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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23117

JPMorgan Trust IV

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

Date of fiscal year end: June 30

Date of reporting period: July 1, 2021 through December 31, 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 Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2021 (Unaudited)

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

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan U.S. Sustainable Leaders Fund

JPMorgan U.S. Value Fund

LOGO

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			24

JPMorgan U.S. Large Cap Core Plus Fund			26

JPMorgan U.S. Research Enhanced Equity Fund			29

JPMorgan U.S. Sustainable Leaders Fund			31

JPMorgan U.S. Value Fund			33

Schedules of Portfolio Investments			35

Financial Statements			82

Financial Highlights			120

Notes to Financial Statements			150

Schedule of Shareholder Expenses			172

Board Approval of Investment Advisory Agreements			178

Special Shareholder Meeting Results			185

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.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

FEBRUARY 8, 2022 (UNAUDITED)

Dear Shareholders,

U.S. equities led the year-long rally in developed market stocks as the global economic rebound advanced through 2021. While financial market volatility, a resurgence in the pandemic and accelerating inflation have carried into 2022, we believe that the outlook for the overall U.S. economy remains positive.

“Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.” — Andrea L. Lisher

A surge in U.S. consumer wealth — partly tied to rising values for homes and autos — and quarterly growth in corporate earnings have helped to bolster U.S. financial markets that were already well-supported by monetary and fiscal policies. Over the course of the past year, the U.S. jobless rate fell to pre-pandemic levels and reached 3.9% in December. At the same time, inflation has climbed significantly. The U.S. Federal Reserve (the “Fed”) has tapered its monthly asset purchasing program and indicated that it’s likely to raise interest rates as early as March 2022.

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

more normal economic environment following two years of historically low rates. Meanwhile, the path of the pandemic remains a factor in the U.S. economy. Recent data suggest the increase in new infections in late 2021 and into 2022 had some impact on the U.S. economy — though job growth remained strong — but there is hope that the latest pandemic wave may recede in coming months. Additionally, there is hope that rising prices on commodities and goods will moderate as supply chain constraints ease over time and the Fed moves generally to tamp down inflationary pressures. We expect the U.S. economy to continue expanding in 2022, even if the pace of the expansion eases from 2021.

Throughout the year ahead, J.P. Morgan Asset Management plans to seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on 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,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Overall, U.S. equity markets generated post positive returns in the second half of 2021 with continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record-high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic. Additionally, the U.S. Federal Reserve set an initial schedule for tapering off its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

In October, oil prices began to rise and equity markets resumed their broad upward trajectory only to stall again in November and then ended December with higher returns. While a resurgence in pandemic infections raised investor concerns about the reimposition of some social restrictions and their potential impact on specific industries and individual companies, the economic backdrop remained positive overall with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Overall, the real estate and information technology sectors provided the largest returns during the six month period, while communication services and industrials sectors provided the smallest returns but were still positive for the period. Within large cap equity, growth stocks outperformed value stocks. For the six months ended December 31, 2021, the S&P 500 Index returned 11.67%; the Russell 1000 Index returned 10.01%, the Russell 1000 Growth Index returned 12.93% and the Russell 1000 Value Index returned 6.93%.



2	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			8.77%
S&P 500 Index			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$144,338

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 underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the consumer discretionary and information technology sectors was the leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and real estate sectors was the leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc. and Global Payments Inc. and its underweight position in Tesla Inc. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Global Payments, a digital payments platform provider, fell amid a general pullback in financial technology subsector stocks and the company’s lower-than-expected forecast for full year 2021 results. Shares of Tesla, a producer of electric vehicles and battery systems, rose after the company reported better-than-expected production and deliveries during the period.

Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Advanced Micro Devices Inc. and DexCom Inc. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of DexCom, a manufacturer of diabetes monitoring devices, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021, as well as a better-than-expected forecast for full-year 2021 results.

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 utilities and consumer staples sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		6.3	%
	2.	Microsoft Corp.		6.0
	3.	Alphabet, Inc., Class C		4.8
	4.	Amazon.com, Inc.		3.6
	5.	Weyerhaeuser Co.		3.3
	6.	Loews Corp.		3.3
	7.	Berkshire Hathaway, Inc., Class B		3.1
	8.	Bank of America Corp.		3.1
	9.	UnitedHealth Group, Inc.		3.0
	10.	AutoZone, Inc.		2.9


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		25.4	%
Financials		14.4
Health Care		12.8
Consumer Discretionary		12.2
Communication Services		8.1
Industrials		6.8
Real Estate		4.9
Materials		4.1
Energy		3.8
Consumer Staples		2.7
Utilities		2.0
Short-Term Investments		2.8

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

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	3

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 29, 2011
With Sales Charge**			2.91	%		18.97	%		17.43	%		16.13	%
Without Sales Charge			8.61			25.57			18.70			16.76
CLASS C SHARES	July 29, 2011
With CDSC***			7.34			23.97			18.12			16.28
Without CDSC			8.34			24.97			18.12			16.28
CLASS I SHARES	July 29, 2011		8.77			25.90			19.00			17.05
CLASS R6 SHARES	October 1, 2018		8.91			26.24			19.20			17.15

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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 Equity Focus Fund and the S&P 500 Index from December 31, 2011 to December 31, 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	DECEMBER 31, 2021

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			7.63%
Russell 1000 Value Index			6.93%

Net Assets as of 12/31/2021 (In Thousands)			$51,111,026

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 outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the industrials sector and its underweight position in the communication services 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 real estate sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Home Depot Inc. and Microsoft Corp., and its overweight position in Dover Corp. Shares of Home Depot, a home improvement retail chain, rose after the company reported strong sales growth and better-than-expected earnings and revenue for the third quarter of 2021. Shares of Microsoft, a software and technology services provider, rose amid investor demand for large technology companies during the period. Shares of Dover, a maker of industrial equipment and sensors, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and raised its forecast for full year 2021 results.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc., Medtronic PLC and Bristol-Myers Squibb Co. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal second quarter of 2021 and disclosed it had received a warning letter from the U.S. Food and Drug Administration following the company’s recall of insulin infusion pumps. Shares of Bristol-Myers Squibb, a pharmaceutical manufacturer, fell amid investor expectations the company would seek to acquire Aurinia Pharmaceuticals Inc.

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	UnitedHealth Group, Inc.		3.0	%
	2.	ConocoPhillips		2.5
	3.	Bank of America Corp.		2.4
	4.	BlackRock, Inc.		2.3
	5.	Comcast Corp., Class A		2.1
	6.	PNC Financial Services Group, Inc. (The)		2.1
	7.	Bristol-Myers Squibb Co.		2.0
	8.	CME Group, Inc.		2.0
	9.	Raytheon Technologies Corp.		2.0
	10.	Analog Devices, Inc.		1.9


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Financials		22.8	%
Health Care		16.6
Industrials		14.6
Information Technology		9.1
Consumer Staples		8.8
Consumer Discretionary		7.5
Energy		5.7
Utilities		4.0
Materials		3.2
Communication Services		2.9
Real Estate		2.8
Short-Term Investments		2.0

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	5

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			1.85	%		18.29	%		11.44	%		12.46	%
Without Sales Charge			7.50			24.82			12.65			13.07
CLASS C SHARES	November 4, 1997
With CDSC***			6.21			23.24			12.10			12.62
Without CDSC			7.21			24.24			12.10			12.62
CLASS I SHARES	July 2, 1987		7.63			25.13			12.96			13.36
CLASS R2 SHARES	February 28, 2011		7.35			24.52			12.37			12.78
CLASS R3 SHARES	September 9, 2016		7.50			24.84			12.67			13.07
CLASS R4 SHARES	September 9, 2016		7.63			25.14			12.95			13.36
CLASS R5 SHARES	February 28, 2011		7.70			25.29			13.13			13.56
CLASS R6 SHARES	January 31, 2012		7.76			25.44			13.23			13.64

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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 December 31, 2011 to December 31, 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.



6	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			8.74%
S&P 500 Index			11.67%
ICE BofAML 3-Month U.S. Treasury Bill Index			0.02%

Net Assets as of 12/31/2021 (In Thousands)			$2,141,945

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) and outperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2021.

The Fund’s underweight position in the information technology sector and its security selection in the consumer discretionary sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and financials sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Tesla Inc., Apple Inc. and Nvidia Corp. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the company reported better-than-expected production and deliveries during the period. Shares of Apple, a provider of computers, mobile devices and related services, rose amid consecutive quarters of record earnings and strong demand for mobile phones. Shares of Nvidia, a semiconductor maker not held in the Fund, rose after the company reported

better-than-expected earnings and revenue for the third quarter of 2021 amid growth in sales to the data center and gaming industries.

Leading individual contributors to relative performance included the Fund’s overweight position in Old Dominion Freight Line Inc. and its underweight positions in PayPal Holdings Inc. and Amazon.com Inc. Shares of Old Dominion Freight Inc., a trucking and transport provider, rose after the company reported better-than-expected earnings and revenue for the third quarter amid a surge in demand for its services. Shares of PayPal Holdings, a digital payments platform provider not held in the Fund, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Amazon.com, an online retailer and services provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland)		2.1	%
	2.	Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland)		1.9
	3.	Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom)		1.8
	4.	Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada)		1.7
	5.	Accenture plc, Class A		1.7
	6.	Old Dominion Freight Line, Inc.		1.6
	7.	Microsoft Corp.		1.6
	8.	GS Finance Corp., ELN, 50.02%, 1/31/2022, (linked to S&P 500 Index)		1.6
	9.	DTE Energy Co.		1.6
	10.	Alphabet, Inc., Class A		1.6


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Health Care		12.1	%
Information Technology		11.9
Industrials		11.8
Consumer Staples		10.8
Financials		8.8
Consumer Discretionary		7.6
Utilities		7.2
Communication Services		6.0
Materials		3.4
Real Estate		3.1
Energy		0.7
Other***		16.3
Short-Term Investments		0.3

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	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		August 31, 2018
With Sales Charge**				2.92	%		14.64	%		9.67	%
Without Sales Charge				8.60			20.99			11.45
CLASS C SHARES		August 31, 2018
With CDSC***				7.33			19.39			10.90
Without CDSC				8.33			20.39			10.90
CLASS I SHARES		August 31, 2018		8.74			21.28			11.71
CLASS R5 SHARES		August 31, 2018		8.82			21.46			11.87
CLASS R6 SHARES		August 31, 2018		8.87			21.58			11.99

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

LIFE OF FUND PERFORMANCE (8/31/18 to 12/31/21)

LOGO

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 December 31, 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			4.32%
S&P 500 Index			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$19,555,808

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021. The Fund’s security selection in the pharmaceutical/medical technology and telecommunications 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 Pfizer Inc. and its overweight positions in Zimmer Biomet Holdings Inc. and Texas Instruments Inc. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval of the company’s COVID-19 pill. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Adobe Inc., PayPal Holdings Inc. and Intel Corp. Shares of Adobe, a digital marketing and media provider not held in the Fund, fell after the company issued a weaker-than-expected forecast in December 2021. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Intel, a semiconductor manufacturer, fell after the company issued a weaker-than-expected earnings forecast with its third quarter 2021 results.

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		6.6	%
	2.	Apple, Inc.		6.4
	3.	Amazon.com, Inc.		3.7
	4.	Alphabet, Inc., Class A		2.6
	5.	Alphabet, Inc., Class C		1.9
	6.	Tesla, Inc.		1.9
	7.	Meta Platforms, Inc., Class A		1.9
	8.	S&P 500 Index 3/31/2022 at USD 4,510.00, European Style		1.7
	9.	NVIDIA Corp.		1.5
	10.	UnitedHealth Group, Inc.		1.3


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		26.6	%
Consumer Discretionary		12.9
Health Care		12.3
Financials		9.8
Communication Services		9.2
Industrials		7.6
Consumer Staples		4.2
Energy		2.5
Real Estate		2.4
Utilities		2.3
Materials		2.2
Put Options Purchased		1.7
Short-Term Investments		6.3

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	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge**			(1.25	)%		7.21	%		8.95	%		7.83	%
Without Sales Charge			4.20			13.13			10.14			8.56
CLASS C SHARES	December 13, 2013
With CDSC***			2.93			11.60			9.59			8.02
Without CDSC			3.93			12.60			9.59			8.02
CLASS I SHARES	December 13, 2013		4.32			13.43			10.41			8.83
CLASS R5 SHARES	December 13, 2013		4.42			13.62			10.59			9.02
CLASS R6 SHARES	December 13, 2013		4.48			13.72			10.68			9.10

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 12/31/21)

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 December 31, 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

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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	11

JPMorgan Hedged Equity 2 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			7.29%
S&P 500 Index			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$3,893,228

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 six months ended December 31, 2021.

The Fund’s security selection in the pharmaceutical/medical technology and telecommunications 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.

HOW WAS THE FUND POSITIONED?

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		6.9	%
	2.	Apple, Inc.		6.7
	3.	Amazon.com, Inc.		3.8
	4.	Alphabet, Inc., Class A		2.7
	5.	Alphabet, Inc., Class C		2.0
	6.	Tesla, Inc.		2.0
	7.	Meta Platforms, Inc., Class A		1.9
	8.	NVIDIA Corp.		1.6
	9.	UnitedHealth Group, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		27.9	%
Consumer Discretionary		13.5
Health Care		12.8
Financials		10.3
Communication Services		9.6
Industrials		8.0
Consumer Staples		4.4
Energy		2.6
Real Estate		2.5
Utilities		2.4
Materials		2.3
Put Options Purchased		0.2
Short-Term Investments		3.5

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	DECEMBER 31, 2021


TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge**		1.53%		14.13	%
Without Sales Charge		7.13		14.13
CLASS C SHARES	February 26, 2021
With CDSC***		5.92		12.71
Without CDSC		6.92		13.71
CLASS I SHARES	February 26, 2021	7.29		14.41
CLASS R5 SHARES	February 26, 2021	7.41		14.57
CLASS R6 SHARES	February 26, 2021	7.46		14.71

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

LIFE OF FUND PERFORMANCE (2/26/21 TO 12/31/21)

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 December 31, 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	13

JPMorgan Hedged Equity 3 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			6.12%
S&P 500 Index			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$2,317,080

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 six months ended December 31, 2021.

HOW WAS THE FUND POSITIONED?


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		7.1	%
	2.	Apple, Inc.		6.9
	3.	Amazon.com, Inc.		3.9
	4.	Alphabet, Inc., Class A		2.7
	5.	Alphabet, Inc., Class C		2.1
	6.	Tesla, Inc.		2.1
	7.	Meta Platforms, Inc., Class A		2.0
	8.	NVIDIA Corp.		1.6
	9.	UnitedHealth Group, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		28.5	%
Consumer Discretionary		13.8
Health Care		13.1
Financials		10.5
Communication Services		9.9
Industrials		8.2
Consumer Staples		4.5
Energy		2.7
Real Estate		2.6
Utilities		2.5
Materials		2.3
Put Options Purchased		0.7
Short-Term Investments		0.7

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	DECEMBER 31, 2021


TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*	SINCE INCEPTION
CLASS A SHARES	February 26, 2021
With Sales Charge**		0.44%		12.86	%
Without Sales Charge		5.97		12.86
CLASS C SHARES	February 26, 2021
With CDSC***		4.68		11.41
Without CDSC		5.68		12.41
CLASS I SHARES	February 26, 2021	6.12		13.16
CLASS R5 SHARES	February 26, 2021	6.23		13.29
CLASS R6 SHARES	February 26, 2021	6.29		13.38

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

LIFE OF FUND PERFORMANCE (2/26/21 TO 12/31/21)

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 December 31, 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

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			8.65%
Russell 1000 Growth Index			12.93%

Net Assets as of 12/31/2021 (In Thousands)			$40,805,094

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 six months ended December 31, 2021.

The Fund’s overweight position and security selection in the communication services sector and its security selection and underweight position in the information technology sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and financials sectors was the leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark position in Snap Inc., its underweight position in Apple Inc. and its overweight position in PayPal Holdings Inc. Shares of Snap, an online camera platform and social media provider, fell after the company reported third quarter 2021 results that were below analysts’ expectations. Shares of Apple, a provider of computers, mobile devices and relative services, rose amid consecutive quarter of record earnings and strong demand for mobile phones. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks.

Leading individual contributors to relative performance included the Fund’s underweight position in Amazon.com Inc. and its overweight positions in Advanced Micro Devices Inc. and Blackstone Inc. Shares of Amazon.com, an online retailer and services provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth quarter of 2021. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of Blackstone, an investment management company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Apple, Inc.		9.2	%
	2.	Microsoft Corp.		9.1
	3.	Alphabet, Inc., Class C		7.4
	4.	Tesla, Inc.		4.5
	5.	Amazon.com, Inc.		3.3
	6.	Advanced Micro Devices, Inc.		3.0
	7.	NVIDIA Corp.		3.0
	8.	Blackstone, Inc.		2.8
	9.	Meta Platforms, Inc., Class A		2.7
	10.	Deere & Co.		2.3


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		37.1	%
Consumer Discretionary		17.3
Communication Services		13.4
Health Care		9.9
Financials		9.3
Industrials		6.8
Materials		2.6
Consumer Staples		2.5
Short-Term Investments		1.1

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	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge**			2.82	%		11.99	%		27.21	%		19.10	%
Without Sales Charge			8.52			18.20			28.59			19.75
CLASS C SHARES	November 4, 1997
With CDSC***			7.24			16.61			27.95			19.27
Without CDSC			8.24			17.61			27.95			19.27
CLASS I SHARES	February 28, 1992		8.65			18.49			28.90			19.99
CLASS R2 SHARES	November 3, 2008		8.39			17.91			28.26			19.45
CLASS R3 SHARES	September 9, 2016		8.51			18.20			28.58			19.72
CLASS R4 SHARES	September 9, 2016		8.65			18.49			28.90			19.99
CLASS R5 SHARES	April 14, 2009		8.73			18.66			29.10			20.20
CLASS R6 SHARES	November 30, 2010		8.79			18.79			29.23			20.30

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from December 31, 2011 to December 31, 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			1.94%
Russell 1000 Value Index			6.93%

Net Assets as of 12/31/2021 (In Thousands)			$3,113,172

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 underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the industrials and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials and financials sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Lamb Weston Holdings Inc., US Foods Holding Corp. and Zimmer Biomet Holdings Inc. Shares of Lamb Weston Holdings, a frozen foods and dairy products provider, fell amid increased input costs and reported lower-than-expected results for the company’s fiscal first quarter of 2021. Shares of U.S. Foods Holding, a distributor of goods to the food services industry, fell after the company reported lower-than-expected earnings for the third quarter of 2021 amid investor concerns about the impact on the restaurant industry of the omicron variant of COVID-19. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries.

Leading individual contributors to relative performance included the Fund’s overweight positions in Alcoa Corp. and Centene Corp. and its out-of-Benchmark position in Seagate Technology Holdings PLC. Shares of Alcoa, an aluminum producer, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021 and the company was added to the S&P 400 Mid Cap Index late in the period. Shares of Centene, a health insurance provider, rose after the company issued a better-than-expected forecast for earnings and revenue for fiscal 2022. Shares of Seagate Technology Holdings, a data storage products manufacturer, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter.

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Bank of America Corp.		3.8	%
	2.	Wells Fargo & Co.		3.8
	3.	Centene Corp.		3.6
	4.	US Foods Holding Corp.		3.4
	5.	Royal Caribbean Cruises Ltd.		3.2
	6.	Chevron Corp.		2.9
	7.	Bristol-Myers Squibb Co.		2.9
	8.	Lamb Weston Holdings, Inc.		2.8
	9.	State Street Corp.		2.8
	10.	Seagate Technology Holdings plc		2.6


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Financials		21.1	%
Health Care		19.8
Industrials		10.9
Consumer Discretionary		9.8
Consumer Staples		9.6
Materials		8.7
Energy		7.4
Communication Services		3.4
Information Technology		2.9
Utilities		2.7
Real Estate		2.5
Short-Term Investments		1.2

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	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(3.50	)%		16.95	%		10.25	%		13.36	%
Without Sales Charge			1.83			23.45			11.45			13.98
CLASS C SHARES	March 22, 1999
With CDSC***			0.57			21.86			10.90			13.52
Without CDSC			1.57			22.86			10.90			13.52
CLASS I SHARES	March 1, 1991		1.94			23.73			11.71			14.19
CLASS R2 SHARES	November 3, 2008		1.68			23.15			11.15			13.68
CLASS R3 SHARES	October 1, 2018		1.86			23.46			11.45			13.98
CLASS R4 SHARES	October 1, 2018		1.96			23.69			11.71			14.19
CLASS R5 SHARES	May 15, 2006		2.04			23.92			11.88			14.40
CLASS R6 SHARES	November 30, 2010		2.06			24.03			11.98			14.47

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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 December 31, 2011 to December 31, 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 asso-

ciated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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



DECEMBER 31, 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

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			8.55%
Russell 1000 Value Index			6.93%

Net Assets as of 12/31/2021 (In Thousands)			$246,452

INVESTMENT OBJECTIVE**

The JPMorgan U.S. 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 six months ended December 31, 2021.

The Fund’s security selection in the industrials and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Prologis Inc., AutoZone Inc. and Alphabet Inc. Shares of Prologis, a real estate investment trust not held in the Fund, rose after the company reported better-than-expected cash flow and revenue for the third quarter of 2021 and raised its forecast for the full year 2021. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in earnings and investor demand for large technology companies during the period.

Leading individual detractors from relative performance included the Fund’s underweight position in Pfizer Inc. and its overweight positions in Medtronic PLC and Jazz Pharmaceuticals PLC. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company’s COVID-19 pill. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal second quarter of 2021 and disclosed it had received a warning letter from the U.S. Food and Drug Administration following the company’s recall of insulin infusion pumps. Shares of Jazz Pharmaceuticals, a biopharmaceutical developer, fell after the company declined to raise its earnings forecast for 2021.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers employed a data science driven investment approach that combines

research, data insights and risk management. The portfolio managers utilize proprietary techniques to process, analyze and combine a wide variety of data sources, including a multi-decade history of proprietary fundamental research, company fundamentals and alternative data.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Prologis, Inc.		2.9	%
	2.	NextEra Energy, Inc.		2.9
	3.	Bank of America Corp.		2.6
	4.	UnitedHealth Group, Inc.		2.5
	5.	Alphabet, Inc., Class C		2.4
	6.	BlackRock, Inc.		2.3
	7.	Eaton Corp. plc		2.3
	8.	Norfolk Southern Corp.		2.2
	9.	Coca-Cola Co. (The)		2.2
	10.	Wells Fargo & Co.		2.2


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Financials		21.3	%
Health Care		15.7
Industrials		13.0
Information Technology		7.6
Consumer Discretionary		7.3
Consumer Staples		7.0
Communication Services		6.5
Utilities		6.4
Energy		5.6
Real Estate		4.6
Materials		2.9
Short-Term Investments		2.1

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	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			2.72	%		24.31	%		10.51	%		12.10	%
Without Sales Charge			8.43			31.19			11.70			12.71
CLASS C SHARES	February 19, 2005
With CDSC***			7.12			29.53			11.14			12.26
Without CDSC			8.12			30.53			11.14			12.26
CLASS I SHARES	February 28, 2003		8.55			31.54			11.96			12.92
CLASS R2 SHARES	November 3, 2008		8.19			30.78			11.38			12.41
CLASS R5 SHARES	May 15, 2006		8.59			31.63			12.12			13.12
CLASS R6 SHARES	November 30, 2010		8.63			31.75			12.23			13.20

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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 December 31, 2011 to December 31, 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	21

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		13.08%
S&P 500 Index		11.67%

Net Assets as of 12/31/2021 (In Thousands)	$	22,514,565

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the real estate investment trusts and media sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the semiconductors & hardware sector and the pharmaceutical/medical technology sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Prologis Inc., Alphabet Inc. and Eaton Corp. Shares of Prologis, a real estate investment trust, rose after the company reported better-than-expected cash flow and revenue for the third quarter of 2021 and raised its forecast for the full year 2021. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in earnings and investor demand for large technology companies during the period. Shares of Eaton, a provider of industrial power systems, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in Analog Devices Inc., Norfolk Southern Corp. and Biogen Inc. Shares of Analog Devices, a semiconductor manufacturer, fell amid investor concerns about the company’s ability to meet surging demand. Shares of Norfolk Southern, a freight railroad operator, fell as floods in British Columbia, Canada, reduced North American rail traffic and amid investor concerns that a resurgence in the pandemic late in the period may decrease demand. Shares of Biogen, a pharmaceuticals developer, fell amid investor concerns about the company’s treatment for Alzheimer’s disease and after Samsung Group denied market speculation that it was negotiating to acquire the company.

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		8.4	%
	2.	Alphabet, Inc., Class A		6.5
	3.	Amazon.com, Inc.		5.8
	4.	Apple, Inc.		5.3
	5.	Prologis, Inc.		3.4
	6.	Mastercard, Inc., Class A		3.3
	7.	NXP Semiconductors NV (China)		3.2
	8.	Eaton Corp. plc		3.0
	9.	AbbVie, Inc.		2.8
	10.	NextEra Energy, Inc.		2.7


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		26.6	%
Consumer Discretionary		17.1
Health Care		13.0
Industrials		11.3
Financials		11.2
Communication Services		7.5
Utilities		3.9
Real Estate		3.4
Materials		3.2
Consumer Staples		1.2
Short-Term Investments		1.6

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



22	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*				1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			6.93	%			21.44	%		17.98	%		16.39	%
Without Sales Charge			12.84				28.16			19.27			17.02
CLASS C SHARES	September 10, 2001
With CDSC***			11.58				26.54			18.66			16.56
Without CDSC			12.58				27.54			18.66			16.56
CLASS I SHARES	September 10, 2001		12.98				28.47			19.56			17.27
CLASS L SHARES	September 17, 1993		13.08				28.69			19.72			17.45
CLASS R2 SHARES	November 3, 2008		12.68		��		27.87			18.95			16.74
CLASS R3 SHARES	September 9, 2016		12.80				28.11			19.25			17.02
CLASS R4 SHARES	September 9, 2016		13.00				28.47			19.55			17.27
CLASS R5 SHARES	May 15, 2006		13.07				28.69			19.75			17.49
CLASS R6 SHARES	November 30, 2010		13.15				28.80			19.86			17.57

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from December 31, 2011 to December 31, 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	23

JPMorgan U.S. GARP Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			13.14%
Russell 1000 Growth Index			12.93%

Net Assets as of 12/31/2021 (In Thousands)			$1,343,544

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 outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the information technology and industrials sectors was 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 from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight positions in PayPal Holdings Inc. and Zoom Video Communications Inc., and its overweight position in Intuit Inc. Shares of PayPal Holdings, a digital payments platform provider, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Zoom Video Communications, a video call and conferencing platform not held in the Fund, fell amid investor concern about the company’s ability to sustain growth in its business. Shares of Intuit, a provider of tax and financial management software, rose after the company reported better-than-expected earnings for its fiscal first quarter and raised its earnings forecast.

Leading individual detractors from relative performance included the Fund’s overweight positions in Altice USA Inc., Zillow Group Inc. and Mastercard Inc. Shares of Altice USA, a communication services and media provider, fell after the company reported a decline in subscribers in the third quarter of 2021. Shares of Zillow Group, a real estate market platform operator, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of Mastercard, a credit card and payments company, fell amid investor concerns that a resurgence in the pandemic in late 2021 would hurt consumer spending.

HOW WAS THE FUND POSITIONED?

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		10.3	%
	2.	Apple, Inc.		9.5
	3.	Amazon.com, Inc.		5.9
	4.	Meta Platforms, Inc., Class A		4.0
	5.	Tesla, Inc.		3.3
	6.	Alphabet, Inc., Class A		2.7
	7.	Mastercard, Inc., Class A		2.7
	8.	Alphabet, Inc., Class C		2.7
	9.	Lowe’s Cos., Inc.		2.2
	10.	Intuit, Inc.		2.1


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		41.4	%
Consumer Discretionary		20.6
Communication Services		11.7
Health Care		9.5
Industrials		6.8
Consumer Staples		3.6
Real Estate		2.1
Financials		1.3
Others (each less than 1.0%)		1.4
Short-Term Investments		1.6

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	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			7.05	%		23.81	%		20.80	%		17.40	%
Without Sales Charge			12.98			30.68			22.11			18.03
CLASS C SHARES	February 19, 2005
With CDSC***			11.70			29.04			21.51			17.57
Without CDSC			12.70			30.04			21.51			17.57
CLASS I SHARES	February 28, 2003		13.14			31.01			22.43			18.33
CLASS R2 SHARES	November 3, 2008		12.85			30.36			21.81			17.74
CLASS R5 SHARES	May 15, 2006		13.24			31.21			22.62			18.54
CLASS R6 SHARES	November 2, 2015		13.29			31.33			22.73			18.60

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from December 31, 2011 to December 31, 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	25

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			12.68%
S&P 500 Index			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$2,645,802

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s overweight position in the energy sector and its underweight position in the media sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financial services sector and the autos & transportation sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ingersoll Rand Inc., Advanced Micro Devices Inc. and Alphabet Inc. Shares of Ingersoll Rand, an industrial and automotive products manufacturer, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of Alphabet, parent company of Google Inc., rose amid consecutive quarters of earnings growth and investor demand for large technology companies during the period.

Leading individual detractors from relative performance included the Fund’s underweight position in Tesla Inc., its

out-of-Benchmark position in Lyft Inc. and its overweight position in NXP Semiconductors NV. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the company reported better-than-expected production and deliveries during the period. Shares of Lyft, a ride hailing platform operator, fell amid investor concerns that the resurgence in the pandemic in late 2021 would reduce demand for its services. Shares of NXP Semiconductors, a semiconductor manufacturer, fell amid investor concern about the company’s ability to meet supply demand from the automotive industry.

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 123% to 23%.

