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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23117

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 June 30, 2021

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 Reports. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

Annual Report

J.P. Morgan Large Cap Funds

June 30, 2021

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Hedged Equity 2 Fund

JPMorgan Hedged Equity 3 Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid 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 Hedged Equity 2 Fund	12
JPMorgan Hedged Equity 3 Fund	14
JPMorgan Large Cap Growth Fund	16
JPMorgan Large Cap Value Fund	18
JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)	20
JPMorgan U.S. Equity Fund	22
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)	24
JPMorgan U.S. Large Cap Core Plus Fund	26
JPMorgan U.S. Research Enhanced Equity Fund	29
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)	31
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)	33
Schedules of Portfolio Investments	35
Financial Statements	84
Financial Highlights	122
Notes to Financial Statements	152
Report of Independent Registered Public Accounting Firm	177
Trustees	179
Officers	182
Schedule of Shareholder Expenses	183
Board Approval of Investment Advisory Agreements	189
Liquidity Risk Management Program	191
Tax Letter	192
Privacy Policy — Located at the back of this Annual Report

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

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

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

August 4, 2021 (Unaudited)

Dear Shareholders,

The rally in equity markets that began in the second half of last year accelerated in 2021 on the back of mass vaccinations against COVID-19, federal relief and recovery efforts and a surge in both corporate profits and consumer spending. As a result, we find ourselves in a different environment than we inhabited a year ago.

  “Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management.” — Andrea L. Lisher

U.S. equity markets turned in a particularly remarkable performance over the twelve months ended June 30, 2021. The S&P 500 posted a total return of 40.79%; the Russell 1000 returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell Small Cap Index returned 62.03%. The lesson for investors, we believe, is clear: Those who were consistently and fully invested in the second half of 2020 through the first half of 2021 stood to benefit greatly from the superlative performance in global equity markets.

The rollout of mass vaccinations and the partial reopening of economies at all scales have fueled job growth, consumer spending and rising corporate profits. However, the pandemic

remains a global threat and the Delta variant of COVID-19 has driven a resurgence in infections across the U.S. and elsewhere. At the same time, a rush of economic activity has driven prices higher for a range of products and commodities and raised investor concerns about the timing of any potential response to rising inflation by the U.S. Federal Reserve. While the central bank has acknowledged stronger-than-expected inflationary data, it has also maintained its stance that upward pressure on consumer prices is likely to be a temporary effect of the economic recovery.

Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

Overall, U.S. and emerging markets equity led a remarkable global rally in stocks on the back of massive central bank interventions, unprecedented fiscal spending and the rollout of multiple vaccines against COVID-19 and its variants. The initial reopening of the U.S. economy in 2021 fueled a surge in corporate profits, consumer spending and business investment.

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. 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 the pandemic 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. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package -- and the prospect of additional federal government spending – helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on select equity markets in June.

Within U.S. equity markets, the S&P 500 Index returned 40.79%; the Russell 1000 Index returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell 2000 Index returned 62.03% for the twelve months ended June 30, 2021.

2 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	47.46%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$131,894

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 twelve months ended June 30, 2021. The Fund’s security selection and overweight position in the financials sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care 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 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 and general investor demand for financial sector stocks. Shares of Charles Schwab, a financial services provider, rose following the company’s $26 billion acquisition of TD Ameritrade in October 2020 and amid general investor demand for financials sector stocks.

Leading individual detractors from relative performance included the Fund’s overweight positions in Xcel Energy Inc., Home Depot Inc. and Discovery Inc. Shares of Xcel, an electricity and natural gas utility, fell late in the period following a run-up in the share price in early 2021. Shares of Home Depot, a home improvement retail chain, fell after a significant run-up in the share price in 2020. Shares of Discovery, an entertainment and media company, fell sharply in March 2021 following the collapse of Archegos Capital Management, which held large leveraged positions in Discovery shares.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		5.5	%
	2.	Apple, Inc.		4.8
	3.	Alphabet, Inc., Class C		4.7
	4.	AutoZone, Inc.		3.8
	5.	Amazon.com, Inc.		3.8
	6.	Berkshire Hathaway, Inc., Class B		3.5
	7.	Loews Corp.		3.4
	8.	Capital One Financial Corp.		3.1
	9.	Bank of America Corp.		3.0
	10.	AbbVie, Inc.		2.9

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		23.4	%
Financials		15.0
Communication Services		13.1
Health Care		12.7
Consumer Discretionary		10.8
Materials		5.0
Real Estate		4.6
Industrials		3.6
Energy		3.5
Utilities		2.8
Consumer Staples		2.8
Short-Term Investments		2.7

* 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge*			39.35	%		18.13	%		14.55	%
Without Sales Charge			47.07			19.40			15.18
CLASS C SHARES	July 29, 2011
With CDSC**			45.37			18.81			14.71
Without CDSC			46.37			18.81			14.71
CLASS I SHARES	July 29, 2011		47.46			19.71			15.47
CLASS R6 SHARES	October 1, 2018		47.82			19.88			15.55

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 6/30/21)

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 June 30, 2021. 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 JUNE 30, 2021

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	40.16%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$46,405,657

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 twelve months ended June 30, 2021. 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 industrials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in CME Group Inc. and General Dynamics Corp., and its underweight position in Alphabet Inc. Shares of CME Group, a financial derivatives market operator, underperformed after the company reported lower-than-expected earnings and revenue for the third quarter of 2020. Shares of General Dynamics, an aerospace and defense manufacturer, underperformed after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2020. Shares of Alphabet, parent company of Google Inc., which were not held in the Fund, rose on continued growth in earnings and revenue throughout the period.

Leading individual contributors to relative performance included the Fund’s underweight positions in AT&T Corp. and Intel Corp. and its out-of-Benchmark position in Deere Inc. Shares of AT&T, a telecommunications and entertainment provider not held in the Fund, fell amid investor concerns that the company’s sale of its WarnerMedia unit would reduce AT&T’s quarterly dividends. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021. Shares of Deere, a maker of agriculture and construction equipment, rose after the company reported better-than-expected earnings for its fiscal second quarter and raised its earnings forecast for the fiscal year 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Comcast Corp., Class A		2 .6	%
	2.	BlackRock, Inc.		2 .5
	3.	Bank of America Corp.		2 .4
	4.	UnitedHealth Group, Inc.		2 .4
	5.	ConocoPhillips		2 .4
	6.	Bristol-Myers Squibb Co.		2 .2
	7.	Analog Devices, Inc.		2 .2
	8.	PNC Financial Services Group, Inc. (The)		2 .2
	9.	Medtronic plc		2 .0
	10.	Philip Morris International, Inc.		2 .0

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		23.7	%
Industrials		14.8
Health Care		14.4
Information Technology		9.5
Consumer Staples		8.6
Consumer Discretionary		8.1
Energy		5.6
Utilities		3.9
Communication Services		3.6
Materials		3.2
Real Estate		2.2
Short-Term Investments		2.4

* 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			32.46	%		11.63	%		11.64	%
Without Sales Charge			39.81			12.84			12.24
CLASS C SHARES	November 4, 1997
With CDSC**			38.19			12.29			11.79
Without CDSC			39.19			12.29			11.79
CLASS I SHARES	July 2, 1987		40.16			13.13			12.52
CLASS R2 SHARES	February 28, 2011		39.47			12.56			11.96
CLASS R3 SHARES	September 9, 2016		39.79			12.85			12.24
CLASS R4 SHARES	September 9, 2016		40.19			13.13			12.52
CLASS R5 SHARES	February 28, 2011		40.41			13.32			12.73
CLASS R6 SHARES	January 31, 2012		40.51			13.43			12.81

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 R4 Shares prior to their inception dates 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 had similar expenses to 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 June 30, 2011 to June 30, 2021. 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 JUNE 30, 2021

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	29.87%
S&P 500 Index	40.79%
ICE BofAML 3-Month US Treasury Bill Index	0.09%
Net Assets as of 6/30/2021 (In Thousands)	$900,804

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 US Treasury Bill Index for the twelve months ended June 30, 2021. The Fund’s security selection in the financials sector and its underweight position in the utilities sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the industrials sector and its security selection in the consumer discretionary sector were leading contributors to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight position in Nvidia Corp. and its overweight positions in Jack Henry & Associates Inc. and Progressive Corp. Shares of Nvidia, a semiconductor maker not held in the Fund, rose amid consecutive quarters of better-than-expected earnings and revenue. Shares of Jack Henry & Associates, a payment processing provider mainly serving the financial services sector, fell after the company reported several quarters of lower-than-expected revenue. Shares of Progressive, a property and casualty insurer, fell amid lower-than-expected earnings and revenue for the first quarter of 2021 as well as a decline in monthly revenue.

Leading individual contributors to relative performance included the Fund’s overweight positions in Target Corp. and Trane Technologies PLC, and its underweight position in Intel Corp. Shares of Target, a discount department store chain, rose following consecutive quarters of better-than-expected growth in earnings and revenue amid a strong rebound in consumer spending during the period. Shares of Trane Technologies, an air conditioning, heating and ventilation company, rose after the company reported better-than-expected earnings and revenue amid strong consumer and commercial demand. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Toronto-Dominion Bank (The), ELN, 35.60%, 8/6/2021, (linked to S&P 500 Index)		3.6	%
	2.	Royal Bank of Canada, ELN, 36.35%, 7/16/2021, (linked to S&P 500 Index)		3.1
	3.	BNP Paribas, ELN, 37.87%, 7/23/2021, (linked to S&P 500 Index)		3.0
	4.	UBS AG, ELN, 36.40%, 7/30/2021, (linked to S&P 500 Index)		3.0
	5.	Citigroup Global Markets Holdings, Inc., ELN, 38.70%, 7/9/2021, (linked to S&P 500 Index)		2.6
	6.	Microsoft Corp.		1.6
	7.	Intuit, Inc.		1.6
	8.	Accenture plc, Class A		1.5
	9.	Target Corp.		1.5
	10.	Eli Lilly & Co.		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		11.3	%
Information Technology		11.2
Industrials		10.6
Consumer Staples		9.9
Financials		9.1
Communication Services		7.5
Consumer Discretionary		7.4
Utilities		6.3
Materials		3.3
Real Estate		2.6
Energy		0.8
Other***		15.3
Short-Term Investments		4.7

* 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.

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

ELN Equity-Linked Note

8 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021

	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		August 31, 2018
With Sales Charge*				22.76	%		8.28	%
Without Sales Charge				29.57			10.36
CLASS C SHARES		August 31, 2018
With CDSC**				28.03			9.81
Without CDSC				29.03			9.81
CLASS I SHARES		August 31, 2018		29.87			10.61
CLASS R5 SHARES		August 31, 2018		30.06			10.78
CLASS R6 SHARES		August 31, 2018		30.29			10.89

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/31/18 to 6/30/21)

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 US Treasury Bill Index from August 31, 2018 to June 30, 2021. 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 US 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 US 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 US 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 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	19.66%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$18,294,923

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 twelve months ended June 30, 2021. The Fund’s security selection in the pharmaceutical/medical technology and real estate investment trust sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and telecommunications sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in FedEx Corp. and its underweight positions in Walt Disney Co. and J.P. Morgan Chase & Co. Shares of FedEx, a parcel and freight delivery company, underperformed amid investor concerns about global supply chain problems. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, rose amid better-than-expected earnings and general investor demand for financial sector stocks.

Leading individual contributors to relative performance included the Fund’s overweight positions in Applied Materials Inc. and Capital One Financial Corp. and its underweight position in Intel Inc. Shares of Applied Materials, a semiconductor manufacturing equipment provider, rose amid a surge in global demand for semiconductors in 2021. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period and general investor demand for financial sector stocks. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.5	%
	2.	Apple, Inc.		5.8
	3.	Amazon.com, Inc.		4.4
	4.	Alphabet, Inc., Class A		2.5
	5.	Facebook, Inc., Class A		2.2
	6.	Alphabet, Inc., Class C		2.0
	7.	Berkshire Hathaway, Inc., Class B		1.6
	8.	S&P 500 Index 9/30/2021 at USD 4,065.00, European Style		1.5
	9.	Tesla, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		26.4	%
Consumer Discretionary		12.6
Health Care		12.6
Financials		11.4
Communication Services		11.0
Industrials		8.5
Consumer Staples		4.9
Energy		2.8
Utilities		2.4
Materials		2.3
Real Estate		1.8
Put Options Purchased		1.6
Short-Term Investments		1.7

* 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.

10 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge*			13.06	%		9.56	%		7.79	%
Without Sales Charge			19.31			10.75			8.56
CLASS C SHARES	December 13, 2013
With CDSC**			17.76			10.21			8.02
Without CDSC			18.76			10.21			8.02
CLASS I SHARES	December 13, 2013		19.66			11.04			8.84
CLASS R5 SHARES	December 13, 2013		19.79			11.21			9.03
CLASS R6 SHARES	December 13, 2013		19.90			11.30			9.10

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 6/30/21)

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 US Treasury Bill Index from December 13, 2013 to June 30, 2021. 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 US 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 US 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 US 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 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Hedged Equity 2 Fund

FUND COMMENTARY

FOR THE PERIOD FEBRUARY 26, 2021 (INCEPTION DATE) THROUGH JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	6.63%
S&P 500 Index	13.30%
Net Assets as of 6/30/2021 (In Thousands)	$1,391,868

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 2 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 period from inception on February 26, 2021 to June 30, 2021. The Fund’s security selection in the pharmaceutical/medical technology and utilities sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Adobe Inc. and its overweight positions in Deere & Co. and Netflix Inc. Shares of Adobe, a software company not held in the Fund, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of Deere, a maker of agricultural and construction equipment, underperformed late in the period after the company warned of pandemic-related constraints on its supply chain. Shares of Netflix, an online entertainment provider, fell amid investor concerns about slowing growth in new subscribers.

Leading individual contributors to relative performance included the Fund’s overweight position in Walt Disney Co. and its underweight positions in J.P. Morgan Chase & Co. and Intel Inc. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, underperformed amid declining interest rates during the period. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.3	%
	2.	Apple, Inc.		5.7
	3.	Amazon.com, Inc.		4.3
	4.	Alphabet, Inc., Class A		2.4
	5.	Facebook, Inc., Class A		2.2
	6.	Alphabet, Inc., Class C		2.0
	7.	Berkshire Hathaway, Inc., Class B		1.5
	8.	Tesla, Inc.		1.4
	9.	Mastercard, Inc., Class A		1.3
	10.	NVIDIA Corp.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		25.7	%
Consumer Discretionary		12.3
Health Care		12.2
Financials		11.0
Communication Services		10.7
Industrials		8.3
Consumer Staples		4.8
Energy		2.7
Utilities		2.3
Materials		2.3
Real Estate		1.7
Put Options Purchased		0.3
Short-Term Investments		5.7

* 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.

12 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge*			6.54	%
Without Sales Charge			6.54
CLASS C SHARES	February 26, 2021
With CDSC**			5.36
Without CDSC			6.36
CLASS I SHARES	February 26, 2021		6.63
CLASS R5 SHARES	February 26, 2021		6.66
CLASS R6 SHARES	February 26, 2021		6.75

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (2/26/21 TO 6/30/21)

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 February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund and the S&P 500 Index from February 26, 2021 to June 30, 2021. 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 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. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity 3 Fund

FUND COMMENTARY

FOR THE PERIOD FEBRUARY 26, 2021 (INCEPTION DATE) THROUGH JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	6.64%
S&P 500 Index	13.30%
Net Assets as of 6/30/2021 (In Thousands)	$566,566

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 3 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 period from inception on February 26, 2021 to June 30, 2021. The Fund’s security selection in the pharmaceutical/medical technology and utilities sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Adobe Inc. and its overweight positions in Deere & Co. and Netflix Inc. Shares of Adobe, a software company not held in the Fund, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of Deere, a maker of agricultural and construction equipment, underperformed late in the period after the company warned of pandemic-related constraints on its supply chain. Shares of Netflix, an online entertainment provider, fell amid investor concerns about slowing growth in new subscribers.

Leading individual contributors to relative performance included the Fund’s overweight position in Walt Disney Co. and its underweight positions in J.P. Morgan Chase & Co. and Intel Inc. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, underperformed amid declining interest rates during the period. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.4	%
	2.	Apple, Inc.		5.8
	3.	Amazon.com, Inc.		4.4
	4.	Alphabet, Inc., Class A		2.5
	5.	Facebook, Inc., Class A		2.2
	6.	Alphabet, Inc., Class C		2.0
	7.	Berkshire Hathaway, Inc., Class B		1.6
	8.	Tesla, Inc.		1.4
	9.	Mastercard, Inc., Class A		1.4
	10.	NVIDIA Corp.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		26.3	%
Consumer Discretionary		12.6
Health Care		12.5
Financials		11.3
Communication Services		10.9
Industrials		8.5
Consumer Staples		4.9
Energy		2.8
Utilities		2.3
Materials		2.3
Real Estate		1.8
Put Options Purchased		0.8
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.

14 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge*			6.50	%
Without Sales Charge			6.50
CLASS C SHARES	February 26, 2021
With CDSC**			5.37
Without CDSC			6.37
CLASS I SHARES	February 26, 2021		6.64
CLASS R5 SHARES	February 26, 2021		6.64
CLASS R6 SHARES	February 26, 2021		6.68

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (2/26/21 TO 6/30/21)

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 February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund and the S&P 500 Index from February 26, 2021 to June 30, 2021. 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 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. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	41.37%
Russell 1000 Growth Index	42.50%
Net Assets as of 6/30/2021 (In Thousands)	$37,416,380

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 underperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the health care and industrials sectors was a leading detractor from performance relative to the Benchmark, while 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 relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Seagen Inc., Regeneron Pharmaceuticals Inc. and DexCom Inc. Shares of Seagen, a drug development company, fell after the company reported lower-than-expected earnings for the first quarter of 2021. 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 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., Snap Inc. and ASML Holdings NV. 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 Snap, an online camera platform and social media provider, rose after the company reported consecutive quarters of better-than-expected earnings and revenue during the period. Shares of ASML Holdings, a semiconductor manufacturing equipment maker, rose on growth in demand amid a global supply shortage of semiconductors.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Alphabet, Inc., Class C		6.0	%
	2.	Apple, Inc.		5.8
	3.	Microsoft Corp.		4.7
	4.	Facebook, Inc., Class A		4.5
	5.	PayPal Holdings, Inc.		3.4
	6.	Amazon.com, Inc.		3.2
	7.	Deere & Co.		3.1
	8.	Snap, Inc., Class A		2.5
	9.	Charles Schwab Corp. (The)		2.1
	10.	Morgan Stanley		2.0

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		28.9	%
Communication Services		17.3
Consumer Discretionary		13.7
Health Care		10.8
Industrials		9.6
Financials		8.6
Consumer Staples		3.7
Materials		2.3
Short-Term Investments		5.1

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

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

16 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge*			33.60	%		26.47	%		17.67	%
Without Sales Charge			41.00			27.84			18.30
CLASS C SHARES	November 4, 1997
With CDSC**			39.32			27.20			17.83
Without CDSC			40.32			27.20			17.83
CLASS I SHARES	February 28, 1992		41.37			28.13			18.54
CLASS R2 SHARES	November 3, 2008		40.65			27.51			18.01
CLASS R3 SHARES	September 9, 2016		41.01			27.81			18.28
CLASS R4 SHARES	September 9, 2016		41.37			28.12			18.54
CLASS R5 SHARES	April 14, 2009		41.57			28.33			18.75
CLASS R6 SHARES	November 30, 2010		41.70			28.46			18.85

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 June 30, 2011 to June 30, 2021. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	62.22%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$4,341,470

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 twelve months ended June 30, 2021. 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 in the health care and financials sectors were the smallest contributors and no sectors detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in U.S. Foods Holding Corp., General Motors Co. and ON Semiconductor Corp. Shares of U.S. Foods Holding, a foodservice distributor, rose after the company reported a narrower-than-expected loss for the first quarter of 2021 and amid investor demand for value stocks. Shares of ON Semiconductor, a semiconductor manufacturer, rose amid a surge in global demand for semiconductors in 2021. 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 increased government spending on electric vehicle development.

Leading individual detractors from relative performance included the Fund’s overweight positions in FMC Corp. and Carter’s Inc. and its underweight position in Alphabet Inc. Shares of FMC, a diversified chemicals manufacturer, underperformed after the company issued a lower-than-expected earnings forecast for the first quarter and full year 2021. Shares of Carter’s, a maker of children’s apparel, underperformed late in the period following a run-up in the stock price driven by better-than-expected earnings for the first quarter of 2021. Shares of Alphabet, parent company of Google Inc., rose on continued growth in earnings and revenue throughout the period.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Wells Fargo & Co.		3.8	%
	2.	US Foods Holding Corp.		3.6
	3.	Bank of America Corp.		3.2
	4.	Comcast Corp., Class A		2.7
	5.	Lamb Weston Holdings, Inc.		2.7
	6.	Cigna Corp.		2.7
	7.	Freeport-McMoRan, Inc.		2.5
	8.	State Street Corp.		2.4
	9.	FMC Corp.		2.3
	10.	Boeing Co. (The)		2.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		18.0	%
Industrials		15.7
Health Care		15.0
Energy		9.9
Materials		9.5
Consumer Discretionary		8.9
Consumer Staples		8.0
Information Technology		5.9
Communication Services		3.3
Real Estate		2.9
Utilities		0.9
Short-Term Investments		2.0

* 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.

18 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			53.42	%		14.15	%		12.17	%
Without Sales Charge			61.86			15.38			12.78
CLASS C SHARES	March 22, 1999
With CDSC**			60.04			14.79			12.32
Without CDSC			61.04			14.79			12.32
CLASS I SHARES	March 1, 1991		62.22			15.64			13.00
CLASS R2 SHARES	November 3, 2008		61.40			15.07			12.48
CLASS R3 SHARES	October 1, 2018		61.83			15.38			12.78
CLASS R4 SHARES	October 1, 2018		62.16			15.63			12.99
CLASS R5 SHARES	May 15, 2006		62.47			15.81			13.20
CLASS R6 SHARES	November 30, 2010		62.68			15.92			13.28

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 different than those shown because Class R3 Shares have different expenses than 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 June 30, 2011 to June 30, 2021. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	46.80%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$276,279

INVESTMENT OBJECTIVE**

The JPMorgan Applied Data Science 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 outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and real estate sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Lam Research Corp. and its overweight positions in Discovery Inc. and Alphabet Inc. Shares of Lam Research, a semiconductor manufacturing equipment provider, rose amid a surge in global demand for semiconductors in 2021. Shares of Discovery, an entertainment and media company, rose through most of the period before dropping sharply in March 2021 following the collapse of Archegos Capital Management, which held large leveraged positions in Discovery shares. Shares of Alphabet, parent company of Google Inc., rose on continued growth in earnings and revenue throughout the period.

Leading individual detractors from relative performance included the Fund’s overweight positions in Verizon Communications Inc., Electronic Arts Inc. and eBay Inc. Shares of Verizon Communications, a wireless telecommunications provider, underperformed amid increased competition for market share, particularly in 5G services, following T-Mobile US Inc.’s merger with Sprint Corp. in 2020. Shares of Electronic Arts, a publisher of video games and other digital content, underperformed amid low growth in the company’s mobile games business and lower-than-expected earnings for the first quarter of 2021. Shares of eBay, a provider of online marketplaces, underperformed after the company lowered its earnings forecast in April 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Bank of America Corp.		2.9	%
	2.	Verizon Communications, Inc.		2.5
	3.	Medtronic plc		2.3
	4.	Citigroup, Inc.		2.1
	5.	Anthem, Inc.		1.9
	6.	Eaton Corp. plc		1.9
	7.	Bristol-Myers Squibb Co.		1.9
	8.	Alphabet, Inc., Class C		1.8
	9.	Lam Research Corp.		1.6
	10.	Trane Technologies plc		1.6

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		19.0	%
Industrials		13.5
Health Care		13.2
Communication Services		9.6
Consumer Discretionary		8.5
Information Technology		8.4
Consumer Staples		6.3
Energy		5.7
Materials		4.9
Utilities		4.2
Real Estate		3.4
Short-Term Investments		3.3

* 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.

20 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			38.78	%		11.32	%		10.33	%
Without Sales Charge			46.45			12.53			10.93
CLASS C SHARES	February 19, 2005
With CDSC**			44.71			11.97			10.49
Without CDSC			45.71			11.97			10.49
CLASS I SHARES	February 28, 2003		46.80			12.77			11.14
CLASS R2 SHARES	November 3, 2008		46.05			12.22			10.64
CLASS R5 SHARES	May 15, 2006		46.96			12.95			11.34
CLASS R6 SHARES	November 30, 2010		47.17			13.05			11.41

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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. Applied Data Science Value Fund and the Russell 1000 Value Index from June 30, 2011 to June 30, 2021. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	41.81%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$19,843,651

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 twelve months ended June 30, 2021. 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 sector and its underweight position and security selection in the consumer cyclical sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc. and NXP Semiconductors NV. and its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. 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 NXP Semiconductors and Taiwan Semiconductor Manufacturing, both semiconductor makers, rose amid a surge in global demand for semiconductors in 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in Leidos Holdings Inc. and Northrop Grumman Corp., and its underweight position in Nvidia Corp. Shares of Leidos Holdings, a provider of engineering and technology to the aerospace and defense sectors, fell after the company reported lower-than-expected revenue for the fourth quarter of 2020. Shares of Northrop Grumman, an aerospace and defense manufacturer, underperformed amid investor expectations that the defense sector would be unlikely to immediately benefit from the re-opening of the U.S. economy in 2021. Shares of Nvidia, a semiconductor maker not held in the fund, rose amid consecutive quarters of better-than-expected earnings and revenue.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		7.1	%
	2.	Alphabet, Inc., Class A		7.0
	3.	Apple, Inc.		5.6
	4.	Amazon.com, Inc.		5.4
	5.	Mastercard, Inc., Class A		4.4
	6.	Eaton Corp. plc		3.2
	7.	Norfolk Southern Corp.		3.1
	8.	Analog Devices, Inc.		3.1
	9.	Prologis, Inc.		2.8
	10.	Coca-Cola Co. (The)		2.8

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.1	%
Consumer Discretionary		15.6
Financials		12.3
Health Care		11.4
Industrials		10.2
Communication Services		9.1
Utilities		4.1
Materials		3.0
Real Estate		2.8
Consumer Staples		2.8
Energy		0.3
Short-Term Investments		1.3

* 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 JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge*			33.76	%		17.42	%		14.29	%
Without Sales Charge			41.18			18.68			14.90
CLASS C SHARES	September 10, 2001
With CDSC**			39.52			18.09			14.44
Without CDSC			40.52			18.09			14.44
CLASS I SHARES	September 10, 2001		41.64			18.96			15.14
CLASS L SHARES	September 17, 1993		41.81			19.13			15.31
CLASS R2 SHARES	November 3, 2008		40.92			18.39			14.61
CLASS R3 SHARES	September 9, 2016		41.30			18.67			14.90
CLASS R4 SHARES	September 9, 2016		41.58			18.95			15.14
CLASS R5 SHARES	May 15, 2006		41.79			19.16			15.34
CLASS R6 SHARES	November 30, 2010		41.98			19.27			15.43

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 June 30, 2011 to June 30, 2021. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	40.38%
Russell 1000 Growth Index	42.50%
Net Assets as of 6/30/2021 (In Thousands)	$1,307,588

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 twelve months ended June 30, 2021. 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 information technology and materials sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in Mastercard Inc., Sprouts Farmers Market Inc. and VMware Inc. Shares of Mastercard, a credit card and payments company, underperformed amid investor concerns that the ongoing pandemic would limit consumer spending on travel in 2021. Shares of Sprouts Farmers Market, a supermarket chain, fell after the company reported several quarters of lower-than-expected revenue during the period. Shares of VMware, a provider of cloud-based software, underperformed following a run-up in the stock price early in the period.

Leading individual contributors to relative performance included the Fund’s overweight positions in Applied Materials Inc., Lam Research Inc. and Dell Technologies Inc. Shares of Applied Materials and Lam Research, both semiconductor manufacturing equipment providers, rose amid a surge in global demand for semiconductors in 2021. Shares of Dell Technologies, a provider of computers, software and services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2021.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		9.6	%
	2.	Apple, Inc.		8.7
	3.	Amazon.com, Inc.		6.3
	4.	Facebook, Inc., Class A		5.0
	5.	Mastercard, Inc., Class A		3.2
	6.	Adobe, Inc.		2.8
	7.	Alphabet, Inc., Class C		2.6
	8.	Alphabet, Inc., Class A		2.6
	9.	Tesla, Inc.		2.3
	10.	Intuit, Inc.		2.2

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		42.8	%
Consumer Discretionary		16.9
Communication Services		12.5
Health Care		10.5
Industrials		6.5
Consumer Staples		4.2
Real Estate		1.5
Financials		1.4
Others (each less than 1.0%)		1.0
Short-Term Investments		2.7

* 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.

24 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			32.69	%		19.33	%		15.17	%
Without Sales Charge			40.03			20.62			15.79
CLASS C SHARES	February 19, 2005
With CDSC**			38.34			20.03			15.33
Without CDSC			39.34			20.03			15.33
CLASS I SHARES	February 28, 2003		40.38			20.93			16.08
CLASS R2 SHARES	November 3, 2008		39.68			20.32			15.50
CLASS R5 SHARES	May 15, 2006		40.59			21.12			16.29
CLASS R6 SHARES	November 02, 2015		40.73			21.23			16.35

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 June 30, 2011 to June 30, 2021. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	42.65%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$2,651,246

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 twelve months ended June 30, 2021. The Fund’s security selection in the semiconductors & hardware sector and its security selection and underweight position in the consumer stable sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the retail and industrial cyclical sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s short positions in Cisco Systems Inc. and Intel Corp., and long position in Diamondback Energy Inc. Shares of Cisco Systems, a provider of networking products and services, fell after pandemic-related supply chain problems led to decreased revenue in 2020. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021. Shares of Diamondback Energy, an oil and gas extraction company, rose amid a strong rebound in energy prices in the first half of 2021.

Leading individual detractors from relative performance included the Fund’s short positions in AMC Entertainment Holdings Inc. and General Electric Co., and its long position in Leidos Holdings Inc. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters that was not held in the Benchmark,

rose sharply in the first half of 2021, driven by users of Internet forums in response to large short positions in the stock. Shares of General Electric, a technology and financial services conglomerate, rose amid investor expectations for a rebound in air travel and demand for jet engines. Shares of Leidos Holdings, a provider of engineering and technology to the aerospace and defense sectors, fell after the company reported lower-than-expected revenue for the fourth quarter of 2020.

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 125% to 25%.

* 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.

26 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		5.6	%
	2.	Amazon.com, Inc.		4.4
	3.	Apple, Inc.		3.7
	4.	Alphabet, Inc., Class A		3.2
	5.	Facebook, Inc., Class A		2.6
	6.	Mastercard, Inc., Class A		2.4
	7.	NXP Semiconductors NV (China)		2.0
	8.	Analog Devices, Inc.		1.8
	9.	Norfolk Southern Corp.		1.5
	10.	Wells Fargo & Co.		1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Take-Two Interactive Software, Inc.		2.6	%
	2.	3M Co.		2.2
	3.	Clorox Co. (The)		2.2
	4.	Kroger Co. (The)		2.2
	5.	QUALCOMM, Inc.		2.1
	6.	Exxon Mobil Corp.		1.9
	7.	Intel Corp.		1.9
	8.	Omnicom Group, Inc.		1.8
	9.	Iron Mountain, Inc.		1.7
	10.	Consolidated Edison, Inc.		1.7

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		25.4	%
Industrials		12.5
Consumer Discretionary		12.4
Health Care		12.0
Communication Services		11.1
Financials		8.8
Energy		4.2
Consumer Staples		4.0
Materials		3.9
Real Estate		2.7
Utilities		2.6
Short-Term Investments		0.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		16.7	%
Communication Services		15.1
Information Technology		14.1
Consumer Staples		10.9
Energy		8.3
Financials		7.8
Health Care		7.3
Real Estate		6.6
Utilities		5.9
Materials		4.7
Consumer Discretionary		2.6

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge*			34.84	%		17.23	%		13.90	%
Without Sales Charge			42.30			18.50			14.52
CLASS C SHARES	November 1, 2005
With CDSC**			40.55			17.91			14.07
Without CDSC			41.55			17.91			14.07
CLASS I SHARES	November 1, 2005		42.65			18.80			14.81
CLASS R2 SHARES	November 3, 2008		41.77			18.12			14.19
CLASS R5 SHARES	May 15, 2006		42.70			18.90			14.97
CLASS R6 SHARES	November 1, 2017		42.86			18.99			15.02

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 June 30, 2011 to June 30, 2021. 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 appli-

cable. 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.

28 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	42.92%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$5,052,042

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 twelve months ended June 30, 2021. The Fund’s security selection in the technology and telecommunications sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical and real estate investment trusts sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Applied Materials Inc. and Capital One Financial Corp., and its underweight position in Intel Corp. Shares of Applied Materials, a semiconductor manufacturing equipment provider, rose amid a surge in global demand for semiconductors in 2021. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period and general investor demand for financial sector stocks. Shares of Intel, a semiconductor manufacturer, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight position in FedEx Corp. and its underweight positions in Walt Disney Co. and J.P. Morgan Chase & Co. Shares of FedEx, a parcel and freight delivery company, underperformed amid investor concerns about global supply chain problems. Shares of Walt Disney, an entertainment and media company, rose amid increased consumer demand for its online streaming service. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding, rose amid better-than-expected earnings and general investor demand for financial sector stocks as the economic rebound began in 2020.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.6	%
	2.	Apple, Inc.		5.9
	3.	Amazon.com, Inc.		4.5
	4.	Alphabet, Inc., Class A		2.6
	5.	Facebook, Inc., Class A		2.3
	6.	Alphabet, Inc., Class C		2.1
	7.	Berkshire Hathaway, Inc., Class B		1.6
	8.	Tesla, Inc.		1.4
	9.	Mastercard, Inc., Class A		1.4
	10.	NVIDIA Corp.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.0	%
Consumer Discretionary		12.9
Health Care		12.8
Financials		11.6
Communication Services		11.3
Industrials		8.7
Consumer Staples		5.0
Energy		2.8
Utilities		2.4
Materials		2.4
Real Estate		1.8
Short-Term Investments		1.3

* 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			35.08	%		16.62	%		13.77	%
Without Sales Charge			42.55			17.88			14.39
CLASS I SHARES	September 10, 2001		42.92			18.18			14.68
CLASS R6 SHARES	March 24, 2003		43.09			18.31			14.89

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 June 30, 2011 to June 30, 2021. 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.

30 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	40.99%
S&P 500 Index	40.79%
Net Assets as of 6/30/2021 (In Thousands)	$115,550

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Sustainable Leaders 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 outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the communication services and financials sectors was a

leading detractor relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Lam Research Corp., Aptiv PLC and Applied Materials Corp. Shares of Lam Research and Applied Materials, both semiconductor manufacturing equipment providers, rose amid a surge in global demand for semiconductors in 2021. Shares of Aptiv, an automotive components manufacturer based in Ireland, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2021.

Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Verizon Communications and Electronic Arts Inc., and its underweight position in Alphabet Inc. Shares of Verizon Communications, a wireless telecommunications provider, underperformed amid increased competition for market share, particularly in 5G services, following T-Mobile US Inc.’s merger with Sprint Corp. in 2020. Shares of Electronic Arts, a publisher of video games and other digital content, underperformed amid low growth in the company’s mobile games business and lower-than-expected earnings for the first quarter of 2021. Shares of Alphabet, parent company of Google Inc., rose on continued growth in earnings and revenue throughout the period.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		8.0	%
	2.	Apple, Inc.		4.3
	3.	Walt Disney Co. (The)		3.5
	4.	Mastercard, Inc., Class A		3.4
	5.	Bank of America Corp.		2.9
	6.	Home Depot, Inc. (The)		2.8
	7.	Intuit, Inc.		2.7
	8.	Trane Technologies plc		2.5
	9.	Eaton Corp. plc		2.4
	10.	Citigroup, Inc.		2.4

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		31.8	%
Health Care		14.3
Financials		12.8
Industrials		10.0
Consumer Discretionary		9.3
Communication Services		6.5
Real Estate		4.9
Consumer Staples		3.5
Utilities		1.6
Materials		1.3
Short-Term Investments		4.0

* 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			33.26	%		16.52	%		13.82	%
Without Sales Charge			40.64			17.79			14.43
CLASS C SHARES	February 19, 2005
With CDSC**			38.94			17.20			13.98
Without CDSC			39.94			17.20			13.98
CLASS I SHARES	February 28, 2003		40.99			18.08			14.72
CLASS R6 SHARES	September 30, 2020		41.02			18.09			14.72

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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 June 30, 2011 to June 30, 2021. 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.

32 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	44.88%
Russell 1000 Value Index	43.68%
Net Assets as of 6/30/2021 (In Thousands)	$1,706,985

INVESTMENT OBJECTIVE**

The JPMorgan 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, outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2021. The Fund’s overweight position and security selection 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 health care and consumer discretionary sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight positions in Intel Corp. and AT&T Inc. and its overweight position in Wells Fargo & Co. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell as competitive pressure reduced sales in the data center business and the company issued a lower-than-expected forecast for the second quarter of 2021. Shares of AT&T, a telecommunications and entertainment provider not held in the Fund, fell amid investor concerns that the company’s sale of its WarnerMedia unit would reduce AT&T’s quarterly dividends. Shares of Wells Fargo & Co., a banking and financial services company, rose after the company reported better-than-expected earnings for the first quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in AutoZone Inc. Northrop Grumman Corp. and Home Depot Inc. Shares of AutoZone, an automotive parts retailer, fell after the company reported lower-than-expected sales for its fiscal first quarter. Shares of Northrop Grumman, an aerospace and defense manufacturer, underperformed amid investor expectations that the defense sector would be unlikely to immediately benefit from the re-opening of the U.S. economy in 2021. Shares of Home Depot, a home improvement retail chain, fell after a significant run-up in the share price in 2020.

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 AS OF JUNE 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	BlackRock, Inc.		2.5	%
	2.	Wells Fargo & Co.		2.5
	3.	Citigroup, Inc.		2.1
	4.	Bank of America Corp.		2.1
	5.	ConocoPhillips		2.1
	6.	Bristol-Myers Squibb Co.		2.0
	7.	Comcast Corp., Class A		1.9
	8.	Morgan Stanley		1.9
	9.	UnitedHealth Group, Inc.		1.9
	10.	Berkshire Hathaway, Inc., Class B		1.9

PORTFOLIO COMPOSITION BY SECTOR AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		28.1	%
Health Care		14.4
Industrials		13.2
Consumer Discretionary		9.8
Information Technology		8.7
Energy		5.3
Communication Services		5.1
Materials		4.6
Consumer Staples		4.5
Utilities		3.0
Real Estate		1.1
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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge*			37.27	%		12.61	%		12.18	%
Without Sales Charge			44.88			13.83			12.79
CLASS C SHARES	January 2, 1998
With CDSC**			43.13			13.26			12.34
Without CDSC			44.13			13.26			12.34
CLASS I SHARES	January 25, 1996		45.22			14.12			13.08
CLASS R2 SHARES	November 2, 2015		44.51			13.55			12.63
CLASS R3 SHARES	July 31, 2017		44.89			13.84			12.79
CLASS R4 SHARES	July 31, 2017		45.26			14.12			13.08
CLASS R5 SHARES	November 2, 2015		45.47			14.31			13.19
CLASS R6 SHARES	November 2, 2015		45.60			14.40			13.24

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/11 TO 6/30/21)

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

June 30, 2011 to June 30, 2021. 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.

