55		$	57.64
Cost of investments in non-affiliates	$	771,082		$	2,039,051		$	2,782,006		$	55,080		$	769,988
Cost of investments in affiliates		19,430			13,846			28,737			2,419			31,521
Investment securities on loan, at value (See Note 2.B.)		12,768			—			—			—			—
Cost of investment of cash collateral (See Note 2.B.)		12,910			—			—			—			—
Proceeds from securities sold short		—			743,397			—			—			—

(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, 2020 J.P. MORGAN LARGE CAP FUNDS 77

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	13,041		$	—
Interest income from affiliates		—			—			13			—
Dividend income from non-affiliates		583			426,403			1,935			87,623
Dividend income from affiliates		3			687			3			32
Non-cash dividend income from non-affiliates		—			—			—			5,352
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			—			—
Total investment income		586			427,090			14,992			93,007
EXPENSES:
Investment advisory fees		239			65,070			309			14,723
Administration fees		36			7,484			93			4,275
Distribution fees:
Class A		8			4,462			21			765
Class C		12			5,020			26			1,173
Class R2		—			185			—			—
Class R3		—			248			—			—
Service fees:
Class A		8			4,462			21			765
Class C		4			1,673			9			391
Class I		74			15,303			248			12,247
Class R2		—			92			—			—
Class R3		—			248			—			—
Class R4		—			169			—			—
Class R5		—			666			—	(a)		2
Custodian and accounting fees		13			561			27			141
Interest expense to affiliates		—			—			4			—
Professional fees		28			173			77			89
Trustees’ and Chief Compliance Officer’s fees		13			59			15			30
Printing and mailing costs		4			759			13			215
Registration and filing fees		33			636			65			287
Transfer agency fees (See Note 2.J.)		2			488			3			87
Other		5			286			7			115
Total expenses		479			108,044			938			35,305
Less fees waived		(88	)		(493	)		(178	)		(223	)
Less expense reimbursements		—			—			(1	)		—
Net expenses		391			107,551			759			35,082
Net investment income (loss)		195			319,539			14,233			57,925
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,796			383,214			(7,684	)		51,688
Investments in affiliates		(1	)		340			(3	)		—
Options purchased		—			—			—			(847,357	)
Futures contracts		—			—			—			57,004
Options written		—			—			—			(491,313	)
Net realized gain (loss)		4,795			383,554			(7,687	)		(1,229,978	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		18,054			5,381,108			29,655			2,268,494
Investments in affiliates		(1	)		(616	)		—	(a)		—
Options purchased		—			—			—			2,359
Futures contracts		—			—			—			(1,228	)
Options written		—			—			—			(2,218	)
Change in net unrealized appreciation/depreciation		18,053			5,380,492			29,655			2,267,407
Net realized/unrealized gains (losses)		22,848			5,764,046			21,968			1,037,429
Change in net assets resulting from operations	$	23,043		$	6,083,585		$	36,201		$	1,095,354

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	3		$	—		$	—
Dividend income from non-affiliates		2,151			65,311			12,010			118,697
Dividend income from affiliates		4			1,172			21			203
Non-cash dividend income from non-affiliates		876			—			—			—
Income from securities lending (net) (See Note 2.B.)		3			1,327			30			53
Total investment income		3,034			67,813			12,061			118,953
EXPENSES:
Investment advisory fees		363			63,728			2,856			33,789
Administration fees		91			7,434			536			5,529
Distribution fees:
Class A		63			5,037			158			1,842
Class C		38			2,653			129			1,087
Class R2		7			336			44			601
Class R3		—			161			—	(a)		170
Service fees:
Class A		63			5,037			158			1,842
Class C		13			884			43			362
Class I		143			10,711			391			1,526
Class L		—			—			—			1,105
Class R2		3			168			22			300
Class R3		—			161			—	(a)		170
Class R4		—			128			3			32
Class R5		2			452			10			447
Custodian and accounting fees		18			407			30			266
Interest expense to affiliates		—			—			—			—	(a)
Professional fees		29			129			34			104
Trustees’ and Chief Compliance Officer’s fees		12	��		52			16			38
Printing and mailing costs		41			351			35			103
Registration and filing fees		53			434			70			142
Transfer agency fees (See Note 2.J.)		7			353			51			204
Other		8			228			19			176
Total expenses		954			98,844			4,605			49,835
Less fees waived		(217	)		(11,473	)		(514	)		(3,165	)
Less expense reimbursements		(1	)		—			(8	)		(44	)
Net expenses		736			87,371			4,083			46,626
Net investment income (loss)		2,298			(19,558	)		7,978			72,327
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		9,756			3,132,133			53,866			826,727
Investments in affiliates		(1	)		25			(5	)		(67	)
Futures contracts		295			—			—			31,651
Net realized gain (loss)		10,050			3,132,158			53,861			858,311
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		33,659			4,004,166			362,071			2,761,840
Investments in affiliates		(2	)		(517	)		(2	)		(35	)
Futures contracts		38			—			—			5,543
Change in net unrealized appreciation/depreciation		33,695			4,003,649			362,069			2,767,348
Net realized/unrealized gains (losses)		43,745			7,135,807			415,930			3,625,659
Change in net assets resulting from operations	$	46,043		$	7,116,249		$	423,908		$	3,697,986

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 79

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,961		$	26,755		$	32,888		$	456		$	10,671
Dividend income from affiliates		26			19			43			2			26
Non-cash dividend income from non-affiliates		2,779			—			2,564			—			—
Income from securities lending (net) (See Note 2.B.)		27			—			—			—	(a)		—
Total investment income		5,793			26,774			35,495			458			10,697
EXPENSES:
Investment advisory fees		1,811			10,532			5,816			86			1,869
Administration fees		453			1,215			1,745			22			350
Distribution fees:
Class A		131			389			248			17			593
Class C		109			180			—			10			103
Class R2		109			12			—			—			3
Class R3		—			—			—			—			1
Service fees:
Class A		131			389			248			17			593
Class C		36			60			—			3			34
Class I		188			2,807			760			48			328
Class L (b)		—			—			2			—			—
Class R2		55			6			—			—			2
Class R3		—			—			—			—			1
Class R4		—			—			—			—			1
Class R5		103			21			—			—			—	(a)
Custodian and accounting fees		22			66			77			15			16
Interest expense to affiliates		—			1			—			—			—
Professional fees		35			49			50			50			37
Trustees’ and Chief Compliance Officer’s fees		15			18			19			15			16
Printing and mailing costs		15			44			11			11			30
Registration and filing fees		46			68			27			27			52
Transfer agency fees (See Note 2.J.)		28			48			31			2			81
Dividend expense to non-affiliates on securities sold short		—			11,811			—			—			—
Interest expense to non-affiliates on securities sold short		—			2,594			—			—			—
Other		14			43			52			4			14
Total expenses		3,301			30,353			9,086			327			4,124
Less fees waived		(403	)		(2,059	)		(2,648	)		(168	)		(423	)
Less expense reimbursements		—			(2	)		—	(a)		(22	)		(2	)
Net expenses		2,898			28,292			6,438			137			3,699
Net investment income (loss)		2,895			(1,518	)		29,057			321			6,998
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		72,573			568,497			132,058			135			14,154
Investments in affiliates		(3	)		(3	)		(18	)		(1	)		9
Futures contracts		1,902			722			5,905			99			—
Securities sold short		—			(57,610	)		—			—			—
Net realized gain (loss)		74,472			511,606			137,945			233			14,163
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		154,751			296,077			790,338			10,167			168,062
Investments in affiliates		(7	)		(5	)		—	(a)		1			(19	)
Futures contracts		249			24			(389	)		19			—
Securities sold short		—			(109,650	)		—			—			—
Change in net unrealized appreciation/depreciation		154,993			186,446			789,949			10,187			168,043
Net realized/unrealized gains (losses)		229,465			698,052			927,894			10,420			182,206
Change in net assets resulting from operations	$	232,360		$	696,534		$	956,951		$	10,741		$	189,204

(a) Amount rounds to less than one thousand.

(b) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	195		$	790		$	319,539		$	603,430
Net realized gain (loss)		4,795			11,963			383,554			(525,251	)
Change in net unrealized appreciation/depreciation		18,053			(8,470	)		5,380,492			(2,030,903	)
Change in net assets resulting from operations		23,043			4,283			6,083,585			(1,952,724	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(862	)		(962	)		(29,694	)		(100,496	)
Class C		(403	)		(540	)		(7,941	)		(36,790	)
Class I		(7,180	)		(10,258	)		(117,324	)		(324,790	)
Class R2		—			—			(511	)		(2,344	)
Class R3		—			—			(1,689	)		(4,859	)
Class R4		—			—			(1,294	)		(2,895	)
Class R5		—			—			(13,541	)		(46,903	)
Class R6		(3,356	)		(4,735	)		(146,073	)		(394,174	)
Total distributions to shareholders		(11,801	)		(16,495	)		(318,067	)		(913,251	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		9,549			(9,562	)		1,084,449			8,758,465
NET ASSETS:
Change in net assets		20,791			(21,774	)		6,849,967			5,892,490
Beginning of period		85,054			106,828			29,554,937			23,662,447
End of period	$	105,845		$	85,054		$	36,404,904		$	29,554,937

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,233		$	13,512		$	57,925		$	103,479
Net realized gain (loss)		(7,687	)		(29,238	)		(1,229,978	)		(469,890	)
Change in net unrealized appreciation/depreciation		29,655			4,460			2,267,407			902,244
Change in net assets resulting from operations		36,201			(11,266	)		1,095,354			535,833
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(942	)		(857	)		(3,547	)		(3,986	)
Class C		(377	)		(258	)		(1,096	)		(836	)
Class I		(11,401	)		(12,367	)		(69,581	)		(62,588	)
Class R5		(2	)		(2	)		(27	)		(32	)
Class R6		(1,513	)		(39	)		(8,717	)		(8,633	)
Total distributions to shareholders		(14,235	)		(13,523	)		(82,968	)		(76,075	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		73,516			162,286			4,798,660			3,226,028
NET ASSETS:
Change in net assets		95,482			137,497			5,811,046			3,685,786
Beginning of period		191,730			54,233			8,741,592			5,055,806
End of period	$	287,212		$	191,730		$	14,552,638		$	8,741,592

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,298		$	15,342		$	(19,558	)	$	50,317
Net realized gain (loss)		10,050			46,835			3,132,158			1,883,835
Change in net unrealized appreciation/depreciation		33,695			(120,484	)		4,003,649			3,286,948
Change in net assets resulting from operations		46,043			(58,307	)		7,116,249			5,221,100
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,492	)		(5,592	)		(229,243	)		(307,305	)
Class C		(275	)		(1,365	)		(49,805	)		(82,111	)
Class I		(3,522	)		(54,344	)		(484,046	)		(568,389	)
Class R2		(79	)		(314	)		(7,546	)		(16,104	)
Class R3		—			—			(8,542	)		(7,619	)
Class R4		—			—			(6,602	)		(2,550	)
Class R5		(120	)		(3,383	)		(48,291	)		(83,447	)
Class R6		(1,925	)		(11,681	)		(774,029	)		(964,234	)
Total distributions to shareholders		(7,413	)		(76,679	)		(1,608,104	)		(2,031,759	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(44,574	)		(586,626	)		3,517,615			4,163,215
NET ASSETS:
Change in net assets		(5,944	)		(721,612	)		9,025,760			7,352,556
Beginning of period		255,766			977,378			23,265,166			15,912,610
End of period	$	249,822		$	255,766		$	32,290,926		$	23,265,166

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,978		$	24,035		$	72,327		$	156,956
Net realized gain (loss)		53,861			(22,822	)		858,311			1,074,096
Change in net unrealized appreciation/depreciation		362,069			(109,305	)		2,767,348			588,905
Change in net assets resulting from operations		423,908			(108,092	)		3,697,986			1,819,957
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(545	)		(2,660	)		(80,700	)		(161,648	)
Class C		(69	)		(354	)		(17,527	)		(26,242	)
Class I		(1,902	)		(4,022	)		(82,454	)		(97,817	)
Class L		—			—			(157,734	)		(142,043	)
Class R2		(42	)		(207	)		(14,651	)		(21,799	)
Class R3		—	(a)		—	(a)		(8,514	)		(11,145	)
Class R4		—	(a)		(193	)		(1,776	)		(2,149	)
Class R5		(125	)		(425	)		(56,320	)		(80,738	)
Class R6		(6,434	)		(15,475	)		(671,569	)		(925,117	)
Total distributions to shareholders		(9,117	)		(23,336	)		(1,091,245	)		(1,468,698	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		27,962			(19,703	)		1,121,273			286,006
NET ASSETS:
Change in net assets		442,753			(151,131	)		3,728,014			637,265
Beginning of period		1,259,997			1,411,128			14,938,762			14,301,497
End of period	$	1,702,750		$	1,259,997		$	18,666,776		$	14,938,762

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,895		$	16,629		$	(1,518	)	$	16,065
Net realized gain (loss)		74,472			88,286			511,606			1,461,601
Change in net unrealized appreciation/depreciation		154,993			54,387			186,446			(1,045,105	)
Change in net assets resulting from operations		232,360			159,302			696,534			432,561
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,875	)		(12,262	)		(77,084	)		(110,686	)
Class C		(2,514	)		(4,180	)		(9,299	)		(22,436	)
Class I		(13,950	)		(18,221	)		(515,371	)		(858,499	)
Class R2		(4,145	)		(5,271	)		(1,244	)		(1,126	)
Class R5		(20,231	)		(23,132	)		(9,627	)		(20,316	)
Class R6		(67,081	)		(73,479	)		(147,178	)		(161,893	)
Total distributions to shareholders		(117,796	)		(136,545	)		(759,803	)		(1,174,956	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		58,477			(56,713	)		45,232			(2,626,307	)
NET ASSETS:
Change in net assets		173,041			(33,956	)		(18,037	)		(3,368,702	)
Beginning of period		1,114,382			1,148,338			3,050,306			6,419,008
End of period	$	1,287,423		$	1,114,382		$	3,032,269		$	3,050,306

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,057		$	79,253		$	321		$	428
Net realized gain (loss)		137,945			809,145			233			253
Change in net unrealized appreciation/depreciation		789,949			(499,565	)		10,187			2,768
Change in net assets resulting from operations		956,951			388,833			10,741			3,449
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(6,821	)		(21,842	)		(235	)		(858	)
Class C		—			—			(30	)		(204	)
Class I		(21,943	)		(23,849	)		(711	)		(1,447	)
Class L (a)		—			(45,099	)		—			—
Class R6 (b)		(137,962	)		(463,809	)		(247	)		—
Total distributions to shareholders		(166,726	)		(554,599	)		(1,223	)		(2,509	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(226,927	)		(1,284,816	)		25,112			9,075
NET ASSETS:
Change in net assets		563,298			(1,450,582	)		34,630			10,015
Beginning of period		4,364,764			5,815,346			40,700			30,685
End of period	$	4,928,062		$	4,364,764		$	75,330		$	40,700

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,998		$	11,575
Net realized gain (loss)		14,163			1,992
Change in net unrealized appreciation/depreciation		168,043			(46,631	)
Change in net assets resulting from operations		189,204			(33,064	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,480	)		(19,342	)
Class C		(535	)		(1,019	)
Class I		(7,655	)		(3,705	)
Class R2		(28	)		(16	)
Class R3		(12	)		(2	)
Class R4		(23	)		(12	)
Class R5		(2	)		(3	)
Class R6		(2,795	)		(2,189	)
Total distributions to shareholders		(19,530	)		(26,288	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		222,441			133,703
NET ASSETS:
Change in net assets		392,115			74,351
Beginning of period		726,854			652,503
End of period	$	1,118,969		$	726,854

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,653		$	2,181		$	583,020		$	1,164,544
Distributions reinvested		862			962			27,674			95,360
Cost of shares redeemed		(1,200	)		(2,204	)		(659,311	)		(977,172	)
Change in net assets resulting from Class A capital transactions		1,315			939			(48,617	)		282,732
Class C
Proceeds from shares issued		41			409			86,241			366,152
Distributions reinvested		403			540			7,278			32,079
Cost of shares redeemed		(405	)		(490	)		(321,337	)		(334,932	)
Change in net assets resulting from Class C capital transactions		39			459			(227,818	)		63,299
Class I
Proceeds from shares issued		353			4,205			2,507,641			5,501,467
Distributions reinvested		7,180			10,183			105,388			291,290
Cost of shares redeemed		(2,116	)		(30,218	)		(1,432,422	)		(3,044,873	)
Change in net assets resulting from Class I capital transactions		5,417			(15,830	)		1,180,607			2,747,884
Class R2
Proceeds from shares issued		—			—			6,639			23,230
Distributions reinvested		—			—			500			2,243
Cost of shares redeemed		—			—			(22,334	)		(40,287	)
Change in net assets resulting from Class R2 capital transactions		—			—			(15,195	)		(14,814	)
Class R3
Proceeds from shares issued		—			—			49,993			92,006
Distributions reinvested		—			—			1,362			4,162
Cost of shares redeemed		—			—			(26,021	)		(46,297	)
Change in net assets resulting from Class R3 capital transactions		—			—			25,334			49,871
Class R4
Proceeds from shares issued		—			—			44,763			71,534
Distributions reinvested		—			—			1,294			2,895
Cost of shares redeemed		—			—			(16,768	)		(23,816	)
Change in net assets resulting from Class R4 capital transactions		—			—			29,289			50,613
Class R5
Proceeds from shares issued		—			—			150,733			478,990
Distributions reinvested		—			—			13,143			44,948
Cost of shares redeemed		—			—			(228,288	)		(593,726	)
Change in net assets resulting from Class R5 capital transactions		—			—			(64,412	)		(69,788	)
Class R6
Proceeds from shares issued		1,335			7,519			2,441,048			7,465,340
Subscriptions in-kind (See Note 9)		—			—			—			48,418
Distributions reinvested		3,353			4,735			139,482			377,452
Cost of shares redeemed		(1,910	)		(7,384	)		(2,375,269	)		(2,242,542	)
Change in net assets resulting from Class R6 capital transactions		2,778			4,870			205,261			5,648,668
Total change in net assets resulting from capital transactions	$	9,549		$	(9,562	)	$	1,084,449		$	8,758,465

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		54			79			32,819			67,608
Reinvested		29			35			1,540			5,373
Redeemed		(40	)		(84	)		(36,681	)		(57,395	)
Change in Class A Shares		43			30			(2,322	)		15,586
Class C
Issued		—	(a)		17			4,914			21,351
Reinvested		15			21			412			1,838
Redeemed		(14	)		(21	)		(18,673	)		(20,307	)
Change in Class C Shares		1			17			(13,347	)		2,882
Class I
Issued		13			143			137,311			317,929
Reinvested		239			366			5,752			16,183
Redeemed		(69	)		(1,079	)		(79,735	)		(181,493	)
Change in Class I Shares		183			(570	)		63,328			152,619
Class R2
Issued		—			—			376			1,382
Reinvested		—			—			28			126
Redeemed		—			—			(1,236	)		(2,304	)
Change in Class R2 Shares		—			—			(832	)		(796	)
Class R3
Issued		—			—			2,783			5,236
Reinvested		—			—			76			235
Redeemed		—			—			(1,468	)		(2,666	)
Change in Class R3 Shares		—			—			1,391			2,805
Class R4
Issued		—			—			2,525			3,947
Reinvested		—			—			70			162
Redeemed		—			—			(918	)		(1,344	)
Change in Class R4 Shares		—			—			1,677			2,765
Class R5
Issued		—			—			8,252			26,787
Reinvested		—			—			718			2,489
Redeemed		—			—			(12,420	)		(33,212	)
Change in Class R5 Shares		—			—			(3,450	)		(3,936	)
Class R6
Issued		44			264			133,993			418,476
Subscriptions in-kind (See Note 9)		—			—			—			2,637
Reinvested		112			170			7,625			21,032
Redeemed		(64	)		(290	)		(132,656	)		(128,412	)
Change in Class R6 Shares		92			144			8,962			313,733

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	14,048		$	25,022		$	306,428		$	495,566
Distributions reinvested		892			852			3,523			3,972
Cost of shares redeemed		(8,983	)		(11,252	)		(123,626	)		(348,671	)
Change in net assets resulting from Class A capital transactions		5,957			14,622			186,325			150,867
Class C
Proceeds from shares issued		5,957			5,247			133,641			128,940
Distributions reinvested		372			254			1,095			835
Cost of shares redeemed		(736	)		(238	)		(25,353	)		(56,070	)
Change in net assets resulting from Class C capital transactions		5,593			5,263			109,383			73,705
Class I
Proceeds from shares issued		84,586			165,512			5,399,192			5,474,198
Distributions reinvested		11,302			12,358			67,176			59,927
Cost of shares redeemed		(69,712	)		(36,261	)		(1,292,098	)		(2,956,713	)
Change in net assets resulting from Class I capital transactions		26,176			141,609			4,174,270			2,577,412
Class R5
Proceeds from shares issued		49			—			740			1,405
Distributions reinvested		2			2			27			32
Cost of shares redeemed		—			—			(302	)		(550	)
Change in net assets resulting from Class R5 capital transactions		51			2			465			887
Class R6
Proceeds from shares issued		37,049			939			520,546			755,421
Distributions reinvested		30			25			3,937			3,351
Cost of shares redeemed		(1,340	)		(174	)		(196,266	)		(335,615	)
Change in net assets resulting from Class R6 capital transactions		35,739			790			328,217			423,157
Total change in net assets resulting from capital transactions	$	73,516		$	162,286		$	4,798,660		$	3,226,028

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,019			1,779			13,379			23,862
Reinvested		65			66			152			190
Redeemed		(646	)		(857	)		(5,347	)		(17,011	)
Change in Class A Shares		438			988			8,184			7,041
Class C
Issued		431			362			5,845			6,200
Reinvested		27			19			48			40
Redeemed		(54	)		(19	)		(1,109	)		(2,757	)
Change in Class C Shares		404			362			4,784			3,483
Class I
Issued		6,142			11,688			234,803			261,714
Reinvested		823			917			2,880			2,858
Redeemed		(5,053	)		(2,849	)		(55,775	)		(145,069	)
Change in Class I Shares		1,912			9,756			181,908			119,503
Class R5
Issued		3			—			33			66
Reinvested		—	(a)		1			1			2
Redeemed		—			—			(13	)		(26	)
Change in Class R5 Shares		3			1			21			42
Class R6
Issued		2,692			64			22,531			36,462
Reinvested		2			2			168			159
Redeemed		(97	)		(14	)		(8,474	)		(16,768	)
Change in Class R6 Shares		2,597			52			14,225			19,853

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,519		$	6,903		$	939,227		$	1,093,424
Distributions reinvested		1,429			5,106			209,955			290,772
Cost of shares redeemed		(10,792	)		(23,459	)		(640,641	)		(1,019,134	)
Change in net assets resulting from Class A capital transactions		(5,844	)		(11,450	)		508,541			365,062
Class C
Proceeds from shares issued		564			567			147,576			194,307
Distributions reinvested		271			1,288			45,342			64,738
Cost of shares redeemed		(3,628	)		(7,152	)		(301,411	)		(147,910	)
Change in net assets resulting from Class C capital transactions		(2,793	)		(5,297	)		(108,493	)		111,135
Class I
Proceeds from shares issued		4,148			134,333			1,952,293			2,721,471
Distributions reinvested		3,498			54,229			446,730			522,530
Cost of shares redeemed		(20,506	)		(689,651	)		(1,423,479	)		(1,843,411	)
Change in net assets resulting from Class I capital transactions		(12,860	)		(501,089	)		975,544			1,400,590
Class R2
Proceeds from shares issued		201			765			22,963			36,135
Distributions reinvested		72			218			7,039			13,984
Cost of shares redeemed		(658	)		(2,045	)		(32,702	)		(83,183	)
Change in net assets resulting from Class R2 capital transactions		(385	)		(1,062	)		(2,700	)		(33,064	)
Class R3
Proceeds from shares issued		—			—			78,272			51,615
Distributions reinvested		—			—			5,581			4,020
Cost of shares redeemed		—			—			(23,539	)		(23,556	)
Change in net assets resulting from Class R3 capital transactions		—			—			60,314			32,079
Class R4
Proceeds from shares issued		—			—			59,311			49,115
Distributions reinvested		—			—			6,602			2,550
Cost of shares redeemed		—			—			(15,685	)		(6,458	)
Change in net assets resulting from Class R4 capital transactions		—			—			50,228			45,207
Class R5
Proceeds from shares issued		306			2,988			116,993			172,183
Distributions reinvested		120			3,383			46,287			78,312
Cost of shares redeemed		(1,647	)		(48,472	)		(166,386	)		(278,117	)
Change in net assets resulting from Class R5 capital transactions		(1,221	)		(42,101	)		(3,106	)		(27,622	)
Class R6
Proceeds from shares issued		4,296			55,961			3,033,803			3,367,122
Distributions reinvested		1,924			11,672			744,667			931,375
Cost of shares redeemed		(27,691	)		(93,260	)		(1,741,183	)		(2,028,669	)
Change in net assets resulting from Class R6 capital transactions		(21,471	)		(25,627	)		2,037,287			2,269,828
Total change in net assets resulting from capital transactions	$	(44,574	)	$	(586,626	)	$	3,517,615		$	4,163,215