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	DECEMBER 31, 2021


TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		6.1	%
	2.	Amazon.com, Inc.		4.7
	3.	Apple, Inc.		4.6
	4.	Alphabet, Inc. Class A		3.4
	5.	NXP Semiconductors NV (China)		2.6
	6.	Mastercard, Inc. Class A		2.0
	7.	UnitedHealth Group, Inc.		2.0
	8.	Thermo Fisher Scientific, Inc.		1.6
	9.	Wells Fargo & Co.		1.5
	10.	Norfolk Southern Corp.		1.4


TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Kroger Co. (The)		3.6	%
	2.	Omnicom Group, Inc.		2.8
	3.	3M Co.		2.3
	4.	Walgreens Boots Alliance, Inc.		2.3
	5.	Exxon Mobil Corp.		2.2
	6.	Clorox Co. (The)		2.1
	7.	Stryker Corp.		2.0
	8.	Enbridge, Inc. (Canada) (Canada)		1.9
	9.	Illinois Tool Works, Inc.		1.9
	10.	Starbucks Corp.		1.8


LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		25.4	%
Consumer Discretionary		14.3
Health Care		12.5
Industrials		12.0
Communication Services		9.1
Financials		7.9
Consumer Staples		4.6
Materials		3.8
Energy		3.8
Utilities		3.1
Real Estate		2.9
Short-Term Investments		0.6


SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Industrials		18.3	%
Information Technology		13.8
Consumer Staples		12.8
Communication Services		8.9
Utilities		8.1
Health Care		8.0
Energy		7.8
Consumer Discretionary		6.2
Real Estate		5.8
Materials		5.2
Financials		5.1



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	27

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge**			6.60	%		22.12	%		17.41	%		16.13	%
Without Sales Charge			12.52			28.89			18.68			16.76
CLASS C SHARES	November 1, 2005
With CDSC***			11.28			27.25			18.09			16.29
Without CDSC			12.28			28.25			18.09			16.29
CLASS I SHARES	November 1, 2005		12.68			29.20			18.98			17.05
CLASS R2 SHARES	November 3, 2008		12.30			28.40			18.28			16.42
CLASS R5 SHARES	May 15, 2006		12.67			29.23			19.06			17.20
CLASS R6 SHARES	November 1, 2017		12.77			29.41			19.17			17.26

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from December 31, 2011 to December 31, 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.



28	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			12.11%
S&P 500 Index			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$5,981,812

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Benchmark for the six months ended December 31, 2021. The Fund’s security selection in the technology and media sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical technology and telecommunications sectors was a leading detractor from relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Pfizer Inc. and its overweight positions in Zimmer Biomet Holdings Inc. and Texas Instruments Inc. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and U.S. Food and Drug Administration approval for the company’s COVID-19 pill. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may reduce demand for elective surgeries. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

HOW WAS THE FUND POSITIONED?

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

tial 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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		7.1	%
	2.	Apple, Inc.		6.9
	3.	Amazon.com, Inc.		4.0
	4.	Alphabet, Inc., Class A		2.7
	5.	Alphabet, Inc., Class C		2.1
	6.	Tesla, Inc.		2.1
	7.	Meta Platforms, Inc., Class A		2.0
	8.	NVIDIA Corp.		1.6
	9.	UnitedHealth Group, Inc.		1.4
	10.	Mastercard, Inc., Class A		1.4


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		28.6	%
Consumer Discretionary		13.8
Health Care		13.2
Financials		10.5
Communication Services		9.9
Industrials		8.2
Consumer Staples		4.5
Energy		2.7
Real Estate		2.6
Utilities		2.5
Materials		2.3
Short-Term Investments		1.2

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	29

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			6.09	%		23.34	%		17.30	%		15.56	%
Without Sales Charge			11.97			30.16			18.58			16.19
CLASS I SHARES	September 10, 2001		12.11			30.52			18.88			16.48
CLASS R6 SHARES	March 24, 2003		12.15			30.63			18.99			16.68

Not annualized.

Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

LOGO

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from December 31, 2011 to December 31, 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.



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

JPMorgan U.S. Sustainable Leaders Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			12.13%
S&P 500 Index			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$198,102

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 six months ended December 31, 2021. The Fund’s security selection in the industrials and consumer staples sectors was a leading contributor 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 performance relative to the Benchmark included the Fund’s underweight positions in Amazon.com Inc. and PayPal Holdings Inc., and its overweight position in Costco Wholesale Corp. Shares of Amazon.com, an online retailer and services provider not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth quarter of 2021. Shares of PayPal Holdings, a digital payments platform provider not held in the Fund, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Costco Wholesale, a membership retail chain, rose amid consecutive months of sales growth as well as better-than-expected quarterly earnings during the period.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Tesla Inc. and Alphabet Inc. and its overweight position in Mastercard Inc. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the company reported better-than-expected production and deliveries during the period. Shares of Alphabet, parent company of Google Inc., rose amid continued growth in quarterly earnings and investor demand for large technology companies during the period. Shares of Mastercard, a credit card and payments company, fell amid investor concerns that a resurgence in the pandemic in late 2021 would hurt consumer spending.

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Microsoft Corp.		8.0	%
	2.	Apple, Inc.		5.0
	3.	Alphabet, Inc., Class A		3.2
	4.	Mastercard, Inc., Class A		3.2
	5.	Bank of America Corp.		2.9
	6.	Costco Wholesale Corp.		2.7
	7.	Home Depot, Inc. (The)		2.7
	8.	Eaton Corp. plc		2.5
	9.	Thermo Fisher Scientific, Inc.		2.4
	10.	Ingersoll Rand, Inc.		2.2


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		30.0	%
Health Care		15.0
Financials		13.1
Industrials		11.2
Consumer Discretionary		9.8
Communication Services		6.6
Consumer Staples		4.5
Real Estate		4.2
Utilities		2.5
Materials		1.5
Short-Term Investments		1.6

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	31

JPMorgan U.S. Sustainable Leaders Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			6.11	%		23.80	%		17.10	%		15.96	%
Without Sales Charge			11.98			30.66			18.37			16.59
CLASS C SHARES	February 19, 2005
With CDSC***			10.70			29.02			17.78			16.13
Without CDSC			11.70			30.02			17.78			16.13
CLASS I SHARES	February 28, 2003		12.13			31.00			18.67			16.88
CLASS R6 SHARES	September 30, 2020		12.17			31.05			18.69			16.89

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from December 31, 2011 to December 31, 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.

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.



32	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			6.83%
Russell 1000 Value Index			6.93%

Net Assets as of 12/31/2021 (In Thousands)			$2,156,780

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, underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the health care sector and its underweight position in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position and security selection in the communication services sector and its security selection in the industrials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc., Citigroup Inc. and Medtronic PLC. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Citigroup, a banking and financial services provider, fell amid investor concerns about the potential for a resurgence in the pandemic in late 2021 to fuel increased delinquencies in consumer loan and credit card payments. Shares of Medtronic, a medical technology manufacturer, fell after the company reported lower-than-expected revenue for its fiscal second quarter of 2021 and disclosed it had received a warning letter from the U.S. Food and Drug Administration following the company’s recall of insulin infusion pumps.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Microsoft Corp. and Home Depot Inc., and its overweight position in Alphabet Inc. Shares of Microsoft, a software and technology services provider, rose amid investor demand for large technology companies during the period. Shares of Home Depot, a home improvement retail chain, rose after the company reported strong sales growth and better-than-expected earnings and revenue for the third quarter of 2021. Shares of Alphabet, parent company of Google, rose amid investor demand for large technology companies during the period.

HOW WAS THE FUND POSIIONED?

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 DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Wells Fargo & Co.		2.4	%
	2.	ConocoPhillips		2.4
	3.	BlackRock, Inc.		2.3
	4.	UnitedHealth Group, Inc.		2.3
	5.	Bank of America Corp.		2.1
	6.	Berkshire Hathaway, Inc., Class B		2.0
	7.	Morgan Stanley		1.9
	8.	Bristol-Myers Squibb Co.		1.8
	9.	Alphabet, Inc., Class C		1.7
	10.	Citigroup, Inc.		1.7


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Financials		27.0	%
Health Care		15.5
Industrials		12.7
Consumer Discretionary		9.9
Information Technology		8.1
Energy		5.5
Consumer Staples		4.7
Communication Services		4.5
Materials		4.4
Utilities		3.1
Real Estate		1.6
Short-Term Investments		3.0

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	33

JPMorgan U.S. Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge**			1.22	%		20.19	%		11.61	%		13.48	%
Without Sales Charge			6.83			26.86			12.82			14.09
CLASS C SHARES	January 2, 1998
With CDSC***			5.57			25.24			12.26			13.63
Without CDSC			6.57			26.24			12.26			13.63
CLASS I SHARES	January 25, 1996		6.98			27.20			13.11			14.37
CLASS R2 SHARES	November 2, 2015		6.69			26.56			12.54			13.91
CLASS R3 SHARES	July 31, 2017		6.82			26.85			12.83			14.09
CLASS R4 SHARES	July 31, 2017		6.97			27.20			13.11			14.37
CLASS R5 SHARES	November 2, 2015		7.04			27.39			13.29			14.49
CLASS R6 SHARES	November 2, 2015		7.11			27.50			13.39			14.55

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan U.S. Value Fund and the Russell 1000 Value Index from

December 31, 2011 to December 31, 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.



34	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Air Freight & Logistics — 2.1%

FedEx Corp.		12		2,986


Automobiles — 2.4%

Tesla, Inc.*		3		3,525


Banks — 3.1%

Bank of America Corp.		100		4,460


Biotechnology — 4.6%

AbbVie, Inc.		31		4,132

Regeneron Pharmaceuticals, Inc. *		4		2,476


				6,608


Building Products — 1.6%

Trane Technologies plc		11		2,306


Capital Markets — 2.2%

Charles Schwab Corp. (The)		38		3,155


Construction Materials — 1.4%

Martin Marietta Materials, Inc.		5		2,066


Consumer Finance — 2.8%

Capital One Financial Corp.		28		4,014


Containers & Packaging — 2.6%

Packaging Corp. of America		28		3,799


Diversified Financial Services — 3.1%

Berkshire Hathaway, Inc., Class B *		15		4,491


Electric Utilities — 2.0%

Xcel Energy, Inc.		42		2,845


Electronic Equipment, Instruments & Components — 1.8%

Zebra Technologies Corp., Class A *		4		2,582


Equity Real Estate Investment Trusts (REITs) — 4.9%

Public Storage		6		2,305

Weyerhaeuser Co.		117		4,820


				7,125


Health Care Equipment & Supplies — 3.1%

Dexcom, Inc. *		3		1,833

Intuitive Surgical, Inc. *		7		2,678


				4,511


Health Care Providers & Services — 3.0%

UnitedHealth Group, Inc.		9		4,386


Hotels, Restaurants & Leisure — 2.1%

Booking Holdings, Inc. *		1		3,059


Household Products — 2.7%

Procter & Gamble Co. (The)		24		3,966


INVESTMENTS	SHARES (000)			VALUE ($000)


Insurance — 3.3%

Loews Corp.		82	��		4,736


Interactive Media & Services — 4.8%

Alphabet, Inc., Class C *		2			6,869


Internet & Direct Marketing Retail — 3.6%

Amazon.com, Inc. *		2			5,225


IT Services — 5.0%

Global Payments, Inc.		13			1,802

Mastercard, Inc., Class A		10			3,750

PayPal Holdings, Inc. *		9			1,718


					7,270


Machinery — 3.2%

Deere & Co.		7			2,387

Ingersoll Rand, Inc.		36			2,199


					4,586


Media — 1.7%

Charter Communications, Inc., Class A *		4			2,472


Oil, Gas & Consumable Fuels — 3.8%

ConocoPhillips		40			2,906

Kinder Morgan, Inc.		164			2,598


					5,504


Pharmaceuticals — 2.1%

Bristol-Myers Squibb Co.		49			3,044


Semiconductors & Semiconductor Equipment — 6.4%

Advanced Micro Devices, Inc. *		23			3,266

Lam Research Corp.		4			2,526

QUALCOMM, Inc.		18			3,331


					9,123


Software — 6.0%

Microsoft Corp.		26			8,614


Specialty Retail — 4.0%

AutoZone, Inc. *		2			4,199

Gap, Inc. (The)		92			1,628


					5,827


Technology Hardware, Storage & Peripherals — 6.3%

Apple, Inc.		51			9,044


Wireless Telecommunication Services — 1.6%

T-Mobile US, Inc. *		20			2,281


Total Common Stocks (Cost $84,749)					140,479

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	35

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.8%

Investment Companies — 2.8%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $3,975)		3,974		3,975

Total Investments — 100.1% (Cost $88,724)				144,454
Liabilities in Excess of Other Assets — (0.1)%				(116	)

NET ASSETS — 100.0%				144,338

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.1%

Aerospace & Defense — 4.9%

General Dynamics Corp.		4,043		842,945

Northrop Grumman Corp.		1,757		680,026

Raytheon Technologies Corp.		11,595		997,831


				2,520,802


Air Freight & Logistics — 1.4%

United Parcel Service, Inc., Class B		3,444		738,287


Banks — 7.4%

Bank of America Corp.		27,292		1,214,212

Citigroup, Inc.		8,841		533,890

PNC Financial Services Group, Inc. (The)		5,335		1,069,698

Truist Financial Corp.		7,966		466,386

US Bancorp		8,478		476,189


				3,760,375


Beverages — 1.8%

Coca-Cola Co. (The)		7,196		426,057

PepsiCo, Inc.		2,753		478,156


				904,213


Biotechnology — 1.7%

AbbVie, Inc.		4,493		608,293

Amgen, Inc.		1,114		250,699


				858,992


Building Products — 0.3%

Trane Technologies plc		849		171,477


Capital Markets — 8.7%

BlackRock, Inc.		1,264		1,156,891

Charles Schwab Corp. (The)		7,082		595,568

CME Group, Inc.		4,409		1,007,360

Morgan Stanley		9,717		953,786

Northern Trust Corp.		1,907		228,073

T. Rowe Price Group, Inc.		2,445		480,874


				4,422,552


Chemicals — 3.2%

Air Products and Chemicals, Inc.		2,538		772,105

PPG Industries, Inc.		4,883		842,097


				1,614,202


Commercial Services & Supplies — 0.6%

Republic Services, Inc.		2,318		323,247


Consumer Finance — 2.4%

American Express Co.		4,836		791,209

Capital One Financial Corp.		2,931		425,249


				1,216,458


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Telecommunication Services — 0.8%

Verizon Communications, Inc.		7,991		415,226


Electric Utilities — 2.8%

Entergy Corp.		572		64,442

NextEra Energy, Inc.		9,549		891,523

Xcel Energy, Inc.		7,050		477,293


				1,433,258


Electrical Equipment — 1.5%

Eaton Corp. plc		4,402		760,722


Electronic Equipment, Instruments & Components — 0.5%

Corning, Inc.		7,070		263,226


Equity Real Estate Investment Trusts (REITs) — 2.8%

Alexandria Real Estate Equities, Inc.		1,119		249,389

AvalonBay Communities, Inc.		1,176		297,012

Boston Properties, Inc.		1,505		173,333

Prologis, Inc.		2,799		471,188

Realty Income Corp.		597		42,712

Ventas, Inc.		4,055		207,305


				1,440,939


Food & Staples Retailing — 2.8%

Sysco Corp.		9,809		770,463

Walmart, Inc.		4,595		664,795


				1,435,258


Food Products — 1.2%

Mondelez International, Inc., Class A		8,985		595,827


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		1,520		213,860

Becton Dickinson and Co.		1,990		500,347

Medtronic plc		6,942		718,151


				1,432,358


Health Care Providers & Services — 6.0%

AmerisourceBergen Corp.		3,070		408,014

Cigna Corp.		1,409		323,622

CVS Health Corp.		8,095		835,051

UnitedHealth Group, Inc.		3,037		1,524,762


				3,091,449


Hotels, Restaurants & Leisure — 1.9%

McDonald’s Corp.		2,520		675,652

Starbucks Corp.		2,621		306,561


				982,213


Household Products — 1.3%

Procter & Gamble Co. (The)		4,145		678,082

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	37

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Insurance — 4.4%

Arthur J Gallagher & Co.		2,339		396,779

Chubb Ltd.		2,899		560,403

Hartford Financial Services Group, Inc. (The)		5,417		374,009

Marsh & McLennan Cos., Inc.		1,121		194,813

MetLife, Inc.		6,768		422,934

Progressive Corp. (The)		3,094		317,632


				2,266,570


IT Services — 2.2%

Accenture plc, Class A		754		312,372

Fidelity National Information Services, Inc.		4,107		448,298

International Business Machines Corp.		2,605		348,124


				1,108,794


Leisure Products — 0.5%

Hasbro, Inc.		2,676		272,313


Machinery — 4.3%

Deere & Co.		1,449		496,845

Dover Corp.		5,271		957,273

Parker-Hannifin Corp.		2,270		722,057


				2,176,175


Media — 2.1%

Comcast Corp., Class A		21,492		1,081,669


Multi-Utilities — 1.2%

CMS Energy Corp.		5,324		346,355

Public Service Enterprise Group, Inc.		3,936		262,637


				608,992


Oil, Gas & Consumable Fuels — 5.7%

Chevron Corp.		6,531		766,411

ConocoPhillips		17,508		1,263,707

EOG Resources, Inc.		7,968		707,798

Valero Energy Corp.		2,185		164,080


				2,901,996


Pharmaceuticals — 6.0%

Bristol-Myers Squibb Co.		16,604		1,035,275

Eli Lilly & Co.		2,055		567,503

Johnson & Johnson		5,441		930,711

Merck & Co., Inc.		2,430		186,218

Pfizer, Inc.		6,240		368,501


				3,088,208


Road & Rail — 1.6%

Norfolk Southern Corp.		2,711		807,075


INVESTMENTS	SHARES (000)		VALUE ($000)


Semiconductors & Semiconductor Equipment — 3.9%

Analog Devices, Inc.		5,625		988,760

Intel Corp.		1,384		71,298

Texas Instruments, Inc.		4,916		926,520


				1,986,578


Software — 1.5%

Microsoft Corp.		2,266		762,006


Specialty Retail — 4.6%

Advance Auto Parts, Inc.		1,264		303,232

Best Buy Co., Inc.		3,615		367,238

Gap, Inc. (The)		10,701		188,880

Home Depot, Inc. (The)		2,018		837,289

TJX Cos., Inc. (The)		8,472		643,207


				2,339,846


Technology Hardware, Storage & Peripherals — 1.1%

Apple, Inc.		1,335		237,108

Seagate Technology Holdings plc		2,682		303,038


				540,146


Textiles, Apparel & Luxury Goods — 0.4%

VF Corp.		3,065		224,432


Tobacco — 1.8%

Philip Morris International, Inc.		9,572		909,298


Total Common Stocks (Cost $33,181,428)				50,133,261

Short-Term Investments — 2.0%

Investment Companies — 2.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $1,035,032)		1,034,572		1,034,986

Total Investments — 100.1% (Cost $34,216,460)				51,168,247
Liabilities in Excess of Other Assets — (0.1)%				(57,221	)

NET ASSETS — 100.0%				51,111,026

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.0%

Aerospace & Defense — 0.4%

Northrop Grumman Corp.		21		8,206


Air Freight & Logistics — 1.3%

United Parcel Service, Inc., Class B		129		27,756


Banks — 1.6%

US Bancorp		398		22,358

Wells Fargo & Co.		240		11,524


				33,882


Beverages — 3.1%

Coca-Cola Co. (The)		468		27,739

Constellation Brands, Inc., Class A		45		11,286

PepsiCo, Inc.		160		27,868


				66,893


Biotechnology — 2.7%

AbbVie, Inc.		225		30,473

Regeneron Pharmaceuticals, Inc. *		20		12,372

Vertex Pharmaceuticals, Inc. *		67		14,696


				57,541


Building Products — 1.4%

Trane Technologies plc		146		29,476


Capital Markets — 2.1%

Intercontinental Exchange, Inc.		145		19,816

S&P Global, Inc.		55		26,094


				45,910


Chemicals — 2.7%

Air Products and Chemicals, Inc.		38		11,650

Corteva, Inc.		272		12,847

Linde plc (United Kingdom)		43		14,769

PPG Industries, Inc.		106		18,354


				57,620


Containers & Packaging — 0.6%

Avery Dennison Corp.		63		13,581


Diversified Financial Services — 0.9%

Berkshire Hathaway, Inc., Class B *		67		20,169


Diversified Telecommunication Services — 1.1%

Verizon Communications, Inc.		449		23,320


Electric Utilities — 4.2%

Alliant Energy Corp.		273		16,802

Duke Energy Corp.		162		16,959

Evergy, Inc.		184		12,609

FirstEnergy Corp.		260		10,818


INVESTMENTS	SHARES (000)		VALUE ($000)

Electric Utilities — continued

NextEra Energy, Inc.		296		27,674

Xcel Energy, Inc.		68		4,629


				89,491


Electrical Equipment — 1.0%

Eaton Corp. plc		124		21,372


Entertainment — 0.4%

Netflix, Inc. *		15		9,250


Equity Real Estate Investment Trusts (REITs) — 3.0%

Camden Property Trust		21		3,745

Equinix, Inc.		17		14,190

Prologis, Inc.		111		18,751

Public Storage		42		15,547

Sun Communities, Inc.		59		12,396


				64,629


Food & Staples Retailing — 1.6%

Costco Wholesale Corp.		31		17,557

Walmart, Inc.		123		17,780


				35,337


Food Products — 2.5%

Hershey Co. (The)		136		26,348

Mondelez International, Inc., Class A		405		26,828


				53,176


Health Care Equipment & Supplies — 1.2%

Abbott Laboratories		63		8,894

Boston Scientific Corp. *		129		5,467

Medtronic plc		105		10,884


				25,245


Health Care Providers & Services — 1.9%

Anthem, Inc.		25		11,587

UnitedHealth Group, Inc.		59		29,700


				41,287


Hotels, Restaurants & Leisure — 0.8%

McDonald’s Corp.		63		16,782


Household Products — 2.4%

Kimberly-Clark Corp.		159		22,733

Procter & Gamble Co. (The)		175		28,604


				51,337


Insurance — 4.0%

Arthur J Gallagher & Co.		144		24,481

Chubb Ltd.		123		23,722

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	39

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Insurance — continued

Hartford Financial Services Group, Inc. (The)		121			8,358

Progressive Corp. (The)		282			28,962


					85,523


Interactive Media & Services — 1.5%

Alphabet, Inc., Class A *		11			32,655


Internet & Direct Marketing Retail — 1.2%

Amazon.com, Inc. *		8			26,721


IT Services — 6.1%

Accenture plc, Class A		87			35,861

Automatic Data Processing, Inc.		39			9,563

International Business Machines Corp.		105			13,979

Jack Henry & Associates, Inc.		98			16,323

Kyndryl Holdings, Inc. *		—	(a)		—	(a)

Mastercard, Inc., Class A		80			28,805

Visa, Inc., Class A		111			24,042


					128,573


Life Sciences Tools & Services — 1.5%

Thermo Fisher Scientific, Inc.		47			31,669


Machinery — 2.8%

Deere & Co.		61			20,988

Otis Worldwide Corp.		160			13,902

Stanley Black & Decker, Inc.		130			24,443


					59,333


Media — 1.9%

Charter Communications, Inc., Class A *		20			13,339

Comcast Corp., Class A		563			28,358


					41,697


Multiline Retail — 1.3%

Target Corp.		122			28,212


Multi-Utilities — 2.9%

CenterPoint Energy, Inc.		501			13,975

DTE Energy Co.		274			32,749

WEC Energy Group, Inc.		163			15,815


					62,539


Oil, Gas & Consumable Fuels — 0.7%

TC Energy Corp. (Canada)		313			14,583


Personal Products — 0.1%

Estee Lauder Cos., Inc. (The), Class A		8			2,886


Pharmaceuticals — 4.7%

Bristol-Myers Squibb Co.		440			27,449


INVESTMENTS	SHARES (000)		VALUE ($000)



Pharmaceuticals — continued

Eli Lilly & Co.		118		32,532

Johnson & Johnson		122		20,808

Merck & Co., Inc.		236		18,097


				98,886


Professional Services — 0.5%

Booz Allen Hamilton Holding Corp.		132		11,224


Road & Rail — 4.3%

Norfolk Southern Corp.		99		29,414

Old Dominion Freight Line, Inc.		95		34,188

Union Pacific Corp.		107		27,004


				90,606


Semiconductors & Semiconductor Equipment — 1.7%

Analog Devices, Inc.		59		10,434

Texas Instruments, Inc.		138		25,964


				36,398


Software — 3.1%

Intuit, Inc.		50		32,211

Microsoft Corp.		101		33,914


				66,125


Specialty Retail — 3.1%

Best Buy Co., Inc.		72		7,299

Lowe’s Cos., Inc.		118		30,448

O’Reilly Automotive, Inc. *		41		29,198


				66,945


Technology Hardware, Storage & Peripherals — 1.0%

Apple, Inc.		61		10,795

Seagate Technology Holdings plc		89		10,109


				20,904


Textiles, Apparel & Luxury Goods — 1.0%

NIKE, Inc., Class B		128		21,261


Tobacco — 0.8%

Altria Group, Inc.		172		8,134

Philip Morris International, Inc.		102		9,685


				17,819


Wireless Telecommunication Services — 0.9%

T-Mobile US, Inc.*		168		19,502


Total Common Stocks (Cost $1,560,416)				1,756,321

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 16.1%

Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada) (b)		8		36,358

Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom) (c)		8		37,193

BNP Paribas, ELN, 48.00%, 1/21/2022, (linked to S&P 500 Index) (b)		6		29,383

Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland) (b)		8		40,382

GS Finance Corp., ELN, 50.02%, 1/31/2022, (linked to S&P 500 Index) (b)		7		32,965

GS Finance Corp., ELN, 60.43%, 1/28/2022, (linked to S&P 500 Index) (b)		7		32,427

Royal Bank of Canada, ELN, 40.85%, 1/24/2022, (linked to S&P 500 Index) (Canada) (b)		6		30,193

Royal Bank of Canada, ELN, 55.31%, 1/7/2022, (linked to S&P 500 Index) (Canada) (b)		7		31,562

UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland) (b)		9		43,256

UBS AG, ELN, 62.75%, 1/10/2022, (linked to S&P 500 Index) (Switzerland) (b)		8		30,743


Total Equity-Linked Notes (Cost $348,978)				344,462


	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.3%

Investment Companies — 0.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $7,184)		7,181		7,184

Total Investments — 98.4% (Cost $1,916,578)				2,107,967
Other Assets Less Liabilities — 1.6%				33,978

NET ASSETS — 100.0%				2,141,945

Percentages indicated are based on net assets.