34 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Banks — 3.0%
Bank of America Corp.		97		3,979
Biotechnology — 4.5%
AbbVie, Inc.		34		3,799
Regeneron Pharmaceuticals, Inc. *		4		2,167
				5,966
Capital Markets — 2.1%
Charles Schwab Corp. (The)		38		2,732
Construction Materials — 1.3%
Martin Marietta Materials, Inc.		5		1,650
Consumer Finance — 3.1%
Capital One Financial Corp.		26		4,023
Containers & Packaging — 2.5%
Packaging Corp. of America		24		3,280
Diversified Financial Services — 3.5%
Berkshire Hathaway, Inc., Class B *		17		4,615
Electric Utilities — 2.8%
Xcel Energy, Inc.		57		3,753
Electronic Equipment, Instruments & Components — 1.7%
Zebra Technologies Corp., Class A *		4		2,270
Equity Real Estate Investment Trusts (REITs) — 4.6%
Public Storage		8		2,435
Weyerhaeuser Co.		107		3,688
				6,123
Health Care Equipment & Supplies — 3.5%
Dexcom, Inc. *		5		2,318
Intuitive Surgical, Inc. *		2		2,258
				4,576
Health Care Providers & Services — 2.6%
UnitedHealth Group, Inc.		9		3,457
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc. *		1		2,514
Household Products — 2.8%
Procter & Gamble Co. (The)		27		3,651
Insurance — 3.4%
Loews Corp.		82		4,481
Interactive Media & Services — 7.1%
Alphabet, Inc., Class C *		2		6,157
Facebook, Inc., Class A *		10		3,379
				9,536

INVESTMENTS	SHARES (000)		VALUE ($000)
Internet & Direct Marketing Retail — 3.8%
Amazon.com, Inc. *		1		5,016
IT Services — 6.5%
Global Payments, Inc.		10		1,937
Mastercard, Inc., Class A		10		3,782
PayPal Holdings, Inc. *		10		2,899
				8,618
Machinery — 3.6%
Deere & Co.		7		2,431
Stanley Black & Decker, Inc.		11		2,269
				4,700
Media — 3.6%
Charter Communications, Inc., Class A *		4		3,056
Discovery, Inc., Class C *		59		1,701
				4,757
Metals & Mining — 1.3%
Freeport-McMoRan, Inc.		45		1,662
Oil, Gas & Consumable Fuels — 3.5%
ConocoPhillips		43		2,601
Kinder Morgan, Inc.		107		1,953
				4,554
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		42		2,802
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc. *		22		2,086
Lam Research Corp.		3		2,206
QUALCOMM, Inc.		15		2,085
				6,377
Software — 5.5%
Microsoft Corp.		27		7,304
Specialty Retail — 5.2%
AutoZone, Inc. *		3		5,053
Gap, Inc. (The)		52		1,744
				6,797
Technology Hardware, Storage & Peripherals — 4.8%
Apple, Inc.		46		6,324
Wireless Telecommunication Services — 2.3%
T-Mobile US, Inc. *		21		2,990
Total Common Stocks (Cost $82,263)				128,507

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $3,582)		3,580		3,582
Total Investments — 100.1% (Cost $85,845)				132,089
Liabilities in Excess of Other Assets — (0.1)%				(195	)
NET ASSETS — 100.0%				131,894

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 June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%
Aerospace & Defense — 4.3%
General Dynamics Corp.		3,339		628,512
Northrop Grumman Corp.		1,394		506,659
Raytheon Technologies Corp.		10,291		877,899
				2,013,070
Air Freight & Logistics — 1.1%
United Parcel Service, Inc., Class B		2,378		494,551
Banks — 7.8%
Bank of America Corp.		26,897		1,108,981
Citigroup, Inc.		8,711		616,311
PNC Financial Services Group, Inc. (The)		5,257		1,002,900
Truist Financial Corp.		7,848		435,549
US Bancorp		8,352		475,841
				3,639,582
Beverages — 1.8%
Coca-Cola Co. (The)		7,089		383,566
PepsiCo, Inc.		3,160		468,269
				851,835
Biotechnology — 0.6%
Amgen, Inc.		1,097		267,469
Building Products — 0.4%
Trane Technologies plc		1,067		196,507
Capital Markets — 9.1%
BlackRock, Inc.		1,297		1,134,845
Charles Schwab Corp. (The)		7,571		551,263
CME Group, Inc.		4,345		924,174
Morgan Stanley		9,576		878,008
Northern Trust Corp.		1,877		217,059
T. Rowe Price Group, Inc.		2,409		476,987
				4,182,336
Chemicals — 3.2%
Air Products and Chemicals, Inc.		2,422		696,654
PPG Industries, Inc.		4,512		765,985
				1,462,639
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		3,242		356,669
Consumer Finance — 2.7%
American Express Co.		4,766		787,467
Capital One Financial Corp.		2,888		446,683
				1,234,150
Diversified Telecommunication Services — 1.0%
Verizon Communications, Inc.		7,873		441,106

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 2.7%
Entergy Corp.		1,020		101,659
NextEra Energy, Inc.		9,410		689,587
Xcel Energy, Inc.		6,946		457,594
				1,248,840
Electrical Equipment — 1.7%
Eaton Corp. plc		5,204		771,078
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc.		2,324		95,043
Equity Real Estate Investment Trusts (REITs) — 2.2%
Alexandria Real Estate Equities, Inc.		768		139,742
AvalonBay Communities, Inc.		1,158		241,657
Boston Properties, Inc.		1,052		120,602
Prologis, Inc.		2,080		248,582
Realty Income Corp.		975		65,104
Ventas, Inc.		3,037		173,413
Vornado Realty Trust		1,029		48,041
				1,037,141
Food & Staples Retailing — 2.7%
Sysco Corp.		8,670		674,069
Walmart, Inc.		4,168		587,744
				1,261,813
Food Products — 1.2%
Mondelez International, Inc., Class A		8,853		552,805
Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		1,119		129,714
Becton Dickinson and Co.		1,960		476,709
Medtronic plc		7,582		941,173
				1,547,596
Health Care Providers & Services — 4.3%
AmerisourceBergen Corp.		2,833		324,347
CVS Health Corp.		6,517		543,742
UnitedHealth Group, Inc.		2,762		1,106,187
				1,974,276
Hotels, Restaurants & Leisure — 1.8%
McDonald’s Corp.		2,483		573,663
Starbucks Corp.		2,546		284,629
				858,292
Household Products — 0.8%
Procter & Gamble Co. (The)		2,749		370,929
Insurance — 4.2%
Arthur J Gallagher & Co.		2,439		341,671

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
Chubb Ltd.		2,728		433,510
Hartford Financial Services Group, Inc. (The)		5,655		350,466
Marsh & McLennan Cos., Inc.		1,103		155,188
MetLife, Inc.		6,268		375,113
Progressive Corp. (The)		3,048		299,296
				1,955,244
IT Services — 2.7%
Accenture plc, Class A		965		284,508
Fidelity National Information Services, Inc.		4,299		609,024
International Business Machines Corp.		2,566		376,083
				1,269,615
Leisure Products — 0.6%
Hasbro, Inc.		3,161		298,734
Machinery — 5.0%
Deere & Co.		1,488		524,939
Dover Corp.		5,765		868,234
Parker-Hannifin Corp.		2,081		639,201
Stanley Black & Decker, Inc.		1,404		287,863
				2,320,237
Media — 2.6%
Comcast Corp., Class A		21,181		1,207,748
Multi-Utilities — 1.2%
CMS Energy Corp.		5,244		309,842
Public Service Enterprise Group, Inc.		3,876		231,529
				541,371
Oil, Gas & Consumable Fuels — 5.6%
Chevron Corp.		6,436		674,062
ConocoPhillips		17,878		1,088,792
EOG Resources, Inc.		7,851		655,102
Valero Energy Corp.		2,150		167,835
				2,585,791
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		15,275		1,020,664
Eli Lilly & Co.		2,413		553,909
Johnson & Johnson		5,362		883,269
Merck & Co., Inc.		2,392		186,000
Organon & Co. *		239		7,237
Pfizer, Inc.		6,146		240,686
				2,891,765

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 1.5%
Norfolk Southern Corp.		2,671		708,832
Semiconductors & Semiconductor Equipment — 4.3%
Analog Devices, Inc.		5,849		1,006,926
Intel Corp.		1,360		76,333
Texas Instruments, Inc.		4,731		909,781
				1,993,040
Software — 1.5%
Microsoft Corp.		2,526		684,241
Specialty Retail — 4.8%
Advance Auto Parts, Inc.		1,017		208,705
Best Buy Co., Inc.		3,753		431,523
Gap, Inc. (The)		7,057		237,468
Home Depot, Inc. (The)		2,502		797,788
TJX Cos., Inc. (The)		8,348		562,818
				2,238,302
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc.		1,315		180,040
Seagate Technology Holdings plc (Ireland)		2,255		198,306
				378,346
Textiles, Apparel & Luxury Goods — 0.8%
VF Corp.		4,649		381,433
Tobacco — 2.0%
Philip Morris International, Inc.		9,433		934,877
Total Common Stocks (Cost $30,618,832)				45,247,303
Short-Term Investments — 2.4%
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $1,108,296)		1,107,879		1,108,433
Total Investments — 99.9% (Cost $31,727,128)				46,355,736
Other Assets Less Liabilities — 0.1%				49,921
NET ASSETS — 100.0%				46,405,657

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 June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.3%
Aerospace & Defense — 0.4%
Northrop Grumman Corp.		10		3,618
Air Freight & Logistics — 1.4%
United Parcel Service, Inc., Class B		61		12,647
Banks — 1.5%
Regions Financial Corp.		80		1,622
Truist Financial Corp.		30		1,657
US Bancorp		112		6,384
Wells Fargo & Co.		86		3,913
				13,576
Beverages — 2.5%
Coca-Cola Co. (The)		205		11,080
PepsiCo, Inc.		75		11,163
				22,243
Biotechnology — 2.7%
AbbVie, Inc.		101		11,428
Biogen, Inc. *		4		1,495
Regeneron Pharmaceuticals, Inc. *		9		5,138
Vertex Pharmaceuticals, Inc. *		31		6,335
				24,396
Building Products — 1.4%
Trane Technologies plc		69		12,616
Capital Markets — 2.5%
Intercontinental Exchange, Inc.		94		11,109
S&P Global, Inc.		27		11,016
				22,125
Chemicals — 3.0%
Corteva, Inc.		118		5,240
Eastman Chemical Co.		30		3,458
Linde plc (United Kingdom)		20		5,788
PPG Industries, Inc.		72		12,282
				26,768
Containers & Packaging — 0.4%
Avery Dennison Corp.		17		3,524
Diversified Financial Services — 1.3%
Berkshire Hathaway, Inc., Class B *		42		11,576
Diversified Telecommunication Services — 0.9%
Verizon Communications, Inc.		144		8,079
Electric Utilities — 4.1%
Duke Energy Corp.		107		10,569
Evergy, Inc.		86		5,215
NextEra Energy, Inc.		145		10,615

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities  — continued
Xcel Energy, Inc.		166		10,928
				37,327
Electrical Equipment — 1.2%
Eaton Corp. plc		74		11,034
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		54		3,726
Entertainment — 0.8%
Netflix, Inc. *		13		6,969
Equity Real Estate Investment Trusts (REITs) — 2.7%
Equinix, Inc.		8		6,321
Prologis, Inc.		64		7,605
Public Storage		19		5,862
Sun Communities, Inc.		28		4,752
				24,540
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		31		12,155
Walmart, Inc.		29		4,048
				16,203
Food Products — 2.5%
Hershey Co. (The)		64		11,140
Mondelez International, Inc., Class A		179		11,174
				22,314
Health Care Equipment & Supplies — 1.0%
Boston Scientific Corp. *		60		2,584
Medtronic plc		49		6,133
				8,717
Health Care Providers & Services — 1.6%
Anthem, Inc.		10		3,706
UnitedHealth Group, Inc.		27		10,618
				14,324
Household Products — 2.3%
Kimberly-Clark Corp.		75		9,993
Procter & Gamble Co. (The)		82		11,079
				21,072
Insurance — 4.1%
Arthur J Gallagher & Co.		84		11,764
Chubb Ltd.		58		9,159
Hartford Financial Services Group, Inc. (The)		22		1,372
Progressive Corp. (The)		114		11,174
Travelers Cos., Inc. (The)		23		3,402
				36,871

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Interactive Media & Services — 2.4%
Alphabet, Inc., Class A *		5		13,057
Facebook, Inc., Class A *		25		8,766
				21,823
Internet & Direct Marketing Retail — 1.4%
Amazon.com, Inc. *		4		12,959
IT Services — 4.4%
Accenture plc, Class A		48		14,124
Automatic Data Processing, Inc.		28		5,471
Mastercard, Inc., Class A		25		9,064
Visa, Inc., Class A		48		11,264
				39,923
Life Sciences Tools & Services — 1.2%
Thermo Fisher Scientific, Inc.		22		11,245
Machinery — 2.5%
Deere & Co.		33		11,789
Stanley Black & Decker, Inc.		54		11,129
				22,918
Media — 2.4%
Charter Communications, Inc., Class A *		14		9,989
Comcast Corp., Class A		197		11,246
				21,235
Multiline Retail — 2.7%
Dollar General Corp.		50		10,926
Target Corp.		57		13,838
				24,764
Multi-Utilities — 2.3%
CMS Energy Corp.		173		10,227
Sempra Energy		51		6,745
WEC Energy Group, Inc.		45		3,995
				20,967
Oil, Gas & Consumable Fuels — 0.8%
TC Energy Corp. (Canada)		147		7,286
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		4		1,165
Pharmaceuticals — 5.2%
Bristol-Myers Squibb Co.		170		11,339
Eli Lilly & Co.		58		13,366
Johnson & Johnson		64		10,567
Merck & Co., Inc.		137		10,690
				45,962

INVESTMENTS	SHARES (000)		VALUE ($000)
Professional Services — 1.4%
Booz Allen Hamilton Holding Corp.		86		7,319
Leidos Holdings, Inc.		48		4,853
				12,172
Road & Rail — 2.3%
Norfolk Southern Corp.		25		6,717
Old Dominion Freight Line, Inc.		47		11,995
Union Pacific Corp.		11		2,330
				21,042
Semiconductors & Semiconductor Equipment — 1.5%
Analog Devices, Inc.		32		5,558
Texas Instruments, Inc.		40		7,640
				13,198
Software — 4.0%
Adobe, Inc. *		6		3,536
Intuit, Inc.		29		14,455
Microsoft Corp.		54		14,495
Oracle Corp.		47		3,668
				36,154
Specialty Retail — 2.2%
Lowe’s Cos., Inc.		59		11,380
O’Reilly Automotive, Inc. *		8		4,655
TJX Cos., Inc. (The)		62		4,201
				20,236
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.		54		7,339
Seagate Technology Holdings plc (Ireland)		42		3,695
				11,034
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		69		10,736
Tobacco — 1.0%
Altria Group, Inc.		81		3,843
Philip Morris International, Inc.		48		4,744
				8,587
Trading Companies & Distributors — 0.3%
WW Grainger, Inc.		6		2,534
Wireless Telecommunication Services — 1.3%
T-Mobile US, Inc. *		79		11,436
Total Common Stocks (Cost $671,082)				741,641

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 15.8%
BNP Paribas, ELN, 37.87%, 7/23/2021, (linked to S&P 500 Index) (a)		7		27,785
Citigroup Global Markets Holdings, Inc., ELN, 38.70%, 7/9/2021, (linked to S&P 500 Index) (a)		6		24,013
Royal Bank of Canada, ELN, 36.35%, 7/16/2021, (linked to S&P 500 Index) (a)		7		28,800
Toronto-Dominion Bank (The), ELN, 35.60%, 8/6/2021, (linked to S&P 500 Index) (a)		8		33,745
UBS AG, ELN, 36.40%, 7/30/2021, (linked to S&P 500 Index) (a)		7		27,553
Total Equity-Linked Notes (Cost $142,941)				141,896
	SHARES (000)
Short-Term Investments — 4.9%
Investment Companies — 4.9%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $43,928)		43,906		43,928
Total Investments — 103.0% (Cost $857,951)				927,465
Liabilities in Excess of Other Assets — (3.0)%				(26,661	)
NET ASSETS — 100.0%				900,804

Percentages indicated are based on net assets.

Abbreviations

ELN	Equity-Linked Note
(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 June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		7		09/2021		USD		1,501		3

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.9%
Aerospace & Defense — 1.0%
General Dynamics Corp. (a)		163		30,711
Northrop Grumman Corp.		176		63,860
Raytheon Technologies Corp.		1,100		93,844
				188,415
Air Freight & Logistics — 1.3%
FedEx Corp.		390		116,489
United Parcel Service, Inc., Class B		602		125,296
				241,785
Airlines — 0.3%
Delta Air Lines, Inc. *		468		20,225
Southwest Airlines Co. *		606		32,173
				52,398
Auto Components — 0.3%
Aptiv plc *		124		19,500
Magna International, Inc. (Canada)		444		41,137
				60,637
Automobiles — 1.6%
General Motors Co. *		685		40,554
Tesla, Inc. * (a)		379		257,573
				298,127
Banks — 3.5%
Bank of America Corp. (a)		2,362		97,389
Citigroup, Inc.		1,880		132,987
KeyCorp (a)		401		8,288
Regions Financial Corp.		2,659		53,664
SVB Financial Group *		59		32,640
Truist Financial Corp.		1,068		59,296
US Bancorp		1,411		80,370
Wells Fargo & Co.		3,972		179,880
				644,514
Beverages — 1.0%
Coca-Cola Co. (The) (a)		2,432		131,610
Constellation Brands, Inc., Class A		244		57,080
				188,690
Biotechnology — 2.1%
AbbVie, Inc.		1,677		188,893
Alexion Pharmaceuticals, Inc. *		105		19,285
Biogen, Inc. * (a)		157		54,415
Regeneron Pharmaceuticals, Inc. *		90		50,097
Vertex Pharmaceuticals, Inc. *		358		72,221
				384,911

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.1%
Johnson Controls International plc		367		25,220
Masco Corp.		942		55,466
Trane Technologies plc		688		126,734
				207,420
Capital Markets — 4.0%
Ameriprise Financial, Inc.		57		14,222
Charles Schwab Corp. (The)		244		17,789
Goldman Sachs Group, Inc. (The)		416		157,908
Intercontinental Exchange, Inc.		727		86,322
Morgan Stanley		1,441		132,110
S&P Global, Inc.		390		160,078
State Street Corp.		910		74,859
T. Rowe Price Group, Inc.		473		93,739
				737,027
Chemicals — 2.0%
Air Products and Chemicals, Inc.		78		22,413
Celanese Corp.		172		26,062
DuPont de Nemours, Inc.		759		58,758
Eastman Chemical Co.		725		84,643
Linde plc (United Kingdom)		186		53,695
LyondellBasell Industries NV, Class A		129		13,315
PPG Industries, Inc.		608		103,182
				362,068
Commercial Services & Supplies — 0.1%
Cintas Corp. (a)		52		19,715
Communications Equipment — 0.4%
Cisco Systems, Inc.		1,089		57,730
Motorola Solutions, Inc.		48		10,436
				68,166
Consumer Finance — 0.5%
Capital One Financial Corp.		613		94,812
Containers & Packaging — 0.3%
Crown Holdings, Inc. (a)		194		19,870
Westrock Co.		523		27,822
				47,692
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		1,056		293,578
Voya Financial, Inc.		182		11,179
				304,757
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc. (a)		2,036		114,051

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		994		98,082
Evergy, Inc.		778		47,001
NextEra Energy, Inc.		1,802		132,062
Xcel Energy, Inc. (a)		858		56,494
				333,639
Electrical Equipment — 0.7%
Eaton Corp. plc		825		122,208
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		285		19,497
Entertainment — 1.1%
Netflix, Inc. * (a)		277		146,254
Walt Disney Co. (The) *		354		62,166
				208,420
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		349		46,333
Equinix, Inc.		98		78,510
Equity LifeStyle Properties, Inc.		203		15,066
Mid-America Apartment Communities, Inc.		218		36,657
Prologis, Inc.		731		87,413
Public Storage		47		14,091
Sun Communities, Inc.		100		17,115
UDR, Inc.		144		7,074
Ventas, Inc.		513		29,277
				331,536
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		153		60,699
Kroger Co. (The)		141		5,392
				66,091
Food Products — 0.6%
Mondelez International, Inc., Class A (a)		1,679		104,833
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		985		114,223
ABIOMED, Inc. *		22		6,846
Becton Dickinson and Co.		213		51,887
Boston Scientific Corp. * (a)		1,727		73,857
Danaher Corp.		93		24,955
Dexcom, Inc. *		46		19,709
Intuitive Surgical, Inc. * (a)		33		30,362
Medtronic plc (a)		1,239		153,786
Zimmer Biomet Holdings, Inc. (a)		540		86,778
				562,403

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		162		18,508
Anthem, Inc. (a)		243		92,958
Centene Corp. *		433		31,561
Cigna Corp. (a)		459		108,793
UnitedHealth Group, Inc. (a)		592		237,137
				488,957
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. * (a)		34		73,667
Hilton Worldwide Holdings, Inc. *		373		45,024
Royal Caribbean Cruises Ltd. *		108		9,171
Yum! Brands, Inc.		498		57,253
				185,115
Household Durables — 0.5%
DR Horton, Inc.		69		6,199
Lennar Corp., Class A		809		80,356
				86,555
Household Products — 1.5%
Kimberly-Clark Corp.		509		68,119
Procter & Gamble Co. (The) (a)		1,548		208,921
				277,040
Industrial Conglomerates — 0.4%
Honeywell International, Inc. (a)		361		79,207
Insurance — 1.8%
Allstate Corp. (The) (a)		192		25,008
American International Group, Inc.		611		29,106
Chubb Ltd.		349		55,517
Hartford Financial Services Group, Inc. (The)		770		47,688
Marsh & McLennan Cos., Inc.		173		24,278
Progressive Corp. (The)		959		94,153
Prudential Financial, Inc.		287		29,439
Travelers Cos., Inc. (The)		123		18,341
				323,530
Interactive Media & Services — 6.8%
Alphabet, Inc., Class A * (a)		190		464,397
Alphabet, Inc., Class C * (a)		150		375,923
Facebook, Inc., Class A * (a)		1,186		412,440
				1,252,760
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. * (a)		237		815,442
IT Services — 4.7%
Accenture plc, Class A		700		206,243

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services  — continued
Fiserv, Inc. *		74		7,915
FleetCor Technologies, Inc. *		42		10,814
Mastercard, Inc., Class A (a)		702		256,180
PayPal Holdings, Inc. * (a)		532		155,157
Visa, Inc., Class A (a)		992		232,014
				868,323
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		105		49,739
Thermo Fisher Scientific, Inc. (a)		379		191,223
Waters Corp. *		34		11,728
				252,690
Machinery — 2.2%
Deere & Co.		445		156,973
Ingersoll Rand, Inc. *		553		27,002
Otis Worldwide Corp.		471		38,530
Parker-Hannifin Corp.		250		76,754
Stanley Black & Decker, Inc.		493		101,084
				400,343
Media — 1.7%
Altice USA, Inc., Class A *		514		17,549
Charter Communications, Inc., Class A * (a)		161		116,501
Comcast Corp., Class A (a)		2,966		169,130
Fox Corp., Class A		115		4,276
				307,456
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		609		22,613
Multiline Retail — 0.7%
Dollar General Corp.		74		16,099
Dollar Tree, Inc. *		344		34,205
Target Corp.		304		73,401
				123,705
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		580		14,232
Public Service Enterprise Group, Inc.		295		17,620
Sempra Energy		555		73,523
				105,375
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		234		4,083
Cheniere Energy, Inc. *		298		25,883
Chevron Corp. (a)		948		99,325
ConocoPhillips		1,127		68,608

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc.		524		49,226
EOG Resources, Inc. (a)		578		48,267
Kinder Morgan, Inc.		1,075		19,589
Phillips 66		534		45,841
Pioneer Natural Resources Co. (a)		508		82,496
Williams Cos., Inc. (The)		2,662		70,679
				513,997
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		194		61,650
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co. (a)		2,408		160,873
Eli Lilly & Co. (a)		703		161,348
Johnson & Johnson (a)		1,101		181,337
Merck & Co., Inc.		1,233		95,901
Organon & Co. *		149		4,512
Pfizer, Inc.		876		34,298
				638,269
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		272		23,162
Leidos Holdings, Inc.		573		57,889
				81,051
Road & Rail — 1.0%
Lyft, Inc., Class A *		412		24,933
Norfolk Southern Corp. (a)		374		99,286
Union Pacific Corp.		291		64,070
				188,289
Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices, Inc. * (a)		1,162		109,142
Analog Devices, Inc.		751		129,347
Applied Materials, Inc.		1,040		148,116
Intel Corp.		1,022		57,373
Lam Research Corp.		240		156,377
Microchip Technology, Inc.		235		35,217
Micron Technology, Inc. *		219		18,636
NVIDIA Corp. (a)		305		243,845
NXP Semiconductors NV (China)		445		91,500
QUALCOMM, Inc.		176		25,138
Texas Instruments, Inc. (a)		972		186,896
				1,201,587
Software — 8.7%
Fortinet, Inc. *		70		16,665
Intuit, Inc. (a)		325		159,090

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software  — continued
Microsoft Corp. (a)		4,413		1,195,552
Oracle Corp.		902		70,227
salesforce.com, Inc. * (a)		423		103,237
Workday, Inc., Class A *		150		35,723
				1,580,494
Specialty Retail — 3.3%
AutoZone, Inc. * (a)		11		16,732
Best Buy Co., Inc. (a)		620		71,328
Home Depot, Inc. (The) (a)		528		168,262
Lowe’s Cos., Inc. (a)		918		178,068
O’Reilly Automotive, Inc. *		161		90,981
TJX Cos., Inc. (The) (a)		1,049		70,690
				596,061
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc. (a)		7,872		1,078,102
Seagate Technology Holdings plc (Ireland)		861		75,717
				1,153,819
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		367		37,893
NIKE, Inc., Class B		877		135,464
				173,357
Tobacco — 1.2%
Altria Group, Inc. (a)		1,803		85,963
Philip Morris International, Inc.		1,292		128,052
				214,015
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		1,079		156,301
Total Common Stocks (Cost $12,048,060)				17,911,813

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 1.6%
Put Options Purchased — 1.6%
Index Funds — 1.6%
S&P 500 Index 9/30/2021 at USD 4,065.00, European Style Notional Amount: USD 36,654,237 Counterparty: Exchange-Traded * (Cost $284,491)		42,646		289,993
	SHARES (000)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $312,969)		312,969		312,969
Total Investments — 101.2% (Cost $12,645,520)				18,514,775
Liabilities in Excess of Other Assets — (1.2)%				(219,852	)
NET ASSETS — 100.0%				18,294,923

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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		1,691		09/2021		USD		362,593		5,311

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

Written Call Options Contracts as of June 30, 2021 (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

42,646

USD 36,654,237

USD 4,430.00

9/30/2021

(200,436

)

Written Put Options Contracts as of June 30, 2021 (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

42,646

USD 36,654,237

USD 3,425.00

9/30/2021

(66,315

)

Total Written Options Contracts (Premiums Received $274,598)

(266,751

)

��

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Aerospace & Defense — 1.0%
General Dynamics Corp.		12		2,339
Northrop Grumman Corp.		13		4,859
Raytheon Technologies Corp.		84		7,143
				14,341
Air Freight & Logistics — 1.3%
FedEx Corp.		30		8,865
United Parcel Service, Inc., Class B		46		9,514
				18,379
Airlines — 0.3%
Delta Air Lines, Inc. *		36		1,539
Southwest Airlines Co. *		46		2,449
				3,988
Auto Components — 0.3%
Aptiv plc *		9		1,483
Magna International, Inc. (Canada)		34		3,131
				4,614
Automobiles — 1.6%
General Motors Co. *		52		3,087
Tesla, Inc. *		29		19,604
				22,691
Banks — 3.5%
Bank of America Corp.		180		7,413
Citigroup, Inc.		143		10,128
KeyCorp		30		610
Regions Financial Corp.		202		4,085
SVB Financial Group *		4		2,288
Truist Financial Corp.		81		4,513
US Bancorp		107		6,118
Wells Fargo & Co.		302		13,692
				48,847
Beverages — 1.0%
Coca-Cola Co. (The)		185		10,017
Constellation Brands, Inc., Class A		19		4,345
				14,362
Biotechnology — 2.1%
AbbVie, Inc.		128		14,377
Alexion Pharmaceuticals, Inc. *		8		1,465
Biogen, Inc. *		12		4,160
Regeneron Pharmaceuticals, Inc. *		7		3,812
Vertex Pharmaceuticals, Inc. *		27		5,506
				29,320

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.1%
Johnson Controls International plc		28		1,918
Masco Corp.		72		4,222
Trane Technologies plc		52		9,646
				15,786
Capital Markets — 4.0%
Ameriprise Financial, Inc.		4		1,081
Charles Schwab Corp. (The)		19		1,354
Goldman Sachs Group, Inc. (The)		32		12,020
Intercontinental Exchange, Inc.		55		6,570
Morgan Stanley		109		10,034
S&P Global, Inc.		30		12,187
State Street Corp.		69		5,699
T. Rowe Price Group, Inc.		36		7,133
				56,078
Chemicals — 2.0%
Air Products and Chemicals, Inc.		6		1,705
Celanese Corp.		13		1,984
DuPont de Nemours, Inc.		58		4,471
Eastman Chemical Co.		55		6,441
Linde plc (United Kingdom)		14		4,087
LyondellBasell Industries NV, Class A		10		1,014
PPG Industries, Inc.		46		7,852
				27,554
Commercial Services & Supplies — 0.1%
Cintas Corp.		4		1,499
Communications Equipment — 0.4%
Cisco Systems, Inc.		83		4,394
Motorola Solutions, Inc.		4		795
				5,189
Consumer Finance — 0.5%
Capital One Financial Corp.		47		7,217
Containers & Packaging — 0.3%
Crown Holdings, Inc.		15		1,512
Westrock Co.		40		2,107
				3,619
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		80		22,334
Voya Financial, Inc.		14		851
				23,185
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		155		8,681

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		76		7,461
Evergy, Inc.		59		3,575
NextEra Energy, Inc.		137		10,030
Xcel Energy, Inc.		62		4,109
				25,175
Electrical Equipment — 0.7%
Eaton Corp. plc		63		9,303
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		22		1,483
Entertainment — 1.1%
Netflix, Inc. *		21		11,109
Walt Disney Co. (The) *		27		4,721
				15,830
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		27		3,527
Equinix, Inc.		7		5,971
Equity LifeStyle Properties, Inc.		15		1,147
Mid-America Apartment Communities, Inc.		17		2,791
Prologis, Inc.		56		6,652
Public Storage		4		1,073
Realty Income Corp.		1		36
Sun Communities, Inc.		8		1,303
UDR, Inc.		11		539
Ventas, Inc.		39		2,228
				25,267
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		12		4,623
Kroger Co. (The)		11		408
				5,031
Food Products — 0.6%
Mondelez International, Inc., Class A		128		7,980
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		75		8,693
ABIOMED, Inc. *		2		520
Becton Dickinson and Co.		16		3,948
Boston Scientific Corp. *		131		5,621
Danaher Corp.		7		1,903
Dexcom, Inc. *		4		1,501
Intuitive Surgical, Inc. *		3		2,309
Medtronic plc		94		11,706
Zimmer Biomet Holdings, Inc.		41		6,605
				42,806

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		12		1,408
Anthem, Inc.		19		7,066
Centene Corp. *		32		2,363
Cigna Corp.		35		8,279
UnitedHealth Group, Inc.		45		18,052
				37,168
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. *		3		5,595
Hilton Worldwide Holdings, Inc. *		28		3,427
Royal Caribbean Cruises Ltd. *		8		699
Yum! Brands, Inc.		38		4,357
				14,078
Household Durables — 0.5%
DR Horton, Inc.		5		472
Lennar Corp., Class A		62		6,116
				6,588
Household Products — 1.5%
Kimberly-Clark Corp.		39		5,185
Procter & Gamble Co. (The)		118		15,901
				21,086
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		27		6,020
Insurance — 1.8%
Allstate Corp. (The)		14		1,842
American International Group, Inc.		47		2,215
Chubb Ltd.		27		4,225
Hartford Financial Services Group, Inc. (The)		59		3,631
Marsh & McLennan Cos., Inc.		13		1,849
Progressive Corp. (The)		73		7,166
Prudential Financial, Inc.		22		2,241
Travelers Cos., Inc. (The)		9		1,398
				24,567
Interactive Media & Services — 6.9%
Alphabet, Inc., Class A * (a)		14		35,342
Alphabet, Inc., Class C * (a)		11		28,610
Facebook, Inc., Class A * (a)		90		31,394
				95,346
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. * (a)		18		62,071
IT Services — 4.7%
Accenture plc, Class A		53		15,699

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Fiserv, Inc. *		6		602
FleetCor Technologies, Inc. *		3		821
Mastercard, Inc., Class A		53		19,500
PayPal Holdings, Inc. *		41		11,809
Visa, Inc., Class A		76		17,659
				66,090
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		8		3,786
Thermo Fisher Scientific, Inc.		29		14,554
Waters Corp. *		3		894
				19,234
Machinery — 2.2%
Deere & Co.		34		11,945
Ingersoll Rand, Inc. *		43		2,076
Otis Worldwide Corp.		36		2,933
Parker-Hannifin Corp.		19		5,842
Stanley Black & Decker, Inc.		38		7,694
				30,490
Media — 1.7%
Altice USA, Inc., Class A *		39		1,336
Charter Communications, Inc., Class A *		12		8,846
Comcast Corp., Class A		226		12,874
Fox Corp., Class A		9		325
				23,381
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		46		1,721
Multiline Retail — 0.7%
Dollar General Corp.		6		1,225
Dollar Tree, Inc. *		26		2,604
Target Corp.		23		5,589
				9,418
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		44		1,082
Public Service Enterprise Group, Inc.		19		1,150
Sempra Energy		43		5,709
				7,941
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		18		311
Cheniere Energy, Inc. *		23		1,970
Chevron Corp.		72		7,543
ConocoPhillips		86		5,224

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc.		40		3,741
EOG Resources, Inc.		43		3,553
Kinder Morgan, Inc.		82		1,491
Phillips 66		41		3,490
Pioneer Natural Resources Co.		39		6,280
Williams Cos., Inc. (The)		203		5,380
				38,983
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		15		4,693
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		183		12,246
Eli Lilly & Co.		54		12,280
Johnson & Johnson		84		13,798
Merck & Co., Inc.		94		7,284
Organon & Co. *		11		343
Pfizer, Inc.		67		2,610
				48,561
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		21		1,763
Leidos Holdings, Inc.		44		4,406
				6,169
Road & Rail — 1.0%
Lyft, Inc., Class A *		31		1,898
Norfolk Southern Corp.		28		7,540
Union Pacific Corp.		22		4,942
				14,380
Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices, Inc. *		88		8,307
Analog Devices, Inc.		57		9,845
Applied Materials, Inc.		79		11,211
Intel Corp.		78		4,367
Lam Research Corp.		18		11,910
Microchip Technology, Inc.		18		2,666
Micron Technology, Inc. *		17		1,419
NVIDIA Corp.		23		18,555
NXP Semiconductors NV (China)		34		6,964
QUALCOMM, Inc.		13		1,912
Texas Instruments, Inc.		74		14,227
				91,383
Software — 8.5%
Fortinet, Inc. *		5		1,270
Intuit, Inc.		25		12,108

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 49

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — continued
Microsoft Corp. (a)		336		90,994
Oracle Corp.		69		5,345
salesforce.com, Inc. *		32		7,840
Workday, Inc., Class A *		11		2,721
				120,278
Specialty Retail — 3.3%
AutoZone, Inc. *		1		1,151
Best Buy Co., Inc.		47		5,429
Home Depot, Inc. (The)		40		12,805
Lowe’s Cos., Inc.		70		13,554
O’Reilly Automotive, Inc. *		12		6,927
TJX Cos., Inc. (The)		80		5,380
				45,246
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc. (a)		599		82,090
Seagate Technology Holdings plc (Ireland)		65		5,756
				87,846
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		28		2,884
NIKE, Inc., Class B		67		10,315
				13,199
Tobacco — 1.2%
Altria Group, Inc.		137		6,543
Philip Morris International, Inc.		98		9,747
				16,290
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		82		11,896
Total Common Stocks (Cost $1,309,941)				1,362,348

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 0.3%
Put Options Purchased — 0.3%
Index Funds — 0.3%
S&P 500 Index 7/30/2021 at USD 3,955.00, European Style Notional Amount: USD 1,410,869 Counterparty: Exchange-Traded * (Cost $22,284)		3,233		3,573
	SHARES (000)
Short-Term Investments — 6.0%
Investment Companies — 6.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $82,933)		82,933		82,933
Total Investments — 104.1% (Cost $1,415,158)				1,448,854
Liabilities in Excess of Other Assets — (4.1)%				(56,986	)
NET ASSETS — 100.0%				1,391,868

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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		128		09/2021		USD		27,446		45

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Written Call Options Contracts as of June 30, 2021 (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

3,233

USD 1,410,869

USD 4,325.00

7/30/2021

(12,140

)

Written Put Options Contracts as of June 30, 2021 (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

3,233

USD 1,410,869

USD 3,325.00

7/30/2021

(640

)

Total Written Options Contracts (Premiums Received $20,801)

(12,780

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 51

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%
Aerospace & Defense — 1.0%
General Dynamics Corp.		5		967
Northrop Grumman Corp.		6		2,010
Raytheon Technologies Corp.		35		2,955
				5,932
Air Freight & Logistics — 1.3%
FedEx Corp.		12		3,668
United Parcel Service, Inc., Class B		19		3,936
				7,604
Airlines — 0.3%
Delta Air Lines, Inc. *		15		637
Southwest Airlines Co. *		19		1,013
				1,650
Auto Components — 0.3%
Aptiv plc *		4		614
Magna International, Inc. (Canada)		14		1,295
				1,909
Automobiles — 1.7%
General Motors Co. *		22		1,277
Tesla, Inc. *		12		8,108
				9,385
Banks — 3.6%
Bank of America Corp.		74		3,066
Citigroup, Inc.		59		4,187
KeyCorp		13		261
Regions Financial Corp.		84		1,689
SVB Financial Group *		2		1,014
Truist Financial Corp.		34		1,867
US Bancorp		45		2,543
Wells Fargo & Co.		125		5,663
				20,290
Beverages — 1.0%
Coca-Cola Co. (The)		77		4,143
Constellation Brands, Inc., Class A		8		1,797
				5,940
Biotechnology — 2.1%
AbbVie, Inc.		53		5,947
Alexion Pharmaceuticals, Inc. *		3		607
Biogen, Inc. *		5		1,713
Regeneron Pharmaceuticals, Inc. *		3		1,577
Vertex Pharmaceuticals, Inc. *		11		2,274
				12,118

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.2%
Johnson Controls International plc		12		799
Masco Corp.		30		1,746
Trane Technologies plc		22		3,990
				6,535
Capital Markets — 4.1%
Ameriprise Financial, Inc.		2		448
Charles Schwab Corp. (The)		8		560
Goldman Sachs Group, Inc. (The)		13		4,971
Intercontinental Exchange, Inc.		23		2,718
Morgan Stanley		45		4,159
S&P Global, Inc.		12		5,039
State Street Corp.		29		2,357
T. Rowe Price Group, Inc.		15		2,951
				23,203
Chemicals — 2.0%
Air Products and Chemicals, Inc.		2		706
Celanese Corp.		5		820
DuPont de Nemours, Inc.		24		1,850
Eastman Chemical Co.		23		2,665
Linde plc (United Kingdom)		6		1,690
LyondellBasell Industries NV, Class A		4		419
PPG Industries, Inc.		19		3,249
				11,399
Commercial Services & Supplies — 0.1%
Cintas Corp.		2		621
Communications Equipment — 0.4%
Cisco Systems, Inc.		34		1,817
Motorola Solutions, Inc.		2		329
				2,146
Consumer Finance — 0.5%
Capital One Financial Corp.		19		2,985
Containers & Packaging — 0.3%
Crown Holdings, Inc.		6		626
Westrock Co.		16		876
				1,502
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		33		9,243
Voya Financial, Inc.		6		352
				9,595
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		64		3,591

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		31		3,088
Evergy, Inc.		24		1,479
NextEra Energy, Inc.		57		4,158
Xcel Energy, Inc.		26		1,700
				10,425
Electrical Equipment — 0.7%
Eaton Corp. plc		26		3,847
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		9		615
Entertainment — 1.2%
Netflix, Inc. *		9		4,630
Walt Disney Co. (The) *		11		1,957
				6,587
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		11		1,459
Equinix, Inc.		3		2,471
Equity LifeStyle Properties, Inc.		6		474
Mid-America Apartment Communities, Inc.		7		1,154
Prologis, Inc.		23		2,751
Public Storage		1		444
Sun Communities, Inc.		3		539
UDR, Inc.		5		223
Ventas, Inc.		16		922
				10,437
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		5		1,911
Kroger Co. (The)		4		169
				2,080
Food Products — 0.6%
Mondelez International, Inc., Class A		53		3,300
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		31		3,596
ABIOMED, Inc. *		1		215
Becton Dickinson and Co.		7		1,634
Boston Scientific Corp. *		54		2,325
Danaher Corp.		3		786
Dexcom, Inc. *		1		620
Intuitive Surgical, Inc. *		1		956
Medtronic plc		39		4,841
Zimmer Biomet Holdings, Inc.		17		2,732
				17,705

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		5		583
Anthem, Inc.		8		2,926
Centene Corp. *		14		994
Cigna Corp.		14		3,424
UnitedHealth Group, Inc.		19		7,466
				15,393
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. *		1		2,315
Hilton Worldwide Holdings, Inc. *		12		1,418
Royal Caribbean Cruises Ltd. *		3		289
Yum! Brands, Inc.		16		1,802
				5,824
Household Durables — 0.5%
DR Horton, Inc.		2		195
Lennar Corp., Class A		25		2,530
				2,725
Household Products — 1.5%
Kimberly-Clark Corp.		16		2,145
Procter & Gamble Co. (The)		49		6,577
				8,722
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		11		2,449
Insurance — 1.8%
Allstate Corp. (The)		6		787
American International Group, Inc.		19		916
Chubb Ltd.		11		1,748
Hartford Financial Services Group, Inc. (The)		24		1,501
Marsh & McLennan Cos., Inc.		5		764
Progressive Corp. (The)		30		2,965
Prudential Financial, Inc.		9		927
Travelers Cos., Inc. (The)		4		577
				10,185
Interactive Media & Services — 7.1%
Alphabet, Inc., Class A * (a)		6		14,620
Alphabet, Inc., Class C * (a)		5		11,837
Facebook, Inc., Class A * (a)		37		12,985
				39,442
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. * (a)		7		25,670
IT Services — 4.8%
Accenture plc, Class A		22		6,493

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 53

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Fiserv, Inc. *		2		249
FleetCor Technologies, Inc. *		1		340
Mastercard, Inc., Class A (a)		22		8,065
PayPal Holdings, Inc. *		17		4,870
Visa, Inc., Class A		31		7,305
				27,322
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		3		1,566
Thermo Fisher Scientific, Inc.		12		6,021
Waters Corp. *		1		369
				7,956
Machinery — 2.2%
Deere & Co.		14		4,941
Ingersoll Rand, Inc. *		17		850
Otis Worldwide Corp.		15		1,213
Parker-Hannifin Corp.		8		2,417
Stanley Black & Decker, Inc.		16		3,182
				12,603
Media — 1.7%
Altice USA, Inc., Class A *		16		552
Charter Communications, Inc., Class A *		5		3,648
Comcast Corp., Class A		93		5,324
Fox Corp., Class A		4		135
				9,659
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		19		712
Multiline Retail — 0.7%
Dollar General Corp.		2		507
Dollar Tree, Inc. *		11		1,077
Target Corp.		10		2,310
				3,894
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		18		436
Public Service Enterprise Group, Inc.		9		555
Sempra Energy		17		2,252
				3,243
Oil, Gas & Consumable Fuels — 2.9%
Cabot Oil & Gas Corp.		7		129
Cheniere Energy, Inc. *		9		815
Chevron Corp.		30		3,126
ConocoPhillips		35		2,160

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc.		17		1,550
EOG Resources, Inc.		18		1,520
Kinder Morgan, Inc.		34		617
Phillips 66		17		1,443
Pioneer Natural Resources Co.		16		2,597
Williams Cos., Inc. (The)		84		2,225
				16,182
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		6		1,941
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		76		5,065
Eli Lilly & Co.		22		5,080
Johnson & Johnson		35		5,708
Merck & Co., Inc.		39		3,019
Organon & Co. *		5		142
Pfizer, Inc.		28		1,080
				20,094
Professional Services — 0.5%
Booz Allen Hamilton Holding Corp.		9		729
Leidos Holdings, Inc.		18		1,823
				2,552
Road & Rail — 1.0%
Lyft, Inc., Class A *		13		785
Norfolk Southern Corp.		12		3,126
Union Pacific Corp.		9		2,017
				5,928
Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices, Inc. *		37		3,436
Analog Devices, Inc.		24		4,072
Applied Materials, Inc.		33		4,663
Intel Corp.		32		1,806
Lam Research Corp.		8		4,923
Microchip Technology, Inc.		7		1,109
Micron Technology, Inc. *		7		587
NVIDIA Corp.		10		7,677
NXP Semiconductors NV (China)		14		2,881
QUALCOMM, Inc.		6		791
Texas Instruments, Inc.		31		5,884
				37,829
Software — 8.9%
Fortinet, Inc. *		2		525
Intuit, Inc.		10		5,009

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Software — continued
Microsoft Corp. (a)		139			37,638
Oracle Corp.		28			2,211
salesforce.com, Inc. *		13			3,250
Workday, Inc., Class A *		5			1,125
					49,758
Specialty Retail — 3.3%
AutoZone, Inc. *		—	(b)		528
Best Buy Co., Inc.		20			2,246
Home Depot, Inc. (The)		17			5,297
Lowe’s Cos., Inc.		29			5,606
O’Reilly Automotive, Inc. *		5			2,864
TJX Cos., Inc. (The)		33			2,226
					18,767
Technology Hardware, Storage & Peripherals — 6.4%
Apple, Inc. (a)		248			33,941
Seagate Technology Holdings plc (Ireland)		27			2,384
					36,325
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		12			1,193
NIKE, Inc., Class B		28			4,265
					5,458
Tobacco — 1.2%
Altria Group, Inc.		57			2,707
Philip Morris International, Inc.		41			4,032
					6,739
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		34			4,921
Total Common Stocks (Cost $538,816)					563,694

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 0.8%
Put Options Purchased — 0.8%
Index Funds — 0.8%
S&P 500 Index 8/31/2021 at USD 3,980.00, European Style Notional Amount: USD 575,435 Counterparty: Exchange-Traded * (Cost $8,907)		1,318		4,395
	SHARES (000)
Short-Term Investments — 3.1%
Investment Companies — 3.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $17,690)		17,690		17,690
Total Investments — 103.4% (Cost $565,413)				585,779
Liabilities in Excess of Other Assets — (3.4)%				(19,213	)
NET ASSETS — 100.0%				566,566

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 one thousand.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		13		09/2021		USD		2,788		32

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 55

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

Written Call Options Contracts as of June 30, 2021 (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

1,318

USD 575,435

USD 4,350.00

8/31/2021

(7,591

)

Written Put Options Contracts as of June 30, 2021 (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

1,318

USD 575,436

USD 3,360.00

8/31/2021

(969

)

Total Written Options Contracts (Premiums Received $8,880)

(8,560

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.9%
Air Freight & Logistics — 1.5%
FedEx Corp.		1,905		568,289
Automobiles — 1.9%
Tesla, Inc. *		1,042		708,383
Banks — 1.3%
SVB Financial Group *		905		503,460
Beverages — 2.2%
Boston Beer Co., Inc. (The), Class A *		248		252,750
Monster Beverage Corp. *		6,437		588,043
				840,793
Biotechnology — 4.1%
Alnylam Pharmaceuticals, Inc. *		132		22,394
Biogen, Inc. *		1,152		399,042
BioMarin Pharmaceutical, Inc. *		1,794		149,703
Exact Sciences Corp. * (a)		1,091		135,601
Moderna, Inc. *		794		186,504
Regeneron Pharmaceuticals, Inc. *		485		270,780
Seagen, Inc. *		2,304		363,787
				1,527,811
Building Products — 0.5%
Trane Technologies plc		1,079		198,632
Capital Markets — 7.1%
Blackstone Group, Inc. (The), Class A		7,555		733,922
Charles Schwab Corp. (The)		11,050		804,566
Coinbase Global, Inc., Class A * (a)		63		15,854
MarketAxess Holdings, Inc.		393		182,052
Morgan Stanley		8,150		747,264
MSCI, Inc.		315		167,654
				2,651,312
Chemicals — 0.9%
Sherwin-Williams Co. (The)		1,172		319,339
Consumer Finance — 0.3%
Capital One Financial Corp.		617		95,506
Electrical Equipment — 1.6%
Rockwell Automation, Inc.		2,032		581,222
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		5,104		349,147
Entertainment — 1.2%
Netflix, Inc. *		494		260,989
Roku, Inc. *		157		72,194
Spotify Technology SA * (a)		359		99,019
				432,202

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — 3.4%
ABIOMED, Inc. * (a)		345		107,616
Align Technology, Inc. *		894		546,233
Dexcom, Inc. *		526		224,389
Intuitive Surgical, Inc. *		436		401,400
				1,279,638
Health Care Providers & Services — 3.2%
HCA Healthcare, Inc.		2,955		610,834
McKesson Corp.		3,089		590,819
				1,201,653
Hotels, Restaurants & Leisure — 3.0%
Airbnb, Inc., Class A *		75		11,449
Booking Holdings, Inc. *		257		562,120
Chipotle Mexican Grill, Inc. *		346		536,108
				1,109,677
Interactive Media & Services — 16.2%
Alphabet, Inc., Class C * (a)		902		2,259,853
Facebook, Inc., Class A *		4,916		1,709,176
Match Group, Inc. *		2,490		401,451
Pinterest, Inc., Class A *		2,410		190,262
Snap, Inc., Class A *		13,712		934,329
Twitter, Inc. *		2,670		183,730
Zillow Group, Inc., Class C * (a)		3,504		428,283
				6,107,084
Internet & Direct Marketing Retail — 4.6%
Amazon.com, Inc. *		348		1,196,849
Etsy, Inc. * (a)		377		77,499
MercadoLibre, Inc. (Argentina) *		112		173,857
Wayfair, Inc., Class A * (a)		824		260,145
				1,708,350
IT Services — 6.0%
Cognizant Technology Solutions Corp., Class A		1,636		113,341
Mastercard, Inc., Class A		1,138		415,545
MongoDB, Inc. * (a)		74		26,716
PayPal Holdings, Inc. *		4,343		1,265,796
Shopify, Inc., Class A (Canada) *		7		10,081
Square, Inc., Class A *		1,466		357,338
Twilio, Inc., Class A *		121		47,536
				2,236,353
Life Sciences Tools & Services — 0.2%
Thermo Fisher Scientific, Inc.		164		82,662

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 57

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — 3.2%
Deere & Co.		3,349		1,181,303
Metals & Mining — 1.5%
Freeport-McMoRan, Inc.		14,994		556,423
Personal Products — 1.5%
Estee Lauder Cos., Inc. (The), Class A		1,808		575,144
Professional Services — 0.5%
Verisk Analytics, Inc.		990		173,043
Road & Rail — 2.4%
Norfolk Southern Corp.		2,189		580,930
Uber Technologies, Inc. *		6,535		327,524
				908,454
Semiconductors & Semiconductor Equipment — 7.8%
Advanced Micro Devices, Inc. *		4,234		397,681
ASML Holding NV (Registered), NYRS (Netherlands)		798		551,083
Cree, Inc. * (a)		1,425		139,511
Enphase Energy, Inc. * (a)		108		19,905
Lam Research Corp.		881		573,528
NVIDIA Corp.		440		351,697
QUALCOMM, Inc.		2,343		334,856
Texas Instruments, Inc.		2,864		550,651
				2,918,912
Software — 8.6%
HubSpot, Inc. *		170		99,295
Microsoft Corp.		6,497		1,759,928
Oracle Corp.		5,299		412,459
SS&C Technologies Holdings, Inc.		5,294		381,450
Synopsys, Inc. *		1,287		354,969
Trade Desk, Inc. (The), Class A *		208		16,091
Workday, Inc., Class A *		905		216,036
				3,240,228
Specialty Retail — 3.3%
AutoZone, Inc. *		215		321,445
Carvana Co. * (a)		1,019		307,585
Lowe’s Cos., Inc.		3,062		593,858
				1,222,888
Technology Hardware, Storage & Peripherals — 5.8%
Apple, Inc.		15,866		2,173,070
Textiles, Apparel & Luxury Goods — 1.2%
Tapestry, Inc. *		10,235		445,026
Total Common Stocks (Cost $21,404,067)				35,896,004

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 5.2%
Investment Companies — 4.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $1,501,034)		1,500,482		1,501,233
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		314,119		314,119
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		113,675		113,675
Total Investment of Cash Collateral from Securities Loaned (Cost $427,811)				427,794
Total Short-Term Investments (Cost $1,928,845)				1,929,027
Total Investments — 101.1% (Cost $23,332,912)				37,825,031	��
Liabilities in Excess of Other Assets — (1.1)%				(408,651	)
NET ASSETS — 100.0%				37,416,380

Percentages indicated are based on net assets.