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		128			238			16,850			26,425
Reinvested		51			173			3,665			7,477
Redeemed		(391	)		(800	)		(11,459	)		(24,532	)
Change in Class A Shares		(212	)		(389	)		9,056			9,370
Class C
Issued		20			22			3,592			6,347
Reinvested		10			44			1,097			2,250
Redeemed		(134	)		(250	)		(7,411	)		(4,817	)
Change in Class C Shares		(104	)		(184	)		(2,722	)		3,780
Class I
Issued		148			4,400			34,498			64,836
Reinvested		123			1,759			7,640			13,208
Redeemed		(741	)		(23,872	)		(25,199	)		(44,234	)
Change in Class I Shares		(470	)		(17,713	)		16,939			33,810
Class R2
Issued		8			25			430			906
Reinvested		2			8			129			376
Redeemed		(24	)		(72	)		(611	)		(2,121	)
Change in Class R2 Shares		(14	)		(39	)		(52	)		(839	)
Class R3
Issued		—			—			1,390			1,251
Reinvested		—			—			97			103
Redeemed		—			—			(420	)		(568	)
Change in Class R3 Shares		—			—			1,067			786
Class R4
Issued		—			—			1,053			1,166
Reinvested		—			—			113			64
Redeemed		—			—			(273	)		(157	)
Change in Class R4 Shares		—			—			893			1,073
Class R5
Issued		11			101			2,001			3,989
Reinvested		4			110			770			1,927
Redeemed		(59	)		(1,585	)		(2,832	)		(6,525	)
Change in Class R5 Shares		(44	)		(1,374	)		(61	)		(609	)
Class R6
Issued		154			1,871			51,219			77,205
Reinvested		68			394			12,253			22,702
Redeemed		(1,044	)		(3,593	)		(29,382	)		(47,053	)
Change in Class R6 Shares		(822	)		(1,328	)		34,090			52,854

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	10,494		$	138,275		$	236,861		$	715,588
Distributions reinvested		532			2,618			75,171			154,154
Cost of shares redeemed		(27,819	)		(156,095	)		(1,037,380	)		(605,447	)
Change in net assets resulting from Class A capital transactions		(16,793	)		(15,202	)		(725,348	)		264,295
Class C
Proceeds from shares issued		2,424			3,402			35,967			40,488
Distributions reinvested		68			344			17,125			24,891
Cost of shares redeemed		(7,936	)		(20,436	)		(68,144	)		(84,646	)
Change in net assets resulting from Class C capital transactions		(5,444	)		(16,690	)		(15,052	)		(19,267	)
Class I
Proceeds from shares issued		117,307			187,035			296,138			295,219
Distributions reinvested		1,892			4,008			78,692			94,363
Cost of shares redeemed		(53,035	)		(206,607	)		(185,016	)		(492,924	)
Change in net assets resulting from Class I capital transactions		66,164			(15,564	)		189,814			(103,342	)
Class L
Proceeds from shares issued		—			—			1,281,829			269,061
Distributions reinvested		—			—			150,300			124,874
Cost of shares redeemed		—			—			(361,583	)		(663,087	)
Change in net assets resulting from Class L capital transactions		—			—			1,070,546			(269,152	)
Class R2
Proceeds from shares issued		989			4,111			20,002			28,578
Distributions reinvested		42			196			14,554			21,162
Cost of shares redeemed		(8,925	)		(6,217	)		(35,266	)		(82,008	)
Change in net assets resulting from Class R2 capital transactions		(7,894	)		(1,910	)		(710	)		(32,268	)
Class R3
Proceeds from shares issued		—	(a)		—	(a)		26,670			27,510
Distributions reinvested		—	(a)		—	(a)		7,561			10,063
Cost of shares redeemed		(9	)		—	(a)		(19,442	)		(33,612	)
Change in net assets resulting from Class R3 capital transactions		(9	)		—	(a)		14,789			3,961
Class R4
Proceeds from shares issued		179			1,815			5,422			4,496
Distributions reinvested		—	(a)		192			1,776			2,149
Cost of shares redeemed		(12,452	)		(3,474	)		(1,640	)		(8,139	)
Change in net assets resulting from Class R4 capital transactions		(12,273	)		(1,467	)		5,558			(1,494	)
Class R5
Proceeds from shares issued		1,531			7,109			56,835			78,859
Distributions reinvested		124			420			52,275			73,591
Cost of shares redeemed		(4,366	)		(17,058	)		(106,928	)		(194,808	)
Change in net assets resulting from Class R5 capital transactions		(2,711	)		(9,529	)		2,182			(42,358	)
Class R6
Proceeds from shares issued		72,569			166,602			1,313,627			1,785,782
Subscriptions in-kind (See Note 9)		—			—			—			45,414
Distributions reinvested		6,433			15,432			665,216			919,240
Cost of shares redeemed		(72,080	)		(141,375	)		(1,399,349	)		(2,264,805	)
Change in net assets resulting from Class R6 capital transactions		6,922			40,659			579,494			485,631
Total change in net assets resulting from capital transactions	$	27,962		$	(19,703	)	$	1,121,273		$	286,006

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		711			10,104			13,237			46,733
Reinvested		36			196			4,098			9,829
Redeemed		(1,911	)		(11,819	)		(58,192	)		(39,445	)
Change in Class A Shares		(1,164	)		(1,519	)		(40,857	)		17,117
Class C
Issued		167			262			2,045			2,740
Reinvested		5			26			974			1,647
Redeemed		(592	)		(1,590	)		(3,902	)		(5,697	)
Change in Class C Shares		(420	)		(1,302	)		(883	)		(1,310	)
Class I
Issued		7,945			14,482			16,125			18,972
Reinvested		127			306			4,275			5,999
Redeemed		(3,790	)		(15,555	)		(10,168	)		(31,630	)
Change in Class I Shares		4,282			(767	)		10,232			(6,659	)
Class L
Issued		—			—			71,256			17,663
Reinvested		—			—			8,148			7,922
Redeemed		—			—			(19,643	)		(42,694	)
Change in Class L Shares		—			—			59,761			(17,109	)
Class R2
Issued		71			326			1,126			1,874
Reinvested		3			15			803			1,363
Redeemed		(596	)		(468	)		(1,964	)		(5,292	)
Change in Class R2 Shares		(522	)		(127	)		(35	)		(2,055	)
Class R3
Issued		—	(a)		—	(a)		1,479			1,723
Reinvested		—	(a)		—	(a)		414			644
Redeemed		—	(a)		—	(a)		(1,072	)		(2,144	)
Change in Class R3 Shares		—	(a)		—	(a)		821			223
Class R4
Issued		14			134			292			290
Reinvested		—	(a)		14			97			137
Redeemed		(942	)		(250	)		(90	)		(534	)
Change in Class R4 Shares		(928	)		(102	)		299			(107	)
Class R5
Issued		108			542			3,091			5,056
Reinvested		8			32			2,833			4,669
Redeemed		(301	)		(1,286	)		(5,920	)		(12,468	)
Change in Class R5 Shares		(185	)		(712	)		4			(2,743	)
Class R6
Issued		5,294			12,775			72,329			113,479
Subscriptions in-kind (See Note 9)		—			—			—			2,771
Reinvested		436			1,189			35,953			58,213
Redeemed		(5,087	)		(10,425	)		(76,207	)		(143,075	)
Change in Class R6 Shares		643			3,539			32,075			31,388

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,968		$	18,251		$	55,299		$	82,531
Distributions reinvested		7,327			8,614			71,308			107,818
Cost of shares redeemed		(16,067	)		(40,642	)		(64,657	)		(536,310	)
Change in net assets resulting from Class A capital transactions		5,228			(13,777	)		61,950			(345,961	)
Class C
Proceeds from shares issued		1,175			2,490			2,694			7,465
Distributions reinvested		2,298			3,299			9,039			19,111
Cost of shares redeemed		(8,518	)		(10,656	)		(35,569	)		(60,945	)
Change in net assets resulting from Class C capital transactions		(5,045	)		(4,867	)		(23,836	)		(34,369	)
Class I
Proceeds from shares issued		6,625			21,569			122,808			542,564
Distributions reinvested		12,855			16,565			497,011			811,087
Cost of shares redeemed		(20,205	)		(61,865	)		(696,915	)		(3,344,154	)
Change in net assets resulting from Class I capital transactions		(725	)		(23,731	)		(77,096	)		(1,990,503	)
Class R2
Proceeds from shares issued		6,329			10,855			324			1,116
Distributions reinvested		4,130			5,051			1,205			808
Cost of shares redeemed		(8,592	)		(21,173	)		(546	)		(1,967	)
Change in net assets resulting from Class R2 capital transactions		1,867			(5,267	)		983			(43	)
Class R5
Proceeds from shares issued		16,841			22,564			2,298			15,058
Distributions reinvested		20,215			23,131			9,489			20,259
Cost of shares redeemed		(25,458	)		(53,596	)		(6,401	)		(84,259	)
Change in net assets resulting from Class R5 capital transactions		11,598			(7,901	)		5,386			(48,942	)
Class R6
Proceeds from shares issued		25,858			41,741			108,945			91,207
Distributions reinvested		61,717			68,077			112,990			113,531
Cost of shares redeemed		(42,021	)		(110,988	)		(144,090	)		(411,227	)
Change in net assets resulting from Class R6 capital transactions		45,554			(1,170	)		77,845			(206,489	)
Total change in net assets resulting from capital transactions	$	58,477		$	(56,713	)	$	45,232		$	(2,626,307	)

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		225			335			2,069			3,532
Reinvested		119			160			3,151			4,576
Redeemed		(255	)		(754	)		(2,521	)		(21,865	)
Change in Class A Shares		89			(259	)		2,699			(13,757	)
Class C
Issued		19			47			112			340
Reinvested		38			63			446			873
Redeemed		(142	)		(203	)		(1,419	)		(2,792	)
Change in Class C Shares		(85	)		(93	)		(861	)		(1,579	)
Class I
Issued		102			377			4,527			22,659
Reinvested		204			300			21,400			33,851
Redeemed		(312	)		(1,107	)		(26,524	)		(138,788	)
Change in Class I Shares		(6	)		(430	)		(597	)		(82,278	)
Class R2
Issued		102			204			14			49
Reinvested		69			96			56			36
Redeemed		(140	)		(397	)		(22	)		(90	)
Change in Class R2 Shares		31			(97	)		48			(5	)
Class R5
Issued		264			412			84			639
Reinvested		326			425			405			840
Redeemed		(403	)		(983	)		(232	)		(3,482	)
Change in Class R5 Shares		187			(146	)		257			(2,003	)
Class R6
Issued		403			784			3,957			3,578
Reinvested		993			1,251			4,828			4,714
Redeemed		(644	)		(1,980	)		(5,799	)		(16,836	)
Change in Class R6 Shares		752			55			2,986			(8,544	)
							��

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	40,091		$	56,324		$	2,753		$	3,668
Distributions reinvested		6,785			21,732			226			837
Cost of shares redeemed		(66,619	)		(97,073	)		(673	)		(4,213	)
Change in net assets resulting from Class A capital transactions		(19,743	)		(19,017	)		2,306			292
Class C
Proceeds from shares issued		—			—			290			266
Distributions reinvested		—			—			30			187
Cost of shares redeemed		—			—			(665	)		(725	)
Change in net assets resulting from Class C capital transactions		—			—			(345	)		(272	)
Class I
Proceeds from shares issued		81,680			49,261			24,147			12,036
Distributions reinvested		15,314			23,349			688			1,446
Cost of shares redeemed		(112,140	)		(94,822	)		(15,504	)		(4,427	)
Conversion from Class L Shares		368,073			—			—			—
Change in net assets resulting from Class I capital transactions		352,927			(22,212	)		9,331			9,055
Class L (a)
Proceeds from shares issued		534			76,268			—			—
Distributions reinvested		—			26,507			—			—
Cost of shares redeemed		(28,170	)		(125,628	)		—			—
Conversion to Class I Shares		(368,073	)		—			—			—
Change in net assets resulting from Class L capital transactions		(395,709	)		(22,853	)		—			—
Class R6 (b)
Proceeds from shares issued		127,769			898,953			13,834			—
Distributions reinvested		137,563			462,987			247			—
Cost of shares redeemed		(429,734	)		(1,245,965	)		(261	)		—
Redemptions in-kind (See Note 8)		—			(1,336,709	)		—			—
Change in net assets resulting from Class R6 capital transactions		(164,402	)		(1,220,734	)		13,820			—
Total change in net assets resulting from capital transactions	$	(226,927	)	$	(1,284,816	)	$	25,112		$	9,075

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,383			2,164			58			90
Reinvested		223			890			4			20
Redeemed		(2,248	)		(3,751	)		(14	)		(108	)
Change in Class A Shares		(642	)		(697	)		48			2
Class C
Issued		—			—			6			8
Reinvested		—			—			1			4
Redeemed		—			—			(15	)		(18	)
Change in Class C Shares		—			—			(8	)		(6	)
Class I
Issued		2,844			1,907			513			295
Reinvested		498			945			14			33
Redeemed		(3,852	)		(3,638	)		(313	)		(108	)
Conversion from Class L Shares		13,572			—			—			—
Change in Class I Shares		13,062			(786	)		214			220
Class L (a)
Issued		20			3,031			—			—
Reinvested		—			1,075			—			—
Redeemed		(1,046	)		(4,779	)		—			—
Conversion to Class I Shares		(13,599	)		—			—			—
Change in Class L Shares		(14,625	)		(673	)		—			—
Class R6 (b)
Issued		4,285			35,010			276			—
Reinvested		4,479			18,774			5			—
Redeemed		(14,364	)		(46,532	)		(5	)		—
Redemptions in-kind (See Note 8)		—			(52,834	)		—			—
Change in Class R6 Shares		(5,600	)		(45,582	)		276			—

(a) On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	21,154		$	103,634
Distributions reinvested		8,162			18,821
Cost of shares redeemed		(167,084	)		(69,860	)
Change in net assets resulting from Class A capital transactions		(137,768	)		52,595
Class C
Proceeds from shares issued		2,930			9,193
Distributions reinvested		459			848
Cost of shares redeemed		(6,607	)		(6,721	)
Change in net assets resulting from Class C capital transactions		(3,218	)		3,320
Class I
Proceeds from shares issued		345,772			75,806
Distributions reinvested		7,299			3,345
Cost of shares redeemed		(25,895	)		(33,791	)
Change in net assets resulting from Class I capital transactions		327,176			45,360
Class R2
Proceeds from shares issued		555			1,202
Distributions reinvested		28			16
Cost of shares redeemed		(199	)		(111	)
Change in net assets resulting from Class R2 capital transactions		384			1,107
Class R3
Proceeds from shares issued		224			400
Distributions reinvested		7			2
Cost of shares redeemed		(24	)		—	(a)
Change in net assets resulting from Class R3 capital transactions		207			402
Class R4
Proceeds from shares issued		133			1,340
Distributions reinvested		23			12
Cost of shares redeemed		(149	)		(38	)
Change in net assets resulting from Class R4 capital transactions		7			1,314
Class R5
Proceeds from shares issued		15			71
Distributions reinvested		2			3
Cost of shares redeemed		(10	)		(55	)
Change in net assets resulting from Class R5 capital transactions		7			19
Class R6
Proceeds from shares issued		176,474			48,377
Distributions reinvested		2,663			2,097
Cost of shares redeemed		(17,484	)		(20,888	)
Redemptions in-kind (See Note 8)		(126,007	)		—
Change in net assets resulting from Class R6 capital transactions		35,646			29,586
Total change in net assets resulting from capital transactions	$	222,441		$	133,703

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		434			2,118
Reinvested		156			373
Redeemed		(3,452	)		(1,432	)
Change in Class A Shares		(2,862	)		1,059
Class C
Issued		67			209
Reinvested		10			19
Redeemed		(150	)		(160	)
Change in Class C Shares		(73	)		68
Class I
Issued		6,481			1,616
Reinvested		129			64
Redeemed		(485	)		(675	)
Change in Class I Shares		6,125			1,005
Class R2
Issued		11			24
Reinvested		1			—	(a)
Redeemed		(4	)		(2	)
Change in Class R2 Shares		8			22
Class R3
Issued		5			7
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)
Change in Class R3 Shares		4			7
Class R4
Issued		3			24
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		(1	)
Change in Class R4 Shares		—	(a)		23
Class R5
Issued		—	(a)		2
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(1	)
Change in Class R5 Shares		—	(a)		1
Class R6
Issued		3,359			915
Reinvested		48			39
Redeemed		(330	)		(395	)
Redemptions in-kind (See Note 8)		(2,169	)		—
Change in Class R6 Shares		908			559

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 101

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	696,534
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(1,238,718	)
Proceeds from disposition of investment securities		2,213,368
Covers of investment securities sold short		(757,290	)
Proceeds from investment securities sold short		481,645
Purchases of short-term investments — affiliates, net		21,808
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		(296,077	)
Change in unrealized (appreciation)/depreciation on investments in affiliates		5
Change in unrealized (appreciation)/depreciation on investment securities sold short		109,650
Net realized (gain)/loss on investments in non-affiliates		(568,497	)
Net realized (gain)/loss on investments in affiliates		3
Net realized (gain)/loss on securities sold short		57,610
Decrease in interest receivable from non-affiliates		279
Decrease in dividends receivable from non-affiliates		811
Increase in tax reclaims receivable		(4	)
Decrease in variation margin receivable		26
Increase in dividend expense to non-affiliates on securities sold short		408
Increase in interest expense to non-affiliates on securities sold short		464
Increase in investment advisory fees payable		76
Increase in administration fees payable		14
Decrease in distribution fees payable		(24	)
Increase in service fees payable		5
Decrease in custodian and accounting fees payable		(25	)
Decrease in registration fees payable		(96	)
Decrease in audit fees payable		(38	)
Decrease in printing and mailing cost payable		(172	)
Increase in Trustees’ and Chief Compliance Officer’s fees payable		1
Increase in other accrued expenses payable		292
Net cash provided (used) by operating activities		722,058
Cash flows provided (used) by financing activities:
Proceeds from shares issued		280,837
Payment for shares redeemed		(944,496	)
Cash distributions paid to shareholders (net of reinvestments of $701,042)		(58,761	)
Net cash provided (used) by financing activities		(722,420	)
Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		(362	)
Restricted and unrestricted cash and deposits at broker at beginning of period		391
Restricted and unrestricted cash and deposits at broker at end of period	$	29

Supplemental disclosure of cash flow information:

For the six months ended December 31, 2020 the Fund paid approximately $2,131,000 in interest expense.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statement of Assets and Liabilities:

	June 30, 2020		December 31, 2020
Cash	$	23	$	29
Deposits at broker:
Futures contracts		368		—
	$	391	$	29

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 103

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 investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	26.88	$	0.02		$	7.16		$	7.18		$	(0.11	)	$	(3.65	)	$	(3.76	)
Year Ended June 30, 2020		30.15		0.15			1.68			1.83			(0.12	)		(4.98	)		(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45			(0.41	)		(3.72	)		(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31			(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69			(0.01	)		(0.32	)		(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)		(0.38	)		(0.39	)		—	(f)		(0.66	)		(0.66	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		25.63		(0.05	)		6.82			6.77			—			(3.65	)		(3.65	)
Year Ended June 30, 2020		29.01		0.01			1.60			1.61			(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22			(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03			—	��		(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)		(0.37	)		(0.50	)		—			(0.66	)		(0.66	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		27.38		0.06			7.30			7.36			(0.16	)		(3.65	)		(3.81	)
Year Ended June 30, 2020		30.60		0.23			1.70			1.93			(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56			(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43			(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06			(0.39	)		(0.33	)		(0.04	)		(0.66	)		(0.70	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		27.25		0.10			7.27			7.37			(0.23	)		(3.65	)		(3.88	)
Year Ended June 30, 2020		30.48		0.30			1.69			1.99			(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (g) through June 30, 2019		34.55		0.23			(0.05	)		0.18			(0.53	)		(3.72	)		(4.25	)

(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) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	30.30		27.22	%	$	7,770		1.09	%		0.13	%		1.29	%		17	%
	26.88		5.87			5,723		1.10			0.55			1.34			44
	30.15		9.22			5,511		1.09			0.42			1.41			45
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45
	28.75		26.95			3,573		1.59			(0.37	)		1.78			17
	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45
	30.93		27.40			64,733		0.84			0.38			1.03			17
	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45
	30.74		27.57			29,769		0.59			0.63			0.78			17
	27.25		6.39			23,881		0.60			1.06			0.83			44
	30.48		2.03			22,346		0.59			1.08			0.95			45

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 105

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 Equity Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.22	$	0.15	$	3.15		$	3.30		$	(0.15	)	$	—		$	(0.15	)
Year Ended June 30, 2020		17.83		0.32		(1.42	)		(1.10	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Year Ended June 30, 2016		13.77		0.25		0.35			0.60			(0.25	)		(0.11	)		(0.36	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		15.88		0.10		3.09			3.19			(0.11	)		—			(0.11	)
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18		0.35			0.53			(0.20	)		(0.11	)		(0.31	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.17		3.21			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28		0.37			0.65			(0.28	)		(0.11	)		(0.39	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.14		0.12		3.15			3.27			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21		0.35			0.56			(0.22	)		(0.11	)		(0.33	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.21		0.15		3.14			3.29			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		17.81		0.32		(1.41	)		(1.09	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.80		0.32		1.49			1.81			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2018		15.66		0.27		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19		1.71			1.90			(0.21	)		(0.09	)		(0.30	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.51		0.18		3.20			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.13		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.09		0.36		1.52			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.32		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29		1.67			1.96			(0.23	)		(0.09	)		(0.32	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.53		0.19		3.22			3.41			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31		0.35			0.66			(0.30	)		(0.11	)		(0.41	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.20		3.20			3.40			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33		0.34			0.67			(0.31	)		(0.11	)		(0.42	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	19.37		20.41	%	$	3,818,179		0.97	%		1.64	%		0.97	%		10	%
	16.22		(6.36	)		3,234,850		0.98			1.83			0.98			22
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14
	14.01		4.45			3,370,383		1.04			1.83			1.11			20
	18.96		20.11			1,359,361		1.46			1.14			1.46			10
	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	13.80		4.01			1,304,007		1.54			1.33			1.58			20
	19.73		20.56			14,062,687		0.71			1.91			0.71			10
	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	14.23		4.75			4,679,200		0.79			2.07			0.81			20
	19.28		20.30			70,167		1.22			1.37			1.22			10
	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14
	13.97		4.20			77,230		1.29			1.59			1.45			20
	19.35		20.37			230,221		0.96			1.67			0.96			10
	16.21		(6.29	)		170,246		0.97			1.86			0.97			22
	17.81		11.20			137,142		0.98			1.87			0.99			23
	16.80		9.90			91,267		0.99			1.61			0.99			20
	15.66		13.62			25,209		1.03			1.55			1.05			14
	19.72		20.57			160,019		0.71			1.92			0.71			10
	16.51		(6.07	)		106,277		0.72			2.12			0.72			22
	18.13		11.46			66,602		0.73			2.08			0.74			23
	17.09		10.18			23,451		0.74			1.90			0.75			20
	15.92		13.85			1,340		0.78			2.28			0.83			14
	19.75		20.70			1,401,252		0.56			2.05			0.56			10
	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14
	14.23		4.89			722,424		0.59			2.28			0.64			20
	19.73		20.71			15,303,018		0.46			2.16			0.46			10
	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14
	14.22		4.98			1,913,077		0.50			2.43			0.50			20