Abbreviations



ELN		Equity-Linked Note

(a)		Amount rounds to less than one thousand.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

03/2022

USD

17,368

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	41

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.1%

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		167		64,453

Raytheon Technologies Corp.		1,042		89,703


				154,156


Air Freight & Logistics — 1.1%

FedEx Corp.		253		65,480

United Parcel Service, Inc., Class B		681		145,874


				211,354


Airlines — 0.2%

Southwest Airlines Co. *		933		39,983


Auto Components — 0.3%

Aptiv plc *		117		19,356

Magna International, Inc. (Canada)		421		34,064


				53,420


Automobiles — 2.3%

General Motors Co. *		755		44,253

Rivian Automotive, Inc., Class A *		150		15,588

Tesla, Inc. * (a)		375		396,346


				456,187


Banks — 3.7%

Bank of America Corp. (a)		2,238		99,586

Citigroup, Inc.		1,781		107,565

Fifth Third Bancorp		1,041		45,340

Regions Financial Corp.		2,520		54,936

SVB Financial Group *		47		31,715

Truist Financial Corp.		1,172		68,614

US Bancorp		2,066		116,027

Wells Fargo & Co. (a)		4,250		203,921


				727,704


Beverages — 1.2%

Coca-Cola Co. (The) (a)		2,870		169,938

Constellation Brands, Inc., Class A		272		68,275


				238,213


Biotechnology — 2.3%

AbbVie, Inc. (a)		1,639		221,873

Biogen, Inc. * (a)		149		35,711

BioMarin Pharmaceutical, Inc. *		111		9,816

Moderna, Inc. *		71		17,982

Neurocrine Biosciences, Inc. *		113		9,616

Regeneron Pharmaceuticals, Inc. *		129		81,399

Vertex Pharmaceuticals, Inc. *		339		74,529


				450,926


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		729		59,314

Masco Corp.		600		42,156

Trane Technologies plc		635		128,258


				229,728


Capital Markets — 3.2%

Goldman Sachs Group, Inc. (The)		260		99,372

Intercontinental Exchange, Inc.		438		59,923

Morgan Stanley		906		88,897

S&P Global, Inc.		350		165,131

State Street Corp.		1,187		110,420

T. Rowe Price Group, Inc.		492		96,786


				620,529


Chemicals — 1.9%

Air Products and Chemicals, Inc.		93		28,390

Celanese Corp.		163		27,379

DuPont de Nemours, Inc.		719		58,109

Eastman Chemical Co.		753		91,093

Linde plc (United Kingdom)		176		60,982

PPG Industries, Inc.		576		99,304


				365,257


Commercial Services & Supplies — 0.1%

Cintas Corp. (a)		49		21,675


Communications Equipment — 0.1%

Motorola Solutions, Inc.		67		18,184


Consumer Finance — 0.3%

Capital One Financial Corp.		397		57,632


Containers & Packaging — 0.3%

Avery Dennison Corp.		157		34,023

Westrock Co.		495		21,975


				55,998


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B * (a)		854		255,357

Voya Financial, Inc.		231		15,303


				270,660


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc. (a)		1,119		58,124


Electric Utilities — 1.9%

Edison International		534		36,473

Evergy, Inc.		658		45,130

Exelon Corp.		667		38,549

FirstEnergy Corp.		1,639		68,149

NextEra Energy, Inc. (a)		1,888		176,231


				364,532

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Electrical Equipment — 0.6%

Eaton Corp. plc		671		115,950


Entertainment — 0.9%

Netflix, Inc. * (a)		239		143,915

Walt Disney Co. (The) *		231		35,807


				179,722


Equity Real Estate Investment Trusts (REITs) — 2.5%

Camden Property Trust		331		59,131

Equinix, Inc.		72		60,494

Equity LifeStyle Properties, Inc.		442		38,741

Host Hotels & Resorts, Inc. *		911		15,848

Kimco Realty Corp.		1,229		30,285

Prologis, Inc.		861		144,890

SBA Communications Corp.		93		36,023

Sun Communities, Inc.		237		49,838

UDR, Inc.		137		8,208

Ventas, Inc.		947		48,392


				491,850


Food Products — 0.5%

Mondelez International, Inc., Class A (a)		1,449		96,072


Health Care Equipment & Supplies — 2.7%

Abbott Laboratories		934		131,406

ABIOMED, Inc. *		21		7,483

Baxter International, Inc.		284		24,336

Becton Dickinson and Co.		202		50,839

Boston Scientific Corp. * (a)		1,637		69,528

Dexcom, Inc. *		44		23,495

Intuitive Surgical, Inc. *		94		33,719

Medtronic plc (a)		1,174		121,452

Zimmer Biomet Holdings, Inc. (a)		572		72,692


				534,950


Health Care Providers & Services — 2.8%

Anthem, Inc. (a)		288		133,580

Centene Corp. *		1,005		82,792

Humana, Inc.		83		38,500

McKesson Corp.		94		23,241

UnitedHealth Group, Inc. (a)		549		275,671


				553,784


Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. * (a)		32		76,456

Hilton Worldwide Holdings, Inc. *		354		55,200

McDonald’s Corp.		685		183,656

Royal Caribbean Cruises Ltd. *		102		7,839


				323,151


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Durables — 0.6%

DR Horton, Inc.		65		7,049

Lennar Corp., Class A		766		89,016

Toll Brothers, Inc.		368		26,618


				122,683


Household Products — 1.5%

Kimberly-Clark Corp.		419		59,825

Procter & Gamble Co. (The) (a)		1,430		233,913


				293,738


Industrial Conglomerates — 0.3%

Honeywell International, Inc. (a)		323		67,244


Insurance — 1.8%

Chubb Ltd.		467		90,199

Hartford Financial Services Group, Inc. (The)		1,123		77,555

Progressive Corp. (The)		1,250		128,353

Prudential Financial, Inc.		357		38,695

Travelers Cos., Inc. (The)		116		18,178


				352,980


Interactive Media & Services — 6.8%

Alphabet, Inc., Class A * (a)		181		525,775

Alphabet, Inc., Class C * (a)		138		400,444

Meta Platforms, Inc., Class A * (a)		1,139		382,989

ZoomInfo Technologies, Inc., Class A *		457		29,320


				1,338,528


Internet & Direct Marketing Retail — 3.9%

Amazon.com, Inc. * (a)		228		759,016


IT Services — 4.6%

Accenture plc, Class A		532		220,386

FleetCor Technologies, Inc. *		211		47,170

International Business Machines Corp.		704		94,099

Mastercard, Inc., Class A (a)		747		268,337

PayPal Holdings, Inc. *		200		37,774

Shopify, Inc., Class A (Canada) *		19		25,757

Visa, Inc., Class A (a)		977		211,742


				905,265


Life Sciences Tools & Services — 1.7%

Danaher Corp.		183		60,140

Illumina, Inc. *		68		25,874

PerkinElmer, Inc.		72		14,436

Thermo Fisher Scientific, Inc. (a)		337		224,965


				325,415

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	43

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Machinery — 2.4%

Deere & Co.		456		156,409

Ingersoll Rand, Inc.		524		32,432

Otis Worldwide Corp.		1,160		101,019

Parker-Hannifin Corp.		219		69,517

Stanley Black & Decker, Inc.		559		105,404


				464,781


Media — 1.1%

Charter Communications, Inc., Class A * (a)		104		67,924

Comcast Corp., Class A (a)		2,749		138,355

Fox Corp., Class A		109		4,024


				210,303


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		577		24,097


Multiline Retail — 0.6%

Dollar General Corp.		70		16,625

Dollar Tree, Inc. *		156		21,973

Target Corp.		375		86,729


				125,327


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		2,668		74,464

DTE Energy Co.		316		37,799


				112,263


Oil, Gas & Consumable Fuels — 2.6%

Cheniere Energy, Inc.		223		22,637

Chevron Corp. (a)		974		114,309

ConocoPhillips		1,923		138,779

Coterra Energy, Inc.		222		4,211

Diamondback Energy, Inc.		726		78,331

EOG Resources, Inc. (a)		516		45,797

Phillips 66		102		7,402

Pioneer Natural Resources Co. (a)		481		87,485

Williams Cos., Inc. (The)		549		14,284


				513,235


Personal Products — 0.3%

Estee Lauder Cos., Inc. (The), Class A		184		68,012


Pharmaceuticals — 3.4%

Bristol-Myers Squibb Co. (a)		2,501		155,929

Eli Lilly & Co. (a)		666		184,012

Johnson & Johnson (a)		1,109		189,691

Merck & Co., Inc.		949		72,764

Pfizer, Inc.		1,055		62,312


				664,708


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		258		21,843

Leidos Holdings, Inc.		543		48,246


				70,089


Road & Rail — 1.0%

Lyft, Inc., Class A *		502		21,444

Norfolk Southern Corp. (a)		354		105,503

Union Pacific Corp.		276		69,538


				196,485


Semiconductors & Semiconductor Equipment — 6.9%

Advanced Micro Devices, Inc. * (a)		1,103		158,744

Analog Devices, Inc.		712		125,134

Applied Materials, Inc.		925		145,485

Intel Corp.		279	��	14,393

KLA Corp.		70		30,237

Lam Research Corp.		228		163,766

Microchip Technology, Inc.		446		38,809

Micron Technology, Inc.		208		19,348

NVIDIA Corp. (a)		1,057		310,777

NXP Semiconductors NV (China)		499		113,726

QUALCOMM, Inc.		331		60,507

Texas Instruments, Inc. (a)		932		175,653


				1,356,579


Software — 9.2%

Ceridian HCM Holding, Inc. *		84		8,816

Fortinet, Inc. *		66		23,816

Intuit, Inc. (a)		285		183,614

Microsoft Corp. (a)		4,063		1,366,592

Oracle Corp.		774		67,509

salesforce.com, Inc. * (a)		281		71,419

Workday, Inc., Class A *		237		64,725


				1,786,491


Specialty Retail — 3.4%

AutoZone, Inc. * (a)		17		36,085

Best Buy Co., Inc. (a)		695		70,607

Home Depot, Inc. (The) (a)		338		140,460

Lowe’s Cos., Inc. (a)		819		211,751

O’Reilly Automotive, Inc. *		190		134,102

TJX Cos., Inc. (The)(a)		994		75,434


				668,439


Technology Hardware, Storage & Peripherals — 7.3%

Apple, Inc. (a)		7,459		1,324,540

Seagate Technology Holdings plc		897		101,378


				1,425,918

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		885		147,477


Tobacco — 0.9%

Altria Group, Inc. (a)		1,709		80,967

Philip Morris International, Inc.		1,021		96,977


				177,944


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		931		107,955


Total Common Stocks (Cost $11,725,472)				18,974,713


	NO. OF CONTRACTS
Options Purchased — 1.8%

Put Options Purchased — 1.8%

Index Funds — 1.8%

S&P 500 Index 3/31/2022 at USD 4,510.00, European Style Notional Amount: USD 19,411,698 Counterparty: Exchange-Traded * (Cost $347,125)		40,728		354,537


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 6.6%

Investment Companies — 6.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $1,296,982)		1,296,982		1,296,982

Total Investments — 105.5% (Cost $13,369,579)				20,626,232
Liabilities in Excess of Other Assets — (5.5)%				(1,070,424	)

NET ASSETS — 100.0%				19,555,808

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 December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

2,188

03/2022

USD

520,553

5,808

Abbreviations


USD		United States Dollar

Written Call Options Contracts as of December 31, 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

40,728

USD 19,411,698

USD 4,920.00

3/31/2022

(254,958

)

Written Put Options Contracts as of December 31, 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

40,728

USD 19,411,698

USD 3,810.00

3/31/2022

(89,805

)

Total Written Options Contracts (Premiums Received $342,970)

(344,763

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	45

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.5%

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		35		13,479

Raytheon Technologies Corp.		216		18,570


				32,049


Air Freight & Logistics — 1.1%

FedEx Corp.		52		13,467

United Parcel Service, Inc., Class B		140		29,932


				43,399


Airlines — 0.2%

Southwest Airlines Co. *		196		8,414


Auto Components — 0.3%

Aptiv plc *		24		3,985

Magna International, Inc. (Canada)		89		7,192


				11,177


Automobiles — 2.4%

General Motors Co. *		158		9,291

Rivian Automotive, Inc., Class A *		32		3,293

Tesla, Inc. * (a)		77		81,717


				94,301


Banks — 3.9%

Bank of America Corp.		459		20,440

Citigroup, Inc.		365		22,027

Fifth Third Bancorp		216		9,388

Regions Financial Corp.		523		11,409

SVB Financial Group *		10		6,655

Truist Financial Corp.		242		14,140

US Bancorp		425		23,871

Wells Fargo & Co.		879		42,175


				150,105


Beverages — 1.3%

Coca-Cola Co. (The)		595		35,250

Constellation Brands, Inc., Class A		57		14,263


				49,513


Biotechnology — 2.4%

AbbVie, Inc.		338		45,755

Biogen, Inc. *		31		7,325

BioMarin Pharmaceutical, Inc. *		22		1,943

Moderna, Inc. *		14		3,636

Neurocrine Biosciences, Inc. *		23		1,993

Regeneron Pharmaceuticals, Inc. *		27		16,928

Vertex Pharmaceuticals, Inc. *		71		15,510


				93,090


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		151		12,272

Masco Corp.		124		8,674

Trane Technologies plc		130		26,357


				47,303


Capital Markets — 3.3%

Goldman Sachs Group, Inc. (The)		54		20,702

Intercontinental Exchange, Inc.		89		12,182

Morgan Stanley		188		18,426

S&P Global, Inc.		72		34,116

State Street Corp.		244		22,678

T. Rowe Price Group, Inc.		102		20,019


				128,123


Chemicals — 1.9%

Air Products and Chemicals, Inc.		19		5,893

Celanese Corp.		33		5,553

DuPont de Nemours, Inc.		147		11,858

Eastman Chemical Co.		154		18,632

Linde plc (United Kingdom)		37		12,656

PPG Industries, Inc.		120		20,651


				75,243


Commercial Services & Supplies — 0.1%

Cintas Corp.		10		4,320


Communications Equipment — 0.1%

Motorola Solutions, Inc.		14		3,928


Consumer Finance — 0.3%

Capital One Financial Corp.		81		11,789


Containers & Packaging — 0.3%

Avery Dennison Corp.		33		7,080

Westrock Co.		98		4,345


				11,425


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		176		52,758

Voya Financial, Inc.		47		3,147


				55,905


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc.		233		12,131


Electric Utilities — 1.9%

Edison International		109		7,471

Evergy, Inc.		138		9,478

Exelon Corp.		139		8,041

FirstEnergy Corp.		335		13,939

NextEra Energy, Inc.		390		36,417


				75,346

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Electrical Equipment — 0.6%

Eaton Corp. plc		138		23,812


Entertainment — 1.0%

Netflix, Inc. *		49		29,571

Walt Disney Co. (The) *		48		7,493


				37,064


Equity Real Estate Investment Trusts (REITs) — 2.6%

Camden Property Trust		69		12,294

Equinix, Inc.		15		12,676

Equity LifeStyle Properties, Inc.		90		7,903

Host Hotels & Resorts, Inc. *		180		3,138

Kimco Realty Corp.		260		6,413

Prologis, Inc.		179		30,090

SBA Communications Corp.		19		7,571

Sun Communities, Inc.		49		10,231

UDR, Inc.		26		1,582

Ventas, Inc.		195		9,946


				101,844


Food Products — 0.5%

Mondelez International, Inc., Class A		297		19,698


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		193		27,120

ABIOMED, Inc. *		4		1,566

Baxter International, Inc.		59		5,047

Becton Dickinson and Co.		42		10,592

Boston Scientific Corp. *		338		14,357

Dexcom, Inc. *		9		4,746

Intuitive Surgical, Inc. *		19		6,982

Medtronic plc		243		25,115

Zimmer Biomet Holdings, Inc.		117		14,845


				110,370


Health Care Providers & Services — 2.9%

Anthem, Inc.		60		27,750

Centene Corp. *		206		16,975

Humana, Inc.		17		7,800

McKesson Corp.		19		4,734

UnitedHealth Group, Inc.		113		56,787


				114,046


Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		7		15,869

Hilton Worldwide Holdings, Inc. *		74		11,481

McDonald’s Corp.		141		37,795

Royal Caribbean Cruises Ltd. *		20		1,551


				66,696


INVESTMENTS	SHARES (000)			VALUE ($000)
			��

Household Durables — 0.7%

DR Horton, Inc.		15			1,579

Lennar Corp., Class A		160			18,542

Toll Brothers, Inc.		76			5,526


					25,647


Household Products — 1.6%

Kimberly-Clark Corp.		87			12,384

Procter & Gamble Co. (The)		295			48,322


					60,706


Industrial Conglomerates — 0.4%

Honeywell International, Inc.		67			13,867


Insurance — 1.9%

Chubb Ltd.		95			18,433

Hartford Financial Services Group, Inc. (The)		232			16,044

Progressive Corp. (The)		258			26,474

Prudential Financial, Inc.		72			7,826

Travelers Cos., Inc. (The)		25			3,916


					72,693


Interactive Media & Services — 7.1%

Alphabet, Inc., Class A * (a)		38			108,662

Alphabet, Inc., Class C * (a)		29			82,554

Meta Platforms, Inc., Class A *		235			78,896

ZoomInfo Technologies, Inc., Class A *		92			5,888


					276,000


Internet & Direct Marketing Retail — 4.0%

Amazon.com, Inc. * (a)		47			156,577


IT Services — 4.8%

Accenture plc, Class A		110			45,645

FleetCor Technologies, Inc. *		44			9,772

International Business Machines Corp.		145			19,367

Mastercard, Inc., Class A		154			55,295

PayPal Holdings, Inc. *		42			7,829

Shopify, Inc., Class A (Canada) *		4			5,463

Visa, Inc., Class A		202			43,869


					187,240


Life Sciences Tools & Services — 1.7%

Danaher Corp.		37			12,315

Illumina, Inc. *		14			5,161

PerkinElmer, Inc.		14			2,810

Thermo Fisher Scientific, Inc.		70			46,450


					66,736

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	47

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Machinery — 2.5%

Deere & Co.		95		32,462

Ingersoll Rand, Inc.		109		6,755

Otis Worldwide Corp.		241		20,959

Parker-Hannifin Corp.		45		14,174

Stanley Black & Decker, Inc.		116		21,851


				96,201


Media — 1.1%

Charter Communications, Inc., Class A *		22		14,102

Comcast Corp., Class A		569		28,637

Fox Corp., Class A		21		785


				43,524


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		122		5,096


Multiline Retail — 0.7%

Dollar General Corp.		15		3,583

Dollar Tree, Inc. *		31		4,344

Target Corp.		78		18,019


				25,946


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		550		15,357

DTE Energy Co.		66		7,897


				23,254


Oil, Gas & Consumable Fuels — 2.7%

Cheniere Energy, Inc.		46		4,639

Chevron Corp.		201		23,539

ConocoPhillips		395		28,494

Coterra Energy, Inc.		39		749

Diamondback Energy, Inc.		149		16,039

EOG Resources, Inc.		105		9,356

Phillips 66		22		1,569

Pioneer Natural Resources Co.		99		17,973

Williams Cos., Inc. (The)		106		2,760


				105,118


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		38		14,200


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		519		32,366

Eli Lilly & Co.		137		37,947

Johnson & Johnson		230		39,322

Merck & Co., Inc.		195		14,924

Pfizer, Inc.		219		12,940


				137,499


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		51		4,318

Leidos Holdings, Inc.		112		9,918


				14,236


Road & Rail — 1.0%

Lyft, Inc., Class A *		100		4,286

Norfolk Southern Corp.		73		21,832

Union Pacific Corp.		57		14,246


				40,364


Semiconductors & Semiconductor Equipment — 7.2%

Advanced Micro Devices, Inc. *		229		32,914

Analog Devices, Inc.		146		25,668

Applied Materials, Inc.		191		30,066

Intel Corp.		61		3,134

KLA Corp.		15		6,237

Lam Research Corp.		47		33,947

Microchip Technology, Inc.		94		8,170

Micron Technology, Inc.		41		3,819

NVIDIA Corp.		218		64,171

NXP Semiconductors NV (China)		103		23,378

QUALCOMM, Inc.		68		12,393

Texas Instruments, Inc.		192		36,222


				280,119


Software — 9.4%

Ceridian HCM Holding, Inc. *		19		1,958

Fortinet, Inc. *		14		5,024

Intuit, Inc.		59		37,966

Microsoft Corp. (a)		838		281,953

Oracle Corp.		161		14,035

salesforce.com, Inc. *		57		14,566

Workday, Inc., Class A *		49		13,282


				368,784


Specialty Retail — 3.5%

AutoZone, Inc. *		4		7,465

Best Buy Co., Inc.		145		14,697

Home Depot, Inc. (The)		70		29,078

Lowe’s Cos., Inc.		168		43,529

O’Reilly Automotive, Inc. *		39		27,528

TJX Cos., Inc. (The)		204		15,472


				137,769


Technology Hardware, Storage & Peripherals — 7.6%

Apple, Inc. (a)		1,539		273,241

Seagate Technology Holdings plc		185		20,920


				294,161

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		182		30,373


Tobacco — 0.9%

Altria Group, Inc.		349		16,558

Philip Morris International, Inc.		209		19,862


				36,420


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		191		22,159


Total Common Stocks (Cost $3,577,277)				3,915,780


	NO. OF CONTRACTS
Options Purchased — 0.3%

Put Options Purchased — 0.3%

Index Funds — 0.3%

S&P 500 Index 1/31/2022 at USD 4,360.00, European Style Notional Amount: USD 3,946,874 Counterparty: Exchange-Traded * (Cost $64,016)		8,281		10,351


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.7%

Investment Companies — 3.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $143,550)		143,550		143,550

Total Investments — 104.5% (Cost $3,784,843)				4,069,681
Liabilities in Excess of Other Assets — (4.5)%				(176,453	)

NET ASSETS — 100.0%				3,893,228

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 December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

131

03/2022

USD

31,167

698

Abbreviations


USD		United States Dollar

Written Call Options Contracts as of December 31, 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

8,281

USD 3,946,873

USD 4,755.00

1/31/2022

(64,012

)

Written Put Options Contracts as of December 31, 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

8,281

USD 3,946,874

USD 3,675.00

1/31/2022

(2,195

)

Total Written Options Contracts (Premiums Received $65,775)

(66,207

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	49

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.8%

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		21		8,024

Raytheon Technologies Corp.		128		11,046


				19,070


Air Freight & Logistics — 1.1%

FedEx Corp.		31		8,056

United Parcel Service, Inc., Class B		84		18,060


				26,116


Airlines — 0.2%

Southwest Airlines Co. *		117		4,998


Auto Components — 0.3%

Aptiv plc *		14		2,383

Magna International, Inc. (Canada)		53		4,287


				6,670


Automobiles — 2.4%

General Motors Co. *		95		5,547

Rivian Automotive, Inc., Class A *		18		1,894

Tesla, Inc.* (a)		46		48,810


				56,251


Banks — 3.9%

Bank of America Corp.		273		12,159

Citigroup, Inc.		221		13,340

Fifth Third Bancorp		129		5,608

Regions Financial Corp.		312		6,797

SVB Financial Group *		6		3,977

Truist Financial Corp.		144		8,436

US Bancorp		253		14,184

Wells Fargo & Co.		524		25,141


				89,642


Beverages — 1.3%

Coca-Cola Co. (The)		355		21,026

Constellation Brands, Inc., Class A		34		8,524


				29,550


Biotechnology — 2.4%

AbbVie, Inc.		201		27,219

Biogen, Inc. *		18		4,299

BioMarin Pharmaceutical, Inc. *		13		1,160

Moderna, Inc. *		9		2,224

Neurocrine Biosciences, Inc. *		14		1,181

Regeneron Pharmaceuticals, Inc. *		16		9,992

Vertex Pharmaceuticals, Inc. *		41		9,066


				55,141


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		91		7,366

Masco Corp.		74		5,217

Trane Technologies plc		78		15,783


				28,366


Capital Markets — 3.3%

Goldman Sachs Group, Inc. (The)		32		12,288

Intercontinental Exchange, Inc.		55		7,471

Morgan Stanley		110		10,841

S&P Global, Inc.		43		20,301

State Street Corp.		145		13,524

T. Rowe Price Group, Inc.		60		11,815


				76,240


Chemicals — 1.9%

Air Products and Chemicals, Inc.		12		3,527

Celanese Corp.		20		3,340

DuPont de Nemours, Inc.		88		7,077

Eastman Chemical Co.		92		11,144

Linde plc (United Kingdom)		22		7,575

PPG Industries, Inc.		71		12,305


				44,968


Commercial Services & Supplies — 0.1%

Cintas Corp.		6		2,579


Communications Equipment — 0.1%

Motorola Solutions, Inc.		8		2,129


Consumer Finance — 0.3%

Capital One Financial Corp.		48		6,994


Containers & Packaging — 0.3%

Avery Dennison Corp.		20		4,264

Westrock Co.		58		2,594


				6,858


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		106		31,555

Voya Financial, Inc.		28		1,866


				33,421


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc.		138		7,178


Electric Utilities — 1.9%

Edison International		65		4,467

Evergy, Inc.		83		5,660

Exelon Corp.		80		4,636

FirstEnergy Corp.		201		8,343

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Electric Utilities — continued

NextEra Energy, Inc.		233		21,722


				44,828


Electrical Equipment — 0.6%

Eaton Corp. plc		82		14,229


Entertainment — 1.0%

Netflix, Inc. *		29		17,612

Walt Disney Co. (The) *		29		4,455


				22,067


Equity Real Estate Investment Trusts (REITs) — 2.6%

Camden Property Trust		41		7,361

Equinix, Inc.		9		7,350

Equity LifeStyle Properties, Inc.		54		4,749

Host Hotels & Resorts, Inc. *		108		1,870

Kimco Realty Corp.		156		3,845

Prologis, Inc.		106		17,893

SBA Communications Corp.		12		4,513

Sun Communities, Inc.		29		6,151

UDR, Inc.		16		948

Ventas, Inc.		117		5,990


				60,670


Food Products — 0.5%

Mondelez International, Inc., Class A		178		11,800


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		115		16,240

ABIOMED, Inc. *		3		944

Baxter International, Inc.		35		3,022

Becton Dickinson and Co.		25		6,375

Boston Scientific Corp. *		201		8,539

Dexcom, Inc. *		5		2,859

Intuitive Surgical, Inc. *		12		4,168

Medtronic plc		144		14,880

Zimmer Biomet Holdings, Inc.		70		8,846


				65,873


Health Care Providers & Services — 2.9%

Anthem, Inc.		35		16,421

Centene Corp. *		122		10,086

Humana, Inc.		10		4,672

McKesson Corp.		11		2,843

UnitedHealth Group, Inc. (a)		68		34,009


				68,031


INVESTMENTS	SHARES (000)		VALUE ($000)


Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		4		9,446

Hilton Worldwide Holdings, Inc. *		44		6,855

McDonald’s Corp.		84		22,569

Royal Caribbean Cruises Ltd. *		12		923


				39,793


Household Durables — 0.7%

DR Horton, Inc.		9		953

Lennar Corp., Class A		94		10,962

Toll Brothers, Inc.		46		3,328


				15,243


Household Products — 1.6%

Kimberly-Clark Corp.		52		7,446

Procter & Gamble Co. (The)		176		28,790


				36,236


Industrial Conglomerates — 0.4%

Honeywell International, Inc.		40		8,280


Insurance — 1.9%

Chubb Ltd.		57		11,035

Hartford Financial Services Group, Inc. (The)		139		9,618

Progressive Corp. (The)		155		15,866

Prudential Financial, Inc.		43		4,663

Travelers Cos., Inc. (The)		15		2,339


				43,521


Interactive Media & Services — 7.1%

Alphabet, Inc., Class A * (a)		22		64,723

Alphabet, Inc., Class C * (a)		17		49,434

Meta Platforms, Inc., Class A * (a)		140		47,243

ZoomInfo Technologies, Inc., Class A *		54		3,495


				164,895


Internet & Direct Marketing Retail — 4.0%

Amazon.com, Inc. * (a)		28		93,405


IT Services — 4.8%

Accenture plc, Class A		65		27,101

FleetCor Technologies, Inc. *		26		5,848

International Business Machines Corp.		87		11,601

Mastercard, Inc., Class A		92		32,989

PayPal Holdings, Inc. *		25		4,661

Shopify, Inc., Class A (Canada) *		2		3,058

Visa, Inc., Class A		121		26,150


				111,408

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	51

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Life Sciences Tools & Services — 1.7%

Danaher Corp.		23		7,408

Illumina, Inc. *		9		3,292

PerkinElmer, Inc.		8		1,693

Thermo Fisher Scientific, Inc.		42		27,743


				40,136


Machinery — 2.5%

Deere & Co.		56		19,345

Ingersoll Rand, Inc.		65		4,026

Otis Worldwide Corp.		144		12,539

Parker-Hannifin Corp.		27		8,476

Stanley Black & Decker, Inc.		69		13,067


				57,453


Media — 1.1%

Charter Communications, Inc., Class A *		13		8,408

Comcast Corp., Class A		340		17,089

Fox Corp., Class A		13		462


				25,959


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		73		3,035


Multiline Retail — 0.7%

Dollar General Corp.		8		1,941

Dollar Tree, Inc. *		19		2,607

Target Corp.		46		10,637


				15,185


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		329		9,181

DTE Energy Co.		40		4,731


				13,912


Oil, Gas & Consumable Fuels — 2.7%

Cheniere Energy, Inc.		27		2,754

Chevron Corp.		121		14,184

ConocoPhillips		238		17,161

Coterra Energy, Inc.		24		447

Diamondback Energy, Inc.		90		9,660

EOG Resources, Inc.		62		5,551

Phillips 66		13		921

Pioneer Natural Resources Co.		59		10,693

Williams Cos., Inc. (The)		72		1,871


				63,242


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		22		8,276


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		309		19,264

Eli Lilly & Co.		82		22,770

Johnson & Johnson (a)		137		23,356

Merck & Co., Inc.		116		8,907

Pfizer, Inc.		130		7,652


				81,949


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		31		2,588

Leidos Holdings, Inc.		67		5,915


				8,503


Road & Rail — 1.0%

Lyft, Inc., Class A *		59		2,537

Norfolk Southern Corp.		44		13,115

Union Pacific Corp.		34		8,549


				24,201


Semiconductors & Semiconductor Equipment — 7.2%

Advanced Micro Devices, Inc. *		137		19,645

Analog Devices, Inc.		88		15,392

Applied Materials, Inc.		113		17,831

Intel Corp.		36		1,870

KLA Corp.		9		3,741

Lam Research Corp.		28		20,053

Microchip Technology, Inc.		56		4,879

Micron Technology, Inc.		25		2,355

NVIDIA Corp. (a)		130		38,281

NXP Semiconductors NV (China)		61		13,898

QUALCOMM, Inc.		41		7,438

Texas Instruments, Inc.		114		21,547


				166,930


Software — 9.6%

Ceridian HCM Holding, Inc. *		11		1,166

Fortinet, Inc. *		8		2,999

Intuit, Inc.		35		22,558

Microsoft Corp. (a)		500		168,320

Oracle Corp.		95		8,320

salesforce.com, Inc. *		35		8,881

Workday, Inc., Class A *		29		7,912


				220,156


Specialty Retail — 3.5%

AutoZone, Inc. *		2		4,543

Best Buy Co., Inc.		85		8,634

Home Depot, Inc. (The)		42		17,281

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Specialty Retail — continued

Lowe’s Cos., Inc.		101		26,055

O’Reilly Automotive, Inc. *		23		16,428

TJX Cos., Inc. (The)		123		9,303


				82,244


Technology Hardware, Storage & Peripherals — 7.7%

Apple, Inc. (a)		919		163,101

Seagate Technology Holdings plc		111		12,590


				175,691


Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		109		18,116


Tobacco — 0.9%

Altria Group, Inc.		208		9,869

Philip Morris International, Inc.		125		11,889


				21,758


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		115		13,374


Total Common Stocks (Cost $2,137,943)				2,336,570


	NO. OF CONTRACTS
Options Purchased — 0.7%

Put Options Purchased — 0.7%

Index Funds — 0.7%

S&P 500 Index 2/28/2022 at USD 4,325.00, European Style Notional Amount: USD 2,354,016 Counterparty: , European Style * (Cost $54,814)		4,939		15,607


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.7%

Investment Companies — 0.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $16,682)		16,682		16,682

Total Investments — 102.2% (Cost $2,209,439)				2,368,859
Liabilities in Excess of Other Assets — (2.2)%				(51,779	)

NET ASSETS — 100.0%				2,317,080

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 December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

03/2022

USD

17,368

433

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	53

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Written Call Options Contracts as of December 31, 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

4,939

USD 2,354,017

USD 4,755.00

2/28/2022

(55,687

)

Written Put Options Contracts as of December 31, 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

4,939

USD 2,354,016

USD 3,640.00

2/28/2022

(3,704

)

Total Written Options Contracts (Premiums Received $58,130)