Abbreviations

NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $422,906.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 4.3%
Boeing Co. (The) *		419		100,280
Raytheon Technologies Corp.		1,030		87,852
				188,132
Air Freight & Logistics — 1.7%
FedEx Corp.		254		75,806
Airlines — 1.7%
Spirit Airlines, Inc. *		1,046		31,838
United Airlines Holdings, Inc. * (a)		787		41,152
				72,990
Automobiles — 2.3%
Ford Motor Co. *		1,111		16,509
General Motors Co. *		1,378		81,537
				98,046
Banks — 11.2%
Bank of America Corp.		3,424		141,184
Citigroup, Inc.		1,044		73,837
People’s United Financial, Inc.		2,427		41,602
Truist Financial Corp.		1,095		60,750
Wells Fargo & Co.		3,649		165,241
				482,614
Beverages — 1.3%
Coca-Cola Co. (The)		1,053		56,972
Biotechnology — 5.8%
AbbVie, Inc.		588		66,277
Biogen, Inc. *		93		32,342
BioMarin Pharmaceutical, Inc. *		160		13,350
Regeneron Pharmaceuticals, Inc. *		137		76,632
Vertex Pharmaceuticals, Inc. *		311		62,687
				251,288
Building Products — 4.2%
Carrier Global Corp.		660		32,095
Owens Corning		1,014		99,251
Trane Technologies plc		271		49,872
				181,218
Capital Markets — 3.6%
Intercontinental Exchange, Inc.		416		49,367
State Street Corp.		1,281		105,385
				154,752
Chemicals — 4.6%
Celanese Corp.		456		69,088
Eastman Chemical Co.		263		30,717

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
FMC Corp.		939		101,567
				201,372
Communications Equipment — 1.4%
Cisco Systems, Inc.		1,125		59,625
Containers & Packaging — 1.4%
Westrock Co.		1,110		59,080
Electric Utilities — 0.9%
PG&E Corp. *		3,836		39,009
Energy Equipment & Services — 0.3%
Schlumberger NV		428		13,713
Equity Real Estate Investment Trusts (REITs) — 2.9%
AvalonBay Communities, Inc.		233		48,687
Host Hotels & Resorts, Inc. *		3,253		55,596
Prologis, Inc.		180		21,515
				125,798
Food & Staples Retailing — 4.0%
BJ’s Wholesale Club Holdings, Inc. * (a)		384		18,266
US Foods Holding Corp. *		4,053		155,477
				173,743
Food Products — 2.7%
Lamb Weston Holdings, Inc.		1,453		117,231
Health Care Equipment & Supplies — 1.2%
Zimmer Biomet Holdings, Inc.		324		52,074
Health Care Providers & Services — 5.7%
Centene Corp. *		625		45,596
Cigna Corp.		487		115,429
CVS Health Corp.		400		33,384
UnitedHealth Group, Inc.		138		55,221
				249,630
Hotels, Restaurants & Leisure — 3.3%
Darden Restaurants, Inc.		115		16,847
McDonald’s Corp.		213		49,270
Royal Caribbean Cruises Ltd. *		900		76,786
				142,903
Household Durables — 0.5%
Toll Brothers, Inc.		386		22,309
Industrial Conglomerates — 1.4%
Honeywell International, Inc.		278		60,957

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 59

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 3.4%
American International Group, Inc.		1,600		76,160
Prudential Financial, Inc.		718		73,532
				149,692
Interactive Media & Services — 0.6%
Alphabet, Inc., Class A *		11		25,883
IT Services — 2.3%
Sabre Corp. * (a)		2,448		30,547
WEX, Inc. *		356		69,009
				99,556
Machinery — 1.4%
Parker-Hannifin Corp.		203		62,374
Media — 2.7%
Comcast Corp., Class A		2,061		117,507
Metals & Mining — 3.6%
Alcoa Corp. *		1,311		48,308
Freeport-McMoRan, Inc.		2,889		107,211
				155,519
Multiline Retail — 0.8%
Kohl’s Corp.		665		36,648
Oil, Gas & Consumable Fuels — 9.7%
Chevron Corp.		727		76,146
Diamondback Energy, Inc.		736		69,094
EOG Resources, Inc.		860		71,783
Occidental Petroleum Corp.		1,197		37,433
Phillips 66		863		74,071
Pioneer Natural Resources Co.		543		88,270
				416,797
Pharmaceuticals — 2.3%
Bristol-Myers Squibb Co.		1,335		89,232
Organon & Co. *		359		10,857
				100,089
Road & Rail — 1.0%
Norfolk Southern Corp.		158		41,829
Semiconductors & Semiconductor Equipment — 1.2%
Intel Corp.		582		32,691
ON Semiconductor Corp. *		552		21,111
				53,802
Specialty Retail — 1.2%
AutoNation, Inc. * (a)		540		51,233

INVESTMENTS	SHARES (000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 1.0%
Seagate Technology Holdings plc (Ireland)		510		44,853
Textiles, Apparel & Luxury Goods — 0.9%
Tapestry, Inc. *		911		39,601
Total Common Stocks (Cost $3,745,029)				4,274,645
Short-Term Investments — 2.0%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $57,325)		57,297		57,325
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		7,896		7,897
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		23,462		23,462
Total Investment of Cash Collateral from Securities Loaned (Cost $31,359)				31,359
Total Short-Term Investments (Cost $88,684)				88,684
Total Investments — 100.5% (Cost $3,833,713)				4,363,329
Liabilities in Excess of Other Assets — (0.5)%				(21,859	)
NET ASSETS — 100.0%				4,341,470

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $30,637.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Aerospace & Defense — 0.8%
Raytheon Technologies Corp.		25		2,141
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		5		957
Airlines — 0.7%
Delta Air Lines, Inc. *		44		1,916
Auto Components — 0.9%
Lear Corp.		14		2,366
Banks — 9.8%
Bank of America Corp.		197		8,134
Citigroup, Inc.		82		5,785
Citizens Financial Group, Inc.		50		2,312
Sterling Bancorp		71		1,768
Truist Financial Corp.		17		944
Wells Fargo & Co.		86		3,908
Western Alliance Bancorp		23		2,145
Zions Bancorp NA		36		1,887
				26,883
Biotechnology — 2.6%
AbbVie, Inc.		38		4,266
Biogen, Inc. *		4		1,489
Exelixis, Inc. *		29		525
Horizon Therapeutics plc *		9		815
				7,095
Building Products — 2.7%
Johnson Controls International plc		42		2,882
Trane Technologies plc		24		4,457
				7,339
Capital Markets — 2.4%
Affiliated Managers Group, Inc.		9		1,326
Ameriprise Financial, Inc.		2		448
Goldman Sachs Group, Inc. (The)		10		3,606
Jefferies Financial Group, Inc.		40		1,371
				6,751
Chemicals — 2.5%
Celanese Corp.		10		1,471
DuPont de Nemours, Inc.		43		3,289
Eastman Chemical Co.		7		829
Huntsman Corp.		52		1,390
				6,979
Commercial Services & Supplies — 0.4%
Republic Services, Inc.		10		1,122

INVESTMENTS	SHARES (000)		VALUE ($000)
Communications Equipment — 0.9%
Cisco Systems, Inc.		47		2,465
Construction & Engineering — 0.9%
AECOM *		21		1,298
Quanta Services, Inc.		12		1,078
				2,376
Consumer Finance — 2.5%
Ally Financial, Inc.		46		2,312
Capital One Financial Corp.		10		1,470
Discover Financial Services		7		864
Synchrony Financial		48		2,343
				6,989
Containers & Packaging — 1.5%
Berry Global Group, Inc. *		32		2,061
Crown Holdings, Inc.		19		1,973
				4,034
Diversified Consumer Services — 0.4%
H&R Block, Inc.		47		1,092
Diversified Financial Services — 2.2%
Berkshire Hathaway, Inc., Class B *		16		4,377
Voya Financial, Inc.		29		1,759
				6,136
Diversified Telecommunication Services — 2.5%
Verizon Communications, Inc.		124		6,920
Electric Utilities — 2.4%
Exelon Corp.		76		3,372
NextEra Energy, Inc.		33		2,382
Southern Co. (The)		14		865
				6,619
Electrical Equipment — 1.9%
Eaton Corp. plc		36		5,320
Entertainment — 0.4%
Walt Disney Co. (The) *		6		1,002
Equity Real Estate Investment Trusts (REITs) — 2.6%
Essex Property Trust, Inc.		6		1,770
Invitation Homes, Inc.		54		2,029
Kilroy Realty Corp.		14		982
VEREIT, Inc.		26		1,214
VICI Properties, Inc.		40		1,247
				7,242
Food & Staples Retailing — 1.1%
Sysco Corp.		39		3,009

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 61

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Food Products — 1.8%
Bunge Ltd.		25		1,930
Mondelez International, Inc., Class A		18		1,111
Tyson Foods, Inc., Class A		28		2,037
				5,078
Health Care Equipment & Supplies — 2.3%
Medtronic plc		51		6,343
Health Care Providers & Services — 3.8%
Anthem, Inc.		14		5,384
Centene Corp. *		17		1,254
Cigna Corp.		7		1,683
HCA Healthcare, Inc.		7		1,427
McKesson Corp.		4		841
				10,589
Hotels, Restaurants & Leisure — 2.6%
Darden Restaurants, Inc.		13		1,964
Expedia Group, Inc. *		13		2,161
Las Vegas Sands Corp. *		19		1,006
Travel + Leisure Co.		35		2,075
				7,206
Household Durables — 1.3%
PulteGroup, Inc.		24		1,326
Whirlpool Corp.		10		2,158
				3,484
Household Products — 1.8%
Procter & Gamble Co. (The)		23		3,103
Spectrum Brands Holdings, Inc.		23		1,939
				5,042
Insurance — 2.2%
Allstate Corp. (The)		12		1,591
MetLife, Inc.		13		790
Prudential Financial, Inc.		22		2,204
Travelers Cos., Inc. (The)		10		1,437
				6,022
Interactive Media & Services — 3.7%
Alphabet, Inc., Class A *		2		4,029
Alphabet, Inc., Class C *		2		5,112
Zillow Group, Inc., Class C *		9		1,076
				10,217
Internet & Direct Marketing Retail — 0.4%
Qurate Retail, Inc., Series A		82		1,067

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — 0.7%
DXC Technology Co. *		29		1,118
Mastercard, Inc., Class A		2		898
				2,016
Leisure Products — 0.6%
Brunswick Corp.		16		1,564
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		18		2,646
IQVIA Holdings, Inc. *		5		1,187
				3,833
Machinery — 2.8%
AGCO Corp.		12		1,512
Deere & Co.		6		1,940
Parker-Hannifin Corp.		7		2,218
Snap-on, Inc.		9		2,011
				7,681
Media — 3.0%
Charter Communications, Inc., Class A *		5		3,427
Comcast Corp., Class A		38		2,161
Fox Corp., Class B		22		764
Nexstar Media Group, Inc., Class A		5		769
Omnicom Group, Inc.		16		1,248
				8,369
Metals & Mining — 0.9%
Freeport-McMoRan, Inc.		68		2,535
Multiline Retail — 1.3%
Target Corp.		15		3,723
Multi-Utilities — 1.8%
Dominion Energy, Inc.		45		3,274
Sempra Energy		13		1,735
				5,009
Oil, Gas & Consumable Fuels — 5.7%
Cheniere Energy, Inc. *		25		2,203
Chevron Corp.		12		1,294
Cimarex Energy Co.		36		2,614
ConocoPhillips		27		1,645
EOG Resources, Inc.		21		1,761
Exxon Mobil Corp.		40		2,536
Kinder Morgan, Inc.		129		2,355
Williams Cos., Inc. (The)		52		1,370
				15,778

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co.		77		5,132
Jazz Pharmaceuticals plc *		13		2,309
Johnson & Johnson		7		1,203
				8,644
Professional Services — 0.5%
ManpowerGroup, Inc.		11		1,296
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		26		2,195
Road & Rail — 1.9%
CSX Corp.		91		2,919
Old Dominion Freight Line, Inc.		6		1,497
Union Pacific Corp.		4		858
				5,274
Semiconductors & Semiconductor Equipment — 3.4%
Intel Corp.		33		1,875
Lam Research Corp.		7		4,549
Qorvo, Inc. *		5		880
QUALCOMM, Inc.		14		1,958
				9,262
Software — 2.2%
Dropbox, Inc., Class A *		20		597
Microsoft Corp.		15		4,036
Oracle Corp.		20		1,557
				6,190
Specialty Retail — 1.1%
Foot Locker, Inc.		18		1,079
Lowe’s Cos., Inc.		10		1,959
				3,038

INVESTMENTS	SHARES (000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 1.2%
Dell Technologies, Inc., Class C *		14		1,435
Hewlett Packard Enterprise Co.		134		1,950
				3,385
Tobacco — 1.6%
Altria Group, Inc.		69		3,270
Philip Morris International, Inc.		12		1,160
				4,430
Trading Companies & Distributors — 0.7%
United Rentals, Inc. *		6		1,850
Total Common Stocks (Cost $195,324)				267,873
Short-Term Investments — 3.3%
Investment Companies — 3.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $9,182)		9,178		9,182
Total Investments — 100.3% (Cost $204,506)				277,055
Liabilities in Excess of Other Assets — (0.3)%				(776	)
NET ASSETS — 100.0%				276,279

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 June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		36		09/2021		USD		7,719		107

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 63

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%
Aerospace & Defense — 1.1%
Northrop Grumman Corp.		612		222,320
Automobiles — 1.9%
Tesla, Inc. *		557		378,711
Banks — 6.7%
SVB Financial Group * (a)		115		63,992
Truist Financial Corp.		8,531		473,445
US Bancorp (a)		5,880		334,976
Wells Fargo & Co.		9,904		448,535
				1,320,948
Beverages — 2.8%
Coca-Cola Co. (The)		10,442		565,038
Biotechnology — 4.1%
AbbVie, Inc.		4,403		495,903
Biogen, Inc. *		511		176,810
Regeneron Pharmaceuticals, Inc. *		248		138,434
				811,147
Capital Markets — 4.7%
Ameriprise Financial, Inc.		931		231,607
Morgan Stanley		4,214		386,389
S&P Global, Inc.		747		306,797
				924,793
Chemicals — 2.5%
Eastman Chemical Co.		2,079		242,761
PPG Industries, Inc.		1,469		249,457
				492,218
Containers & Packaging — 0.5%
Crown Holdings, Inc.		956		97,702
Electric Utilities — 4.1%
NextEra Energy, Inc.		6,386		467,988
Xcel Energy, Inc.		5,142		338,732
				806,720
Electrical Equipment — 3.2%
Eaton Corp. plc		4,283		634,717
Entertainment — 0.2%
Netflix, Inc. *		83		43,756
Equity Real Estate Investment Trusts (REITs) — 2.9%
Prologis, Inc.		4,731		565,555
Health Care Equipment & Supplies — 2.5%
Boston Scientific Corp. *		6,683		285,782
Intuitive Surgical, Inc. *		227		209,131
				494,913

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 1.6%
Cigna Corp.		1,358		321,870
Hotels, Restaurants & Leisure — 4.9%
Marriott International, Inc., Class A *		2,553		348,587
McDonald’s Corp.		2,116		488,757
Yum! Brands, Inc.		1,139		130,998
				968,342
Insurance — 1.0%
Progressive Corp. (The)		1,962		192,696
Interactive Media & Services — 8.3%
Alphabet, Inc., Class A *		570		1,391,047
Facebook, Inc., Class A *		772		268,366
				1,659,413
Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc. *		309		1,064,547
IT Services — 6.4%
Affirm Holdings, Inc. * (a)		866		58,293
FleetCor Technologies, Inc. *		796		203,700
Mastercard, Inc., Class A		2,389		872,221
Shopify, Inc., Class A (Canada) *		66		95,808
Visa, Inc., Class A		153		35,872
				1,265,894
Machinery — 1.3%
Deere & Co.		425		150,061
Stanley Black & Decker, Inc.		548		112,283
				262,344
Media — 0.6%
Charter Communications, Inc., Class A *		161		116,001
Oil, Gas & Consumable Fuels — 0.3%
Pioneer Natural Resources Co.		378		61,408
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.		5,426		362,554
Eli Lilly & Co.		1,228		281,782
				644,336
Professional Services — 1.5%
Leidos Holdings, Inc.		2,870		290,185
Road & Rail — 3.2%
Norfolk Southern Corp.		2,357		625,614
Semiconductors & Semiconductor Equipment — 7.5%
Advanced Micro Devices, Inc. *		2,444		229,526
Analog Devices, Inc.		3,601		619,986

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
ASML Holding NV (Registered), NYRS (Netherlands)		348		240,681
Lam Research Corp.		188		122,303
NXP Semiconductors NV (China)		1,412		290,539
				1,503,035
Software — 7.5%
Ceridian HCM Holding, Inc. * (a)		1,094		104,906
Microsoft Corp.		5,184		1,404,408
				1,509,314
Specialty Retail — 3.5%
Lowe’s Cos., Inc.		1,814		351,852
O’Reilly Automotive, Inc. *		310		175,690
Ross Stores, Inc.		1,339		166,054
				693,596
Technology Hardware, Storage & Peripherals — 5.6%
Apple, Inc.		8,098		1,109,071
Total Common Stocks (Cost $11,230,397)				19,646,204
Short-Term Investments — 1.3%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $228,846)		228,732		228,846

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		26,995		26,995
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		3,506		3,506
Total Investment of Cash Collateral from Securities Loaned (Cost $30,504)				30,501
Total Short-Term Investments (Cost $259,350)				259,347
Total Investments — 100.3% (Cost $11,489,747)				19,905,551
Liabilities in Excess of Other Assets — (0.3)%				(61,900	)
NET ASSETS — 100.0%				19,843,651

Percentages indicated are based on net assets.

Abbreviations

NYRS	New York Registry Shares
(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $30,132.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		538		09/2021		USD		115,361		1,940

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 65

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Air Freight & Logistics — 0.3%
United Parcel Service, Inc., Class B		21		4,347
Automobiles — 2.3%
Tesla, Inc. *		44		29,975
Beverages — 0.2%
Coca-Cola Co. (The)		58		3,128
Biotechnology — 3.6%
AbbVie, Inc.		236		26,635
Biogen, Inc. *		14		4,882
Exelixis, Inc. *		209		3,810
Seagen, Inc. *		38		5,952
Vertex Pharmaceuticals, Inc. *		30		5,988
				47,267
Building Products — 1.6%
Allegion plc		41		5,656
Fortune Brands Home & Security, Inc.		39		3,845
Trane Technologies plc		63		11,545
				21,046
Capital Markets — 0.4%
S&P Global, Inc.		13		5,459
Commercial Services & Supplies — 0.5%
Waste Management, Inc.		43		6,081
Construction & Engineering — 0.6%
Quanta Services, Inc.		82		7,418
Consumer Finance — 0.5%
Capital One Financial Corp.		40		6,188
Containers & Packaging — 0.4%
Berry Global Group, Inc. *		75		4,878
Entertainment — 1.0%
Electronic Arts, Inc.		28		4,013
Netflix, Inc. *		17		9,138
				13,151
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		38		10,184
Equinix, Inc.		11		8,989
				19,173
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		13		5,302
Sysco Corp.		122		9,470
				14,772

INVESTMENTS	SHARES (000)		VALUE ($000)
Food Products — 1.7%
Bunge Ltd.		65		5,095
Hershey Co. (The)		59		10,242
Mondelez International, Inc., Class A		108		6,731
				22,068
Health Care Equipment & Supplies — 1.8%
Medtronic plc		105		13,008
Stryker Corp.		38		9,974
				22,982
Health Care Providers & Services — 2.2%
Anthem, Inc.		13		5,116
HCA Healthcare, Inc.		39		7,980
Humana, Inc.		17		7,659
UnitedHealth Group, Inc.		19		7,408
				28,163
Health Care Technology — 0.7%
Cerner Corp.		123		9,629
Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A *		18		2,784
Booking Holdings, Inc. *		4		7,877
Darden Restaurants, Inc.		38		5,489
Expedia Group, Inc. *		57		9,365
Las Vegas Sands Corp. *		111		5,854
				31,369
Household Durables — 1.0%
PulteGroup, Inc.		114		6,210
Toll Brothers, Inc.		111		6,417
				12,627
Household Products — 1.2%
Procter & Gamble Co. (The)		112		15,153
Insurance — 0.5%
Arch Capital Group Ltd. *		98		3,808
Progressive Corp. (The)		26		2,593
				6,401
Interactive Media & Services — 10.8%
Alphabet, Inc., Class A *		14		34,429
Alphabet, Inc., Class C *		14		34,587
Facebook, Inc., Class A *		187		65,021
Zillow Group, Inc., Class C *		63		7,749
				141,786

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Internet & Direct Marketing Retail — 7.5%
Amazon.com, Inc. *		24		81,876
eBay, Inc.		231		16,204
				98,080
IT Services — 6.0%
Mastercard, Inc., Class A		114		41,766
PayPal Holdings, Inc. *		84		24,339
Visa, Inc., Class A		52		12,112
				78,217
Life Sciences Tools & Services — 1.6%
Agilent Technologies, Inc.		82		12,165
Thermo Fisher Scientific, Inc.		16		8,122
				20,287
Machinery — 1.3%
Deere & Co.		14		5,079
Parker-Hannifin Corp.		18		5,405
Toro Co. (The)		60		6,637
				17,121
Media — 0.7%
Altice USA, Inc., Class A *		274		9,365
Multiline Retail — 1.0%
Target Corp.		53		12,764
Oil, Gas & Consumable Fuels — 0.6%
Cheniere Energy, Inc. *		96		8,344
Pharmaceuticals — 0.7%
Bristol-Myers Squibb Co.		145		9,709
Road & Rail — 2.2%
CSX Corp.		374		11,991
Lyft, Inc., Class A *		177		10,723
Old Dominion Freight Line, Inc.		26		6,650
				29,364
Semiconductors & Semiconductor Equipment — 7.2%
Applied Materials, Inc.		135		19,196
Lam Research Corp.		39		25,312
NVIDIA Corp.		21		16,962
NXP Semiconductors NV (China)		72		14,730
Qorvo, Inc. *		25		4,793
Texas Instruments, Inc.		67		12,942
				93,935
Software — 20.1%
Adobe, Inc. *		62		36,251
Cadence Design Systems, Inc. *		84		11,424

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Dropbox, Inc., Class A *		357		10,833
Fortinet, Inc. *		52		12,457
HubSpot, Inc. *		8		4,603
Intuit, Inc.		60		29,263
Microsoft Corp.		462		125,225
Palo Alto Networks, Inc. *		28		10,278
PTC, Inc. *		57		7,995
VMware, Inc., Class A * (a)		22		3,487
Workday, Inc., Class A *		49		11,746
				263,562
Specialty Retail — 2.8%
AutoZone, Inc. *		4		6,417
L Brands, Inc.		106		7,617
Lowe’s Cos., Inc.		117		22,713
				36,747
Technology Hardware, Storage & Peripherals — 9.6%
Apple, Inc.		833		114,020
Dell Technologies, Inc., Class C *		57		5,641
Hewlett Packard Enterprise Co.		375		5,463
				125,124
Total Common Stocks (Cost $712,894)				1,275,680
Short-Term Investments — 2.6%
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $31,107)		31,095		31,110
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		1,994		1,994
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		915		915
Total Investment of Cash Collateral from Securities Loaned (Cost $2,909)				2,909
Total Short-Term Investments (Cost $34,016)				34,019
Total Investments — 100.2% (Cost $746,910)				1,309,699
Liabilities in Excess of Other Assets — (0.2)%				(2,111	)
NET ASSETS — 100.0%				1,307,588

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 67

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

(a)	The security or a portion of this security is on loan at June 30, 2021. The total value of securities on loan at June 30, 2021 is $2,790.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		148		09/2021		USD		31,735		512

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 125.0%
Common Stocks — 124.6%
Aerospace & Defense — 2.0%
Howmet Aerospace, Inc. *		134		4,629
Northrop Grumman Corp. (a)		40		14,465
Raytheon Technologies Corp.		341		29,113
TransDigm Group, Inc. *		6		4,189
				52,396
Air Freight & Logistics — 0.6%
FedEx Corp.		18		5,275
United Parcel Service, Inc., Class B		52		10,891
				16,166
Airlines — 0.2%
Southwest Airlines Co. *		93		4,927
Auto Components — 0.7%
Aptiv plc *		9		1,357
Magna International, Inc. (Canada) (a)		179		16,543
				17,900
Banks — 4.6%
Bank of America Corp. (a)		646		26,630
SVB Financial Group *		49		27,362
Truist Financial Corp.		401		22,244
Wells Fargo & Co.		990		44,829
				121,065
Beverages — 1.8%
Coca-Cola Co. (The) (a)		487		26,341
PepsiCo, Inc. (a)		140		20,730
				47,071
Biotechnology — 3.6%
AbbVie, Inc. (a)		339		38,213
Biogen, Inc. * (a)		51		17,582
BioMarin Pharmaceutical, Inc. *		96		8,001
Regeneron Pharmaceuticals, Inc. *		29		16,047
Vertex Pharmaceuticals, Inc. *		78		15,631
				95,474
Building Products — 1.5%
Fortune Brands Home & Security, Inc.		21		2,075
Johnson Controls International plc		59		4,048
Trane Technologies plc		184		33,879
				40,002
Capital Markets — 2.7%
Ameriprise Financial, Inc.		10		2,522
Charles Schwab Corp. (The)		318		23,125

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
CME Group, Inc.		55		11,665
Morgan Stanley (a)		347		31,796
State Street Corp.		46		3,785
				72,893
Chemicals — 4.4%
Air Products and Chemicals, Inc.		57		16,514
Celanese Corp.		132		19,984
DuPont de Nemours, Inc.		277		21,441
Eastman Chemical Co.		135		15,805
Linde plc (United Kingdom)		106		30,695
PPG Industries, Inc.		77		13,003
				117,442
Consumer Finance — 2.0%
American Express Co.		134		22,199
Capital One Financial Corp.		194		29,946
				52,145
Diversified Financial Services — 0.2%
Voya Financial, Inc.		78		4,776
Electric Utilities — 2.3%
Duke Energy Corp.		37		3,695
Evergy, Inc.		63		3,824
FirstEnergy Corp.		233		8,682
NextEra Energy, Inc.		370		27,096
Xcel Energy, Inc.		255		16,791
				60,088
Electrical Equipment — 1.0%
Eaton Corp. plc		175		25,997
Electronic Equipment, Instruments & Components — 0.0% (b)
Corning, Inc.		20		816
Energy Equipment & Services — 0.2%
Baker Hughes Co. (a)		238		5,438
Entertainment — 1.1%
Electronic Arts, Inc. (a)		55		7,965
Endeavor Group Holdings, Inc., Class A *		225		6,234
Netflix, Inc. * (a)		30		15,613
				29,812
Equity Real Estate Investment Trusts (REITs) — 3.4%
American Homes 4 Rent, Class A		137		5,312
Brixmor Property Group, Inc.		324		7,413
Camden Property Trust		21		2,740

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 69

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Cousins Properties, Inc.		137		5,041
Host Hotels & Resorts, Inc. *		325		5,551
Invitation Homes, Inc.		186		6,932
Kimco Realty Corp.		167		3,483
Prologis, Inc.		156		18,701
SBA Communications Corp.		27		8,686
Sun Communities, Inc.		82		14,127
UDR, Inc.		148		7,228
Ventas, Inc.		75		4,271
				89,485
Food & Staples Retailing — 0.2%
Costco Wholesale Corp.		10		3,978
Food Products — 1.0%
Hershey Co. (The)		39		6,770
Mondelez International, Inc., Class A (a)		302		18,830
				25,600
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		35		4,089
Boston Scientific Corp. * (a)		522		22,307
Danaher Corp.		20		5,375
Intuitive Surgical, Inc. * (a)		6		5,337
Medtronic plc		260		32,307
Teleflex, Inc.		6		2,432
Zimmer Biomet Holdings, Inc. (a)		156		25,008
				96,855
Health Care Providers & Services — 3.4%
Centene Corp. *		226		16,479
Cigna Corp. (a)		108		25,566
CVS Health Corp. (a)		65		5,423
UnitedHealth Group, Inc. (a)		107		43,015
				90,483
Hotels, Restaurants & Leisure — 3.3%
Booking Holdings, Inc. *		12		25,481
Darden Restaurants, Inc.		47		6,845
Hilton Worldwide Holdings, Inc. *		51		6,107
Las Vegas Sands Corp. *		108		5,678
McDonald’s Corp.		77		17,713
Royal Caribbean Cruises Ltd. *		31		2,640
Yum! Brands, Inc.		198		22,785
				87,249

INVESTMENTS	SHARES (000)		VALUE ($000)
Household Durables — 0.4%
KB Home		102		4,167
Toll Brothers, Inc.		117		6,739
				10,906
Household Products — 1.2%
Procter & Gamble Co. (The)		245		33,012
Insurance — 1.5%
Arthur J Gallagher & Co.		18		2,492
Chubb Ltd.		79		12,588
Hartford Financial Services Group, Inc. (The) (a)		137		8,517
Marsh & McLennan Cos., Inc.		25		3,507
Prudential Financial, Inc.		118		12,047
				39,151
Interactive Media & Services — 9.2%
Alphabet, Inc., Class A * (a)		43		105,065
Alphabet, Inc., Class C * (a)		15		37,657
Facebook, Inc., Class A * (a)		252		87,531
Pinterest, Inc., Class A *		33		2,624
ZoomInfo Technologies, Inc., Class A * (a)		242		12,613
				245,490
Internet & Direct Marketing Retail — 5.5%
Amazon.com, Inc. * (a)		42		144,759
DoorDash, Inc., Class A *		8		1,338
				146,097
IT Services — 6.5%
Fidelity National Information Services, Inc.		62		8,801
Fiserv, Inc. * (a)		82		8,792
FleetCor Technologies, Inc. *		29		7,459
Mastercard, Inc., Class A (a)		215		78,466
PayPal Holdings, Inc. * (a)		149		43,453
Shopify, Inc., Class A (Canada) *		2		2,769
WEX, Inc. *		121		23,379
				173,119
Life Sciences Tools & Services — 1.6%
Thermo Fisher Scientific, Inc. (a)		84		42,428
Machinery — 4.7%
Deere & Co.		72		25,276
Dover Corp.		18		2,678
Ingersoll Rand, Inc. *		779		38,033
Parker-Hannifin Corp.		67		20,578
Stanley Black & Decker, Inc.		180		36,967
				123,532

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Media — 2.7%
Charter Communications, Inc., Class A * (a)		32		22,727
Comcast Corp., Class A (a)		635		36,211
Discovery, Inc., Class C *		365		10,566
Fox Corp., Class A		63		2,322
				71,826
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		284		10,524
Multi-Utilities — 1.0%
CenterPoint Energy, Inc.		597		14,633
Sempra Energy (a)		93		12,324
				26,957
Oil, Gas & Consumable Fuels — 5.0%
Cheniere Energy, Inc. *		55		4,809
Chevron Corp.		126		13,239
Cimarex Energy Co.		98		7,106
ConocoPhillips (a)		616		37,511
Diamondback Energy, Inc.		416		39,077
Phillips 66		46		3,922
Pioneer Natural Resources Co. (a)		121		19,617
TC Energy Corp. (Canada)		169		8,352
				133,633
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		76		24,056
Pharmaceuticals — 2.8%
Bristol-Myers Squibb Co. (a)		433		28,909
Elanco Animal Health, Inc. *		81		2,819
Eli Lilly & Co.		173		39,670
Organon & Co. *		91		2,754
				74,152
Professional Services — 1.2%
Booz Allen Hamilton Holding Corp.		93		7,943
IHS Markit Ltd.		12		1,373
Leidos Holdings, Inc.		213		21,529
				30,845
Road & Rail — 4.5%
Canadian Pacific Railway Ltd. (Canada)		53		4,107
CSX Corp.		378		12,121
Lyft, Inc., Class A *		532		32,190
Norfolk Southern Corp. (a)		182		48,377
Old Dominion Freight Line, Inc.		16		4,021
Union Pacific Corp. (a)		88		19,341
				120,157

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 8.9%
Advanced Micro Devices, Inc. *		346		32,537
Analog Devices, Inc. (a)		339		58,355
KLA Corp.		2		750
Lam Research Corp.		46		30,029
Microchip Technology, Inc. (a)		2		271
Micron Technology, Inc. * (a)		83		7,087
NVIDIA Corp. (a)		42		33,216
NXP Semiconductors NV (China)		324		66,673
ON Semiconductor Corp. *		59		2,268
Texas Instruments, Inc. (a)		23		4,396
				235,582
Software — 10.3%
Ceridian HCM Holding, Inc. *		236		22,640
Coupa Software, Inc. *		11		2,990
Intuit, Inc.		78		38,240
Microsoft Corp. (a)		686		185,840
Oracle Corp.		35		2,689
salesforce.com, Inc. * (a)		34		8,209
Workday, Inc., Class A *		61		14,577
				275,185
Specialty Retail — 4.5%
AutoZone, Inc. * (a)		9		13,027
Burlington Stores, Inc. *		12		4,009
Home Depot, Inc. (The) (a)		42		13,489
Lowe’s Cos., Inc.		202		39,231
O’Reilly Automotive, Inc. *		68		38,542
TJX Cos., Inc. (The)		166		11,195
				119,493
Technology Hardware, Storage & Peripherals — 6.0%
Apple, Inc. (a)		888		121,590
Hewlett Packard Enterprise Co.		501		7,312
Seagate Technology Holdings plc (Ireland)		332		29,192
				158,094
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B		191		29,441
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		152		22,011
Total Common Stocks (Cost $1,676,033)				3,303,749

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 71

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (c) (d) (Cost $11,580)		11,574			11,580
Total Long Positions (Cost $1,687,613)					3,315,329
Short Positions — (25.1)%
Common Stocks — (25.1)%
Aerospace & Defense — (0.8)%
Boeing Co. (The) *		(13	)		(3,229	)
Hexcel Corp. *		(106	)		(6,609	)
Huntington Ingalls Industries, Inc.		(26	)		(5,444	)
L3Harris Technologies, Inc.		(6	)		(1,261	)
Lockheed Martin Corp.		(3	)		(1,306	)
Textron, Inc.		(49	)		(3,398	)
					(21,247	)
Air Freight & Logistics — (0.4)%
CH Robinson Worldwide, Inc.		(80	)		(7,482	)
Expeditors International of Washington, Inc.		(27	)		(3,453	)
					(10,935	)
Auto Components — (0.2)%
Autoliv, Inc. (Sweden)		(44	)		(4,278	)
Banks — (0.6)%
Citizens Financial Group, Inc.		(96	)		(4,402	)
Huntington Bancshares, Inc.		(351	)		(5,012	)
KeyCorp		(137	)		(2,819	)
Regions Financial Corp.		(129	)		(2,608	)
					(14,841	)
Beverages — 0.0% (b)
Brown-Forman Corp., Class B		(14	)		(1,052	)
Biotechnology — (0.5)%
Amgen, Inc.		(36	)		(8,809	)
Gilead Sciences, Inc.		(55	)		(3,788	)
Moderna, Inc. *		(5	)		(1,111	)
					(13,708	)
Building Products — (0.3)%
Allegion plc		(38	)		(5,294	)
Lennox International, Inc.		(8	)		(2,754	)
					(8,048	)
Capital Markets — (0.8)%
Goldman Sachs Group, Inc. (The)		(14	)		(5,431	)
Moody’s Corp.		(21	)		(7,497	)
MSCI, Inc.		(11	)		(6,128	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Capital Markets — continued
Northern Trust Corp.		(11	)		(1,312	)
					(20,368	)
Chemicals — (0.2)%
Dow, Inc.		(38	)		(2,403	)
LyondellBasell Industries NV, Class A		(12	)		(1,194	)
RPM International, Inc.		(30	)		(2,627	)
					(6,224	)
Commercial Services & Supplies — (0.3)%
Republic Services, Inc.		(65	)		(7,203	)
Communications Equipment — (0.1)%
Cisco Systems, Inc.		(50	)		(2,644	)
Consumer Finance — (0.2)%
Discover Financial Services		(45	)		(5,356	)
Containers & Packaging — (1.0)%
Ball Corp.		(48	)		(3,906	)
International Paper Co.		(87	)		(5,332	)
Packaging Corp. of America		(11	)		(1,522	)
Sealed Air Corp.		(22	)		(1,318	)
Silgan Holdings, Inc.		(64	)		(2,671	)
Sonoco Products Co.		(91	)		(6,063	)
Westrock Co.		(84	)		(4,480	)
					(25,292	)
Diversified Telecommunication Services — (1.0)%
AT&T, Inc.		(378	)		(10,867	)
Lumen Technologies, Inc.		(534	)		(7,257	)
Verizon Communications, Inc.		(132	)		(7,415	)
					(25,539	)
Electric Utilities — (0.7)%
American Electric Power Co., Inc.		(59	)		(4,976	)
Pinnacle West Capital Corp.		(45	)		(3,674	)
Southern Co. (The)		(159	)		(9,643	)
					(18,293	)
Electrical Equipment — (0.4)%
Acuity Brands, Inc.		(41	)		(7,688	)
Hubbell, Inc.		(14	)		(2,693	)
Rockwell Automation, Inc.		(5	)		(1,420	)
					(11,801	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(64	)		(5,402	)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Energy Equipment & Services — (0.4)%
Halliburton Co.		(343	)		(7,936	)
Schlumberger NV		(119	)		(3,799	)
					(11,735	)
Entertainment — (1.4)%
AMC Entertainment Holdings, Inc., Class A *		(178	)		(10,107	)
Spotify Technology SA *		(32	)		(8,736	)
Take-Two Interactive Software, Inc. *		(98	)		(17,285	)
					(36,128	)
Equity Real Estate Investment Trusts (REITs) — (1.6)%
AvalonBay Communities, Inc.		(14	)		(2,830	)
Crown Castle International Corp.		(8	)		(1,575	)
Duke Realty Corp.		(111	)		(5,235	)
Equity Residential		(55	)		(4,221	)
Iron Mountain, Inc.		(270	)		(11,417	)
National Retail Properties, Inc.		(88	)		(4,133	)
Realty Income Corp.		(58	)		(3,877	)
Simon Property Group, Inc.		(60	)		(7,858	)
SL Green Realty Corp.		(20	)		(1,583	)
Vornado Realty Trust		(28	)		(1,291	)
					(44,020	)
Food & Staples Retailing — (1.2)%
Albertsons Cos., Inc., Class A		(197	)		(3,875	)
Kroger Co. (The)		(384	)		(14,693	)
Walgreens Boots Alliance, Inc.		(110	)		(5,772	)
Walmart, Inc.		(54	)		(7,653	)
					(31,993	)
Food Products — (0.8)%
Campbell Soup Co.		(149	)		(6,796	)
Conagra Brands, Inc.		(117	)		(4,248	)
General Mills, Inc.		(21	)		(1,281	)
Kellogg Co.		(120	)		(7,745	)
					(20,070	)
Gas Utilities — (0.1)%
National Fuel Gas Co.		(52	)		(2,722	)
Health Care Equipment & Supplies — (0.5)%
Baxter International, Inc.		(85	)		(6,882	)
Stryker Corp.		(29	)		(7,476	)
					(14,358	)
Health Care Providers & Services — (0.1)%
Henry Schein, Inc. *		(34	)		(2,540	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Health Care Technology — (0.3)%
Cerner Corp.		(92	)		(7,175	)
Hotels, Restaurants & Leisure — (0.1)%
Starbucks Corp.		(34	)		(3,811	)
Household Durables — (0.1)%
NVR, Inc. *		—	(e)		(1,268	)
PulteGroup, Inc.		(25	)		(1,364	)
					(2,632	)
Household Products — (0.7)%
Clorox Co. (The)		(82	)		(14,763	)
Colgate-Palmolive Co.		(54	)		(4,426	)
					(19,189	)
Industrial Conglomerates — (0.9)%
3M Co.		(75	)		(14,915	)
General Electric Co.		(673	)		(9,054	)
					(23,969	)
Insurance — (0.4)%
Allstate Corp. (The)		(76	)		(9,867	)
Axis Capital Holdings Ltd.		(25	)		(1,223	)
					(11,090	)
IT Services — (1.1)%
Automatic Data Processing, Inc.		(23	)		(4,514	)
Cognizant Technology Solutions Corp., Class A		(35	)		(2,409	)
Infosys Ltd., ADR (India)		(181	)		(3,842	)
International Business Machines Corp.		(12	)		(1,707	)
Paychex, Inc.		(40	)		(4,289	)
Snowflake, Inc., Class A *		(25	)		(5,988	)
Western Union Co. (The)		(250	)		(5,746	)
					(28,495	)
Life Sciences Tools & Services — (0.2)%
Waters Corp. *		(12	)		(4,011	)
Machinery — (0.4)%
Caterpillar, Inc.		(35	)		(7,593	)
Illinois Tool Works, Inc.		(7	)		(1,587	)
PACCAR, Inc.		(29	)		(2,555	)
					(11,735	)
Media — (1.5)%
Discovery, Inc., Class A *		(316	)		(9,709	)
Interpublic Group of Cos., Inc. (The)		(282	)		(9,172	)
Omnicom Group, Inc.		(151	)		(12,100	)
ViacomCBS, Inc.		(169	)		(7,659	)
					(38,640	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 73

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Multiline Retail — (0.2)%
Macy’s, Inc. *		(329	)		(6,232	)
Multi-Utilities — (0.6)%
Consolidated Edison, Inc.		(154	)		(11,064	)
Dominion Energy, Inc.		(66	)		(4,888	)
					(15,952	)
Oil, Gas & Consumable Fuels — (1.6)%
APA Corp.		(261	)		(5,655	)
Devon Energy Corp.		(142	)		(4,141	)
Enbridge, Inc. (Canada)		(243	)		(9,722	)
Exxon Mobil Corp.		(205	)		(12,913	)
Hess Corp.		(47	)		(4,127	)
HollyFrontier Corp.		(114	)		(3,753	)
Marathon Oil Corp.		(225	)		(3,065	)
					(43,376	)
Pharmaceuticals — (0.3)%
Pfizer, Inc.		(180	)		(7,039	)
Road & Rail — (0.4)%
Canadian National Railway Co. (Canada)		(41	)		(4,319	)
JB Hunt Transport Services, Inc.		(16	)		(2,549	)
Werner Enterprises, Inc.		(85	)		(3,769	)
					(10,637	)
Semiconductors & Semiconductor Equipment — (1.2)%
Broadcom, Inc.		(9	)		(4,237	)
Intel Corp.		(227	)		(12,741	)
QUALCOMM, Inc.		(99	)		(14,136	)
					(31,114	)
Software — (0.4)%
Citrix Systems, Inc.		(28	)		(3,281	)
Palantir Technologies, Inc., Class A *		(225	)		(5,918	)
VMware, Inc., Class A *		(8	)		(1,283	)
					(10,482	)
Technology Hardware, Storage & Peripherals — (0.6)%
HP, Inc.		(258	)		(7,790	)
NetApp, Inc.		(10	)		(799	)
Western Digital Corp. *		(66	)		(4,693	)
Xerox Holdings Corp.		(95	)		(2,240	)
					(15,522	)
Trading Companies & Distributors — (0.2)%
Fastenal Co.		(103	)		(5,355	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Water Utilities — (0.1)%
Essential Utilities, Inc.		(52	)		(2,380	)
Total Common Stocks (Proceeds $(622,852))					(664,633	)
Total Short Positions (Proceeds $(622,852))					(664,633	)
Total Investments — 99.9% (Cost $1,064,761)					2,650,696
Other Assets Less Liabilities — 0.1%					550
NET ASSETS — 100.0%					2,651,246