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 107

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 asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Equity Premium Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.96	$	0.78	$	1.30		$	2.08		$	(0.78	)	$	14.26		16.39	%
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)		12.96		(3.78	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)		14.92		5.95
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.75		1.29			2.04			(0.74	)		14.26		16.10
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)		12.96		(4.26	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)		14.92		5.50
Class I
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.79		1.30			2.09			(0.79	)		14.26		16.53
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)		12.96		(3.57	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)		14.92		6.15
Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.80		1.29			2.09			(0.80	)		14.25		16.53
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)		12.96		(3.43	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)		14.92		6.28
Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.82		1.29			2.11			(0.81	)		14.26		16.67
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)		12.96		(3.33	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)		14.92		6.37

(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 operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
		Ratios to average net assets (a)
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)
$	20,443		0.85	%		11.24	%		0.99	%		118	%
	12,904		0.85			14.21			1.11			236
	125		0.85	(g)		7.90	(g)		1.80	(g)		43
	10,936		1.35			10.75			1.49			118
	4,710		1.35			11.77			1.61			236
	21		1.35	(g)		7.14	(g)		2.26	(g)		43
	217,986		0.60			11.47			0.74			118
	173,409		0.60			11.40			0.91			236
	54,045		0.60	(g)		7.89	(g)		1.13	(g)		43
	74		0.45			11.49			0.70			118
	21		0.45			10.37			0.83			236
	21		0.45	(g)		8.04	(g)		1.36	(g)		43
	37,773		0.35			11.72			0.49			118
	686		0.35			13.60			0.59			236
	21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 109

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 asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Hedged Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	21.83	$	0.09	$	2.06		$	2.15		$	(0.13	)	$	23.85		9.86	%
Year Ended June 30, 2020		20.23		0.28		1.51			1.79			(0.19	)		21.83		8.89
Year Ended June 30, 2019		19.43		0.20		0.79			0.99			(0.19	)		20.23		5.12
Year Ended June 30, 2018		18.24		0.18		1.15			1.33			(0.14	)		19.43		7.33
Year Ended June 30, 2017		16.23		0.19		2.01			2.20			(0.19	)		18.24		13.60
Year Ended June 30, 2016		16.47		0.20		(0.28	)		(0.08	)		(0.16	)		16.23		(0.43	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		21.70		0.03		2.05			2.08			(0.08	)		23.70		9.59
Year Ended June 30, 2020		20.10		0.17		1.52			1.69			(0.09	)		21.70		8.40
Year Ended June 30, 2019		19.33		0.11		0.77			0.88			(0.11	)		20.10		4.60
Year Ended June 30, 2018		18.16		0.08		1.15			1.23			(0.06	)		19.33		6.79
Year Ended June 30, 2017		16.17		0.10		2.01			2.11			(0.12	)		18.16		13.07
Year Ended June 30, 2016		16.43		0.13		(0.29	)		(0.16	)		(0.10	)		16.17		(0.95	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		21.90		0.12		2.06			2.18			(0.16	)		23.92		9.97
Year Ended June 30, 2020		20.28		0.33		1.53			1.86			(0.24	)		21.90		9.21
Year Ended June 30, 2019		19.47		0.26		0.78			1.04			(0.23	)		20.28		5.39
Year Ended June 30, 2018		18.27		0.23		1.16			1.39			(0.19	)		19.47		7.63
Year Ended June 30, 2017		16.26		0.23		2.01			2.24			(0.23	)		18.27		13.86
Year Ended June 30, 2016		16.50		0.25		(0.28	)		(0.03	)		(0.21	)		16.26		(0.17	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.93		0.13		2.07			2.20			(0.17	)		23.96		10.07
Year Ended June 30, 2020		20.32		0.36		1.52			1.88			(0.27	)		21.93		9.30
Year Ended June 30, 2019		19.50		0.29		0.79			1.08			(0.26	)		20.32		5.57
Year Ended June 30, 2018		18.30		0.26		1.16			1.42			(0.22	)		19.50		7.81
Year Ended June 30, 2017		16.28		0.26		2.02			2.28			(0.26	)		18.30		14.10
Year Ended June 30, 2016		16.51		0.24		(0.24	)		—	(f)		(0.23	)		16.28		0.07
Class R6
Six Months Ended December 31, 2020 (Unaudited)		21.95		0.15		2.06			2.21			(0.18	)		23.98		10.11
Year Ended June 30, 2020		20.32		0.39		1.53			1.92			(0.29	)		21.95		9.50
Year Ended June 30, 2019		19.49		0.31		0.79			1.10			(0.27	)		20.32		5.69
Year Ended June 30, 2018		18.29		0.27		1.16			1.43			(0.23	)		19.49		7.87
Year Ended June 30, 2017		16.28		0.25		2.03			2.28			(0.27	)		18.29		14.09
Year Ended June 30, 2016		16.52		0.27		(0.27	)		—	(f)		(0.24	)		16.28		0.07

(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) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
		Ratios to average net assets (a)
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)
$	712,476		0.84	%		0.74	%		0.84	%		17	%
	473,314		0.85			1.35			0.86			68
	296,242		0.85			1.02			0.87			48
	277,898		0.84			0.92			0.87			44
	133,789		0.84			1.06			1.05			31
	71,417		0.85			1.27			1.11			57
	382,869		1.33			0.25			1.34			17
	246,741		1.35			0.84			1.36			68
	158,602		1.35			0.55			1.37			48
	81,030		1.34			0.42			1.38			44
	29,168		1.34			0.55			1.45			31
	9,867		1.35			0.80			1.52			57
	12,182,645		0.58			0.99			0.59			17
	7,167,488		0.59			1.59			0.60			68
	4,214,453		0.60			1.30			0.61			48
	1,947,444		0.59			1.17			0.62			44
	597,013		0.59			1.30			0.69			31
	158,820		0.60			1.54			0.74			57
	3,728		0.44			1.14			0.49			17
	2,964		0.45			1.74			0.59			68
	1,893		0.45			1.46			0.95			48
	123		0.39			1.37			0.67			44
	37		0.40			1.51			1.08			31
	25		0.40			1.49			2.16			57
	1,270,920		0.34			1.25			0.34			17
	851,085		0.35			1.87			0.35			68
	384,616		0.35			1.56			0.37			48
	121,897		0.34			1.42			0.42			44
	3,289		0.34			1.41			0.42			31
	74		0.35			1.66			1.40			57

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 111

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 Intrepid Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	25.83	$	0.24		$	4.95		$	5.19		$	(0.52	)		$	(0.33	)	$	(0.85	)
Year Ended June 30, 2020		31.42		0.55	(f)		(3.38	)		(2.83	)		(0.63	)			(2.13	)		(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)			(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)			(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)			(0.27	)		(0.79	)
Year Ended June 30, 2016		35.66		0.53			(2.95	)		(2.42	)		(0.49	)			(1.55	)		(2.04	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		25.36		0.17			4.88			5.05			(0.45	)			(0.33	)		(0.78	)
Year Ended June 30, 2020		30.90		0.40	(f)		(3.33	)		(2.93	)		(0.48	)			(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)			(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)			(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)			(0.27	)		(0.63	)
Year Ended June 30, 2016		35.29		0.36			(2.91	)		(2.55	)		(0.32	)	��		(1.55	)		(1.87	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		25.79		0.27			5.28			5.55			(0.56	)			(0.33	)		(0.89	)
Year Ended June 30, 2020		31.62		0.62	(f)		(3.66	)		(3.04	)		(0.66	)			(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)			(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)			(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)			(0.27	)		(0.85	)
Year Ended June 30, 2016		35.80		0.57			(2.95	)		(2.38	)		(0.53	)			(1.55	)		(2.08	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		25.55		0.18			4.94			5.12			(0.49	)			(0.33	)		(0.82	)
Year Ended June 30, 2020		31.12		0.47	(f)		(3.35	)		(2.88	)		(0.56	)			(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)			(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)			(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)			(0.27	)		(0.71	)
Year Ended June 30, 2016		35.48		0.44			(2.92	)		(2.48	)		(0.41	)			(1.55	)		(1.96	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.66		0.32			5.43			5.75			(0.58	)			(0.33	)		(0.91	)
Year Ended June 30, 2020		31.73		0.67	(f)		(3.87	)		(3.20	)		(0.74	)			(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)			(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)			(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)			(0.27	)		(0.92	)
Year Ended June 30, 2016		35.88		0.64			(2.95	)		(2.31	)		(0.60	)			(1.55	)		(2.15	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.06		0.30			5.06			5.36			(0.59	)			(0.33	)		(0.92	)
Year Ended June 30, 2020		31.74		0.70	(f)		(3.47	)		(2.77	)		(0.78	)			(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)			(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)			(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)			(0.27	)		(0.94	)
Year Ended June 30, 2016		35.89		0.66			(2.97	)		(2.31	)		(0.61	)			(1.55	)		(2.16	)

(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) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	30.17		20.38	%	$	51,862		0.82	%		1.69	%		1.01	%		47	%
	25.83		(9.96	)		49,876		0.83			1.88	(f)		0.95			79
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66
	29.63		20.17			9,806		1.32			1.24			1.52			47
	25.36		(10.46	)		11,038		1.33			1.37	(f)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66
	30.45		21.80			119,482		0.59			1.93			0.76			47
	25.79		(10.69	)		113,316		0.59			2.01	(f)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66
	29.85		20.30			2,689		1.08			1.32			1.41			47
	25.55		(10.24	)		2,664		1.09			1.62	(f)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66
	30.50		22.70			3,741		0.44			2.28			0.61			47
	25.66		(11.16	)		4,269		0.44			2.16	(f)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66
	30.50		20.88			62,242		0.34			2.10			0.51			47
	26.06		(9.68	)		74,603		0.34			2.37	(f)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 113

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 Large Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	48.04	$	(0.13	)	$	14.20		$	14.07		$	—		$	(3.14	)	$	(3.14	)
Year Ended June 30, 2020		41.87		(0.01	)		11.39			11.38			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80			4.71			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92			9.82			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51			8.44			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		35.43		(0.20	)		10.44			10.24			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		32.33		(0.17	)		8.48			8.31			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64			3.41			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11			7.86			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14			6.94			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.91		(0.06	)		14.46			14.40			(0.03	)		(3.14	)		(3.17	)
Year Ended June 30, 2020		42.46		0.09			11.59			11.68			(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01			10.00			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55			8.53			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.90		(0.19	)		13.56			13.37			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		40.32		(0.11	)		10.90			10.79			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61			4.43			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65			9.45			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32			8.16			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		48.34		(0.13	)		14.29			14.16			(0.01	)		(3.14	)		(3.15	)
Year Ended June 30, 2020		42.10		(0.01	)		11.46			11.45			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.64		(0.08	)		4.82			4.74			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94			9.86			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		(0.06	)		7.62			7.56			—			(3.14	)		(3.14	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		48.84		(0.06	)		14.45			14.39			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		42.45		0.08			11.58			11.66			(0.06	)		(5.21	)		(5.27	)
Year Ended June 30, 2019		42.85		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98			9.99			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		0.04			7.60			7.64			—			(3.14	)		(3.14	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		50.20		(0.02	)		14.86			14.84			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		43.44		0.16			11.88			12.04			(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00			5.07			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04	��	0.06			10.16			10.22			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67			8.72			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		50.66		0.01			15.00			15.01			(0.08	)		(3.14	)		(3.22	)
Year Ended June 30, 2020		43.78		0.21			11.99			12.20			(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03			5.14			(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23			10.33			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70			8.79			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	58.97		29.47	%	$	4,560,705		0.93	%		(0.45	)%		1.02	%		29	%
	48.04		30.09			3,280,463		0.94			(0.03	)		1.04			47
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43
	42.53		29.15			726,684		1.43			(0.96	)		1.51			29
	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43
	60.14		29.63			9,697,818		0.68			(0.21	)		0.76			29
	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43
	56.13		29.32			142,126		1.18			(0.70	)		1.27			29
	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43
	59.35		29.47			173,937		0.93			(0.46	)		1.01			29
	48.34		30.09			90,107		0.94			(0.02	)		1.03			47
	42.10		13.68			45,376		0.93			(0.21	)		1.08			50
	42.64		28.43			6,865		0.96			(0.21	)		1.10			24
	38.39		24.05			992		1.12			(0.20	)		1.20			22
	60.04		29.65			133,213		0.68			(0.20	)		0.76			29
	48.84		30.40			64,792		0.69			0.19			0.78			47
	42.45		13.96			10,740		0.68			0.02			0.83			50
	42.85		28.74			5,930		0.73			0.02			0.85			24
	38.47		24.31			440		0.89			0.12			1.07			22
	61.85		29.74			958,797		0.53			(0.06	)		0.61			29
	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43
	62.45		29.79			15,897,646		0.43			0.04			0.51			29
	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 115

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 Large Cap Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.72	$	0.05	$	4.21		$	4.26		$	(0.06	)	$	—		$	(0.06	)
Year Ended June 30, 2020		14.11		0.18		(1.40	)		(1.22	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		12.17		0.02		4.01			4.03			(0.03	)		—			(0.03	)
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		12.49		0.07		4.12			4.19			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		12.61		0.04		4.16			4.20			(0.04	)		—			(0.04	)
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		12.48		0.05		4.12			4.17			(0.06	)		—			(0.06	)
Year Ended June 30, 2020		13.84		0.18		(1.36	)		(1.18	)		(0.18	)		—			(0.18	)
October 1, 2018 (g) through June 30, 2019		15.63		0.13		(0.88	)		(0.75	)		(0.13	)		(0.91	)		(1.04	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		12.73		0.06		4.23			4.29			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		14.11		0.22		(1.39	)		(1.17	)		(0.21	)		—			(0.21	)
October 1, 2018 (g) through June 30, 2019		15.90		0.16		(0.89	)		(0.73	)		(0.15	)		(0.91	)		(1.06	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.62		0.08		4.17			4.25			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.53		0.09		4.14			4.23			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)

(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) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	16.92		33.58	%	$	139,049		0.92	%		0.76	%		1.05	%		48	%
	12.72		(8.66	)		119,402		0.93			1.33			1.04			177
	14.11		1.07			153,809		0.93			1.19			1.04			162
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219
	16.17		33.13			38,093		1.43			0.24			1.50			48
	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219
	16.60		33.65			419,904		0.69			0.99			0.75			48
	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219
	16.77		33.33			14,890		1.18			0.49			1.27			48
	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219
	16.59		33.51			13		0.93			0.75			1.08			48
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162
	16.94		33.68			11		0.69			0.87			0.76			48
	12.73		(8.34	)		11,823		0.69			1.60			0.76			177
	14.11		(4.05	)		14,545		0.68			1.51			0.77			162
	16.78		33.79			21,544		0.54			1.15			0.62			48
	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219
	16.66		33.86			1,069,246		0.44			1.25			0.50			48
	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 117

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 U.S. Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.22	$	0.05		$	3.85		$	3.90		$	(0.03	)	$	(1.11	)	$	(1.14	)
Year Ended June 30, 2020		15.86		0.11			1.82			1.93			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.48		0.12			1.17			1.29			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11			1.94			2.05			(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11			2.57			2.68			(0.11	)		(0.53	)		(0.64	)
Year Ended June 30, 2016		14.75		0.12			(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		15.60		—	(f)		3.71			3.71			—	(f)		(1.11	)		(1.11	)
Year Ended June 30, 2020		15.31		0.03			1.75			1.78			(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04			1.13			1.17			(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03			1.89			1.92			(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04			2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05			(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		16.27		0.07			3.88			3.95			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.91		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16			1.18			1.34			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15			1.94			2.09			(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14			2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13			(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)
Class L
Six Months Ended December 31, 2020 (Unaudited)		16.30		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.93		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18			1.18			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17			1.94			2.11			(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16			2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16			(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.04		0.02			3.83			3.85			(0.02	)		(1.11	)		(1.13	)
Year Ended June 30, 2020		15.70		0.07			1.80			1.87			(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08			1.16			1.24			(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07			1.92			1.99			(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07			2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08			(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.15		0.04			3.86			3.90			(0.04	)		(1.11	)		(1.15	)
Year Ended June 30, 2020		15.80		0.11			1.81			1.92			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.43		0.12			1.16			1.28			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.76		0.11			1.93			2.04			(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (g) through June 30, 2017		14.11		0.08			2.24			2.32			(0.14	)		(0.53	)		(0.67	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.25		0.07			3.87			3.94			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.89		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.50		0.17			1.16			1.33			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.82		0.16			1.93			2.09			(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (g) through June 30, 2017		14.15		0.13			2.22			2.35			(0.15	)		(0.53	)		(0.68	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.31		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.94		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19			1.17			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18			1.95			2.13			(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17			2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18			(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.34		0.09			3.91			4.00			(0.09	)		(1.11	)		(1.20	)
Year Ended June 30, 2020		15.97		0.19			1.83			2.02			(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20			1.19			1.39			(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19			1.95			2.14			(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18			2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18			(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)

(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) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	18.98		24.31	%	$	1,412,328		0.94	%		0.50	%		0.98	%		29	%
	16.22		12.59			1,869,111		0.94			0.70			0.99			84
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83
	18.20		24.04			304,477		1.43			(0.03	)		1.47			29
	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83
	19.05		24.56			1,411,013		0.69			0.72			0.73			29
	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83
	19.08		24.60			2,673,394		0.54			0.84			0.58			29
	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83
	18.76		24.24			252,713		1.18			0.22			1.22			29
	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83
	18.90		24.41			153,560		0.94			0.47			0.97			29
	16.15		12.57			117,991		0.94			0.70			0.98			84
	15.80		9.14			111,902		0.94			0.79			0.99			91
	16.43		13.18			61,413		0.95			0.69			1.00			97
	15.76		16.83			25,050		1.00			0.67			1.03			86
	19.02		24.53			31,016		0.69			0.72			0.72			29
	16.25		12.84			21,651		0.69			0.95			0.73			84
	15.89		9.44			22,870		0.69			1.08			0.75			91
	16.50		13.48			10,531		0.70			0.94			0.75			97
	15.82		16.99			1,030		0.75			1.03			0.81			86
	19.09		24.58			957,331		0.54			0.87			0.57			29
	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83
	19.14		24.72			11,470,944		0.44			0.97			0.47			29
	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 119

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 U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	57.64	$	0.03		$	11.92		$	11.95		$	(0.52	)	$	(5.60	)	$	(6.12	)
Year Ended June 30, 2020		56.61		0.63	(f)		7.41			8.04			(0.34	)		(6.67	)		(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01			3.46			(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51			10.74			(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27			8.49			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)		—			(0.26	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		56.26		(0.12	)		11.63			11.51			(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35	(f)		7.22			7.57			(0.09	)		(6.67	)		(6.76	)
Year Ended June 30, 2019		58.00		0.16			2.97			3.13			(0.04	)		(5.64	)		(5.68	)
Year Ended June 30, 2018		47.72		(0.04	)		10.32			10.28			—			—			—
Year Ended June 30, 2017		39.63		—	(g)		8.13			8.13			(0.04	)		—			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)		—			(0.09	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		58.80		0.12			12.17			12.29			(0.65	)		(5.60	)		(6.25	)
Year Ended June 30, 2020		57.60		0.79	(f)		7.54			8.33			(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05			3.65			(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68			11.06			(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40			8.74			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)		—			(0.02	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		56.08		(0.05	)		11.59			11.54			(0.39	)		(5.60	)		(5.99	)
Year Ended June 30, 2020		55.27		0.48	(f)		7.22			7.70			(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93			3.23			(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31			10.40			(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12			8.23			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)		—			(0.29	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.16			11.95			12.11			(0.75	)		(5.60	)		(6.35	)
Year Ended June 30, 2020		56.82		0.86	(f)		7.47			8.33			(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99			3.67			(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56			11.02			(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29			8.71			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)		—			(0.44	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.20			11.95			12.15			(0.81	)		(5.60	)		(6.41	)
Year Ended June 30, 2020		56.81		0.91	(f)		7.49			8.40			(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98			3.72			(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56			11.07			(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29			8.73			(0.49	)		—			(0.49	)
November 2, 2015 (i) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)		—			(0.46	)

(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) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	63.47		21.13	%	$	109,146		0.83	%		0.10	%		0.90	%		38	%
	57.64		15.11			94,017		0.84			1.15	(f)		0.94			96
	56.61		7.06			106,993		0.84			0.79			1.12			95
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70
	62.02		20.87			29,184		1.33			(0.38	)		1.40			38
	56.26		14.50			31,216		1.34			0.65	(f)		1.42			96
	55.45		6.51			35,931		1.34			0.29			1.61			95
	58.00		21.54			37,416		1.36			(0.08	)		1.61			69
	47.72		20.52			42,811		1.41			0.00	(h)		1.67			68
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70
	64.84		21.30			155,603		0.59			0.37			0.65			38
	58.80		15.38			141,497		0.59			1.40	(f)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70
	61.63		20.98			46,255		1.08			(0.15	)		1.22			38
	56.08		14.84			40,305		1.09			0.90	(f)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70
	63.69		21.31			220,673		0.44			0.50			0.50			38
	57.93		15.63			189,889		0.44			1.55	(f)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70
	63.67		21.37			726,562		0.34			0.63			0.40			38
	57.93		15.76			617,458		0.34			1.65	(f)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 121

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 U.S. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	24.58	$	(0.05	)	$	5.76		$	5.71		$	(0.03	)	$	(6.82	)	$	(6.85	)
Year Ended June 30, 2020		27.51		0.04			2.65			2.69			(0.03	)		(5.59	)		(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53			1.58			(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(g)		3.87			3.87			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(g)		5.54			5.54			(0.01	)		(1.24	)		(1.25	)
Year Ended June 30, 2016		29.81		0.04			(1.37	)		(1.33	)		—	(g)		(2.42	)		(2.42	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		22.67		(0.11	)		5.28			5.17			—			(6.82	)		(6.82	)
Year Ended June 30, 2020		25.88		(0.08	)		2.46			2.38			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43			1.35			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71			3.56			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		25.04		(0.01	)		5.87			5.86			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		27.94		0.10			2.69			2.79			(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54			1.67			(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92			4.00			(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10			(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		23.54		(0.09	)		5.48			5.39			(0.01	)		(6.82	)		(6.83	)
Year Ended June 30, 2020		26.62		(0.04	)		2.55			2.51			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47			1.43			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78			3.69			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.20		(0.01	)		5.92			5.91			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		28.08		0.11			2.71			2.82			(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55			1.69			(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93			4.04			(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18			(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		25.18		0.01			5.89			5.90			(0.08	)		(6.82	)		(6.90	)
Year Ended June 30, 2020		28.07		0.14			2.70			2.84			(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56			1.73			(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (i) through June 30, 2018		32.99		0.09			1.79			1.88			(0.12	)		(4.12	)		(4.24	)