(59,391

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Automobiles — 4.7%

Rivian Automotive, Inc., Class A * (a)		784		81,273

Tesla, Inc. *		1,749		1,848,414


				1,929,687


Banks — 1.5%

SVB Financial Group *		902		611,707


Beverages — 1.1%

Monster Beverage Corp. *		4,809		461,842


Biotechnology — 2.5%

Alnylam Pharmaceuticals, Inc. *		132		22,334

Biogen, Inc. *		602		144,456

Exact Sciences Corp. * (a)		794		61,774

Moderna, Inc. *		314		79,826

Regeneron Pharmaceuticals, Inc. *		547		345,252

Seagen, Inc. *		2,297		355,100


				1,008,742


Building Products — 1.3%

Trane Technologies plc		2,705		546,477


Capital Markets — 7.2%

Blackstone, Inc.		8,820		1,141,195

Charles Schwab Corp. (The)		9,739		819,034

Morgan Stanley		8,124		797,471

MSCI, Inc.		314		192,078


				2,949,778


Chemicals — 1.2%

Sherwin-Williams Co. (The)		1,443		507,991


Consumer Finance — 0.6%

Capital One Financial Corp.		1,743		252,935


Electrical Equipment — 1.5%

Rockwell Automation, Inc.		1,768		616,907


Electronic Equipment, Instruments & Components — 1.1%

Amphenol Corp., Class A		5,088		444,966


Entertainment — 1.8%

Netflix, Inc. *		1,167		703,168

Roku, Inc. *		157		35,759


				738,927


Health Care Equipment & Supplies — 3.9%

ABIOMED, Inc. *		283		101,537

Align Technology, Inc. *		1,055		693,043

Dexcom, Inc. *		631		338,654

Intuitive Surgical, Inc. *		1,305		469,003


				1,602,237


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 3.3%

HCA Healthcare, Inc.		2,945		756,707

McKesson Corp.		2,293		569,973


				1,326,680


Hotels, Restaurants & Leisure — 2.8%

Airbnb, Inc., Class A *		75		12,414

Booking Holdings, Inc. *		165		396,593

Chipotle Mexican Grill, Inc. *		423		739,684


				1,148,691


Interactive Media & Services — 11.7%

Alphabet, Inc., Class C *		1,056		3,054,941

Match Group, Inc. *		1,862		246,239

Meta Platforms, Inc., Class A *		3,307		1,112,418

Snap, Inc., Class A *		7,649		359,747


				4,773,345


Internet & Direct Marketing Retail — 4.2%

Amazon.com, Inc. *		401		1,336,421

Etsy, Inc. *		1,523		333,533

MercadoLibre, Inc. (Argentina) *		34		45,448

Wayfair, Inc., Class A * (a)		85		16,128


				1,731,530


IT Services — 1.8%

Affirm Holdings, Inc. *		862		86,723

Block, Inc., Class A *		1,341		216,568

MongoDB, Inc. * (a)		373		197,183

PayPal Holdings, Inc. *		963		181,631

Shopify, Inc., Class A (Canada) *		7		9,504

Twilio, Inc., Class A *		120		31,654


				723,263


Life Sciences Tools & Services — 0.4%

Thermo Fisher Scientific, Inc.		231		153,839


Machinery — 2.3%

Deere & Co.		2,741		940,005


Metals & Mining — 1.4%

Freeport-McMoRan, Inc.		13,328		556,181


Personal Products — 1.4%

Estee Lauder Cos., Inc. (The), Class A		1,504		556,846


Professional Services — 1.7%

Equifax, Inc.		1,091		319,522

Verisk Analytics, Inc.		1,570		359,152


				678,674

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	55

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Semiconductors & Semiconductor Equipment — 10.1%

Advanced Micro Devices, Inc. *		8,664		1,246,706

ASML Holding NV (Registered), NYRS (Netherlands)		842		670,111

Enphase Energy, Inc. *		456		83,402

Lam Research Corp.		626		449,828

NVIDIA Corp.		4,130		1,214,723

Texas Instruments, Inc.		2,432		458,284


				4,123,054


Software — 15.2%

HubSpot, Inc. *		328		216,333

Intuit, Inc.		1,248		802,739

Microsoft Corp.		11,103		3,734,025

Oracle Corp.		9,134		796,550

Synopsys, Inc. *		1,401		516,416

Trade Desk, Inc. (The), Class A *		302		27,693

Workday, Inc., Class A *		328		89,630


				6,183,386


Specialty Retail — 4.6%

AutoZone, Inc. *		341		714,689

Carvana Co. * (a)		1,127		261,274

Lowe’s Cos., Inc.		3,489		901,940


				1,877,903


Technology Hardware, Storage & Peripherals — 9.3%

Apple, Inc.		21,337		3,788,804


Textiles, Apparel & Luxury Goods — 1.0%

Tapestry, Inc.		10,066		408,688


Total Common Stocks (Cost $24,052,214)				40,643,085

Short-Term Investments — 1.1%

Investment Companies — 0.8%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $292,240)		292,134		292,250


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		116,932		116,909

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		20,701		20,701


Total Investment of Cash Collateral from Securities Loaned (Cost $137,610)				137,610


Total Short-Term Investments (Cost $429,850)				429,860

Total Investments — 100.7% (Cost $24,482,064)				41,072,945
Liabilities in Excess of Other Assets — (0.7)%				(267,851	)

NET ASSETS — 100.0%				40,805,094

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 December 31, 2021. The total value of securities on loan at December 31, 2021 is $134,368.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.2%

Aerospace & Defense — 2.8%

Boeing Co. (The) *		182		36,580

Raytheon Technologies Corp.		592		50,930


				87,510


Air Freight & Logistics — 1.5%

FedEx Corp.		185		47,848


Airlines — 1.1%

Delta Air Lines, Inc. *		429		16,746

Southwest Airlines Co. *		392		16,776


				33,522


Auto Components — 0.8%

Lear Corp.		130		23,710


Automobiles — 2.2%

General Motors Co. *		1,150		67,402


Banks — 12.8%

Bank of America Corp.		2,724		121,170

Citigroup, Inc.		517		31,205

People’s United Financial, Inc.		3,419		60,927

Truist Financial Corp.		1,073		62,824

Wells Fargo & Co.		2,495		119,710


				395,836


Beverages — 2.1%

Coca-Cola Co. (The)		1,088		64,415


Biotechnology — 7.1%

AbbVie, Inc.		415		56,191

Biogen, Inc. *		66		15,883

BioMarin Pharmaceutical, Inc. *		106		9,330

Neurocrine Biosciences, Inc. * (a)		207		17,647

Regeneron Pharmaceuticals, Inc. *		99		62,331

Vertex Pharmaceuticals, Inc. *		275		60,456


				221,838


Capital Markets — 4.2%

Intercontinental Exchange, Inc.		309		42,262

State Street Corp.		939		87,299


				129,561


Chemicals — 3.9%

Celanese Corp.		229		38,553

Eastman Chemical Co.		264		31,866

FMC Corp.		468		51,417


				121,836


Containers & Packaging — 0.4%

Sealed Air Corp.		186		12,549


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Financial Services — 0.5%

Berkshire Hathaway, Inc., Class B *		53		15,787


Electric Utilities — 1.7%

Edison International		575		39,230

FirstEnergy Corp.		337		14,012


				53,242


Electrical Equipment — 1.0%

Eaton Corp. plc		179		30,917


Entertainment — 2.5%

Activision Blizzard, Inc.		776		51,654

Electronic Arts, Inc.		191		25,246


				76,900


Equity Real Estate Investment Trusts (REITs) — 2.5%

Host Hotels & Resorts, Inc. *		3,128		54,395

Vornado Realty Trust		360		15,061

Weyerhaeuser Co.		194		7,968


				77,424


Food & Staples Retailing — 4.4%

BJ’s Wholesale Club Holdings, Inc. *		308		20,627

Performance Food Group Co. *		214		9,820

US Foods Holding Corp. *		3,075		107,110


				137,557


Food Products — 3.0%

Bunge Ltd.		68		6,320

Lamb Weston Holdings, Inc.		1,396		88,447


				94,767


Health Care Equipment & Supplies — 2.1%

Zimmer Biomet Holdings, Inc. (a)		515		65,464


Health Care Providers & Services — 6.6%

Centene Corp. *		1,366		112,525

Cigna Corp.		254		58,303

McKesson Corp.		143		35,546


				206,374


Hotels, Restaurants & Leisure — 4.7%

Booking Holdings, Inc. *		18		43,666

Royal Caribbean Cruises Ltd. * (a)		1,315		101,100


				144,766


Household Durables — 0.7%

Newell Brands, Inc.		994		21,705


Household Products — 0.2%

Kimberly-Clark Corp.		53		7,632

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	57

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Industrial Conglomerates — 1.0%

Honeywell International, Inc.		147		30,609


Insurance — 4.0%

Allstate Corp. (The)		163		19,189

American International Group, Inc.		877		49,866

Chubb Ltd.		81		15,619

Prudential Financial, Inc.		132		14,288

Travelers Cos., Inc. (The)		173		27,031


				125,993


IT Services — 0.2%

WEX, Inc. *		55		7,767


Machinery — 2.3%

Parker-Hannifin Corp.		169		53,666

Terex Corp.		136		5,982

Timken Co. (The)		168		11,662


				71,310


Media — 1.0%

Comcast Corp., Class A		607		30,535


Metals & Mining — 4.5%

Alcoa Corp.		855		50,940

Freeport-McMoRan, Inc.		1,965		81,995

Rio Tinto plc, ADR (Australia) (a)		119		7,946


				140,881


Multiline Retail — 0.5%

Kohl’s Corp. (a)		344		17,005


Multi-Utilities — 1.0%

CenterPoint Energy, Inc.		1,099		30,665


Oil, Gas & Consumable Fuels — 7.5%

Chevron Corp.		791		92,777

Diamondback Energy, Inc.		287		30,953

Hess Corp.		386		28,546

Occidental Petroleum Corp.		986		28,578

Pioneer Natural Resources Co.		297		54,005


				234,859


Pharmaceuticals — 4.2%

Bristol-Myers Squibb Co.		1,475		91,973

Johnson & Johnson		167		28,500

Organon & Co.		340		10,356


				130,829


Road & Rail — 1.3%

Norfolk Southern Corp.		111		33,165

Union Pacific Corp.		33		8,288


				41,453


INVESTMENTS	SHARES (000)		VALUE ($000)


Technology Hardware, Storage & Peripherals — 2.7%

Seagate Technology Holdings plc		740		83,560


Textiles, Apparel & Luxury Goods — 1.2%

Kontoor Brands, Inc.		220		11,295

Tapestry, Inc.		614		24,916


				36,211


Total Common Stocks (Cost $2,622,002)				3,120,239

Short-Term Investments — 1.3%

Investment Companies — 0.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $3,146)		3,145		3,146


Investment of Cash Collateral from Securities Loaned — 1.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		29,901		29,894

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		7,894		7,894


Total Investment of Cash Collateral from Securities Loaned (Cost $37,788)				37,788


Total Short-Term Investments (Cost $40,934)				40,934

Total Investments — 101.5% (Cost $2,662,936)				3,161,173
Liabilities in Excess of Other Assets — (1.5)%				(48,001	)

Net Assets — 100.0%				3,113,172

Percentages indicated are based on net assets.

Abbreviations



ADR		American Depositary Receipt

(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $36,685.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 1.2%

Northrop Grumman Corp.		8		2,969


Auto Components — 0.7%

Lear Corp.		9		1,635


Banks — 9.8%

Bank of America Corp.		144		6,391

Citigroup, Inc.		57		3,451

Citizens Financial Group, Inc.		43		2,021

M&T Bank Corp.		16		2,445

PNC Financial Services Group, Inc. (The)		20		3,987

Wells Fargo & Co.		111		5,342

Western Alliance Bancorp		4		378


				24,015


Beverages — 2.2%

Coca-Cola Co. (The)		91		5,374


Biotechnology — 1.9%

AbbVie, Inc.		22		2,998

Vertex Pharmaceuticals, Inc. *		8		1,764


				4,762


Building Products — 2.1%

Johnson Controls International plc		32		2,578

Trane Technologies plc		13		2,666


				5,244


Capital Markets — 6.2%

BlackRock, Inc.		6		5,708

CME Group, Inc.		6		1,461

Morgan Stanley		53		5,248

T. Rowe Price Group, Inc.		15		2,976


				15,393


Chemicals — 2.3%

Axalta Coating Systems Ltd. *		90		2,994

DuPont de Nemours, Inc.		32		2,571


				5,565


Consumer Finance — 1.7%

Ally Financial, Inc.		32		1,520

Capital One Financial Corp.		7		1,065

Synchrony Financial		33		1,538


				4,123


Containers & Packaging — 0.6%

Berry Global Group, Inc. *		21		1,565


Diversified Financial Services — 1.1%

Berkshire Hathaway, Inc., Class B *		9		2,660


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Telecommunication Services — 2.1%

Verizon Communications, Inc.		98		5,103


Electric Utilities — 4.2%

Exelon Corp.		56		3,245

NextEra Energy, Inc.		76		7,101


				10,346


Electrical Equipment — 2.3%

Eaton Corp. plc		32		5,563


Equity Real Estate Investment Trusts (REITs) — 3.7%

Host Hotels & Resorts, Inc. *		54		946

Prologis, Inc.		43		7,177

Ventas, Inc.		21		1,065


				9,188


Food & Staples Retailing — 0.6%

Sysco Corp.		18		1,448


Food Products — 1.7%

Mondelez International, Inc., Class A		43		2,846

Tyson Foods, Inc., Class A		15		1,345


				4,191


Health Care Equipment & Supplies — 2.3%

Becton Dickinson and Co.		6		1,404

Medtronic plc		41		4,202


				5,606


Health Care Providers & Services — 6.2%

Anthem, Inc.		7		3,470

Centene Corp. *		26		2,119

Cigna Corp.		16		3,690

UnitedHealth Group, Inc.		12		6,124


				15,403


Hotels, Restaurants & Leisure — 1.2%

Expedia Group, Inc. *		7		1,321

Royal Caribbean Cruises Ltd. *		5		417

Travel + Leisure Co.		21		1,188


				2,926


Household Durables — 0.6%

Whirlpool Corp.		7		1,570


Household Products — 1.5%

Procter & Gamble Co. (The)		13		2,184

Spectrum Brands Holdings, Inc.		15		1,487


				3,671

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	59

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Insurance — 2.6%

Loews Corp.		53		3,035

Travelers Cos., Inc. (The)		21		3,279


				6,314


Interactive Media & Services — 3.0%

Alphabet, Inc., Class C *		2		5,952

Meta Platforms, Inc., Class A *		4		1,342


				7,294


IT Services — 2.0%

Amdocs Ltd.		14		1,070

Fidelity National Information Services, Inc.		14		1,552

Fiserv, Inc. *		8		845

Mastercard, Inc., Class A		4		1,404


				4,871


Life Sciences Tools & Services — 0.7%

Agilent Technologies, Inc.		11		1,833


Machinery — 3.7%

Deere & Co.		4		1,343

Dover Corp.		23		4,090

Parker-Hannifin Corp.		11		3,645


				9,078


Media — 1.4%

Charter Communications, Inc., Class A *		3		1,955

Comcast Corp., Class A		30		1,523


				3,478


Multiline Retail — 0.9%

Target Corp.		10		2,212


Multi-Utilities — 2.2%

CMS Energy Corp.		23		1,509

Dominion Energy, Inc.		35		2,754

WEC Energy Group, Inc.		12		1,126


				5,389


Oil, Gas & Consumable Fuels — 5.6%

Cheniere Energy, Inc.		15		1,500

Chevron Corp.		17		2,004

ConocoPhillips		71		5,141

Coterra Energy, Inc.		84		1,603

EOG Resources, Inc.		34		2,984

Phillips 66		8		569


				13,801


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — 4.5%

Bristol-Myers Squibb Co.		82		5,125

Eli Lilly & Co.		11		3,027

Jazz Pharmaceuticals plc *		10		1,335

Merck & Co., Inc.		21		1,587


				11,074


Professional Services — 0.3%

Booz Allen Hamilton Holding Corp.		9		763


Real Estate Management & Development — 0.8%

CBRE Group, Inc., Class A *		19		2,024


Road & Rail — 3.4%

CSX Corp.		77		2,905

Norfolk Southern Corp.		18		5,504


				8,409


Semiconductors & Semiconductor Equipment — 3.8%

Analog Devices, Inc.		17		3,034

NXP Semiconductors NV (China)		5		1,153

QUALCOMM, Inc.		9		1,569

Texas Instruments, Inc.		20		3,693


				9,449


Software — 1.5%

Microsoft Corp.		9		2,909

SS&C Technologies Holdings, Inc.		9		771


				3,680


Specialty Retail — 3.9%

AutoZone, Inc. *		2		4,141

Lowe’s Cos., Inc.		7		1,833

O’Reilly Automotive, Inc. *		5		3,677


				9,651


Technology Hardware, Storage & Peripherals — 0.3%

Xerox Holdings Corp.		34		759


Tobacco — 1.0%

Altria Group, Inc.		52		2,472


Total Common Stocks (Cost $188,731)				240,871

Short-Term Investments — 2.1%

Investment Companies — 2.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $5,269)		5,267		5,269

Total Investments — 99.9% (Cost $194,000)				246,140
Other Assets Less Liabilities — 0.1%				312

NET ASSETS — 100.0%				246,452

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 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 December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

03/2022

USD

5,234

100

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	61

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%

Aerospace & Defense — 1.4%

Northrop Grumman Corp.		811		313,743


Automobiles — 2.0%

Rivian Automotive, Inc., Class A * (a)		772		80,051

Tesla, Inc. *		356		375,858


				455,909


Banks — 6.3%

Truist Financial Corp.		8,364		489,729

US Bancorp		7,660		430,253

Wells Fargo & Co.		10,528		505,126


				1,425,108


Beverages — 1.2%

Coca-Cola Co. (The)		4,732		280,166


Biotechnology — 5.1%

AbbVie, Inc.		4,667		631,859

Biogen, Inc. *		670		160,643

Regeneron Pharmaceuticals, Inc. *		565		356,527


				1,149,029


Building Products — 0.7%

Trane Technologies plc		820		165,625


Capital Markets — 4.3%

Ameriprise Financial, Inc.		990		298,640

Morgan Stanley		2,496		244,983

S&P Global, Inc.		879		414,861


				958,484


Chemicals — 2.8%

Eastman Chemical Co.		1,587		191,912

PPG Industries, Inc.		2,548		439,354


				631,266


Construction Materials — 0.4%

Vulcan Materials Co.		471		97,798


Electric Utilities — 3.9%

NextEra Energy, Inc.		6,641		620,007

Xcel Energy, Inc.		3,761		254,608


				874,615


Electrical Equipment — 3.0%

Eaton Corp. plc		3,968		685,774


Equity Real Estate Investment Trusts (REITs) — 3.4%

Prologis, Inc.		4,545		765,183


Health Care Equipment & Supplies — 2.7%

Boston Scientific Corp. *		8,493		360,792

Intuitive Surgical, Inc. *		696		250,203


				610,995


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 1.5%

Centene Corp. *		4,036		332,600


Hotels, Restaurants & Leisure — 4.7%

Marriott International, Inc., Class A *		2,697		445,726

McDonald’s Corp.		1,494		400,369

Yum! Brands, Inc.		1,505		208,958


				1,055,053


Insurance — 0.6%

Progressive Corp. (The)		1,393		142,992


Interactive Media & Services — 7.6%

Alphabet, Inc., Class A *		508		1,472,829

Meta Platforms, Inc., Class A *		349		117,291

Snap, Inc., Class A *		2,502		117,686


				1,707,806


Internet & Direct Marketing Retail — 5.9%

Amazon.com, Inc. *		397		1,322,132


IT Services — 4.9%

Affirm Holdings, Inc. *		579		58,219

FleetCor Technologies, Inc. *		447		99,996

Mastercard, Inc., Class A		2,086		749,641

Shopify, Inc., Class A (Canada) *		136		187,822


				1,095,678


Machinery — 3.0%

Deere & Co.		1,365		468,046

Stanley Black & Decker, Inc.		1,115		210,275


				678,321


Pharmaceuticals — 3.8%

Bristol-Myers Squibb Co.		6,964		434,178

Eli Lilly & Co.		1,524		420,976


				855,154


Professional Services — 0.8%

Leidos Holdings, Inc.		1,906		169,420


Road & Rail — 2.5%

Norfolk Southern Corp.		1,863		554,590


Semiconductors & Semiconductor Equipment — 7.7%

Advanced Micro Devices, Inc. *		3,202		460,727

Analog Devices, Inc.		3,176		558,330

NXP Semiconductors NV (China)		3,163		720,448


				1,739,505


Software — 9.0%

Ceridian HCM Holding, Inc. *		916		95,638

Microsoft Corp.		5,671		1,907,117


				2,002,755

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Specialty Retail — 3.3%

Lowe’s Cos., Inc.		1,227		317,090

O’Reilly Automotive, Inc. *		265		186,989

Ross Stores, Inc.		2,122		242,471


				746,550


Technology Hardware, Storage & Peripherals — 5.3%

Apple, Inc.		6,707		1,190,924


Textiles, Apparel & Luxury Goods — 1.3%

NIKE, Inc., Class B		1,759		293,201


Total Common Stocks (Cost $12,546,854)				22,300,376

Short-Term Investments — 1.6%

Investment Companies — 1.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $305,526)		305,404		305,526


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		55,006		54,995


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — continued

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		10,209		10,209


Total Investment of Cash Collateral from Securities Loaned (Cost $65,204)				65,204


Total Short-Term Investments (Cost $370,730)				370,730

Total Investments — 100.7% (Cost $12,917,584)				22,671,106
Liabilities in Excess of Other Assets — (0.7)%				(156,541	)

NET ASSETS — 100.0%				22,514,565

Percentages indicated are based on net assets.

Abbreviations


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $64,031.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

813

03/2022

USD

193,423

5,467

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	63

JPMorgan U.S. GARP Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%

Aerospace & Defense — 0.5%

Textron, Inc.		86		6,639


Air Freight & Logistics — 0.3%

United Parcel Service, Inc., Class B		19		3,987


Automobiles — 3.6%

Rivian Automotive, Inc., Class A * (a)		43		4,452

Tesla, Inc. *		42		44,173


				48,625


Beverages — 2.0%

Coca-Cola Co. (The)		173		10,220

Monster Beverage Corp. *		72		6,934

PepsiCo, Inc.		53		9,189


				26,343


Biotechnology — 3.0%

AbbVie, Inc.		186		25,232

Regeneron Pharmaceuticals, Inc. *		8		5,242

Seagen, Inc. *		17		2,566

Vertex Pharmaceuticals, Inc. *		36		7,928


				40,968


Building Products — 1.3%

Allegion plc		45		5,894

Trane Technologies plc		56		11,333


				17,227


Capital Markets — 0.7%

S&P Global, Inc.		19		8,778


Commercial Services & Supplies — 0.5%

Waste Management, Inc.		39		6,476


Construction & Engineering — 0.2%

Quanta Services, Inc.		21		2,431


Consumer Finance — 0.4%

Capital One Financial Corp.		36		5,194


Electronic Equipment, Instruments & Components — 0.6%

Keysight Technologies, Inc. *		39		8,116


Entertainment — 2.0%

Electronic Arts, Inc.		61		8,006

Netflix, Inc.*		30		18,254


				26,260


Equity Real Estate Investment Trusts (REITs) — 2.1%

Equinix, Inc.		6		4,990

Host Hotels & Resorts, Inc.*		285		4,953

Prologis, Inc.		74		12,510

Sun Communities, Inc.		26		5,354


				27,807


INVESTMENTS	SHARES (000)		VALUE ($000)


Food & Staples Retailing — 0.5%

Costco Wholesale Corp.		12		6,812


Food Products — 0.2%

Hershey Co. (The)		16		3,115


Health Care Equipment & Supplies — 2.3%

Align Technology, Inc. *		17		11,106

Boston Scientific Corp. *		281		11,937

Medtronic plc		75		7,800


				30,843


Health Care Providers & Services — 1.6%

Anthem, Inc.		15		6,999

Humana, Inc.		13		5,984

UnitedHealth Group, Inc.		17		8,336


				21,319


Hotels, Restaurants & Leisure — 3.2%

Airbnb, Inc., Class A *		35		5,757

Booking Holdings, Inc. *		2		5,278

Darden Restaurants, Inc.		34		5,062

Domino’s Pizza, Inc.		9		5,079

Expedia Group, Inc. *		51		9,234

Las Vegas Sands Corp. *		99		3,738

McDonald’s Corp.		32		8,605


				42,753


Household Durables — 1.3%

PulteGroup, Inc.		102		5,813

Toll Brothers, Inc.		154		11,148


				16,961


Insurance — 0.3%

Arch Capital Group Ltd. *		87		3,885


Interactive Media & Services — 9.3%

Alphabet, Inc., Class A *		13		36,792

Alphabet, Inc., Class C *		12		35,881

Meta Platforms, Inc., Class A *		160		53,883


				126,556


Internet & Direct Marketing Retail — 5.9%

Amazon.com, Inc. *		24		79,357


IT Services — 4.7%

Accenture plc, Class A		32		13,307

Mastercard, Inc., Class A		102		36,759

PayPal Holdings, Inc. *		16		3,036

Visa, Inc., Class A		46		10,055


				63,157

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Life Sciences Tools & Services — 2.4%

Agilent Technologies, Inc.		74		11,734

Thermo Fisher Scientific, Inc.		22		14,480

Waters Corp. *		14		5,365


				31,579


Machinery — 1.6%

Deere & Co.		18		6,172

Ingersoll Rand, Inc.		102		6,305

Otis Worldwide Corp.		53		4,641

Parker-Hannifin Corp.		16		4,994


				22,112


Media — 0.4%

Charter Communications, Inc., Class A *		8		4,955


Metals & Mining — 0.8%

Freeport-McMoRan, Inc.		136		5,666

Steel Dynamics, Inc.		76		4,724


				10,390


Oil, Gas & Consumable Fuels — 0.7%

Cheniere Energy, Inc.		87		8,803


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		15		5,479


Pharmaceuticals — 0.3%

Bristol-Myers Squibb Co.		58		3,635


Road & Rail — 2.4%

CSX Corp.		255		9,599

Lyft, Inc., Class A *		238		10,171

Norfolk Southern Corp.		15		4,495

Old Dominion Freight Line, Inc.		23		8,386


				32,651


Semiconductors & Semiconductor Equipment — 7.1%

Applied Materials, Inc.		31		4,878

Lam Research Corp.		35		24,955

NVIDIA Corp.		84		24,676

NXP Semiconductors NV (China)		59		13,325

Qorvo, Inc. *		22		3,425

QUALCOMM, Inc.		65		11,795

Texas Instruments, Inc.		63		11,892


				94,946


Software — 18.5%

Adobe, Inc. *		22		12,193

Cadence Design Systems, Inc. *		67		12,541

Ceridian HCM Holding, Inc. *		95		9,882

Dropbox, Inc., Class A *		320		7,841

Fortinet, Inc. *		23		8,374


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

HubSpot, Inc. *		3		2,241

Intuit, Inc.		43		27,755

Microsoft Corp.		413		139,001

Palo Alto Networks, Inc. *		25		13,752

PTC, Inc. *		27		3,210

VMware, Inc., Class A		20		2,260

Workday, Inc., Class A *		39		10,627


				249,677


Specialty Retail — 5.4%

Bath & Body Works, Inc.		95		6,595

Best Buy Co., Inc.		58		5,872

Burlington Stores, Inc. *		27		7,987

Lowe’s Cos., Inc.		114		29,545

O’Reilly Automotive, Inc. *		26		18,221

TJX Cos., Inc. (The)		56		4,267


				72,487


Technology Hardware, Storage & Peripherals — 10.4%

Apple, Inc.		720		127,922

Hewlett Packard Enterprise Co.		335		5,281

Seagate Technology Holdings plc		71		8,067


				141,270


Textiles, Apparel & Luxury Goods — 1.3%

NIKE, Inc., Class B		107		17,751


Tobacco — 0.5%

Philip Morris International, Inc.		68		6,441


Total Common Stocks (Cost $713,220)				1,325,785

Short-Term Investments — 1.5%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $17,033)		17,029		17,035


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $3,659)		3,659		3,659


Total Short-Term Investments (Cost $20,692)				20,694

Total Investments — 100.2% (Cost $733,912)				1,346,479
Liabilities in Excess of Other Assets — (0.2)%				(2,935	)

NET ASSETS — 100.0%				1,343,544

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	65

JPMorgan U.S. GARP Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Abbreviations


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $3,562.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

03/2022

USD

16,654

513

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)

Long Positions — 121.7%

Common Stocks — 121.0%

Aerospace & Defense — 1.3%

Howmet Aerospace, Inc.		119		3,775

Northrop Grumman Corp. (a)		31		11,957

Raytheon Technologies Corp.		167		14,376

TransDigm Group, Inc. *		9		5,466


				35,574


Air Freight & Logistics — 0.5%

United Parcel Service, Inc., Class B		65		13,915


Auto Components — 0.3%

Aptiv plc *		16		2,691

Lear Corp.		14		2,573

Magna International, Inc. (Canada)		31		2,506


				7,770


Automobiles — 0.9%

General Motors Co. *		105		6,142

Rivian Automotive, Inc., Class A *		173		17,979


				24,121


Banks — 5.3%

Bank of America Corp. (a)		603		26,849

Fifth Third Bancorp		292		12,735

SVB Financial Group *		44		29,705

Truist Financial Corp.		375		21,946

Wells Fargo & Co. (a)		1,026		49,218


				140,453


Beverages — 1.8%

Coca-Cola Co. (The) (a)		366		21,672

PepsiCo, Inc. (a)		153		26,508


				48,180


Biotechnology — 4.3%

AbbVie, Inc. (a)		325		43,952

Alnylam Pharmaceuticals, Inc. *		15		2,540

Biogen, Inc. * (a)		55		13,091

BioMarin Pharmaceutical, Inc. *		97		8,574

Neurocrine Biosciences, Inc. *		101		8,639

Regeneron Pharmaceuticals, Inc. *		31		19,529

Vertex Pharmaceuticals, Inc. *		75		16,425


				112,750


Building Products — 1.0%

Trane Technologies plc		136		27,407


Capital Markets — 2.7%

Ameriprise Financial, Inc.		9		2,695


INVESTMENTS	SHARES (000)		VALUE ($000)