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 $896,235.
(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 June 30, 2021.
(e)	Amount rounds to less than one thousand.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%
Aerospace & Defense — 1.0%
General Dynamics Corp.		46		8,579
Northrop Grumman Corp.		49		17,847
Raytheon Technologies Corp.		307		26,207
				52,633
Air Freight & Logistics — 1.3%
FedEx Corp.		109		32,501
United Parcel Service, Inc., Class B		168		34,995
				67,496
Airlines — 0.3%
Delta Air Lines, Inc. *		131		5,648
Southwest Airlines Co. *		169		8,982
				14,630
Auto Components — 0.3%
Aptiv plc *		35		5,451
Magna International, Inc. (Canada)		124		11,484
				16,935
Automobiles — 1.6%
General Motors Co. *		191		11,326
Tesla, Inc. *		106		71,948
				83,274
Banks — 3.6%
Bank of America Corp.		660		27,194
Citigroup, Inc.		525		37,131
KeyCorp		112		2,314
Regions Financial Corp.		743		14,984
SVB Financial Group *		16		9,122
Truist Financial Corp.		298		16,556
US Bancorp		394		22,444
Wells Fargo & Co.		1,109		50,230
				179,975
Beverages — 1.0%
Coca-Cola Co. (The)		679		36,751
Constellation Brands, Inc., Class A		68		15,933
				52,684
Biotechnology — 2.1%
AbbVie, Inc.		468		52,741
Alexion Pharmaceuticals, Inc. *		29		5,372
Biogen, Inc. *		44		15,170
Regeneron Pharmaceuticals, Inc. *		25		13,975
Vertex Pharmaceuticals, Inc. *		100		20,177
				107,435

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 1.1%
Johnson Controls International plc		103		7,041
Masco Corp.		263		15,490
Trane Technologies plc		192		35,396
				57,927
Capital Markets — 4.1%
Ameriprise Financial, Inc.		16		3,974
Charles Schwab Corp. (The)		68		4,965
Goldman Sachs Group, Inc. (The)		116		44,096
Intercontinental Exchange, Inc.		203		24,106
Morgan Stanley		402		36,887
S&P Global, Inc.		109		44,683
State Street Corp.		254		20,900
T. Rowe Price Group, Inc.		132		26,179
				205,790
Chemicals — 2.0%
Air Products and Chemicals, Inc.		22		6,244
Celanese Corp.		48		7,282
DuPont de Nemours, Inc.		212		16,405
Eastman Chemical Co.		202		23,637
Linde plc (United Kingdom)		52		14,982
LyondellBasell Industries NV, Class A		36		3,713
PPG Industries, Inc.		170		28,810
				101,073
Commercial Services & Supplies — 0.1%
Cintas Corp.		14		5,505
Communications Equipment — 0.4%
Cisco Systems, Inc.		304		16,121
Motorola Solutions, Inc.		13		2,912
				19,033
Consumer Finance — 0.5%
Capital One Financial Corp.		171		26,473
Containers & Packaging — 0.3%
Crown Holdings, Inc.		54		5,546
Westrock Co.		146		7,770
				13,316
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B *		295		81,964
Voya Financial, Inc.		51		3,119
				85,083
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		568		31,844

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 75

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.8%
Duke Energy Corp.		277		27,386
Evergy, Inc.		217		13,125
NextEra Energy, Inc.		503		36,876
Xcel Energy, Inc.		229		15,074
				92,461
Electrical Equipment — 0.7%
Eaton Corp. plc		230		34,125
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Class A		80		5,445
Entertainment — 1.2%
Netflix, Inc. *		77		40,812
Walt Disney Co. (The) *		99		17,357
				58,169
Equity Real Estate Investment Trusts (REITs) — 1.8%
Camden Property Trust		97		12,935
Equinix, Inc.		27		21,914
Equity LifeStyle Properties, Inc.		57		4,206
Mid-America Apartment Communities, Inc.		61		10,240
Prologis, Inc.		204		24,411
Public Storage		13		3,932
Sun Communities, Inc.		28		4,778
UDR, Inc.		40		1,974
Ventas, Inc.		143		8,175
				92,565
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		43		16,949
Kroger Co. (The)		39		1,506
				18,455
Food Products — 0.6%
Mondelez International, Inc., Class A		469		29,271
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		275		31,897
ABIOMED, Inc. *		6		1,925
Becton Dickinson and Co.		60		14,492
Boston Scientific Corp. *		482		20,621
Danaher Corp.		26		6,977
Dexcom, Inc. *		13		5,500
Intuitive Surgical, Inc. *		9		8,446
Medtronic plc		346		42,944
Zimmer Biomet Holdings, Inc.		151		24,223
				157,025

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		45		5,169
Anthem, Inc.		68		25,946
Centene Corp. *		121		8,816
Cigna Corp.		128		30,384
UnitedHealth Group, Inc.		165		66,197
				136,512
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc. *		9		20,603
Hilton Worldwide Holdings, Inc. *		104		12,575
Royal Caribbean Cruises Ltd. *		30		2,562
Yum! Brands, Inc.		139		15,983
				51,723
Household Durables — 0.5%
DR Horton, Inc.		19		1,734
Lennar Corp., Class A		226		22,435
				24,169
Household Products — 1.5%
Kimberly-Clark Corp.		142		19,020
Procter & Gamble Co. (The)		432		58,339
				77,359
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		101		22,140
Insurance — 1.8%
Allstate Corp. (The)		54		6,980
American International Group, Inc.		171		8,127
Chubb Ltd.		98		15,499
Hartford Financial Services Group, Inc. (The)		215		13,316
Marsh & McLennan Cos., Inc.		48		6,784
Progressive Corp. (The)		268		26,287
Prudential Financial, Inc.		80		8,216
Travelers Cos., Inc. (The)		34		5,127
				90,336
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A *		53		129,603
Alphabet, Inc., Class C *		42		104,950
Facebook, Inc., Class A *		331		115,169
				349,722
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc. *		66		227,580

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — 4.8%
Accenture plc, Class A		195		57,579
Fiserv, Inc. *		21		2,215
FleetCor Technologies, Inc. *		12		3,015
Mastercard, Inc., Class A		196		71,521
PayPal Holdings, Inc. *		149		43,339
Visa, Inc., Class A		277		64,792
				242,461
Life Sciences Tools & Services — 1.4%
Illumina, Inc. *		29		13,892
Thermo Fisher Scientific, Inc.		106		53,413
Waters Corp. *		9		3,264
				70,569
Machinery — 2.2%
Deere & Co.		124		43,836
Ingersoll Rand, Inc. *		154		7,539
Otis Worldwide Corp.		132		10,760
Parker-Hannifin Corp.		70		21,429
Stanley Black & Decker, Inc.		138		28,218
				111,782
Media — 1.7%
Altice USA, Inc., Class A *		144		4,900
Charter Communications, Inc., Class A *		45		32,563
Comcast Corp., Class A		828		47,226
Fox Corp., Class A		32		1,195
				85,884
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		170		6,314
Multiline Retail — 0.7%
Dollar General Corp.		21		4,505
Dollar Tree, Inc. *		96		9,548
Target Corp.		85		20,482
				34,535
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.		162		3,975
Public Service Enterprise Group, Inc.		82		4,918
Sempra Energy		155		20,528
				29,421
Oil, Gas & Consumable Fuels — 2.8%
Cabot Oil & Gas Corp.		65		1,139
Cheniere Energy, Inc. *		83		7,226
Chevron Corp.		265		27,734

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
ConocoPhillips		315		19,157
Diamondback Energy, Inc.		146		13,749
EOG Resources, Inc.		162		13,480
Kinder Morgan, Inc.		300		5,470
Phillips 66		149		12,804
Pioneer Natural Resources Co.		142		23,033
Williams Cos., Inc. (The)		743		19,735
				143,527
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		54		17,207
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		672		44,920
Eli Lilly & Co.		196		45,046
Johnson & Johnson		307		50,625
Merck & Co., Inc.		344		26,782
Organon & Co. *		42		1,260
Pfizer, Inc.		245		9,577
				178,210
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		76		6,470
Leidos Holdings, Inc.		160		16,166
				22,636
Road & Rail — 1.0%
Lyft, Inc., Class A *		115		6,962
Norfolk Southern Corp.		104		27,721
Union Pacific Corp.		81		17,883
				52,566
Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices, Inc. *		324		30,472
Analog Devices, Inc.		210		36,111
Applied Materials, Inc.		290		41,347
Intel Corp.		285		16,020
Lam Research Corp.		67		43,644
Microchip Technology, Inc.		66		9,827
Micron Technology, Inc. *		61		5,206
NVIDIA Corp.		85		68,085
NXP Semiconductors NV (China)		124		25,543
QUALCOMM, Inc.		49		7,025
Texas Instruments, Inc.		271		52,186
				335,466

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 77

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 8.8%
Fortinet, Inc. *		20		4,662
Intuit, Inc.		91		44,435
Microsoft Corp.		1,232		333,834
Oracle Corp.		252		19,606
salesforce.com, Inc. *		118		28,833
Workday, Inc., Class A *		42		9,972
				441,342
Specialty Retail — 3.3%
AutoZone, Inc. *		3		4,703
Best Buy Co., Inc.		173		19,918
Home Depot, Inc. (The)		147		46,993
Lowe’s Cos., Inc.		256		49,719
O’Reilly Automotive, Inc. *		45		25,412
TJX Cos., Inc. (The)		293		19,742
				166,487
Technology Hardware, Storage & Peripherals — 6.5%
Apple, Inc.		2,198		301,043
Seagate Technology Holdings plc (Ireland)		240		21,140
				322,183
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		103		10,582
NIKE, Inc., Class B		245		37,827
				48,409

INVESTMENTS	SHARES (000)		VALUE ($000)
Tobacco — 1.2%
Altria Group, Inc.		503		24,004
Philip Morris International, Inc.		361		35,758
				59,762
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		301		43,631
Total Common Stocks (Cost $2,520,239)				5,000,555
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $66,908)		66,881		66,914
Total Investments — 100.3% (Cost $2,587,147)				5,067,469
Liabilities in Excess of Other Assets — (0.3)%				(15,427	)
NET ASSETS — 100.0%				5,052,042

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 June 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		213		09/2021		USD		45,673		965

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.0%
Auto Components — 2.1%
Aptiv plc *		15		2,429
Banks — 6.1%
Bank of America Corp.		82		3,385
Citigroup, Inc.		40		2,802
SVB Financial Group *		1		818
				7,005
Biotechnology — 1.8%
Amgen, Inc.		6		1,430
Biogen, Inc. *		2		606
				2,036
Building Products — 3.3%
Trane Technologies plc		15		2,826
Trex Co., Inc. *		10		996
				3,822
Capital Markets — 3.4%
Morgan Stanley		16		1,440
S&P Global, Inc.		3		1,190
State Street Corp.		16		1,344
				3,974
Containers & Packaging — 1.3%
Ball Corp.		18		1,484
Diversified Financial Services — 1.5%
Voya Financial, Inc.		27		1,691
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.		38		2,109
Electric Utilities — 1.6%
NextEra Energy, Inc.		25		1,824
Electrical Equipment — 2.4%
Eaton Corp. plc		19		2,812
Electronic Equipment, Instruments & Components — 0.8%
Itron, Inc. *		9		928
Entertainment — 4.7%
Netflix, Inc. *		3		1,347
Walt Disney Co. (The) *		23		4,085
				5,432
Equity Real Estate Investment Trusts (REITs) — 5.0%
American Tower Corp.		5		1,216
Boston Properties, Inc.		17		1,897
Equinix, Inc.		2		1,493
Prologis, Inc.		9		1,118
				5,724

INVESTMENTS	SHARES (000)		VALUE ($000)
Food & Staples Retailing — 2.2%
Costco Wholesale Corp.		6		2,516
Food Products — 1.4%
General Mills, Inc.		26		1,578
Health Care Equipment & Supplies — 0.7%
Hologic, Inc. *		12		819
Health Care Providers & Services — 2.3%
Cigna Corp.		11		2,669
Insurance — 1.8%
MetLife, Inc.		14		859
Progressive Corp. (The)		13		1,228
				2,087
IT Services — 4.5%
Accenture plc, Class A		4		1,229
Mastercard, Inc., Class A		11		3,947
				5,176
Life Sciences Tools & Services — 5.7%
Agilent Technologies, Inc.		10		1,531
Illumina, Inc. *		2		781
IQVIA Holdings, Inc. *		9		2,156
Thermo Fisher Scientific, Inc.		4		2,104
				6,572
Machinery — 4.2%
Deere & Co.		6		2,015
Parker-Hannifin Corp.		4		1,099
Xylem, Inc.		15		1,786
				4,900
Multiline Retail — 2.0%
Target Corp.		9		2,290
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		34		2,301
Merck & Co., Inc.		27		2,083
				4,384
Semiconductors & Semiconductor Equipment — 7.2%
Lam Research Corp.		3		2,066
NVIDIA Corp.		2		1,688
NXP Semiconductors NV (China)		8		1,695
SolarEdge Technologies, Inc. *		3		915
Texas Instruments, Inc.		10		1,908
				8,272

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 79

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 14.9%
Adobe, Inc. *		2		937
Autodesk, Inc. *		3		890
Cadence Design Systems, Inc. *		14		1,924
Intuit, Inc.		6		3,166
Microsoft Corp.		34		9,263
salesforce.com, Inc. *		5		1,136
				17,316
Specialty Retail — 4.0%
Best Buy Co., Inc.		12		1,377
Home Depot, Inc. (The)		10		3,279
				4,656
Technology Hardware, Storage & Peripherals — 4.3%
Apple, Inc.		37		5,009
Textiles, Apparel & Luxury Goods — 1.2%
VF Corp.		17		1,414
Total Common Stocks (Cost $84,032)				110,928

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 4.0%
Investment Companies — 4.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $4,579)		4,577		4,580
Total Investments — 100.0% (Cost $88,611)				115,508
Other Assets Less Liabilities — 0.0% (c)				42
NET ASSETS — 100.0%				115,550

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 June 30, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of June 30, 2021 (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		25		09/2021		USD		4,583		63

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Aerospace & Defense — 3.8%
General Dynamics Corp.		101		18,947
Northrop Grumman Corp.		51		18,397
Raytheon Technologies Corp.		313		26,704
				64,048
Air Freight & Logistics — 0.8%
United Parcel Service, Inc., Class B		66		13,643
Airlines — 0.8%
Southwest Airlines Co. *		256		13,579
Banks — 11.5%
Bank of America Corp.		870		35,878
Citigroup, Inc.		514		36,330
Citizens Financial Group, Inc.		172		7,898
M&T Bank Corp.		68		9,840
PNC Financial Services Group, Inc. (The)		122		23,311
Truist Financial Corp.		464		25,776
US Bancorp		225		12,797
Wells Fargo & Co.		935		42,330
				194,160
Beverages — 0.5%
PepsiCo, Inc.		56		8,306
Biotechnology — 2.2%
AbbVie, Inc.		137		15,447
Amgen, Inc.		39		9,607
Biogen, Inc. *		11		3,708
Vertex Pharmaceuticals, Inc. *		46		9,295
				38,057
Building Products — 0.8%
Trane Technologies plc		78		14,415
Capital Markets — 9.0%
BlackRock, Inc.		49		42,456
Charles Schwab Corp. (The)		265		19,311
Goldman Sachs Group, Inc. (The)		59		22,462
Morgan Stanley		352		32,308
S&P Global, Inc.		29		11,698
T. Rowe Price Group, Inc.		117		23,096
				151,331
Chemicals — 3.5%
Air Products and Chemicals, Inc.		72		20,818
Axalta Coating Systems Ltd. *		831		25,322
DuPont de Nemours, Inc.		172		13,322
				59,462

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — 0.7%
Republic Services, Inc.		115		12,641
Construction Materials — 0.8%
Vulcan Materials Co.		78		13,540
Consumer Finance — 2.3%
American Express Co.		117		19,362
Capital One Financial Corp.		131		20,193
				39,555
Containers & Packaging — 0.3%
Ball Corp.		64		5,218
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc., Class B *		114		31,599
Diversified Telecommunication Services — 0.7%
Verizon Communications, Inc.		225		12,631
Electric Utilities — 1.6%
Entergy Corp.		56		5,628
NextEra Energy, Inc.		183		13,376
Xcel Energy, Inc.		136		8,928
				27,932
Electrical Equipment — 1.2%
Eaton Corp. plc		135		19,949
Entertainment — 0.7%
Walt Disney Co. (The) *		69		12,147
Equity Real Estate Investment Trusts (REITs) — 1.1%
AvalonBay Communities, Inc.		28		5,938
Ventas, Inc.		149		8,520
Vornado Realty Trust		104		4,874
				19,332
Food & Staples Retailing — 0.9%
Walmart, Inc.		106		14,969
Food Products — 0.8%
Mondelez International, Inc., Class A		225		14,052
Health Care Equipment & Supplies — 2.8%
Becton Dickinson and Co.		72		17,506
Medtronic plc		247		30,678
				48,184
Health Care Providers & Services — 3.9%
Anthem, Inc.		21		8,071
Cigna Corp.		86		20,423
Humana, Inc.		13		5,874
UnitedHealth Group, Inc.		80		32,031
				66,399

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 81

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings, Inc. *		6		12,120
Las Vegas Sands Corp. *		232		12,214
McDonald’s Corp.		65		14,949
				39,283
Household Durables — 0.4%
Newell Brands, Inc.		266		7,313
Household Products — 0.9%
Colgate-Palmolive Co.		193		15,696
Industrial Conglomerates — 0.3%
Honeywell International, Inc.		20		4,328
Insurance — 3.6%
Chubb Ltd.		91		14,538
Hartford Financial Services Group, Inc. (The)		242		14,969
Loews Corp.		130		7,083
Marsh & McLennan Cos., Inc.		49		6,928
MetLife, Inc.		209		12,496
Prudential Financial, Inc.		59		6,013
				62,027
Interactive Media & Services — 1.7%
Alphabet, Inc., Class C *		12		28,890
IT Services — 1.4%
Fidelity National Information Services, Inc.		83		11,783
International Business Machines Corp.		80		11,672
				23,455
Machinery — 3.8%
Dover Corp.		168		25,308
Parker-Hannifin Corp.		90		27,635
Stanley Black & Decker, Inc.		61		12,555
				65,498
Media — 1.9%
Comcast Corp., Class A		580		33,045
Multiline Retail — 0.8%
Dollar General Corp.		60		12,983
Multi-Utilities — 1.3%
CMS Energy Corp.		296		17,500
Public Service Enterprise Group, Inc.		91		5,465
				22,965
Oil, Gas & Consumable Fuels — 5.3%
Chevron Corp.		221		23,170
ConocoPhillips		576		35,070
EOG Resources, Inc.		304		25,367

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Valero Energy Corp.		96		7,513
				91,120
Pharmaceuticals — 5.4%
Bristol-Myers Squibb Co.		506		33,799
Eli Lilly & Co.		86		19,728
Johnson & Johnson		144		23,646
Merck & Co., Inc.		80		6,230
Organon & Co. *		9		261
Pfizer, Inc.		219		8,577
				92,241
Road & Rail — 1.0%
CSX Corp.		545		17,484
Semiconductors & Semiconductor Equipment — 5.1%
Analog Devices, Inc.		177		30,505
Lam Research Corp.		11		7,106
NXP Semiconductors NV (China)		91		18,805
Texas Instruments, Inc.		163		31,262
				87,678
Software — 1.7%
Microsoft Corp.		110		29,833
Specialty Retail — 5.1%
AutoZone, Inc. *		11		15,964
Gap, Inc. (The)		255		8,571
Home Depot, Inc. (The)		63		20,046
Lowe’s Cos., Inc.		82		15,981
O’Reilly Automotive, Inc. *		13		7,417
TJX Cos., Inc. (The)		280		18,909
				86,888
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.		60		8,205
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		130		20,043
Tobacco — 1.4%
Philip Morris International, Inc.		239		23,682
Total Common Stocks (Cost $1,149,430)				1,667,806

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $38,028)		38,009		38,028
Total Investments — 99.9% (Cost $1,187,458)				1,705,834
Other Assets Less Liabilities — 0.1%				1,151
NET ASSETS — 100.0%				1,706,985

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 June 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021

(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	$	128,507		$	45,247,303		$	883,537		$	17,911,813
Investments in affiliates, at value		3,582			1,108,433			43,928			312,969
Options purchased, at value		—			—			—			289,993
Cash		—	(a)		58			—			—
Deposits at broker for futures contracts		—			—			—			58,970
Receivables:
Investment securities sold		—			—			34,538			1,613,327
Fund shares sold		6			53,029			6,129			68,592
Interest from non-affiliates		—			—			2,906			—
Dividends from non-affiliates		57			59,512			803			16,039
Dividends from affiliates		—	(a)		2			—	(a)		1
Variation margin on futures contracts		—			—			3			1,604
Total Assets		132,152			46,468,337			971,844			20,273,308
LIABILITIES:
Payables:
Due to custodian		—			—			36			—	(a)
Distributions		—			—	(a)		365			—
Investment securities purchased		—			—			67,674			1,620,132
Fund shares redeemed		80			37,878			2,445			82,569
Outstanding options written, at fair value		—			—			—			266,751
Accrued liabilities:
Investment advisory fees		51			15,124			144			3,709
Administration fees		7			1,315			36			952
Distribution fees		5			1,982			112			668
Service fees		19			5,217			152			3,389
Custodian and accounting fees		6			280			9			122
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—
Other		90			884			67			93
Total Liabilities		258			62,680			71,040			1,978,385
Net Assets	$	131,894		$	46,405,657		$	900,804		$	18,294,923

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	73,362		$	31,739,270		$	867,911		$	15,114,921
Total distributable earnings (loss)		58,532			14,666,387			32,893			3,180,002
Total Net Assets	$	131,894		$	46,405,657		$	900,804		$	18,294,923
Net Assets:
Class A	$	9,949		$	4,715,916		$	174,085		$	1,778,457
Class C		4,293			1,493,408			158,340			502,120
Class I		83,598			17,980,353			519,976			14,416,679
Class R2		—			77,859			—			—
Class R3		—			280,991			—			—
Class R4		—			249,525			—			—
Class R5		—			1,655,531			88			6,024
Class R6		34,054			19,952,074			48,315			1,591,643
Total	$	131,894		$	46,405,657		$	900,804		$	18,294,923
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		284			211,061			11,431			68,678
Class C		130			68,300			10,396			19,523
Class I		2,335			789,911			34,134			555,008
Class R2		—			3,502			—			—
Class R3		—			12,587			—			—
Class R4		—			10,970			—			—
Class R5		—			72,672			6			232
Class R6		956			876,564			3,172			61,133
Net Asset Value (a):
Class A — Redemption price per share	$	35.03		$	22.34		$	15.23		$	25.90
Class C — Offering price per share (b)		33.15			21.87			15.23			25.72
Class I — Offering and redemption price per share		35.80			22.76			15.23			25.98
Class R2 — Offering and redemption price per share		—			22.23			—			—
Class R3 — Offering and redemption price per share		—			22.32			—			—
Class R4 — Offering and redemption price per share		—			22.75			—			—
Class R5 — Offering and redemption price per share		—			22.78			15.23			26.02
Class R6 — Offering and redemption price per share		35.62			22.76			15.23			26.04
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)]	$	36.97		$	23.58		$	16.07		$	27.34
Cost of investments in non-affiliates	$	82,263		$	30,618,832		$	814,023		$	12,048,060
Cost of investments in affiliates		3,582			1,108,296			43,928			312,969
Cost of options purchased		—			—			—			284,491
Premiums received from options written		—			—			—			274,598

(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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund		JPMorgan Large Cap Value Fund
ASSETS:
Investments in non-affiliates, at value	$	1,362,348		$	563,694		$	35,896,004	$	4,274,645
Investments in affiliates, at value		82,933			17,690			1,501,233		57,325
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			—			427,794		31,359
Options purchased, at value		3,573			4,395			—		—
Cash		236			93			59		7
Deposits at broker for futures contracts		541			505			—		—
Deferred offering costs (See Note 2.J.)		70			70			—		—
Receivables:
Investment securities sold		991			612			35,152		26,549
Fund shares sold		14,218			4,870			38,497		4,552
Dividends from non-affiliates		1,039			408			7,651		2,899
Dividends from affiliates		—	(a)		—	(a)		3		—	(a)
Securities lending income (See Note 2.C.)		—			—			111		2
Variation margin on futures contracts		52			18			—		—
Total Assets		1,466,001			592,355			37,906,504		4,397,338
LIABILITIES:
Payables:
Investment securities purchased		57,216			16,059			—		19,667
Collateral received on securities loaned (See Note 2.C.)		—			—			427,794		31,359
Fund shares redeemed		3,558			933			44,452		2,882
Outstanding options written, at fair value		12,780			8,560			—		—
Accrued liabilities:
Investment advisory fees		201			53			11,923		1,263
Administration fees		49			18			316		162
Distribution fees		39			12			1,571		89
Service fees		203			97			3,513		280
Custodian and accounting fees		24			22			256		17
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			—		2
Other		63			35			299		147
Total Liabilities		74,133			25,789			490,124		55,868
Net Assets	$	1,391,868		$	566,566		$	37,416,380	$	4,341,470

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
NET ASSETS:
Paid-in-Capital	$	1,359,351		$	553,523		$	18,245,625		$	3,660,840
Total distributable earnings (loss)		32,517			13,043			19,170,755			680,630
Total Net Assets	$	1,391,868		$	566,566		$	37,416,380		$	4,341,470
Net Assets:
Class A	$	52,880		$	21,446		$	4,970,767		$	218,302
Class C		57,423			19,229			780,132			62,488
Class I		1,018,781			524,074			10,983,173			1,418,653
Class R2		—			—			129,541			11,175
Class R3		—			—			264,318			16
Class R4		—			—			204,814			135
Class R5		536			21			956,386			24,668
Class R6		262,248			1,796			19,127,249			2,606,033
Total	$	1,391,868		$	566,566		$	37,416,380		$	4,341,470
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,312			1,344			77,398			10,658
Class C		3,600			1,206			16,882			3,195
Class I		63,758			32,802			167,461			70,590
Class R2		—			—			2,122			551
Class R3		—			—			4,089			1
Class R4		—			—			3,128			7
Class R5		33			1			14,170			1,214
Class R6		16,404			112			280,539			129,147
Net Asset Value (a):
Class A — Redemption price per share	$	15.97		$	15.96		$	64.22		$	20.48
Class C — Offering price per share (b)		15.95			15.95			46.21			19.55
Class I — Offering and redemption price per share		15.98			15.98			65.59			20.10
Class R2 — Offering and redemption price per share		—			—			61.05			20.30
Class R3 — Offering and redemption price per share		—			—			64.64			20.09
Class R4 — Offering and redemption price per share		—			—			65.47			20.50
Class R5 — Offering and redemption price per share		15.98			15.98			67.49			20.32
Class R6 — Offering and redemption price per share		15.99			15.98			68.18			20.18
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)]	$	16.85		$	16.84		$	67.78		$	21.61
Cost of investments in non-affiliates	$	1,309,941		$	538,816		$	21,404,067		$	3,745,029
Cost of investments in affiliates		82,933			17,690			1,501,034			57,325
Cost of options purchased		22,284			8,907			—			—
Investment securities on loan, at value (See Note 2.C.)		—			—			422,906			30,637
Cost of investment of cash collateral (See Note 2.C.)		—			—			427,811			31,359
Premiums received from options written		20,801			8,880			—			—

(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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid 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
ASSETS:
Investments in non-affiliates, at value	$	267,873		$	19,646,204		$	1,275,680		$	3,303,749
Investments in affiliates, at value		9,182			228,846			31,110			11,580
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			30,501			2,909			—
Cash		1			8			2			—
Foreign currency, at value		—			—			—			20
Deposits at broker for futures contracts		673			5,928			1,828			—
Receivables:
Investment securities sold		6,971			—			—			14,136
Fund shares sold		30			18,421			568			916
Dividends from non-affiliates		259			12,041			391			1,897
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—			22			4			—
Variation margin on futures contracts		14			175			48			—
Total Assets		285,003			19,942,146			1,312,540			3,332,298
LIABILITIES:
Payables:
Due to custodian		—			—			—			21
Due to broker for securities sold short		—			—			—			20
Securities sold short, at value		—			—			—			664,633
Dividend expense to non-affiliates on securities sold short		—			—			—			774
Investment securities purchased		—			1,520			—			8,763
Interest expense to non-affiliates on securities sold short		—			—			—			356
Collateral received on securities loaned (See Note 2.C.)		—			30,501			2,909			—
Fund shares redeemed		8,404			57,302			1,502			4,347
Accrued liabilities:
Investment advisory fees		59			6,087			278			1,363
Administration fees		10			785			54			138
Distribution fees		21			703			61			93
Service fees		41			1,078			82			246
Custodian and accounting fees		9			146			11			38
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—			—	(a)
Other		180			373			55			260
Total Liabilities		8,724			98,495			4,952			681,052
Net Assets	$	276,279		$	19,843,651		$	1,307,588		$	2,651,246

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid 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
NET ASSETS:
Paid-in-Capital	$	182,349		$	10,227,946			$	594,947		$	703,849
Total distributable earnings (loss)		93,930			9,615,705				712,641			1,947,397
Total Net Assets	$	276,279		$	19,843,651			$	1,307,588		$	2,651,246
Net Assets:
Class A	$	61,187		$	1,642,046			$	119,893		$	335,206
Class C		11,211			367,940				30,159			36,784
Class I		127,530			1,731,572				164,959			1,702,566
Class L		—			1,907,620				—			—
Class R2		3,000			269,266				45,629			5,838
Class R3		—			174,770				—			—
Class R4		—			45,443				—			—
Class R5		4,053			1,089,931				166,478			34,191
Class R6		69,298			12,615,063				780,470			536,661
Total	$	276,279		$	19,843,651		��	$	1,307,588		$	2,651,246
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,682			76,339				1,633			12,489
Class C		314			17,849				421			1,532
Class I		3,474			80,204				2,197			61,838
Class L		—			88,183				—			—
Class R2		83			12,667				641			231
Class R3		—			8,161				—			—
Class R4		—			2,108				—			—
Class R5		110			50,365				2,256			1,231
Class R6		1,884			581,577				10,574			19,339
Net Asset Value (a):
Class A — Redemption price per share	$	36.38		$	21.51			$	73.40		$	26.84
Class C — Offering price per share (b)		35.72			20.61				71.55			24.01
Class I — Offering and redemption price per share		36.72			21.59				75.08			27.53
Class L — Offering and redemption price per share		—			21.63				—			—
Class R2 — Offering and redemption price per share		35.99			21.26				71.18			25.27
Class R3 — Offering and redemption price per share		—			21.42				—			—
Class R4 — Offering and redemption price per share		—			21.55				—			—
Class R5 — Offering and redemption price per share		36.78			21.64				73.80			27.78
Class R6 — Offering and redemption price per share		36.78			21.69				73.81			27.75
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)]	$	38.40		$	22.70			$	77.47		$	28.33
Cost of investments in non-affiliates	$	195,324		$	11,230,397			$	712,894		$	1,676,033
Cost of investments in affiliates		9,182			228,846				31,107			11,580
Cost of foreign currency		—			—				—			20
Investment securities on loan, at value (See Note 2.C.)		—			30,132				2,790			—
Cost of investment of cash collateral (See Note 2.C.)		—			30,504				2,909			—
Proceeds from securities sold short		—			—				—			622,852

(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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021 (continued)

(Amounts in thousands, except per share amounts)

	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	$	5,000,555		$	110,928		$	1,667,806
Investments in affiliates, at value		66,914			4,580			38,028
Cash		34			—	(a)		2
Deposits at broker for futures contracts		3,519			270			—
Receivables:
Investment securities sold		4,598			1,130			—
Fund shares sold		1,960			270			1,404
Dividends from non-affiliates		4,343			66			1,574
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Variation margin on futures contracts		98			9			—
Total Assets		5,082,021			117,253			1,708,814
LIABILITIES:
Payables:
Investment securities purchased		4,315			1,232			—
Fund shares redeemed		24,403			412			820
Accrued liabilities:
Investment advisory fees		817			—	(a)		488
Administration fees		171			—			74
Distribution fees		37			7			131
Service fees		68			3			270
Custodian and accounting fees		40			7			14
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		128			42			32
Total Liabilities		29,979			1,703			1,829
Net Assets	$	5,052,042		$	115,550		$	1,706,985

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	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	$	2,114,331		$	84,699		$	1,156,770
Total distributable earnings (loss)		2,937,711			30,851			550,215
Total Net Assets	$	5,052,042		$	115,550		$	1,706,985
Net Assets:
Class A	$	180,296		$	24,169		$	522,230
Class C		—			3,794			37,539
Class I		686,545			62,431			868,339
Class R2		—			—			2,005
Class R3		—			—			1,402
Class R4		—			—			106
Class R5		—			—			178
Class R6		4,185,201			25,156			275,186
Total	$	5,052,042		$	115,550		$	1,706,985
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,944			408			8,082
Class C		—			66			655
Class I		18,611			1,046			12,666
Class R2		—			—			31
Class R3		—			—			21
Class R4		—			—			2
Class R5		—			—			3
Class R6		113,614			421			3,982
Net Asset Value (a):
Class A — Redemption price per share	$	36.46		$	59.20		$	64.61
Class C — Offering price per share (b)		—			57.87			57.32
Class I — Offering and redemption price per share		36.89			59.71			68.55
Class R2 — Offering and redemption price per share		—			—			64.73
Class R3 — Offering and redemption price per share		—			—			68.41
Class R4 — Offering and redemption price per share		—			—			68.60
Class R5 — Offering and redemption price per share		—			—			69.09
Class R6 — Offering and redemption price per share		36.84			59.69			69.10
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	38.48		$	62.48		$	68.19
Cost of investments in non-affiliates	$	2,520,239		$	84,032		$	1,149,430
Cost of investments in affiliates		66,908			4,579			38,028

(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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 91

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021

(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	$	—		$	—		$	31,801		$	—
Interest income from affiliates		—			—			17			—
Dividend income from non-affiliates		1,230			905,831			5,516			211,098
Dividend income from affiliates		4			1,170			10			61
Income from securities lending (net) (See Note 2.C.)		—	(a)		1			—			—
Total investment income		1,234			907,002			37,344			211,159
EXPENSES:
Investment advisory fees		539			148,636			927			35,936
Administration fees		81			15,453			278			9,826
Distribution fees:
Class A		19			9,838			101			2,662
Class C		27			10,342			222			2,891
Class R2		—			370			—			—
Class R3		—			570			—			—
Service fees:
Class A		19			9,838			101			2,662
Class C		9			3,447			74			964
Class I		168			35,451			667			29,158
Class R2		—			185			—			—
Class R3		—			570			—			—
Class R4		—			440			—			—
Class R5		—			1,440			—	(a)		4
Custodian and accounting fees		24			1,213			43			411
Interest expense to affiliates		—			—			6			—	(a)
Professional fees		51			341			115			189
Trustees’ and Chief Compliance Officer’s fees		25			122			26			61
Printing and mailing costs		4			1,540			18			601
Registration and filing fees		56			1,229			173			775
Transfer agency fees (See Note 2.L.)		4			1,177			10			214
Other		9			488			14			233
Total expenses		1,035			242,690			2,775			86,587
Less fees waived		(149	)		(1,060	)		(320	)		(365	)
Less expense reimbursements		—			—			(1	)		—
Net expenses		886			241,630			2,454			86,222
Net investment income (loss)		348			665,372			34,890			124,937
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,318			932,771			(4,391	)		453,705
Investments in affiliates		(1	)		238			(5	)		—
Options purchased		—			—			—			(1,592,275	)
Futures contracts		—			—			348			114,907
Options written		—			—			—			(942,730	)
Net realized gain (loss)		17,317			933,009			(4,048	)		(1,966,393	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		22,947			10,723,424			61,771			4,363,784
Investments in affiliates		(1	)		(532	)		—	(a)		—
Options purchased		—			—			—			16,465
Futures contracts		—			—			3			3,631
Options written		—			—			—			12,420
Change in net unrealized appreciation/depreciation		22,946			10,722,892			61,774			4,396,300
Net realized/unrealized gains (losses)		40,263			11,655,901			57,726			2,429,907
Change in net assets resulting from operations	$	40,611		$	12,321,273		$	92,616		$	2,554,844

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Hedged Equity 2 Fund (a)			JPMorgan Hedged Equity 3 Fund (a)			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,826		$	1,144		$	146,953		$	31,484
Dividend income from affiliates		3			1			1,768			54
Income from securities lending (net) (See Note 2.C.)		—			—			1,734			54
Total investment income		2,829			1,145			150,455			31,592
EXPENSES:
Investment advisory fees		505			204			141,291			8,220
Administration fees		152			61			14,908			1,541
Distribution fees:
Class A		17			4			10,921			383
Class C		60			13			5,437			315
Class R2		—			—			657			77
Class R3		—			—			442			—	(b)
Service fees:
Class A		17			4			10,921			383
Class C		20			4			1,812			105
Class I		389			194			23,377			1,576
Class R2		—			—			329			39
Class R3		—			—			442			—	(b)
Class R4		—			—			350			3
Class R5		—	(b)		—	(b)		936			22
Custodian and accounting fees		32			29			1,073			58
Interest expense to affiliates		—			—			4			—
Professional fees		84			84			306			64
Trustees’ and Chief Compliance Officer’s fees		6			6			107			31
Printing and mailing costs		10			10			843			48
Registration and filing fees		85			33			1,106			227
Transfer agency fees (See Note 2.L.)		1			2			740			179
Offering costs (See Note 2.J.)		34			34			—			—
Other		8			8			393			35
Total expenses		1,420			690			216,395			13,306
Less fees waived		(166	)		(134	)		(23,981	)		(1,406	)
Less expense reimbursements		(48	)		(52	)		(9	)		(16	)
Net expenses		1,206			504			192,405			11,884
Net investment income (loss)		1,623			641			(41,950	)		19,708
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(343	)		46			5,959,033			227,286
Investments in affiliates		—			—			(26	)		(14	)
Options purchased		(2,158	)		(2,865	)		—			—
Futures contracts		1,649			535			—			—
Options written		(8,937	)		(5,600	)		—			—
Net realized gain (loss)		(9,789	)		(7,884	)		5,959,007			227,272
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		52,407			24,878			4,245,569			529,854
Investments in affiliates		—			—			(454	)		1
Options purchased		(18,711	)		(4,512	)		—			—
Futures contracts		45			32			—			—
Options written		8,021			320			—			—
Change in net unrealized appreciation/depreciation		41,762			20,718			4,245,115			529,855
Net realized/unrealized gains (losses)		31,973			12,834			10,204,122			757,127
Change in net assets resulting from operations	$	33,596		$	13,475		$	10,162,172		$	776,835

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 93

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021 (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid 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
INVESTMENT INCOME:
Interest income from non-affiliates	$	25		$	55		$	21		$	—
Dividend income from non-affiliates		5,589			250,561			10,333			45,565
Dividend income from affiliates		8			291			38			29
Income from securities lending (net) (See Note 2.C.)		4			78			49			—
Total investment income		5,626			250,985			10,441			45,594
EXPENSES:
Investment advisory fees		767			72,409			3,757			18,932
Administration fees		192			11,618			939			2,184
Distribution fees:
Class A		135			3,741			272			790
Class C		78			2,336			217			316
Class R2		14			1,250			224			26
Class R3		—			373			—			—
Service fees:
Class A		135			3,741			272			790
Class C		26			779			72			105
Class I		296			3,480			385			4,892
Class L		—			2,162			—			—
Class R2		7			625			112			13
Class R3		—			373			—			—
Class R4		—			77			—			—
Class R5		4			952			203			39
Custodian and accounting fees		31			600			43			69
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		2
Professional fees		56			200			65			75
Trustees’ and Chief Compliance Officer’s fees		25			73			28			33
Printing and mailing costs		57			146			43			54
Registration and filing fees		102			377			81			89
Transfer agency fees (See Note 2.L.)		11			345			53			95
Dividend expense to non-affiliates on securities sold short		—			—			—			19,932
Interest expense to non-affiliates on securities sold short		—			—			—			4,692
Other		15			291			28			54
Total expenses		1,951			105,948			6,794			53,182
Less fees waived		(396	)		(6,452	)		(808	)		(3,540	)
Less expense reimbursements		(1	)		(89	)		—			(4	)
Net expenses		1,554			99,407			5,986			49,638
Net investment income (loss)		4,072			151,578			4,455			(4,044	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		29,395			1,978,324			191,228			1,191,197
Investments in affiliates		(1	)		(81	)		(6	)		(5	)
Futures contracts		1,219			38,608			5,731			583
Securities sold short		—			—			—			(183,382	)
Net realized gain (loss)		30,613			2,016,851			196,953			1,008,393
	��
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		61,620			4,024,268			220,149			164,103
Investments in affiliates		(2	)		(3	)		(7	)		(4	)
Futures contracts		107			1,940			512			24
Securities sold short		—			—			—			(109,989	)
Change in net unrealized appreciation/depreciation		61,725			4,026,205			220,654			54,134
Net realized/unrealized gains (losses)		92,338			6,043,056			417,607			1,062,527
Change in net assets resulting from operations	$	96,410		$	6,194,634		$	422,062		$	1,058,483

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	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	$	71,665		$	1,061		$	23,732
Dividend income from affiliates		66			3			39
Income from securities lending (net) (See Note 2.C.)		—			—	(a)		—
Total investment income		71,731			1,064			23,771
EXPENSES:
Investment advisory fees		12,413			223			4,542
Administration fees		3,724			56			852
Distribution fees:
Class A		480			41			1,195
Class C		—			22			224
Class R2		—			—			8
Class R3		—			—			2
Service fees:
Class A		480			41			1,195
Class C		—			7			75
Class I		1,594			110			1,148
Class L (b)		2			—			—
Class R2		—			—			4
Class R3		—			—			2
Class R4		—			—			2
Class R5		—			—			—	(a)
Custodian and accounting fees		174			24			36
Interest expense to affiliates		—	(a)		—			—
Professional fees		87			84			61
Trustees’ and Chief Compliance Officer’s fees		38			25			28
Printing and mailing costs		10			29			61
Registration and filing fees		45			77			88
Transfer agency fees (See Note 2.L.)		64			5			166
Other		75			9			23
Total expenses		19,186			753			9,712
Less fees waived		(5,523	)		(404	)		(891	)
Less expense reimbursements		—	(a)		(4	)		(2	)
Net expenses		13,663			345			8,819
Net investment income (loss)		58,068			719			14,952
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		547,292			3,798			44,109
Investments in affiliates		(14	)		(1	)		7
Futures contracts		15,603			429			—
Net realized gain (loss)		562,881			4,226			44,116
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,148,215			19,528			352,008
Investments in affiliates		(1	)		1			(18	)
Futures contracts		(27	)		63			—
Change in net unrealized appreciation/depreciation		1,148,187			19,592			351,990
Net realized/unrealized gains (losses)		1,711,068			23,818			396,106
Change in net assets resulting from operations	$	1,769,136		$	24,537		$	411,058

(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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	348		$	790		$	665,372		$	603,430
Net realized gain (loss)		17,317			11,963			933,009			(525,251	)
Change in net unrealized appreciation/depreciation		22,946			(8,470	)		10,722,892			(2,030,903	)
Change in net assets resulting from operations		40,611			4,283			12,321,273			(1,952,724	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(862	)		(962	)		(59,104	)		(100,496	)
Class C		(403	)		(540	)		(14,553	)		(36,790	)
Class I		(7,180	)		(10,258	)		(245,584	)		(324,790	)
Class R2		—			—			(921	)		(2,344	)
Class R3		—			—			(3,447	)		(4,859	)
Class R4		—			—			(3,022	)		(2,895	)
Class R5		—			—			(26,918	)		(46,903	)
Class R6		(3,356	)		(4,735	)		(310,281	)		(394,174	)
Total distributions to shareholders		(11,801	)		(16,495	)		(663,830	)		(913,251	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		18,030			(9,562	)		5,193,277			8,758,465
NET ASSETS:
Change in net assets		46,840			(21,774	)		16,850,720			5,892,490
Beginning of period		85,054			106,828			29,554,937			23,662,447
End of period	$	131,894		$	85,054		$	46,405,657		$	29,554,937

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	34,890		$	13,512		$	124,937		$	103,479
Net realized gain (loss)		(4,048	)		(29,238	)		(1,966,393	)		(469,890	)
Change in net unrealized appreciation/depreciation		61,774			4,460			4,396,300			902,244
Change in net assets resulting from operations		92,616			(11,266	)		2,554,844			535,833
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,484	)		(857	)		(7,417	)		(3,986	)
Class C		(2,300	)		(258	)		(1,096	)		(836	)
Class I		(25,702	)		(12,367	)		(115,685	)		(62,588	)
Class R5		(5	)		(2	)		(47	)		(32	)
Class R6		(3,425	)		(39	)		(15,731	)		(8,633	)
Total distributions to shareholders		(34,916	)		(13,523	)		(139,976	)		(76,075	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		651,374			162,286			7,138,463			3,226,028
NET ASSETS:
Change in net assets		709,074			137,497			9,553,331			3,685,786
Beginning of period		191,730			54,233			8,741,592			5,055,806
End of period	$	900,804		$	191,730		$	18,294,923		$	8,741,592

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Hedged Equity 2  Fund			JPMorgan Hedged Equity 3 Fund
	Period Ended June 30, 2021 (a)			Period Ended June 30, 2021 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,623		$	641
Net realized gain (loss)		(9,789	)		(7,884	)
Change in net unrealized appreciation/depreciation		41,762			20,718
Change in net assets resulting from operations		33,596			13,475
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(25	)		(15	)
Class C		(1	)		(3	)
Class I		(785	)		(417	)
Class R5		(1	)		—	(b)
Class R6		(305	)		(2	)
Total distributions to shareholders		(1,117	)		(437	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,359,389			553,528
NET ASSETS:
Change in net assets		1,391,868			566,566
Beginning of period		—			—
End of period	$	1,391,868		$	566,566

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(41,950	)	$	50,317		$	19,708		$	24,035
Net realized gain (loss)		5,959,007			1,883,835			227,272			(22,822	)
Change in net unrealized appreciation/depreciation		4,245,115			3,286,948			529,855			(109,305	)
Change in net assets resulting from operations		10,162,172			5,221,100			776,835			(108,092	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(229,243	)		(307,305	)		(755	)		(2,660	)
Class C		(49,805	)		(82,111	)		(69	)		(354	)
Class I		(484,046	)		(568,389	)		(4,846	)		(4,022	)
Class R2		(7,546	)		(16,104	)		(42	)		(207	)
Class R3		(8,542	)		(7,619	)		—	(a)		—	(a)
Class R4		(6,602	)		(2,550	)		—	(a)		(193	)
Class R5		(48,291	)		(83,447	)		(193	)		(425	)
Class R6		(774,029	)		(964,234	)		(12,971	)		(15,475	)
Total distributions to shareholders		(1,608,104	)		(2,031,759	)		(18,876	)		(23,336	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,597,146			4,163,215			2,323,514			(19,703	)
NET ASSETS:
Change in net assets		14,151,214			7,352,556			3,081,473			(151,131	)
Beginning of period		23,265,166			15,912,610			1,259,997			1,411,128
End of period	$	37,416,380		$	23,265,166		$	4,341,470		$	1,259,997

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,072		$	15,342		$	151,578		$	156,956
Net realized gain (loss)		30,613			46,835			2,016,851			1,074,096
Change in net unrealized appreciation/depreciation		61,725			(120,484	)		4,026,205			588,905
Change in net assets resulting from operations		96,410			(58,307	)		6,194,634			1,819,957
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,695	)		(5,592	)		(83,977	)		(161,648	)
Class C		(287	)		(1,365	)		(17,652	)		(26,242	)
Class I		(4,082	)		(54,344	)		(87,780	)		(97,817	)
Class L		—			—			(164,969	)		(142,043	)
Class R2		(85	)		(314	)		(14,883	)		(21,799	)
Class R3		—			—			(8,862	)		(11,145	)
Class R4		—			—			(1,911	)		(2,149	)
Class R5		(141	)		(3,383	)		(60,489	)		(80,738	)
Class R6		(2,355	)		(11,681	)		(727,732	)		(925,117	)
Total distributions to shareholders		(8,645	)		(76,679	)		(1,168,255	)		(1,468,698	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(67,252	)		(586,626	)		(121,490	)		286,006
NET ASSETS:
Change in net assets		20,513			(721,612	)		4,904,889			637,265
Beginning of period		255,766			977,378			14,938,762			14,301,497
End of period	$	276,279		$	255,766		$	19,843,651		$	14,938,762

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,455		$	16,629		$	(4,044	)	$	16,065
Net realized gain (loss)		196,953			88,286			1,008,393			1,461,601
Change in net unrealized appreciation/depreciation		220,654			54,387			54,134			(1,045,105	)
Change in net assets resulting from operations		422,062			159,302			1,058,483			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		(111,060	)		(56,713	)		(697,740	)		(2,626,307	)
NET ASSETS:
Change in net assets		193,206			(33,956	)		(399,060	)		(3,368,702	)
Beginning of period		1,114,382			1,148,338			3,050,306			6,419,008
End of period	$	1,307,588		$	1,114,382		$	2,651,246		$	3,050,306

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 101

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)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	58,068		$	79,253		$	719		$	428
Net realized gain (loss)		562,881			809,145			4,226			253
Change in net unrealized appreciation/depreciation		1,148,187			(499,565	)		19,592			2,768
Change in net assets resulting from operations		1,769,136			388,833			24,537			3,449
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(7,423	)		(21,842	)		(235	)		(858	)
Class C		—			—			(30	)		(204	)
Class I		(25,017	)		(23,849	)		(711	)		(1,447	)
Class L (a)		—			(45,099	)		—			—
Class R6 (b)		(159,941	)		(463,809	)		(247	)		—
Total distributions to shareholders		(192,381	)		(554,599	)		(1,223	)		(2,509	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(889,477	)		(1,284,816	)		51,536			9,075
NET ASSETS:
Change in net assets		687,278			(1,450,582	)		74,850			10,015
Beginning of period		4,364,764			5,815,346			40,700			30,685
End of period	$	5,052,042		$	4,364,764		$	115,550		$	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.