(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) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.09% and 1.25% for the six months ended December 31, 2020, 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017 and 1.26% and 1.49% for the year ended June 30, 2016, for Class C are 1.60% and 1.75% for the six months ended December 31, 2020, 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017 and 1.76% and 2.00% for the year ended June 30, 2016, for Class I are 0.84% and 0.99% for the six months ended December 31, 2020, 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017 and 1.00% and 1.21% for the year ended June 30, 2016, for Class R2 are 1.45% and 1.51% for the six months ended December 31, 2020, 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017 and 1.51% and 1.84% for the year ended June 30, 2016, for Class R5 are 0.79% and 0.84% for the six months ended December 31, 2020, 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017 and 0.80% and 0.97% for the year ended June 30, 2016 and for Class R6 are 0.70% and 0.74% for the six months ended December 31, 2020, 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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 (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	23.44		24.27	%	$	318,497		1.98	%		(0.33	)%		2.14	%		30	%		49	%
	24.58		11.66			267,701		1.92			0.19			2.08			85			134
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(h)		2.39			94			131
	26.06		(4.52	)		890,217		2.21			0.14			2.44			88			127
	21.02		23.92			36,711		2.49			(0.86	)		2.64			30			49
	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	25.23		(4.98	)		212,879		2.71			(0.37	)		2.95			88			127
	24.01		24.41			2,084,388		1.73			(0.08	)		1.88			30			49
	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	26.32		(4.28	)		8,175,603		1.95			0.38			2.16			88			127
	22.10		23.99			5,345		2.34			(0.69	)		2.40			30			49
	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	25.61		(4.74	)		5,987		2.46			(0.11	)		2.79			88			127
	24.22		24.46			43,184		1.68			(0.04	)		1.73			30			49
	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	26.44		(4.07	)		591,379		1.75			0.73			1.92			88			127
	24.18		24.48			544,144		1.59			0.05			1.63			30			49
	25.18		12.10			491,414		1.52			0.58			1.57			85			134
	28.07		7.30			787,497		1.52			0.59			1.67			98			148
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 123

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			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	26.55	$	0.14	$	5.83		$	5.97		$	(0.22	)	$	(0.83	)	$	—		$	(1.05	)
Year Ended June 30, 2020		27.38		0.38		1.80			2.18			(0.31	)		(2.70	)		—			(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96			2.30			(0.36	)		(2.93	)		—			(3.29	)
Year Ended June 30, 2018		25.40		0.31		2.96			3.27			(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72			4.00			(0.32	)		—			(0.02	)		(0.34	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		—			(1.19	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		26.85		0.17		5.90			6.07			(0.26	)		(0.83	)		—			(1.09	)
Year Ended June 30, 2020		27.65		0.45		1.83			2.28			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98			2.39			(0.42	)		(2.93	)		—			(3.35	)
Year Ended June 30, 2018		25.62		0.39		2.98			3.37			(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76			4.11			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		—			(1.24	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.81		0.19		5.89			6.08			(0.27	)		(0.83	)		—			(1.10	)
Year Ended June 30, 2020		27.62		0.48		1.81			2.29			(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98			2.42			(0.44	)		(2.93	)		—			(3.37	)
Year Ended June 30, 2018		25.59		0.41		2.97			3.38			(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75			4.13			(0.42	)		—			(0.02	)		(0.44	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		—			(1.30	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	31.47		22.64	%	$	196,718		0.60	%		0.92	%		0.84	%		15	%
	26.55		9.08			183,005		0.60			1.45			0.85			59
	27.38		9.39			207,809		0.60			1.24			0.85			42
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122
	31.83		22.76			657,940		0.35			1.16			0.58			15
	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122
	31.79		22.85			4,073,404		0.25			1.28			0.33			15
	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 125

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 U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	42.76	$	0.23		$	8.54		$	8.77		$	(0.30	)	$	(0.49	)	$	(0.79	)
Year Ended June 30, 2020		41.85		0.47			3.52			3.99			(0.43	)		(2.65	)		(3.08	)
Year Ended June 30, 2019		41.28		0.50			3.21			3.71			(0.41	)		(2.73	)		(3.14	)
Year Ended June 30, 2018		39.35		0.58			4.05			4.63			(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29			6.20			6.49			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		34.01		0.62	(f)		(0.87	)(f)		(0.25	)		(0.56	)		—			(0.56	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		41.80		0.11			8.34			8.45			(0.03	)		(0.49	)		(0.52	)
Year Ended June 30, 2020		40.98		0.25			3.44			3.69			(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29			3.16			3.45			(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41			3.92			4.33			(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11			6.06			6.17			(0.14	)		—			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(f)		(0.85	)(f)		(0.41	)		(0.40	)		—			(0.40	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		43.11		0.29			8.61			8.90			(0.41	)		(0.49	)		(0.90	)
Year Ended June 30, 2020		42.15		0.57			3.56			4.13			(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60			3.23			3.83			(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66			4.10			4.76			(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38			6.25			6.63			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(f)		(0.86	)(f)		(0.18	)		(0.64	)		—			(0.64	)
Class R6
September 30, 2020 (g) through December 31, 2020 (Unaudited)		46.79		0.16			5.07			5.23			(0.44	)		(0.49	)		(0.93	)

(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) The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Class I Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Class I Shares, respectively.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	50.74		20.55	%	$	15,703		0.63	%		0.96	%		1.31	%		16	%
	42.76		9.57			11,178		0.82			1.12			1.53			99
	41.85		9.90			10,828		0.83			1.22			1.73			97
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53
	33.20		(0.72	)		8,760		1.15			1.90	(f)		1.95			31
	49.73		20.26			2,868		1.13			0.47			1.79			16
	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53
	32.48		(1.21	)		6,131		1.65			1.38	(f)		2.46			31
	51.11		20.68			42,671		0.38			1.19			1.04			16
	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53
	33.40		(0.48	)		4,148		0.90			2.05	(f)		1.65			31
	51.09		11.21			14,088		0.33			1.28			0.94			16

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 127

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 U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	45.62	$	0.33	$	9.67		$	10.00		$	(0.37	)	$	(0.64	)	$	(1.01	)
Year Ended June 30, 2020		49.84		0.79		(3.18	)		(2.39	)		(0.76	)		(1.07	)		(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)
Class C
Six Months Ended December 31, 2020 (Unaudited)		40.63		0.18		8.60			8.78			(0.27	)		(0.64	)		(0.91	)
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		48.34		0.43		10.23			10.66			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.72		0.27		9.68			9.95			(0.31	)		(0.64	)		(0.95	)
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
November 2, 2015 (f) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		48.25		0.36		10.22			10.58			(0.37	)		(0.64	)		(1.01	)
Year Ended June 30, 2020		52.66		0.75		(3.29	)		(2.54	)		(0.80	)		(1.07	)		(1.87	)
Year Ended June 30, 2019		52.41		0.89		2.33			3.22			(0.83	)		(2.14	)		(2.97	)
July 31, 2017 (f) through June 30, 2018		49.99		0.68		4.46			5.14			(0.64	)		(2.08	)		(2.72	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		48.31		0.42		10.25			10.67			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		1.04		(3.46	)		(2.42	)		(0.89	)		(1.07	)		(1.96	)
Year Ended June 30, 2019		52.41		1.02		2.34			3.36			(0.94	)		(2.14	)		(3.08	)
July 31, 2017 (f) through June 30, 2018		49.99		0.79		4.46			5.25			(0.75	)		(2.08	)		(2.83	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		48.69		0.46		10.33			10.79			(0.47	)		(0.64	)		(1.11	)
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
November 2, 2015 (f) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		48.70		0.53		10.28			10.81			(0.49	)		(0.64	)		(1.13	)
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)
November 2, 2015 (f) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

		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)
$	54.61		22.00	%	$	439,142		0.93	%		1.33	%		1.04	%		7	%
	45.62		(5.11	)		497,399		0.94			1.61			1.06			22
	49.84		6.68			490,597		0.93			1.73			1.06			26
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28
	42.75		1.02			422,151		1.06			1.38			1.13			39
	48.50		21.68			28,077		1.43			0.83			1.51			7
	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28
	39.07		0.54			25,541		1.56			0.89			1.62			39
	57.93		22.16			516,903		0.68			1.56			0.76			7
	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28
	44.77		1.28			40,068		0.81			1.64			0.86			39
	54.72		21.85			1,738		1.18			1.08			1.26			7
	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28
	42.94		(0.40	)		20		1.28			1.44			3.72			39
	57.82		22.01			709		0.93			1.34			1.03			7
	48.25		(5.10	)		398		0.94			1.50			1.03			22
	52.66		6.66			24		0.93			1.73			1.84			26
	52.41		10.33			22		0.94			1.42			1.12			32
	57.91		22.18			1,380		0.68			1.57			0.76			7
	48.31		(4.88	)		1,159		0.69			2.15			0.77			22
	52.69		6.94			24		0.68			1.98			1.60			26
	52.41		10.56			22		0.71			1.64			0.87			32
	58.37		22.26			108		0.54			1.72			0.63			7
	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28
	45.01		0.05			20		0.59			2.14			3.02			39
	58.38		22.31			130,912		0.44			1.95			0.51			7
	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28
	45.01		0.08			20		0.53			2.19			2.96			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 13 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Equity Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Equity Premium Income Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Value Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. GARP Equity Fund(1)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Large Cap Core Plus Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Research Enhanced Equity Fund	Class A, Class I(2) and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders  Fund(3)	Class A, Class C, Class I and Class R6(4)	JPM I	Diversified
JPMorgan U.S. Value Fund(5)	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  Effective February 1, 2021, JPMorgan Intrepid Growth Fund changed its name to JPMorgan U.S. GARP Equity Fund.

⁽²⁾  On July 6, 2020, the JPMorgan U.S. Research Enhanced Equity Fund’s Class L Shares were converted into Class I Shares. Additionally, effective as of July 6, 2020, the Class L Shares are no longer offered.

⁽³⁾  Effective August 17, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

⁽⁴⁾ Class R6 commenced operations on September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

⁽⁵⁾  Effective November 1, 2020, JPMorgan Growth and Income Fund changed its name to JPMorgan U.S. Value Fund.

The investment objective of JPMorgan Equity Focus Fund (“Equity Focus Fund”) and JPMorgan Large Cap Growth Fund (“Large Cap Growth Fund”) is to seek long-term capital appreciation.

The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Premium Income Fund (“Equity Premium Income Fund”) is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Intrepid Value Fund (“Intrepid Value Fund”) and JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund (“U.S. GARP Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan U.S. Large Cap Core Plus Fund (“U.S. Large Cap Core Plus Fund”) is to seek to provide a high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund (“U.S. Value Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

130 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Class L Shares for U.S. Equity Fund and Class A Shares for U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in Funds’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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, accordingly, 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 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.

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

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

• Level 2 — Other significant observable inputs including, but 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.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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

Equity Focus Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	105,960		$	—	$	—	$	105,960
Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	36,354,991		$	—	$	—	$	36,354,991
Equity Premium Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	236,705		$	—	$	—	$	236,705
Equity-Linked Notes		—			45,352		—		45,352
Exchange-Traded Funds		512			—		—		512
Short-Term Investments
Investment Companies		1,271			—		—		1,271
Total Investments in Securities	$	238,488		$	45,352	$	—	$	283,840
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	15,357,693		$	—	$	—	$	15,357,693
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	452		$	—	$	—	$	452
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written	$	(251,774	)	$	—	$	—	$	(251,774	)
Put Options Written		(89,326	)		—		—		(89,326	)
Total Depreciation in Other Financial Instruments	$	(341,100	)	$	—	$	—	$	(341,100	)
Intrepid Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	250,867		$	—	$	—	$	250,867
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	38		$	—	$	—	$	38
Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	32,647,419		$	—	$	—	$	32,647,419

132 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,716,270		$	—	$	—	$	1,716,270
U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,698,718		$	—	$	—	$	18,698,718
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,543		$	—	$	—	$	5,543
U.S. GARP Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,300,813		$	—	$	—	$	1,300,813
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	249		$	—	$	—	$	249
U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,812,586		$	—	$	—	$	3,812,586
Total Liabilities for Securities Sold Short (a)	$	(784,839	)	$	—	$	—	$	(784,839	)
U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,933,189		$	—	$	—	$	4,933,189
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	603		$	—	$	—	$	603
U.S. Sustainable Leaders Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	75,035		$	—	$	—	$	75,035
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	19		$	—	$	—	$	19
U.S. Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,135,938		$	—	$	—	$	1,135,938

(a) Please refer to the SOIs for specifics of portfolio holdings.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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 of non-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 of non-U.S. securities), subject to certain de 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. Securities lending activity is subject to master netting arrangements.

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, 2020 (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)
Intrepid Value Fund	$	418	$	(418	)	$	—
Large Cap Growth Fund		176,206		(176,206	)		—
Large Cap Value Fund		17,592		(17,592	)		—
U.S. GARP Equity Fund		12,768		(12,768	)		—

* 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.

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 0.15% to 0.06%. For the six months ended December 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Equity Focus Fund	$	—	(a)
Intrepid Value Fund		1
Large Cap Growth Fund		30
Large Cap Value Fund		1
U.S. Equity Fund		3
U.S. GARP Equity Fund		2
U.S. Sustainable Leaders Fund		—	(a)

(a) Amount rounds to less than one thousand.

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).

134 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

Equity Focus Fund, U.S Equity Fund and U.S. Sustainable Leaders Fund did not have any securities out on loan at December 31, 2020. Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Value Fund did not lend out any securities during the six months ended December 31, 2020.

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 the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables 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.

Equity Focus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	3,216	$	10,955	$	10,819	$	(1	)	$	(1	)	$	3,350		3,348	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		1,477		1,477		—			—			—		—		—	(c)*		—
Total	$	3,216	$	12,432	$	12,296	$	(1	)	$	(1	)	$	3,350			$	3		$	—
Equity Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	883,014	$	3,419,635	$	3,234,784	$	340		$	(616	)	$	1,067,589		1,067,055	$	687		$	—
Equity Premium Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	5,899	$	158,981	$	163,606	$	(3	)	$	—	(c)	$	1,271		1,271	$	3		$	—
Hedged Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)	$	456,381	$	3,974,137	$	3,754,711	$	—		$	—		$	675,807		675,807	$	32		$	—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Intrepid Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 16, 2020		Shares at November 16, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	4,719	$	45,530	$	46,754	$	(1	)	$	(2	)	$	3,492		3,491	$	4		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		3		5,500		5,499		—	(c)*		—	(c)		4		3		2	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,452		19,402		21,431		—			—			423		423		—	(c)*		—
Total	$	7,174	$	70,432	$	73,684	$	(1	)	$	(2	)	$	3,919			$	6		$	—
Large Cap Growth Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,084,362	$	7,144,771	$	6,939,484	$	25		$	(478	)	$	1,289,196		1,288,551	$	1,172		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		1,102,899		1,997,800		2,923,305		(209	)*		(39	)		177,146		177,129		1,115	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		96,805		1,802,994		1,871,704		—			—			28,095		28,095		32	*		—
Total	$	2,284,066	$	10,945,565	$	11,734,493	$	(184	)	$	(517	)	$	1,494,437			$	2,319		$	—
Large Cap Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,570	$	237,054	$	217,524	$	(5	)	$	(2	)	$	32,093		32,077	$	21		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		51,705		56,699		92,000		(6	)*		—	(c)		16,398		16,397		27	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,692		54,635		61,489		—			—			1,838		1,838		1	*		—
Total	$	72,967	$	348,388	$	371,013	$	(11	)	$	(2	)	$	50,329			$	49		$	—

136 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

U.S. Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	41,341	$	2,228,493	$	1,865,961	$	(67	)	$	(35	)	$	403,771		403,569	$	203		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		1,074		322,000		323,066		(8	)*		—	(c)		—		—		68	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		12,605		100,834		113,439		—			—			—		—		3	*		—
Total	$	55,020	$	2,651,327	$	2,302,466	$	(75	)	$	(35	)	$	403,771			$	274		$	—
U.S. GARP Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,447	$	162,686	$	155,690	$	(3	)	$	(7	)	$	19,433		19,423	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		105,000		95,000		(6	)*		—	(c)		9,994		9,993		21	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,327		113,537		121,948		—			—			2,916		2,916		2	*		—
Total	$	23,774	$	381,223	$	372,638	$	(9	)	$	(7	)	$	32,343			$	49		$	—
U.S. Large Cap Core Plus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	35,661	$	554,312	$	576,120	$	(3	)	$	(5	)	$	13,845		13,838	$	19		$	—
U.S. Research Enhanced Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	110,144	$	298,774	$	380,156	$	(18	)	$	—	(c)	$	28,744		28,730	$	43		$	—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

U.S. Sustainable Leaders Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,605	$	22,334	$	21,519	$	(1	)	$	1		$	2,420		2,418	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		326		1,513		1,839		—			—			—		—		—	*(c)		—
Total	$	1,931	$	23,847	$	23,358	$	(1	)	$	1		$	2,420			$	2		$	—
U.S. Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	25,234	$	309,707	$	303,411	$	9		$	(19	)	$	31,520		31,505	$	26		$	—

(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, 2020.

(c) Amount rounds to less than one thousand.

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

D. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge equity risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

138 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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

E. Futures Contracts — Hedged Equity Fund, Intrepid Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

F. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and option contracts activity during the six months ended December 31, 2020 (amounts in thousands, except number of contracts).

	Hedged Equity Fund		Intrepid Value Fund			U.S. Equity Fund			U.S. GARP Equity Fund			U.S. Large Cap Core Plus Fund			U.S. Research Enhanced Equity Fund		U.S. Sustainable Leaders Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	166,174	$	2,321	(a)	$	184,947	(a)	$	13,631	(a)	$	2,159	(b)	$	46,808	$	923	(a)
Ending Notional Balance Long		194,566		1,685			304,489			10,299			—			28,277		1,114
Exchange-Traded Options:
Average Number of Contracts Purchased		34,360		—			—			—			—			—		—
Average Number of Contracts Written		68,720		—			—			—			—			—		—
Ending Number of Contracts Purchased		38,586		—			—			—			—			—		—
Ending Number of Contracts Written		77,172		—			—			—			—			—		—

(a) For the period August 1, 2020 through December 31, 2020.

(b) For the period July 1, 2020 through July 31, 2020.

G. Equity-Linked Notes — The Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2020, the Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

H. Short Sales — The U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

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

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported within Other expense on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

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

As of December 31, 2020, the U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

I. 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 and interest expense on securities sold short, if any, 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 and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

J. 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, 2020 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
Equity Focus Fund
Transfer agency fees	$	1		$	—	(a)	$	1		n/a		n/a		n/a			n/a			n/a		$	—	(a)	$	2
Equity Income Fund
Transfer agency fees		243			35			66		n/a	$	6	$	3		$	2		$	16			117			488
Equity Premium Income Fund
Transfer agency fees		—	(a)		—	(a)		2		n/a		n/a		n/a			n/a			—	(a)		1			3
Hedged Equity Fund
Transfer agency fees		27			6			39		n/a		n/a		n/a			n/a			1			14			87
Intrepid Value Fund
Transfer agency fees		1			1			2		n/a		2		n/a			n/a			—	(a)		1			7
Large Cap Growth Fund
Transfer agency fees		221			12			45		n/a		5		2			1			7			60			353
Large Cap Value Fund
Transfer agency fees		33			1			3		n/a		2		—	(a)		—	(a)		2			10			51
U.S. Equity Fund
Transfer agency fees		43			6			14	$	87		3		2			—	(a)		5			44			204

140 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Class A		Class C			Class I		Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Total
U.S. GARP Equity Fund
Transfer agency fees	$	4	$	1		$	2		n/a		$	17			n/a			n/a		$	1		$	3		$	28
U.S. Large Cap Core Plus Fund
Transfer agency fees		21		2			21		n/a			1			n/a			n/a			—	(a)		3			48
U.S. Research Enhanced Equity Fund
Transfer agency fees		9		n/a			6	$	—	(a)		n/a			n/a			n/a			n/a			16			31
U.S. Sustainable Leaders Fund
Transfer agency fees		1		—	(a)		1		n/a			n/a			n/a			n/a			n/a			—	(a)		2
U.S. Value Fund
Transfer agency fees		73		1			4		n/a			—	(a)	$	—	(a)	$	—	(a)		—	(a)		3			81

(a) Amount rounds to less than one thousand.

K. 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, 2020, 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 Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Equity Focus Fund, Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid annually, Equity Income Fund and Equity Premium Income Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. 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.

M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, 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 at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Equity Focus Fund	0.50	%
Equity Income Fund	0.40
Equity Premium Income Fund	0.25
Hedged Equity Fund	0.25
Intrepid Value Fund	0.30
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40
U.S. GARP Equity Fund	0.30
U.S. Large Cap Core Plus Fund	0.65
U.S. Research Enhanced Equity Fund	0.25
U.S. Sustainable Leaders Fund	0.30
U.S. Value Fund	0.40

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. 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

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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, 2020, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Value Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07 %, 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 as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s 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 Rule 12b-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
Equity Focus Fund		0.25	%		0.75	%		n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Equity Premium Income Fund		0.25			0.75			n/a			n/a
Hedged Equity Fund		0.25			0.75			n/a			n/a
Intrepid Value Fund		0.25			0.75			0.50			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Equity Fund		0.25			0.75			0.50			0.25
U.S. GARP Equity Fund		0.25			0.75			0.50			n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50			n/a
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a
U.S. Value Fund		0.25			0.75			0.50			0.25

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Equity Focus Fund	$	1		$	1
Equity Income Fund		269			4
Equity Premium Income Fund		8			—
Hedged Equity Fund		169			1
Intrepid Value Fund		1			—
Large Cap Growth Fund		482			1
Large Cap Value Fund		3			—
U.S. Equity Fund		81			—	(a)
U.S. GARP Equity Fund		4			—	(a)
U.S. Large Cap Core Plus Fund		9			—	(a)
U.S. Research Enhanced Equity Fund		—	(a)		—
U.S. Sustainable Leaders Fund		2			—
U.S. Value Fund		6			—

(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

142 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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
Equity Focus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Equity Premium Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Intrepid Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. GARP Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Value Fund		0.25			0.25			0.25			n/a			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, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds (excluding Equity Income Fund) 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
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a			n/a			n/a			n/a			n/a			0.60	%
Equity Premium Income Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	%		0.35
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Intrepid Value Fund		0.83			1.33			0.59			n/a			1.09	%		n/a			n/a			0.44			0.34
Large Cap Growth Fund		0.94			1.44			0.69			n/a			1.19			0.94	%		0.69	%		0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
U.S. Equity Fund		0.94			1.44			0.69			n/a	(1)		1.19			0.94			0.69			0.54			0.44
U.S. GARP Equity Fund		0.84			1.34			0.59			n/a			1.09			n/a			n/a			0.44			0.34
U.S. Large Cap Core Plus Fund		1.10			1.60			0.85			n/a			1.45			n/a			n/a			0.80			0.70
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			0.25
U.S. Sustainable Leaders Fund		0.64			1.14			0.39			n/a			n/a			n/a			n/a			n/a			0.34
U.S. Value Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44

⁽¹⁾  Effective November 1, 2020, the contractual expense limitation for Class L Shares of the U.S. Equity Fund expired. Prior to November 1, 2020, the contractual expense limitation for the Funds was 0.61% for Class L Shares.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

For the six months ended December 31, 2020, 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
Equity Focus Fund	$	53	$	32	$	1	$	86	$	—
Equity Income Fund		13		—		—		13		—
Equity Premium Income Fund		104		70		1		175		1
Hedged Equity Fund		—		—		3		3		—
Intrepid Value Fund		124		82		8		214		1
Large Cap Growth Fund		6,350		4,225		230		10,805		—
Large Cap Value Fund		273		181		47		501		8
U.S. Equity Fund		1,786		1,189		73		3,048		44
U.S. GARP Equity Fund		218		145		23		386		—
U.S. Large Cap Core Plus Fund		420		279		1,342		2,041		2
U.S. Research Enhanced Equity Fund		1,200		799		616		2,615		—	(a)
U.S. Sustainable Leaders Fund		86		22		59		167		22
U.S. Value Fund		200		133		74		407		2

(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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

Equity Focus Fund	$	2
Equity Income Fund		480
Equity Premium Income Fund		3
Hedged Equity Fund		220
Intrepid Value Fund		3
Large Cap Growth Fund		668
Large Cap Value Fund		13
U.S. Equity Fund		117
U.S. GARP Equity Fund		17
U.S. Large Cap Core Plus Fund		18
U.S. Research Enhanced Equity Fund		33
U.S. Sustainable Leaders Fund		1
U.S. Value Fund		16

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 Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended December 31, 2020, the Large Cap Growth Fund and U.S. Large Cap Core Plus 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

144 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	15,527	$	17,578	$	—	$	—
Equity Income Fund		3,930,106		3,086,189		—		—
Equity Premium Income Fund		360,196		280,361		—		—
Hedged Equity Fund		5,731,771		2,039,769		—		—
Intrepid Value Fund		110,105		157,132		—		—
Large Cap Growth Fund		9,638,462		7,764,418		—		—
Large Cap Value Fund		663,358		657,491		—		—
U.S. Equity Fund		4,814,502		5,048,831		—		—
U.S. GARP Equity Fund		447,934		495,881		—		—
U.S. Large Cap Core Plus Fund		1,204,844		2,182,316		470,936		748,585
U.S. Research Enhanced Equity Fund		677,983		1,002,865		—		—
U.S. Sustainable Leaders Fund		31,818		8,957		—		—
U.S. Value Fund		409,748		67,145		—		—

During the six months ended December 31, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	64,609	$	41,635	$	284	$	41,351
Equity Income Fund		27,068,783		9,848,490		562,282		9,286,208
Equity Premium Income Fund		246,442		38,614		1,216		37,398
Hedged Equity Fund		11,263,525		3,800,486		46,966		3,753,520
Intrepid Value Fund		206,279		47,129		2,503		44,626
Large Cap Growth Fund		18,396,766		14,358,483		107,830		14,250,653
Large Cap Value Fund		1,354,440		403,137		41,307		361,830
U.S. Equity Fund		11,545,374		7,171,647		12,760		7,158,887
U.S. GARP Equity Fund		803,422		503,394		5,754		497,640
U.S. Large Cap Core Plus Fund*		1,309,500		1,818,226		99,979		1,718,247
U.S. Research Enhanced Equity Fund		2,810,743		2,144,027		20,978		2,123,049
U.S. Sustainable Leaders Fund		57,499		17,616		61		17,555
U.S. Value Fund		801,509		341,714		7,285		334,429

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

As of June 30, 2020, the following Funds had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Premium Income Fund	$	4,187	$	—
Hedged Equity Fund		114,389		157,891
Large Cap Value Fund		24,093		—

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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, 2020, the following Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

	Net Capital Losses (Gains)
	Short-Term		Long-Term
Equity Income Fund	$	491,217	$	330,688
Equity Premium Income Fund		25,532		(102	)
Hedged Equity Fund		82,302		52,139
Large Cap Growth Fund		68,836		—
Large Cap Value Fund		49,514		(13,663	)
U.S. GARP Equity Fund		3,912		—
U.S. Research Enhanced Equity Fund		34,790		—
U.S. Sustainable Leaders Fund		231		—
U.S. Value Fund		6,424		—

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, 2020.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications

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

146 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

As of December 31, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		1		62.8	%		1		21.7	%
Equity Income Fund		1		10.4			2		27.7
Equity Premium Income Fund		—		—			4		63.3
Hedged Equity Fund		—		—			2		30.8
Intrepid Value Fund		—		—			2		23.5
Large Cap Growth Fund		—		—			1		19.1
Large Cap Value Fund		2		33.0			1		11.5
U.S. Equity Fund		—		—			1		17.5
U.S. GARP Equity Fund		2		28.8			1		10.6
U.S. Large Cap Core Plus Fund		1		23.4			1		27.6
U.S. Research Enhanced Equity Fund		—		—			1		15.0
U.S. Sustainable Leaders Fund		1		10.1			2		47.2
U.S. Value Fund		1		12.0			1		31.1

As of December 31, 2020, the J.P. Morgan Investor Funds and 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 Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		44.8	%		n/a
U.S. Equity Fund		n/a			24.1	%
U.S. GARP Equity Fund		45.8			n/a
U.S. Research Enhanced Equity Fund		16.2			36.6

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

The Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

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 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.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Redemptions in-kind

On October 18, 2019, certain shareholders sold Class R6 Shares of U.S. Research Enhanced Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-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
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

* This amount includes cash of approximately $17,300,000 associated with the redemption in-kind.