Capital Markets — continued

Charles Schwab Corp. (The)		214		17,961

CME Group, Inc.		45		10,360

Intercontinental Exchange, Inc.		79		10,840

Morgan Stanley (a)		248		24,312

S&P Global, Inc.		9		4,452


				70,620


Chemicals — 4.1%

Air Products and Chemicals, Inc.		59		17,861

Celanese Corp.		116		19,544

DuPont de Nemours, Inc.		229		18,508

Eastman Chemical Co.		30		3,648

Linde plc (United Kingdom)		86		29,706

PPG Industries, Inc.		106		18,243


				107,510


Commercial Services & Supplies — 0.1%

Waste Connections, Inc.		19		2,579


Communications Equipment — 0.1%

Juniper Networks, Inc.		40		1,428


Construction Materials — 0.2%

Vulcan Materials Co.		20		4,069


Diversified Financial Services — 0.2%

Voya Financial, Inc.		67		4,449


Electric Utilities — 2.4%

Alliant Energy Corp.		41		2,515

Edison International		185		12,593

FirstEnergy Corp.		340		14,145

NextEra Energy, Inc.		378		35,313


				64,566


Electrical Equipment — 1.1%

Eaton Corp. plc		171		29,479


Electronic Equipment, Instruments & Components — 0.4%

Corning, Inc.		148		5,518

Keysight Technologies, Inc. *		26		5,447


				10,965


Energy Equipment & Services — 0.2%

Baker Hughes Co. (a)		179		4,309


Entertainment — 1.2%

Endeavor Group Holdings, Inc., Class A *		570		19,891

Netflix, Inc. * (a)		18		10,883


				30,774

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	67

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Equity Real Estate Investment Trusts (REITs) — 3.5%

American Homes 4 Rent, Class A		148		6,456

Camden Property Trust		18		3,259

Cousins Properties, Inc.		121		4,876

Equinix, Inc.		15		12,404

Host Hotels & Resorts, Inc. *		210		3,647

Invitation Homes, Inc.		118		5,354

Kimco Realty Corp.		363		8,959

Prologis, Inc.		138		23,208

Sun Communities, Inc.		82		17,193

UDR, Inc.		109		6,511


				91,867


Food & Staples Retailing — 0.5%

Costco Wholesale Corp.		23		13,234


Food Products — 1.0%

Hershey Co. (The)		35		6,675

Mondelez International, Inc., Class A (a)		287		18,998


				25,673


Health Care Equipment & Supplies — 2.3%

Abbott Laboratories		76		10,764

Boston Scientific Corp. * (a)		586		24,901

Intuitive Surgical, Inc. *		31		11,113

Zimmer Biomet Holdings, Inc. (a)		110		14,002


				60,780


Health Care Providers & Services — 3.8%

Centene Corp. *		275		22,643

CVS Health Corp. (a)		111		11,478

Humana, Inc.		8		3,818

UnitedHealth Group, Inc. (a)		127		63,649


				101,588


Hotels, Restaurants & Leisure — 3.3%

Booking Holdings, Inc. *		11		27,220

Domino’s Pizza, Inc.		10		5,686

Expedia Group, Inc. *		14		2,596

Hilton Worldwide Holdings, Inc. *		54		8,450

McDonald’s Corp.		126		33,663

Yum! Brands, Inc.		61		8,436


				86,051


Household Durables — 0.7%

KB Home		90		4,033

Mohawk Industries, Inc. *		16		2,829

Toll Brothers, Inc.		158		11,410


				18,272


INVESTMENTS	SHARES (000)		VALUE ($000)



Household Products — 1.3%

Procter & Gamble Co. (The)		215		35,148


Insurance — 1.5%

Arthur J Gallagher & Co.		64		10,893

Hartford Financial Services Group, Inc. (The) (a)		145		9,994

Progressive Corp. (The)		107		11,021

Prudential Financial, Inc.		65		7,065

Ryan Specialty Group Holdings, Inc., Class A *		11		426


				39,399


Interactive Media & Services — 7.6%

Alphabet, Inc., Class A * (a)		37		108,497

Alphabet, Inc., Class C * (a)		10		28,204

Meta Platforms, Inc., Class A *		112		37,574

Snap, Inc., Class A *		373		17,558

ZoomInfo Technologies, Inc., Class A * (a)		178		11,408


				203,241


Internet & Direct Marketing Retail — 5.7%

Amazon.com, Inc. * (a)		45		149,932


IT Services — 4.7%

Affirm Holdings, Inc. *		26		2,584

International Business Machines Corp.		60		8,013

Mastercard, Inc., Class A (a)		181		64,973

PayPal Holdings, Inc. * (a)		41		7,771

Shopify, Inc., Class A (Canada) *		19		25,727

WEX, Inc. *		113		15,823


				124,891


Life Sciences Tools & Services — 2.5%

Danaher Corp.		22		7,114

PerkinElmer, Inc.		44		8,868

Thermo Fisher Scientific, Inc. (a)		76		50,581


				66,563


Machinery — 5.2%

Deere & Co.		97		33,106

Dover Corp.		154		27,948

Ingersoll Rand, Inc.		653		40,411

Otis Worldwide Corp.		67		5,827

Parker-Hannifin Corp.		4		1,308

Stanley Black & Decker, Inc.		157		29,607


				138,207


Media — 1.7%

Charter Communications, Inc., Class A * (a)		28		18,157

Comcast Corp., Class A (a)		441		22,201

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Media — continued

Liberty Media Corp.-Liberty SiriusXM, Class A *		76		3,876


				44,234


Metals & Mining — 0.5%

Freeport-McMoRan, Inc.		287		11,976


Multiline Retail — 0.7%

Dollar General Corp.		37		8,667

Dollar Tree, Inc. *		64		8,926


				17,593


Multi-Utilities — 1.3%

Ameren Corp.		85		7,540

CenterPoint Energy, Inc.		631		17,604

DTE Energy Co.		21		2,481

Public Service Enterprise Group, Inc.		98		6,558


				34,183


Oil, Gas & Consumable Fuels — 4.4%

Cheniere Energy, Inc.		37		3,791

Chevron Corp.		213		25,038

ConocoPhillips		410		29,610

Coterra Energy, Inc.		326		6,198

Diamondback Energy, Inc.		200		21,580

EOG Resources, Inc.		44		3,886

ONEOK, Inc.		44		2,593

Phillips 66		76		5,518

Pioneer Natural Resources Co. (a)		100		18,241


				116,455


Personal Products — 1.0%

Estee Lauder Cos., Inc. (The), Class A		70		26,032


Pharmaceuticals — 2.3%

Bristol-Myers Squibb Co. (a)		357		22,261

Eli Lilly & Co.		143		39,476


				61,737


Professional Services — 1.1%

Booz Allen Hamilton Holding Corp.		110		9,365

IHS Markit Ltd.		41		5,401

Leidos Holdings, Inc.		151		13,389


				28,155


Road & Rail — 4.2%

Canadian National Railway Co. (Canada)		43		5,341

CSX Corp.		205		7,714

Knight-Swift Transportation Holdings, Inc.		64		3,887


INVESTMENTS	SHARES (000)		VALUE ($000)



Road & Rail — continued

Lyft, Inc., Class A *		548		23,414

Norfolk Southern Corp. (a)		152		45,172

Old Dominion Freight Line, Inc.		36		13,028

Union Pacific Corp. (a)		48		12,070


				110,626


Semiconductors & Semiconductor Equipment — 8.6%

Advanced Micro Devices, Inc. *		242		34,885

Analog Devices, Inc. (a)		86		15,130

Lam Research Corp.		31		22,609

Microchip Technology, Inc.		15		1,323

NVIDIA Corp. (a)		146		43,032

NXP Semiconductors NV (China)		370		84,242

ON Semiconductor Corp. *		52		3,554

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		10		1,236

Teradyne, Inc.		8		1,358

Texas Instruments, Inc. (a)		127		23,921


				231,290


Software — 10.5%

Ceridian HCM Holding, Inc. *		240		25,043

HashiCorp, Inc., Class A *		45		4,094

Intuit, Inc.		32		20,557

Microsoft Corp.(a)		580		195,031

salesforce.com, Inc. * (a)		24		6,210

Workday, Inc., Class A *		103		28,205


				279,140


Specialty Retail — 4.7%

AutoZone, Inc. * (a)		3		6,652

Best Buy Co., Inc.		25		2,574

Burlington Stores, Inc. *		56		16,304

Home Depot, Inc. (The) (a)		30		12,638

Lowe’s Cos., Inc.		170		43,906

O’Reilly Automotive, Inc. *		60		42,387


				124,461


Technology Hardware, Storage & Peripherals — 6.4%

Apple, Inc. (a)		843		149,757

Hewlett Packard Enterprise Co.		383		6,042

Seagate Technology Holdings plc		133		15,070


				170,869


Textiles, Apparel & Luxury Goods — 1.3%

NIKE, Inc., Class B		203		33,879

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	69

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		137			15,933


Total Common Stocks (Cost $1,601,517)					3,202,327

Short-Term Investments — 0.7%

Investment Companies — 0.7%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $18,556)		18,549			18,556


Total Long Positions (Cost $1,620,073)					3,220,883

Short Positions — (21.6)%
Common Stocks — (21.6)%

Aerospace & Defense — (0.4)%

Boeing Co. (The) *		(12	)		(2,394	)

Hexcel Corp. *		(38	)		(1,950	)

Huntington Ingalls Industries, Inc.		(34	)		(6,300	)

L3Harris Technologies, Inc.		(5	)		(1,098	)


					(11,742	)


Air Freight & Logistics — (0.6)%

CH Robinson Worldwide, Inc.		(83	)		(8,893	)

Expeditors International of Washington, Inc.		(55	)		(7,389	)


					(16,282	)


Auto Components — (0.3)%

BorgWarner, Inc.		(200	)		(9,035	)


Automobiles — (0.1)%

Ford Motor Co.		(64	)		(1,332	)


Biotechnology — (0.5)%

Gilead Sciences, Inc.		(31	)		(2,215	)

Moderna, Inc. *		(39	)		(9,816	)


					(12,031	)


Building Products — (0.1)%

Lennox International, Inc.		(7	)		(2,247	)


Capital Markets — (0.8)%

Franklin Resources, Inc.		(77	)		(2,594	)

Goldman Sachs Group, Inc. (The)		(13	)		(4,888	)

Moody’s Corp.		(10	)		(3,737	)

MSCI, Inc.		(9	)		(5,629	)

Northern Trust Corp.		(31	)		(3,655	)


					(20,503	)


Chemicals — (0.2)%

Dow, Inc.		(38	)		(2,150	)

Ecolab, Inc.		(12	)		(2,851	)


					(5,001	)


INVESTMENTS	SHARES (000)			VALUE ($000)



Commercial Services & Supplies — (0.2)%

Republic Services, Inc.		(34	)		(4,753	)


Communications Equipment — (0.3)%

Cisco Systems, Inc.		(145	)		(9,176	)


Consumer Finance — (0.2)%

Discover Financial Services		(55	)		(6,401	)


Containers & Packaging — (0.9)%

AptarGroup, Inc.		(15	)		(1,823	)

Ball Corp.		(28	)		(2,692	)

Crown Holdings, Inc.		(34	)		(3,792	)

International Paper Co.		(116	)		(5,459	)

Packaging Corp. of America		(10	)		(1,351	)

Silgan Holdings, Inc.		(146	)		(6,249	)

Sonoco Products Co.		(60	)		(3,475	)


					(24,841	)


Diversified Telecommunication Services — (0.8)%

AT&T, Inc.		(333	)		(8,197	)

Lumen Technologies, Inc.		(509	)		(6,389	)

Verizon Communications, Inc.		(130	)		(6,776	)


					(21,362	)


Electric Utilities — (1.1)%

American Electric Power Co., Inc.		(93	)		(8,231	)

Eversource Energy		(74	)		(6,763	)

Pinnacle West Capital Corp.		(49	)		(3,481	)

Southern Co. (The)		(141	)		(9,642	)


					(28,117	)


Electrical Equipment — (0.4)%

Acuity Brands, Inc.		(18	)		(3,859	)

Hubbell, Inc.		(21	)		(4,353	)

Sensata Technologies Holding plc *		(23	)		(1,393	)


					(9,605	)


Electronic Equipment, Instruments & Components — (0.2)%

Cognex Corp.		(57	)		(4,410	)


Energy Equipment & Services — (0.2)%

Halliburton Co.		(147	)		(3,363	)

Schlumberger NV		(86	)		(2,578	)


					(5,941	)


Entertainment — (0.2)%

AMC Entertainment Holdings, Inc., Class A *		(157	)		(4,280	)


Equity Real Estate Investment Trusts (REITs) — (1.2)%

AvalonBay Communities, Inc.		(12	)		(3,023	)

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Equity Real Estate Investment Trusts (REITs) — continued

Equity Residential		(48	)		(4,378	)

Iron Mountain, Inc.		(115	)		(6,001	)

National Retail Properties, Inc.		(149	)		(7,142	)

Orion Office REIT, Inc. *		(4	)		(74	)

Realty Income Corp.		(36	)		(2,610	)

Simon Property Group, Inc.		(23	)		(3,720	)

SL Green Realty Corp.		(48	)		(3,409	)

Welltower, Inc.		(31	)		(2,632	)


					(32,989	)


Food & Staples Retailing — (1.6)%

Kroger Co. (The)		(450	)		(20,381	)

Walgreens Boots Alliance, Inc.		(249	)		(12,979	)

Walmart, Inc.		(63	)		(9,097	)


					(42,457	)


Food Products — (0.6)%

Campbell Soup Co.		(132	)		(5,716	)

Conagra Brands, Inc.		(103	)		(3,519	)

General Mills, Inc.		(19	)		(1,250	)

Kellogg Co.		(70	)		(4,499	)


					(14,984	)


Gas Utilities — (0.1)%

National Fuel Gas Co.		(47	)		(2,974	)


Health Care Equipment & Supplies — (0.6)%

Baxter International, Inc.		(60	)		(5,168	)

Stryker Corp.		(44	)		(11,665	)


					(16,833	)


Health Care Providers & Services — (0.1)%

Henry Schein, Inc. *		(46	)		(3,534	)


Hotels, Restaurants & Leisure — (0.4)%

Starbucks Corp.		(86	)		(10,075	)


Household Products — (0.6)%

Clorox Co. (The)		(68	)		(11,851	)

Colgate-Palmolive Co.		(48	)		(4,097	)


					(15,948	)


Industrial Conglomerates — (0.8)%

3M Co.		(74	)		(13,115	)

General Electric Co.		(75	)		(7,131	)


					(20,246	)


Insurance — (0.1)%

Aon plc, Class A		(8	)		(2,340	)


INVESTMENTS	SHARES (000)			VALUE ($000)



Internet & Direct Marketing Retail — (0.2)%

eBay, Inc.		(83	)		(5,551	)


IT Services — (0.8)%

Cognizant Technology Solutions Corp., Class A		(50	)		(4,450	)

DXC Technology Co. *		(37	)		(1,183	)

Jack Henry & Associates, Inc.		(23	)		(3,759	)

Paychex, Inc.		(43	)		(5,862	)

Western Union Co. (The)		(356	)		(6,360	)


					(21,614	)


Life Sciences Tools & Services — (0.2)%

Waters Corp. *		(17	)		(6,157	)


Machinery — (0.8)%

Caterpillar, Inc.		(31	)		(6,364	)

Illinois Tool Works, Inc.		(43	)		(10,594	)

PACCAR, Inc.		(56	)		(4,908	)


					(21,866	)


Media — (0.9)%

Interpublic Group of Cos., Inc. (The)		(197	)		(7,381	)

Omnicom Group, Inc.		(223	)		(16,306	)

ViacomCBS, Inc.		(44	)		(1,335	)


					(25,022	)


Multiline Retail — (0.3)%

Kohl’s Corp.		(30	)		(1,460	)

Macy’s, Inc.		(53	)		(1,381	)

Target Corp.		(19	)		(4,381	)


					(7,222	)


Multi-Utilities — (0.5)%

CMS Energy Corp.		(39	)		(2,535	)

Consolidated Edison, Inc.		(89	)		(7,593	)

Dominion Energy, Inc.		(34	)		(2,661	)


					(12,789	)


Oil, Gas & Consumable Fuels — (1.5)%

Enbridge, Inc. (Canada)		(282	)		(11,040	)

Exxon Mobil Corp.		(205	)		(12,572	)

Hess Corp.		(87	)		(6,467	)

HollyFrontier Corp.		(53	)		(1,747	)

Kinder Morgan, Inc.		(66	)		(1,043	)

Marathon Oil Corp.		(357	)		(5,858	)


					(38,727	)


Pharmaceuticals — (0.3)%

Merck & Co., Inc.		(60	)		(4,636	)

Pfizer, Inc.		(47	)		(2,755	)


					(7,391	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	71

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Professional Services — (0.2)%

TransUnion			(38	)		(4,490	)


Road & Rail — (0.3)%

Canadian Pacific Railway Ltd. (Canada)			(18	)		(1,280	)

JB Hunt Transport Services, Inc.			(6	)		(1,178	)

Werner Enterprises, Inc.			(104	)		(4,947	)


						(7,405	)


Semiconductors & Semiconductor Equipment — (0.8)%

Broadcom, Inc.			(12	)		(7,845	)

Intel Corp.	��		(106	)		(5,434	)

QUALCOMM, Inc.			(45	)		(8,203	)


						(21,482	)


Software — (0.6)%

Citrix Systems, Inc.			(25	)		(2,335	)

Oracle Corp.			(66	)		(5,732	)

Palantir Technologies, Inc., Class A *			(57	)		(1,034	)

Splunk, Inc. *			(35	)		(4,002	)

VMware, Inc., Class A			(21	)		(2,407	)


						(15,510	)


Specialty Retail — 0.0% (d)

CarMax, Inc. *			(10	)		(1,255	)


Technology Hardware, Storage & Peripherals — (0.3)%

NetApp, Inc.			(53	)		(4,855	)

Xerox Holdings Corp.			(84	)		(1,905	)


						(6,760	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Textiles, Apparel & Luxury Goods — 0.0% (d)

VF Corp.		(17	)		(1,276	)


Trading Companies & Distributors — (0.2)%

Fastenal Co.		(91	)		(5,821	)


Water Utilities — (0.1)%

Essential Utilities, Inc.		(51	)		(2,733	)


Total Common Stocks (Proceeds $(553,216))					(572,510	)


Total Short Positions (Proceeds $(553,216))					(572,510	)

Total Investments — 100.1% (Cost $1,066,857)					2,648,373
Liabilities in Excess of Other Assets — (0.1)%					(2,571	)

NET ASSETS — 100.0%					2,645,802

Percentages indicated are based on net assets.


Abbreviations
ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

(a)		All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $787,357.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
(d)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		52		20,091

Raytheon Technologies Corp.		325		27,927


				48,018


Air Freight & Logistics — 1.1%

FedEx Corp.		79		20,366

United Parcel Service, Inc., Class B		212		45,434


				65,800


Airlines — 0.2%

Southwest Airlines Co. *		291		12,449


Auto Components — 0.3%

Aptiv plc *		37		6,029

Magna International, Inc. (Canada)		131		10,600


				16,629


Automobiles — 2.4%

General Motors Co. *		235		13,773

Rivian Automotive, Inc., Class A *		44		4,539

Tesla, Inc. *		117		123,381


				141,693


Banks — 3.8%

Bank of America Corp.		697		31,004

Citigroup, Inc.		554		33,482

Fifth Third Bancorp		324		14,115

Regions Financial Corp.		785		17,103

SVB Financial Group *		15		9,898

Truist Financial Corp.		365		21,365

US Bancorp		643		36,126

Wells Fargo & Co.		1,323		63,484


				226,577


Beverages — 1.2%

Coca-Cola Co. (The)		894		52,910

Constellation Brands, Inc., Class A		85		21,212


				74,122


Biotechnology — 2.3%

AbbVie, Inc.		510		69,070

Biogen, Inc. *		46		11,111

BioMarin Pharmaceutical, Inc. *		35		3,057

Moderna, Inc. *		22		5,588

Neurocrine Biosciences, Inc. *		35		2,998

Regeneron Pharmaceuticals, Inc. *		40		25,463

Vertex Pharmaceuticals, Inc. *		106		23,248


				140,535


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		228		18,563

Masco Corp.		187		13,127

Trane Technologies plc		198		39,945


				71,635


Capital Markets — 3.2%

Goldman Sachs Group, Inc. (The)		81		30,943

Intercontinental Exchange, Inc.		136		18,666

Morgan Stanley		277		27,167

S&P Global, Inc.		109		51,375

State Street Corp.		370		34,374

T. Rowe Price Group, Inc.		153		30,113


				192,638


Chemicals — 1.9%

Air Products and Chemicals, Inc.		29		8,856

Celanese Corp.		51		8,527

DuPont de Nemours, Inc.		224		18,089

Eastman Chemical Co.		235		28,372

Linde plc (United Kingdom)		55		18,993

PPG Industries, Inc.		179		30,916


				113,753


Commercial Services & Supplies — 0.1%

Cintas Corp.		15		6,741


Communications Equipment — 0.1%

Motorola Solutions, Inc.		21		5,660


Consumer Finance — 0.3%

Capital One Financial Corp.		123		17,910


Containers & Packaging — 0.3%

Avery Dennison Corp.		49		10,612

Westrock Co.		154		6,840


				17,452


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		266		79,480

Voya Financial, Inc.		72		4,755


				84,235


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc.		348		18,095


Electric Utilities — 1.9%

Edison International		166		11,357

Evergy, Inc.		205		14,044

Exelon Corp.		209		12,095

FirstEnergy Corp.		510		21,228

NextEra Energy, Inc.		588		54,859


				113,583

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	73

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Electrical Equipment — 0.6%

Eaton Corp. plc		209		36,084


Entertainment — 0.9%

Netflix, Inc. *		74		44,862

Walt Disney Co. (The) *		72		11,128


				55,990


Equity Real Estate Investment Trusts (REITs) — 2.6%

Camden Property Trust		103		18,403

Equinix, Inc.		22		18,866

Equity LifeStyle Properties, Inc.		138		12,054

Host Hotels & Resorts, Inc. *		284		4,939

Kimco Realty Corp.		382		9,416

Prologis, Inc.		268		45,108

SBA Communications Corp.		29		11,243

Sun Communities, Inc.		74		15,512

UDR, Inc.		43		2,556

Ventas, Inc.		295		15,063


				153,160


Food Products — 0.5%

Mondelez International, Inc., Class A		451		29,911


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		291		40,933

ABIOMED, Inc. *		6		2,323

Baxter International, Inc.		88		7,571

Becton Dickinson and Co.		63		15,816

Boston Scientific Corp. *		509		21,642

Dexcom, Inc. *		14		7,292

Intuitive Surgical, Inc. *		29		10,474

Medtronic plc		365		37,806

Zimmer Biomet Holdings, Inc.		178		22,629


				166,486


Health Care Providers & Services — 2.9%

Anthem, Inc.		90		41,606

Centene Corp. *		313		25,790

Humana, Inc.		26		12,014

McKesson Corp.		29		7,258

UnitedHealth Group, Inc.		171		85,821


				172,489


Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		10		24,031

Hilton Worldwide Holdings, Inc. *		110		17,167

McDonald’s Corp.		213		57,153

Royal Caribbean Cruises Ltd. *		32		2,448


				100,799


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Durables — 0.6%

DR Horton, Inc.		20		2,189

Lennar Corp., Class A		239		27,718

Toll Brothers, Inc.		115		8,289


				38,196


Household Products — 1.5%

Kimberly-Clark Corp.		130		18,633

Procter & Gamble Co. (The)		445		72,852


				91,485


Industrial Conglomerates — 0.4%

Honeywell International, Inc.		100		20,941


Insurance — 1.8%

Chubb Ltd.		146		28,207

Hartford Financial Services Group, Inc. (The)		350		24,141

Progressive Corp. (The)		389		39,958

Prudential Financial, Inc.		111		12,034

Travelers Cos., Inc. (The)		36		5,639


				109,979


Interactive Media & Services — 7.0%

Alphabet, Inc., Class A *		57		163,907

Alphabet, Inc., Class C *		43		124,647

Meta Platforms, Inc., Class A *		355		119,277

ZoomInfo Technologies, Inc., Class A*		142		9,129


				416,960


Internet & Direct Marketing Retail — 4.0%

Amazon.com, Inc. *		71		236,585


IT Services — 4.7%

Accenture plc, Class A		165		68,575

FleetCor Technologies, Inc. *		66		14,679

International Business Machines Corp.		220		29,392

Mastercard, Inc., Class A		232		83,540

PayPal Holdings, Inc. *		62		11,746

Shopify, Inc., Class A (Canada)*		6		7,989

Visa, Inc., Class A		304		65,946


				281,867


Life Sciences Tools & Services — 1.7%

Danaher Corp.		57		18,721

Illumina, Inc. *		21		8,049

PerkinElmer, Inc.		22		4,504

Thermo Fisher Scientific, Inc.		105		69,980


				101,254


Machinery — 2.4%

Deere & Co.		142		48,686

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


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

Machinery — continued

Ingersoll Rand, Inc.		163		10,094

Otis Worldwide Corp.		362		31,493

Parker-Hannifin Corp.		68		21,624

Stanley Black & Decker, Inc.		174		32,811


				144,708


Media — 1.1%

Charter Communications, Inc., Class A *		32		21,186

Comcast Corp., Class A		856		43,063

Fox Corp., Class A		34		1,258


				65,507


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		180		7,500


Multiline Retail — 0.7%

Dollar General Corp.		22		5,193

Dollar Tree, Inc. *		49		6,851

Target Corp.		117		26,970


				39,014


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		832		23,218

DTE Energy Co.		98		11,763


				34,981


Oil, Gas & Consumable Fuels — 2.7%

Cheniere Energy, Inc.		70		7,049

Chevron Corp.		303		35,590

ConocoPhillips		599		43,205

Coterra Energy, Inc.		69		1,310

Diamondback Energy, Inc.		226		24,389

EOG Resources, Inc.		161		14,262

Phillips 66		29		2,137

Pioneer Natural Resources Co.		150		27,232

Williams Cos., Inc. (The)		171		4,443


				159,617


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		57		21,212


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		779		48,543

Eli Lilly & Co.		207		57,278

Johnson & Johnson		345		59,035

Merck & Co., Inc.		296		22,661

Pfizer, Inc.		328		19,396


				206,913


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		80		6,813

Leidos Holdings, Inc.		169		15,024


				21,837


Road & Rail — 1.0%

Lyft, Inc., Class A *		156		6,675

Norfolk Southern Corp.		110		32,851

Union Pacific Corp.		86		21,644


				61,170


Semiconductors & Semiconductor Equipment — 7.1%

Advanced Micro Devices, Inc. *		343		49,417

Analog Devices, Inc.		222		38,960

Applied Materials, Inc.		288		45,282

Intel Corp.		87		4,478

KLA Corp.		22		9,419

Lam Research Corp.		71		51,040

Microchip Technology, Inc.		139		12,071

Micron Technology, Inc.		65		6,023

NVIDIA Corp.		329		96,697

NXP Semiconductors NV (China)		155		35,389

QUALCOMM, Inc.		103		18,864

Texas Instruments, Inc.		290		54,710


				422,350


Software — 9.2%

Ceridian HCM Holding, Inc. *		26		2,747

Fortinet, Inc. *		21		7,394

Intuit, Inc.		89		57,281

Microsoft Corp.		1,265		425,449

Oracle Corp.		241		21,024

salesforce.com, Inc. *		88		22,246

Workday, Inc., Class A *		74		20,098


				556,239


Specialty Retail — 3.5%

AutoZone, Inc. *		5		11,430

Best Buy Co., Inc.		216		21,979

Home Depot, Inc. (The)		105		43,727

Lowe’s Cos., Inc.		255		65,944

O’Reilly Automotive, Inc. *		59		41,795

TJX Cos., Inc. (The)		309		23,491


				208,366


Technology Hardware, Storage & Peripherals — 7.3%

Apple, Inc.		2,322		412,377

Seagate Technology Holdings plc		279		31,547


				443,924

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	75

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		276		45,926


Tobacco — 0.9%

Altria Group, Inc.		532		25,209

Philip Morris International, Inc.		318		30,199


				55,408


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc.*		290		33,606


Total Common Stocks (Cost $3,007,759)				5,907,989

Short-Term Investments — 1.2%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $73,488)		73,464		73,494

Total Investments — 100.0% (Cost $3,081,247)				5,981,483
Other Assets Less Liabilities — 0.0% (c)				329

NET ASSETS — 100.0%				5,981,812

Percentages indicated are based on net assets.