102 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,952		$	11,575
Net realized gain (loss)		44,116			1,992
Change in net unrealized appreciation/depreciation		351,990			(46,631	)
Change in net assets resulting from operations		411,058			(33,064	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(10,335	)		(19,342	)
Class C		(611	)		(1,019	)
Class I		(11,089	)		(3,705	)
Class R2		(33	)		(16	)
Class R3		(16	)		(2	)
Class R4		(24	)		(12	)
Class R5		(3	)		(3	)
Class R6		(4,026	)		(2,189	)
Total distributions to shareholders		(26,137	)		(26,288	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		595,210			133,703
NET ASSETS:
Change in net assets		980,131			74,351
Beginning of period		726,854			652,503
End of period	$	1,706,985		$	726,854

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,527		$	2,181		$	1,280,565		$	1,164,544
Distributions reinvested		862			962			55,042			95,360
Cost of shares redeemed		(2,169	)		(2,204	)		(1,092,878	)		(977,172	)
Change in net assets resulting from Class A capital transactions		2,220			939			242,729			282,732
Class C
Proceeds from shares issued		419			409			243,967			366,152
Distributions reinvested		403			540			13,343			32,079
Cost of shares redeemed		(612	)		(490	)		(552,490	)		(334,932	)
Change in net assets resulting from Class C capital transactions		210			459			(295,180	)		63,299
Class I
Proceeds from shares issued		9,125			4,205			5,967,956			5,501,467
Distributions reinvested		7,180			10,183			221,627			291,290
Cost of shares redeemed		(3,056	)		(30,218	)		(3,358,152	)		(3,044,873	)
Change in net assets resulting from Class I capital transactions		13,249			(15,830	)		2,831,431			2,747,884
Class R2
Proceeds from shares issued		—			—			18,279			23,230
Distributions reinvested		—			—			901			2,243
Cost of shares redeemed		—			—			(37,123	)		(40,287	)
Change in net assets resulting from Class R2 capital transactions		—			—			(17,943	)		(14,814	)
Class R3
Proceeds from shares issued		—			—			94,161			92,006
Distributions reinvested		—			—			2,770			4,162
Cost of shares redeemed		—			—			(57,502	)		(46,297	)
Change in net assets resulting from Class R3 capital transactions		—			—			39,429			49,871
Class R4
Proceeds from shares issued		—			—			153,736			71,534
Distributions reinvested		—			—			3,022			2,895
Cost of shares redeemed		—			—			(68,895	)		(23,816	)
Change in net assets resulting from Class R4 capital transactions		—			—			87,863			50,613
Class R5
Proceeds from shares issued		—			—			365,652			478,990
Distributions reinvested		—			—			25,988			44,948
Cost of shares redeemed		—			—			(420,221	)		(593,726	)
Change in net assets resulting from Class R5 capital transactions		—			—			(28,581	)		(69,788	)
Class R6
Proceeds from shares issued		2,422			7,519			6,385,588			7,465,340
Subscriptions in-kind (See Note 9)		—			—			—			48,418
Distributions reinvested		3,353			4,735			296,277			377,452
Cost of shares redeemed		(3,424	)		(7,384	)		(4,348,336	)		(2,242,542	)
Change in net assets resulting from Class R6 capital transactions		2,351			4,870			2,333,529			5,648,668
Total change in net assets resulting from capital transactions	$	18,030		$	(9,562	)	$	5,193,277		$	8,758,465

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		112			79			66,002			67,608
Reinvested		29			35			2,827			5,373
Redeemed		(70	)		(84	)		(57,193	)		(57,395	)
Change in Class A Shares		71			30			11,636			15,586
Class C
Issued		13			17			12,513			21,351
Reinvested		15			21			703			1,838
Redeemed		(21	)		(21	)		(29,946	)		(20,307	)
Change in Class C Shares		7			17			(16,730	)		2,882
Class I
Issued		283			143			299,334			317,929
Reinvested		239			366			11,118			16,183
Redeemed		(97	)		(1,079	)		(169,937	)		(181,493	)
Change in Class I Shares		425			(570	)		140,515			152,619
Class R2
Issued		—			—			934			1,382
Reinvested		—			—			47			126
Redeemed		—			—			(1,951	)		(2,304	)
Change in Class R2 Shares		—			—			(970	)		(796	)
Class R3
Issued		—			—			4,910			5,236
Reinvested		—			—			142			235
Redeemed		—			—			(2,969	)		(2,666	)
Change in Class R3 Shares		—			—			2,083			2,805
Class R4
Issued		—			—			7,771			3,947
Reinvested		—			—			150			162
Redeemed		—			—			(3,389	)		(1,344	)
Change in Class R4 Shares		—			—			4,532			2,765
Class R5
Issued		—			—			18,235			26,787
Reinvested		—			—			1,312			2,489
Redeemed		—			—			(21,287	)		(33,212	)
Change in Class R5 Shares		—			—			(1,740	)		(3,936	)
Class R6
Issued		76			264			319,793			418,476
Subscriptions in-kind (See Note 9)		—			—			—			2,637
Reinvested		112			170			14,863			21,032
Redeemed		(109	)		(290	)		(224,750	)		(128,412	)
Change in Class R6 Shares		79			144			109,906			313,733

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	177,480		$	25,022		$	1,460,355		$	495,566
Distributions reinvested		3,413			852			7,380			3,972
Cost of shares redeemed		(25,791	)		(11,252	)		(340,811	)		(348,671	)
Change in net assets resulting from Class A capital transactions		155,102			14,622			1,126,924			150,867
Class C
Proceeds from shares issued		155,434			5,247			242,865			128,940
Distributions reinvested		2,275			254			1,095			835
Cost of shares redeemed		(8,379	)		(238	)		(53,065	)		(56,070	)
Change in net assets resulting from Class C capital transactions		149,330			5,263			190,895			73,705
Class I
Proceeds from shares issued		413,338			165,512			8,854,409			5,474,198
Distributions reinvested		25,319			12,358			111,688			59,927
Cost of shares redeemed		(135,112	)		(36,261	)		(3,681,719	)		(2,956,713	)
Change in net assets resulting from Class I capital transactions		303,545			141,609			5,284,378			2,577,412
Class R5
Proceeds from shares issued		54			—			3,519			1,405
Distributions reinvested		5			2			47			32
Cost of shares redeemed		—	(a)		—			(1,189	)		(550	)
Change in net assets resulting from Class R5 capital transactions		59			2			2,377			887
Class R6
Proceeds from shares issued		47,093			939			1,000,413			755,421
Distributions reinvested		126			25			7,536			3,351
Cost of shares redeemed		(3,881	)		(174	)		(474,060	)		(335,615	)
Change in net assets resulting from Class R6 capital transactions		43,338			790			533,889			423,157
Total change in net assets resulting from capital transactions	$	651,374		$	162,286		$	7,138,463		$	3,226,028

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		11,996			1,779			60,745			23,862
Reinvested		234			66			303			190
Redeemed		(1,795	)		(857	)		(14,054	)		(17,011	)
Change in Class A Shares		10,435			988			46,994			7,041
Class C
Issued		10,447			362			10,337			6,200
Reinvested		154			19			48			40
Redeemed		(568	)		(19	)		(2,234	)		(2,757	)
Change in Class C Shares		10,033			362			8,151			3,483
Class I
Issued		28,524			11,688			374,344			261,714
Reinvested		1,777			917			4,623			2,858
Redeemed		(9,545	)		(2,849	)		(151,283	)		(145,069	)
Change in Class I Shares		20,756			9,756			227,684			119,503
Class R5
Issued		4			—			144			66
Reinvested		—	(a)		1			2			2
Redeemed		—	(a)		—			(49	)		(26	)
Change in Class R5 Shares		4			1			97			42
Class R6
Issued		3,379			64			41,538			36,462
Reinvested		9			2			308			159
Redeemed		(269	)		(14	)		(19,494	)		(16,768	)
Change in Class R6 Shares		3,119			52			22,352			19,853

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund
	Period Ended June 30, 2021 (a)			Period Ended June 30, 2021 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	54,055		$	22,160
Distributions reinvested		25			15
Cost of shares redeemed		(2,233	)		(998	)
Change in net assets resulting from Class A capital transactions		51,847			21,177
Class C
Proceeds from shares issued		57,384			19,425
Distributions reinvested		1			3
Cost of shares redeemed		(1,122	)		(464	)
Change in net assets resulting from Class C capital transactions		56,263			18,964
Class I
Proceeds from shares issued		1,069,346			575,746
Distributions reinvested		783			415
Cost of shares redeemed		(75,413	)		(64,565	)
Change in net assets resulting from Class I capital transactions		994,716			511,596
Class R5
Proceeds from shares issued		545			20
Distributions reinvested		1			—	(b)
Cost of shares redeemed		(21	)		—
Change in net assets resulting from Class R5 capital transactions		525			20
Class R6
Proceeds from shares issued		261,104			1,769
Distributions reinvested		300			2
Cost of shares redeemed		(5,366	)		—	(b)
Change in net assets resulting from Class R6 capital transactions		256,038			1,771
Total change in net assets resulting from capital transactions	$	1,359,389		$	553,528

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund
	Period Ended June 30, 2021 (a)			Period Ended June 30, 2021 (a)
SHARE TRANSACTIONS:
Class A
Issued		3,452			1,406
Reinvested		2			1
Redeemed		(142	)		(63	)
Change in Class A Shares		3,312			1,344
Class C
Issued		3,672			1,235
Reinvested		—	(b)		—	(b)
Redeemed		(72	)		(29	)
Change in Class C Shares		3,600			1,206
Class I
Issued		68,491			36,861
Reinvested		49			26
Redeemed		(4,782	)		(4,085	)
Change in Class I Shares		63,758			32,802
Class R5
Issued		34			1
Reinvested		—	(b)		—	(b)
Redeemed		(1	)		—
Change in Class R5 Shares		33			1
Class R6
Issued		16,725			112
Reinvested		19			—	(b)
Redeemed		(340	)		—	(b)
Change in Class R6 Shares		16,404			112

(a) Commencement of operations was February 26, 2021.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

		JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
		Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued		$	1,542,784		$	1,093,424		$	81,668		$	138,275
Distributions reinvested			209,959			290,772			737			2,618
Cost of shares redeemed			(1,237,783	)		(1,019,134	)		(49,625	)		(156,095	)
Change in net assets resulting from Class A capital transactions			514,960			365,062			32,780			(15,202	)
Class C
Proceeds from shares issued			263,027			194,307			24,043			3,402
Distributions reinvested			45,342			64,738			68			344
Cost of shares redeemed			(425,827	)		(147,910	)		(13,265	)		(20,436	)
Change in net assets resulting from Class C capital transactions			(117,458	)		111,135			10,846			(16,690	)
Class I
Proceeds from shares issued			3,946,027			2,721,471			1,171,550			187,035
Distributions reinvested			446,730			522,530			4,779			4,008
Cost of shares redeemed			(3,034,183	)		(1,843,411	)		(229,227	)		(206,607	)
Change in net assets resulting from Class I capital transactions			1,358,574			1,400,590			947,102			(15,564	)
Class R2
Proceeds from shares issued			43,616			36,135			3,822			4,111
Distributions reinvested			7,039			13,984			42			196
Cost of shares redeemed			(76,963	)		(83,183	)		(18,227	)		(6,217	)
Change in net assets resulting from Class R2 capital transactions			(26,308	)		(33,064	)		(14,363	)		(1,910	)
Class R3
Proceeds from shares issued			184,953			51,615			1			—	(a)
Distributions reinvested			5,581			4,020			—	(a)		—	(a)
Cost of shares redeemed			(59,342	)		(23,556	)		(9	)		—	(a)
Change in net assets resulting from Class R3 capital transactions			131,192			32,079			(8	)		—	(a)
Class R4
Proceeds from shares issued			134,173			49,115			291			1,815
Distributions reinvested			6,602			2,550			—	(a)		192
Cost of shares redeemed			(35,061	)		(6,458	)		(12,452	)		(3,474	)
Change in net assets resulting from Class R4 capital transactions			105,714			45,207			(12,161	)		(1,467	)
Class R5
Proceeds from shares issued			241,401			172,183			9,493			7,109
Distributions reinvested	��		46,287			78,312			191			420
Cost of shares redeemed			(375,742	)		(278,117	)		(13,602	)		(17,058	)
Change in net assets resulting from Class R5 capital transactions			(88,054	)		(27,622	)		(3,918	)		(9,529	)
Class R6
Proceeds from shares issued			6,503,315			3,367,122			1,547,366			166,602
Distributions reinvested			744,666			931,375			12,895			15,432
Cost of shares redeemed			(3,529,455	)		(2,028,669	)		(197,025	)		(141,375	)
Change in net assets resulting from Class R6 capital transactions			3,718,526			2,269,828			1,363,236			40,659
Total change in net assets resulting from capital transactions		$	5,597,146		$	4,163,215		$	2,323,514		$	(19,703	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		26,713			26,425			4,245			10,104
Reinvested		3,666			7,477			46			196
Redeemed		(21,267	)		(24,532	)		(3,017	)		(11,819	)
Change in Class A Shares		9,112			9,370			1,274			(1,519	)
Class C
Issued		6,214			6,347			1,298			262
Reinvested		1,097			2,250			5			26
Redeemed		(10,236	)		(4,817	)		(883	)		(1,590	)
Change in Class C Shares		(2,925	)		3,780			420			(1,302	)
Class I
Issued		66,612			64,836			62,079			14,482
Reinvested		7,640			13,208			273			306
Redeemed		(51,094	)		(44,234	)		(12,774	)		(15,555	)
Change in Class I Shares		23,158			33,810			49,578			(767	)
Class R2
Issued		788			906			222			326
Reinvested		129			376			3			15
Redeemed		(1,379	)		(2,121	)		(1,084	)		(468	)
Change in Class R2 Shares		(462	)		(839	)		(859	)		(127	)
Class R3
Issued		3,136			1,251			1			—	(a)
Reinvested		97			103			—	(a)		—	(a)
Redeemed		(1,008	)		(568	)		(1	)		—	(a)
Change in Class R3 Shares		2,225			786			—	(a)		—	(a)
Class R4
Issued		2,275			1,166			20			134
Reinvested		113			64			—	(a)		14
Redeemed		(586	)		(157	)		(942	)		(250	)
Change in Class R4 Shares		1,802			1,073			(922	)		(102	)
Class R5
Issued		3,948			3,989			517			542
Reinvested		769			1,927			12			32
Redeemed		(6,111	)		(6,525	)		(784	)		(1,286	)
Change in Class R5 Shares		(1,394	)		(609	)		(255	)		(712	)
Class R6
Issued		104,867			77,205			76,592			12,775
Reinvested		12,253			22,702			760			1,189
Redeemed		(57,075	)		(47,053	)		(11,736	)		(10,425	)
Change in Class R6 Shares		60,045			52,854			65,616			3,539

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	7,017		$	6,903		$	448,946		$	715,588
Distributions reinvested		1,624			5,106			78,212			154,154
Cost of shares redeemed		(15,672	)		(23,459	)		(1,212,979	)		(605,447	)
Change in net assets resulting from Class A capital transactions		(7,031	)		(11,450	)		(685,821	)		264,295
Class C
Proceeds from shares issued		1,778			567			101,446			40,488
Distributions reinvested		283			1,288			17,249			24,891
Cost of shares redeemed		(5,408	)		(7,152	)		(111,778	)		(84,646	)
Change in net assets resulting from Class C capital transactions		(3,347	)		(5,297	)		6,917			(19,267	)
Class I
Proceeds from shares issued		12,129			134,333			676,639			295,219
Distributions reinvested		4,054			54,229			83,781			94,363
Cost of shares redeemed		(43,512	)		(689,651	)		(445,901	)		(492,924	)
Change in net assets resulting from Class I capital transactions		(27,329	)		(501,089	)		314,519			(103,342	)
Class L
Proceeds from shares issued		—			—			1,503,646			269,061
Distributions reinvested		—			—			156,873			124,874
Cost of shares redeemed		—			—			(1,609,341	)		(663,087	)
Change in net assets resulting from Class L capital transactions		—			—			51,178			(269,152	)
Class R2
Proceeds from shares issued		546			765			43,197			28,578
Distributions reinvested		78			218			14,784			21,162
Cost of shares redeemed		(1,206	)		(2,045	)		(74,678	)		(82,008	)
Change in net assets resulting from Class R2 capital transactions		(582	)		(1,062	)		(16,697	)		(32,268	)
Class R3
Proceeds from shares issued		—			—			40,112			27,510
Distributions reinvested		—			—			7,878			10,063
Cost of shares redeemed		—			—			(32,479	)		(33,612	)
Change in net assets resulting from Class R3 capital transactions		—			—			15,511			3,961
Class R4
Proceeds from shares issued		—			—			19,615			4,496
Distributions reinvested		—			—			1,911			2,149
Cost of shares redeemed		—			—			(6,093	)		(8,139	)
Change in net assets resulting from Class R4 capital transactions		—			—			15,433			(1,494	)
Class R5
Proceeds from shares issued		722			2,988			152,803			78,859
Distributions reinvested		141			3,383			56,125			73,591
Cost of shares redeemed		(2,434	)		(48,472	)		(201,053	)		(194,808	)
Change in net assets resulting from Class R5 capital transactions		(1,571	)		(42,101	)		7,875			(42,358	)
Class R6
Proceeds from shares issued		14,127			55,961			3,065,302			1,785,782
Subscriptions in-kind (See Note 9)		—			—			—			45,414
Distributions reinvested		2,353			11,672			720,789			919,240
Cost of shares redeemed		(43,872	)		(93,260	)		(3,616,496	)		(2,264,805	)
Change in net assets resulting from Class R6 capital transactions		(27,392	)		(25,627	)		169,595			485,631
Total change in net assets resulting from capital transactions	$	(67,252	)	$	(586,626	)	$	(121,490	)	$	286,006

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		230			238			23,673			46,733
Reinvested		56			173			4,247			9,829
Redeemed		(535	)		(800	)		(66,851	)		(39,445	)
Change in Class A Shares		(249	)		(389	)		(38,931	)		17,117
Class C
Issued		57			22			5,407			2,740
Reinvested		10			44			981			1,647
Redeemed		(188	)		(250	)		(6,150	)		(5,697	)
Change in Class C Shares		(121	)		(184	)		238			(1,310	)
Class I
Issued		378			4,400			34,804			18,972
Reinvested		139			1,759			4,522			5,999
Redeemed		(1,437	)		(23,872	)		(22,963	)		(31,630	)
Change in Class I Shares		(920	)		(17,713	)		16,363			(6,659	)
Class L
Issued		—			—			82,220			17,663
Reinvested		—			—			8,466			7,922
Redeemed		—			—			(82,827	)		(42,694	)
Change in Class L Shares		—			—			7,859			(17,109	)
Class R2
Issued		17			25			2,286			1,874
Reinvested		3			8			815			1,363
Redeemed		(41	)		(72	)		(3,942	)		(5,292	)
Change in Class R2 Shares		(21	)		(39	)		(841	)		(2,055	)
Class R3
Issued		—			—			2,150			1,723
Reinvested		—			—			430			644
Redeemed		—			—			(1,724	)		(2,144	)
Change in Class R3 Shares		—			—			856			223
Class R4
Issued		—			—			984			290
Reinvested		—			—			103			137
Redeemed		—			—			(311	)		(534	)
Change in Class R4 Shares		—			—			776			(107	)
Class R5
Issued		22			101			7,725			5,056
Reinvested		5			110			3,019			4,669
Redeemed		(84	)		(1,585	)		(10,515	)		(12,468	)
Change in Class R5 Shares		(57	)		(1,374	)		229			(2,743	)
Class R6
Issued		434			1,871			159,157			113,479
Subscriptions in-kind (See Note 9)		—			—			—			2,771
Reinvested		80			394			38,637			58,213
Redeemed		(1,493	)		(3,593	)		(183,543	)		(143,075	)
Change in Class R6 Shares		(979	)		(1,328	)		14,251			31,388

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 113

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
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,023		$	18,251		$	67,074		$	82,531
Distributions reinvested		7,327			8,614			71,308			107,818
Cost of shares redeemed		(28,020	)		(40,642	)		(103,562	)		(536,310	)
Change in net assets resulting from Class A capital transactions		(670	)		(13,777	)		34,820			(345,961	)
Class C
Proceeds from shares issued		1,789			2,490			5,606			7,465
Distributions reinvested		2,298			3,299			9,039			19,111
Cost of shares redeemed		(12,341	)		(10,656	)		(43,234	)		(60,945	)
Change in net assets resulting from Class C capital transactions		(8,254	)		(4,867	)		(28,589	)		(34,369	)
Class I
Proceeds from shares issued		13,566			21,569			241,025			542,564
Distributions reinvested		12,855			16,565			497,011			811,087
Cost of shares redeemed		(41,096	)		(61,865	)		(946,028	)		(3,344,154	)
Redemptions in-kind (See Note 8)		—			—			(487,288	)		—
Change in net assets resulting from Class I capital transactions		(14,675	)		(23,731	)		(695,280	)		(1,990,503	)
Class R2
Proceeds from shares issued		11,220			10,855			614			1,116
Distributions reinvested		4,130			5,051			1,205			808
Cost of shares redeemed		(20,777	)		(21,173	)		(1,100	)		(1,967	)
Change in net assets resulting from Class R2 capital transactions		(5,427	)		(5,267	)		719			(43	)
Class R5
Proceeds from shares issued		28,851			22,564			5,546			15,058
Distributions reinvested		20,215			23,131			9,489			20,259
Cost of shares redeemed		(119,468	)		(53,596	)		(23,795	)		(84,259	)
Change in net assets resulting from Class R5 capital transactions		(70,402	)		(7,901	)		(8,760	)		(48,942	)
Class R6
Proceeds from shares issued		45,323			41,741			127,531			91,207
Distributions reinvested		61,717			68,077			112,990			113,531
Cost of shares redeemed		(118,672	)		(110,988	)		(241,171	)		(411,227	)
Change in net assets resulting from Class R6 capital transactions		(11,632	)		(1,170	)		(650	)		(206,489	)
Total change in net assets resulting from capital transactions	$	(111,060	)	$	(56,713	)	$	(697,740	)	$	(2,626,307	)

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		314			335			2,537			3,532
Reinvested		119			160			3,151			4,576
Redeemed		(431	)		(754	)		(4,090	)		(21,865	)
Change in Class A Shares		2			(259	)		1,598			(13,757	)
Class C
Issued		28			47			242			340
Reinvested		38			63			446			873
Redeemed		(200	)		(203	)		(1,763	)		(2,792	)
Change in Class C Shares		(134	)		(93	)		(1,075	)		(1,579	)
Class I
Issued		202			377			9,169			22,659
Reinvested		204			300			21,400			33,851
Redeemed		(615	)		(1,107	)		(36,191	)		(138,788	)
Redemptions in-kind (See Note 8)		—			—			(19,946	)		—
Change in Class I Shares		(209	)		(430	)		(25,568	)		(82,278	)
Class R2
Issued		177			204			26			49
Reinvested		69			96			56			36
Redeemed		(324	)		(397	)		(45	)		(90	)
Change in Class R2 Shares		(78	)		(97	)		37			(5	)
Class R5
Issued		442			412			211			639
Reinvested		326			425			405			840
Redeemed		(1,790	)		(983	)		(911	)		(3,482	)
Change in Class R5 Shares		(1,022	)		(146	)		(295	)		(2,003	)
Class R6
Issued		690			784			4,669			3,578
Reinvested		993			1,251			4,828			4,714
Redeemed		(1,768	)		(1,980	)		(9,673	)		(16,836	)
Change in Class R6 Shares		(85	)		55			(176	)		(8,544	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 115

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)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	52,721		$	56,324		$	9,507		$	3,668
Distributions reinvested		7,384			21,732			226			837
Cost of shares redeemed		(123,854	)		(97,073	)		(1,965	)		(4,213	)
Change in net assets resulting from Class A capital transactions		(63,749	)		(19,017	)		7,768			292
Class C
Proceeds from shares issued		—			—			1,229			266
Distributions reinvested		—			—			30			187
Cost of shares redeemed		—			—			(1,166	)		(725	)
Change in net assets resulting from Class C capital transactions		—			—			93			(272	)
Class I
Proceeds from shares issued		127,129			49,261			51,880			12,036
Distributions reinvested		17,371			23,349			688			1,446
Cost of shares redeemed		(230,638	)		(94,822	)		(30,906	)		(4,427	)
Conversion from Class L Shares		368,073			—			—			—
Change in net assets resulting from Class I capital transactions		281,935			(22,212	)		21,662			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		738,779			898,953			23,682			—
Distributions reinvested		159,481			462,987			247			—
Cost of shares redeemed		(1,610,214	)		(1,245,965	)		(1,916	)		—
Redemptions in-kind (See Note 8)		—			(1,336,709	)		—			—
Change in net assets resulting from Class R6 capital transactions		(711,954	)		(1,220,734	)		22,013			—
Total change in net assets resulting from capital transactions	$	(889,477	)	$	(1,284,816	)	$	51,536		$	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.

116 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,755			2,164			180			90
Reinvested		240			890			4			20
Redeemed		(3,944	)		(3,751	)		(37	)		(108	)
Change in Class A Shares		(1,949	)		(697	)		147			2
Class C
Issued		—			—			23			8
Reinvested		—			—			1			4
Redeemed		—			—			(24	)		(18	)
Change in Class C Shares		—			—			—	(a)		(6	)
Class I
Issued		4,149			1,907			1,006			295
Reinvested		556			945			14			33
Redeemed		(7,272	)		(3,638	)		(595	)		(108	)
Conversion from Class L Shares		13,572			—			—			—
Change in Class I Shares		11,005			(786	)		425			220
Class L (b)
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 (c)
Issued		22,714			35,010			451			—
Reinvested		5,100			18,774			5			—
Redeemed		(47,943	)		(46,532	)		(35	)		—
Redemptions in-kind (See Note 8)		—			(52,834	)		—			—
Change in Class R6 Shares		(20,129	)		(45,582	)		421			—

(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.

(c) 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 117

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)
	Year Ended June 30, 2021			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	43,922		$	103,634
Distributions reinvested		9,932			18,821
Cost of shares redeemed		(188,211	)		(69,860	)
Change in net assets resulting from Class A capital transactions		(134,357	)		52,595
Class C
Proceeds from shares issued		11,138			9,193
Distributions reinvested		525			848
Cost of shares redeemed		(10,570	)		(6,721	)
Change in net assets resulting from Class C capital transactions		1,093			3,320
Class I
Proceeds from shares issued		663,191			75,806
Distributions reinvested		10,612			3,345
Cost of shares redeemed		(99,019	)		(33,791	)
Change in net assets resulting from Class I capital transactions		574,784			45,360
Class R2
Proceeds from shares issued		1,007			1,202
Distributions reinvested		33			16
Cost of shares redeemed		(694	)		(111	)
Change in net assets resulting from Class R2 capital transactions		346			1,107
Class R3
Proceeds from shares issued		943			400
Distributions reinvested		10			2
Cost of shares redeemed		(166	)		—	(a)
Change in net assets resulting from Class R3 capital transactions		787			402
Class R4
Proceeds from shares issued		133			1,340
Distributions reinvested		24			12
Cost of shares redeemed		(1,482	)		(38	)
Change in net assets resulting from Class R4 capital transactions		(1,325	)		1,314
Class R5
Proceeds from shares issued		78			71
Distributions reinvested		3			3
Cost of shares redeemed		(23	)		(55	)
Change in net assets resulting from Class R5 capital transactions		58			19
Class R6
Proceeds from shares issued		310,989			48,377
Distributions reinvested		3,841			2,097
Cost of shares redeemed		(34,999	)		(20,888	)
Redemptions in-kind (See Note 8)		(126,007	)		—
Change in net assets resulting from Class R6 capital transactions		153,824			29,586
Total change in net assets resulting from capital transactions	$	595,210		$	133,703

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Year Ended June 30, 2021			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		799			2,118
Reinvested		184			373
Redeemed		(3,804	)		(1,432	)
Change in Class A Shares		(2,821	)		1,059
Class C
Issued		216			209
Reinvested		11			19
Redeemed		(224	)		(160	)
Change in Class C Shares		3			68
Class I
Issued		11,291			1,616
Reinvested		179			64
Redeemed		(1,602	)		(675	)
Change in Class I Shares		9,868			1,005
Class R2
Issued		19			24
Reinvested		1			—	(a)
Redeemed		(13	)		(2	)
Change in Class R2 Shares		7			22
Class R3
Issued		16			7
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		—	(a)
Change in Class R3 Shares		13			7
Class R4
Issued		3			24
Reinvested		—	(a)		—	(a)
Redeemed		(25	)		(1	)
Change in Class R4 Shares		(22	)		23
Class R5
Issued		1			2
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(1	)
Change in Class R5 Shares		1			1
Class R6
Issued		5,348			915
Reinvested		65			39
Redeemed		(596	)		(395	)
Redemptions in-kind (See Note 8)		(2,169	)		—
Change in Class R6 Shares		2,648			559

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 119

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30, 2021

(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	$	1,058,483
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(2,108,130	)
Proceeds from disposition of investment securities		4,073,456
Covers of investment securities sold short		(1,432,966	)
Proceeds from investment securities sold short		900,673
Purchases of short-term investments — affiliates, net		24,072
Change in unrealized (appreciation)/depreciation on investments in non-affiliiates		(164,103	)
Change in unrealized (appreciation)/depreciation on investments in affiliates		4
Change in unrealized (appreciation)/depreciation on investment securities sold short		109,989
Net realized (gain)/loss on investments in non-affiliates		(1,191,197	)
Net realized (gain)/loss on investments in affiliates		5
Net realized (gain)/loss on securities sold short		183,382
Decrease in interest receivable from non-affiliates		279
Decrease in dividends receivable from non-affiliates		1,765
Decrease in tax reclaims receivable		6
Decrease in variation margin receivable		26
Decrease in dividend expense to non-affiliates on securities sold short		(297	)
Increase in interest expense to non-affiliates on securities sold short		356
Increase in due to broker for securities sold short		20
Decrease in investment advisory fees payable		(207	)
Decrease in administration fees payable		(8	)
Decrease in distribution fees payable		(24	)
Decrease in service fees payable		(62	)
Decrease in custodian and accounting fees payable		(71	)
Decrease in audit fees payable		(38	)
Decrease in printing and mailing cost payable		(172	)
Decrease in registration fees payable		(96	)
Increase in other accrued expenses payable		221
Net cash provided (used) by operating activities		1,455,366
Cash flows provided (used) by financing activities:
Due to custodian		21
Proceeds from shares issued		447,177
Payment for shares redeemed		(1,356,886	)
Redemptions in-kind		(487,288	)
Cash distributions paid to shareholders (net of reinvestments of $701,042)		(58,761	)
Net cash provided (used) by financing activities		(1,455,737	)
Cash:
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker		(371	)
Restricted and unrestricted cash and deposits at broker at beginning of year		391
Restricted and unrestricted cash, foreign currency and deposits at broker at end of year	$	20

Supplemental disclosure of cash flow information:

For the year ended June 30, 2021 the Fund paid $4,338 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 foreign currency at the end of year to the Statements of Assets and Liabilities:

	June 30, 2020		June 30, 2021
Cash	$	23	$	—
Foreign currency, at value		—		20
Deposits at broker:
Futures contracts		368		—
	$	391	$	20

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 121

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
Year Ended June 30, 2021	$	26.88	$	0.01		$	11.90		$	11.91	$	(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	)
Class C
Year Ended June 30, 2021		25.63		(0.13	)		11.30			11.17		—			(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	)
Class I
Year Ended June 30, 2021		27.38		0.10			12.13			12.23		(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	)
Class R6
Year Ended June 30, 2021		27.25		0.18			12.07			12.25		(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 (f) 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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	35.03		47.07	%	$	9,949		1.09	%		0.05	%		1.24	%		58	%
	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
	33.15		46.37			4,293		1.59			(0.45	)		1.74			58
	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
	35.80		47.46			83,598		0.85			0.30			0.98			58
	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
	35.62		47.82			34,054		0.60			0.55			0.73			58
	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.

JUNE 30, 2021 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			Total distributions
JPMorgan Equity Income Fund
Class A
Year Ended June 30, 2021	$	16.22	$	0.29	$	6.12		$	6.41		$	(0.29	)	$	—		$	(0.29	)
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	)
Class C
Year Ended June 30, 2021		15.88		0.19		6.00			6.19			(0.20	)		—			(0.20	)
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	)
Class I
Year Ended June 30, 2021		16.52		0.35		6.23			6.58			(0.34	)		—			(0.34	)
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	)
Class R2
Year Ended June 30, 2021		16.14		0.23		6.10			6.33			(0.24	)		—			(0.24	)
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	)
Class R3
Year Ended June 30, 2021		16.21		0.29		6.11			6.40			(0.29	)		—			(0.29	)
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
Year Ended June 30, 2021		16.51		0.35		6.23			6.58			(0.34	)		—			(0.34	)
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
Year Ended June 30, 2021		16.53		0.37		6.25			6.62			(0.37	)		—			(0.37	)
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	)
Class R6
Year Ended June 30, 2021		16.52		0.39		6.24			6.63			(0.39	)		—			(0.39	)
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	)

(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.

124 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)
$	22.34		39.81	%	$	4,715,916		0.96	%		1.48	%		0.96	%		16	%
	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
	21.87		39.19			1,493,408		1.45			0.99			1.46			16
	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
	22.76		40.16			17,980,353		0.70			1.73			0.71			16
	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
	22.23		39.47			77,859		1.22			1.22			1.22			16
	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
	22.32		39.79			280,991		0.95			1.49			0.96			16
	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
	22.75		40.19			249,525		0.70			1.73			0.70			16
	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
	22.78		40.41			1,655,531		0.55			1.88			0.56			16
	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
	22.76		40.51			19,952,074		0.45			1.98			0.46			16
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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
JPMorgan Equity Premium Income Fund
Class A
Year Ended June 30, 2021	$	12.96	$	1.26	$	2.40		$	3.66		$	(1.39	)
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)
Class C
Year Ended June 30, 2021		12.96		1.15		2.44			3.59			(1.32	)
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)
Class I
Year Ended June 30, 2021		12.96		1.38		2.32			3.70			(1.43	)
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)
Class R5
Year Ended June 30, 2021		12.96		1.37		2.35			3.72			(1.45	)
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)
Class R6
Year Ended June 30, 2021		12.96		1.43		2.30			3.73			(1.46	)
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)

(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.

126 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)
$	15.23		29.67	%	$	174,085		0.85	%		8.61	%		0.91	%		217	%
	12.96		(3.78	)		12,904		0.85			14.21			1.11			236
	14.92		5.95			125		0.85	(g)		7.90	(g)		1.80	(g)		43
	15.23		29.03			158,340		1.34			7.76			1.40			217
	12.96		(4.26	)		4,710		1.35			11.77			1.61			236
	14.92		5.50			21		1.35	(g)		7.14	(g)		2.26	(g)		43
	15.23		29.97			519,976		0.60			9.62			0.69			217
	12.96		(3.57	)		173,409		0.60			11.40			0.91			236
	14.92		6.15			54,045		0.60	(g)		7.89	(g)		1.13	(g)		43
	15.23		30.16			88		0.45			9.54			0.56			217
	12.96		(3.43	)		21		0.45			10.37			0.83			236
	14.92		6.28			21		0.45	(g)		8.04	(g)		1.36	(g)		43
	15.23		30.29			48,315		0.35			9.99			0.44			217
	12.96		(3.33	)		686		0.35			13.60			0.59			236
	14.92		6.37			21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 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) (a)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity Fund
Class A
Year Ended June 30, 2021	$	21.83	$	0.15	$	4.11	$	4.26	$	(0.19	)
Year Ended June 30, 2020		20.23		0.28		1.51		1.79		(0.19	)
Year Ended June 30, 2019		19.43		0.20		0.79		0.99		(0.19	)
Year Ended June 30, 2018		18.24		0.18		1.15		1.33		(0.14	)
Year Ended June 30, 2017		16.23		0.19		2.01		2.20		(0.19	)
Class C
Year Ended June 30, 2021		21.70		0.03		4.07		4.10		(0.08	)
Year Ended June 30, 2020		20.10		0.17		1.52		1.69		(0.09	)
Year Ended June 30, 2019		19.33		0.11		0.77		0.88		(0.11	)
Year Ended June 30, 2018		18.16		0.08		1.15		1.23		(0.06	)
Year Ended June 30, 2017		16.17		0.10		2.01		2.11		(0.12	)
Class I
Year Ended June 30, 2021		21.90		0.21		4.11		4.32		(0.24	)
Year Ended June 30, 2020		20.28		0.33		1.53		1.86		(0.24	)
Year Ended June 30, 2019		19.47		0.26		0.78		1.04		(0.23	)
Year Ended June 30, 2018		18.27		0.23		1.16		1.39		(0.19	)
Year Ended June 30, 2017		16.26		0.23		2.01		2.24		(0.23	)
Class R5
Year Ended June 30, 2021		21.93		0.25		4.11		4.36		(0.27	)
Year Ended June 30, 2020		20.32		0.36		1.52		1.88		(0.27	)
Year Ended June 30, 2019		19.50		0.29		0.79		1.08		(0.26	)
Year Ended June 30, 2018		18.30		0.26		1.16		1.42		(0.22	)
Year Ended June 30, 2017		16.28		0.26		2.02		2.28		(0.26	)
Class R6
Year Ended June 30, 2021		21.95		0.28		4.11		4.39		(0.30	)
Year Ended June 30, 2020		20.32		0.39		1.53		1.92		(0.29	)
Year Ended June 30, 2019		19.49		0.31		0.79		1.10		(0.27	)
Year Ended June 30, 2018		18.29		0.27		1.16		1.43		(0.23	)
Year Ended June 30, 2017		16.28		0.25		2.03		2.28		(0.27	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	25.90		19.58	%	$	1,778,457		0.83	%		0.61	%		0.84	%		39	%
	21.83		8.89			473,314		0.85			1.35			0.86			68
	20.23		5.12			296,242		0.85			1.02			0.87			48
	19.43		7.33			277,898		0.84			0.92			0.87			44
	18.24		13.60			133,789		0.84			1.06			1.05			31
	25.72		18.93			502,120		1.33			0.14			1.33			39
	21.70		8.40			246,741		1.35			0.84			1.36			68
	20.10		4.60			158,602		1.35			0.55			1.37			48
	19.33		6.79			81,030		1.34			0.42			1.38			44
	18.16		13.07			29,168		1.34			0.55			1.45			31
	25.98		19.83			14,416,679		0.58			0.89			0.58			39
	21.90		9.21			7,167,488		0.59			1.59			0.60			68
	20.28		5.39			4,214,453		0.60			1.30			0.61			48
	19.47		7.63			1,947,444		0.59			1.17			0.62			44
	18.27		13.86			597,013		0.59			1.30			0.69			31
	26.02		20.01			6,024		0.44			1.03			0.45			39
	21.93		9.30			2,964		0.45			1.74			0.59			68
	20.32		5.57			1,893		0.45			1.46			0.95			48
	19.50		7.81			123		0.39			1.37			0.67			44
	18.30		14.10			37		0.40			1.51			1.08			31
	26.04		20.11			1,591,643		0.33			1.14			0.34			39
	21.95		9.50			851,085		0.35			1.87			0.35			68
	20.32		5.69			384,616		0.35			1.56			0.37			48
	19.49		7.87			121,897		0.34			1.42			0.42			44
	18.29		14.09			3,289		0.34			1.41			0.42			31

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 2 Fund
Class A
February 26, 2021 (g) through June 30, 2021	$	15.00	$	0.03		$	0.95	$	0.98	$	(0.01	)
Class C
February 26, 2021 (g) through June 30, 2021		15.00		—	(h)		0.95		0.95		—	(h)
Class I
February 26, 2021 (g) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)
Class R5
February 26, 2021 (g) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)
Class R6
February 26, 2021 (g) through June 30, 2021		15.00		0.05			0.96		1.01		(0.02	)

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

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	15.97		6.54	%	$	52,880		0.85	%		0.57	%		0.92	%		6	%
	15.95		6.36			57,423		1.35			0.05			1.43			6
	15.98		6.63			1,018,781		0.60			0.80			0.70			6
	15.98		6.66			536		0.45			0.99			0.88			6
	15.99		6.75			262,248		0.35			1.04			0.43			6

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 3 Fund
Class A
February 26, 2021 (g) through June 30, 2021	$	15.00	$	0.03		$	0.95	$	0.98	$	(0.02	)
Class C
February 26, 2021 (g) through June 30, 2021		15.00		—	(h)		0.96		0.96		(0.01	)
Class I
February 26, 2021 (g) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)
Class R5
February 26, 2021 (g) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)
Class R6
February 26, 2021 (g) through June 30, 2021		15.00		0.06			0.94		1.00		(0.02	)

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

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	15.96		6.50	%	$	21,446		0.85	%		0.60	%		1.00	%		7	%
	15.95		6.37			19,229		1.35			0.09			1.51			7
	15.98		6.64			524,074		0.60			0.81			0.80			7
	15.98		6.64			21		0.45			0.96			3.22			7
	15.98		6.68			1,796		0.35			1.10			0.64			7

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 133

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
Year Ended June 30, 2021	$	48.04	$	(0.27	)	$	19.59	$	19.32	$	—		$	(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	)
Class C
Year Ended June 30, 2021		35.43		(0.41	)		14.33		13.92		—			(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	)
Class I
Year Ended June 30, 2021		48.91		(0.12	)		19.97		19.85		(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	)
Class R2
Year Ended June 30, 2021		45.90		(0.39	)		18.68		18.29		—			(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	)
Class R3
Year Ended June 30, 2021		48.34		(0.27	)		19.72		19.45		(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
Year Ended June 30, 2021		48.84		(0.12	)		19.94		19.82		(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
Year Ended June 30, 2021		50.20		(0.04	)		20.52		20.48		(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	)
Class R6
Year Ended June 30, 2021		50.66		0.03			20.71		20.74		(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	)

(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.