On December 3, 2020, certain shareholders sold Class R6 Shares of U.S. Value Fund. The portfolio securities were delivered primarily by means of a redemption in-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
U.S. Value Fund	$	126,007	*	$	(126	)		Redemption in-kind

* This amount includes cash of approximately $4,653,000 associated with the redemption in-kind.

9. Subscriptions in-kind

On July 29, 2019, certain shareholders purchased Class R6 Shares of U.S. Equity Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value		Type
U.S. Equity Fund	$	45,414		Subscription in-kind

On February 26, 2020, certain shareholders purchased Class R6 Shares of Equity Income Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):

	Value			Type
Equity Income Fund	$	48,418	*		Subscription in-kind

* This amount includes cash of approximately $230,000 associated with the subscription in-kind.

10. Subsequent Events

On February 10, 2021, the Board of Trustees of JPM I approved the following changes for Intrepid Value Fund, which are expected to become effective on or about July 1, 2021: (i) a change to the Fund’s name to JPMorgan U.S. Applied Data Science Value Fund; (ii) a change to the Fund’s investment strategy to employ a data science driven investment approach; (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of U.S. companies; and (iv) the contractual expense limitations for Class A, Class C, and Class I Shares will be reduced to 0.73%, 1.23%, and 0.49%, respectively, and will be in place until at least June 30, 2023.

Effective as of the close of business on March 12, 2021, Hedged Equity Fund will be offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

148 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual*	$	1,000.00	$	1,272.20	$	6.24		1.09	%
Hypothetical*		1,000.00		1,019.71		5.55		1.09
Class C
Actual*		1,000.00		1,269.50		9.10		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
Class I
Actual*		1,000.00		1,274.00		4.81		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R6
Actual*		1,000.00		1,275.70		3.38		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
JPMorgan Equity Income Fund
Class A
Actual*		1,000.00		1,204.10		5.39		0.97
Hypothetical*		1,000.00		1,020.32		4.94		0.97
Class C
Actual*		1,000.00		1,201.10		8.10		1.46
Hypothetical*		1,000.00		1,017.85		7.43		1.46
Class I
Actual*		1,000.00		1,205.60		3.95		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R2
Actual*		1,000.00		1,203.00		6.77		1.22
Hypothetical*		1,000.00		1,019.06		6.21		1.22
Class R3
Actual*		1,000.00		1,203.70		5.33		0.96
Hypothetical*		1,000.00		1,020.37		4.89		0.96

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 149

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual*	$	1,000.00	$	1,205.70	$	3.95		0.71	%
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R5
Actual*		1,000.00		1,207.00		3.12		0.56
Hypothetical*		1,000.00		1,022.38		2.85		0.56
Class R6
Actual*		1,000.00		1,207.10		2.56		0.46
Hypothetical*		1,000.00		1,022.89		2.35		0.46
JPMorgan Equity Premium Income Fund
Class A
Actual*		1,000.00		1,163.90		4.64		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Class C
Actual*		1,000.00		1,161.00		7.35		1.35
Hypothetical*		1,000.00		1,018.40		6.87		1.35
Class I
Actual*		1,000.00		1,165.30		3.27		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class R5
Actual*		1,000.00		1,165.30		2.46		0.45
Hypothetical*		1,000.00		1,022.94		2.29		0.45
Class R6
Actual*		1,000.00		1,166.70		1.91		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
JPMorgan Hedged Equity Fund
Class A
Actual*		1,000.00		1,098.60		4.44		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class C
Actual*		1,000.00		1,095.90		7.03		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,099.70		3.07		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Class R5
Actual*		1,000.00		1,100.70		2.33		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,101.10		1.80		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
JPMorgan Intrepid Value Fund
Class A
Actual*		1,000.00		1,203.80		4.55		0.82
Hypothetical*		1,000.00		1,021.07		4.18		0.82
Class C
Actual*		1,000.00		1,201.70		7.33		1.32
Hypothetical*		1,000.00		1,018.55		6.72		1.32
Class I
Actual*		1,000.00		1,218.00		3.30		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,203.00		6.00		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08

150 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Intrepid Value Fund (continued)
Class R5
Actual*	$	1,000.00	$	1,227.00	$	2.47		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,208.80		1.89		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
JPMorgan Large Cap Growth Fund
Class A
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,291.50		8.26		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,296.30		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R2
Actual*		1,000.00		1,293.20		6.82		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,296.50		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,297.40		3.07		0.53
Hypothetical*		1,000.00		1,022.53		2.70		0.53
Class R6
Actual*		1,000.00		1,297.90		2.49		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43
JPMorgan Large Cap Value Fund
Class A
Actual*		1,000.00		1,335.80		5.42		0.92
Hypothetical*		1,000.00		1,020.57		4.69		0.92
Class C
Actual*		1,000.00		1,331.30		8.40		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,336.50		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R2
Actual*		1,000.00		1,333.30		6.94		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,335.10		5.47		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,336.80		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,337.90		3.18		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 151

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,338.60	$	2.59		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. Equity Fund
Class A
Actual*		1,000.00		1,243.10		5.31		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class C
Actual*		1,000.00		1,240.40		8.08		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,245.60		3.91		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class L
Actual*		1,000.00		1,246.00		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R2
Actual*		1,000.00		1,242.40		6.67		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,244.10		5.32		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R4
Actual*		1,000.00		1,245.30		3.90		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,245.80		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,247.20		2.49		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Actual*		1,000.00		1,211.30		4.63		0.83
Hypothetical*		1,000.00		1,021.02		4.23		0.83
Class C
Actual*		1,000.00		1,208.70		7.40		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,213.00		3.29		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,209.80		6.02		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08
Class R5
Actual*		1,000.00		1,213.10		2.45		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,213.70		1.90		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34

152 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual*	$	1,000.00	$	1,242.70	$	11.19		1.98	%
Hypothetical*		1,000.00		1,015.22		10.06		1.98
Class C
Actual*		1,000.00		1,239.20		14.05		2.49
Hypothetical*		1,000.00		1,012.65		12.63		2.49
Class I
Actual*		1,000.00		1,244.10		9.79		1.73
Hypothetical*		1,000.00		1,016.48		8.79		1.73
Class R2
Actual*		1,000.00		1,239.90		13.21		2.34
Hypothetical*		1,000.00		1,013.41		11.88		2.34
Class R5
Actual*		1,000.00		1,244.60		9.50		1.68
Hypothetical*		1,000.00		1,016.74		8.54		1.68
Class R6
Actual*		1,000.00		1,244.80		9.00		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,226.40		3.37		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class I
Actual*		1,000.00		1,227.60		1.97		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Class R6
Actual*		1,000.00		1,228.50		1.40		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual*		1,000.00		1,205.50		3.50		0.63
Hypothetical*		1,000.00		1,022.03		3.21		0.63
Class C
Actual*		1,000.00		1,202.60		6.27		1.13
Hypothetical*		1,000.00		1,019.51		5.75		1.13
Class I
Actual*		1,000.00		1,206.80		2.11		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Class R6
Actual**		1,000.00		1,112.10		0.88		0.33
Hypothetical*		1,000.00		1,023.54		1.68		0.33
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Actual*		1,000.00		1,220.00		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,216.80		7.99		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,221.60		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 153

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund) (continued)
Class R2
Actual*	$	1,000.00	$	1,218.50	$	6.60		1.18	%
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,220.10		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,221.80		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,222.60		3.03		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,223.10		2.47		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the actual period). Commencement of operations was September 30, 2020.

154 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

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 June and August 2020, 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”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

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, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). 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. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. 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, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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 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 the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. 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 quality of the quality of administration services provided by the Adviser in its role as administrator.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 155

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 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 administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). 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, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. 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 certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to 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 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, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders

156 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment 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 Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Equity Focus Fund, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Growth Fund, Intrepid Value Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value 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, collective investment trusts, ETFs and/or funds sub-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, as applicable, 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 a sub-adviser and observed that sub-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 the sub-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. 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 investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’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 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 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 Equity Focus Fund’s performance for Class A shares was in the third, second and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group and in the second quintile based upon the Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the third quintile based upon the Peer Group, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth, third and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 157

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Premium Income Fund’s performance for Class A and Class I shares was in the first quintile based upon the Peer Group and in the second quintile based upon the Universe for the one-year period ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second, first and first quintiles based upon the Peer Group and in the third, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intrepid Growth Fund’s performance for Class A shares was in the fourth, second and second quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles

based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and third quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Intrepid Value Fund’s performance for Class A shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, second and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the fourth, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, 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 Large Cap Growth Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. 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.

158 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

The Trustees noted that the Large Cap Value Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second quintiles based upon the Peer Group, and in the second, third and first quintiles based upon the Universe, for the one, three, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the second, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, 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 U.S. Equity Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the second, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Universe for the

one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the third, third and fifth quintiles based upon the Peer Group, and in the second, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, third and fourth quintiles based upon the Peer Group, and in the second, second and third quintiles based upon the Universe for the one-, three- and five-year periods ended December, 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, 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 U.S. Sustainable Leaders Fund’s performance for Class A shares was in the fifth, third and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. 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 U.S. Value Fund’s performance for Class A shares was in the second, first and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 159

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings 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 for each share class, as applicable, 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. 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 Equity Focus Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that 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 and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. 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 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 Equity Income Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and 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 Equity Premium Income Fund’s net advisory fee and actual total expenses for Class A, Class I and 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 Hedged Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Groups 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 Intrepid Growth Fund’s net advisory fee and actual total expenses for Class A, Class I and 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 Intrepid Value Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon

160 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2020

both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and 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 Large Cap Value Fund’s net advisory fee for Class A shares were in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and 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 U.S. Equity Fund’s net advisory fee for Class A shares was in the first and second quintile based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first 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 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 U.S. Large Cap Core Plus Fund’s net advisory fee and actual total expenses for Class A shares were

in the second quintile based upon the Peer Group and in the first quintile based upon the Universe. 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 quintile based upon both the Peer Group and Universe. 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 all of 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 U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and 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 U.S. Sustainable Leader Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective June 1, 2020, 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 U.S. Value Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and 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.

DECEMBER 31, 2020 J.P. MORGAN LARGE CAP FUNDS 161

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports 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 calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020. All rights reserved. December 2020. SAN-LCE-1220

Semi-Annual Report

J.P. Morgan Funds

December 31, 2020 (Unaudited)

JPMorgan SmartSpending^SM 2015 Fund

JPMorgan SmartSpending^SM 2020 Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan SmartSpendingSM 2015 Fund	3
JPMorgan SmartSpendingSM 2020 Fund	5
Schedules of Portfolio Investments	7
Financial Statements	21
Financial Highlights	28
Notes to Financial Statements	32
Schedule of Shareholder Expenses	43
Board Approval of Investment Advisory Agreement	45
Board Approval of Initial Investment Advisory Agreement	49

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 the Fund’s share price is lower than when you invested.

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

The year ahead holds the potential for a strong recovery in the global economy thanks to the massive efforts of central banks and governments and the development of multiple vaccines against Covid-19. While significant economic and health care challenges remain ahead, the uncertainty and turbulence of 2020 has abated.

  “Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.” — Andrea L. Lisher

The second half of 2020 was notable for an accelerating rebound in equity markets from the steep sell-off in the first quarter of the year when the pandemic was first declared by the World Health Organization. Positive news about clinical trials of new vaccines, followed by the first approvals of those vaccines in November 2020, bolstered investor expectations that the pandemic would be halted and that economic and social activity could begin to resume in the year ahead. As overall demand for equities increased in the final half of 2020, investors began to turn their focus from companies that could endure the pandemic to those that could benefit from a potential recovery in local, national and international economies. For the six months ended December 31, 2020, the S&P 500 Index generated a total return of 22.16%.

Investors who remained fully invested over the second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.

The implementation of mass vaccinations on the national and global scales is not without challenges and the rebuilding of economies at all levels is likely to depend on how successfully the pandemic is fought. However, the advances in the fight against Covid-19 provide policymakers and investors with the opportunity to plan for the future and meet those challenges. J.P. Morgan Asset Management has thrived amid the many challenges presented by the pandemic. Moreover, our deep experience in risk management enabled us to successfully navigate increased volatility in global financial markets. Throughout 2020, we continued to seek to operate under the same fundamental practices and principles that have driven our success for more than a century with an unwavering focus on putting our clients at the center of everything we do.

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

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

DECEMBER 31, 2020 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Overall, the second half of 2020 was marked by U.S. equity market gains in the final months of the year amid the rollout of multiple vaccines against Covid-19, followed by the eventual approval of $900 billion in federal pandemic relief that was signed into law on December 27, 2020.

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

Equity prices across the globe largely declined over September and October 2020. Re-closings across Asia and Europe in response to Covid-19 dented investor optimism. The inability of the U.S. Congress to adopt further spending for pandemic relief put acute pressure on the S&P 500 Index in the final week of October.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.

For the six months ended December 31, 2020, the Russell 2000 Index returned 37.9%, the Russell Mid Cap Index returned 28.9% and the Russell 1000 Index returned 24.5%. The S&P 500 Index posted a total return of 22.16%.

2 J.P. MORGAN FUNDS DECEMBER 31, 2020

JPMorgan SmartSpending^SM 2015 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	10.44%
Bloomberg Barclays U.S. Aggregate Index	1.29%
MSCI World Index (net of foreign withholding taxes)	23.00%
JPMorgan SmartSpending Composite Benchmark	9.76%
Net Assets as of 12/31/2020 (In Thousands)	$30,433

INVESTMENT OBJECTIVE**

The JPMorgan SmartSpending 2015 Fund (the “Fund”) seeks to provide total return consisting of current income and some capital appreciation.

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

The Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”) and underperformed the MSCI World Index (net of foreign withholding taxes) for the six months ended December 31, 2020. The Fund also outperformed the JPMorgan SmartSpending Composite Benchmark (the “Composite Benchmark”), which consists of 40% MSCI World Index (net of foreign withholding taxes) and 60% Bloomberg Barclays U.S. Aggregate Index, over the same period.

Relative to the Benchmark, which does not include equity securities, the Fund’s allocation to global equity markets was a leading contributor to performance, mostly due to the underperformance of core fixed income and U.S. Treasury bonds relative to equity during the reporting period.

Relative to the MSCI World Index, which includes exposure primarily to developed market equities, the Fund’s allocation to fixed income securities detracted from performance as equity outperformed fixed income during the period. The Fund’s more broadly diversified equity exposure, including to emerging markets equity, contributed to relative performance.

Relative to the Composite Benchmark, the overweight positions in high yield debt (also known as “junk bonds”) and in emerging markets equity were leading contributors to performance. The Fund’s overall manager selection detracted from relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

The Fund invested in underlying J.P. Morgan Funds and third party exchange-traded funds to implement the Fund managers’ asset allocation decisions. The Fund’s portfolio managers used futures contracts in general to implement tactical asset allocations. The Fund’s portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the Fund’s portfolio. Relative to its Composite Benchmark, the Fund invested in a broader range of asset classes.

PORTFOLIO COMPOSITION***
Investment Companies	38.7	%
Exchange-Traded Funds	26.5
Mortgage-Backed Securities	9.3
U.S. Treasury Obligations	7.3
Corporate Bonds	7.0
Others (each less than 1.0%)	0.8
Short-Term Investments	10.4

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 3

JPMorgan SmartSpending^SM 2015 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 30, 2016
With Sales Charge**			5.33	%		(0.35	)%		4.35	%
Without Sales Charge			10.27			4.32			5.57
CLASS I SHARES	December 30, 2016		10.44			4.62			5.83
CLASS R2 SHARES	December 30, 2016		10.11			4.02			5.16
CLASS R3 SHARES	December 30, 2016		10.22			4.20			5.41
CLASS R4 SHARES	December 30, 2016		10.32			4.51			5.68
CLASS R5 SHARES	December 30, 2016		10.39			4.65			5.83
CLASS R6 SHARES	December 30, 2016		10.49			4.81			5.95

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

LIFE OF FUND PERFORMANCE (12/30/16 to 12/31/20)

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

The Fund commenced operations on December 30, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartSpending^SM 2015 Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the SmartSpending Composite Benchmark from December 30, 2016 to December 31, 2020. The performance of the Fund may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market,

with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The MSCI World Index (net of foreign withholding taxes) is a broad measure of the performance of developed countries’ equity markets. The JPMorgan SmartSpending Composite Benchmark is a composite benchmark of unmanaged indexes that includes 40% MSCI World Index (net of foreign withholding taxes) and 60% Bloomberg Barclays U.S. Aggregate Index. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from 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 FUNDS DECEMBER 31, 2020

JPMorgan SmartSpending^SM 2020 Fund

FUND COMMENTARY

FOR THE PERIOD FROM INCEPTION ON JULY 1, 2020 TO DECEMBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	10.03%
Bloomberg Barclays U.S. Aggregate Index	1.29%
MSCI World Index (net of foreign withholding taxes)	23.00%
JPMorgan SmartSpending Composite Benchmark	9.76%
Net Assets as of 12/31/2020 (In Thousands)	$27,407

INVESTMENT OBJECTIVE**

The JPMorgan SmartSpending 2020 Fund (the “Fund”) seeks to provide total return consisting of current income and capital appreciation.

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

The Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”) and underperformed the MSCI World Index (net of foreign withholding taxes) for the twelve months ended June 30, 2020. The Fund outperformed the JPMorgan SmartSpending Composite Benchmark (the “Composite Benchmark”), which consists of 40% MSCI World Index (net of foreign withholding taxes) and 60% Bloomberg Barclays U.S. Aggregate Index, over the same period.

Relative to the Benchmark, which does not include equity securities, the Fund’s allocation to global equity markets was a leading contributor to performance, mostly due to the underperformance of core fixed income and U.S. Treasury bonds relative to equity during the reporting period.

Relative to the MSCI World Index, which includes exposure primarily to developed market equities, the Fund’s allocation to fixed income securities detracted from performance as equity outperformed fixed income during the period. The Fund’s more broadly diversified equity exposure, including to emerging markets equity, contributed to relative performance.

Relative to the Composite Benchmark, the overweight positions in high yield debt (also known as “junk bonds”) and in emerging markets equity were leading contributors to performance. The Fund’s overall manager selection detracted from relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

The Fund invested in underlying J.P. Morgan Funds and third party exchange-traded funds to implement the Fund managers’ asset allocation decisions. The Fund’s portfolio managers used futures contracts in general to implement tactical asset allocations. The Fund’s portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the Fund’s portfolio. Relative to its Composite Benchmark, the Fund invested in a broader range of asset classes.

PORTFOLIO COMPOSITION***
Investment Companies	39.4	%
Exchange-Traded Funds	24.9
Mortgage-Backed Securities	9.6
Corporate Bonds	7.2
U.S. Treasury Obligations	5.5
Others (each less than 1.0%)	0.6
Short-Term Investments	12.8

* 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, 2020. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 5

JPMorgan SmartSpending^SM 2020 Fund

FUND COMMENTARY

PERIOD ENDED DECEMBER 31, 2020 (Unaudited) (continued)

TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	SINCE INCEPTION
CLASS A SHARES	July 1, 2020
With Sales Charge*			4.94	%
Without Sales Charge			9.90
CLASS I SHARES	July 1, 2020		10.03
CLASS R2 SHARES	July 1, 2020		9.77
CLASS R3 SHARES	July 1, 2020		9.90
CLASS R4 SHARES	July 1, 2020		10.03
CLASS R5 SHARES	July 1, 2020		10.11
CLASS R6 SHARES	July 1, 2020		10.16

* Sales Charge for Class A Shares is 4.50%.

LIFE OF FUND PERFORMANCE (7/1/20 to 12/31/20)

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

The Fund commenced operations on July 1, 2020.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartSpending^SM 2020 Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the SmartSpending Composite Benchmark from July 1, 2020 to December 31, 2020. The performance of the Fund may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market,

with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The MSCI World Index (net of foreign withholding taxes) is a broad measure of the performance of developed countries’ equity markets. The JPMorgan SmartSpending Composite Benchmark is a composite benchmark of unmanaged indexes that includes 40% MSCI World Index (net of foreign withholding taxes) and 60% Bloomberg Barclays U.S. Aggregate Index. Investors cannot invest directly in an index.