Abbreviations


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
(c)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

288

03/2022

USD

68,519

1,105

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		��	VALUE ($000)
Common Stocks — 98.1%

Auto Components — 1.8%

Aptiv plc *		22			3,606


Automobiles — 0.4%

Rivian Automotive, Inc., Class A * (a)		7			723


Banks — 5.9%

Bank of America Corp.		128			5,709

Citigroup, Inc.		44			2,657

Fifth Third Bancorp		35			1,536

SVB Financial Group *		2			1,682


					11,584


Biotechnology — 1.0%

Amgen, Inc.		9			1,939


Building Products — 2.7%

Trane Technologies plc		21			4,228

Trex Co., Inc. *		9			1,187


					5,415


Capital Markets — 3.7%

Morgan Stanley		26			2,503

S&P Global, Inc.		5			2,289

State Street Corp.		27			2,544


					7,336


Containers & Packaging — 1.5%

Ball Corp.		31			2,959


Diversified Financial Services — 1.6%

Voya Financial, Inc.		49			3,237


Diversified Telecommunication Services — 1.5%

Verizon Communications, Inc.		56			2,928


Electric Utilities — 2.5%

NextEra Energy, Inc.		42			3,896

Xcel Energy, Inc.		14			967


					4,863


Electrical Equipment — 2.4%

Eaton Corp. plc		28			4,842


Electronic Equipment, Instruments & Components — 0.6%

Itron, Inc. *		19			1,277


Entertainment — 1.9%

Walt Disney Co. (The) *		25			3,840


Equity Real Estate Investment Trusts (REITs) — 4.2%

American Tower Corp.		7			1,971

Boston Properties, Inc.		15			1,773

Equinix, Inc.		2			2,072

Prologis, Inc.		15			2,536


					8,352


Food & Staples Retailing — 2.7%

Costco Wholesale Corp.		10			5,393


INVESTMENTS	SHARES (000)		VALUE ($000)


Food Products — 0.4%

General Mills, Inc.		13		891


Health Care Equipment & Supplies — 1.9%

Boston Scientific Corp. *		54		2,278

Hologic, Inc. *		21		1,578


				3,856


Health Care Providers & Services — 1.9%

UnitedHealth Group, Inc.		8		3,861


Insurance — 1.8%

MetLife, Inc.		24		1,507

Progressive Corp. (The)		21		2,151


				3,658


Interactive Media & Services — 3.2%

Alphabet, Inc., Class A *		2		6,373


Internet & Direct Marketing Retail — 0.7%

Etsy, Inc. *		6		1,344


IT Services — 4.8%

Accenture plc, Class A		4		1,849

Affirm Holdings, Inc. *		4		395

Mastercard, Inc., Class A		18		6,368

Shopify, Inc., Class A (Canada) *		1		826


				9,438


Life Sciences Tools & Services — 6.5%

Agilent Technologies, Inc.		17		2,776

Illumina, Inc. *		3		1,065

IQVIA Holdings, Inc. *		15		4,226

Thermo Fisher Scientific, Inc.		7		4,658


				12,725


Machinery — 4.9%

Deere & Co.		11		3,741

Ingersoll Rand, Inc.		69		4,246

Xylem, Inc.		14		1,652


				9,639


Multiline Retail — 1.0%

Target Corp.		9		2,061


Personal Products — 1.3%

Estee Lauder Cos., Inc. (The), Class A		7		2,625


Pharmaceuticals — 3.6%

Bristol-Myers Squibb Co.		56		3,479

Merck & Co., Inc.		49		3,746


				7,225


Road & Rail — 1.1%

Norfolk Southern Corp.		8		2,272

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	77

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Semiconductors & Semiconductor Equipment — 6.8%

Lam Research Corp.		5		3,262

NVIDIA Corp.		10		3,032

NXP Semiconductors NV (China)		13		3,057

SolarEdge Technologies, Inc. *		4		1,117

Texas Instruments, Inc.		15		2,744


				13,212


Software — 12.9%

Adobe, Inc. *		1		641

Autodesk, Inc. *		4		1,130

Cadence Design Systems, Inc. *		13		2,380

Ceridian HCM Holding, Inc. *		20		2,057

Intuit, Inc.		5		3,274

Microsoft Corp.		47		15,877


				25,359


Specialty Retail — 4.8%

Best Buy Co., Inc.		23		2,336

Home Depot, Inc. (The)		13		5,390

TJX Cos., Inc. (The)		24		1,840


				9,566


Technology Hardware, Storage & Peripherals — 5.0%

Apple, Inc.		56		9,956


Textiles, Apparel & Luxury Goods — 1.1%

VF Corp.		29		2,116


Total Common Stocks (Cost $153,421)				194,471


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

Investment Companies — 1.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $2,574)		2,573		2,574


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) ( c) (Cost $544)		544		544


Total Short-Term Investments (Cost $3,118)				3,118

Total Investments — 99.7% (Cost $156,539)				197,589
Other Assets Less Liabilities — 0.3%				513

NET ASSETS — 100.0%				198,102

Percentages indicated are based on net assets.

Abbreviations


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $532.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 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

03/2022

USD

2,899

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%

Aerospace & Defense — 4.0%

General Dynamics Corp.		141		29,329

Northrop Grumman Corp.		65		25,245

Raytheon Technologies Corp.		369		31,723


				86,297


Air Freight & Logistics — 1.0%

United Parcel Service, Inc., Class B		96		20,577


Airlines — 0.8%

Southwest Airlines Co. *		390		16,706


Banks — 10.8%

Bank of America Corp.		1,025		45,606

Citigroup, Inc.		605		36,506

Citizens Financial Group, Inc.		201		9,501

M&T Bank Corp.		79		12,197

PNC Financial Services Group, Inc. (The)		144		28,815

Truist Financial Corp.		541		31,689

US Bancorp		264		14,813

Wells Fargo & Co.		1,102		52,857


				231,984


Beverages — 0.5%

PepsiCo, Inc.		65		11,371


Biotechnology — 2.3%

AbbVie, Inc.		180		24,322

Amgen, Inc.		46		10,397

Biogen, Inc. *		13		3,001

Vertex Pharmaceuticals, Inc. *		55		12,056


				49,776


Building Products — 0.7%

Trane Technologies plc		70		14,138


Capital Markets — 8.5%

BlackRock, Inc.		55		50,240

Charles Schwab Corp. (The)		284		23,921

Goldman Sachs Group, Inc. (The)		64		24,668

Morgan Stanley		415		40,752

S&P Global, Inc.		34		15,810

T. Rowe Price Group, Inc.		137		27,031


				182,422


Chemicals — 3.1%

Air Products and Chemicals, Inc.		89		26,942

Axalta Coating Systems Ltd. *		977		32,365

DuPont de Nemours, Inc.		82		6,648


				65,955


INVESTMENTS	SHARES (000)		VALUE ($000)


Commercial Services & Supplies — 0.6%

Republic Services, Inc.		99		13,765


Construction Materials — 1.1%

Vulcan Materials Co.		112		23,350


Consumer Finance — 2.1%

American Express Co.		138		22,573

Capital One Financial Corp.		154		22,292


				44,865


Containers & Packaging — 0.3%

Ball Corp.		65		6,258


Diversified Financial Services — 2.0%

Berkshire Hathaway, Inc., Class B *		142		42,547


Electric Utilities — 1.7%

Entergy Corp.		60		6,709

NextEra Energy, Inc.		214		20,000

Xcel Energy, Inc.		158		10,718


				37,427


Electrical Equipment — 1.2%

Eaton Corp. plc		155		26,705


Entertainment — 0.6%

Walt Disney Co. (The) *		81		12,578


Equity Real Estate Investment Trusts (REITs) — 1.6%

AvalonBay Communities, Inc.		33		8,375

Host Hotels & Resorts, Inc. *		694		12,060

Ventas, Inc.		175		8,925

Vornado Realty Trust		110		4,619


				33,979


Food & Staples Retailing — 1.0%

Walmart, Inc.		156		22,579


Food Products — 0.8%

Mondelez International, Inc., Class A		264		17,503


Health Care Equipment & Supplies — 3.1%

Becton Dickinson and Co.		85		21,322

Boston Scientific Corp. *		127		5,399

Medtronic plc		247		25,567

Zimmer Biomet Holdings, Inc.		122		15,499


				67,787


Health Care Providers & Services — 4.8%

Anthem, Inc.		30		13,785

Cigna Corp.		109		25,086

Humana, Inc.		34		15,757

UnitedHealth Group, Inc.		99		49,807


				104,435

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	79

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


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

Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		7		16,168

McDonald’s Corp.		76		20,325


				36,493


Household Durables — 0.4%

Newell Brands, Inc.		359		7,832


Household Products — 1.1%

Procter & Gamble Co. (The)		151		24,620


Insurance — 3.9%

Chubb Ltd.		108		20,833

Hartford Financial Services Group, Inc. (The)		284		19,582

Loews Corp.		151		8,728

Marsh & McLennan Cos., Inc.		58		10,020

MetLife, Inc.		245		15,310

Prudential Financial, Inc.		87		9,415


				83,888


Interactive Media & Services — 1.7%

Alphabet, Inc., Class C *		13		36,508


IT Services — 1.0%

Fidelity National Information Services, Inc.		90		9,862

International Business Machines Corp.		93		12,447


				22,309


Machinery — 3.5%

Dover Corp.		193		35,021

Parker-Hannifin Corp.		106		33,716

Stanley Black & Decker, Inc.		31		5,931


				74,668


Media — 1.6%

Comcast Corp., Class A		683		34,362


Multiline Retail — 0.9%

Dollar General Corp.		80		18,843


Multi-Utilities — 1.4%

CMS Energy Corp.		348		22,638

Public Service Enterprise Group, Inc.		106		7,092


				29,730


Oil, Gas & Consumable Fuels — 5.5%

Chevron Corp.		260		30,513

ConocoPhillips		713		51,498

EOG Resources, Inc.		326		28,960

Valero Energy Corp.		112		8,421


				119,392


Pharmaceuticals — 5.3%

Bristol-Myers Squibb Co.		613		38,229

Eli Lilly & Co.		91		25,151

Johnson & Johnson		169		28,865

Merck & Co., Inc.		93		7,135


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — continued

Pfizer, Inc.		256		15,100


				114,480


Road & Rail — 1.1%

CSX Corp.		640		24,053


Semiconductors & Semiconductor Equipment — 4.9%

Analog Devices, Inc.		196		34,502

Lam Research Corp.		13		9,220

NXP Semiconductors NV (China)		116		26,516

Texas Instruments, Inc.		192		36,105


				106,343


Software — 1.6%

Microsoft Corp.		102		34,414


Specialty Retail — 5.8%

AutoZone, Inc. *		12		26,201

Gap, Inc. (The)		442		7,800

Home Depot, Inc. (The)		71		29,616

Lowe’s Cos., Inc.		98		25,354

O’Reilly Automotive, Inc. *		15		10,876

TJX Cos., Inc. (The)		330		25,043


				124,890


Technology Hardware, Storage & Peripherals — 0.6%

Apple, Inc.		70		12,467


Textiles, Apparel & Luxury Goods — 1.2%

NIKE, Inc., Class B		160		26,690


Tobacco — 1.2%

Philip Morris International, Inc.		281		26,709


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		119		13,790


Total Common Stocks (Cost $1,479,194)				2,105,485

Short-Term Investments — 3.1%

Investment Companies — 3.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $66,004)		65,978		66,004

Total Investments — 100.7% (Cost $1,545,198)				2,171,489
Liabilities in Excess of Other Assets — (0.7)%				(14,709	)

NET ASSETS — 100.0%				2,156,780

Percentages indicated are based on net assets.

Abbreviations


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)



	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	140,479		$	50,133,261		$	2,100,783		$	18,974,713
Investments in affiliates, at value		3,975			1,034,986			7,184			1,296,982
Options purchased, at value		—			—			—			354,537
Cash		—	(a)		8			34,762			—
Deposits at broker for futures contracts		—			—			—			90,446
Receivables:
Investment securities sold		—			—			35,586			1,521,847
Fund shares sold		5			30,340			4,157			66,266
Interest from non-affiliates		—			—			7,533			—
Dividends from non-affiliates		68			75,664			2,188			15,225
Dividends from affiliates		—	(a)		2			—	(a)		2
Securities lending income (See Note 2.C.)		—			—	(a)		—			—
Variation margin on futures contracts		—			—			709			—
Other assets		—			—			84			—

Total Assets		144,527			51,274,261			2,192,986			22,320,018

LIABILITIES:
Payables:
Distributions		—			—	(a)		489			—
Investment securities purchased		—			—			42,999			2,389,608
Fund shares redeemed		19			135,776			6,215			14,335
Variation margin on futures contracts		—			—			—			5,683
Outstanding options written, at fair value		—			—			—			344,763
Accrued liabilities:
Investment advisory fees		53			16,867			413			4,095
Administration fees		5			1,365			124			1,035
Distribution fees		5			2,071			371			730
Service fees		22			5,688			405			3,719
Custodian and accounting fees		11			517			20			223
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		4			—
Other		74			951			1			19

Total Liabilities		189			163,235			51,041			2,764,210

Net Assets	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	89,018		$	34,147,475		$	2,033,006		$	15,670,227
Total distributable earnings (loss)		55,320			16,963,551			108,939			3,885,581

Total Net Assets	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808

Net Assets:
Class A	$	11,819		$	5,069,630		$	516,483		$	1,913,441
Class C		4,742			1,484,655			454,267			515,143
Class I		91,261			19,638,384			1,115,036			15,257,745
Class R2		—			76,797			—			—
Class R3		—			262,607			—			—
Class R4		—			228,730			—			—
Class R5		—			1,640,250			76			6,393
Class R6		36,516			22,709,973			56,083			1,863,086

Total	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		347			216,609			32,371			71,197
Class C		149			64,862			28,471			19,299
Class I		2,615			823,214			69,869			565,894
Class R2		—			3,298			—			—
Class R3		—			11,230			—			—
Class R4		—			9,595			—			—
Class R5		—			68,700			5			237
Class R6		1,053			951,998			3,515			68,941
Net Asset Value (a):
Class A — Redemption price per share	$	34.05		$	23.40		$	15.96		$	26.88
Class C — Offering price per share (b)		31.91			22.89			15.96			26.69
Class I — Offering and redemption price per share		34.90			23.86			15.96			26.96
Class R2 — Offering and redemption price per share		—			23.28			—			—
Class R3 — Offering and redemption price per share		—			23.39			—			—
Class R4 — Offering and redemption price per share		—			23.84			—			—
Class R5 — Offering and redemption price per share		—			23.88			15.96			27.01
Class R6 — Offering and redemption price per share		34.67			23.86			15.96			27.02
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)]	$	35.94		$	24.70		$	16.84		$	28.37

Cost of investments in non-affiliates	$	84,749		$	33,181,428		$	1,909,394		$	11,725,472
Cost of investments in affiliates		3,975			1,035,032			7,184			1,296,982
Cost of options purchased		—			—			—			347,125
Premiums received from options written		—			—			—			342,970

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (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	$	3,915,780		$	2,336,570		$	40,643,085		$	3,120,239
Investments in affiliates, at value		143,550			16,682			292,250			3,146
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			—			137,610			37,788
Options purchased, at value		10,351			15,607			—			—
Cash		809			419			24			85
Foreign currency, at value		2			1			—			—
Deposits at broker for futures contracts		1,005			752			—			—
Deferred offering costs (See Note 2.J.)		18			18			—			—
Receivables:
Investment securities sold		3,180			2,358			—			—
Fund shares sold		14,760			8,647			22,832			1,416
Dividends from non-affiliates		2,802			1,709			5,979			2,408
Dividends from affiliates		—	(a)		—	(a)		1			—	(a)
Securities lending income (See Note 2.C.)		—			—			21			2
Other assets		391			635			—			95

Total Assets		4,092,648			2,383,398			41,101,802			3,165,179


LIABILITIES:
Payables:
Investment securities purchased		117,841			3,055			—			—
Collateral received on securities loaned (See Note 2.C.)		—			—			137,610			37,788
Fund shares redeemed		13,471			2,337			137,855			12,659
Variation margin on futures contracts		73			49			—			—
Outstanding options written, at fair value		66,207			59,391			—			—
Accrued liabilities:
Investment advisory fees		745			455			14,261			934
Administration fees		225			141			456			130
Distribution fees		154			64			1,767			88
Service fees		661			374			3,966			301
Custodian and accounting fees		41			25			440			27
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		2			427			353			80

Total Liabilities		199,420			66,318			296,708			52,007

Net Assets	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 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	$	3,683,067		$	2,204,171		$	23,647,490		$	2,627,814
Total distributable earnings (loss)		210,161			112,909			17,157,604			485,358

Total Net Assets	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172

Net Assets:
Class A	$	233,103		$	94,246		$	5,267,927		$	212,700
Class C		180,578			78,261			829,593			62,881
Class I		2,970,051			1,730,595			11,651,360			1,262,516
Class R2		—			—			137,088			11,922
Class R3		—			—			294,369			6,182
Class R4		—			—			245,696			191
Class R5		582			20			931,637			24,769
Class R6		508,914			413,958			21,447,424			1,532,011

Total	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		13,652			5,582			87,270			11,012
Class C		10,591			4,643			20,388			3,424
Class I		173,771			102,347			188,135			66,722
Class R2		—			—			2,412			623
Class R3		—			—			4,841			328
Class R4		—			—			3,975			10
Class R5		34			1			14,544			1,293
Class R6		29,750			24,462			330,764			80,611
Net Asset Value (a):
Class A — Redemption price per share	$	17.07		$	16.88		$	60.36		$	19.32
Class C — Offering price per share (b)		17.05			16.85			40.69			18.37
Class I — Offering and redemption price per share		17.09			16.91			61.93			18.92
Class R2 — Offering and redemption price per share		—			—			56.84			19.12
Class R3 — Offering and redemption price per share		—			—			60.81			18.88
Class R4 — Offering and redemption price per share		—			—			61.80			19.34
Class R5 — Offering and redemption price per share		17.10			16.92			64.06			19.15
Class R6 — Offering and redemption price per share		17.11			16.92			64.84			19.00
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)]	$	18.02		$	17.82		$	63.70		$	20.39

Cost of investments in non-affiliates	$	3,577,277		$	2,137,943		$	24,052,214		$	2,622,002
Cost of investments in affiliates		143,550			16,682			292,240			3,146
Cost of options purchased		64,016			54,814			—			—
Cost of foreign currency		2			1			—			—
Investment securities on loan, at value (See Note 2.C.)		—			—			134,368			36,685
Cost of investment of cash collateral (See Note 2.C.)		—			—			137,610			37,788
Premiums received from options written		65,775			58,130			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (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			JPMorgan U.S. Large Cap Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	240,871		$	22,300,376	$	1,325,785		$	3,202,327
Investments in affiliates, at value		5,269			305,526		17,035			18,556
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			65,204		3,659			—
Cash		4			10		819			4
Deposits at broker for futures contracts		297			7,042		1,005			—
Receivables:
Investment securities sold		—			19,452		584			16,151
Fund shares sold		95			45,147		127			1,135
Dividends from non-affiliates		178			9,099		492			1,668
Dividends from affiliates		—	(a)		1		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—	(a)		8		—	(a)		—
Other assets		95			—		—			—

Total Assets		246,809			22,751,865		1,349,506			3,239,841


LIABILITIES:
Payables:
Securities sold short, at value		—			—		—			572,510
Dividend expense to non-affiliates on securities sold short		—			—		—			948
Investment securities purchased		—			27,491		1,553			16,118
Interest expense to non-affiliates on securities sold short		—			—		—			276
Collateral received on securities loaned (See Note 2.C.)		—			65,204		3,659			—
Fund shares redeemed		12			133,507		120			2,028
Variation margin on futures contracts		15			466		49			—
Accrued liabilities:
Investment advisory fees		47			7,179		296			1,436
Administration fees		6			903		59			141
Distribution fees		20			830		68			102
Service fees		24			1,292		91			269
Custodian and accounting fees		13			258		19			51
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—			—
Other		220			169		48			160

Total Liabilities		357			237,300		5,962			594,039

Net Assets	$	246,452		$	22,514,565	$	1,343,544		$	2,645,802

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 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			JPMorgan U.S. Large Cap Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	190,358		$	12,408,226		$	709,575		$	1,000,711
Total distributable earnings (loss)		56,094			10,106,339			633,969			1,645,091

Total Net Assets	$	246,452		$	22,514,565		$	1,343,544		$	2,645,802

Net Assets:
Class A	$	60,402		$	1,919,539		$	130,083		$	353,418
Class C		10,260			434,291			31,372			39,493
Class I		124,275			2,089,254			179,611			1,713,370
Class L		—			2,028,197			—			—
Class R2		2,978			283,095			49,184			6,199
Class R3		—			192,664			—			—
Class R4		—			67,096			—			—
Class R5		4,479			1,166,317			149,622			36,903
Class R6		44,058			14,334,112			803,672			496,419

Total	$	246,452		$	22,514,565		$	1,343,544		$	2,645,802


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,998			87,332			1,915			15,173
Class C		348			20,740			478			1,970
Class I		4,062			94,662			2,573			71,065
Class L		—			91,686			—			—
Class R2		100			13,051			753			289
Class R3		—			8,808			—			—
Class R4		—			3,046			—			—
Class R5		146			52,703			2,190			1,513
Class R6		1,436			646,054			11,767			20,364
Net Asset Value (a):
Class A — Redemption price per share	$	30.23		$	21.98		$	67.92		$	23.29
Class C — Offering price per share (b)		29.50			20.94			65.62			20.05
Class I — Offering and redemption price per share		30.60			22.07			69.80			24.11
Class L — Offering and redemption price per share		—			22.12			—			—
Class R2 — Offering and redemption price per share		29.80			21.69			65.31			21.48
Class R3 — Offering and redemption price per share		—			21.87			—			—
Class R4 — Offering and redemption price per share		—			22.03			—			—
Class R5 — Offering and redemption price per share		30.67			22.13			68.34			24.40
Class R6 — Offering and redemption price per share		30.67			22.19			68.30			24.38
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.91		$	23.20		$	71.68		$	24.58

Cost of investments in non-affiliates	$	188,731		$	12,546,854		$	713,220		$	1,601,517
Cost of investments in affiliates		5,269			305,526			17,033			18,556
Investment securities on loan, at value (See Note 2.C.)		—			64,031			3,562			—
Cost of investment of cash collateral (See Note 2.C.)		—			65,204			3,659			—
Proceeds from securities sold short		—			—			—			553,216

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)



	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
ASSETS:
Investments in non-affiliates, at value	$	5,907,989		$	194,471		$	2,105,485
Investments in affiliates, at value		73,494			2,574			66,004
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			544			—
Cash		2			—	(a)		4
Deposits at broker for futures contracts		3,474			276			—
Receivables:
Investment securities sold		7,914			1,465			—
Fund shares sold		3,153			404			8,327
Dividends from non-affiliates		4,489			128			1,724
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—			—	(a)		—
Other assets		—			—			113

Total Assets		6,000,515			199,862			2,181,657


LIABILITIES:
Payables:
Investment securities purchased		7,949			977			22,860
Collateral received on securities loaned (See Note 2.C.)		—			544			—
Fund shares redeemed		9,046			119			720
Variation margin on futures contracts		212			6			—
Accrued liabilities:
Investment advisory fees		993			32			618
Administration fees		208			2			85
Distribution fees		36			10			159
Service fees		77			6			346
Custodian and accounting fees		75			13			21
Trustees’ and Chief Compliance Officer’s fees		—			2			1
Other		107			49			67

Total Liabilities		18,703			1,760			24,877

Net Assets	$	5,981,812		$	198,102		$	2,156,780

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
NET ASSETS:
Paid-in-Capital	$	3,073,239		$	157,085		$	1,536,875
Total distributable earnings (loss)		2,908,573			41,017			619,905

Total Net Assets	$	5,981,812		$	198,102		$	2,156,780

Net Assets:
Class A	$	174,486		$	37,610		$	616,087
Class C		—			5,257			51,032
Class I		777,828			118,558			1,109,734
Class R2		—			—			3,434
Class R3		—			—			9,769
Class R4		—			—			297
Class R5		—			—			3,660
Class R6		5,029,498			36,677			362,767

Total	$	5,981,812		$	198,102		$	2,156,780

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,821			589			9,145
Class C		—			84			857
Class I		21,210			1,843			15,500
Class R2		—			—			51
Class R3		—			—			137
Class R4		—			—			4
Class R5		—			—			51
Class R6		137,369			570			5,026
Net Asset Value (a):
Class A — Redemption price per share	$	36.20		$	63.82		$	67.37
Class C — Offering price per share (b)		—			62.40			59.55
Class I — Offering and redemption price per share		36.67			64.35			71.60
Class R2 — Offering and redemption price per share		—			—			67.46
Class R3 — Offering and redemption price per share		—			—			71.38
Class R4 — Offering and redemption price per share		—			—			71.62
Class R5 — Offering and redemption price per share		—			—			72.15
Class R6 — Offering and redemption price per share		36.61			64.33			72.18
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)]	$	38.21		$	67.36		$	71.10

Cost of investments in non-affiliates	$	3,007,759		$	153,421		$	1,479,194
Cost of investments in affiliates		73,488			2,574			66,004
Investment securities on loan, at value (See Note 2.C.)		—			532			—
Cost of investment of cash collateral (See Note 2.C.)		—			544			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	89

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)



	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	49,743		$	—
Interest income from affiliates		—			—			1			—
Dividend income from non-affiliates		626			561,939			10,692			125,012
Dividend income from affiliates		1			398			12			11
Income from securities lending (net) (See Note 2.C.)		—			—	(a)		—			—

Total investment income		627			562,337			60,448			125,023


EXPENSES:
Investment advisory fees		344			98,054			1,864			23,874
Administration fees		52			8,201			559			6,053
Distribution fees:
Class A		13			6,159			420			2,320
Class C		17			5,614			1,147			1,922
Class R2		—			194			—			—
Class R3		—			358			—			—
Service fees:
Class A		13			6,159			420			2,320
Class C		6			1,871			382			641
Class I		109			23,726			997			18,695
Class R2		—			97			—			—
Class R3		—			358			—			—
Class R4		—			303			—			—
Class R5		—			827			—	(a)		3
Custodian and accounting fees		12			699			30			290
Interest expense to affiliates		—			—			—	(a)		—	(a)
Professional fees		26			171			54			96
Trustees’ and Chief Compliance Officer’s fees		13			69			18			34
Printing and mailing costs		3			915			13			426
Registration and filing fees		26			752			151			477
Transfer agency fees (See Note 2.M.)		2			452			28			125
Other		5			577			14			268

Total expenses		641			155,556			6,097			57,544

Less fees waived		(71	)		(528	)		(136	)		(96	)
Less expense reimbursements		—			—			—	(a)		—

Net expenses		570			155,028			5,961			57,448

Net investment income (loss)		57			407,309			54,487			67,575


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,037			904,553			(46,683	)		709,979
Investments in affiliates		—	(a)		61			(2	)		—
Options purchased		—			—			—			(801,315	)
Futures contracts		—			—			884			45,570
Foreign currency transactions		—			—			—			—	(a)
Options written		—			—			—			(618,134	)

Net realized gain (loss)		2,037			904,614			(45,801	)		(663,900	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		9,486			2,323,362			121,875			1,385,488
Investments in affiliates		—	(a)		(183	)		—	(a)		—
Options purchased		—			—			—			1,910
Futures contracts		—			—			12			497
Options written		—			—			—			(9,640	)

Change in net unrealized appreciation/depreciation		9,486			2,323,179			121,887			1,378,255

Net realized/unrealized gains (losses)		11,523			3,227,793			76,086			714,355

Change in net assets resulting from operations	$	11,580		$	3,635,102		$	130,573		$	781,930

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	8		$	—
Interest income from affiliates		—			1			—			—
Dividend income from non-affiliates		16,449			9,023			109,228			30,481
Dividend income from affiliates		10			6			418			16
Income from securities lending (net) (See Note 2.C.)		—			—			111			19

Total investment income		16,459			9,030			109,765			30,516


EXPENSES:
Investment advisory fees		3,145			1,725			90,461			7,035
Administration fees		943			518			7,829			1,319
Distribution fees:
Class A		165			66			6,568			264
Class C		451			169			3,089			233
Class R2		—			—			348			27
Class R3		—			—			360			1
Service fees:
Class A		165			66			6,568			264
Class C		150			56			1,030			78
Class I		2,461			1,370			14,565			1,628
Class R2		—			—			174			14
Class R3		—			—			360			1
Class R4		—			—			283			—	(a)
Class R5		—	(a)		—	(a)		484			12
Custodian and accounting fees		51			28			556			50
Interest expense to affiliates		—			—			—			1
Professional fees		47			43			147			32
Trustees’ and Chief Compliance Officer’s fees		15			14			58			16
Printing and mailing costs		20			10			532			31
Registration and filing fees		220			135			771			153
Transfer agency fees (See Note 2.M.)		13			6			379			153
Offering costs (See Note 2.K.)		52			52			—			—
Other		14			6			389			37

Total expenses		7,912			4,264			134,951			11,349

Less fees waived		(69	)		(74	)		(13,073	)		(1,101	)
Less expense reimbursements		(54	)		(52	)		—			(6	)

Net expenses		7,789			4,138			121,878			10,242

Net investment income (loss)		8,670			4,892			(12,113	)		20,274


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,479	)		(414	)		1,202,422			51,892
Investments in affiliates		—			—			133			(3	)
Options purchased		(63,734	)		(44,158	)		—			—
Futures contracts		6,114			3,077			—			—	��
Foreign currency transactions		—	(a)		—	(a)		—			—
Options written		(5,652	)		3,903			—			—

Net realized gain (loss)		(64,751	)		(37,592	)		1,202,555			51,889

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		286,096			173,749			2,098,934			(31,379	)
Investments in affiliates		—			—			(172	)		—	(a)
Options purchased		(34,954	)		(34,695	)		—			—
Futures contracts		653			401			—			—
Foreign currency translations		—	(a)		—	(a)		—			—
Options written		(8,453	)		(1,581	)		—			—

Change in net unrealized appreciation/depreciation		243,342			137,874			2,098,762			(31,379	)

Net realized/unrealized gains (losses)		178,591			100,282			3,301,317			20,510

Change in net assets resulting from operations	$	187,261		$	105,174		$	3,289,204		$	40,784

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	91

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (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			JPMorgan U.S. Large Cap Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—		$	—	(a)
Dividend income from non-affiliates		2,450			124,933			5,394			19,880
Dividend income from affiliates		2			82			9			10
Income from securities lending (net) (See Note 2.C.)		—	(a)		21			27			—

Total investment income		2,452			125,036			5,430			19,890


EXPENSES:
Investment advisory fees		374			42,690			2,013			8,901
Administration fees		93			6,539			503			1,027
Distribution fees:
Class A		76			2,242			157			436
Class C		41			1,514			117			143
Class R2		7			699			119			15
Class R3		—			232			—			—
Service fees:
Class A		76			2,242			157			436
Class C		14			505			39			48
Class I		161			2,422			215			2,185
Class L		—			997			—			—
Class R2		4			349			59			8
Class R3		—			232			—			—
Class R4		—			69			—			—
Class R5		2			567			82			18
Custodian and accounting fees		13			316			23			47
Interest expense to affiliates		—			—			—			—	(a)
Professional fees		36			98			31			37
Trustees’ and Chief Compliance Officer’s fees		13			37			14			16
Printing and mailing costs		8			210			22			55
Registration and filing fees		36			258			46			37
Transfer agency fees (See Note 2.M.)		7			166			25			35
Dividend expense to non-affiliates on securities sold short		—			—			—			8,613
Interest expense to non-affiliates on securities sold short		—			—			—			1,823
Other		10			201			19			46