134 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)
$	64.22		41.00	%	$	4,970,767		0.93	%		(0.46	)%		1.02	%		58	%
	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
	46.21		40.32			780,132		1.43			(0.96	)		1.51			58
	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
	65.59		41.37			10,983,173		0.68			(0.21	)		0.76			58
	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
	61.05		40.65			129,541		1.18			(0.71	)		1.26			58
	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
	64.64		41.01			264,318		0.93			(0.45	)		1.01			58
	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
	65.47		41.37			204,814		0.68			(0.20	)		0.76			58
	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
	67.49		41.57			956,386		0.53			(0.06	)		0.61			58
	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
	68.18		41.70			19,127,249		0.43			0.04			0.51			58
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 135

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
Year Ended June 30, 2021	$	12.72	$	0.11	$	7.73		$	7.84		$	(0.08	)	$	—		$	(0.08	)
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	)
Class C
Year Ended June 30, 2021		12.17		0.02		7.39			7.41			(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	)
Class I
Year Ended June 30, 2021		12.49		0.15		7.59			7.74			(0.13	)		—			(0.13	)
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	)
Class R2
Year Ended June 30, 2021		12.61		0.06		7.67			7.73			(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	)
Class R3
Year Ended June 30, 2021		12.48		0.10		7.59			7.69			(0.08	)		—			(0.08	)
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
Year Ended June 30, 2021		12.73		0.12		7.77			7.89			(0.12	)		—			(0.12	)
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
Year Ended June 30, 2021		12.62		0.17		7.68			7.85			(0.15	)		—			(0.15	)
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	)
Class R6
Year Ended June 30, 2021		12.53		0.19		7.63			7.82			(0.17	)		—			(0.17	)
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	)

(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.

136 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)
$	20.48		61.86	%	$	218,302		0.93	%		0.62	%		1.04	%		93	%
	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
	19.55		60.96			62,488		1.43			0.11			1.50			93
	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
	20.10		62.22			1,418,653		0.69			0.84			0.76			93
	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
	20.30		61.40			11,175		1.18			0.38			1.27			93
	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
	20.09		61.83			16		0.94			0.63			1.04			93
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162
	20.50		62.16			135		0.69			0.87			0.76			93
	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
	20.32		62.47			24,668		0.54			1.02			0.61			93
	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
	20.18		62.68			2,606,033		0.44			1.10			0.50			93
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 137

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Year Ended June 30, 2021	$	25.83	$	0.42		$	11.10		$	11.52		$	(0.64	)	$	(0.33	)	$	(0.97	)
Year Ended June 30, 2020		31.42		0.55	(d)		(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	)
Class C
Year Ended June 30, 2021		25.36		0.28			10.90			11.18			(0.49	)		(0.33	)		(0.82	)
Year Ended June 30, 2020		30.90		0.40	(d)		(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	)
Class I
Year Ended June 30, 2021		25.79		0.50			11.48			11.98			(0.72	)		(0.33	)		(1.05	)
Year Ended June 30, 2020		31.62		0.62	(d)		(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	)
Class R2
Year Ended June 30, 2021		25.55		0.33			11.01			11.34			(0.57	)		(0.33	)		(0.90	)
Year Ended June 30, 2020		31.12		0.47	(d)		(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	)
Class R5
Year Ended June 30, 2021		25.66		0.59			11.63			12.22			(0.77	)		(0.33	)		(1.10	)
Year Ended June 30, 2020		31.73		0.67	(d)		(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	)
Class R6
Year Ended June 30, 2021		26.06		0.57			11.28			11.85			(0.80	)		(0.33	)		(1.13	)
Year Ended June 30, 2020		31.74		0.70	(d)		(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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) 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.

138 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	36.38		45.65	%	$	61,187		0.83	%		1.37	%		0.99	%		72	%
	25.83		(9.96	)		49,876		0.83			1.88	(d)		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
	35.72		45.02			11,211		1.33			0.91			1.50			72
	25.36		(10.46	)		11,038		1.33			1.37	(d)		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
	36.72		47.54			127,530		0.59			1.62			0.74			72
	25.79		(10.69	)		113,316		0.59			2.01	(d)		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
	35.99		45.36			3,000		1.09			1.08			1.34			72
	25.55		(10.24	)		2,664		1.09			1.62	(d)		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
	36.78		48.74			4,053		0.44			1.91			0.59			72
	25.66		(11.16	)		4,269		0.44			2.16	(d)		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
	36.78		46.60			69,298		0.34			1.82			0.49			72
	26.06		(9.68	)		74,603		0.34			2.37	(d)		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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 139

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
Year Ended June 30, 2021	$	16.22	$	0.09		$	6.39	$	6.48	$	(0.08	)	$	(1.11	)	$	(1.19	)
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	)
Class C
Year Ended June 30, 2021		15.60		(0.01	)		6.14		6.13		(0.01	)		(1.11	)		(1.12	)
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	)
Class I
Year Ended June 30, 2021		16.27		0.13			6.43		6.56		(0.13	)		(1.11	)		(1.24	)
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	)
Class L
Year Ended June 30, 2021		16.30		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
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	)
Class R2
Year Ended June 30, 2021		16.04		0.04			6.33		6.37		(0.04	)		(1.11	)		(1.15	)
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	)
Class R3
Year Ended June 30, 2021		16.15		0.09			6.38		6.47		(0.09	)		(1.11	)		(1.20	)
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 (f) through June 30, 2017		14.11		0.08			2.24		2.32		(0.14	)		(0.53	)		(0.67	)
Class R4
Year Ended June 30, 2021		16.25	��	0.13			6.41		6.54		(0.13	)		(1.11	)		(1.24	)
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 (f) through June 30, 2017		14.15		0.13			2.22		2.35		(0.15	)		(0.53	)		(0.68	)
Class R5
Year Ended June 30, 2021		16.31		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
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	)
Class R6
Year Ended June 30, 2021		16.34		0.18			6.46		6.64		(0.18	)		(1.11	)		(1.29	)
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	)

(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.

140 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	21.51		41.18	%	$	1,642,046		0.94	%		0.46	%		0.98	%		60	%
	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
	20.61		40.52			367,940		1.44			(0.05	)		1.47			60
	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
	21.59		41.64			1,731,572		0.69			0.69			0.72			60
	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
	21.63		41.81			1,907,620		0.54			0.83			0.58			60
	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
	21.26		40.92			269,266		1.19			0.20			1.22			60
	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
	21.42		41.30			174,770		0.94			0.44			0.97			60
	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
	21.55		41.58			45,443		0.69			0.69			0.72			60
	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
	21.64		41.79			1,089,931		0.54			0.84			0.57			60
	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
	21.69		41.98			12,615,063		0.44			0.95			0.47			60
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 141

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Year Ended June 30, 2021	$	57.64	$	(0.01	)	$	21.89	$	21.88	$	(0.52	)	$	(5.60	)	$	(6.12	)
Year Ended June 30, 2020		56.61		0.63	(d)		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	)
Class C
Year Ended June 30, 2021		56.26		(0.32	)		21.36		21.04		(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35	(d)		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		—	(e)		8.13		8.13		(0.04	)		—			(0.04	)
Class I
Year Ended June 30, 2021		58.80		0.16			22.37		22.53		(0.65	)		(5.60	)		(6.25	)
Year Ended June 30, 2020		57.60		0.79	(d)		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	)
Class R2
Year Ended June 30, 2021		56.08		(0.17	)		21.26		21.09		(0.39	)		(5.60	)		(5.99	)
Year Ended June 30, 2020		55.27		0.48	(d)		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	)
Class R5
Year Ended June 30, 2021		57.93		0.26			21.96		22.22		(0.75	)		(5.60	)		(6.35	)
Year Ended June 30, 2020		56.82		0.86	(d)		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	)
Class R6
Year Ended June 30, 2021		57.93		0.33			21.96		22.29		(0.81	)		(5.60	)		(6.41	)
Year Ended June 30, 2020		56.81		0.91	(d)		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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) 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.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	73.40		40.08	%	$	119,893		0.84	%		(0.01	)%		0.90	%		64	%
	57.64		15.11			94,017		0.84			1.15	(d)		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
	71.55		39.44			30,159		1.34			(0.50	)		1.40			64
	56.26		14.50			31,216		1.34			0.65	(d)		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	(f)		1.67			68
	75.08		40.46			164,959		0.59			0.25			0.65			64
	58.80		15.38			141,497		0.59			1.40	(d)		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
	71.18		39.73			45,629		1.09			(0.26	)		1.21			64
	56.08		14.84			40,305		1.09			0.90	(d)		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
	73.80		40.57			166,478		0.44			0.39			0.50			64
	57.93		15.63			189,889		0.44			1.55	(d)		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
	73.81		40.70			780,470		0.34			0.50			0.40			64
	57.93		15.76			617,458		0.34			1.65	(d)		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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 143

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
Year Ended June 30, 2021	$	24.58	$	(0.10	)	$	9.21	$	9.11	$	(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		—	(h)		3.87		3.87		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(h)		5.54		5.54		(0.01	)		(1.24	)		(1.25	)
Class C
Year Ended June 30, 2021		22.67		(0.21	)		8.37		8.16		—			(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	)
Class I
Year Ended June 30, 2021		25.04		(0.03	)		9.41		9.38		(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	)
Class R2
Year Ended June 30, 2021		23.54		(0.18	)		8.74		8.56		(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	)
Class R5
Year Ended June 30, 2021		25.20		(0.02	)		9.49		9.47		(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	)
Class R6
Year Ended June 30, 2021		25.18		—	(h)		9.47		9.47		(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 (j) 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 1.10% and 1.25% for the year ended June 30, 2021, 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 and 1.25% and 1.43% for the year ended June 30, 2017, for Class C are 1.59% and 1.74% for the year ended June 30, 2021, 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 and 1.75% and 1.94% for the year ended June 30, 2017, for Class I are 0.85% and 0.99% for the year ended June 30, 2021, 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 and 0.98% and 1.16% for the year ended June 30, 2017, for Class R2 are 1.45% and 1.50% for the year ended June 30, 2021, 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 and 1.50% and 1.76% for the year ended June 30, 2017, for Class R5 are 0.80% and 0.84% for the year ended June 30, 2021, 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 and 0.80% and 0.96% for the year ended June 30, 2017 and for Class R6 are 0.70% and 0.74% for the year ended June 30, 2021, 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) Interest expense on securities sold short is 0.16%.

(h) Amount rounds to less than $0.005.

(i) Amount rounds to less than 0.005%.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)
$	26.84		42.30	%	$	335,206		1.94	%(g)		(0.39	)%		2.09	%		57	%		96	%
	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	(i)		2.39			94			131
	24.01		41.55			36,784		2.43	(g)		(0.88	)		2.58			57			96
	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
	27.53		42.65			1,702,566		1.69	(g)		(0.12	)		1.83			57			96
	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
	25.27		41.77			5,838		2.29	(g)		(0.74	)		2.34			57			96
	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
	27.78		42.75			34,191		1.64	(g)		(0.08	)		1.68			57			96
	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
	27.75		42.86			536,661		1.54	(g)		0.01			1.58			57			96
	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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 145

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Year Ended June 30, 2021	$	26.55	$	0.27	$	10.81	$	11.08	$	(0.34	)	$	(0.83	)	$	—		$	(1.17	)
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	)
Class I
Year Ended June 30, 2021		26.85		0.35		10.94		11.29		(0.42	)		(0.83	)		—			(1.25	)
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	)
Class R6
Year Ended June 30, 2021		26.81		0.38		10.93		11.31		(0.45	)		(0.83	)		—			(1.28	)
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	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	36.46		42.55	%	$	180,296		0.60	%		0.85	%		0.84	%		35	%
	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
	36.89		42.92			686,545		0.35			1.09			0.58			35
	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
	36.84		43.09			4,185,201		0.25			1.19			0.33			35
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 147

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
Year Ended June 30, 2021	$	42.76	$	0.42	$	16.81	$	17.23	$	(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	)
Class C
Year Ended June 30, 2021		41.80		0.16		16.43		16.59		(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	)
Class I
Year Ended June 30, 2021		43.11		0.55		16.95		17.50		(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	)
Class R6
September 30, 2020 (f) through June 30, 2021		46.79		0.43		13.40		13.83		(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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)
$	59.20		40.64	%	$	24,169		0.64	%		0.80	%		1.23	%		44	%
	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
	57.87		39.94			3,794		1.13			0.32			1.72			44
	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
	59.71		40.99			62,431		0.39			1.06			0.96			44
	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
	59.69		29.93			25,156		0.34			1.05			0.70			44

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 149

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
Year Ended June 30, 2021	$	45.62	$	0.64	$	19.59		$	20.23		$	(0.60	)	$	(0.64	)	$	(1.24	)
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	)
Class C
Year Ended June 30, 2021		40.63		0.32		17.40			17.72			(0.39	)		(0.64	)		(1.03	)
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	)
Class I
Year Ended June 30, 2021		48.34		0.83		20.76			21.59			(0.74	)		(0.64	)		(1.38	)
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	)
Class R2
Year Ended June 30, 2021		45.72		0.50		19.63			20.13			(0.48	)		(0.64	)		(1.12	)
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	)
Class R3
Year Ended June 30, 2021		48.25		0.68		20.73			21.41			(0.61	)		(0.64	)		(1.25	)
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
Year Ended June 30, 2021		48.31		0.79		20.81			21.60			(0.67	)		(0.64	)		(1.31	)
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
Year Ended June 30, 2021		48.69		0.93		20.93			21.86			(0.82	)		(0.64	)		(1.46	)
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	)
Class R6
Year Ended June 30, 2021		48.70		1.02		20.89			21.91			(0.87	)		(0.64	)		(1.51	)
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	)

(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.

150 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

		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)
$	64.61		44.88	%	$	522,230		0.93	%		1.17	%		1.03	%		14	%
	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
	57.32		44.13			37,539		1.43			0.66			1.51			14
	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
	68.55		45.22			868,339		0.69			1.35			0.75			14
	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
	64.73		44.51			2,005		1.18			0.90			1.25			14
	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
	68.41		44.89			1,402		0.94			1.15			1.01			14
	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
	68.60		45.26			106		0.68			1.46			0.76			14
	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
	69.09		45.47			178		0.54			1.56			0.61			14
	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
	69.10		45.60			275,186		0.44			1.74			0.50			14
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Dollar values in thousands)

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 15 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 Hedged Equity 2 Fund(1)	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity 3 Fund(1)	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	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. Applied Data Science Value Fund(2)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	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(3)	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(4) and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders Fund(5)	Class A, Class C, Class I and Class R6(6)	JPM I	Diversified
JPMorgan U.S. Value Fund(7)	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾ Commenced operations on February 26, 2021.

⁽²⁾  Effective July 1, 2021, JPMorgan Intrepid Value Fund changed its name to JPMorgan U.S. Applied Data Science Value Fund.

⁽³⁾  Effective February 1, 2021, JPMorgan Intrepid Growth Fund changed its name to JPMorgan U.S. GARP Equity Fund.

⁽⁴⁾  On July 6, 2020, Class L Shares were converted into Class I Shares. Additionally, as of July 6, 2020, Class L Shares are no longer offered.

⁽⁵⁾  Effective August 15, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

⁽⁶⁾  Commenced operations on September 30, 2020.

⁽⁷⁾  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”), JPMorgan Hedged Equity 2 Fund (“Hedged Equity 2 Fund”) and JPMorgan Hedged Equity 3 Fund (“Hedged Equity 3 Fund”) is to seek to provide 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. Applied Data Science Value Fund (“U.S. Applied Data Science 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 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.

152 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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.

Class L Shares of U.S. Equity Fund and Class A Shares of 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 the Funds’ prospectus.

All share classes of Hedged Equity Fund are publicly 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.

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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “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.

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 (“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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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”):

Equity Focus Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	132,089	$	—	$	—	$	132,089

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

Equity Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	46,355,736	$	—	$	—	$	46,355,736

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

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	$	741,641	$	—	$	—	$	741,641
Equity-Linked Notes		—		141,896		—		141,896
Short-Term Investments
Investment Companies		43,928		—		—		43,928
Total Investments in Securities	$	785,569	$	141,896	$	—	$	927,465
Appreciation in Other Financial Instruments
Futures Contracts	$	3	$	—	$	—	$	3

154 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,514,775		$	—	$	—	$	18,514,775
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,311		$	—	$	—	$	5,311
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(200,436	)		—		—		(200,436	)
Put Options Written		(66,315	)		—		—		(66,315	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(261,440	)	$	—	$	—	$	(261,440	)

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

Hedged Equity 2 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,448,854		$	—	$	—	$	1,448,854
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	45		$	—	$	—	$	45
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(12,140	)		—		—		(12,140	)
Put Options Written		(640	)		—		—		(640	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(12,735	)	$	—	$	—	$	(12,735	)

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

Hedged Equity 3 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	585,779		$	—	$	—	$	585,779
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	32		$	—	$	—	$	32
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(7,591	)		—		—		(7,591	)
Put Options Written		(969	)		—		—		(969	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(8,528	)	$	—	$	—	$	(8,528	)

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

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)	$	37,825,031	$	—	$	—	$	37,825,031

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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)	$	4,363,329	$	—	$	—	$	4,363,329

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

U.S. Applied Data Science Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	277,055	$	—	$	—	$	277,055
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	107	$	—	$	—	$	107

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

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)	$	19,905,551	$	—	$	—	$	19,905,551
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,940	$	—	$	—	$	1,940

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

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)	$	1,309,699	$	—	$	—	$	1,309,699
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	512	$	—	$	—	$	512

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

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)	$	3,315,329		$	—	$	—	$	3,315,329
Total Liabilities for Securities Sold Short (a)	$	(664,633	)	$	—	$	—	$	(664,633	)

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

156 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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)	$	5,067,469	$	—	$	—	$	5,067,469
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	965	$	—	$	—	$	965

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

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)	$	115,508	$	—	$	—	$	115,508
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	63	$	—	$	—	$	63

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

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)	$	1,705,834	$	—	$	—	$	1,705,834

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

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of June 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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 June 30, 2021.

	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)
Large Cap Growth Fund	$	422,906	$	(422,906	)	$	—
Large Cap Value Fund		30,637		(30,637	)		—
U.S. Equity Fund		30,132		(30,132	)		—
U.S. GARP Equity Fund		2,790		(2,790	)		—

* 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 0.12% to 0.06%. For the year ended June 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Equity Focus Fund	$	—	(a)
Equity Income Fund		—	(a)
Large Cap Growth Fund		47
Large Cap Value Fund		3
U.S. Applied Data Science 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).

Equity Focus Fund, Equity Income Fund, U.S. Applied Data Science Value Fund and U.S. Sustainable Leaders Fund did not have any securities out on loan at June 30, 2021. Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 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 year ended June 30, 2021.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the

158 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Equity Focus Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	3,216	$	36,907	$	36,539	$	(1	)	$	(1	)	$	3,582		3,580	$	4		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		—		1,810		1,810		—			—			—		—		—	*(c)		—
Total	$	3,216	$	38,717	$	38,349	$	(1	)	$	(1	)	$	3,582			$	4		$	—

(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 June 30, 2021.

(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).

Equity Income Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	883,014	$	7,081,611	$	6,855,898	$	238	$	(532	)	$	1,108,433		1,107,879	$	1,170		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		—		11,346		11,346		—		—			—		—		—	*(c)		—
	$	883,014	$	7,092,957	$	6,867,244	$	238	$	(532	)	$	1,108,433			$	1,170		$	—

(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 June 30, 2021.

(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).

Equity Premium Income Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	5,899	$	800,957	$	762,923	$	(5	)	$	—	(c)	$	43,928		43,906	$	10	$	—

(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 June 30, 2021.

(c) Amount rounds to less than one thousand.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Hedged Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	456,381	$	6,474,865	$	6,618,277	$	—	$	—	$	312,969		312,969	$	61	$	—

(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 June 30, 2021.

Hedged Equity 2 Fund
For the period ended June 30, 2021
Security Description	Value at February 26, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)	$	—	$	749,510	$	666,577	$	—	$	—	$	82,933		82,933	$	3	$	—

(a) Commencement of operations was February 26, 2021.

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

(c) The rate shown is the current yield as of June 30, 2021.

Hedged Equity 3 Fund
For the period ended June 30, 2021
Security Description	Value at February 26, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)	$	—	$	270,762	$	253,072	$	—	$	—	$	17,690		17,690	$	1	$	—

(a) Commencement of operations was February 26, 2021.

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

(c) The rate shown is the current yield as of June 30, 2021.

Large Cap Growth Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,084,362	$	14,721,272	$	14,303,977	$	(26	)	$	(398	)	$	1,501,233		1,500,482	$	1,768		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,102,899		3,197,800		3,986,304		(220	)*		(56	)		314,119		314,119		1,287	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		96,805		2,581,274		2,564,404		—			—			113,675		113,675		38	*		—
Total	$	2,284,066	$	20,500,346	$	20,854,685	$	(246	)	$	(454	)	$	1,929,027			$	3,093		$	—

160 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

(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 June 30, 2021.

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

Large Cap Value Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	12,570	$	2,845,097	$	2,800,329	$	(14	)	$	1		$	57,325		57,297	$	54		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		51,705		236,700		280,500		(8	)*		—	(c)		7,897		7,896		41	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,692		140,745		125,975		—			—			23,462		23,462		2	*		—
Total	$	72,967	$	3,222,542	$	3,206,804	$	(22	)	$	1		$	88,684			$	97		$	—

(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 June 30, 2021.

(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).

U.S. Applied Data Science Value Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	4,719	$	73,416	$	68,951	$	(1	)	$	(1	)	$	9,182		9,178	$	8		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		3		5,501		5,503		—	*(c)		(1	)		—		—		2	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		2,452		24,723		27,175		—			—			—		—		1	*		—
Total	$	7,174	$	103,640	$	101,629	$	(1	)	$	(2	)	$	9,182			$	11		$	—

(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 June 30, 2021.

(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).

U.S. Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	41,341	$	5,762,716	$	5,575,130	$	(81	)	$	—	(c)	$	228,846		228,732	$	291		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,074		401,000		375,066		(10	)*		(3	)		26,995		26,995		72	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		12,605		125,583		134,682		—			—			3,506		3,506		3	*		—
Total	$	55,020	$	6,289,299	$	6,084,878	$	(91	)	$	(3	)	$	259,347			$	366		$	—

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

(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 June 30, 2021.

(c) Amount rounds to less than one thousand.

U.S. GARP Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	12,447	$	278,039	$	259,363	$	(6	)	$	(7	)	$	31,110		31,095	$	38		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		—		153,000		151,000		(6	)*		—	(c)		1,994		1,994		26	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,327		145,116		155,528		—			—			915		915		2	*		—
Total	$	23,774	$	576,155	$	565,891	$	(12	)	$	(7	)	$	34,019			$	66		$	—

(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 June 30, 2021.

(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).

U.S. Large Cap Core Plus Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	35,661	$	883,510	$	907,582	$	(5	)	$	(4	)	$	11,580		11,574	$	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) The rate shown is the current yield as of June 30, 2021.

U.S. Research Enhanced Equity Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	110,144	$	1,058,266	$	1,101,481	$	(14	)	$	(1	)	$	66,914		66,881	$	66	$	—

(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 June 30, 2021.

162 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

U.S. Sustainable Leaders Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,605	$	59,100	$	56,125	$	(1	)	$	1	$	4,580		4,577	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		326		2,242		2,568		—			—		—		—		—	*(c)		—
Total	$	1,931	$	61,342	$	58,693	$	(1	)	$	1	$	4,580			$	3		$	—

(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 June 30, 2021.

(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).

U.S. Value Fund
For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	25,234	$	751,274	$	738,469	$	7	$	(18	)	$	38,028		38,009	$	39		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		236		236		—		—			—		—		—	*(c)		—
Total	$	25,234	$	751,510	$	738,705	$	7	$	(18	)	$	38,028			$	39		$	—

(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 June 30, 2021.

(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).

E. Options — Hedged Equity Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge equity risks within their portfolios 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 Funds 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 Funds will lose the entire premium they 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 Funds 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 Funds record 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 Funds 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds 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 Funds are 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.

The Funds’ 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).

F. Futures Contracts — Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science 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).

G. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ options and futures contracts activity during the year ended June 30, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

	Equity Premium Income Fund			Hedged Equity Fund		Hedged Equity 2 Fund			Hedged Equity 3 Fund			U.S. Applied Data Science 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	$	5,129	(a)	$	240,641	$	12,681	(b)	$	1,417	(b)	$	5,378	$	166,556	$	20,156	$	737	$	45,618	$	1,633
Ending Notional Balance Long		1,501			362,593		27,446			2,788			7,719		115,361		31,735		—		45,673		4,583
Exchange-Traded Options:
Average Number of Contracts Purchased		—			38,531		1,809	(b)		730	(b)		—		—		—		—		—		—
Average Number of Contracts Written		—			77,062		3,618	(b)		1,460	(b)		—		—		—		—		—		—
Ending Number of Contracts Purchased		—			42,646		3,233			1,318			—		—		—		—		—		—
Ending Number of Contracts Written		—			85,292		6,466			2,636			—		—		—		—		—		—

164 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

(a) For the period February 1, 2021 through June 30, 2021.

(b) For the period March 1, 2021 through June 30, 2021.

The Funds’ derivatives contracts held at June 30, 2021 are not accounted for as hedging instruments under GAAP.

H. Equity-Linked Notes — 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 June 30, 2021, Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

I. Short Sales — 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 SOI. 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 as Interest expense to non-affiliates on securities sold short 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 June 30, 2021, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

J. Offering and Organization Costs — Total offering costs of $104 and $104, respectively, incurred in connection with the offering of shares of Hedged Equity 2 Fund and Hedged Equity 3 Fund are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of the Funds, if any, are recorded as an expense at the time the Funds commenced operations. For the year ended June 30, 2021, total offering costs amortized were $34 and $34, respectively.

K. 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.

L. 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.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2021 are as follows:

	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		$	1		$	2		n/a			n/a			n/a			n/a			n/a		$	—	(a)	$	4
Equity Income Fund
Transfer agency fees		435			68			366		n/a		$	12		$	7		$	4		$	31			254			1,177
Equity Premium Income Fund
Transfer agency fees		—	(a)		—	(a)		9		n/a			n/a			n/a			n/a			—	(a)		1			10
Hedged Equity Fund
Transfer agency fees		49			10			126		n/a			n/a			n/a			n/a			1			28			214
Hedged Equity 2 Fund
Transfer agency fees		—	(a)		—	(a)		1		n/a			n/a			n/a			n/a			—	(a)		—	(a)		1
Hedged Equity 3 Fund
Transfer agency fees		—	(a)		1			1		n/a			n/a			n/a			n/a			—	(a)		—	(a)		2
Large Cap Growth Fund
Transfer agency fees		403			27			126		n/a			9			3			3			14			155			740
Large Cap Value Fund
Transfer agency fees		62			2			90		n/a			4			—	(a)		—	(a)		3			18			179
U.S. Applied Data Science Value Fund
Transfer agency fees		1			2			3		n/a			3			n/a			n/a			—	(a)		2			11
U.S. Equity Fund
Transfer agency fees		95			12			33	$	87			6			4			—	(a)		10			98			345
U.S. GARP Equity Fund
Transfer agency fees		9			2			5		n/a			29			n/a			n/a			2			6			53
U.S. Large Cap Core Plus Fund
Transfer agency fees		34			4			51		n/a			1			n/a			n/a			—	(a)		5			95
U.S. Research Enhanced Equity Fund
Transfer agency fees		16			n/a			13		—	(a)		n/a			n/a			n/a			n/a			35			64
U.S. Sustainable Leaders Fund
Transfer agency fees		3			—	(a)		2		n/a			n/a			n/a			n/a			n/a			—	(a)		5
U.S. Value Fund
Transfer agency fees		149			2			12		n/a			—	(a)		—	(a)		—	(a)		—	(a)		3			166

(a) Amount rounds to less than one thousand.

M. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2021, 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.

N. 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 at least annually, and Equity Income Fund and Equity Premium Income Fund, for which distributions are generally declared daily and paid at least 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.

166 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Equity Focus Fund	$	35		$	(49	)	$	14
Equity Income Fund		(5,136	)		(1,553	)		6,689
Equity Premium Income Fund		(74	)		(75	)		149
Hedged Equity Fund		—			(4,017	)		4,017
Hedged Equity 2 Fund		(38	)		38			—
Hedged Equity 3 Fund		(5	)		5			—
Large Cap Growth Fund		495,481			19,600			(515,081	)
Large Cap Value Fund		—			(216	)		216
U.S. Applied Data Science Value Fund		2,738			(317	)		(2,421	)
U.S. Equity Fund		197,537			(2,245	)		(195,292	)
U.S. GARP Equity Fund		1,012			(10	)		(1,002	)
U.S. Large Cap Core Plus Fund		309,335			1,704			(311,039	)
U.S. Research Enhanced Equity Fund		—			(1,904	)		1,904
U.S. Sustainable Leaders Fund		—			(2	)		2
U.S. Value Fund		(130	)		(214	)		344

The reclassifications for the Funds relate primarily to non-taxable dividends, redemptions in-kind and tax equalization.

O. 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
Hedged Equity 2 Fund	0.25
Hedged Equity 3 Fund	0.25
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Applied Data Science Value Fund	0.30
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 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 year ended June 30, 2021, the effective rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Growth Fund, Large Cap Value Fund,

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

U.S. Applied Data Science 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%, 0.04%, 0.07%, 0.07%, 0.075%, 0.075%, 0.05%, 0.07%, 0.07%, 0.06%, 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
Hedged Equity 2 Fund		0.25			0.75			n/a			n/a
Hedged Equity 3 Fund		0.25			0.75			n/a			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. Applied Data Science Value Fund		0.25			0.75			0.50			n/a
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 year ended June 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Equity Focus Fund	$	2	$	1
Equity Income Fund		622		4
Equity Premium Income Fund		115		—
Hedged Equity Fund		263		1
Hedged Equity 2 Fund		46		—
Hedged Equity 3 Fund		18		—
Large Cap Growth Fund		887		1
Large Cap Value Fund		29		—
U.S. Applied Data Science Value Fund		3		—
U.S. Equity Fund		210		—	(a)
U.S. GARP Equity Fund		7		—	(a)
U.S. Large Cap Core Plus Fund		21		—	(a)
U.S. Research Enhanced Equity Fund		1		—
U.S. Sustainable Leaders Fund		8		—
U.S. Value Fund		22		—	(a)

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except

168 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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
Hedged Equity 2 Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity 3 Fund		0.25			0.25			0.25			n/a			n/a			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. Applied Data Science Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			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
Hedged Equity 2 Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Hedged Equity 3 Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
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. Applied Data Science Value Fund		0.83	(1)		1.33	(1)		0.59	(1)		n/a			1.09			n/a			n/a			0.44			0.34
U.S. Equity Fund		0.94			1.44			0.69			n/a	(2)		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 July 1, 2021, the contractual expense limitations changed to 0.73%, 1.23% and 0.49% for Class A, Class C and Class I Shares, respectively, and the contractual expense limitations for all classes of the Fund were extended until at least June 30, 2023.

⁽²⁾  Effective November 1, 2020, the contractual expense limitation expired. Prior to November 1, 2020, the contractual expense limitation was 0.61%.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021.

For the year ended June 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. 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	$	87	$	55	$	3	$	145	$	—
Equity Income Fund		28		—		—		28		—
Equity Premium Income Fund		181		120		9		310		1
Hedged Equity Fund		—		—		3		3		��
Hedged Equity 2 Fund		105		57		1		163		48
Hedged Equity 3 Fund		91		41		1		133		52
Large Cap Growth Fund		13,309		8,859		437		22,605		9
Large Cap Value Fund		711		474		177		1,362		16
U.S. Applied Data Science Value Fund		225		150		15		390		1
U.S. Equity Fund		3,640		2,421		157		6,218		89
U.S. GARP Equity Fund		440		294		43		777		—
U.S. Large Cap Core Plus Fund		665		443		2,400		3,508		4
U.S. Research Enhanced Equity Fund		2,516		1,676		1,266		5,458		—	(a)
U.S. Sustainable Leaders Fund		212		56		133		401		4
U.S. Value Fund		420		280		159		859		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 year ended June 30, 2021 were as follows:

Equity Focus Fund	$	4
Equity Income Fund		1,032
Equity Premium Income Fund		10
Hedged Equity Fund		362
Hedged Equity 2 Fund		3
Hedged Equity 3 Fund		1
Large Cap Growth Fund		1,376
Large Cap Value Fund		44
U.S. Applied Data Science Value Fund		6
U.S. Equity Fund		234
U.S. GARP Equity Fund		31
U.S. Large Cap Core Plus Fund		32
U.S. Research Enhanced Equity Fund		65
U.S. Sustainable Leaders Fund		3
U.S. Value Fund		32

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 year ended June 30, 2021, 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.

170 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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 year ended June 30, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	66,707	$	60,241	$	—	$	—
Equity Income Fund		10,618,660		5,698,557		—		—
Equity Premium Income Fund		1,451,478		806,058		—		—
Hedged Equity Fund		10,328,405		5,566,162		—		—
Hedged Equity 2 Fund		1,347,967		37,676		—		—
Hedged Equity 3 Fund		555,540		16,766		—		—
Large Cap Growth Fund		21,085,125		17,536,359		—		—
Large Cap Value Fund		4,134,889		1,861,283		—		—
U.S. Applied Data Science Value Fund		178,122		251,858		—		—
U.S. Equity Fund		10,580,066		11,876,673		—		—
U.S. GARP Equity Fund		784,347		1,009,139		—		—
U.S. Large Cap Core Plus Fund		2,084,301		3,566,133		900,847		1,424,813
U.S. Research Enhanced Equity Fund		1,700,221		2,701,974		—		—
U.S. Sustainable Leaders Fund		79,521		31,353		—		—
U.S. Value Fund		851,132		158,918		—		—

During the year ended June 30, 2021, 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 June 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	86,383	$	46,511	$	805	$	45,706
Equity Income Fund		31,798,573		14,619,610		62,447		14,557,163
Equity Premium Income Fund		860,594		69,928		3,054		66,874
Hedged Equity Fund		12,739,132		5,530,022		15,819		5,514,203
Hedged Equity 2 Fund		1,384,217		76,205		24,303		51,902
Hedged Equity 3 Fund		552,612		31,579		6,940		24,639
Large Cap Growth Fund		23,431,804		14,521,976		128,749		14,393,227
Large Cap Value Fund		3,848,135		537,337		22,143		515,194
U.S. Applied Data Science Value Fund		208,145		69,600		583		69,017
U.S. Equity Fund		11,649,282		8,294,130		35,921		8,258,209
U.S. GARP Equity Fund		749,270		565,544		4,603		560,941
U.S. Large Cap Core Plus Fund		1,155,422		1,569,941		74,667		1,495,274
U.S. Research Enhanced Equity Fund		2,625,984		2,444,918		2,468		2,442,450
U.S. Sustainable Leaders Fund		89,169		26,447		45		26,402
U.S. Value Fund		1,191,076		517,510		2,752		514,758

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark to market of options contracts and non-taxable dividends.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 171

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	3,392	$	8,409	$	11,801
Equity Income Fund		662,251		1,579		663,830
Equity Premium Income Fund		34,916		—		34,916
Hedged Equity Fund		139,976		—		139,976
Hedged Equity 2 Fund		1,117		—		1,117
Hedged Equity 3 Fund		437		—		437
Large Cap Growth Fund		178,186		1,429,918		1,608,104
Large Cap Value Fund		18,876		—		18,876
U.S. Applied Data Science Value Fund		6,606		2,039		8,645
U.S. Equity Fund		297,885		870,370		1,168,255
U.S. GARP Equity Fund		27,898		89,898		117,796
U.S. Large Cap Core Plus Fund		96,118		663,685		759,803
U.S. Research Enhanced Equity Fund		67,147		125,234		192,381
U.S. Sustainable Leaders Fund		544		679		1,223
U.S. Value Fund		14,336		11,801		26,137

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

The tax character of distributions paid during the year ended June 30, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	1,840	$	14,655	$	16,495
Equity Income Fund		604,025		309,226		913,251
Equity Premium Income Fund		13,523		—		13,523
Hedged Equity Fund		76,075		—		76,075
Large Cap Growth Fund		25,755		2,006,004		2,031,759
Large Cap Value Fund		23,336		—		23,336
U.S. Applied Data Science Value Fund		13,455		63,224		76,679
U.S. Equity Fund		156,829		1,311,869		1,468,698
U.S. GARP Equity Fund		10,945		125,600		136,545
U.S. Large Cap Core Plus Fund		20,011		1,154,945		1,174,956
U.S. Research Enhanced Equity Fund		70,897		483,702		554,599
U.S. Sustainable Leaders Fund		692		1,817		2,509
U.S. Value Fund		12,810		13,478		26,288

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

As of June 30, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	2,820	$	10,037		$	45,706
Equity Income Fund		—		109,367			14,557,163
Equity Premium Income Fund		258		(33,857	)		66,874
Hedged Equity Fund		7,432		(530,655	)		5,514,203
Hedged Equity 2 Fund		545		(19,927	)		51,902
Hedged Equity 3 Fund		211		(11,805	)		24,639
Large Cap Growth Fund		170,774		4,629,307			14,393,227
Large Cap Value Fund		79,543		85,941			515,194

172 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
U.S. Applied Data Science Value Fund	$	15,387	$	9,571	$	69,017
U.S. Equity Fund		564,794		792,879		8,258,209
U.S. GARP Equity Fund		65,654		86,091		560,941
U.S. Large Cap Core Plus Fund		26,321		428,338		1,495,274
U.S. Research Enhanced Equity Fund		120,335		375,010		2,442,450
U.S. Sustainable Leaders Fund		1,964		2,519		26,402
U.S. Value Fund		12,957		22,557		514,758

The cumulative timing differences primarily consist of mark to market of options contracts, post-October capital loss deferrals, non-taxable dividends and wash sale loss deferrals.

At June 30, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Equity Premium Income Fund	$	33,857	*	$	—
Hedged Equity Fund		239,515			291,140
Hedged Equity 2 Fund		7,867	*		12,060	*
Hedged Equity 3 Fund		4,547			7,258

* Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2021, the following Funds deferred to July 1, 2021 the following net capital losses of:

	Net Capital Losses (Gains)				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term
Hedged Equity Fund	$	582,316	$	1,228,621	$	—
Large Cap Growth Fund		—		—		22,352
U.S. Large Cap Core Plus Fund		—		—		2,396

During the year ended June 30, 2021, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Large Cap Value Fund		24,093		—

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 year ended June 30, 2021.

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 year ended June 30, 2021.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 173

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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. Hedged Equity 2 Fund and Hedged Equity 3 Fund were not part of the Credit Facility as of June 30, 2021. Both Funds were added to the Credit Facility effective August 10, 2021.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25% (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended June 30, 2021.

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 June 30, 2021, 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		64.6	%		1		20.2	%
Equity Income Fund		1		10.8			2		29.1
Equity Premium Income Fund		1		37.2			1		10.8
Hedged Equity Fund		—		—			2		36.2
Hedged Equity 2 Fund		1		21.8			3		42.1
Hedged Equity 3 Fund		—		—			4		67.5
Large Cap Growth Fund		—		—			2		28.8
U.S. Applied Data Science Value Fund		—		—			2		23.6
U.S. Equity Fund		—		—			1		13.4
U.S. GARP Equity Fund		2		31.9			—		—
U.S. Large Cap Core Plus Fund		1		27.3			1		15.0
U.S. Research Enhanced Equity Fund		—		—			1		16.5
U.S. Sustainable Leaders Fund		—		—			3		51.6
U.S. Value Fund		—		—			2		44.2

As of June 30, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each 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		21.2	%		26.6	%
U.S. Equity Fund		n/a			20.7
U.S. GARP Equity Fund		50.4			n/a
U.S. Research Enhanced Equity Fund		19.3			30.3

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

174 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments 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.

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:

	Value			Realized Gains (Losses)		Type
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

* This amount includes cash of $17,300 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:

	Value			Realized Gains (Losses)			Type
U.S. Value Fund	$	126,007	*	$	(126	)		Redemption in-kind

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

On January 8, 2021, certain shareholders sold Class I Shares of U.S. Large Cap Core Plus 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:

	Value			Realized Gains (Losses)		Type
U.S. Large Cap Core Plus Fund	$	487,288	*	$	198,139		Redemption in-kind

* This amount includes cash of $6,300 associated with the redemption in-kind.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 175

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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:

	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. Cash and portfolio securities were transferred as detailed below:

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

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

10. Subsequent Event

On August 11, 2021, the Board of Trustees of JPM II approved, effective as of the close of business on September 30, 2021, offering the Equity Income Fund to the public 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.

176 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Focus Fund, JPMorgan Hedged Equity Fund, JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid 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) and JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund) (nine of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund and JPMorgan Hedged Equity 3 Fund (three of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations, the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund and statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations, its cash flows for JPMorgan U.S. Large Cap Core Plus Fund and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Equity Focus Fund (2)

JPMorgan Equity Income Fund (2)

JPMorgan Equity Premium Income Fund (2)

JPMorgan Hedged Equity Fund (2)

JPMorgan Hedged Equity 2 Fund (1)

JPMorgan Hedged Equity 3 Fund (1)

JPMorgan Large Cap Growth Fund (2)

JPMorgan Large Cap Value Fund (2)

JPMorgan U.S. Applied Data Science Value Fund (2)

JPMorgan U.S. Equity Fund (2)

JPMorgan U.S. GARP Equity Fund (2)

JPMorgan U.S. Large Cap Core Plus Fund (3)

JPMorgan U.S. Research Enhanced Equity Fund (2)

JPMorgan U.S. Sustainable Leaders Fund (2)

JPMorgan U.S. Value Fund (2)

(1) Statement of operations and statement of changes in net assets for the period February 26, 2021 (commencement of operations) through June 30, 2021

(2) Statement of operations for the year ended June 30, 2021 and statement of changes in net assets for the years ended June 30, 2021 and 2020

(3) Statement of operations and statement of cash flows for the year ended June 30, 2021 and statement of changes in net assets for the years ended June 30, 2021 and 2020

Basis for Opinions

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 177

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(continued)

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2021

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

178 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. (3)	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 179

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	127	None
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

180 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

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

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (127 funds).

⁽³⁾  Mr. Harrington retired from the Board of Trustees effective July 31, 2021.

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

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

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

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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 181

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

182 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2021, and continued to hold your shares at the end of the reporting period, June 30, 2021.