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

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

6 J.P. MORGAN FUNDS DECEMBER 31, 2020

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 42.1%
Fixed Income — 30.8%
JPMorgan Corporate Bond Fund Class R6 Shares (a)		141		1,536
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		52		432
JPMorgan High Yield Fund Class R6 Shares (a)		212		1,513
JPMorgan Income Fund Class R6 Shares (a)		127		1,197
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		213		2,295
JPMorgan Managed Income Fund Class L Shares (a)		2		20
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		242		2,384
Total Fixed Income				9,377
U.S. Equity — 11.3%
JPMorgan Equity Index Fund Class R6 Shares (a)		60		3,431
Total Investment Companies (Cost $11,829)				12,808
Exchange-Traded Funds — 28.9%
Alternative Assets — 1.0%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		4		304
Fixed Income — 11.5%
JPMorgan High Yield Research Enhanced ETF (a)		29		1,510
JPMorgan U.S. Aggregate Bond ETF (a)		71		1,979
Total Fixed Income				3,489
International Equity — 12.8%
iShares Core MSCI Emerging Markets ETF		15		957
JPMorgan BetaBuilders International Equity ETF (a)		53		2,939
Total International Equity				3,896
U.S. Equity — 3.6%
iShares Russell 2000 ETF		2		395
iShares Russell Mid-Cap ETF		10		710
Total U.S. Equity				1,105
Total Exchange-Traded Funds (Cost $7,875)				8,794
	PRINCIPAL AMOUNT ($000)
Mortgage-Backed Securities — 10.1%
FHLMC UMBS, 20 Year
Pool # RB5085, 2.00%, 11/1/2040		10		10
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		29		31
Pool # QB4045, 2.50%, 10/1/2050		19		20
Pool # QB4484, 2.50%, 10/1/2050		10		11
Pool # QB4542, 2.50%, 10/1/2050		10		11
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		30		34
Pool # BQ2894, 3.00%, 9/1/2050		15		16

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BQ3996, 2.50%, 10/1/2050		16		17
Pool # BQ5243, 3.50%, 10/1/2050		5		5
Pool # CA7398, 3.50%, 10/1/2050		18		20
FNMA, Other
Pool # BL8639, 1.09%, 4/1/2028		10		10
Pool # BL5457, 2.57%, 7/1/2029		10		11
Pool # BS0448, 1.27%, 12/1/2029 (b)		20		20
Pool # BL9748, 1.60%, 12/1/2029		5		5
Pool # AM8544, 3.08%, 4/1/2030		5		6
Pool # BL9045, 1.58%, 7/1/2030		15		15
Pool # BL9251, 1.45%, 10/1/2030 (c)		20		20
Pool # AN0068, 3.26%, 10/1/2030		5		5
Pool # BL9891, 1.37%, 12/1/2030 (b)		10		10
Pool # BL1187, 3.92%, 1/1/2031		5		6
Pool # BL1237, 4.15%, 1/1/2031		10		12
Pool # AN0550, 3.63%, 2/1/2031		14		16
Pool # BM3226, 3.44%, 10/1/2032 (b)		30		35
Pool # AN4430, 3.61%, 1/1/2037		9		10
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.00%, 1/25/2051 (c)		2,485		2,581
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		20		22
Pool # BR3929, 3.50%, 10/20/2050		10		11
Pool # BW1726, 3.50%, 10/20/2050		20		22
Pool # BR3928, 3.00%, 12/20/2050		15		16
Pool # BU7538, 3.00%, 12/20/2050		15		17
GNMA II, Other Pool # 785183, 2.93%, 10/20/2070 (b)		25		28
GNMA II, Single Family, 30 Year TBA, 2.00%, 1/15/2051 (c)		47		49
Total Mortgage-Backed Securities (Cost $3,088)				3,102
U.S. Treasury Obligations — 8.0%
U.S. Treasury Bonds
1.13%, 8/15/2040		137		130
1.38%, 11/15/2040		20		20
1.38%, 8/15/2050		40		37
1.63%, 11/15/2050		116		115
U.S. Treasury Notes
2.50%, 1/31/2021 (d)		616		617
0.13%, 9/30/2022		362		362
0.13%, 9/15/2023		318		318
0.25%, 8/31/2025		401		400
0.38%, 11/30/2025		120		120
0.50%, 8/31/2027		224		222
0.63%, 11/30/2027		45		45
0.63%, 8/15/2030		22		21

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 7

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
0.88%, 11/15/2030		20		20
Total U.S. Treasury Obligations (Cost $2,433)				2,427
Corporate Bonds — 7.6%
Aerospace & Defense — 0.3%
Boeing Co. (The)
2.70%, 2/1/2027		32		33
3.45%, 11/1/2028		3		3
Leidos, Inc. 2.30%, 2/15/2031 (e)		11		11
Lockheed Martin Corp. 2.80%, 6/15/2050		7		8
Northrop Grumman Corp. 3.85%, 4/15/2045		7		8
Raytheon Technologies Corp. 2.25%, 7/1/2030		11		12
				75
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		15		19
Hyundai Capital America
1.15%, 11/10/2022 (e)		17		17
2.65%, 2/10/2025 (e)		5		5
2.38%, 10/15/2027 (e)		14		15
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (e)		22		22
				78
Banks — 0.8%
Bank of America Corp.
4.00%, 1/22/2025		21		24
(SOFR + 1.01%), 1.20%, 10/24/2026 (f)		11		11
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (f)		23		26
(SOFR + 1.93%), 2.68%, 6/19/2041 (f)		21		22
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (f)		11		12
Citigroup, Inc.
3.88%, 3/26/2025		34		38
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (f)		11		13
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (f)		7		8
HSBC Holdings plc (United Kingdom) 6.10%, 1/14/2042		12		18
KeyCorp 2.25%, 4/6/2027		11		12
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		11		13
Wells Fargo & Co.
4.10%, 6/3/2026		11		12
(SOFR + 2.10%), 2.39%, 6/2/2028 (f)		11		12
(SOFR + 2.53%), 3.07%, 4/30/2041 (f)		21		23
				244

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		23		27
3.75%, 7/15/2042		14		16
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		11		12
PepsiCo, Inc. 1.40%, 2/25/2031		11		11
				66
Biotechnology — 0.2%
AbbVie, Inc.
2.95%, 11/21/2026		3		3
3.20%, 11/21/2029		4		4
4.05%, 11/21/2039		32		39
Amgen, Inc. 3.15%, 2/21/2040		7		8
Gilead Sciences, Inc. 2.60%, 10/1/2040		11		11
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		7		7
				72
Building Products — 0.0% (g)
Masco Corp. 2.00%, 10/1/2030		7		7
Capital Markets — 0.4%
Charles Schwab Corp. (The)
0.90%, 3/11/2026		5		5
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (f) (h) (i)		5		5
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		46		53
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (f)		11		12
Morgan Stanley
3.95%, 4/23/2027		14		16
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (f)		12		16
				107
Chemicals — 0.1%
LYB International Finance III LLC
1.25%, 10/1/2025		11		11
3.38%, 5/1/2030		5		6
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (e)		11		11
3.47%, 12/1/2050 (e)		11		12
				40
Commercial Services & Supplies — 0.1%
Republic Services, Inc. 3.05%, 3/1/2050		13		14

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Construction Materials — 0.0% (g)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		7		7
Consumer Finance — 0.2%
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (e)		5		5
5.50%, 1/15/2026 (e)		14		16
Capital One Financial Corp. 3.80%, 1/31/2028		11		13
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (e)		5		5
4.50%, 3/15/2023 (e)		5		5
5.50%, 2/15/2024 (e)		5		6
				50
Diversified Financial Services — 0.1%
National Rural Utilities Cooperative Finance Corp. 1.35%, 3/15/2031		11		11
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		7		8
3.13%, 11/7/2049		5		5
				24
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.75%, 6/1/2031		21		22
3.50%, 6/1/2041		11		12
Verizon Communications, Inc.
3.15%, 3/22/2030		10		11
2.65%, 11/20/2040		5		5
3.85%, 11/1/2042		11		13
				63
Electric Utilities — 0.5%
Duke Energy Corp. 3.40%, 6/15/2029		11		13
Edison International 5.75%, 6/15/2027		6		7
Emera US Finance LP (Canada) 4.75%, 6/15/2046		12		15
Evergy, Inc. 2.90%, 9/15/2029		11		12
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (e)		7		8
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (e)		7		7
NRG Energy, Inc.
2.00%, 12/2/2025 (e)		5		5
2.45%, 12/2/2027 (e)		24		25
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (f)		9		9

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
3.75%, 8/15/2042 (j)		4		4
4.30%, 3/15/2045		1		1
PacifiCorp 4.15%, 2/15/2050		12		16
Southern California Edison Co. Series 20C, 1.20%, 2/1/2026		12		12
Union Electric Co. 2.63%, 3/15/2051		11		12
				146
Electrical Equipment — 0.1%
Eaton Corp. 4.15%, 11/2/2042		7		9
Emerson Electric Co. 2.75%, 10/15/2050		7		7
				16
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		7		8
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (e)		7		8
				16
Entertainment — 0.0% (g)
Walt Disney Co. (The) 3.50%, 5/13/2040		11		13
Equity Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		7		8
American Tower Corp.
1.50%, 1/31/2028		5		5
1.88%, 10/15/2030		27		27
2.95%, 1/15/2051		11		11
Crown Castle International Corp. 3.10%, 11/15/2029		7		8
CubeSmart LP 2.00%, 2/15/2031		11		11
Digital Realty Trust LP 3.70%, 8/15/2027		7		8
Equinix, Inc. 1.55%, 3/15/2028		11		11
Federal Realty Investment Trust
1.25%, 2/15/2026		7		7
Healthcare Trust of America Holdings LP
3.75%, 7/1/2027		3		3
2.00%, 3/15/2031		7		7
Healthpeak Properties, Inc. 2.88%, 1/15/2031		7		8
Mid-America Apartments LP 3.60%, 6/1/2027		3		3
Realty Income Corp. 1.80%, 3/15/2033		5		5
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (e)		14		16
UDR, Inc.
2.10%, 8/1/2032		7		7
1.90%, 3/15/2033		5		5
WP Carey, Inc. 2.40%, 2/1/2031		11		12
				162

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 9

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (e)		7		8
Kroger Co. (The) 3.95%, 1/15/2050		7		9
Sysco Corp. 2.40%, 2/15/2030		11		11
				28
Food Products — 0.2%
Conagra Brands, Inc. 1.38%, 11/1/2027		11		11
Mondelez International, Inc. 1.88%, 10/15/2032		11		11
Smithfield Foods, Inc. 3.00%, 10/15/2030 (e)		11		12
Tyson Foods, Inc. 3.55%, 6/2/2027		11		12
				46
Gas Utilities — 0.1%
Atmos Energy Corp. 1.50%, 1/15/2031		11		11
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		11		11
				22
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. 4.67%, 6/6/2047		12		16
Danaher Corp. 2.60%, 10/1/2050		8		8
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		7		8
				32
Health Care Providers & Services — 0.4%
Anthem, Inc. 2.25%, 5/15/2030		7		7
Banner Health 1.90%, 1/1/2031		4		4
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		5		5
CVS Health Corp.
1.88%, 2/28/2031		19		19
4.88%, 7/20/2035		5		7
2.70%, 8/21/2040		7		7
HCA, Inc. 5.25%, 6/15/2026		23		27
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		5		6
MultiCare Health System 2.80%, 8/15/2050		2		2
Quest Diagnostics, Inc. 2.80%, 6/30/2031		7		8
UnitedHealth Group, Inc. 2.75%, 5/15/2040		7		7
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		20		21
				120
Hotels, Restaurants & Leisure — 0.0% (g)
Starbucks Corp. 3.35%, 3/12/2050		7		8
Household Durables — 0.0% (g)
DR Horton, Inc. 1.40%, 10/15/2027		11		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Household Products — 0.0% (g)
Kimberly-Clark Corp. 3.70%, 6/1/2043		7		9
Independent Power and Renewable Electricity Producers — 0.2%
Alexander Funding Trust 1.84%, 11/15/2023 (e)		15		15
Exelon Generation Co. LLC 3.25%, 6/1/2025		21		23
Southern Power Co. 5.15%, 9/15/2041		16		20
				58
Industrial Conglomerates — 0.1%
General Electric Co. 3.45%, 5/1/2027		22		25
Roper Technologies, Inc. 1.75%, 2/15/2031		7		7
				32
Insurance — 0.2%
American International Group, Inc. 4.38%, 6/30/2050		7		9
Athene Global Funding 2.75%, 6/25/2024(e)		7		8
Berkshire Hathaway Finance Corp. 1.45%, 10/15/2030		7		7
Brown & Brown, Inc. 2.38%, 3/15/2031		7		7
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (e)		7		8
New York Life Insurance Co. 3.75%, 5/15/2050 (e)		7		8
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (e)		7		8
				55
IT Services — 0.1%
International Business Machines Corp. 4.00%, 6/20/2042		12		15
Leisure Products — 0.0% (g)
Hasbro, Inc. 3.90%, 11/19/2029		5		6
Machinery — 0.0% (g)
Otis Worldwide Corp. 3.11%, 2/15/2040		7		8
Media — 0.3%
Charter Communications Operating LLC 2.80%, 4/1/2031		21		22
Comcast Corp.
1.50%, 2/15/2031		21		21
3.25%, 11/1/2039		11		13
2.80%, 1/15/2051		11		11
Cox Communications, Inc. 1.80%, 10/1/2030 (e)		11		11
Discovery Communications LLC 3.63%, 5/15/2030		11		12
ViacomCBS, Inc. 4.38%, 3/15/2043		11		13
				103

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (e)		12		12
Steel Dynamics, Inc. 1.65%, 10/15/2027		5		5
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		6		7
				24
Multiline Retail — 0.0% (g)
Dollar General Corp. 4.13%, 4/3/2050		7		9
Multi-Utilities — 0.0% (g)
WEC Energy Group, Inc. 1.38%, 10/15/2027		11		11
Oil, Gas & Consumable Fuels — 0.7%
Boardwalk Pipelines LP 4.45%, 7/15/2027		5		6
BP Capital Markets America, Inc.
3.63%, 4/6/2030		7		8
2.77%, 11/10/2050		11		11
Chevron Corp. 2.98%, 5/11/2040		7		8
Cimarex Energy Co. 3.90%, 5/15/2027		5		5
Concho Resources, Inc. 3.75%, 10/1/2027		7		8
Diamondback Energy, Inc. 3.25%, 12/1/2026		9		10
Enbridge, Inc. (Canada) 3.13%, 11/15/2029		7		8
Enterprise Products Operating LLC 4.45%, 2/15/2043		7		8
Exxon Mobil Corp. 3.00%, 8/16/2039		11		12
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (e)		14		14
HollyFrontier Corp. 2.63%, 10/1/2023		7		7
Magellan Midstream Partners LP 3.95%, 3/1/2050		7		8
MPLX LP 2.65%, 8/15/2030		11		11
Noble Energy, Inc. 3.25%, 10/15/2029		5		6
ONEOK, Inc. 2.20%, 9/15/2025		3		3
Phillips 66 Partners LP 3.55%, 10/1/2026		7		8
Pioneer Natural Resources Co. 1.90%, 8/15/2030		7		7
Plains All American Pipeline LP 4.65%, 10/15/2025		11		12
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		7		8
Suncor Energy, Inc. (Canada) 4.00%, 11/15/2047		7		8
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		11		12
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (e)		11		12
Total Capital International SA (France) 2.99%, 6/29/2041		7		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		7		8
				216
Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom) 2.13%, 8/6/2050		7		6
Bristol-Myers Squibb Co. 3.40%, 7/26/2029		2		2
4.13%, 6/15/2039		5		7
2.35%, 11/13/2040		9		9
Merck & Co., Inc. 2.35%, 6/24/2040		7		7
Royalty Pharma plc 3.30%, 9/2/2040 (e)		11		12
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		11		13
Viatris, Inc. 3.85%, 6/22/2040 (e)		11		12
				68
Road & Rail — 0.1%
Burlington Northern Santa Fe LLC 3.05%, 2/15/2051		5		6
CSX Corp. 3.80%, 11/1/2046		5		6
Norfolk Southern Corp. 3.05%, 5/15/2050		5		5
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (e)		11		11
Union Pacific Corp. 3.55%, 8/15/2039		5		6
				34
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc. 4.15%, 11/15/2030		23		27
Microchip Technology, Inc. 0.97%, 2/15/2024 (e)		10		10
				37
Software — 0.1%
Oracle Corp. 3.80%, 11/15/2037		17		21
VMware, Inc. 4.70%, 5/15/2030		11		13
				34
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		11		13
Lowe’s Cos., Inc. 3.70%, 4/15/2046		7		8
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		7		8
Tractor Supply Co. 1.75%, 11/1/2030		8		8
				37
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 6.20%, 7/15/2030 (e)		18		23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 11

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		13		14
3.73%, 9/25/2040		6		6
				20
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		7		8
T-Mobile USA, Inc. 2.55%, 2/15/2031 (e)		17		18
3.00%, 2/15/2041 (e)		11		11
				37
Total Corporate Bonds (Cost $2,270)				2,303
Asset-Backed Securities — 0.5%
American Credit Acceptance Receivables Trust
Series 2020-4, Class C, 1.31%, 12/14/2026 (e)		15		15
AmeriCredit Automobile Receivables Trust
Series 2018-3, Class D, 4.04%, 11/18/2024		15		16
Series 2020-3, Class B, 0.76%, 12/18/2025		10		10
Series 2020-3, Class C, 1.06%, 8/18/2026		5		5
CarMax Auto Owner Trust
Series 2019-3, Class C, 2.60%, 6/16/2025		15		16
Series 2020-4, Class C, 1.30%, 8/17/2026		5		5
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.61%, 11/9/2026		15		15
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (e)		10		10
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 1.18%, 12/16/2024 (e)		10		10
GM Financial Consumer Automobile Receivables Trust Series 2018-1, Class A4, 2.46%, 7/17/2023		4		4
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (e)		15		15
Santander Drive Auto Receivables Trust
Series 2019-3, Class D, 2.68%, 10/15/2025		19		20
Series 2020-4, Class C, 1.01%, 1/15/2026		10		10
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (e)		10		10
Series 2020-3A, Class D, 1.65%, 2/17/2026 (e)		10		10
Total Asset-Backed Securities (Cost $169)				171

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — 0.2%
Seasoned Credit Risk Transfer Trust
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		21		23
Series 2020-3, Class TTW, 3.00%, 5/25/2060		28		30
Total Collateralized Mortgage Obligations (Cost $53)				53
Commercial Mortgage-Backed Securities — 0.1%
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K-1511, Class A1, 3.28%, 10/25/2030		15		17
FREMF Mortgage Trust
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (e)		10		10
Total Commercial Mortgage-Backed Securities (Cost $27)				27
	SHARES (000)
Short-Term Investments — 11.4%
Investment Companies — 11.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (k) (Cost $3,459)		3,459		3,459
Total Investments — 108.9% (Cost $31,203)				33,144
Liabilities in Excess of Other Assets — (8.9)%				(2,711	)
NET ASSETS — 100.0%				30,433

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS DECEMBER 31, 2020

(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)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2020.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.

(g)	Amount rounds to less than 0.1% of net assets.
(h)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2020.
(i)	Security is an interest bearing note with preferred security characteristics.
(j)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2020.
(k)	The rate shown is the current yield as of December 31, 2020.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index	7		03/2021		EUR		304			6
MSCI Emerging Markets E-Mini Index	17		03/2021		USD		1,095			30
Russell 2000 E-Mini Index	5		03/2021		USD		494			15
S&P 500 E-Mini Index	4		03/2021		USD		749			19
TOPIX Index	2		03/2021		JPY		350			7
U.S. Treasury 10 Year Note	20		03/2021		USD		2,761			2
										79
Short Contracts
Euro-Bund	(7)		03/2021		EUR		(1,519	)		(8	)
FTSE 100 Index	(7)		03/2021		GBP		(615	)		8
Long Gilt	(5)		03/2021		GBP		(927	)		(9	)
										(9	)
										70

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 13

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 42.8%
Fixed Income — 28.7%
JPMorgan Corporate Bond Fund Class R6 Shares (a)		124		1,358
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		46		385
JPMorgan High Yield Fund Class R6 Shares (a)		178		1,267
JPMorgan Income Fund Class R6 Shares (a)		71		667
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		191		2,051
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		216		2,131
Total Fixed Income				7,859
U.S. Equity — 14.1%
JPMorgan Equity Index Fund Class R6 Shares (a)		68		3,864
Total Investment Companies (Cost $10,833)				11,723
Exchange-Traded Funds — 27.0%
Alternative Assets — 1.6%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		6		443
Fixed Income — 8.5%
JPMorgan High Yield Research Enhanced ETF (a)		24		1,262
JPMorgan U.S. Aggregate Bond ETF (a)		39		1,084
Total Fixed Income				2,346
International Equity — 13.1%
iShares Core MSCI Emerging Markets ETF		15		950
JPMorgan BetaBuilders International Equity ETF (a)		48		2,637
Total International Equity				3,587
U.S. Equity — 3.8%
iShares Russell 2000 ETF		2		380
iShares Russell Mid-Cap ETF		9		650
Total U.S. Equity				1,030
Total Exchange-Traded Funds (Cost $6,498)				7,406
	PRINCIPAL AMOUNT ($000)
Mortgage-Backed Securities — 10.5%
FHLMC UMBS, 20 Year Pool # RB5085, 2.00%, 11/1/2040		5		5
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		20		21
Pool # QB4045, 2.50%, 10/1/2050		15		15
Pool # QB4484, 2.50%, 10/1/2050		7		8
Pool # QB4542, 2.50%, 10/1/2050		6		6
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		18		21
Pool # BQ2894, 3.00%, 9/1/2050		10		10

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BQ3996, 2.50%, 10/1/2050		10		11
Pool # BQ5243, 3.50%, 10/1/2050		5		5
Pool # CA7398, 3.50%, 10/1/2050		14		15
FNMA, Other
Pool # BL8639, 1.09%, 4/1/2028		5		5
Pool # BL5457, 2.57%, 7/1/2029		5		6
Pool # BS0448, 1.27%, 12/1/2029 (b)		20		20
Pool # BL9748, 1.60%, 12/1/2029		5		5
Pool # AM8544, 3.08%, 4/1/2030		5		5
Pool # BL9045, 1.58%, 7/1/2030		10		10
Pool # BL9251, 1.45%, 10/1/2030 (c)		15		15
Pool # AN0068, 3.26%, 10/1/2030		5		5
Pool # BL9891, 1.37%, 12/1/2030 (b)		10		10
Pool # BL1187, 3.92%, 1/1/2031		5		6
Pool # BL1237, 4.15%, 1/1/2031		10		12
Pool # AN0550, 3.63%, 2/1/2031		9		11
Pool # BM3226, 3.44%, 10/1/2032 (b)		30		35
Pool # AN4430, 3.61%, 1/1/2037		4		5
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.00%, 1/25/2051 (c)		2,414		2,508
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		10		11
Pool # BR3929, 3.50%, 10/20/2050		10		11
Pool # BW1726, 3.50%, 10/20/2050		20		22
Pool # BR3928, 3.00%, 12/20/2050		15		16
Pool # BU7538, 3.00%, 12/20/2050		10		11
GNMA II, Other Pool # 785183, 2.93%, 10/20/2070 (b)		20		22
GNMA II, Single Family, 30 Year TBA, 2.00%, 1/15/2051 (c)		12		12
Total Mortgage-Backed Securities (Cost $2,867)				2,880
Corporate Bonds — 7.9%
Aerospace & Defense — 0.3%
Boeing Co. (The)
2.70%, 2/1/2027		29		30
3.45%, 11/1/2028		2		2
Leidos, Inc. 2.30%, 2/15/2031 (d)		15		15
Lockheed Martin Corp. 2.80%, 6/15/2050		7		8
Northrop Grumman Corp. 3.85%, 4/15/2045		7		8
Raytheon Technologies Corp. 2.25%, 7/1/2030		9		10
				73
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		13		17
Hyundai Capital America
1.15%, 11/10/2022 (d)		15		15
2.65%, 2/10/2025 (d)		4		4

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Automobiles — continued
2.38%, 10/15/2027 (d)		13		14
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (d)		20		20
				70
Banks — 0.8%
Bank of America Corp.
4.00%, 1/22/2025		33		37
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		16		18
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		15		16
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (e)		16		18
Citigroup, Inc.
3.88%, 3/26/2025		29		33
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		7		8
HSBC Holdings plc (United Kingdom) 6.10%, 1/14/2042		10		15
KeyCorp 2.25%, 4/6/2027		15		16
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		17		20
Wells Fargo & Co.
4.10%, 6/3/2026		14		16
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		16		17
				214
Beverages — 0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		17		20
3.75%, 7/15/2042		25		28
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		10		11
PepsiCo, Inc. 1.40%, 2/25/2031		15		15
				74
Biotechnology — 0.3%
AbbVie, Inc.
2.95%, 11/21/2026		2		2
3.20%, 11/21/2029		5		6
4.05%, 11/21/2039		29		35
Amgen, Inc. 3.15%, 2/21/2040		7		7
Gilead Sciences, Inc. 2.60%, 10/1/2040		15		15
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		6		6
				71