Total expenses		971			62,585			3,641			23,926

Less fees waived		(269	)		(3,487	)		(420	)		(1,667	)
Less expense reimbursements		(1	)		(58	)		—			(2	)

Net expenses		701			59,040			3,221			22,257

Net investment income (loss)		1,751			65,996			2,209			(2,367	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		38,416			1,178,407			108,626			365,988
Investments in affiliates		—	(a)		(26	)		(2	)		(1	)
Futures contracts		590			23,662			3,177			(382	)
Securities sold short		—			—			—			(35,260	)
Foreign currency transactions		—			—			—	(a)		—	(a)

Net realized gain (loss)		39,006			1,202,043			111,801			330,345

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(20,409	)		1,337,715			49,779			(26,906	)
Investments in affiliates		—	(a)		3			(1	)		—	(a)
Futures contracts		(7	)		3,527			1			—
Securities sold short		—			—			—			22,487

Change in net unrealized appreciation/depreciation		(20,416	)		1,341,245			49,779			(4,419	)

Net realized/unrealized gains (losses)		18,590			2,543,288			161,580			325,926

Change in net assets resulting from operations	$	20,341		$	2,609,284		$	163,789		$	323,559

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund				JPMorgan U.S. Value Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	35,495		$	907			$	17,583
Dividend income from affiliates		20			1				17
Income from securities lending (net) (See Note 2.C.)		—			—	(a)			—

Total investment income		35,515			908		��		17,600


EXPENSES:
Investment advisory fees		6,910			225				3,616
Administration fees		2,073			56				678
Distribution fees:
Class A		222			37				694
Class C		—			16				161
Class R2		—			—				6
Class R3		—			—				6
Service fees:
Class A		222			37				694
Class C		—			5				54
Class I		912			106				1,110
Class R2		—			—				3
Class R3		—			—				6
Class R4		—			—				—	(a)
Class R5		—			—				—	(a)
Custodian and accounting fees		94			16				26
Professional fees		47			31				32
Trustees’ and Chief Compliance Officer’s fees		19			14				15
Printing and mailing costs		35			11				46
Registration and filing fees		47			49				108
Transfer agency fees (See Note 2.M.)		33			3				79
Other		51			6				28

Total expenses		10,665			612				7,362

Less fees waived		(3,087	)		(276	)			(656	)
Less expense reimbursements		—			—	(a)			(1	)

Net expenses		7,578			336				6,705

Net investment income (loss)		27,937			572				10,895


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		187,880			2,239				(2,088	)
Investments in affiliates		(2	)		—	(a)			(5	)
Futures contracts		4,743			283				—
Foreign currency transactions		—	(a)		—	(a)			—

Net realized gain (loss)		192,621			2,522				(2,093	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		419,914			14,154				107,915
Investments in affiliates		—	(a)		(1	)			—	(a)
Futures contracts		140			(29	)			—

Change in net unrealized appreciation/depreciation		420,054			14,124				107,915

Net realized/unrealized gains (losses)		612,675			16,646				105,822

Change in net assets resulting from operations	$	640,612		$	17,218			$	116,717

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	57		$	348		$	407,309		$	665,372
Net realized gain (loss)		2,037			17,317			904,614			933,009
Change in net unrealized appreciation/depreciation		9,486			22,946			2,323,179			10,722,892

Change in net assets resulting from operations		11,580			40,611			3,635,102			12,321,273


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,192	)		(862	)		(127,700	)		(59,104	)
Class C		(513	)		(403	)		(35,105	)		(14,553	)
Class I		(9,277	)		(7,180	)		(507,175	)		(245,584	)
Class R2		—			—			(1,883	)		(921	)
Class R3		—			—			(6,802	)		(3,447	)
Class R4		—			—			(6,222	)		(3,022	)
Class R5		—			—			(44,534	)		(26,918	)
Class R6		(3,810	)		(3,356	)		(608,517	)		(310,281	)

Total distributions to shareholders		(14,792	)		(11,801	)		(1,337,938	)		(663,830	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,656			18,030			2,408,205			5,193,277


NET ASSETS:
Change in net assets		12,444			46,840			4,705,369			16,850,720
Beginning of period		131,894			85,054			46,405,657			29,554,937

End of period	$	144,338		$	131,894		$	51,111,026		$	46,405,657

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	54,487		$	34,890		$	67,575		$	124,937
Net realized gain (loss)		(45,801	)		(4,048	)		(663,900	)		(1,966,393	)
Change in net unrealized appreciation/depreciation		121,887			61,774			1,378,255			4,396,300

Change in net assets resulting from operations		130,573			92,616			781,930			2,554,844


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(12,290	)		(3,484	)		(5,369	)		(7,417	)
Class C		(10,408	)		(2,300	)		(218	)		(1,096	)
Class I		(29,879	)		(25,702	)		(61,180	)		(115,685	)
Class R5		(3	)		(5	)		(30	)		(47	)
Class R6		(1,947	)		(3,425	)		(9,554	)		(15,731	)

Total distributions to shareholders		(54,527	)		(34,916	)		(76,351	)		(139,976	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,165,095			651,374			555,306			7,138,463


NET ASSETS:
Change in net assets		1,241,141			709,074			1,260,885			9,553,331
Beginning of period		900,804			191,730			18,294,923			8,741,592

End of period	$	2,141,945		$	900,804		$	19,555,808		$	18,294,923

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,670		$	1,623		$	4,892		$	641
Net realized gain (loss)		(64,751	)		(9,789	)		(37,592	)		(7,884	)
Change in net unrealized appreciation/depreciation		243,342			41,762			137,874			20,718

Change in net assets resulting from operations		187,261			33,596			105,174			13,475


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(390	)		(25	)		(152	)		(15	)
Class C		(39	)		(1	)		(24	)		(3	)
Class I		(7,580	)		(785	)		(4,155	)		(417	)
Class R5		(2	)		(1	)		—	(b)		—	(b)
Class R6		(1,606	)		(305	)		(977	)		(2	)

Total distributions to shareholders		(9,617	)		(1,117	)		(5,308	)		(437	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,323,716			1,359,389			1,650,648			553,528


NET ASSETS:
Change in net assets		2,501,360			1,391,868			1,750,514			566,566
Beginning of period		1,391,868			—			566,566			—

End of period	$	3,893,228		$	1,391,868		$	2,317,080		$	566,566

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

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,113	)	$	(41,950	)	$	20,274		$	19,708
Net realized gain (loss)		1,202,555			5,959,007			51,889			227,272
Change in net unrealized appreciation/depreciation		2,098,762			4,245,115			(31,379	)		529,855

Change in net assets resulting from operations		3,289,204			10,162,172			40,784			776,835


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(708,158	)		(229,243	)		(15,263	)		(755	)
Class C		(155,323	)		(49,805	)		(4,600	)		(69	)
Class I		(1,544,842	)		(484,046	)		(97,744	)		(4,846	)
Class R2		(20,184	)		(7,546	)		(847	)		(42	)
Class R3		(39,213	)		(8,542	)		(9	)		—	(a)
Class R4		(31,893	)		(6,602	)		(13	)		—	(a)
Class R5		(117,247	)		(48,291	)		(1,834	)		(193	)
Class R6		(2,685,495	)		(774,029	)		(115,746	)		(12,971	)

Total distributions to shareholders		(5,302,355	)		(1,608,104	)		(236,056	)		(18,876	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,401,865			5,597,146			(1,033,026	)		2,323,514


NET ASSETS:
Change in net assets		3,388,714			14,151,214			(1,228,298	)		3,081,473
Beginning of period		37,416,380			23,265,166			4,341,470			1,259,997

End of period	$	40,805,094		$	37,416,380		$	3,113,172		$	4,341,470

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	97

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
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,751		$	4,072		$	65,996		$	151,578
Net realized gain (loss)		39,006			30,613			1,202,043			2,016,851
Change in net unrealized appreciation/depreciation		(20,416	)		61,725			1,341,245			4,026,205

Change in net assets resulting from operations		20,341			96,410			2,609,284			6,194,634


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(14,209	)		(1,695	)		(177,827	)		(83,977	)
Class C		(2,489	)		(287	)		(41,808	)		(17,652	)
Class I		(29,786	)		(4,082	)		(195,163	)		(87,780	)
Class L		—			—			(194,971	)		(164,969	)
Class R2		(674	)		(85	)		(26,715	)		(14,883	)
Class R3		—			—			(18,294	)		(8,862	)
Class R4		—			—			(6,300	)		(1,911	)
Class R5		(1,000	)		(141	)		(111,370	)		(60,489	)
Class R6		(10,019	)		(2,355	)		(1,346,202	)		(727,732	)

Total distributions to shareholders		(58,177	)		(8,645	)		(2,118,650	)		(1,168,255	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,009			(67,252	)		2,180,280			(121,490	)


NET ASSETS:
Change in net assets		(29,827	)		20,513			2,670,914			4,904,889
Beginning of period		276,279			255,766			19,843,651			14,938,762

End of period	$	246,452		$	276,279		$	22,514,565		$	19,843,651

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,209		$	4,455		$	(2,367	)	$	(4,044	)
Net realized gain (loss)		111,801			196,953			330,345			1,008,393
Change in net unrealized appreciation/depreciation		49,779			220,654			(4,419	)		54,134

Change in net assets resulting from operations		163,789			422,062			323,559			1,058,483


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,478	)		(9,875	)		(81,344	)		(77,084	)
Class C		(5,967	)		(2,514	)		(10,063	)		(9,299	)
Class I		(31,685	)		(13,950	)		(393,194	)		(515,371	)
Class R2		(9,121	)		(4,145	)		(1,484	)		(1,244	)
Class R5		(26,874	)		(20,231	)		(7,963	)		(9,627	)
Class R6		(145,336	)		(67,081	)		(131,817	)		(147,178	)

Total distributions to shareholders		(242,461	)		(117,796	)		(625,865	)		(759,803	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		114,628			(111,060	)		296,862			(697,740	)


NET ASSETS:
Change in net assets		35,956			193,206			(5,444	)		(399,060	)
Beginning of period		1,307,588			1,114,382			2,651,246			3,050,306

End of period	$	1,343,544		$	1,307,588		$	2,645,802		$	2,651,246

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,937		$	58,068		$	572		$	719
Net realized gain (loss)		192,621			562,881			2,522			4,226
Change in net unrealized appreciation/depreciation		420,054			1,148,187			14,124			19,592

Change in net assets resulting from operations		640,612			1,769,136			17,218			24,537


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(19,855	)		(7,423	)		(1,320	)		(235	)
Class C		—			—			(170	)		(30	)
Class I		(86,246	)		(25,017	)		(4,168	)		(711	)
Class R6 (a)		(563,649	)		(159,941	)		(1,394	)		(247	)

Total distributions to shareholders		(669,750	)		(192,381	)		(7,052	)		(1,223	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		958,908			(889,477	)		72,386			51,536


NET ASSETS:
Change in net assets		929,770			687,278			82,552			74,850
Beginning of period		5,052,042			4,364,764			115,550			40,700

End of period	$	5,981,812		$	5,052,042		$	198,102		$	115,550

(a)	Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,895		$	14,952
Net realized gain (loss)		(2,093	)		44,116
Change in net unrealized appreciation/depreciation		107,915			351,990

Change in net assets resulting from operations		116,717			411,058


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(13,968	)		(10,335	)
Class C		(1,192	)		(611	)
Class I		(23,164	)		(11,089	)
Class R2		(61	)		(33	)
Class R3		(206	)		(16	)
Class R4		(7	)		(24	)
Class R5		(74	)		(3	)
Class R6		(8,355	)		(4,026	)

Total distributions to shareholders		(47,027	)		(26,137	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		380,105			595,210


NET ASSETS:
Change in net assets		449,795			980,131
Beginning of period		1,706,985			726,854

End of period	$	2,156,780		$	1,706,985

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)				Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,368		$	3,527		$	394,289			$	1,280,565
Distributions reinvested		1,192			862			118,722				55,042
Cost of shares redeemed		(1,379	)		(2,169	)		(387,968	)			(1,092,878	)

Change in net assets resulting from Class A capital transactions		2,181			2,220			125,043		��		242,729

Class C
Proceeds from shares issued		152			419			76,549				243,967
Distributions reinvested		513			403			32,304				13,343
Cost of shares redeemed		(66	)		(612	)		(186,193	)			(552,490	)

Change in net assets resulting from Class C capital transactions		599			210			(77,340	)			(295,180	)

Class I
Proceeds from shares issued		2,785			9,125			2,100,796				5,967,956
Distributions reinvested		9,276			7,180			463,572				221,627
Cost of shares redeemed		(2,454	)		(3,056	)		(1,797,333	)			(3,358,152	)

Change in net assets resulting from Class I capital transactions		9,607			13,249			767,035				2,831,431

Class R2
Proceeds from shares issued		—			—			5,576				18,279
Distributions reinvested		—			—			1,846				901
Cost of shares redeemed		—			—			(12,024	)			(37,123	)

Change in net assets resulting from Class R2 capital transactions		—			—			(4,602	)			(17,943	)

Class R3
Proceeds from shares issued		—			—			31,266				94,161
Distributions reinvested		—			—			5,240				2,770
Cost of shares redeemed		—			—			(68,390	)			(57,502	)

Change in net assets resulting from Class R3 capital transactions		—			—			(31,884	)			39,429

Class R4
Proceeds from shares issued		—			—			29,312				153,736
Distributions reinvested		—			—			6,222				3,022
Cost of shares redeemed		—			—			(67,283	)			(68,895	)

Change in net assets resulting from Class R4 capital transactions		—			—			(31,749	)			87,863

Class R5
Proceeds from shares issued		—			—			127,752				365,652
Distributions reinvested		—			—			42,782				25,988
Cost of shares redeemed		—			—			(263,871	)			(420,221	)

Change in net assets resulting from Class R5 capital transactions		—			—			(93,337	)			(28,581	)

Class R6
Proceeds from shares issued		1,138			2,422			3,065,865				6,385,588
Distributions reinvested		3,808			3,353			586,527				296,277
Cost of shares redeemed		(1,677	)		(3,424	)		(1,897,353	)			(4,348,336	)

Change in net assets resulting from Class R6 capital transactions		3,269			2,351			1,755,039				2,333,529

Total change in net assets resulting from capital transactions	$	15,656		$	18,030		$	2,408,205			$	5,193,277

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		66			112			17,324			66,002
Reinvested		36			29			5,191			2,827
Redeemed		(39	)		(70	)		(16,967	)		(57,193	)

Change in Class A Shares		63			71			5,548			11,636

Class C
Issued		4			13			3,448			12,513
Reinvested		17			15			1,445			703
Redeemed		(2	)		(21	)		(8,331	)		(29,946	)

Change in Class C Shares		19			7			(3,438	)		(16,730	)

Class I
Issued		78			283			90,565			299,334
Reinvested		272			239			19,889			11,118
Redeemed		(70	)		(97	)		(77,151	)		(169,937	)

Change in Class I Shares		280			425			33,303			140,515

Class R2
Issued		—			—			245			934
Reinvested		—			—			81			47
Redeemed		—			—			(530	)		(1,951	)

Change in Class R2 Shares		—			—			(204	)		(970	)

Class R3
Issued		—			—			1,370			4,910
Reinvested		—			—			229			142
Redeemed		—			—			(2,956	)		(2,969	)

Change in Class R3 Shares		—			—			(1,357	)		2,083

Class R4
Issued		—			—			1,251			7,771
Reinvested		—			—			267			150
Redeemed		—			—			(2,893	)		(3,389	)

Change in Class R4 Shares		—			—			(1,375	)		4,532

Class R5
Issued		—			—			5,489			18,235
Reinvested		—			—			1,834			1,312
Redeemed		—			—			(11,295	)		(21,287	)

Change in Class R5 Shares		—			—			(3,972	)		(1,740	)

Class R6
Issued		31			76			131,502			319,793
Reinvested		112			112			25,162			14,863
Redeemed		(46	)		(109	)		(81,230	)		(224,750	)

Change in Class R6 Shares		97			79			75,434			109,906

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	349,786		$	177,480		$	234,439		$	1,460,355
Distributions reinvested		12,240			3,413			5,340			7,380
Cost of shares redeemed		(37,597	)		(25,791	)		(173,011	)		(340,811	)

Change in net assets resulting from Class A capital transactions		324,429			155,102			66,768			1,126,924

Class C
Proceeds from shares issued		295,047			155,434			25,224			242,865
Distributions reinvested		10,356			2,275			218			1,095
Cost of shares redeemed		(25,069	)		(8,379	)		(31,312	)		(53,065	)

Change in net assets resulting from Class C capital transactions		280,334			149,330			(5,870	)		190,895

Class I
Proceeds from shares issued		638,328			413,338			1,747,871			8,854,409
Distributions reinvested		29,442			25,319			59,339			111,688
Cost of shares redeemed		(112,742	)		(135,112	)		(1,518,700	)		(3,681,719	)

Change in net assets resulting from Class I capital transactions		555,028			303,545			288,510			5,284,378

Class R5
Proceeds from shares issued		1			54			708			3,519
Distributions reinvested		3			5			30			47
Cost of shares redeemed		(21	)		—	(a)		(601	)		(1,189	)

Change in net assets resulting from Class R5 capital transactions		(17	)		59			137			2,377

Class R6
Proceeds from shares issued		8,273			47,093			440,902			1,000,413
Distributions reinvested		255			126			4,415			7,536
Cost of shares redeemed		(3,207	)		(3,881	)		(239,556	)		(474,060	)

Change in net assets resulting from Class R6 capital transactions		5,321			43,338			205,761			533,889

Total change in net assets resulting from capital transactions	$	1,165,095		$	651,374		$	555,306		$	7,138,463

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		22,578			11,996			8,870			60,745
Reinvested		790			234			202			303
Redeemed		(2,428	)		(1,795	)		(6,553	)		(14,054	)

Change in Class A Shares		20,940			10,435			2,519			46,994

Class C
Issued		19,025			10,447			962			10,337
Reinvested		669			154			8			48
Redeemed		(1,619	)		(568	)		(1,194	)		(2,234	)

Change in Class C Shares		18,075			10,033			(224	)		8,151

Class I
Issued		41,110			28,524			65,912			374,344
Reinvested		1,901			1,777			2,237			4,623
Redeemed		(7,276	)		(9,545	)		(57,263	)		(151,283	)

Change in Class I Shares		35,735			20,756			10,886			227,684

Class R5
Issued		—	(a)		4			27			144
Reinvested		—	(a)		—	(a)		1			2
Redeemed		(1	)		—	(a)		(23	)		(49	)

Change in Class R5 Shares		(1	)		4			5			97

Class R6
Issued		534			3,379			16,623			41,538
Reinvested		16			9			166			308

Redeemed		(207	)		(269	)		(8,981	)		(19,494	)

Change in Class R6 Shares		343			3,119			7,808			22,352

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	184,145		$	54,055		$	77,126		$	22,160
Distributions reinvested		390			25			152			15
Cost of shares redeemed		(13,628	)		(2,233	)		(7,965	)		(998	)

Change in net assets resulting from Class A capital transactions		170,907			51,847			69,313			21,177

Class C
Proceeds from shares issued		120,214			57,384			57,914			19,425
Distributions reinvested		39			1			24			3
Cost of shares redeemed		(5,454	)		(1,122	)		(1,835	)		(464	)

Change in net assets resulting from Class C capital transactions		114,799			56,263			56,103			18,964

Class I
Proceeds from shares issued		1,984,302			1,069,346			1,283,989			575,746
Distributions reinvested		7,566			783			4,139			415
Cost of shares redeemed		(178,429	)		(75,413	)		(152,053	)		(64,565	)

Change in net assets resulting from Class I capital transactions		1,813,439			994,716			1,136,075			511,596

Class R5
Proceeds from shares issued		11			545			—	(b)		20
Distributions reinvested		2			1			—	(b)		—	(b)
Cost of shares redeemed		(3	)		(21	)		(3	)		—

Change in net assets resulting from Class R5 capital transactions		10			525			(3	)		20

Class R6
Proceeds from shares issued		402,427			261,104			406,633			1,769
Distributions reinvested		1,585			300			976			2
Cost of shares redeemed		(179,451	)		(5,366	)		(18,449	)		—	(b)

Change in net assets resulting from Class R6 capital transactions		224,561			256,038			389,160			1,771

Total change in net assets resulting from capital transactions	$	2,323,716		$	1,359,389		$	1,650,648		$	553,528

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

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
SHARE TRANSACTIONS:
Class A
Issued		11,139			3,452			4,712			1,406
Reinvested		24			2			9			1
Redeemed		(823	)		(142	)		(483	)		(63	)

Change in Class A Shares		10,340			3,312			4,238			1,344

Class C
Issued		7,321			3,672			3,549			1,235
Reinvested		2			—	(b)		1			—	(b)
Redeemed		(332	)		(72	)		(113	)		(29	)

Change in Class C Shares		6,991			3,600			3,437			1,206

Class I
Issued		120,321			68,491			78,534			36,861
Reinvested		458			49			253			26
Redeemed		(10,766	)		(4,782	)		(9,242	)		(4,085	)

Change in Class I Shares		110,013			63,758			69,545			32,802

Class R5
Issued		1			34			—			1
Reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Redeemed		—	(b)		(1	)		—	(b)		—

Change in Class R5 Shares		1			33			—	(b)		1

Class R6
Issued		24,280			16,725			25,399			112
Reinvested		96			19			59			—	(b)
Redeemed		(11,030	)		(340	)		(1,108	)		—	(b)

Change in Class R6 Shares		13,346			16,404			24,350			112

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

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	487,160		$	1,542,784		$	30,353		$	81,668
Distributions reinvested		647,833			209,959			14,899			737
Cost of shares redeemed		(552,523	)		(1,237,783	)		(39,298	)		(49,625	)

Change in net assets resulting from Class A capital transactions		582,470			514,960			5,954			32,780

Class C
Proceeds from shares issued		93,814			263,027			6,642			24,043
Distributions reinvested		142,887			45,342			4,596			68
Cost of shares redeemed		(95,947	)		(425,827	)		(7,124	)		(13,265	)

Change in net assets resulting from Class C capital transactions		140,754			(117,458	)		4,114			10,846

Class I
Proceeds from shares issued		1,412,270			3,946,027			300,908			1,171,550
Distributions reinvested		1,417,105			446,730			95,681			4,779
Cost of shares redeemed		(1,565,945	)		(3,034,183	)		(479,495	)		(229,227	)

Change in net assets resulting from Class I capital transactions		1,263,430			1,358,574			(82,906	)		947,102

Class R2
Proceeds from shares issued		19,157			43,616			2,355			3,822
Distributions reinvested		19,387			7,039			844			42
Cost of shares redeemed		(21,819	)		(76,963	)		(1,802	)		(18,227	)

Change in net assets resulting from Class R2 capital transactions		16,725			(26,308	)		1,397			(14,363	)

Class R3
Proceeds from shares issued		55,976			184,953			6,000			1
Distributions reinvested		25,509			5,581			9			—	(a)
Cost of shares redeemed		(35,028	)		(59,342	)		—	(a)		(9	)

Change in net assets resulting from Class R3 capital transactions		46,457			131,192			6,009			(8	)

Class R4
Proceeds from shares issued		52,455			134,173			51			291
Distributions reinvested		30,607			6,602			13			—	(a)
Cost of shares redeemed		(28,969	)		(35,061	)		—	(a)		(12,452	)

Change in net assets resulting from Class R4 capital transactions		54,093			105,714			64			(12,161	)

Class R5
Proceeds from shares issued		53,084			241,401			3,899			9,493
Distributions reinvested		114,077			46,287			1,817			191
Cost of shares redeemed		(156,620	)		(375,742	)		(4,233	)		(13,602	)

Change in net assets resulting from Class R5 capital transactions		10,541			(88,054	)		1,483			(3,918	)

Class R6
Proceeds from shares issued		2,496,420			6,503,315			143,413			1,547,366
Distributions reinvested		2,586,303			744,666			111,401			12,895
Cost of shares redeemed		(1,795,328	)		(3,529,455	)		(1,223,955	)		(197,025	)

Change in net assets resulting from Class R6 capital transactions		3,287,395			3,718,526			(969,141	)		1,363,236

Total change in net assets resulting from capital transactions	$	5,401,865		$	5,597,146		$	(1,033,026	)	$	2,323,514

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		7,466			26,713			1,535			4,245
Reinvested		10,841			3,666			799			46
Redeemed		(8,435	)		(21,267	)		(1,980	)		(3,017	)

Change in Class A Shares		9,872			9,112			354			1,274

Class C
Issued		2,033			6,214			347			1,298
Reinvested		3,546			1,097			260			5
Redeemed		(2,073	)		(10,236	)		(378	)		(883	)

Change in Class C Shares		3,506			(2,925	)		229			420

Class I
Issued		21,058			66,612			15,351			62,079
Reinvested		23,118			7,640			5,236			273
Redeemed		(23,502	)		(51,094	)		(24,455	)		(12,774	)

Change in Class I Shares		20,674			23,158			(3,868	)		49,578

Class R2
Issued		305			788			118			222
Reinvested		344			129			46			3
Redeemed		(359	)		(1,379	)		(92	)		(1,084	)

Change in Class R2 Shares		290			(462	)		72			(859	)

Class R3
Issued		856			3,136			327			1
Reinvested		424			97			—	(a)		—	(a)
Redeemed		(528	)		(1,008	)		—	(a)		(1	)

Change in Class R3 Shares		752			2,225			327			—	(a)

Class R4
Issued		780			2,275			2			20
Reinvested		500			113			1			—	(a)
Redeemed		(433	)		(586	)		—	(a)		(942	)

Change in Class R4 Shares		847			1,802			3			(922	)

Class R5
Issued		774			3,948			195			517
Reinvested		1,799			769			98			12
Redeemed		(2,199	)		(6,111	)		(214	)		(784	)

Change in Class R5 Shares		374			(1,394	)		79			(255	)

Class R6
Issued		35,544			104,867			7,285			76,592
Reinvested		40,298			12,253			6,060			760
Redeemed		(25,617	)		(57,075	)		(61,881	)		(11,736	)

Change in Class R6 Shares		50,225			60,045			(48,536	)		65,616

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	109

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
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,501		$	7,017		$	232,102		$	448,946
Distributions reinvested		13,644			1,624			165,784			78,212
Cost of shares redeemed		(7,569	)		(15,672	)		(157,273	)		(1,212,979	)

Change in net assets resulting from Class A capital transactions		8,576			(7,031	)		240,613			(685,821	)

Class C
Proceeds from shares issued		106			1,778			61,860			101,446
Distributions reinvested		2,482			283			40,795			17,249
Cost of shares redeemed		(1,887	)		(5,408	)		(41,922	)		(111,778	)

Change in net assets resulting from Class C capital transactions		701			(3,347	)		60,733			6,917

Class I
Proceeds from shares issued		4,017			12,129			350,391			676,639
Distributions reinvested		29,574			4,054			187,297			83,781
Cost of shares redeemed		(17,433	)		(43,512	)		(219,844	)		(445,901	)

Change in net assets resulting from Class I capital transactions		16,158			(27,329	)		317,844			314,519

Class L
Proceeds from shares issued		—			—			171,980			1,503,646
Distributions reinvested		—			—			181,677			156,873
Cost of shares redeemed		—			—			(280,890	)		(1,609,341	)

Change in net assets resulting from Class L capital transactions		—			—			72,767			51,178

Class R2
Proceeds from shares issued		220			546			16,917			43,197
Distributions reinvested		674			78			26,602			14,784
Cost of shares redeemed		(470	)		(1,206	)		(36,009	)		(74,678	)

Change in net assets resulting from Class R2 capital transactions		424			(582	)		7,510			(16,697	)

Class R3
Proceeds from shares issued		—			—			20,617			40,112
Distributions reinvested		—			—			16,641			7,878
Cost of shares redeemed		—			—			(23,358	)		(32,479	)

Change in net assets resulting from Class R3 capital transactions		—			—			13,900			15,511

Class R4
Proceeds from shares issued		—			—			18,853			19,615
Distributions reinvested		—			—			6,300			1,911
Cost of shares redeemed		—			—			(4,170	)		(6,093	)

Change in net assets resulting from Class R4 capital transactions		—			—			20,983			15,433

Class R5
Proceeds from shares issued		349			722			71,879			152,803
Distributions reinvested		998			141			104,742			56,125
Cost of shares redeemed		(272	)		(2,434	)		(126,629	)		(201,053	)

Change in net assets resulting from Class R5 capital transactions		1,075			(1,571	)		49,992			7,875

Class R6
Proceeds from shares issued		6,430			14,127			1,425,668			3,065,302
Distributions reinvested		10,014			2,353			1,329,726			720,789
Cost of shares redeemed		(35,369	)		(43,872	)		(1,359,456	)		(3,616,496	)

Change in net assets resulting from Class R6 capital transactions		(18,925	)		(27,392	)		1,395,938			169,595

Total change in net assets resulting from capital transactions	$	8,009		$	(67,252	)	$	2,180,280		$	(121,490	)

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		72			230			10,336			23,673
Reinvested		460			56			7,666			4,247
Redeemed		(216	)		(535	)		(7,009	)		(66,851	)

Change in Class A Shares		316			(249	)		10,993			(38,931	)

Class C
Issued		3			57			2,863			5,407
Reinvested		86			10			1,980			981
Redeemed		(55	)		(188	)		(1,952	)		(6,150	)

Change in Class C Shares		34			(121	)		2,891			238

Class I
Issued		115			378			15,586			34,804
Reinvested		985			139			8,622			4,522
Redeemed		(512	)		(1,437	)		(9,750	)		(22,963	)