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 January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual*	$	1,000.00	$	1,156.10	$	5.88		1.10	%
Hypothetical*		1,000.00		1,019.34		5.51		1.10
Class C
Actual*		1,000.00		1,153.00		8.54		1.60
Hypothetical*		1,000.00		1,016.86		8.00		1.60
Class I
Actual*		1,000.00		1,157.50		4.55		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class R6
Actual*		1,000.00		1,158.80		3.21		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
JPMorgan Equity Income Fund
Class A
Actual*		1,000.00		1,161.10		5.14		0.96
Hypothetical*		1,000.00		1,020.03		4.81		0.96
Class C
Actual*		1,000.00		1,158.80		7.76		1.45
Hypothetical*		1,000.00		1,017.60		7.25		1.45
Class I
Actual*		1,000.00		1,162.60		3.75		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class R2
Actual*		1,000.00		1,159.30		6.48		1.21
Hypothetical*		1,000.00		1,018.79		6.06		1.21

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 183

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R3
Actual*	$	1,000.00	$	1,161.30	$	5.09		0.95	%
Hypothetical*		1,000.00		1,020.08		4.76		0.95
Class R4
Actual*		1,000.00		1,162.70		3.75		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class R5
Actual*		1,000.00		1,163.30		2.95		0.55
Hypothetical*		1,000.00		1,022.07		2.76		0.55
Class R6
Actual*		1,000.00		1,164.00		2.41		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
JPMorgan Equity Premium Income Fund
Class A
Actual*		1,000.00		1,114.10		4.40		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class C
Actual*		1,000.00		1,111.40		7.02		1.34
Hypothetical*		1,000.00		1,018.15		6.71		1.34
Class I
Actual*		1,000.00		1,115.40		3.15		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R5
Actual*		1,000.00		1,117.00		2.36		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual*		1,000.00		1,116.80		1.84		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
JPMorgan Hedged Equity Fund
Class A
Actual*		1,000.00		1,088.40		4.30		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83
Class C
Actual*		1,000.00		1,085.20		6.88		1.33
Hypothetical*		1,000.00		1,018.20		6.66		1.33
Class I
Actual*		1,000.00		1,089.70		3.01		0.58
Hypothetical*		1,000.00		1,021.92		2.91		0.58
Class R5
Actual*		1,000.00		1,090.30		2.23		0.43
Hypothetical*		1,000.00		1,022.66		2.16		0.43
Class R6
Actual*		1,000.00		1,090.80		1.71		0.33
Hypothetical*		1,000.00		1,023.16		1.66		0.33
JPMorgan Hedged Equity 2 Fund
Class A
Actual**		1,000.00		1,065.40		2.93		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class C
Actual**		1,000.00		1,063.60		4.66		1.35
Hypothetical*		1,000.00		1,018.10		6.76		1.35

184 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Hedged Equity 2 Fund (continued)
Class I
Actual**	$	1,000.00	$	1,066.30	$	2.07		0.60	%
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R5
Actual**		1,000.00		1,066.60		1.55		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual**		1,000.00		1,067.50		1.21		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
JPMorgan Hedged Equity 3 Fund
Class A
Actual**		1,000.00		1,065.00		2.93		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class C
Actual**		1,000.00		1,063.70		4.66		1.35
Hypothetical*		1,000.00		1,018.10		6.76		1.35
Class I
Actual**		1,000.00		1,066.40		2.07		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R5
Actual**		1,000.00		1,066.40		1.55		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual**		1,000.00		1,066.80		1.21		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
JPMorgan Large Cap Growth Fund
Class A
Actual*		1,000.00		1,089.00		4.87		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class C
Actual*		1,000.00		1,086.50		7.45		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,090.60		3.58		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R2
Actual*		1,000.00		1,087.70		6.16		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,089.10		4.87		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,090.40		3.58		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,091.20		2.80		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,091.80		2.28		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 185

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Large Cap Value Fund
Class A
Actual*	$	1,000.00	$	1,211.70	$	5.10		0.93	%
Hypothetical*		1,000.00		1,020.18		4.66		0.93
Class C
Actual*		1,000.00		1,209.00		7.89		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,213.80		3.79		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R2
Actual*		1,000.00		1,210.50		6.52		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,212.10		5.16		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,213.00		3.79		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,214.40		2.96		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,215.30		2.42		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
JPMorgan U.S. Applied Data Science Value Fund (formerly JPMorgan Intrepid Value Fund)
Class A
Actual*		1,000.00		1,209.90		4.55		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83
Class C
Actual*		1,000.00		1,206.80		7.28		1.33
Hypothetical*		1,000.00		1,018.20		6.66		1.33
Class I
Actual*		1,000.00		1,211.30		3.23		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class R2
Actual*		1,000.00		1,208.30		5.97		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class R5
Actual*		1,000.00		1,212.20		2.41		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class R6
Actual*		1,000.00		1,212.80		1.87		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan U.S. Equity Fund
Class A
Actual*		1,000.00		1,135.70		4.98		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class C
Actual*		1,000.00		1,132.90		7.62		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,137.10		3.66		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69

186 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Equity Fund (continued)
Class L
Actual*	$	1,000.00	$	1,138.10	$	2.86		0.54	%
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R2
Actual*		1,000.00		1,134.30		6.30		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,135.70		4.98		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,136.90		3.66		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,138.10		2.86		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,138.30		2.33		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Actual*		1,000.00		1,156.50		4.49		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class C
Actual*		1,000.00		1,153.70		7.16		1.34
Hypothetical*		1,000.00		1,018.15		6.71		1.34
Class I
Actual*		1,000.00		1,157.90		3.16		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class R2
Actual*		1,000.00		1,155.00		5.82		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class R5
Actual*		1,000.00		1,158.70		2.36		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class R6
Actual*		1,000.00		1,159.30		1.82		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual*		1,000.00		1,145.10		10.06		1.89
Hypothetical*		1,000.00		1,015.41		9.46		1.89
Class C
Actual*		1,000.00		1,142.20		12.71		2.39
Hypothetical*		1,000.00		1,012.93		11.94		2.39
Class I
Actual*		1,000.00		1,146.60		8.69		1.63
Hypothetical*		1,000.00		1,016.70		8.16		1.63
Class R2
Actual*		1,000.00		1,143.40		11.92		2.24
Hypothetical*		1,000.00		1,013.68		11.19		2.24
Class R5
Actual*		1,000.00		1,147.00		8.48		1.59
Hypothetical*		1,000.00		1,016.90		7.96		1.59
Class R6
Actual*		1,000.00		1,147.60		7.95		1.49
Hypothetical*		1,000.00		1,017.39		7.46		1.49

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 187

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual*	$	1,000.00	$	1,162.40	$	3.22		0.60	%
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class I
Actual*		1,000.00		1,164.20		1.88		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R6
Actual*		1,000.00		1,164.70		1.34		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual*		1,000.00		1,166.70		3.44		0.64
Hypothetical*		1,000.00		1,021.62		3.21		0.64
Class C
Actual*		1,000.00		1,163.70		6.12		1.14
Hypothetical*		1,000.00		1,019.14		5.71		1.14
Class I
Actual*		1,000.00		1,168.30		2.10		0.39
Hypothetical*		1,000.00		1,022.86		1.96		0.39
Class R6
Actual*		1,000.00		1,168.30		1.83		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Actual*		1,000.00		1,187.50		5.10		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class C
Actual*		1,000.00		1,184.50		7.80		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class I
Actual*		1,000.00		1,188.80		3.74		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R2
Actual*		1,000.00		1,186.00		6.45		1.19
Hypothetical*		1,000.00		1,018.89		5.96		1.19
Class R3
Actual*		1,000.00		1,187.60		5.10		0.94
Hypothetical*		1,000.00		1,020.13		4.71		0.94
Class R4
Actual*		1,000.00		1,188.90		3.74		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
Class R5
Actual*		1,000.00		1,189.90		2.93		0.54
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class R6
Actual*		1,000.00		1,190.40		2.39		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44

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

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 122/365 (to reflect the actual period). Commencement of operations was February 26, 2021.

188 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

JPMorgan Hedged Equity 2 Fund and JPMorgan Hedged Equity 3 Fund

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 November 2020 meeting, the Trustees, including a majority of the Trustees who are not parties to the initial advisory agreements or “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreements or any of their affiliates (“Independent Trustees”), approved the initial advisory agreements (each a “New Advisory Agreement” and collectively, the “New Advisory Agreements”) for the Funds. 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 Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreements, the Trustees reviewed the New Advisory Agreements 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 Agreements. The Trustees also discussed the proposed New Advisory Agreements 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 each New Advisory Agreement is provided below.

The Trustees considered information provided with respect to the Funds, 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 Agreements. 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 each Fund under the applicable New Advisory Agreement was fair and reasonable under the circumstances and determined that the initial approval of each New Advisory Agreement was in the best interests of each Fund and its potential shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the New Advisory Agreements, the Trustees considered the materials furnished specifically in connection with the approval of each 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 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. The Trustees also considered the investment strategy and investment process for each 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 Funds during the COVID-19 pandemic, and the Adviser’s ability to continuing to provide services to each Fund and its shareholders throughout this period. In addition, the Trustees considered information about the structure and distribution strategy of each 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 Funds 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 Funds 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 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

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 189

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(continued)

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 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 Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented contractual expense limitations and fee waivers (“Fee Caps”) which allow the relevant Fund’s shareholders to share potential economies of scale from its inception, prior to reaching scale, and that the proposed fees are 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 each 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 each Fund, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at a competitive level, was reasonable. The Trustees concluded that the relevant 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 each Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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 considered each 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 teach 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 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 projected expenses and the expense ratios for each Fund. The Trustees considered the projected Fee Caps proposed for each Fund, and the net advisory fee rate and net expense ratio for each share class, as applicable, 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 Funds’ 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.

190 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation,

including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this

assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (4) whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (6) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

JUNE 30, 2021 J.P. MORGAN LARGE CAP FUNDS 191

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2021:

	Dividends Received Deduction
JPMorgan Equity Focus Fund		33.04	%
JPMorgan Equity Income Fund		100.00
JPMorgan Equity Premium Income Fund		12.80
JPMorgan Hedged Equity Fund		100.00
JPMorgan Hedged Equity 2 Fund		100.00
JPMorgan Hedged Equity 3 Fund		100.00
JPMorgan Large Cap Growth Fund		76.91
JPMorgan Large Cap Value Fund		100.00
JPMorgan U.S. Applied Data Science Value Fund		76.91
JPMorgan U.S. Equity Fund		77.08
JPMorgan U.S. GARP Equity Fund		32.91
JPMorgan U.S. Large Cap Core Plus Fund		39.28
JPMorgan U.S. Research Enhanced Equity Fund		96.49
JPMorgan U.S. Sustainable Leaders Fund		100.00
JPMorgan U.S. Value Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Equity Focus Fund	$	8,423
JPMorgan Equity Income Fund		1,579
JPMorgan Large Cap Growth Fund		1,908,836
JPMorgan U.S. Applied Data Science Value Fund		3,057
JPMorgan U.S. Equity Fund		985,965
JPMorgan U.S. GARP Equity Fund		90,539
JPMorgan U.S. Large Cap Core Plus Fund		776,825
JPMorgan U.S. Research Enhanced Equity Fund		125,234
JPMorgan U.S. Sustainable Leaders Fund		679
JPMorgan U.S. Value Fund		11,801

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2021:

	Qualified Dividend Income
JPMorgan Equity Focus Fund	$	1,102
JPMorgan Equity Income Fund		662,251
JPMorgan Equity Premium Income Fund		4,607
JPMorgan Hedged Equity Fund		139,976
JPMorgan Hedged Equity 2 Fund		1,117
JPMorgan Hedged Equity 3 Fund		437
JPMorgan Large Cap Growth Fund		138,307
JPMorgan Large Cap Value Fund		18,876
JPMorgan U.S. Applied Data Science Value Fund		5,192
JPMorgan U.S. Equity Fund		234,262
JPMorgan U.S. GARP Equity Fund		9,509
JPMorgan U.S. Large Cap Core Plus Fund		41,364
JPMorgan U.S. Research Enhanced Equity Fund		67,146
JPMorgan U.S. Sustainable Leaders Fund		544
JPMorgan U.S. Value Fund		14,336

192 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2021

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC 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., 2021. All rights reserved. June 2021. AN-LCE-621

Annual Report

J.P. Morgan Funds

June 30, 2021

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	26
Financial Highlights	32
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	49
Trustees	50
Officers	53
Schedule of Shareholder Expenses	54
Liquidity Risk Management Program	56
Tax Letter	57
Privacy Policy — Located at the back of this Annual Report

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

August 4, 2021 (Unaudited)

Dear Shareholders,

The rally in equity markets that began in the second half of last year accelerated in 2021 on the back of mass vaccinations against COVID-19, federal relief and recovery efforts and a surge in both corporate profits and consumer spending. As a result, we find ourselves in a different environment than we inhabited a year ago.

  “Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management.” — Andrea L. Lisher

U.S. equity markets turned in a particularly remarkable performance over the twelve months ended June 30, 2021. The S&P 500 posted a total return of 40.79%; the Russell 1000 returned 43.07%; the Russell Mid Cap Index returned 49.80% and the Russell Small Cap Index returned 62.03%. The lesson for investors, we believe, is clear: Those who were consistently and fully invested in the second half of 2020 through the first half of 2021 stood to benefit greatly from the superlative performance in global equity markets.

The rollout of mass vaccinations and the partial reopening of economies at all scales have fueled job growth, consumer spending and rising corporate profits. However, the pandemic

remains a global threat and the Delta variant of COVID-19 has driven a resurgence in infections across the U.S. and elsewhere. At the same time, a rush of economic activity has driven prices higher for a range of products and commodities and raised investor concerns about the timing of any potential response to rising inflation by the U.S. Federal Reserve. While the central bank has acknowledged stronger-than-expected inflationary data, it has also maintained its stance that upward pressure on consumer prices is likely to be a temporary effect of the economic recovery.

Amid opportunities and challenges both new and old, J.P. Morgan Asset Management will seek to continue to provide investors with innovative strategies and solutions to build durable portfolios that are bolstered by our extensive experience in risk management. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

JUNE 30, 2021 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

Overall, U.S. and emerging markets equity led a remarkable global rally in stocks on the back of massive central bank interventions, unprecedented fiscal spending and the rollout of multiple vaccines against COVID-19 and its variants. The initial reopening of the U.S. economy in 2021 fueled a surge in corporate profits, consumer spending and business investment.

Throughout the twelve month period, fixed income investments generally underperformed equity. Within fixed income, high yield debt (also known as “junk bonds”) and emerging markets debt outperformed U.S. Treasury bonds and investment grade corporate bonds.

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. 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 the pandemic 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. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on select equity markets in June.

2 J.P. MORGAN FUNDS JUNE 30, 2021

JPMorgan SmartSpending^SM 2015 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	15.28%
Bloomberg Barclays U.S. Aggregate Index	(0.33)%
MSCI World Index (net of foreign withholding taxes)	39.04%
SmartSpending Composite Benchmark	14.24%
Net Assets as of 6/30/2021 (In Thousands)	$30,935

INVESTMENT OBJECTIVE**

The JPMorgan SmartSpending^SM 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 twelve months ended June 30, 2021. The Fund also outperformed the 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 Fund’s 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 AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		39.3	%
Exchange-Traded Funds		28.6
U.S. Treasury Obligations		8.5
Corporate Bonds		7.8
Mortgage-Backed Securities		5.8
Asset-Backed Securities		3.0
Others (each less than 1.0%)		1.3
Short-Term Investments		5.7

* 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.

JUNE 30, 2021 J.P. MORGAN FUNDS 3

JPMorgan SmartSpending^SM 2015 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 30, 2016
With Sales Charge*			9.82	%		4.83	%
Without Sales Charge			14.97			5.92
CLASS I SHARES	December 30, 2016		15.28			6.18
CLASS R2 SHARES	December 30, 2016		14.67			5.52
CLASS R3 SHARES	December 30, 2016		14.98			5.79
CLASS R4 SHARES	December 30, 2016		15.22			6.06
CLASS R5 SHARES	December 30, 2016		15.37			6.21
CLASS R6 SHARES	December 30, 2016		15.47			6.32

* Sales Charge for Class A Shares is 4.50%.

LIFE OF FUND PERFORMANCE (12/30/16 to 6/30/21)

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 June 30, 2021. 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 MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index and the SmartSpending Composite Benchmark 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 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 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 JUNE 30, 2021

JPMorgan SmartSpending^SM 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		14.42%
Bloomberg Barclays U.S. Aggregate Index		(0.33)%
MSCI World Index (net of foreign withholding taxes)		39.04%
SmartSpending Composite Benchmark		14.24%
Net Assets as of 6/30/2021 (In Thousands)	$	28,158

INVESTMENT OBJECTIVE**

The JPMorgan SmartSpending^SM 2020 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 twelve months ended June 30, 2021. The Fund outperformed the 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 Fund’s overweight positions in high yield debt (also known as “junk bonds”) helped as they outperformed the core fixed income component of the benchmark. Additionally, active management beyond the strategic allocation added value.

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 AS OF JUNE 30, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		40.9	%
Exchange-Traded Funds		28.6
Corporate Bonds		8.2
U.S. Treasury Obligations		7.9
Mortgage-Backed Securities		5.9
Asset-Backed Securities		2.7
Others (each less than 1.0%)		0.9
Short-Term Investments		4.9

* 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.

JUNE 30, 2021 J.P. MORGAN FUNDS 5

JPMorgan SmartSpending^SM 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2021
	INCEPTION DATE OF CLASS	1 YEAR
CLASS A SHARES	July 1, 2020
With Sales Charge*			8.99	%
Without Sales Charge			14.15
CLASS I SHARES	July 1, 2020		14.42
CLASS R2 SHARES	July 1, 2020		13.89
CLASS R3 SHARES	July 1, 2020		14.15
CLASS R4 SHARES	July 1, 2020		14.42
CLASS R5 SHARES	July 1, 2020		14.57
CLASS R6 SHARES	July 1, 2020		14.69

* Sales Charge for Class A Shares is 4.50%.

LIFE OF FUND PERFORMANCE (7/1/20 to 6/30/21)

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 June 30, 2021. 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 MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index and the SmartSpending Composite Benchmark 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 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 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 JUNE 30, 2021

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 39.8%
Fixed Income — 26.9%
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		74		593
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		74		593
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		43		389
JPMorgan High Yield Fund Class R6 Shares (a)		152		1,112
JPMorgan Income Fund Class R6 Shares (a)		80		769
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		216		2,345
JPMorgan Managed Income Fund Class L Shares (a)		2		20
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		257		2,528
Total Fixed Income				8,349
U.S. Equity — 12.9%
JPMorgan Equity Index Fund Class R6 Shares (a)		61		3,989
Total Investment Companies (Cost $11,040)				12,338
Exchange-Traded Funds — 29.0%
Alternative Assets — 1.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		6		591
Fixed Income — 11.5%
JPMorgan High Yield Research Enhanced ETF (a)		25		1,301
JPMorgan U.S. Aggregate Bond ETF (a)		42		2,262
Total Fixed Income				3,563
International Equity — 12.9%
iShares Core MSCI Emerging Markets ETF		15		986
JPMorgan BetaBuilders International Equity ETF (a)		50		3,012
Total International Equity				3,998
U.S. Equity — 2.7%
iShares Russell 2000 ETF		1		202
iShares Russell Mid-Cap ETF		8		615
Total U.S. Equity				817
Total Exchange-Traded Funds (Cost $7,762)				8,969
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 8.6%
U.S. Treasury Bonds
1.13%, 8/15/2040		32		28
1.38%, 11/15/2040		7		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
1.38%, 8/15/2050		149		125
1.63%, 11/15/2050		58		52
1.88%, 2/15/2051		6		6
U.S. Treasury Notes
1.38%, 1/31/2022 (b)		590		594
0.13%, 9/30/2022		410		410
0.13%, 9/15/2023		367		366
0.25%, 8/31/2025		371		364
0.38%, 11/30/2025		226		222
0.50%, 8/31/2027		224		216
0.63%, 11/30/2027		45		44
1.25%, 3/31/2028		65		65
0.63%, 8/15/2030		2		2
0.88%, 11/15/2030		45		43
U.S. Treasury STRIPS Bonds
1.03%, 8/15/2026 (c)		40		38
1.12%, 5/15/2027 (c)		40		37
2.29%, 5/15/2041 (c)		55		36
Total U.S. Treasury Obligations (Cost $2,677)				2,654
Corporate Bonds — 8.0%
Aerospace & Defense — 0.3%
Boeing Co. (The)
1.17%, 2/4/2023		5		5
1.43%, 2/4/2024		5		5
2.70%, 2/1/2027		32		33
3.45%, 11/1/2028		3		3
Leidos, Inc. 2.30%, 2/15/2031		11		11
Lockheed Martin Corp. 2.80%, 6/15/2050		7		7
Northrop Grumman Corp. 3.85%, 4/15/2045		7		8
Raytheon Technologies Corp. 2.25%, 7/1/2030		11		11
				83
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		15		19
Hyundai Capital America
1.15%, 11/10/2022 (d)		17		18
2.65%, 2/10/2025 (d)		5		5
1.30%, 1/8/2026 (d)		5		5
2.38%, 10/15/2027 (d)		14		14
1.80%, 1/10/2028 (d)		5		5
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (d)		22		22
				88

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 7

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — 0.9%
Bank of America Corp.
4.00%, 1/22/2025		21		24
(SOFR + 1.01%), 1.20%, 10/24/2026 (e)		11		11
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		23		26
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		21		20
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (e)		11		12
Citigroup, Inc.
3.88%, 3/26/2025		34		38
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (e) (f) (g)		5		5
(SOFR + 0.77%), 1.12%, 1/28/2027 (e)		5		5
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (e)		11		12
(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		12		17
KeyCorp 2.25%, 4/6/2027		11		11
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		11		12
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (e) (f) (g)		5		5
4.10%, 6/3/2026		11		12
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		21		22
				240
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		23		26
3.75%, 7/15/2042		14		15
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		11		12
				53
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		37
Amgen, Inc. 3.15%, 2/21/2040		7		7
Gilead Sciences, Inc. 2.60%, 10/1/2040		11		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Biotechnology — continued
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		7		7
				69
Building Products — 0.0% (h)
Masco Corp. 2.00%, 10/1/2030		7		7
Capital Markets — 0.4%
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (e) (f) (g)		5		5
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (f) (g)		5		5
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (e)		13		13
4.25%, 10/21/2025		46		52
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (e)		16		18
Macquarie Group Ltd. (Australia)
(SOFR + 1.07%), 1.34%, 1/12/2027 (d) (e)		10		10
Morgan Stanley
(SOFR + 0.46%), 0.53%, 1/25/2024 (e)		5		5
3.95%, 4/23/2027		14		15
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		12		15
				138
Chemicals — 0.1%
International Flavors & Fragrances, Inc.
2.30%, 11/1/2030 (d)		11		11
3.47%, 12/1/2050 (d)		11		12
LYB International Finance III LLC
1.25%, 10/1/2025		11		11
3.38%, 5/1/2030		5		5
PPG Industries, Inc. 1.20%, 3/15/2026		5		5
				44
Commercial Services & Supplies — 0.0% (h)
Republic Services, Inc. 1.75%, 2/15/2032		15		14
Construction Materials — 0.0% (h)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		7		7
Consumer Finance — 0.3%
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (d)		5		5

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
5.50%, 1/15/2023 (d)		10		11
5.50%, 1/15/2026 (d)		14		16
2.13%, 2/21/2026 (d)		5		5
Capital One Financial Corp.
Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (e) (f) (g)		5		5
3.80%, 1/31/2028		11		12
General Motors Financial Co., Inc.
1.25%, 1/8/2026		7		7
4.35%, 1/17/2027		2		2
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
				79
Containers & Packaging — 0.0% (h)
Graphic Packaging International LLC
1.51%, 4/15/2026 (d)		6		6
Diversified Financial Services — 0.0% (h)
Shell International Finance BV (Netherlands)
2.38%, 11/7/2029		7		7
3.13%, 11/7/2049		5		5
				12
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.75%, 6/1/2031		21		22
3.50%, 6/1/2041		11		11
Verizon Communications, Inc.
2.10%, 3/22/2028		5		5
3.15%, 3/22/2030		10		11
2.65%, 11/20/2040		5		5
3.85%, 11/1/2042		11		12
				66
Electric Utilities — 0.5%
Duke Energy Corp. 3.40%, 6/15/2029		11		12
Edison International 5.75%, 6/15/2027		6		7
Emera US Finance LP (Canada) 4.75%, 6/15/2046		12		14
Evergy, Inc. 2.90%, 9/15/2029		11		12
Indiana Michigan Power Co. 3.25%, 5/1/2051		5		5
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d)		7		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d)		7		7
NRG Energy, Inc.
2.00%, 12/2/2025 (d)		5		5
2.45%, 12/2/2027 (d)		24		23
OGE Energy Corp. 0.70%, 5/26/2023		5		5
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		5		5
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.53%, 11/15/2021 (e)		9		9
1.37%, 3/10/2023		10		10
3.75%, 8/15/2042 (i)		4		4
4.30%, 3/15/2045		1		1
PacifiCorp 4.15%, 2/15/2050		12		15
Southern California Edison Co. Series 20C, 1.20%, 2/1/2026		12		12
				154
Electrical Equipment — 0.0% (h)
Eaton Corp. 4.15%, 11/2/2042		7		8
Energy Equipment & Services — 0.0% (h)
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		7		8
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (d)		7		7
				15
Entertainment — 0.0% (h)
Walt Disney Co. (The) 3.50%, 5/13/2040		11		12
Equity Real Estate Investment Trusts (REITs) — 0.7%
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		26
3.10%, 6/15/2050		7		7
2.95%, 1/15/2051		4		4
Brixmor Operating Partnership LP 2.25%, 4/1/2028		10		10
Corporate Office Properties LP 2.75%, 4/15/2031		5		5
Crown Castle International Corp. 3.10%, 11/15/2029		7		7
CubeSmart LP 2.00%, 2/15/2031		11		11
Digital Realty Trust LP 3.70%, 8/15/2027		7		8
Equinix, Inc. 2.90%, 11/18/2026		11		12
Federal Realty Investment Trust 1.25%, 2/15/2026		7		7

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 9

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
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		7
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 (d)		14		15
UDR, Inc.
2.10%, 8/1/2032		7		6
1.90%, 3/15/2033		5		5
WP Carey, Inc. 2.40%, 2/1/2031		11		11
				172
Food & Staples Retailing — 0.2%
7-Eleven, Inc.
0.63%, 2/10/2023 (d)		15		14
0.95%, 2/10/2026 (d)		2		2
1.30%, 2/10/2028 (d)		2		2
2.50%, 2/10/2041 (d)		3		3
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (d)		7		8
3.44%, 5/13/2041 (d)		5		5
3.63%, 5/13/2051 (d)		5		5
Kroger Co. (The) 3.95%, 1/15/2050		7		8
Sysco Corp. 2.40%, 2/15/2030		11		11
				58
Food Products — 0.2%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		5		5
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 (d)		11		11
Tyson Foods, Inc. 3.55%, 6/2/2027		11		12
				50
Gas Utilities — 0.1%
Atmos Energy Corp.
0.63%, 3/9/2023		5		5
1.50%, 1/15/2031		6		5
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		11		11
				21
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. 4.67%, 6/6/2047		12		15

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		7		8
				23
Health Care Providers & Services — 0.3%
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. 4.88%, 7/20/2035		5		6
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		7
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		20		20
				84
Hotels, Restaurants & Leisure — 0.0% (h)
Starbucks Corp. 3.35%, 3/12/2050		7		7
Household Durables — 0.0% (h)
Lennar Corp.
4.50%, 4/30/2024		2		2
5.00%, 6/15/2027		11		13
				15
Household Products — 0.0% (h)
Kimberly-Clark Corp. 3.70%, 6/1/2043		7		8
Independent Power and Renewable Electricity Producers — 0.2%
Alexander Funding Trust 1.84%, 11/15/2023 (d)		15		15
Exelon Generation Co. LLC 3.25%, 6/1/2025		21		22
Southern Power Co. 5.15%, 9/15/2041		16		20
				57
Industrial Conglomerates — 0.1%
General Electric Co. 3.45%, 5/1/2027		22		24
Roper Technologies, Inc. 1.75%, 2/15/2031		7		7
				31
Insurance — 0.3%
American International Group, Inc. 4.38%, 6/30/2050		7		9
Athene Global Funding
0.95%, 1/8/2024 (d)		15		15
2.75%, 6/25/2024 (d)		7		7
1.45%, 1/8/2026 (d)		10		10

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Brown & Brown, Inc. 2.38%, 3/15/2031		7		7
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d)		7		7
F&G Global Funding 1.75%, 6/30/2026 (d)		5		5
New York Life Insurance Co. 3.75%, 5/15/2050 (d)		7		8
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (d)		5		5
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (d)		7		7
				80
IT Services — 0.0% (h)
International Business Machines Corp. 4.00%, 6/20/2042		4		5
Leisure Products — 0.0% (h)
Hasbro, Inc. 3.90%, 11/19/2029		5		6
Machinery — 0.0% (h)
Otis Worldwide Corp. 3.11%, 2/15/2040		7		7
Media — 0.3%
Charter Communications Operating LLC 2.80%, 4/1/2031		21		22
3.50%, 6/1/2041		10		10
Comcast Corp.
1.50%, 2/15/2031		10		9
3.25%, 11/1/2039		11		12
2.80%, 1/15/2051		3		3
Cox Communications, Inc. 1.80%, 10/1/2030 (d)		11		10
Discovery Communications LLC 3.63%, 5/15/2030		11		12
ViacomCBS, Inc. 4.38%, 3/15/2043		11		13
5.85%, 9/1/2043		3		4
				95
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (d)		12		12
Steel Dynamics, Inc. 1.65%, 10/15/2027		5		5
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		6		6
				23
Multiline Retail — 0.1%
Dollar General Corp. 4.13%, 4/3/2050		7		8
Kohl’s Corp. 3.38%, 5/1/2031		6		6
Nordstrom, Inc. 4.25%, 8/1/2031 (d)		10		11
				25

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multi-Utilities — 0.0% (h)
WEC Energy Group, Inc. 1.38%, 10/15/2027		11		11
Oil, Gas & Consumable Fuels — 0.8%
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		10
Chevron Corp. 2.98%, 5/11/2040		7		7
Chevron USA, Inc. 3.25%, 10/15/2029		5		6
Cimarex Energy Co. 3.90%, 5/15/2027		5		6
ConocoPhillips 3.75%, 10/1/2027 (d)		7		8
Diamondback Energy, Inc. 3.25%, 12/1/2026		9		10
Enable Midstream Partners LP 5.00%, 5/15/2044 (i)		10		11
Energy Transfer LP 3.90%, 7/15/2026		11		12
Enterprise Products Operating LLC 4.45%, 2/15/2043		7		8
Exxon Mobil Corp. 3.00%, 8/16/2039		11		11
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (d)		5		5
4.32%, 12/30/2039 (d)		5		5
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (d)		14		15
3.45%, 10/15/2027 (d)		6		6
HollyFrontier Corp. 2.63%, 10/1/2023		7		7
MPLX LP 2.65%, 8/15/2030		11		11
NGPL PipeCo LLC 3.25%, 7/15/2031 (d)		5		5
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
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (d)		11		11
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041		7		7
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		7		8
				229
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co. 3.40%, 7/26/2029		2		2
4.13%, 6/15/2039		5		6
2.35%, 11/13/2040		9		9

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 11

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals — continued
Merck & Co., Inc. 2.35%, 6/24/2040		7		7
Royalty Pharma plc 3.30%, 9/2/2040 (d)		11		11
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		11		12
Viatris, Inc. 3.85%, 6/22/2040 (d)		11		12
				59
Professional Services — 0.0% (h)
IHS Markit Ltd. 4.25%, 5/1/2029		10		12
Road & Rail — 0.1%
CSX Corp. 3.80%, 11/1/2046		5		6
Kansas City Southern 4.70%, 5/1/2048		3		4
Norfolk Southern Corp. 3.05%, 5/15/2050		5		5
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (d)		11		11
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (d)		15		14
Union Pacific Corp. 3.55%, 8/15/2039		5		6
				46
Semiconductors & Semiconductor Equipment — 0.2%
Broadcom, Inc.
1.95%, 2/15/2028 (d)		9		9
4.15%, 11/15/2030		23		26
Microchip Technology, Inc.
0.97%, 2/15/2024 (d)		10		10
0.98%, 9/1/2024 (d)		5		5
NXP BV (China)
2.50%, 5/11/2031 (d)		5		5
3.25%, 5/11/2041 (d)		5		5
Xilinx, Inc. 2.38%, 6/1/2030		5		5
				65
Software — 0.1%
Citrix Systems, Inc. 1.25%, 3/1/2026		5		5
Oracle Corp. 3.80%, 11/15/2037		17		19
VMware, Inc. 4.70%, 5/15/2030		11		13
				37
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		11		11
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
				35

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 6.20%, 7/15/2030		18		23
Tobacco — 0.1%
Altria Group, Inc. 2.45%, 2/4/2032		10		10
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		13		12
3.73%, 9/25/2040		6		6
				28
Trading Companies & Distributors — 0.1%
Air Lease Corp.
3.38%, 7/1/2025		5		5
1.88%, 8/15/2026		15		15
				20
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		7		7
T-Mobile USA, Inc. 2.55%, 2/15/2031		17		18
3.00%, 2/15/2041		11		11
				36
Total Corporate Bonds (Cost $2,489)				2,463
Mortgage-Backed Securities — 5.9%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		10		10
Pool # QB4026, 2.50%, 10/1/2050		29		31
Pool # QB4045, 2.50%, 10/1/2050		19		21
Pool # QB4484, 2.50%, 10/1/2050		10		10
Pool # QB4542, 2.50%, 10/1/2050		10		10
Pool # RA4224, 3.00%, 11/1/2050		5		5
Pool # QB8503, 2.50%, 2/1/2051		15		15
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		28		32
Pool # FM3118, 3.00%, 5/1/2050		8		8
Pool # BQ2894, 3.00%, 9/1/2050		15		15
Pool # BQ3996, 2.50%, 10/1/2050		14		15
Pool # BQ5243, 3.50%, 10/1/2050		5		5
Pool # CA7398, 3.50%, 10/1/2050		16		18
Pool # CA8637, 4.00%, 1/1/2051		38		42
FNMA, Other
Pool # AN2009, 2.70%, 7/1/2026		19		21
Pool # AM3010, 5.07%, 3/1/2028		9		11
Pool # BL8639, 1.09%, 4/1/2028		10		10
Pool # AM5319, 4.34%, 1/1/2029		9		10

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # BL5457, 2.57%, 7/1/2029		10		11
Pool # BS0448, 1.27%, 12/1/2029		20		20
Pool # BL9748, 1.60%, 12/1/2029		5		5
Pool # AN7593, 2.99%, 12/1/2029		5		5
Pool # AN8285, 3.11%, 3/1/2030		5		6
Pool # AM8544, 3.08%, 4/1/2030		5		5
Pool # BL9045, 1.58%, 7/1/2030		15		15
Pool # BL9251, 1.45%, 10/1/2030		20		20
Pool # BL9891, 1.37%, 12/1/2030		10		10
Pool # AN6149, 3.14%, 7/1/2032		15		17
Pool # BM3226, 3.44%, 10/1/2032 (j)		30		33
Pool # AN7923, 3.33%, 1/1/2033		10		11
Pool # AN9067, 3.51%, 5/1/2033		5		6
Pool # BL1012, 4.03%, 12/1/2033		5		6
Pool # BL0900, 4.08%, 2/1/2034		5		6
Pool # AN4430, 3.61%, 1/1/2037		9		10
Pool # BF0230, 5.50%, 1/1/2058 (k)		27		32
Pool # BF0497, 3.00%, 7/1/2060 (k)		14		15
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 2.00%, 9/25/2036 (k)		35		36
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 8/25/2051 (k)		115		119
TBA, 2.50%, 9/25/2051 (k)		175		180
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		19		21
Pool # BR3929, 3.50%, 10/20/2050		9		10
Pool # BW1726, 3.50%, 10/20/2050		19		21
Pool # BS8546, 2.50%, 12/20/2050		34		36
Pool # BR3928, 3.00%, 12/20/2050		15		16
Pool # BU7538, 3.00%, 12/20/2050		15		16
Pool # MA7136, 2.50%, 1/20/2051		440		454
Pool # 785294, 3.50%, 1/20/2051		34		38
Pool # CA8452, 3.00%, 2/20/2051		40		42
Pool # CB1543, 3.00%, 2/20/2051		30		32
Pool # CA3588, 3.50%, 2/20/2051		28		30
Pool # CB1536, 3.50%, 2/20/2051		30		32
Pool # CB1542, 3.00%, 3/20/2051		20		21
Pool # CB4433, 3.00%, 3/20/2051		35		36
Pool # CC0070, 3.00%, 3/20/2051		5		5
Pool # CC8726, 3.00%, 3/20/2051		5		5
Pool # CC8738, 3.00%, 3/20/2051		5		5
Pool # CC8723, 3.50%, 3/20/2051		35		38
Pool # CC0088, 4.00%, 3/20/2051		5		5
Pool # CC0092, 4.00%, 3/20/2051		5		5
Pool # CC8727, 3.00%, 4/20/2051		10		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # CC8739, 3.00%, 4/20/2051		25		27
Pool # CC8740, 3.00%, 4/20/2051		20		21
Pool # CC8751, 3.00%, 4/20/2051		5		5
GNMA II, Other Pool # 785183, 2.93%, 10/20/2070 (j)		25		27
Total Mortgage-Backed Securities (Cost $1,833)				1,816
Asset-Backed Securities — 3.1%
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		20		20
Series 2016-3, Class AA, 3.00%, 10/15/2028		20		20
Series 2019-1, Class AA, 3.15%, 2/15/2032		15		16
American Credit Acceptance Receivables Trust
Series 2021-1, Class A, 0.35%, 5/13/2024 (d)		20		20
Series 2021-1, Class B, 0.61%, 3/13/2025 (d)		10		10
Series 2020-4, Class C, 1.31%, 12/14/2026 (d)		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 2019-4A, Class D, 3.07%, 7/15/2025 (d)		35		36
Series 2020-P1, Class C, 1.32%, 11/9/2026		15		15
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (d)		25		25
Drive Auto Receivables Trust Series 2020-1, Class D, 2.70%, 5/17/2027		35		36
DT Auto Owner Trust
Series 2021-1A, Class A, 0.35%, 1/15/2025 (d)		11		11
Series 2021-1A, Class C, 0.84%, 10/15/2026 (d)		10		10
Series 2021-2A, Class C, 1.10%, 2/16/2027 (d)		25		25
Exeter Automobile Receivables Trust
Series 2021-1A, Class A3, 0.34%, 3/15/2024		10		10
Series 2021-1A, Class B, 0.50%, 2/18/2025		20		20
Series 2021-2A, Class C, 0.98%, 6/15/2026		15		15
FHF Trust Series 2021-1A, Class A, 1.27%, 3/15/2027 (d)		31		31

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 13

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
First Investors Auto Owner Trust
Series 2017-2A, Class C, 3.00%, 8/15/2023 (d)		8		8
Series 2018-1A, Class C, 3.69%, 6/17/2024 (d)		13		12
Series 2021-1A, Class A, 0.45%, 3/16/2026 (d)		12		12
Series 2021-1A, Class B, 0.89%, 3/15/2027 (d)		10		10
Flagship Credit Auto Trust
Series 2021-1, Class A, 0.31%, 6/16/2025 (d)		16		16
Series 2021-2, Class A, 0.37%, 12/15/2026 (d)		34		34
Series 2021-1, Class B, 0.68%, 2/16/2027 (d)		10		10
Series 2020-4, Class C, 1.28%, 2/16/2027 (d)		10		10
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 0.87%, 12/16/2024 (d)		10		10
GLS Auto Receivables Trust
Series 2018-2A, Class B, 3.71%, 3/15/2023 (d)		3		3
Series 2021-2A, Class B, 0.77%, 9/15/2025 (d)		10		10
GM Financial Consumer Automobile Receivables Trust Series 2018-1, Class A4, 2.46%, 7/17/2023		4		4
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (d)		99		99
Series 2021-HG1, Class A, 1.22%, 1/16/2029 (d)		100		101
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (d)		15		15
Santander Consumer Auto Receivables Trust
Series 2021-AA, Class A3, 0.33%, 10/15/2025 (d)		10		10
Series 2021-AA, Class B, 0.71%, 8/17/2026 (d)		10		10
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
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		4		3
Series 2019-2, Class B, 3.50%, 5/1/2028		9		9
Series 2016-2, Class A, 3.10%, 10/7/2028		4		4
Series 2018-1, Class A, 3.70%, 3/1/2030		9		9
United Auto Credit Securitization Trust Series 2021-1, Class C, 0.84%, 6/10/2026 (d)		20		20

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (d)		71		71
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
Series 2021-1A, Class C, 0.95%, 3/16/2026 (d)		30		30
Total Asset-Backed Securities (Cost $952)				957
Collateralized Mortgage Obligations — 0.8%
FNMA Trust, Whole Loan
Series 2002-W8, Class A1, 6.50%, 6/25/2042		8		9
FNMA, Grantor Trust, Whole Loan
Series 2001-T12, Class A1, 6.50%, 8/25/2041		3		4
FNMA, REMIC
Series 2019-7, Class CA, 3.50%, 11/25/2057		46		49
FNMA, REMIC Trust, Whole Loan
Series 2002-W3, Class A4, 6.50%, 11/25/2041		15		18
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		22		23
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		19		21
Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		24		26
VOLT XCIII LLC
Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (d) (i)		82		81
VOLT XCVII LLC
Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (d) (i)		30		30
Total Collateralized Mortgage Obligations (Cost $260)				261
Commercial Mortgage-Backed Securities — 0.5%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.91%, 12/18/2037 (d) (j)		15		15
Series 2021-FL4, Class AS, 1.18%, 12/18/2037 (d) (j)		10		10
BPR Trust
Series 2021-KEN, Class A, 1.32%, 2/15/2029 (d) (j)		20		20
FHLMC, Multi-Family Structured Pass-Through Certificates Series K-1511, Class A1, 3.28%, 10/25/2030		14		16
Series K-1510, Class A2, 3.72%, 1/25/2031		5		6

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
FNMA ACES
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		10		10
Series 2021-M3, Class X1, IO, 2.12%, 11/25/2033 (j)		100		13
FREMF Mortgage Trust
Series 2016-K56, Class B, 4.07%, 6/25/2049 (d) (j)		5		6
Series 2016-K58, Class B, 3.87%, 9/25/2049 (d) (j)		25		27
Series 2017-K728, Class C, 3.76%, 11/25/2050 (d) (j)		10		11
KKR Industrial Portfolio Trust
Series 2021-KDIP, Class B, 0.87%, 12/15/2037 ‡ (d) (j)		10		10
Total Commercial Mortgage-Backed Securities (Cost $144)				144
	SHARES (000)
Short-Term Investments — 5.8%
Investment Companies — 5.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (l) (Cost $1,788)		1,788		1,788
Total Investments — 101.5% (Cost $28,945)				31,390
Liabilities in Excess of Other Assets — (1.5)%				(455	)
NET ASSETS — 100.0%				30,935

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust

REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
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)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the effective yield as of June 30, 2021.
(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 June 30, 2021.
(f)	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 June 30, 2021.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	Amount rounds to less than 0.1% of net assets.
(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 June 30, 2021.
(j)	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 June 30, 2021.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	The rate shown is the current yield as of June 30, 2021.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 15

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

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 June 30, 2021 (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	9		09/2021		EUR		433			(4	)
FTSE 100 Index	4		09/2021		GBP		386			(4	)
Russell 1000 E-Mini Index	20		09/2021		USD		1,559			(20	)
Russell 2000 E-Mini Index	3		09/2021		USD		346			—	(a)
TOPIX Index	1		09/2021		JPY		175			(1	)
U.S. Treasury 10 Year Note	6		09/2021		USD		795			2
										(27	)
Short Contracts
Canada 10 Year Bond	(8)		09/2021		CAD		(939	)		(11	)
Long Gilt	(4)		09/2021		GBP		(709	)		(6	)
S&P 500 E-Mini Index	(4)		09/2021		USD		(858	)		(12	)
										(29	)
										(56	)

Abbreviations

CAD	Canadian Dollar
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS JUNE 30, 2021

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 41.1%
Fixed Income — 26.5%
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		64		514
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		64		514
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		39		349
JPMorgan High Yield Fund Class R6 Shares (a)		137		1,001
JPMorgan Income Fund Class R6 Shares (a)		73		693
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		193		2,096
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		235		2,313
Total Fixed Income				7,480
U.S. Equity — 14.6%
JPMorgan Equity Index Fund Class R6 Shares (a)		63		4,111
Total Investment Companies (Cost $10,287)				11,591
Exchange-Traded Funds — 28.8%
Alternative Assets — 1.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		6		528
Fixed Income — 11.1%
JPMorgan High Yield Research Enhanced ETF (a)		23		1,219
JPMorgan U.S. Aggregate Bond ETF (a)		35		1,924
Total Fixed Income				3,143
International Equity — 12.7%
iShares Core MSCI Emerging Markets ETF		14		908
JPMorgan BetaBuilders International Equity ETF (a)		44		2,633
Total International Equity				3,541
U.S. Equity — 3.1%
iShares Russell 2000 ETF		1		322
iShares Russell Mid-Cap ETF		7		563
Total U.S. Equity				885
Total Exchange-Traded Funds (Cost $6,855)				8,097
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 8.2%
Aerospace & Defense — 0.3%
Boeing Co. (The)
1.17%, 2/4/2023		5		5
1.43%, 2/4/2024		5		5

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Aerospace & Defense — continued
2.70%, 2/1/2027		29		30
3.45%, 11/1/2028		2		2
Leidos, Inc. 2.30%, 2/15/2031		15		15
Northrop Grumman Corp. 3.85%, 4/15/2045		7		8
Raytheon Technologies Corp. 2.25%, 7/1/2030		9		9
				74
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		13		16
Hyundai Capital America
1.15%, 11/10/2022 (b)		15		16
2.65%, 2/10/2025 (b)		4		4
1.30%, 1/8/2026 (b)		5		5
2.38%, 10/15/2027 (b)		13		13
1.80%, 1/10/2028 (b)		5		5
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (b)		20		20
				79
Banks — 0.7%
Bank of America Corp. 4.00%, 1/22/2025		33		35
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		16		17
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		15		15
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (c)		16		17
Citigroup, Inc. 3.88%, 3/26/2025		29		32
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c) (d) (e)		5		5
(SOFR + 0.77%), 1.12%, 1/28/2027 (c)		5		5
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		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		19
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (c) (d) (e)		5		5
4.10%, 6/3/2026		14		16
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		16		16
				221

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 17

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		17		19
3.75%, 7/15/2042		25		27
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		10		11
				57
Biotechnology — 0.2%
AbbVie, Inc. 2.95%, 11/21/2026		2		2
3.20%, 11/21/2029		5		5
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		14
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		6		6
				69
Building Products — 0.0% (f)
Masco Corp. 2.00%, 10/1/2030		6		6
Capital Markets — 0.5%
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (c) (d) (e)		5		5
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (c) (d) (e)		5		5
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (c)		12		12
4.25%, 10/21/2025		47		52
(SOFR + 0.80%), 1.43%, 3/9/2027 (c)		5		5
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		5		6
Macquarie Group Ltd. (Australia) (SOFR + 1.07%), 1.34%, 1/12/2027 (b) (c)		10		10
Morgan Stanley
(SOFR + 0.46%), 0.53%, 1/25/2024 (c)		5		5
3.95%, 4/23/2027		16		18
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		18		22
				140
Chemicals — 0.2%
International Flavors & Fragrances, Inc.
2.30%, 11/1/2030 (b)		9		9
3.47%, 12/1/2050 (b)		16		17
LYB International Finance III LLC 1.25%, 10/1/2025		15		15