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Building Products — 0.0% (f)
Masco Corp. 2.00%, 10/1/2030		6		6
Capital Markets — 0.4%
Charles Schwab Corp. (The)
0.90%, 3/11/2026		5		5
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (g) (h)		5		5
Goldman Sachs Group, Inc. (The) 4.25%, 10/21/2025		47		54
Morgan Stanley
3.95%, 4/23/2027		16		19
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		18		23
				106
Chemicals — 0.1%
LYB International Finance III LLC
1.25%, 10/1/2025		15		15
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		9		9
3.47%, 12/1/2050 (d)		16		18
				42
Commercial Services & Supplies — 0.0% (f)
Republic Services, Inc. 3.05%, 3/1/2050		6		7
Construction Materials — 0.0% (f)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		6		6
Consumer Finance — 0.2%
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2026 (d)		16		18
4.25%, 4/15/2026 (d)		5		5
Capital One Financial Corp. 3.80%, 1/31/2028		10		12
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		5		5
4.50%, 3/15/2023 (d)		5		5
5.50%, 2/15/2024 (d)		5		6
				51
Diversified Financial Services — 0.1%
National Rural Utilities Cooperative Finance Corp. 1.35%, 3/15/2031		15		15
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		9		9
				24

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 15

JPMorgan SmartSpending^SM 2020 Fund Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.75%, 6/1/2031		19		20
3.50%, 6/1/2041		9		10
Verizon Communications, Inc. 3.15%, 3/22/2030		16		18
2.65%, 11/20/2040		6		6
3.85%, 11/1/2042		10		12
				66
Electric Utilities — 0.6%
Duke Energy Corp. 3.40%, 6/15/2029		17		19
Edison International 5.75%, 6/15/2027		4		5
Emera US Finance LP (Canada) 4.75%, 6/15/2046		18		23
Evergy, Inc. 2.90%, 9/15/2029		16		17
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d)		7		8
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d)		6		6
NRG Energy, Inc.
2.00%, 12/2/2025 (d)		5		5
2.45%, 12/2/2027 (d)		33		35
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (e)		7		7
3.75%, 8/15/2042 (i)		5		5
4.30%, 3/15/2045		1		1
PacifiCorp 4.15%, 2/15/2050		19		25
Southern California Edison Co. Series 20C, 1.20%, 2/1/2026		12		12
				168
Electrical Equipment — 0.1%
Eaton Corp. 4.15%, 11/2/2042		7		9
Emerson Electric Co. 2.75%, 10/15/2050		6		6
				15
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		7		8
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (d)		7		8
				16
Entertainment — 0.0% (f)
Walt Disney Co. (The) 3.50%, 5/13/2040		10		12
Equity Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		7		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
American Tower Corp.
1.50%, 1/31/2028		5		5
1.88%, 10/15/2030		26		26
2.95%, 1/15/2051		15		15
Crown Castle International Corp. 3.10%, 11/15/2029		7		8
CubeSmart LP 2.00%, 2/15/2031		9		9
Equinix, Inc. 1.55%, 3/15/2028		9		9
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		6		6
Healthpeak Properties, Inc. 2.88%, 1/15/2031		6		6
Mid-America Apartments LP 3.60%, 6/1/2027		2		2
Realty Income Corp. 1.80%, 3/15/2033		5		5
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (d)		15		17
UDR, Inc.
2.10%, 8/1/2032		6		6
1.90%, 3/15/2033		5		5
WP Carey, Inc. 2.40%, 2/1/2031		15		16
				143
Food & Staples Retailing — 0.1%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (d)		6		7
Sysco Corp. 2.40%, 2/15/2030		13		13
				20
Food Products — 0.2%
Conagra Brands, Inc. 1.38%, 11/1/2027		15		15
Mondelez International, Inc. 1.88%, 10/15/2032		15		15
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d)		13		14
Tyson Foods, Inc. 3.55%, 6/2/2027		10		11
				55
Gas Utilities — 0.1%
Atmos Energy Corp. 1.50%, 1/15/2031		15		15
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		15		15
				30
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. 4.67%, 6/6/2047		19		25
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		7		8
				33
Health Care Providers & Services — 0.4%
Anthem, Inc. 2.25%, 5/15/2030		6		6

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
CVS Health Corp.
1.88%, 2/28/2031		17		17
4.88%, 7/20/2035		5		7
2.70%, 8/21/2040		14		14
HCA, Inc. 5.25%, 6/15/2026		17		20
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		5		6
Quest Diagnostics, Inc. 2.80%, 6/30/2031		7		8
UnitedHealth Group, Inc. 2.75%, 5/15/2040		6		6
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		20		21
				105
Household Durables — 0.0% (f)
DR Horton, Inc. 1.40%, 10/15/2027		9		9
Independent Power and Renewable Electricity Producers — 0.3%
Alexander Funding Trust 1.84%, 11/15/2023 (d)		8		8
Exelon Generation Co. LLC 3.25%, 6/1/2025		32		35
Southern Power Co. 5.15%, 9/15/2041		29		36
				79
Industrial Conglomerates — 0.1%
General Electric Co. 3.45%, 5/1/2027		18		20
Roper Technologies, Inc. 1.75%, 2/15/2031		6		6
				26
Insurance — 0.2%
American International Group, Inc. 4.38%, 6/30/2050		8		11
Athene Global Funding 2.75%, 6/25/2024 (d)		6		6
Berkshire Hathaway Finance Corp. 1.45%, 10/15/2030		6		6
Brown & Brown, Inc. 2.38%, 3/15/2031		6		6
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d)		7		8
New York Life Insurance Co. 3.75%, 5/15/2050 (d)		7		8
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (d)		6		7
				52
IT Services — 0.0% (f)
International Business Machines Corp. 4.00%, 6/20/2042		11		14
Leisure Products — 0.0% (f)
Hasbro, Inc. 3.90%, 11/19/2029		5		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — 0.0% (f)
Otis Worldwide Corp. 3.11%, 2/15/2040		7		8
Media — 0.4%
Charter Communications Operating LLC 2.80%, 4/1/2031		19		20
Comcast Corp.
1.50%, 2/15/2031		18		18
3.25%, 11/1/2039		16		18
2.80%, 1/15/2051		9		9
Cox Communications, Inc. 1.80%, 10/1/2030 (d)		15		15
Discovery Communications LLC 3.63%, 5/15/2030		10		12
ViacomCBS, Inc. 4.38%, 3/15/2043		10		12
				104
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (d)		8		8
Steel Dynamics, Inc. 1.65%, 10/15/2027		6		6
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		4		5
				19
Multiline Retail — 0.0% (f)
Dollar General Corp. 4.13%, 4/3/2050		7		9
Multi-Utilities — 0.1%
WEC Energy Group, Inc. 1.38%, 10/15/2027		15		15
Oil, Gas & Consumable Fuels — 0.6%
BP Capital Markets America, Inc. 2.77%, 11/10/2050		15		15
Chevron Corp. 2.98%, 5/11/2040		7		8
Cimarex Energy Co. 3.90%, 5/15/2027		5		5
Concho Resources, Inc. 3.75%, 10/1/2027		7		8
Diamondback Energy, Inc. 3.25%, 12/1/2026		8		8
Enbridge, Inc. (Canada) 3.13%, 11/15/2029		6		7
Enterprise Products Operating LLC 4.45%, 2/15/2043		7		8
Exxon Mobil Corp. 3.00%, 8/16/2039		9		10
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (d)		15		15
HollyFrontier Corp. 2.63%, 10/1/2023		6		6
MPLX LP 2.65%, 8/15/2030		15		16
Noble Energy, Inc. 3.25%, 10/15/2029		5		6
ONEOK, Inc. 2.20%, 9/15/2025		2		2
Pioneer Natural Resources Co. 1.90%, 8/15/2030		6		6
Plains All American Pipeline LP 4.65%, 10/15/2025		9		10
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		7		8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 17

JPMorgan SmartSpendingSM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		9		10
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (d)		15		16
Total Capital International SA (France) 2.99%, 6/29/2041		6		7
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		7		8
				179
Pharmaceuticals — 0.3%
AstraZeneca plc (United Kingdom) 2.13%, 8/6/2050		6		6
Bristol-Myers Squibb Co.		2		2
3.40%, 7/26/2029
4.13%, 6/15/2039		5		7
Merck & Co., Inc. 2.35%, 6/24/2040		6		6
Royalty Pharma plc 3.30%, 9/2/2040 (d)		15		16
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		17		19
Viatris, Inc. 3.85%, 6/22/2040 (d)		16		18
				74
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc. 4.15%, 11/15/2030		21		24
Microchip Technology, Inc. 0.97%, 2/15/2024 (d)		5		5
				29
Software — 0.1%
Oracle Corp. 3.80%, 11/15/2037		17		21
VMware, Inc. 4.70%, 5/15/2030		10		12
				33
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		9		10
Lowe’s Cos., Inc. 3.70%, 4/15/2046		7		9
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		7		8
				27
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 6.20%, 7/15/2030(d)		15		19
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		12		13
3.73%, 9/25/2040		4		4
				17
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		7		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services — continued
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		15		16
3.00%, 2/15/2041 (d)		9		9
				33
Total Corporate Bonds (Cost $2,133)				2,159
U.S. Treasury Obligations — 6.0%
U.S. Treasury Bonds 1.13%, 8/15/2040		58		55
1.38%, 11/15/2040		25		25
1.38%, 8/15/2050		22		20
1.63%, 11/15/2050		149		148
U.S. Treasury Notes
2.50%, 1/31/2021 (j)		230		231
0.13%, 9/30/2022		231		231
0.13%, 9/15/2023		287		287
0.25%, 8/31/2025		228		227
0.38%, 11/30/2025		190		190
0.50%, 8/31/2027		102		101
0.63%, 11/30/2027		125		125
0.63%, 8/15/2030		7		7
Total U.S. Treasury Obligations (Cost $1,650)				1,647
Asset-Backed Securities — 0.5%
American Credit Acceptance Receivables Trust
Series 2020-4, Class C, 1.31%, 12/14/2026 (d)		10		10
AmeriCredit Automobile Receivables Trust
Series 2018-3, Class D, 4.04%, 11/18/2024		10		11
Series 2020-3, Class B, 0.76%, 12/18/2025		10		10
Series 2020-3, Class C, 1.06%, 8/18/2026		5		5
CarMax Auto Owner Trust
Series 2019-3, Class C, 2.60%, 6/16/2025		10		11
Series 2020-4, Class C, 1.30%, 8/17/2026		5		5
Carvana Auto Receivables Trust
Series 2020-P1, Class C, 1.61%, 11/9/2026		10		10
Flagship Credit Auto Trust
Series 2020-4, Class C, 1.28%, 2/16/2027 (d)		10		10
GLS Auto Receivables Issuer Trust
Series 2020-4A, Class B, 1.18%, 12/16/2024(d)		10		10
GM Financial Consumer Automobile Receivables Trust Series 2018-1, Class A4, 2.46%, 7/17/2023		2		2

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS DECEMBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Nissan Auto Receivables Owner Trust
Series 2019-B, Class A3, 2.50%, 11/15/2023		1		1
Prestige Auto Receivables Trust
Series 2020-1A, Class C, 1.31%, 11/16/2026(d)		10		10
Santander Drive Auto Receivables Trust
Series 2019-3, Class D, 2.68%, 10/15/2025		11		11
Series 2020-4, Class C, 1.01%, 1/15/2026		5		5
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (d)		10		10
Series 2020-3A, Class D, 1.65%, 2/17/2026 (d)		10		10
Total Asset-Backed Securities (Cost $130)				131
Collateralized Mortgage Obligations — 0.1%
Seasoned Credit Risk Transfer Trust
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		15		16
Series 2020-3, Class TTW, 3.00%, 5/25/2060		19		20
Total Collateralized Mortgage Obligations (Cost $36)				36

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 0.0% (f)
FHLMC, Multi-Family Structured Pass-Through Certificates Series K-1511, Class A1, 3.28%, 10/25/2030 (Cost $11)		10		11
	SHARES (000)
Short-Term Investments — 13.9%
Investment Companies — 13.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (k) (Cost $3,801)		3,801		3,801
Total Investments — 108.7% (Cost $27,959)				29,794
Liabilities in Excess of Other Assets — (8.7)%				(2,387	)
NET ASSETS — 100.0%				27,407

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(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)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2020.
(c)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.

(f)	Amount rounds to less than 0.1% of net assets.
(g)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The
	coupon rate shown is the rate in effect as of December 31, 2020.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2020.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the current yield as of December 31, 2020.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 19

JPMorgan SmartSpendingSM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		2		03/2021		EUR		87			2
MSCI Emerging Markets E-Mini Index		3		03/2021		USD		193			5
Russell 2000 E-Mini Index		1		03/2021		USD		99			3
S&P 500 E-Mini Index		1		03/2021		USD		187			4
U.S. Treasury 10 Year Note		14		03/2021		USD		1,932			1
											15
Short Contracts
Euro-Bund		(3)		03/2021		EUR		(651	)		(3	)
											12

Abbreviations

EUR	Euro
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS DECEMBER 31, 2020

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan SmartSpendingSM 2015 Fund			JPMorgan SmartSpendingSM 2020 Fund
ASSETS:
Investments in non-affiliates, at value	$	10,145		$	8,844
Investments in affiliates, at value		22,999			20,950
Cash		—	(a)		—	(a)
Deferred offering costs (See Note 2.F.)		—			68
Receivables:
Investment securities sold		293			167
Investment securities sold — delayed delivery securities		93			72
Interest from non-affiliates		25			19
Dividends from affiliates		13			9
Variation margin on futures contracts		25			140
Due from adviser		25			27
Total Assets		33,618			30,296
LIABILITIES:
Payables:
Investment securities purchased		218			133
Investment securities purchased — delayed delivery securities		2,760			2,625
Fund shares redeemed		138			110
Accrued liabilities:
Distribution fees		—	(a)		—	(a)
Service fees		6			6
Custodian and accounting fees		3			5
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		60			10
Total Liabilities		3,185			2,889
Net Assets	$	30,433		$	27,407

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 21

	JPMorgan SmartSpendingSM 2015 Fund			JPMorgan SmartSpendingSM 2020 Fund
NET ASSETS:
Paid-in-Capital	$	28,521		$	25,249
Total distributable earnings (loss)		1,912			2,158
Total Net Assets	$	30,433		$	27,407
Net Assets:
Class A	$	26		$	22
Class I		30,282			27,275
Class R2		25			22
Class R3		25			22
Class R4		25			22
Class R5		25			22
Class R6		25			22
Total	$	30,433		$	27,407
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		2			1
Class I		1,897			1,674
Class R2		1			1
Class R3		1			1
Class R4		1			1
Class R5		2			2
Class R6		2			2
Net Asset Value (a):
Class A — Redemption price per share	$	15.96		$	16.29
Class I — Offering and redemption price per share		15.96			16.30
Class R2 — Offering and redemption price per share		15.95			16.29
Class R3 — Offering and redemption price per share		15.95			16.29
Class R4 — Offering and redemption price per share		15.96			16.30
Class R5 — Offering and redemption price per share		15.96			16.30
Class R6 — Offering and redemption price per share		15.97			16.30
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.71		$	17.06
Cost of investments in non-affiliates	$	9,687		$	8,356
Cost of investments in affiliates		21,516			19,603

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

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS DECEMBER 31, 2020

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan SmartSpendingSM 2015 Fund			JPMorgan SmartSpendingSM 2020 Fund (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$	14		$	9
Dividend income from non-affiliates		20			18
Dividend income from affiliates		287			249
Total investment income		321			276
EXPENSES:
Investment advisory fees		32			28
Administration fees		11			10
Distribution fees:
Class A		—	(b)		—	(b)
Class R2		—	(b)		—	(b)
Class R3		—	(b)		—	(b)
Service fees:
Class A		—	(b)		—	(b)
Class I		37			33
Class R2		—	(b)		—	(b)
Class R3		—	(b)		—	(b)
Class R4		—	(b)		—	(b)
Class R5		—	(b)		—	(b)
Custodian and accounting fees		14			13
Professional fees		18			18
Trustees’ and Chief Compliance Officer’s fees		13			11
Printing and mailing costs		4			11
Registration and filing fees		55			1
Transfer agency fees (See Note 2.H.)		—	(b)		1
Offering costs (See Note 2.F.)		—			67
Other		12			4
Total expenses		196			197
Less fees waived		(48	)		(40	)
Less expense reimbursements		(107	)		(118	)
Net expenses		41			39
Net investment income (loss)		280			237
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		90			35
Investments in affiliates		660			202
Futures contracts		173			156
Foreign currency transactions		4			1
Net realized gain (loss)		927			394
Distributions of capital gains received from investment company affiliates		36			29
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		541			488
Investments in affiliates		1,032			1,347
Futures contracts		78			12
Foreign currency translations		1			9
Change in net unrealized appreciation/depreciation		1,652			1,856
Net realized/unrealized gains (losses)		2,615			2,279
Change in net assets resulting from operations	$	2,895		$	2,516

(a) Commencement of operations was July 1, 2020.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 23

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan SmartSpendingSM  2015 Fund						JPMorgan SmartSpendingSM 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Period Ended December 31, 2020 (Unaudited) (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	280		$	735		$	237
Net realized gain (loss)		927			(463	)		394
Distributions of capital gains received from investment company affiliates		36			120			29
Change in net unrealized appreciation/depreciation		1,652			(979	)		1,856
Change in net assets resulting from operations		2,895			(587	)		2,516
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—	(b)		(1	)		—	(b)
Class I		(598	)		(1,812	)		(357	)
Class R2		—	(b)		(1	)		—	(b)
Class R3		—	(b)		(1	)		—	(b)
Class R4		—	(b)		(1	)		—	(b)
Class R5		(1	)		(2	)		—	(b)
Class R6		(1	)		(2	)		(1	)
Total distributions to shareholders		(600	)		(1,820	)		(358	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(221	)		217			25,249
NET ASSETS:
Change in net assets		2,074			(2,190	)		27,407
Beginning of period		28,359			30,549			—
End of period	$	30,433		$	28,359		$	27,407

(a) Commencement of operations was July 1, 2020.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS DECEMBER 31, 2020

	JPMorgan SmartSpendingSM 2015 Fund						JPMorgan SmartSpendingSM 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Period Ended December 31, 2020 (Unaudited) (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—		$	1		$	20
Distributions reinvested		—	(b)		1			—	(b)
Change in net assets resulting from Class A capital transactions		—	(b)		2			20
Class I
Proceeds from shares issued		—	(b)		7			24,880
Distributions reinvested		598			1,812			357
Cost of shares redeemed		(821	)		(1,611	)		(110	)
Change in net assets resulting from Class I capital transactions		(223	)		208			25,127
Class R2
Proceeds from shares issued		—			—			20
Distributions reinvested		—	(b)		1			—	(b)
Change in net assets resulting from Class R2 capital transactions		—	(b)		1			20
Class R3
Proceeds from shares issued		—			—			20
Distributions reinvested		—	(b)		1			—	(b)
Change in net assets resulting from Class R3 capital transactions		—	(b)		1			20
Class R4
Proceeds from shares issued		—			—			20
Distributions reinvested		—	(b)		1			—	(b)
Change in net assets resulting from Class R4 capital transactions		—	(b)		1			20
Class R5
Proceeds from shares issued		—			—			21
Distributions reinvested		1			2			—	(b)
Change in net assets resulting from Class R5 capital transactions		1			2			21
Class R6
Proceeds from shares issued		—			—			20
Distributions reinvested		1			2			1
Change in net assets resulting from Class R6 capital transactions		1			2			21
Total change in net assets resulting from capital transactions	$	(221	)	$	217		$	25,249

(a) Commencement of operations was July 1, 2020.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 25

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartSpendingSM 2015 Fund						JPMorgan SmartSpendingSM 2020 Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Period Ended December 31, 2020 (Unaudited) (a)
SHARE TRANSACTIONS:
Class A
Issued		—			—	(b)		1
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class A Shares		—	(b)		—	(b)		1
Class I
Issued		—	(b)		1			1,659
Reinvested		37			115			22
Redeemed		(53	)		(105	)		(7	)
Change in Class I Shares		(16	)		11			1,674
Class R2
Issued		—			—			1
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class R2 Shares		—	(b)		—	(b)		1
Class R3
Issued		—			—			1
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class R3 Shares		—	(b)		—	(b)		1
Class R4
Issued		—			—			1
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class R4 Shares		—	(b)		—	(b)		1
Class R5
Issued		—			—			2
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class R5 Shares		—	(b)		—	(b)		2
Class R6
Issued		—			—			2
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class R6 Shares		—	(b)		—	(b)		2

(a) Commencement of operations was July 1, 2020.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartSpendingSM 2015 Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	14.73	$	0.13	$	1.38		$	1.51		$	(0.28	)	$	—		$	(0.28	)
Year Ended June 30, 2020		15.97		0.34		(0.66	)		(0.32	)		(0.42	)		(0.50	)		(0.92	)
Year Ended June 30, 2019		15.86		0.39		0.42			0.81			(0.39	)		(0.31	)		(0.70	)
Year Ended June 30, 2018		15.66		0.35		0.26			0.61			(0.24	)		(0.17	)		(0.41	)
December 30, 2016 (h) through June 30, 2017		15.00		0.14		0.64			0.78			(0.12	)		—			(0.12	)
Class I
Six Months Ended December 31, 2020 (Unaudited)		14.75		0.15		1.38			1.53			(0.32	)		—			(0.32	)
Year Ended June 30, 2020		15.99		0.38		(0.67	)		(0.29	)		(0.45	)		(0.50	)		(0.95	)
Year Ended June 30, 2019		15.87		0.44		0.42			0.86			(0.43	)		(0.31	)		(0.74	)
Year Ended June 30, 2018		15.66		0.39		0.25			0.64			(0.26	)		(0.17	)		(0.43	)
December 30, 2016 (h) through June 30, 2017		15.00		0.16		0.64			0.80			(0.14	)		—			(0.14	)
Class R2
Six Months Ended December 31, 2020 (Unaudited)		14.70		0.10		1.39			1.49			(0.24	)		—			(0.24	)
Year Ended June 30, 2020		15.94		0.28		(0.67	)		(0.39	)		(0.35	)		(0.50	)		(0.85	)
Year Ended June 30, 2019		15.83		0.33		0.42			0.75			(0.33	)		(0.31	)		(0.64	)
Year Ended June 30, 2018		15.66		0.29		0.25			0.54			(0.20	)		(0.17	)		(0.37	)
December 30, 2016 (h) through June 30, 2017		15.00		0.11		0.64			0.75			(0.09	)		—			(0.09	)
Class R3
Six Months Ended December 31, 2020 (Unaudited)		14.72		0.12		1.38			1.50			(0.27	)		—			(0.27	)
Year Ended June 30, 2020		15.96		0.32		(0.67	)		(0.35	)		(0.39	)		(0.50	)		(0.89	)
Year Ended June 30, 2019		15.85		0.37		0.42			0.79			(0.37	)		(0.31	)		(0.68	)
Year Ended June 30, 2018		15.66		0.33		0.25			0.58			(0.22	)		(0.17	)		(0.39	)
December 30, 2016 (h) through June 30, 2017		15.00		0.13		0.64			0.77			(0.11	)		—			(0.11	)
Class R4
Six Months Ended December 31, 2020 (Unaudited)		14.75		0.14		1.38			1.52			(0.31	)		—			(0.31	)
Year Ended June 30, 2020		15.98		0.36		(0.66	)		(0.30	)		(0.43	)		(0.50	)		(0.93	)
Year Ended June 30, 2019		15.86		0.41		0.43			0.84			(0.41	)		(0.31	)		(0.72	)
Year Ended June 30, 2018		15.66		0.37		0.25			0.62			(0.25	)		(0.17	)		(0.42	)
December 30, 2016 (h) through June 30, 2017		15.00		0.15		0.64			0.79			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2020 (Unaudited)		14.76		0.16		1.37			1.53			(0.33	)		—			(0.33	)
Year Ended June 30, 2020		15.99		0.38		(0.66	)		(0.28	)		(0.45	)		(0.50	)		(0.95	)
Year Ended June 30, 2019		15.87		0.44		0.42			0.86			(0.43	)		(0.31	)		(0.74	)
Year Ended June 30, 2018		15.66		0.39		0.25			0.64			(0.26	)		(0.17	)		(0.43	)
December 30, 2016 (h) through June 30, 2017		15.00		0.16		0.64			0.80			(0.14	)		—			(0.14	)
Class R6
Six Months Ended December 31, 2020 (Unaudited)		14.77		0.16		1.39			1.55			(0.35	)		—			(0.35	)
Year Ended June 30, 2020		16.00		0.40		(0.66	)		(0.26	)		(0.47	)		(0.50	)		(0.97	)
Year Ended June 30, 2019		15.88		0.45		0.42			0.87			(0.44	)		(0.31	)		(0.75	)
Year Ended June 30, 2018		15.66		0.41		0.25			0.66			(0.27	)		(0.17	)		(0.44	)
December 30, 2016 (h) through June 30, 2017		15.00		0.17		0.64			0.81			(0.15	)		—			(0.15	)