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — continued
PPG Industries, Inc. 1.20%, 3/15/2026		5		5
				46
Construction Materials — 0.0% (f)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		6		6
Consumer Finance — 0.3%
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (b)		2		2
5.50%, 1/15/2026 (b)		16		19
2.13%, 2/21/2026 (b)		5		5
4.25%, 4/15/2026 (b)		5		5
Capital One Financial Corp.
Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (c) (d) (e)		5		5
3.80%, 1/31/2028		10		11
General Motors Financial Co., Inc.
1.25%, 1/8/2026		6		6
4.35%, 1/17/2027		2		2
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (b)		5		5
4.50%, 3/15/2023 (b)		5		5
5.50%, 2/15/2024 (b)		5		6
				71
Containers & Packaging — 0.0% (f)
Graphic Packaging International LLC 1.51%, 4/15/2026 (b)		6		6
Diversified Financial Services — 0.0% (f)
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		9		9
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.75%, 6/1/2031		19		20
3.50%, 6/1/2041		9		9
3.55%, 9/15/2055 (b)		5		5
Verizon Communications, Inc.
3.15%, 3/22/2030		16		18
2.65%, 11/20/2040		6		6
3.85%, 11/1/2042		10		11
				69
Electric Utilities — 0.6%
Duke Energy Corp. 3.40%, 6/15/2029		17		19
Edison International 5.75%, 6/15/2027		4		5

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Emera US Finance LP (Canada) 4.75%, 6/15/2046		18		21
Evergy, Inc. 2.90%, 9/15/2029		16		17
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (b)		7		8
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (b)		6		6
NRG Energy, Inc.
2.00%, 12/2/2025 (b)		5		5
2.45%, 12/2/2027 (b)		33		32
OGE Energy Corp. 0.70%, 5/26/2023		5		5
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		5		5
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.53%, 11/15/2021 (c)		7		7
3.75%, 8/15/2042 (g)		5		5
4.30%, 3/15/2045		1		1
PacifiCorp 4.15%, 2/15/2050		19		23
Southern California Edison Co. Series 20C, 1.20%, 2/1/2026		12		12
				171
Electrical Equipment — 0.0% (f)
Eaton Corp. 4.15%, 11/2/2042		7		8
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 (b)		7		7
				15
Entertainment — 0.0% (f)
Walt Disney Co. (The) 3.50%, 5/13/2040		10		11
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		26		24
3.10%, 6/15/2050		10		10
2.95%, 1/15/2051		5		5
Brixmor Operating Partnership LP 2.25%, 4/1/2028		10		10
Corporate Office Properties LP 2.75%, 4/15/2031		5		5
Crown Castle International Corp. 3.10%, 11/15/2029		7		7
CubeSmart LP 2.00%, 2/15/2031		9		9

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Equinix, Inc. 2.90%, 11/18/2026		9		10
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
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (b)		15		16
UDR, Inc. 2.10%, 8/1/2032		6		6
WP Carey, Inc. 2.40%, 2/1/2031		15		15
				144
Food & Staples Retailing — 0.2%
7-Eleven, Inc.
0.63%, 2/10/2023 (b)		15		15
0.95%, 2/10/2026 (b)		2		2
1.30%, 2/10/2028 (b)		2		2
2.50%, 2/10/2041 (b)		3		3
Alimentation Couche-Tard, Inc. (Canada)
2.95%, 1/25/2030 (b)		6		7
3.44%, 5/13/2041 (b)		5		5
3.63%, 5/13/2051 (b)		5		5
Sysco Corp. 2.40%, 2/15/2030		13		13
				52
Food Products — 0.2%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		5		5
Conagra Brands, Inc. 1.38%, 11/1/2027		15		15
Smithfield Foods, Inc. 3.00%, 10/15/2030 (b)		13		13
Tyson Foods, Inc. 3.55%, 6/2/2027		10		11
				44
Gas Utilities — 0.1%
Atmos Energy Corp.
0.63%, 3/9/2023		5		5
1.50%, 1/15/2031		10		10
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		15		14
				29
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. 4.67%, 6/6/2047		19		23
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		7		8
				31
Health Care Providers & Services — 0.3%
Anthem, Inc. 2.25%, 5/15/2030		6		6

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 19

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
CVS Health Corp.
4.88%, 7/20/2035		5		6
2.70%, 8/21/2040		9		9
HCA, Inc.
5.25%, 6/15/2026		17		19
3.50%, 7/15/2051		5		5
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		5		6
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		20		20
				71
Household Durables — 0.0% (f)
Lennar Corp.
4.50%, 4/30/2024		2		2
5.00%, 6/15/2027		9		11
				13
Independent Power and Renewable Electricity Producers — 0.3%
Alexander Funding Trust 1.84%, 11/15/2023 (b)		8		8
Exelon Generation Co. LLC 3.25%, 6/1/2025		32		35
Southern Power Co. 5.15%, 9/15/2041		29		35
				78
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 — 0.3%
American International Group, Inc. 4.38%, 6/30/2050		8		10
Athene Global Funding
0.95%, 1/8/2024 (b)		10		10
2.75%, 6/25/2024 (b)		6		6
1.45%, 1/8/2026 (b)		10		10
Brown & Brown, Inc. 2.38%, 3/15/2031		6		6
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (b)		7		7
F&G Global Funding 1.75%, 6/30/2026 (b)		5		5
New York Life Insurance Co. 3.75%, 5/15/2050 (b)		7		8
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (b)		5		5
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (b)		6		6
				73

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
IT Services — 0.0% (f)
International Business Machines Corp. 4.00%, 6/20/2042		3		4
Leisure Products — 0.0% (f)
Hasbro, Inc. 3.90%, 11/19/2029		5		6
Machinery — 0.0% (f)
Otis Worldwide Corp. 3.11%, 2/15/2040		7		7
Media — 0.4%
Charter Communications Operating LLC
2.80%, 4/1/2031		19		19
3.50%, 6/1/2041		5		5
Comcast Corp.
1.50%, 2/15/2031		8		8
3.25%, 11/1/2039		16		17
Cox Communications, Inc. 1.80%, 10/1/2030 (b)		15		14
Discovery Communications LLC 3.63%, 5/15/2030		10		11
ViacomCBS, Inc.
4.38%, 3/15/2043		10		12
5.85%, 9/1/2043		25		34
				120
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (b)		8		8
Steel Dynamics, Inc. 1.65%, 10/15/2027		6		6
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		4		4
				18
Multiline Retail — 0.1%
Dollar General Corp. 4.13%, 4/3/2050		7		8
Kohl’s Corp. 3.38%, 5/1/2031		6		6
Nordstrom, Inc. 4.25%, 8/1/2031 (b)		9		10
				24
Multi-Utilities — 0.1%
WEC Energy Group, Inc. 1.38%, 10/15/2027		15		15
Oil, Gas & Consumable Fuels — 0.7%
BP Capital Markets America, Inc. 2.77%, 11/10/2050		15		14
Chevron USA, Inc. 3.25%, 10/15/2029		5		6
Cimarex Energy Co. 3.90%, 5/15/2027		5		6
ConocoPhillips 3.75%, 10/1/2027 (b)		7		8
Diamondback Energy, Inc. 3.25%, 12/1/2026		8		9
Enable Midstream Partners LP
4.40%, 3/15/2027		10		11
5.00%, 5/15/2044 (g)		5		5

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Energy Transfer LP 3.90%, 7/15/2026		9		10
Enterprise Products Operating LLC 4.45%, 2/15/2043		7		8
Exxon Mobil Corp. 3.00%, 8/16/2039		9		9
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (b)		5		5
4.32%, 12/30/2039 (b)		5		5
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (b)		15		15
3.45%, 10/15/2027 (b)		5		5
HollyFrontier Corp. 2.63%, 10/1/2023		6		6
MPLX LP 2.65%, 8/15/2030		15		15
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)		5		5
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
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (b)		15		16
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041		6		6
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		7		8
				198
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co. 3.40%, 7/26/2029		2		2
Royalty Pharma plc 3.30%, 9/2/2040 (b)		15		15
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		17		19
Viatris, Inc. 3.85%, 6/22/2040 (b)		16		17
				53
Professional Services — 0.0% (f)
IHS Markit Ltd. 4.25%, 5/1/2029		10		12
Road & Rail — 0.1%
Kansas City Southern 4.70%, 5/1/2048		3		4
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (b)		15		15
				19
Semiconductors & Semiconductor Equipment — 0.2%
Broadcom, Inc.
1.95%, 2/15/2028 (b)		8		8
4.15%, 11/15/2030		21		24

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Microchip Technology, Inc.
0.97%, 2/15/2024 (b)		5		5
0.98%, 9/1/2024 (b)		5		5
NXP BV (China)
2.50%, 5/11/2031 (b)		5		5
3.25%, 5/11/2041 (b)		5		5
Xilinx, Inc. 2.38%, 6/1/2030		5		5
				57
Software — 0.1%
Citrix Systems, Inc. 1.25%, 3/1/2026		5		5
Oracle Corp. 3.80%, 11/15/2037		17		18
VMware, Inc. 4.70%, 5/15/2030		10		12
				35
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		9		9
Lowe’s Cos., Inc. 3.70%, 4/15/2046		7		8
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		7		8
				25
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 6.20%, 7/15/2030		15		19
Tobacco — 0.1%
Altria Group, Inc. 2.45%, 2/4/2032		10		10
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		12		11
3.73%, 9/25/2040		4		4
				25
Trading Companies & Distributors — 0.1%
Air Lease Corp.
3.38%, 7/1/2025		5		5
2.88%, 1/15/2026		5		5
1.88%, 8/15/2026		10		11
				21
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		7		7
T-Mobile USA, Inc.
2.55%, 2/15/2031		15		16
3.00%, 2/15/2041		9		9
				32
Total Corporate Bonds (Cost $2,338)				2,309

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 21

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 7.9%
U.S. Treasury Bonds
1.13%, 8/15/2040		10		9
1.38%, 11/15/2040		15		13
1.38%, 8/15/2050		87		74
1.63%, 11/15/2050		64		57
U.S. Treasury Notes
1.38%, 1/31/2022 (h)		268		270
0.13%, 9/30/2022		178		178
0.13%, 9/15/2023		342		341
1.75%, 7/31/2024		355		369
0.25%, 8/31/2025		228		223
0.38%, 11/30/2025		311		305
0.50%, 8/31/2027		102		98
0.63%, 11/30/2027		125		121
1.25%, 3/31/2028		61		61
0.63%, 8/15/2030		2		2
0.88%, 11/15/2030		5		5
U.S. Treasury STRIPS Bonds
1.02%, 8/15/2026 (i)		35		33
1.13%, 5/15/2027 (i)		35		33
2.29%, 5/15/2041 (i)		50		33
Total U.S. Treasury Obligations (Cost $2,245)				2,225
Mortgage-Backed Securities — 5.9%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		8		8
Pool # QB4026, 2.50%, 10/1/2050		19		21
Pool # QB4045, 2.50%, 10/1/2050		14		15
Pool # QB4484, 2.50%, 10/1/2050		7		7
Pool # QB4542, 2.50%, 10/1/2050		6		6
Pool # RA4224, 3.00%, 11/1/2050		5		5
Pool # QB8503, 2.50%, 2/1/2051		15		15
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		17		19
Pool # FM3118, 3.00%, 5/1/2050		8		8
Pool # BQ2894, 3.00%, 9/1/2050		10		10
Pool # BQ3996, 2.50%, 10/1/2050		9		9
Pool # BQ5243, 3.50%, 10/1/2050		5		5
Pool # CA7398, 3.50%, 10/1/2050		12		13
Pool # CA8637, 4.00%, 1/1/2051		33		38
FNMA, Other
Pool # AN2009, 2.70%, 7/1/2026		19		21
Pool # AM3010, 5.07%, 3/1/2028		9		11
Pool # BL8639, 1.09%, 4/1/2028		5		5

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # AM5319, 4.34%, 1/1/2029		9		10
Pool # BL5457, 2.57%, 7/1/2029		5		5
Pool # BS0448, 1.27%, 12/1/2029		20		20
Pool # BL9748, 1.60%, 12/1/2029		5		5
Pool # AN7593, 2.99%, 12/1/2029		5		5
Pool # AN8285, 3.11%, 3/1/2030		5		6
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		15		15
Pool # BL9891, 1.37%, 12/1/2030		10		10
Pool # AN6149, 3.14%, 7/1/2032		15		17
Pool # BM3226, 3.44%, 10/1/2032(j)		30		34
Pool # AN7923, 3.33%, 1/1/2033		10		11
Pool # AN9067, 3.51%, 5/1/2033		5		6
Pool # BL1012, 4.03%, 12/1/2033		5		6
Pool # BL0900, 4.08%, 2/1/2034		5		6
Pool # AN4430, 3.61%, 1/1/2037		4		5
Pool # BF0230, 5.50%, 1/1/2058(k)		24		28
Pool # BF0497, 3.00%, 7/1/2060(k)		14		15
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 2.00%, 9/25/2036(k)		15		15
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 8/25/2051(k)		130		134
TBA, 2.50%, 9/25/2051(k)		165		171
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		10		10
Pool # BR3929, 3.50%, 10/20/2050		9		10
Pool # BW1726, 3.50%, 10/20/2050		19		21
Pool # BS8546, 2.50%, 12/20/2050		30		31
Pool # BR3928, 3.00%, 12/20/2050		15		16
Pool # BU7538, 3.00%, 12/20/2050		10		11
Pool # MA7136, 2.50%, 1/20/2051		449		467
Pool # 785294, 3.50%, 1/20/2051		29		32
Pool # CA8452, 3.00%, 2/20/2051		35		38
Pool # CB1543, 3.00%, 2/20/2051		25		26
Pool # CA3588, 3.50%, 2/20/2051		23		25
Pool # CB1536, 3.50%, 2/20/2051		30		33
Pool # CB1542, 3.00%, 3/20/2051		20		21
Pool # CB4433, 3.00%, 3/20/2051		30		31
Pool # CC0070, 3.00%, 3/20/2051		5		5
Pool # CC8726, 3.00%, 3/20/2051		5		5
Pool # CC8738, 3.00%, 3/20/2051		5		5
Pool # CC8723, 3.50%, 3/20/2051		30		33
Pool # CC0088, 4.00%, 3/20/2051		5		5
Pool # CC0092, 4.00%, 3/20/2051		5		5

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS JUNE 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # CC8727, 3.00%, 4/20/2051		10		11
Pool # CC8739, 3.00%, 4/20/2051		20		21
Pool # CC8740, 3.00%, 4/20/2051		20		21
Pool # CC8751, 3.00%, 4/20/2051		5		5
GNMA II, Other
Pool # 785183, 2.93%, 10/20/2070(j)		20		21
Total Mortgage-Backed Securities (Cost $1,675)				1,664
Asset-Backed Securities — 2.8%
American Airlines Pass-Through Trust
Series 2016-2, Class AA, 3.20%, 6/15/2028		20		20
Series 2016-3, Class AA, 3.00%, 10/15/2028		20		20
Series 2019-1, Class AA, 3.15%, 2/15/2032		13		14
American Credit Acceptance Receivables Trust
Series 2021-1, Class A, 0.35%, 5/13/2024 (b)		16		16
Series 2021-1, Class B, 0.61%, 3/13/2025 (b)		5		5
Series 2020-4, Class C, 1.31%, 12/14/2026 (b)		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		10
Series 2020-4, Class C, 1.30%, 8/17/2026		5		5
Carvana Auto Receivables Trust
Series 2019-4A, Class D, 3.07%, 7/15/2025 (b)		30		31
Series 2020-P1, Class C, 1.32%, 11/9/2026		10		10
Drive Auto Receivables Trust
Series 2020-1, Class D, 2.70%, 5/17/2027		30		31
DT Auto Owner Trust
Series 2021-1A, Class A, 0.35%, 1/15/2025 (b)		11		11
Series 2019-4A, Class D, 2.85%, 7/15/2025 (b)		20		20
Series 2021-1A, Class C, 0.84%, 10/15/2026 (b)		10		10
Series 2021-2A, Class C, 1.10%, 2/16/2027 (b)		20		20
Exeter Automobile Receivables Trust
Series 2021-1A, Class A3, 0.34%, 3/15/2024		10		10
Series 2021-1A, Class B, 0.50%, 2/18/2025		20		20
Series 2021-2A, Class C, 0.98%, 6/15/2026		15		15
FHF Trust
Series 2021-1A, Class A, 1.27%, 3/15/2027 (b)		31		31

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
First Investors Auto Owner Trust
Series 2017-2A, Class C, 3.00%, 8/15/2023 (b)		8		8
Series 2018-1A, Class C, 3.69%, 6/17/2024 (b)		13		12
Series 2021-1A, Class A, 0.45%, 3/16/2026 (b)		8		8
Series 2021-1A, Class B, 0.89%, 3/15/2027 (b)		10		10
Flagship Credit Auto Trust
Series 2021-1, Class A, 0.31%, 6/16/2025 (b)		12		12
Series 2021-2, Class A, 0.37%, 12/15/2026 (b)		34		34
Series 2021-1, Class B, 0.68%, 2/16/2027 (b)		10		10
Series 2020-4, Class C, 1.28%, 2/16/2027 (b)		10		10
GLS Auto Receivables Issuer Trust
Series 2020-4A, Class B, 0.87%, 12/16/2024 (b)		10		10
GLS Auto Receivables Trust
Series 2018-2A, Class B, 3.71%, 3/15/2023 (b)		3		3
Series 2021-2A, Class B, 0.77%, 9/15/2025 (b)		25		25
GM Financial Consumer Automobile Receivables Trust
Series 2018-1, Class A4, 2.46%, 7/17/2023		2		2
Nissan Auto Receivables Owner Trust
Series 2019-B, Class A3, 2.50%, 11/15/2023		1		1
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (b)		99		100
Prestige Auto Receivables Trust
Series 2020-1A, Class C, 1.31%, 11/16/2026 (b)		10		10
Santander Consumer Auto Receivables Trust
Series 2021-AA, Class A3, 0.33%, 10/15/2025 (b)		10		10
Series 2021-AA, Class B, 0.71%, 8/17/2026 (b)		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
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		4		3
Series 2019-2, Class B, 3.50%, 5/1/2028		6		6
Series 2016-2, Class A, 3.10%, 10/7/2028		4		4
Series 2018-1, Class A, 3.70%, 3/1/2030		9		10

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 23

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United Auto Credit Securitization Trust
Series 2021-1, Class C, 0.84%, 6/10/2026 (b)		15		15
Veros Auto Receivables Trust
Series 2021-1, Class A, 0.92%, 10/15/2026 (b)		67		67
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (b)		10		10
Series 2020-3A, Class D, 1.65%, 2/17/2026 (b)		10		10
Series 2021-1A, Class C, 0.95%, 3/16/2026 (b)		25		25
Total Asset-Backed Securities (Cost $773)				776
Collateralized Mortgage Obligations — 0.5%
FNMA Trust, Whole Loan
Series 2002-W8, Class A1, 6.50%, 6/25/2042		7		8
FNMA, Grantor Trust, Whole Loan
Series 2001-T12, Class A1, 6.50%, 8/25/2041		3		3
FNMA, REMIC
Series 2019-7, Class CA, 3.50%, 11/25/2057		41		43
FNMA, REMIC Trust, Whole Loan
Series 2002-W3, Class A4, 6.50%, 11/25/2041		14		16
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		22		24
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		13		14
Series 2020-3, Class TTW, 3.00%, 5/25/2060‡		16		17
VOLT XCVII LLC
Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (g)		26		26
Total Collateralized Mortgage Obligations (Cost $150)				151
Commercial Mortgage-Backed Securities — 0.4%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.91%, 12/18/2037 (b) (j)		15		15
Series 2021-FL4, Class AS, 1.18%, 12/18/2037 (b) (j)		10		10
BPR Trust
Series 2021-KEN, Class A, 1.32%, 2/15/2029 (b) (j)		15		15
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K-1511, Class A1, 3.28%, 10/25/2030		10		10
Series K-1510, Class A2, 3.72%, 1/25/2031		5		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
FNMA ACES
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		5		5
Series 2021-M3, Class X1, IO, 2.12%, 11/25/2033 (j)		100		14
FREMF Mortgage Trust
Series 2016-K56, Class B, 4.07%, 6/25/2049 (b) (j)		5		6
Series 2016-K58, Class B, 3.87%, 9/25/2049 (b) (j)		20		21
KKR Industrial Portfolio Trust
Series 2021-KDIP, Class B, 0.87%, 12/15/2037 ‡ (b) (j)		10		10
Total Commercial Mortgage-Backed Securities (Cost $113)				112
	SHARES (000)
Short-Term Investments — 5.0%
Investment Companies — 5.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (l) (Cost $1,396)		1,396		1,396
Total Investments — 100.6% (Cost $25,832)				28,321
Liabilities in Excess of Other Assets — (0.6)%				(163	)
NET ASSETS — 100.0%				28,158

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS JUNE 30, 2021

STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
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)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2021.
(d)	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 June 30, 2021.

(e)	Security is an interest bearing note with preferred security characteristics.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	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 June 30, 2021.
(h)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(i)	The rate shown is the effective yield as of June 30, 2021.
(j)	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 June 30, 2021.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	The rate shown is the current yield as of June 30, 2021.
‡	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 June 30, 2021 (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		6			09/2021		EUR		289			(3	)
FTSE 100 Index		2			09/2021		GBP		193			(2	)
Russell 1000 E-Mini Index		18			09/2021		USD		1,403			(18	)
Russell 2000 E-Mini Index		1			09/2021		USD		115			—	(a)
TOPIX Index		1			09/2021		JPY		175			(1	)
U.S. Treasury 10 Year Note		6			09/2021		USD		795			2
												(22	)
Short Contracts
Canada 10 Year Bond		(7	)		09/2021		CAD		(822	)		(10	)
Long Gilt		(2	)		09/2021		GBP		(354	)		(3	)
S&P 500 E-Mini Index		(6	)		09/2021		USD		(1,287	)		(17	)
												(30	)
												(52	)

Abbreviations

CAD	Canadian Dollar
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan SmartSpendingSM 2015 Fund			JPMorgan SmartSpendingSM 2020 Fund
ASSETS:
Investments in non-affiliates, at value	$	10,098		$	9,030
Investments in affiliates, at value		21,292			19,291
Receivables:
Investment securities sold		93			90
Investment securities sold — delayed delivery securities		252			217
Interest from non-affiliates		28			27
Dividends from affiliates		2			2
Variation margin on futures contracts		76			154
Due from adviser		17			22
Other assets		—			67
Total Assets		31,858			28,900
LIABILITIES:
Payables:
Due to custodian		14			14
Investment securities purchased		77			—	(a)
Investment securities purchased — delayed delivery securities		634			579
Fund shares redeemed		137			110
Accrued liabilities:
Distribution fees		—	(a)		—	(a)
Service fees		6			7
Custodian and accounting fees		9			8
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		46			24
Total Liabilities		923			742
Net Assets	$	30,935		$	28,158

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS JUNE 30, 2021

	JPMorgan SmartSpendingSM 2015 Fund			JPMorgan SmartSpendingSM 2020 Fund
NET ASSETS:
Paid-in-Capital	$	27,695		$	24,932
Total distributable earnings (loss)		3,240			3,226
Total Net Assets	$	30,935		$	28,158
Net Assets:
Class A	$	27		$	363
Class I		30,778			27,681
Class R2		26			22
Class R3		26			23
Class R4		26			23
Class R5		26			23
Class R6		26			23
Total	$	30,935		$	28,158
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		2			22
Class I		1,846			1,634
Class R2		1			1
Class R3		1			1
Class R4		2			1
Class R5		2			1
Class R6		2			2
Net Asset Value (a):
Class A — Redemption price per share	$	16.64		$	16.92
Class I — Offering and redemption price per share		16.67			16.94
Class R2 — Offering and redemption price per share		16.61			16.90
Class R3 — Offering and redemption price per share		16.64			16.92
Class R4 — Offering and redemption price per share		16.67			16.94
Class R5 — Offering and redemption price per share		16.68			16.95
Class R6 — Offering and redemption price per share		16.69			16.96
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)]	$	17.42		$	17.72
Cost of investments in non-affiliates	$	9,664		$	8,547
Cost of investments in affiliates		19,281			17,285

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2021

(Amounts in thousands)

	JPMorgan SmartSpendingSM 2015 Fund			JPMorgan SmartSpendingSM 2020 Fund (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$	64		$	53
Dividend income from non-affiliates		30			28
Dividend income from affiliates		516			452
Total investment income		610			533
EXPENSES:
Investment advisory fees		55			49
Administration fees		22			20
Distribution fees:
Class A		—	(b)		—	(b)
Class R2		—	(b)		—	(b)
Class R3		—	(b)		—	(b)
Service fees:
Class A		—	(b)		—	(b)
Class I		75			67
Class R2		—	(b)		—	(b)
Class R3		—	(b)		—	(b)
Class R4		—	(b)		—	(b)
Class R5		—	(b)		—	(b)
Custodian and accounting fees		34			30
Professional fees		33			41
Trustees’ and Chief Compliance Officer’s fees		25			23
Printing and mailing costs		4			16
Registration and filing fees		112			3
Transfer agency fees (See Note 2.J.)		1			—	(b)
Offering costs (See Note 2.H.)		—			135
Other		17			11
Total expenses		378			395
Less fees waived		(82	)		(70	)
Less expense reimbursements		(215	)		(248	)
Net expenses		81			77
Net investment income (loss)		529			456
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		187			119
Investments in affiliates		923			348
Futures contracts		501			177
Foreign currency transactions		7			1
Net realized gain (loss)		1,618			645
Distributions of capital gains received from investment company affiliates		48			41
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		517			483
Investments in affiliates		1,560			2,006
Futures contracts		(48	)		(52	)
Foreign currency translations		(1	)		5
Change in net unrealized appreciation/depreciation		2,028			2,442
Net realized/unrealized gains (losses)		3,694			3,128
Change in net assets resulting from operations	$	4,223		$	3,584

(a) Commencement of operations was July 1, 2020.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS JUNE 30, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan SmartSpendingSM 2015 Fund						JPMorgan SmartSpendingSM 2020 Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	529		$	735		$	456
Net realized gain (loss)		1,618			(463	)		645
Distributions of capital gains received from investment company affiliates		48			120			41
Change in net unrealized appreciation/depreciation		2,028			(979	)		2,442
Change in net assets resulting from operations		4,223			(587	)		3,584
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		(1,047	)		217			24,932
NET ASSETS:
Change in net assets		2,576			(2,190	)		28,158
Beginning of period		28,359			30,549			—
End of period	$	30,935		$	28,359		$	28,158

(a) Commencement of operations was July 1, 2020.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan SmartSpendingSM 2015 Fund						JPMorgan SmartSpendingSM 2020 Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—	(b)	$	1		$	361
Distributions reinvested		—	(b)		1			—	(b)
Change in net assets resulting from Class A capital transactions		—	(b)		2			361
Class I
Proceeds from shares issued		—	(b)		7			24,880
Distributions reinvested		598			1,812			357
Cost of shares redeemed		(1,647	)		(1,611	)		(767	)
Change in net assets resulting from Class I capital transactions		(1,049	)		208			24,470
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		—			—			20
Distributions reinvested		1			2			—	(b)
Change in net assets resulting from Class R5 capital transactions		1			2			20
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	$	(1,047	)	$	217		$	24,932

(a) Commencement of operations was July 1, 2020.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS JUNE 30, 2021

	JPMorgan SmartSpendingSM 2015  Fund						JPMorgan SmartSpendingSM 2020 Fund
	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021 (a)
SHARE TRANSACTIONS:
Class A
Issued		—	(b)		—	(b)		22
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class A Shares		—	(b)		—	(b)		22
Class I
Issued		—	(b)		1			1,659
Reinvested		37			115			22
Redeemed		(104	)		(105	)		(47	)
Change in Class I Shares		(67	)		11			1,634
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		1			—	(b)		—	(b)
Change in Class R4 Shares		1			—	(b)		1
Class R5
Issued		—			—			1
Reinvested		—	(b)		—	(b)		—	(b)
Change in Class R5 Shares		—	(b)		—	(b)		1
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.

JUNE 30, 2021 J.P. MORGAN FUNDS 31

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
Year Ended June 30, 2021	$	14.73	$	0.24	$	1.95		$	2.19		$	(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
Year Ended June 30, 2021		14.75		0.28		1.96			2.24			(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
Year Ended June 30, 2021		14.70		0.20		1.95			2.15			(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
Year Ended June 30, 2021		14.72		0.24		1.95			2.19			(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
Year Ended June 30, 2021		14.75		0.28		1.95			2.23			(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
Year Ended June 30, 2021		14.76		0.30		1.95			2.25			(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
Year Ended June 30, 2021		14.77		0.32		1.95			2.27			(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 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.

32 J.P. MORGAN FUNDS JUNE 30, 2021

		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)
$	16.64		14.97	%	$	27		0.52	%		1.53	%		1.56	%		107	%
	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
	16.67		15.28			30,778		0.27			1.76			1.26			107
	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
	16.61		14.67			26		0.78			1.25			1.82			107
	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
	16.64		14.98			26		0.53			1.50			2.01			107
	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
	16.67		15.22			26		0.28			1.75			1.54			107
	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
	16.68		15.37			26		0.13			1.90			1.75			107
	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
	16.69		15.47			26		0.04			2.00			1.09			107
	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.

JUNE 30, 2021 J.P. MORGAN FUNDS 33

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 June 30, 2021	$	15.00	$	0.45	$	1.66	$	2.11	$	(0.13	)	$	(0.06	)	$	(0.19	)
Class I
July 1, 2020 (h) through June 30, 2021		15.00		0.27		1.88		2.15		(0.15	)		(0.06	)		(0.21	)
Class R2
July 1, 2020 (h) through June 30, 2021		15.00		0.19		1.88		2.07		(0.11	)		(0.06	)		(0.17	)
Class R3
July 1, 2020 (h) through June 30, 2021		15.00		0.23		1.88		2.11		(0.13	)		(0.06	)		(0.19	)
Class R4
July 1, 2020 (h) through June 30, 2021		15.00		0.27		1.88		2.15		(0.15	)		(0.06	)		(0.21	)
Class R5
July 1, 2020 (h) through June 30, 2021		15.00		0.30		1.87		2.17		(0.16	)		(0.06	)		(0.22	)
Class R6
July 1, 2020 (h) through June 30, 2021		15.00		0.31		1.88		2.19		(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 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.

34 �� J.P. MORGAN FUNDS JUNE 30, 2021

		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)
$	16.92		14.15	%	$	363		0.52	%		2.75	%		1.70	%		95	%
	16.94		14.42			27,681		0.29			1.69			1.47			95
	16.90		13.89			22		0.78			1.19			2.14			95
	16.92		14.15			23		0.54			1.44			1.89			95
	16.94		14.42			23		0.29			1.69			1.64			95
	16.95		14.57			23		0.14			1.84			1.50			95
	16.96		14.69			23		0.04			1.94			1.40			95

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2021 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

(Dollar values in thousands)

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⁾  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 Board. 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.

36 J.P. MORGAN FUNDS JUNE 30, 2021

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 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”):

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	$	—		$	957	$	—	$	957
Collateralized Mortgage Obligations		—			214		47		261
Commercial Mortgage-Backed Securities		—			134		10		144
Corporate Bonds		—			2,463		—		2,463
Exchange-Traded Funds		8,969			—		—		8,969
Investment Companies		12,338			—		—		12,338
Mortgage-Backed Securities		—			1,816		—		1,816
U.S. Treasury Obligations		—			2,654		—		2,654
Short-Term Investments
Investment Companies		1,788			—		—		1,788
Total Investments in Securities	$	23,095		$	8,238	$	57	$	31,390
Appreciation in Other Financial Instruments
Futures Contracts	$	2		$	—	$	—	$	2
Depreciation in Other Financial Instruments
Futures Contracts		(58	)		—		—		(58	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(56	)	$	—	$	—	$	(56	)
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	$	—		$	776	$	—	$	776
Collateralized Mortgage Obligations		—			120		31		151
Commercial Mortgage-Backed Securities		—			102		10		112
Corporate Bonds		—			2,309		—		2,309
Exchange-Traded Funds		8,097			—		—		8,097
Investment Companies		11,591			—		—		11,591
Mortgage-Backed Securities		—			1,664		—		1,664

JUNE 30, 2021 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

SmartSpendingSM 2020 Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
U.S. Treasury Obligations	$	—		$	2,225	$	—	$	2,225
Short-Term Investments
Investment Companies		1,396			—		—		1,396
Total Investments in Securities	$	21,084		$	7,196	$	41	$	28,321
Appreciation in Other Financial Instruments
Futures Contracts	$	2		$	—	$	—	$	2
Depreciation in Other Financial Instruments
Futures Contracts		(54	)		—		—		(54	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(52	)	$	—	$	—	$	(52	)

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of June 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Funds purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of June 30, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at June 30, 2021 are detailed on the SOIs.

D. 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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers

38 J.P. MORGAN FUNDS JUNE 30, 2021

listed in the tables below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

SmartSpending^SM 2015 Fund

For the year ended June 30, 2021
Security Description	Value at June 30, 2020		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	2,774	$	394		$	917	$	128		$	633		$	3,012		50	$	71		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		317		398			241		(4	)		121			591		6		9			—
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		64			1,476		5			(55	)		—		—		29			36
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		—		605			—		—			(12	)		593		74		10			—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		122		461			—		—			10			593		74		13			—
JPMorgan Equity Index Fund Class R6 Shares (a)		4,280		847			2,414		396			880			3,989		61		65			—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		—		387			—		—			2			389		43		6			—
JPMorgan High Yield Fund Class R6 Shares (a)		885		2,024			1,969		49			123			1,112		152		74			—
JPMorgan High Yield Research Enhanced ETF (a)		—		1,825			541		—	(b)		17			1,301		25		29			1
JPMorgan Income Fund Class R6 Shares (a)		1,121		415			826		12			47			769		80		43			1
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		2,110		184			43		1			93			2,345		216		51			—
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		235			715		16			30			2,528		257		50			4
JPMorgan U.S. Aggregate Bond ETF (a)		5,396		1,925			5,031		132			(160	)		2,262		42		48			6
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c)		899		15,517			14,628		—			—			1,788		1,788		1			—
Total	$	25,758	$	25,298		$	32,247	$	923		$	1,560		$	21,292			$	516		$	48

(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 June 30, 2021.

JUNE 30, 2021 J.P. MORGAN FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

SmartSpending^SM 2020 Fund

For the year ended June 30, 2021
Security Description	Value at July 1, 2020 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2021		Shares at June 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (b)	$	—	$	2,540	$	567	$	86		$	574		$	2,633		44	$	63	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (b)		—		579		174		18			105			528		6		11		—
JPMorgan Core Bond Fund Class R6 Shares (b)		—		2,010		2,021		11			—			—		—		10		—
JPMorgan Corporate Bond Fund Class R6 Shares (b)		—		1,410		1,360		(50	)		—			—		—		25		32
JPMorgan Emerging Markets Debt Fund Class R6 Shares (b)		—		522		—		—			(8	)		514		64		9		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (b)		—		498		—		—			16			514		64		14		—
JPMorgan Equity Index Fund Class R6 Shares (b)		—		3,984		1,121		181			1,067			4,111		63		65		—
JPMorgan Floating Rate Income Fund Class R6 Shares (b)		—		347		—		—			2			349		39		6		—
JPMorgan High Yield Fund Class R6 Shares (b)		—		2,395		1,577		95			88			1,001		137		75		—
JPMorgan High Yield Research Enhanced ETF (b)		—		1,423		220		—	(c)		16			1,219		23		22		1
JPMorgan Income Fund Class R6 Shares (b)		—		851		192		8			26			693		73		28		1
JPMorgan Inflation Managed Bond Fund Class R6 Shares (b)		—		2,011		—		—			85			2,096		193		45		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (b)		—		2,924		650		10			29			2,313		235		45		4
JPMorgan U.S. Aggregate Bond ETF (b)		—		6,674		4,745		(11	)		6			1,924		35		33		3
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (d)		—		20,866		19,470		—			—			1,396		1,396		1		—
Total	$	—	$	49,034	$	32,097	$	348		$	2,006		$	19,291			$	452	$	41

(a) Commencement of operations was July 1, 2020.

(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) Amount rounds to less than one thousand.

(d) The rate shown is the current yield as of June 30, 2021.

E. 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 in non-affiliates 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 year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

40 J.P. MORGAN FUNDS JUNE 30, 2021

F. 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 year ended June 30, 2021:

	SmartSpendingSM 2015 Fund		SmartSpendingSM 2020 Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	2,108	$	1,062
Average Notional Balance Short		891		359
Ending Notional Balance Long		2,899		2,175
Ending Notional Balance Short		858		1,287
Futures Contracts — Interest Rate:
Average Notional Balance Long		2,957		1,554
Average Notional Balance Short		1,610		637
Ending Notional Balance Long		795		795
Ending Notional Balance Short		1,648		1,176

G. Summary of Derivatives Information

The following tables present the value of derivatives held as of June 30, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	SmartSpendingSM 2015 Fund			SmartSpendingSM 2020 Fund
Equity Risk Exposure:
Unrealized Depreciation on Futures Contracts*	$	(41	)	$	(41	)
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		2			2
Unrealized Depreciation on Futures Contracts*		(17	)		(13	)
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		(56	)		(52	)

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

JUNE 30, 2021 J.P. MORGAN FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2021, by primary underlying risk exposure:

	SmartSpendingSM 2015 Fund			SmartSpendingSM 2020 Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	578		$	236
Interest Rate Risk Exposure:
Futures Contracts		(77	)		(59	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		(26	)		(41	)
Interest Rate Risk Exposure:
Futures Contracts		(22	)		(11	)

The Funds’ derivatives contracts held at June 30, 2021 are not accounted for as hedging instruments under GAAP.

H. Offering and Organization Costs — Total offering costs of $135 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 Fund commenced operations. For the year ended June 30, 2021, total offering costs amortized were $135.

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 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.

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 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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2021 are as follows:

	Class A			Class I			Class R2			Class R3			Class R4			Class R5			Class R6			Total
SmartSpendingSM 2015 Fund
Transfer agency fees	$	—	(a)	$	1		$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	1
SmartSpendingSM 2020 Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)

(a) Amount rounds to less than one thousand.

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. 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.

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 June 30, 2021, 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

42 J.P. MORGAN FUNDS JUNE 30, 2021

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.

L. 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.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
SmartSpendingSM 2015 Fund	$	—	$	40	$	(40	)
SmartSpendingSM 2020 Fund		—		36		(36	)

The reclassifications for the Funds relate primarily to investments in regulated investment companies.

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 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 respective 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 year ended June 30, 2021, the effective 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 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

JUNE 30, 2021 J.P. MORGAN FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
SmartSpendingSM 2020 Fund	$	2	$	—

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
SmartSpendingSM 2015 Fund	0.25%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%
SmartSpendingSM 2020 Fund	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 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 year ended June 30, 2021 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 Fund 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 Fund’s contractual expense limitations, but will not exceed the Fund’s service fees.

For the year ended June 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. 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	$	55	$	22	$	5		$	82	$	215
SmartSpendingSM 2020 Fund		49		20		—	(a)		69		248

(a) Amount rounds to less than one thousand.

44 J.P. MORGAN FUNDS JUNE 30, 2021

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 year ended June 30, 2021 were as follows:

SmartSpending^SM 2020 Fund $ 1

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 year ended June 30, 2021, 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 year ended June 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
SmartSpendingSM 2015 Fund	$	26,082	$	29,302	$	4,634	$	2,258
SmartSpendingSM 2020 Fund		44,245		22,526		3,819		1,629

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation			Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SmartSpendingSM 2015 Fund	$	28,949	$	2,546		$	161	$	2,385
SmartSpendingSM 2020 Fund		25,793		2,617	��		141		2,476

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
SmartSpendingSM 2015 Fund	$	600	$	—	$	600
SmartSpendingSM 2020 Fund		331		27		358

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

JUNE 30, 2021 J.P. MORGAN FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended June 30, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
SmartSpendingSM 2015 Fund	$	946	$	874	$	1,820

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

As of June 30, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
SmartSpendingSM 2015 Fund	$	293	$	864	$	2,109
SmartSpendingSM 2020 Fund		731		116		2,386

The cumulative timing differences primarily consist of mark to market of futures contracts, straddle loss deferrals, trustee deferred compensation and wash sale loss deferrals.

As of June 30, 2021, the Funds did not have any net capital loss carryforwards.

Specified ordinary 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, 2021, the Funds deferred to July 1, 2021 the following specified ordinary losses of:

	Specified Ordinary Losses
SmartSpendingSM 2015 Fund	$	1
SmartSpendingSM 2020 Fund		2

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 year ended June 30, 2021.

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 year ended June 30, 2021.

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.

46 J.P. MORGAN FUNDS JUNE 30, 2021

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25% (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended June 30, 2021.

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 June 30, 2021, the Adviser owned shares representing more than 10% of net assets of the following Funds:

	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund
SmartSpendingSM 2015 Fund		1		100.0	%
SmartSpendingSM 2020 Fund		1		98.8

Significant shareholder transactions by the Adviser may impact the Funds’ performance.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage-pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

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 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).

Because of the Funds’ investments in the 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.

JUNE 30, 2021 J.P. MORGAN FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2021 (continued)

(Dollar values in thousands)

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments 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.

48 J.P. MORGAN FUNDS JUNE 30, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust IV and Shareholders of JPMorgan SmartSpending^SM 2015 Fund and JPMorgan SmartSpending^SM 2020 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan SmartSpending^SM 2015 Fund and JPMorgan SmartSpending^SM 2020 Fund (two of the funds constituting JPMorgan Trust IV, hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan SmartSpending^SM 2015 Fund ⁽¹⁾

JPMorgan SmartSpending^SM 2020 Fund ⁽²⁾

⁽¹⁾Statement of operations for the year ended June 30, 2021 and statement of changes in net assets for the years ended June 30, 2021 and 2020.

⁽²⁾Statement of operations and statement of changes in net assets for the year ended June 30, 2021.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2021

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

JUNE 30, 2021 J.P. MORGAN FUNDS 49

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	127	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	127	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	127	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017. (3)	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	127	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	127	None

50 J.P. MORGAN FUNDS JUNE 30, 2021

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	127	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	127	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	127	None
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	127	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	127	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

JUNE 30, 2021 J.P. MORGAN FUNDS 51

TRUSTEES

(Unaudited) (continued)

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

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (127 funds).

⁽³⁾  Mr. Harrington retired from the Board of Trustees effective July 31, 2021.

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

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

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

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

52 J.P. MORGAN FUNDS JUNE 30, 2021

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

JUNE 30, 2021 J.P. MORGAN FUNDS 53

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, January 1, 2021, and continued to hold your shares at the end of the reporting period, June 30, 2021.

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 January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartSpendingSM 2015 Fund
Class A
Actual	$	1,000.00	$	1,042.60	$	2.63		0.52	%
Hypothetical		1,000.00		1,022.22		2.61		0.52
Class I
Actual		1,000.00		1,044.50		1.37		0.27
Hypothetical		1,000.00		1,023.46		1.35		0.27
Class R2
Actual		1,000.00		1,041.40		3.90		0.77
Hypothetical		1,000.00		1,020.98		3.86		0.77
Class R3
Actual		1,000.00		1,043.30		2.58		0.51
Hypothetical		1,000.00		1,022.27		2.56		0.51
Class R4
Actual		1,000.00		1,044.50		1.32		0.26
Hypothetical		1,000.00		1,023.51		1.30		0.26
Class R5
Actual		1,000.00		1,045.10		0.56		0.11
Hypothetical		1,000.00		1,024.25		0.55		0.11
Class R6
Actual		1,000.00		1,045.10		0.10		0.02
Hypothetical		1,000.00		1,024.70		0.10		0.02

54 J.P. MORGAN FUNDS JUNE 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartSpendingSM 2020 Fund
Class A
Actual	$	1,000.00	$	1,038.70	$	2.53		0.50	%
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class I
Actual		1,000.00		1,039.30		1.37		0.27
Hypothetical		1,000.00		1,023.46		1.35		0.27
Class R2
Actual		1,000.00		1,037.40		3.89		0.77
Hypothetical		1,000.00		1,020.98		3.86		0.77
Class R3
Actual		1,000.00		1,038.70		2.63		0.52
Hypothetical		1,000.00		1,022.22		2.61		0.52
Class R4
Actual		1,000.00		1,039.30		1.37		0.27
Hypothetical		1,000.00		1,023.46		1.35		0.27
Class R5
Actual		1,000.00		1,039.90		0.61		0.12
Hypothetical		1,000.00		1,024.20		0.60		0.12
Class R6
Actual		1,000.00		1,040.50		0.15		0.03
Hypothetical		1,000.00		1,024.65		0.15		0.03

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

JUNE 30, 2021 J.P. MORGAN FUNDS 55

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation,

including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this

assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule); (4) whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (6) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

56 J.P. MORGAN FUNDS JUNE 30, 2021

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2021:

	Dividends Received Deduction
JPMorgan SmartSpendingSM 2015 Fund		11.19	%
JPMorgan SmartSpendingSM 2020 Fund		9.67

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2021:

	Long-Term Capital Gain Distribution
JPMorgan SmartSpendingSM 2020 Fund	$	27

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2021:

	Qualified Dividend Income
JPMorgan SmartSpendingSM 2015 Fund	$	159
JPMorgan SmartSpendingSM 2020 Fund		142

JUNE 30, 2021 J.P. MORGAN FUNDS 57

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC 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., 2021.  All rights reserved. June 2021. AN-SS-621

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

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

On April 1, 2021, Kathleen M. Gallagher replaced Dennis P. Harrington as the audit committee financial expert. Ms. Gallagher is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.

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

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2021 – $209,835

2020 – $126,963

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

AUDIT-RELATED FEES

2021 – $23,811

2020 – $17,820

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

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

TAX FEES

2021 – $57,998

2020 – $41,569

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2021 and 2020, respectively.

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

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

ALL OTHER FEES

2021 – Not applicable

2020 – Not applicable

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

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

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

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

2021 – 0.0%

2020 – 0.0%

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

Not applicable - Less than 50%.

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

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

2020 - $30.1 million

2019 - $24.8 million

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

Not applicable.

ITEM 6. 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.

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

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by 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
	September 1, 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
	September 1, 2021

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	September 1, 2021