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

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

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

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	15.96		10.27	%	$	26		0.52	%		1.68	%		1.63	%		57	%
	14.73		(2.29	)		24		0.48			2.21			1.83			125
	15.97		5.45			23		0.43			2.51			1.71			50
	15.86		3.90			22		0.43	(g)		2.21	(g)		1.70	(g)		30
	15.66		5.23			21		0.45	(g)		1.85	(g)		3.76	(g)		8
	15.96		10.37			30,282		0.27			1.89			1.32			57
	14.75		(2.06	)		28,222		0.22			2.46			1.41			125
	15.99		5.75			30,411		0.19			2.79			1.44			50
	15.87		4.12			30,323		0.19	(g)		2.46	(g)		1.36	(g)		30
	15.66		5.36			30,795		0.19	(g)		2.09	(g)		1.26	(g)		8
	15.95		10.11			25		0.80			1.35			1.94			57
	14.70		(2.68	)		22		0.85			1.83			2.08			125
	15.94		5.05			23		0.85			2.13			1.97			50
	15.83		3.46			21		0.85	(g)		1.80	(g)		2.00	(g)		30
	15.66		5.02			21		0.84	(g)		1.44	(g)		4.09	(g)		8
	15.95		10.22			25		0.56			1.60			2.60			57
	14.72		(2.45	)		22		0.60			2.08			4.58			125
	15.96		5.29			23		0.60			2.38			1.72			50
	15.85		3.74			22		0.60	(g)		2.05	(g)		1.75	(g)		30
	15.66		5.15			21		0.59	(g)		1.69	(g)		3.82	(g)		8
	15.96		10.32			25		0.31			1.85			1.90			57
	14.75		(2.14	)		23		0.35			2.33			3.05			125
	15.98		5.60			23		0.35			2.63			1.47			50
	15.86		3.96			22		0.35	(g)		2.30	(g)		1.50	(g)		30
	15.66		5.27			21		0.35	(g)		1.94	(g)		3.57	(g)		8
	15.96		10.39			25		0.16			2.00			2.50			57
	14.76		(2.00	)		23		0.20			2.48			5.06			125
	15.99		5.74			23		0.20			2.78			1.32			50
	15.87		4.11			22		0.21	(g)		2.44	(g)		1.36	(g)		30
	15.66		5.35			21		0.20	(g)		2.09	(g)		3.43	(g)		8
	15.97		10.49			25		0.06			2.10			1.14			57
	14.77		(1.91	)		23		0.10			2.58			1.21			125
	16.00		5.84			23		0.10			2.88			1.23			50
	15.88		4.24			22		0.10	(g)		2.55	(g)		1.25	(g)		30
	15.66		5.40			21		0.10	(g)		2.19	(g)		3.33	(g)		8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 29

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)(c)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan SmartSpendingSM 2020 Fund
Class A
July 1, 2020 (h) through December 31, 2020 (Unaudited)	$	15.00	$	0.12	$	1.36	$	1.48	$	(0.13	)	$	(0.06	)	$	(0.19	)
Class I
July 1, 2020 (h) through December 31, 2020 (Unaudited)		15.00		0.14		1.37		1.51		(0.15	)		(0.06	)		(0.21	)
Class R2
July 1, 2020 (h) through December 31, 2020 (Unaudited)		15.00		0.10		1.36		1.46		(0.11	)		(0.06	)		(0.17	)
Class R3
July 1, 2020 (h) through December 31, 2020 (Unaudited)		15.00		0.12		1.36		1.48		(0.13	)		(0.06	)		(0.19	)
Class R4
July 1, 2020 (h) through December 31, 2020 (Unaudited)		15.00		0.14		1.37		1.51		(0.15	)		(0.06	)		(0.21	)
Class R5
July 1, 2020 (h) through December 31, 2020 (Unaudited)		15.00		0.15		1.37		1.52		(0.16	)		(0.06	)		(0.22	)
Class R6
July 1, 2020 (h) through December 31, 2020 (Unaudited)		15.00		0.16		1.37		1.53		(0.17	)		(0.06	)		(0.23	)

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

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

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

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS DECEMBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)(g)			Expenses without waivers, reimbursements and earnings credits (f)(g)			Portfolio turnover rate (d)
$	16.29		9.90	%	$	22		0.57	%		1.58	%		1.87	%		47	%
	16.30		10.10			27,275		0.30			1.79			1.25			47
	16.29		9.77			22		0.80			1.29			2.10			47
	16.29		9.90			22		0.55			1.54			1.85			47
	16.30		10.10			22		0.30			1.79			1.60			47
	16.30		10.18			22		0.15			1.93			1.46			47
	16.30		10.23			22		0.05			2.04			1.35			47

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust IV (the “Trust”) was formed on November 11, 2015 , as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 11, 2015 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan SmartSpendingSM 2015 Fund	Class A, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartSpendingSM 2020 Fund(1)	Class A, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified

⁽¹⁾  JPMorgan SmartSpending^SM 2020 Fund commenced operations on July 1, 2020.

The investment objective of JPMorgan SmartSpending^SM 2015 Fund (“SmartSpending^SM 2015 Fund”) and JPMorgan SmartSpending^SM 2020 Fund (“SmartSpending^SM 2020 Fund”) is to seek to provide total return consisting of current income and some capital appreciation.

Class A Shares generally provide for a front-end sales charge. No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. 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, accordingly, 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 Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at 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 Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

32 J.P. MORGAN FUNDS DECEMBER 31, 2020

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. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

• Level 2 — Other significant observable inputs including, but 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):

SmartSpending^SM 2015 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	171	$	—	$	171
Collateralized Mortgage Obligations		—			30		23		53
Commercial Mortgage-Backed Securities		—			27		—		27
Corporate Bonds		—			2,303		—		2,303
Exchange-Traded Funds		8,794			—		—		8,794
Investment Companies		12,808			—		—		12,808
Mortgage-Backed Securities		—			3,102		—		3,102
U.S. Treasury Obligations		—			2,427		—		2,427
Short-Term Investments
Investment Companies		3,459			—		—		3,459
Total Investments in Securities	$	25,061		$	8,060	$	23	$	33,144
Appreciation in Other Financial Instruments
Futures Contracts	$	87		$	—	$	—	$	87
Depreciation in Other Financial Instruments
Futures Contracts	$	(17	)	$	—	$	—	$	(17	)
SmartSpendingSM 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—		$	131	$	—	$	131
Collateralized Mortgage Obligations		—			20		16		36
Commercial Mortgage-Backed Securities		—			11		—		11
Corporate Bonds		—			2,159		—		2,159
Exchange-Traded Funds		7,406			—		—		7,406
Investment Companies		11,723			—		—		11,723
Mortgage-Backed Securities		—			2,880		—		2,880

DECEMBER 31, 2020 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
U.S. Treasury Obligations	$	—		$	1,647	$	—	$	1,647
Short-Term Investments
Investment Companies		3,801			—		—		3,801
Total Investments in Securities	$	22,930		$	6,848	$	16	$	29,794
Appreciation in Other Financial Instruments
Futures Contracts	$	15		$	—	$	—	$	15
Depreciation in Other Financial Instruments
Futures Contracts	$	(3	)	$	—	$	—	$	(3	)

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

SmartSpending^SM 2015 Fund

For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	2,774	$	119		$	488	$	52		$	482		$	2,939		53	$	28		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		317		44			86		(10	)		39			304		4		6			—
JPMorgan Core Bond Fund Class R6 Shares (a)		3,410		17			3,446		188			(169	)		—		—		17			—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		1,462		42			—		—			32			1,536		141		19			24
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		122		286			—		—			24			432		52		5			—
JPMorgan Equity Index Fund Class R6 Shares (a)		4,280		221			1,830		268			492			3,431		60		40			—
JPMorgan High Yield Fund Class R6 Shares (a)		885		1,996			1,500		29			103			1,513		212		45			—
JPMorgan High Yield Research Enhanced ETF (a)		—		1,501			—		—			9			1,510		29		5			1
JPMorgan Income Fund Class R6 Shares (a)		1,121		28			—		—			48			1,197		127		28			1
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		2,110		159			44		1			69			2,295		213		25			—
JPMorgan Managed Income Fund Class L Shares (a)		20		—	(b)		—		—			—	(b)		20		2		—	(b)		—	(b)
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		2,962		89			716		16			33			2,384		242		29			4
JPMorgan U.S. Aggregate Bond ETF (a)		5,396		316			3,719		116			(130	)		1,979		71		40			6
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c)		899		9,916			7,356		—			—			3,459		3,459		—	(b)		—
Total	$	25,758	$	14,734		$	19,185	$	660		$	1,032		$	22,999			$	287		$	36

34 J.P. MORGAN FUNDS DECEMBER 31, 2020

SmartSpending^SM 2020 Fund

For the period ended December 31, 2020
Security Description	Value at July 1, 2020 (d)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	2,453	$	269	$	28	$	425		$	2,637		48	$	25	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		—		453		40		2		28			443		6		8		—
JPMorgan Core Bond Fund Class R6 Shares (a)		—		2,010		2,021		11		—			—		—		10		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		1,335		—		—		23			1,358		124		16		20
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		—		357		—		—		28			385		46		6		—
JPMorgan Equity Index Fund Class R6 Shares (a)		—		3,793		645		78		638			3,864		68		38		—
JPMorgan High Yield Fund Class R6 Shares (a)		—		2,369		1,255		73		80			1,267		178		49		—
JPMorgan High Yield Research Enhanced ETF (a)		—		1,254		—		—		8			1,262		24		5		1
JPMorgan Income Fund Class R6 Shares (a)		—		641		—		—		26			667		71		15		1
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		—		1,988		—		—		63			2,051		191		22		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		—		2,741		651		9		32			2,131		216		26		4
JPMorgan U.S. Aggregate Bond ETF (a)		—		5,075		3,988		1		(4	)		1,084		39		28		3
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c)		—		17,316		13,515		—		—			3,801		3,801		1		—
Total	$	—	$	41,785	$	22,384	$	202	$	1,347		$	20,950			$	249	$	29

(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) Amount rounds to less than one thousand.

(c) The rate shown is the current yield as of December 31, 2020.

(d) Commencement of operations was July 1, 2020.

C. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

D. Futures Contracts — The Funds used index and treasury futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2020 (amounts in thousands):

	SmartSpendingSM 2015 Fund			SmartSpendingSM 2020 Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	1,787		$	842	(a)
Average Notional Balance Short		1,269			228	(b)
Ending Notional Balance Long		2,992			566
Ending Notional Balance Short		615			—
Futures Contracts — Interest Rate:
Average Notional Balance Long		4,439	��		2,106	(a)
Average Notional Balance Short		1,994			627	(a)
Ending Notional Balance Long		2,761			1,932
Ending Notional Balance Short		2,446			651

(a) For the period July 1, 2020 through December 31, 2020.

(b) For the period July 1, 2020 through October 31, 2020.

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of December 31, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

SmartSpending^SM 2015 Fund

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	85
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		2
Total		$	87
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(17	)

36 J.P. MORGAN FUNDS DECEMBER 31, 2020

SmartSpending^SM 2020 Fund

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	14
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		1
Total		$	15
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(3	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2020, by primary underlying risk exposure (amounts in thousands):

SmartSpending^SM 2015 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	195
Interest rate contracts		(22	)
Total	$	173
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	100
Interest rate contracts		(22	)
Total	$	78

SmartSpending^SM 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	172
Interest rate contracts		(16	)
Total	$	156
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	14
Interest rate contracts		(2	)
Total	$	12

The Funds’ derivatives contracts held at December 31, 2020 are not accounted for as hedging instruments under GAAP.

F. Offering and Organization Costs — Total offering costs of approximately $135,000 incurred in connection with the offering of shares of SmartSpending^SM 2020 Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the SmartSpending^SM 2020 Fund commenced operations. For the six months ended December 31, 2020, total offering costs amortized were approximately $67,000.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs are recorded on the ex-dividend date.

H. 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 Trust 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.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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, 2020 are as follows (amounts in thousands):

	Class A			Class I			Class R2			Class R3			Class R4			Class R5			Class R6			Total
SmartSpendingSM 2015 Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
SmartSpendingSM 2020 Fund
Transfer agency fees		—	(a)		1			—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		1

(a) Amount rounds to less than one thousand.

The Funds invest in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (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, 2020, 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 Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. 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.

K. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, 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 at an annual rate of 0.15% of each Fund’s respective average daily net assets. Prior to November 1, 2020, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.25% of each Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. 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, 2020, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan

38 J.P. MORGAN FUNDS DECEMBER 31, 2020

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 R2			Class R3
SmartSpendingSM 2015 Fund		0.25	%		0.50	%		0.25	%
SmartSpendingSM 2020 Fund		0.25			0.50			0.25

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2020, JPMDS did not retain any front-end sales charges or CDSC.

D. Service Fees — The Trust, on behalf of the Funds, has 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 I			Class R2			Class R3			Class R4			Class R5
0.25%		0.25	%		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, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses of the Funds, Underlying Funds and ETFs (excluding 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 incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
SmartSpendingSM 2015 Fund		0.69	%(1)		0.44	%(1)		0.94	%(1)		0.69	%(1)		0.44	%(1)		0.29	%(1)		0.19	%(1)
SmartSpendingSM 2020 Fund		0.69	(2)		0.44	(2)		0.94	(2)		0.69	(2)		0.44	(2)		0.29	(2)		0.19	(2)

⁽¹⁾   Prior to November 1, 2020, the contractual expense limitations for Class A, Class I, Class R2 Shares, Class R3 Shares, Class R4 Shares, Class R5 Shares and Class R6 Shares of the SmartSpending^SM 2015 Fund were 0.74%, 0.49%, 1.04%, 0.79%, 0.54%, 0.39% and 0.29%, respectively.

⁽²⁾  Prior to November 1, 2020, the contractual expense limitations for Class A, Class I, Class R2 Shares, Class R3 Shares, Class R4 Shares, Class R5 Shares and Class R6 Shares of the SmartSpending^SM 2020 Fund were 0.79%, 0.54%, 1.04%, 0.79%, 0.54%, 0.39% and 0.29%, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds and ETFs. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Fund’s service fees.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

For the six months ended December 31, 2020, 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 Reimbursement
SmartSpendingSM 2015 Fund	$	32	$	11	$	5	$	48	$	107
SmartSpendingSM 2020 Fund		29		10		1		40		118

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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):

SmartSpending^SM 2020 Fund $—(a)  

(a) Amount rounds to less than one thousand.

G. Other — Certain officers of the Trust 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 Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended December 31, 2020, the Funds 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
SmartSpendingSM 2015 Fund	$	13,246	$	15,152	$	2,631	$	810
SmartSpendingSM 2020 Fund		32,798		10,802		2,247		824

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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SmartSpendingSM 2015 Fund	$	31,203	$	2,046	$	35	$	2,011
SmartSpendingSM 2020 Fund		27,959		1,861		14		1,847

As of June 30, 2020, the SmartSpending^SM 2015 Fund did not have any net capital loss carryforwards.

40 J.P. MORGAN FUNDS DECEMBER 31, 2020

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the SmartSpending^SM 2015 Fund’s next taxable year. For the year ended June 30, 2020 the SmartSpending^SM 2015 Fund deferred to July 1, 2020 the following net capital losses of (amounts in thousands):

Net Capital Losses (Gains)
Short-Term	Long-Term
$944	$(57)

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 JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust 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, 2020.

The Trust 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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has 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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2020, all of the Funds’ shares were held by the Adviser.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

Each Fund invests in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as

DECEMBER 31, 2020 J.P. MORGAN FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities. Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

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 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.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

42 J.P. MORGAN FUNDS DECEMBER 31, 2020

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 (not including expenses of the Underlying Funds and ETFs) 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, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

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, and expenses of the Underlying Funds and ETFs. 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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan SmartSpendingSM 2015 Fund
Class A
Actual*	$	1,000.00	$	1,102.70	$	2.76		0.52	%
Hypothetical*		1,000.00		1,022.58		2.65		0.52
Class I
Actual*		1,000.00		1,103.70		1.43		0.27
Hypothetical*		1,000.00		1,023.84		1.38		0.27
Class R2
Actual*		1,000.00		1,101.10		4.24		0.80
Hypothetical*		1,000.00		1,021.17		4.08		0.80
Class R3
Actual*		1,000.00		1,102.20		2.97		0.56
Hypothetical*		1,000.00		1,022.38		2.85		0.56
Class R4
Actual*		1,000.00		1,103.20		1.64		0.31
Hypothetical*		1,000.00		1,023.64		1.58		0.31
Class R5
Actual*		1,000.00		1,103.90		0.85		0.16
Hypothetical*		1,000.00		1,024.40		0.82		0.16
Class R6
Actual*		1,000.00		1,104.90		0.32		0.06
Hypothetical*		1,000.00		1,024.90		0.31		0.06

DECEMBER 31, 2020 J.P. MORGAN FUNDS 43

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan SmartSpending 2020SM Fund
Class A
Actual**	$	1,000.00	$	1,099.00	$	3.00		0.57	%
Hypothetical*		1,000.00		1,022.33		2.91		0.57
Class I
Actual**		1,000.00		1,101.00		1.58		0.30
Hypothetical*		1,000.00		1,023.69		1.53		0.30
Class R2
Actual**		1,000.00		1,097.70		4.21		0.80
Hypothetical*		1,000.00		1,021.17		4.08		0.80
Class R3
Actual**		1,000.00		1,099.00		2.89		0.55
Hypothetical*		1,000.00		1,022.43		2.80		0.55
Class R4
Actual**		1,000.00		1,101.00		1.58		0.30
Hypothetical*		1,000.00		1,023.69		1.53		0.30
Class R5
Actual**		1,000.00		1,101.80		0.79		0.15
Hypothetical*		1,000.00		1,024.45		0.77		0.15
Class R6
Actual**		1,000.00		1,102.30		0.26		0.05
Hypothetical*		1,000.00		1,024.95		0.26		0.05

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the actual period). Commencement of operations was July 1, 2020.

44 J.P. MORGAN FUNDS DECEMBER 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(JPMorgan SmartSpending 2015^SM Fund)

(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 June and August 2020, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the Fund and the other J.P. Morgan Funds overseen by the Board in which the Fund may invest (“Underlying 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 parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund and Underlying Funds received from the Adviser. This information includes the Fund’s and Underlying Funds’ performance as compared to the performance of the Fund’s and the Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Fund’s and Underlying Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund and/or Underlying Funds, as well as a risk/return assessment of certain Funds, as compared to the Fund’s and/or Underlying Funds’ objectives and peer groups. Before voting on the Advisory Agreement, the Trustees

reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust 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 Agreement. The Trustees also discussed the Advisory Agreement 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 the 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 Fund and Underlying Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, 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 the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the 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 the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the 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 the day-to-day management of the Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Fund and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the

DECEMBER 31, 2020 J.P. MORGAN FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 administration 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 Fund and Underlying 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 Fund and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund and Underlying Funds.

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 Fund 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 the Fund and Underlying Funds. 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 Fund and Underlying 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 the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund and Underlying Funds.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Fund and/or Underlying Funds for providing shareholder and administration services, respectively. These fees were shown separately in the

profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Fund and/or Underlying Funds.

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 Fund. 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, including the benefits received by the Adviser and its affiliates in connection with the Fund’s investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from its inception, prior to reaching scale, and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Fund 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 Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, 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 the Fund, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was reasonable. The Trustees

46 J.P. MORGAN FUNDS DECEMBER 31, 2020

concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the 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 Agreement.

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, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, 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 a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-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 the 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 Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the 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 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 the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that based upon the Universe, the Fund’s performance for both Class A and Class I shares was in the fifth and fourth quintiles for the one- and three-year periods ended December 31, 2019, respectively. The Trustees noted that based upon the Universe, the Fund’s performance for Class R6 shares was in the fourth and third quintiles for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, 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 money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Fund, the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’

DECEMBER 31, 2020 J.P. MORGAN FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that based upon the Universe, the Fund’s net advisory fee for Class A, Class I and Class R6 shares was in the first quintile and that the actual total expenses for Class A, Class I and Class R6 shares were in the second quintile. After considering the factors identified above, including a reduction

to the Fund’s contractual advisory fee effective March 1, 2020 and November 1, 2020, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreements of the Underlying Funds in which the Fund invests.

48 J.P. MORGAN FUNDS DECEMBER 31, 2020

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(JPMorgan SmartSpending 2020^SM Fund)

(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 approvals of initial advisory agreements for new funds. At their May 2020 meeting, the Trustees, including a majority of the Trustees who are not parties to the initial advisory agreement or “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreement or any of their affiliates (“Independent Trustees”), approved the initial advisory agreement (the “New Advisory Agreement”) for the Fund. In accordance with SEC guidance, due to the COVID-19 pandemic, the meeting was conducted through video conference.

In connection with the approval of the New Advisory Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreement, the Trustees reviewed the New Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed New Advisory Agreement. The Trustees also discussed the proposed New Advisory Agreement in an executive session 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 the New Advisory Agreement is provided below.

The Trustees considered information provided with respect to the Fund, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, and the approval of the New Advisory Agreement. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. After considering and weighing the factors and information they had received, the Trustees found that the proposed compensation to be received by the Adviser from the Fund under the New Advisory Agreement was fair and reasonable under the circumstances and determined that the initial approval of the New Advisory Agreement was in the best interests of the Fund and its potential shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the New Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the New Advisory

Agreement, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex, and the Trustees’ experience with the Adviser and its services. 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 to be given to the 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 the day-to-day management of the Fund. The Trustees also considered the investment strategy and investment process for the Fund, and the infrastructure supporting the portfolio management team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s ability to continuing to provide services to the Fund and its shareholders throughout this period. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the J.P. Morgan 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 J.P. Morgan Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the J.P. Morgan Funds.

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 to be provided to the Fund by the Adviser.

The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser, in its role as administrator, will earn fees from the Fund for providing shareholder and administration services, respectively. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

DECEMBER 31, 2020 J.P. MORGAN FUNDS 49

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 Fund. 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, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also considered 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 Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented contractual expense limitations and fee waivers (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception, prior to reaching scale, and that the proposed fees are satisfactory relative to peer funds. The Trustees considered the benefits to the Fund 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 Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, 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 the Fund, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

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, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, 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 a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-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 the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees considered the Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate that will be paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”) concerning management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected Fee Caps proposed for the Fund, and the net advisory fee rate and net expense ratio after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that the Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering all of the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory.

50 J.P. MORGAN FUNDS DECEMBER 31, 2020

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports 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 calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. December 2020. SAN-SS-1220

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’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

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

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

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

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

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

Included in Item 1.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

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

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-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 Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

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

JPMorgan Trust IV
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 5, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	March 5, 2021