Change in Class I Shares		588			(920	)		14,458			16,363

Class L
Issued		—			—			7,583			82,220
Reinvested		—			—			8,340			8,466
Redeemed		—			—			(12,420	)		(82,827	)

Change in Class L Shares		—			—			3,503			7,859

Class R2
Issued		7			17			761			2,286
Reinvested		23			3			1,247			815
Redeemed		(13	)		(41	)		(1,624	)		(3,942	)

Change in Class R2 Shares		17			(21	)		384			(841	)

Class R3
Issued		—			—			917			2,150
Reinvested		—			—			773			430
Redeemed		—			—			(1,043	)		(1,724	)

Change in Class R3 Shares		—			—			647			856

Class R4
Issued		—			—			834			984
Reinvested		—			—			290			103
Redeemed		—			—			(186	)		(311	)

Change in Class R4 Shares		—			—			938			776

Class R5
Issued		10			22			3,167			7,725
Reinvested		33			5			4,806			3,019
Redeemed		(7	)		(84	)		(5,635	)		(10,515	)

Change in Class R5 Shares		36			(57	)		2,338			229

Class R6
Issued		173			434			63,041			159,157
Reinvested		333			80			60,854			38,637
Redeemed		(954	)		(1,493	)		(59,418	)		(183,543	)

Change in Class R6 Shares		(448	)		(979	)		64,477			14,251

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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. GARP Equity Fund							JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)				Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	11,217			$	20,023		$	21,685		$	67,074
Distributions reinvested		17,212				7,327			75,295			71,308
Cost of shares redeemed		(9,939	)			(28,020	)		(38,421	)		(103,562	)

Change in net assets resulting from Class A capital transactions		18,490				(670	)		58,559			34,820

Class C
Proceeds from shares issued		745				1,789			4,619			5,606
Distributions reinvested		5,682				2,298			9,642			9,039
Cost of shares redeemed		(2,960	)			(12,341	)		(5,892	)		(43,234	)

Change in net assets resulting from Class C capital transactions		3,467				(8,254	)		8,369			(28,589	)

Class I
Proceeds from shares issued		13,449				13,566			114,064			241,025
Distributions reinvested		29,393				12,855			379,323			497,011
Cost of shares redeemed		(17,773	)			(41,096	)		(296,144	)		(946,028	)
Redemptions in-kind (See Note 8)		—				—			—			(487,288	)

Change in net assets resulting from Class I capital transactions		25,069				(14,675	)		197,243			(695,280	)

Class R2
Proceeds from shares issued		3,821				11,220			569			614
Distributions reinvested		9,090				4,130			1,468			1,205
Cost of shares redeemed		(5,974	)			(20,777	)		(892	)		(1,100	)

Change in net assets resulting from Class R2 capital transactions		6,937				(5,427	)		1,145			719

Class R5
Proceeds from shares issued		6,159				28,851			4,334			5,546
Distributions reinvested		26,832				20,215			7,761			9,489
Cost of shares redeemed		(43,427	)			(119,468	)		(5,611	)		(23,795	)

Change in net assets resulting from Class R5 capital transactions		(10,436	)			(70,402	)		6,484			(8,760	)

Class R6
Proceeds from shares issued		14,829				45,323			43,402			127,531
Distributions reinvested		140,885				61,717			95,950			112,990
Cost of shares redeemed		(84,613	)			(118,672	)		(114,290	)		(241,171	)

Change in net assets resulting from Class R6 capital transactions		71,101				(11,632	)		25,062			(650	)
				��
Total change in net assets resulting from capital transactions	$	114,628			$	(111,060	)	$	296,862		$	(697,740	)

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		158			314			845			2,537
Reinvested		258			119			3,292			3,151
Redeemed		(134	)		(431	)		(1,453	)		(4,090	)

Change in Class A Shares		282			2			2,684			1,598

Class C
Issued		11			28			198			242
Reinvested		88			38			490			446
Redeemed		(42	)		(200	)		(250	)		(1,763	)

Change in Class C Shares		57			(134	)		438			(1,075	)

Class I
Issued		185			202			4,212			9,169
Reinvested		427			204			16,025			21,400
Redeemed		(236	)		(615	)		(11,010	)		(36,191	)
Redemptions in-kind (See Note 8)		—			—			—			(19,946	)

Change in Class I Shares		376			(209	)		9,227			(25,568	)

Class R2
Issued		51			177			21			26
Reinvested		142			69			70			56
Redeemed		(81	)		(324	)		(33	)		(45	)

Change in Class R2 Shares		112			(78	)		58			37

Class R5
Issued		82			442			171			211
Reinvested		398			326			324			405
Redeemed		(546	)		(1,790	)		(213	)		(911	)

Change in Class R5 Shares		(66	)		(1,022	)		282			(295	)

Class R6
Issued		202			690			1,510			4,669
Reinvested		2,090			993			4,010			4,828
Redeemed		(1,099	)		(1,768	)		(4,495	)		(9,673	)

Change in Class R6 Shares		1,193			(85	)		1,025			(176	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,398		$	52,721		$	12,425		$	9,507
Distributions reinvested		19,713			7,384			1,294			226
Cost of shares redeemed		(37,804	)		(123,854	)		(2,318	)		(1,965	)

Change in net assets resulting from Class A capital transactions		(5,693	)		(63,749	)		11,401			7,768


Class C
Proceeds from shares issued		—			—			1,742			1,229
Distributions reinvested		—			—			170			30
Cost of shares redeemed		—			—			(749	)		(1,166	)

Change in net assets resulting from Class C capital transactions		—			—			1,163			93


Class I
Proceeds from shares issued		107,853			127,129			52,115			51,880
Distributions reinvested		59,323			17,371			4,010			688
Cost of shares redeemed		(73,194	)		(230,638	)		(5,663	)		(30,906	)
Conversion from Class L Shares		—			368,073			—			—

Change in net assets resulting from Class I capital transactions		93,982			281,935			50,462			21,662


Class L (a)
Proceeds from shares issued		—			534			—			—
Cost of shares redeemed		—			(28,170	)		—			—
Conversion to Class I Shares		—			(368,073	)		—			—

Change in net assets resulting from Class L capital transactions		—			(395,709	)		—			—


Class R6 (b)
Proceeds from shares issued		533,428			738,779			10,232			23,682
Distributions reinvested		562,100			159,481			1,393			247
Cost of shares redeemed		(224,909	)		(1,610,214	)		(2,265	)		(1,916	)

Change in net assets resulting from Class R6 capital transactions		870,619			(711,954	)		9,360			22,013

Total change in net assets resulting from capital transactions	$	958,908		$	(889,477	)	$	72,386		$	51,536

(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.

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		329			1,755			197			180
Reinvested		554			240			21			4
Redeemed		(1,006	)		(3,944	)		(37	)		(37	)

Change in Class A Shares		(123	)		(1,949	)		181			147

Class C
Issued		—			—			27			23
Reinvested		—			—			3			1
Redeemed		—			—			(12	)		(24	)

Change in Class C Shares		—			—			18			—	(a)

Class I
Issued		2,873			4,149			824			1,006
Reinvested		1,646			556			63			14
Redeemed		(1,920	)		(7,272	)		(90	)		(595	)
Conversion from Class L Shares		—			13,572			—			—

Change in Class I Shares		2,599			11,005			797			425

Class L
Issued		—			20			—			—
Redeemed		—			(1,046	)		—			—
Conversion to Class I Shares		—			(13,599	)		—			—

Change in Class L Shares		—			(14,625	)		—			—

Class R6 (b)
Issued		14,035			22,714			163			451
Reinvested		15,619			5,100			22			5
Redeemed		(5,899	)		(47,943	)		(36	)		(35	)

Change in Class R6 Shares		23,755			(20,129	)		149			421

(a)	Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	84,175		$	43,922
Distributions reinvested		13,325			9,932
Cost of shares redeemed		(26,644	)		(188,211	)

Change in net assets resulting from Class A capital transactions		70,856			(134,357	)

Class C
Proceeds from shares issued		15,444			11,138
Distributions reinvested		1,067			525
Cost of shares redeemed		(4,607	)		(10,570	)

Change in net assets resulting from Class C capital transactions		11,904			1,093

Class I
Proceeds from shares issued		675,378			663,191
Distributions reinvested		20,711			10,612
Cost of shares redeemed		(486,142	)		(99,019	)

Change in net assets resulting from Class I capital transactions		209,947			574,784

Class R2
Proceeds from shares issued		1,362			1,007
Distributions reinvested		61			33
Cost of shares redeemed		(95	)		(694	)

Change in net assets resulting from Class R2 capital transactions		1,328			346

Class R3
Proceeds from shares issued		9,238			943
Distributions reinvested		182			10
Cost of shares redeemed		(1,112	)		(166	)

Change in net assets resulting from Class R3 capital transactions		8,308			787

Class R4
Proceeds from shares issued		190			133
Distributions reinvested		7			24
Cost of shares redeemed		(15	)		(1,482	)

Change in net assets resulting from Class R4 capital transactions		182			(1,325	)

Class R5
Proceeds from shares issued		3,493			78
Distributions reinvested		74			3
Cost of shares redeemed		(50	)		(23	)

Change in net assets resulting from Class R5 capital transactions		3,517			58

Class R6
Proceeds from shares issued		91,542			310,989
Distributions reinvested		8,080			3,841
Cost of shares redeemed		(25,559	)		(34,999	)
Redemptions in-kind (See Note 8)		—			(126,007	)

Change in net assets resulting from Class R6 capital transactions		74,063			153,824

Total change in net assets resulting from capital transactions	$	380,105		$	595,210

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,262			799
Reinvested		203			184
Redeemed		(402	)		(3,804	)

Change in Class A Shares		1,063			(2,821	)

Class C
Issued		263			216
Reinvested		18			11
Redeemed		(79	)		(224	)

Change in Class C Shares		202			3

Class I
Issued		9,563			11,291
Reinvested		296			179
Redeemed		(7,025	)		(1,602	)

Change in Class I Shares		2,834			9,868

Class R2
Issued		20			19
Reinvested		1			1
Redeemed		(1	)		(13	)

Change in Class R2 Shares		20			7

Class R3
Issued		129			16
Reinvested		3			—	(a)
Redeemed		(16	)		(3	)

Change in Class R3 Shares		116			13

Class R4
Issued		2			3
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(25	)

Change in Class R4 Shares		2			(22	)

Class R5
Issued		48			1
Reinvested		1			—	(a)
Redeemed		(1	)		—	(a)

Change in Class R5 Shares		48			1

Class R6
Issued		1,290			5,348
Reinvested		115			65
Redeemed		(361	)		(596	)
Redemptions in-kind (See Note 8)		—			(2,169	)

Change in Class R6 Shares		1,044			2,648

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	117

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED DECEMBER 31, 2021


	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	$	323,559

Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(915,570	)
Proceeds from disposition of investment securities		1,346,796
Covers of investment securities sold short		(464,763	)
Proceeds from investment securities sold short		374,485
Purchases of short-term investments — affiliates, net		(6,977	)
Change in unrealized (appreciation)/depreciation on investments		26,906
Change in unrealized (appreciation)/depreciation on investment securities sold short		(22,487	)
Net realized (gain)/loss on investments in non-affiliates		(365,988	)
Net realized (gain)/loss on investments in affiliates		1
Net realized (gain)/loss on securities sold short		35,260
Decrease in dividends receivable from non-affiliates		229
Increase in dividend expense to non-affiliates on securities sold short		174
Decrease in interest expense to non-affiliates on securities sold short		(80	)
Decrease in due to broker for securities sold short		(20	)
Increase in investment advisory fees payable		73
Increase in administration fees payable		3
Increase in distribution fees payable		9
Increase in service fees payable		23
Increase in custodian and accounting fees payable		13
Decrease in other accrued expenses payable		(100	)

Net cash provided (used) by operating activities		331,546


Cash flows provided (used) by financing activities:
Due to custodian		(21	)
Proceeds from units issued		188,454
Payment for units redeemed		(463,569	)
Cash distributions paid to shareholders (net of reinvestments of $569,439)		(56,426	)

Net cash provided (used) by financing activities		(331,562	)


Cash:
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker		(16	)
Restricted and unrestricted cash and foreign currency at beginning of period		20

Restricted and unrestricted cash and foreign currency at end of period	$	4

Supplemental disclosure of cash flow information:

For the period ended December 31, 2021 the Fund paid $1,903 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.

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

Reconciliation of restricted and unrestricted cash and foreign currency at the end of period to the Statements of Assets and Liabilities:


	June 30, 2021		December 31, 2021
Cash	$	—	$	4
Foreign currency, at value		20		—

	$	20	$	4



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	35.03	$	(0.03	)	$	2.96		$	2.93	$	—		$	(3.91	)	$	(3.91	)
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
Six Months Ended December 31, 2021 (Unaudited)		33.15		(0.12	)		2.79			2.67		—			(3.91	)		(3.91	)
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
Six Months Ended December 31, 2021 (Unaudited)		35.80		0.01			3.03			3.04		(0.03	)		(3.91	)		(3.94	)
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
Six Months Ended December 31, 2021 (Unaudited)		35.62		0.06			3.01			3.07		(0.11	)		(3.91	)		(4.02	)
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.



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


$	34.05		8.64	%	$	11,819		1.10	%		(0.19	)%		1.21	%		16	%
	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


	31.91		8.34			4,742		1.60			(0.69	)		1.71			16
	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


	34.90		8.77			91,261		0.85			0.06			0.95			16
	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


	34.67		8.91			36,516		0.60			0.31			0.70			16
	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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	22.34	$	0.16	$	1.50		$	1.66		$	(0.16	)	$	(0.44	)	$	(0.60	)
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
Six Months Ended December 31, 2021 (Unaudited)		21.87		0.09		1.48			1.57			(0.11	)		(0.44	)		(0.55	)
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
Six Months Ended December 31, 2021 (Unaudited)		22.76		0.19		1.54			1.73			(0.19	)		(0.44	)		(0.63	)
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
Six Months Ended December 31, 2021 (Unaudited)		22.23		0.12		1.50			1.62			(0.13	)		(0.44	)		(0.57	)
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
Six Months Ended December 31, 2021 (Unaudited)		22.32		0.15		1.52			1.67			(0.16	)		(0.44	)		(0.60	)
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
Six Months Ended December 31, 2021 (Unaudited)		22.75		0.19		1.53			1.72			(0.19	)		(0.44	)		(0.63	)
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
Six Months Ended December 31, 2021 (Unaudited)		22.78		0.20		1.55			1.75			(0.21	)		(0.44	)		(0.65	)
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
Six Months Ended December 31, 2021 (Unaudited)		22.76		0.22		1.54			1.76			(0.22	)		(0.44	)		(0.66	)
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)

(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	DECEMBER 31, 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)


$	23.40		7.55	%	$	5,069,630		0.95	%		1.35	%		0.95	%		5	%
	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


	22.89		7.21			1,484,655		1.45			0.84			1.45			5
	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


	23.86		7.67			19,638,384		0.70			1.60			0.70			5
	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


	23.28		7.35			76,797		1.21			1.08			1.21			5
	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


	23.39		7.55			262,607		0.95			1.33			0.95			5
	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


	23.84		7.63			228,730		0.70			1.59			0.70			5
	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


	23.88		7.74			1,640,250		0.55			1.74			0.55			5
	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


	23.86		7.81			22,709,973		0.45			1.85			0.45			5
	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.



DECEMBER 31, 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
JPMorgan Equity Premium Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.23	$	0.57	$	0.71		$	1.28		$	(0.55	)
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
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.53		0.71			1.24			(0.51	)
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
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.59		0.71			1.30			(0.57	)
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
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.58		0.73			1.31			(0.58	)
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
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.59		0.73			1.32			(0.59	)
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)

(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.



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


$	15.96		8.60	%	$	516,483		0.85	%		7.30	%		0.86	%		94	%
	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


	15.96		8.33			454,267		1.35			6.80			1.36			94
	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


	15.96		8.74			1,115,036		0.60			7.48			0.62			94
	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


	15.96		8.82			76		0.45			7.43			0.50			94
	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


	15.96		8.87			56,083		0.35			7.60			0.37			94
	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.



DECEMBER 31, 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 Hedged Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	25.90	$	0.06		$	1.00	$	1.06	$	(0.08	)
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
Six Months Ended December 31, 2021 (Unaudited)		25.72		—	(f)		0.98		0.98		(0.01	)
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
Six Months Ended December 31, 2021 (Unaudited)		25.98		0.10			0.99		1.09		(0.11	)
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
Six Months Ended December 31, 2021 (Unaudited)		26.02		0.12			1.00		1.12		(0.13	)
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
Six Months Ended December 31, 2021 (Unaudited)		26.04		0.13			0.99		1.12		(0.14	)
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)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	26.88		4.08	%	$	1,913,441		0.83	%		0.48	%		0.83	%		16	%
	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


	26.69		3.82			515,143		1.33			(0.02	)		1.33			16
	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


	26.96		4.20			15,257,745		0.58			0.73			0.58			16
	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


	27.01		4.31			6,393		0.43			0.88			0.43			16
	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


	27.02		4.32			1,863,086		0.33			0.98			0.33			16
	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.



DECEMBER 31, 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) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 2 Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.97	$	0.04		$	1.10	$	1.14	$	(0.04	)
February 26, 2021 (f) through June 30, 2021		15.00		0.03			0.95		0.98		(0.01	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		15.95		—	(h)		1.10		1.10		—	(h)
February 26, 2021 (f) through June 30, 2021		15.00		—	(h)		0.95		0.95		—	(h)

Class I
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.06			1.10		1.16		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.07			1.11		1.18		(0.06	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.99		0.08			1.11		1.19		(0.07	)
February 26, 2021 (f) 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)

(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.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	17.07		7.13	%	$	233,103		0.85	%		0.48	%		0.86	%		13	%
	15.97		6.54			52,880		0.85	(g)		0.57	(g)		0.92	(g)		6


	17.05		6.92			180,578		1.35			(0.04	)		1.36			13
	15.95		6.36			57,423		1.35	(g)		0.05	(g)		1.43	(g)		6


	17.09		7.29			2,970,051		0.60			0.71			0.61			13
	15.98		6.63			1,018,781		0.60	(g)		0.80	(g)		0.70	(g)		6


	17.10		7.41			582		0.45			0.83			0.46			13
	15.98		6.66			536		0.45	(g)		0.99	(g)		0.88	(g)		6


	17.11		7.46			508,914		0.35			0.94			0.36			13
	15.99		6.75			262,248		0.35	(g)		1.04	(g)		0.43	(g)		6

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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 3 Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.96	$	0.04		$	0.91	$	0.95	$	(0.03	)
February 26, 2021 (f) through June 30, 2021		15.00		0.03			0.95		0.98		(0.02	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		15.95		—	(h)		0.91		0.91		(0.01	)
February 26, 2021 (f) through June 30, 2021		15.00		—	(h)		0.96		0.96		(0.01	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.06			0.92		0.98		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.07			0.92		0.99		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.08			0.92		1.00		(0.06	)
February 26, 2021 (f) 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)

(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.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	16.88		5.97	%	$	94,246		0.85	%		0.47	%		0.86	%		12	%
	15.96		6.50			21,446		0.85	(g)		0.60	(g)		1.00	(g)		7


	16.85		5.68			78,261		1.35			(0.03	)		1.36			12
	15.95		6.37			19,229		1.35	(g)		0.09	(g)		1.51	(g)		7


	16.91		6.12			1,730,595		0.60			0.71			0.62			12
	15.98		6.64			524,074		0.60	(g)		0.81	(g)		0.80	(g)		7


	16.92		6.23			20		0.45			0.82			0.50			12
	15.98		6.64			21		0.45	(g)		0.96	(g)		3.22	(g)		7


	16.92		6.29			413,958		0.35			0.94			0.35			12
	15.98		6.68			1,796		0.35	(g)		1.10	(g)		0.64	(g)		7

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	64.22	$	(0.13	)	$	5.51	$	5.38	$	—		$	(9.24	)	$	(9.24	)
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
Six Months Ended December 31, 2021 (Unaudited)		46.21		(0.21	)		3.93		3.72		—			(9.24	)		(9.24	)
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
Six Months Ended December 31, 2021 (Unaudited)		65.59		(0.05	)		5.63		5.58		—			(9.24	)		(9.24	)
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
Six Months Ended December 31, 2021 (Unaudited)		61.05		(0.20	)		5.23		5.03		—			(9.24	)		(9.24	)
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
Six Months Ended December 31, 2021 (Unaudited)		64.64		(0.13	)		5.54		5.41		—			(9.24	)		(9.24	)
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
Six Months Ended December 31, 2021 (Unaudited)		65.47		(0.05	)		5.62		5.57		—			(9.24	)		(9.24	)
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
Six Months Ended December 31, 2021 (Unaudited)		67.49		—	(g)		5.81		5.81		—			(9.24	)		(9.24	)
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
Six Months Ended December 31, 2021 (Unaudited)		68.18		0.04			5.86		5.90		—			(9.24	)		(9.24	)
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)

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

(f)	Commencement of offering of class of shares.

(g)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	60.36		8.52	%	$	5,267,927		0.94	%		(0.39	)%		1.01	%		21	%
	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


	40.69		8.24			829,593		1.44			(0.89	)		1.51			21
	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


	61.93		8.65			11,651,360		0.69			(0.14	)		0.75			21
	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


	56.84		8.39			137,088		1.19			(0.64	)		1.26			21
	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


	60.81		8.51			294,369		0.94			(0.39	)		1.00			21
	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


	61.80		8.65			245,696		0.69			(0.14	)		0.75			21
	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


	64.06		8.75			931,637		0.54			0.01			0.60			21
	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


	64.84		8.79			21,447,424		0.44			0.11			0.50			21
	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.



DECEMBER 31, 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 Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	20.48	$	0.08	$	0.24		$	0.32		$	(0.10	)	$	(1.38	)	$	(1.48	)
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
Six Months Ended December 31, 2021 (Unaudited)		19.55		0.03		0.22			0.25			(0.05	)		(1.38	)		(1.43	)
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
Six Months Ended December 31, 2021 (Unaudited)		20.10		0.10		0.22			0.32			(0.12	)		(1.38	)		(1.50	)
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
Six Months Ended December 31, 2021 (Unaudited)		20.30		0.06		0.22			0.28			(0.08	)		(1.38	)		(1.46	)
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
Six Months Ended December 31, 2021 (Unaudited)		20.09		0.08		0.23			0.31			(0.14	)		(1.38	)		(1.52	)
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
Six Months Ended December 31, 2021 (Unaudited)		20.50		0.11		0.24			0.35			(0.13	)		(1.38	)		(1.51	)
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
Six Months Ended December 31, 2021 (Unaudited)		20.32		0.12		0.23			0.35			(0.14	)		(1.38	)		(1.52	)
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
Six Months Ended December 31, 2021 (Unaudited)		20.18		0.13		0.22			0.35			(0.15	)		(1.38	)		(1.53	)
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)

(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.



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


$	19.32		1.88	%	$	212,700		0.93	%		0.81	%		1.01	%		44	%
	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


	18.37		1.62			62,881		1.44			0.31			1.50			44
	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


	18.92		1.94			1,262,516		0.69			1.06			0.76			44
	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


	19.12		1.68			11,922		1.19			0.56			1.27			44
	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


	18.88		1.86			6,182		0.94			0.80			1.00			44
	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


	19.34		2.02			191		0.69			1.06			0.76			44
	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


	19.15		2.04			24,769		0.54			1.21			0.60			44
	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


	19.00		2.06			1,532,011		0.44			1.29			0.49			44
	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.



DECEMBER 31, 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 U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	36.38	$	0.23		$	2.60		$	2.83		$	(0.23	)	$	(8.75	)	$	(8.98	)
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	(f)		(3.38	)		(2.83	)		(0.63	)		(2.13	)		(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)		(0.27	)		(0.79	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		35.72		0.13			2.54			2.67			(0.14	)		(8.75	)		(8.89	)
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	(f)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)		(0.27	)		(0.63	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		36.72		0.27			2.63			2.90			(0.27	)		(8.75	)		(9.02	)
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	(f)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)		(0.27	)		(0.85	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		35.99		0.16			2.57			2.73			(0.17	)		(8.75	)		(8.92	)
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	(f)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)		(0.27	)		(0.71	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		36.78		0.28			2.64			2.92			(0.28	)		(8.75	)		(9.03	)
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	(f)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)		(0.27	)		(0.92	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		36.78		0.31			2.62			2.93			(0.29	)		(8.75	)		(9.04	)
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	(f)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)		(0.27	)		(0.94	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

Reflects special dividends paid out during the 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.



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


$	30.23		8.43	%	$	60,402		0.73	%		1.23	%		0.97	%		47	%
	36.38		45.65			61,187		0.83			1.37			0.99			72
	25.83		(9.96	)		49,876		0.83			1.88	(f)		0.95			79
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81


	29.50		8.12			10,260		1.23			0.73			1.48			47
	35.72		45.02			11,211		1.33			0.91			1.50			72
	25.36		(10.46	)		11,038		1.33			1.37	(f)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81


	30.60		8.55			124,275		0.49			1.47			0.72			47
	36.72		47.54			127,530		0.59			1.62			0.74			72
	25.79		(10.69	)		113,316		0.59			2.01	(f)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81


	29.80		8.23			2,978		1.09			0.87			1.41			47
	35.99		45.36			3,000		1.09			1.08			1.34			72
	25.55		(10.24	)		2,664		1.09			1.62	(f)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81


	30.67		8.59			4,479		0.44			1.53			0.58			47
	36.78		48.74			4,053		0.44			1.91			0.59			72
	25.66		(11.16	)		4,269		0.44			2.16	(f)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81


	30.67		8.63			44,058		0.34			1.65			0.47			47
	36.78		46.60			69,298		0.34			1.82			0.49			72
	26.06		(9.68	)		74,603		0.34			2.37	(f)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	21.51	$	0.03		$	2.70	$	2.73	$	(0.03	)	$	(2.23	)	$	(2.26	)
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
Six Months Ended December 31, 2021 (Unaudited)		20.61		(0.03	)		2.59		2.56		—			(2.23	)		(2.23	)
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
Six Months Ended December 31, 2021 (Unaudited)		21.59		0.06			2.70		2.76		(0.05	)		(2.23	)		(2.28	)
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
Six Months Ended December 31, 2021 (Unaudited)		21.63		0.07			2.72		2.79		(0.07	)		(2.23	)		(2.30	)
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
Six Months Ended December 31, 2021 (Unaudited)		21.26		—	(f)		2.66		2.66		—	(f)		(2.23	)		(2.23	)
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
Six Months Ended December 31, 2021 (Unaudited)		21.42		0.03			2.68		2.71		(0.03	)		(2.23	)		(2.26	)
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 (g) through June 30, 2017		14.11		0.08			2.24		2.32		(0.14	)		(0.53	)		(0.67	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		21.55		0.06			2.70		2.76		(0.05	)		(2.23	)		(2.28	)
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 (g) through June 30, 2017		14.15		0.13			2.22		2.35		(0.15	)		(0.53	)		(0.68	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		21.64		0.07			2.72		2.79		(0.07	)		(2.23	)		(2.30	)
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
Six Months Ended December 31, 2021 (Unaudited)		21.69		0.08			2.73		2.81		(0.08	)		(2.23	)		(2.31	)
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)

(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.



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


$	21.98		12.84	%	$	1,919,539		0.94	%		0.23	%		0.98	%		26	%
	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


	20.94		12.58			434,291		1.44			(0.27	)		1.47			26
	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


	22.07		12.98			2,089,254		0.69			0.48			0.72			26
	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


	22.12		13.08			2,028,197		0.54			0.63			0.57			26
	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


	21.69		12.68			283,095		1.19			(0.02	)		1.22			26
	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


	21.87		12.80			192,664		0.94			0.23			0.97			26
	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


	22.03		13.00			67,096		0.69			0.48			0.72			26
	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


	22.13		13.07			1,166,317		0.54			0.63			0.57			26
	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


	22.19		13.15			14,334,112		0.44			0.73			0.47			26
	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.



DECEMBER 31, 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. GARP Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	73.40	$	(0.01	)	$	9.31	$	9.30	$	—		$	(14.78	)	$	(14.78	)
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	(f)		7.41		8.04		(0.34	)		(6.67	)		(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01		3.46		(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51		10.74		(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27		8.49		(0.26	)		—			(0.26	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		71.55		(0.20	)		9.05		8.85		—			(14.78	)		(14.78	)
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			7.22		7.57		(0.09	)		(6.67	)		(6.76	)
Year Ended June 30, 2019		58.00		0.16			2.97		3.13		(0.04	)		(5.64	)		(5.68	)
Year Ended June 30, 2018		47.72		(0.04	)		10.32		10.28		—			—			—
Year Ended June 30, 2017		39.63		—	(g)		8.13		8.13		(0.04	)		—			(0.04	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		75.08		0.09			9.53		9.62		(0.12	)		(14.78	)		(14.90	)
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	(f)		7.54		8.33		(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05		3.65		(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68		11.06		(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40		8.74		(0.39	)		—			(0.39	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		71.18		(0.10	)		9.01		8.91		—			(14.78	)		(14.78	)
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	(f)		7.22		7.70		(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93		3.23		(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31		10.40		(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12		8.23		(0.23	)		—			(0.23	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		73.80		0.14			9.37		9.51		(0.19	)		(14.78	)		(14.97	)
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	(f)		7.47		8.33		(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99		3.67		(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56		11.02		(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29		8.71		(0.46	)		—			(0.46	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		73.81		0.18			9.37		9.55		(0.28	)		(14.78	)		(15.06	)
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	(f)		7.49		8.40		(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98		3.72		(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56		11.07		(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29		8.73		(0.49	)		—			(0.49	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

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

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	67.92		13.00	%	$	130,083		0.84	%		(0.03	)%		0.90	%		28	%
	73.40		40.08			119,893		0.84			(0.01	)		0.90			64
	57.64		15.11			94,017		0.84			1.15	(f)		0.94			96
	56.61		7.06			106,993		0.84			0.79			1.12			95
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68


	65.62		12.70			31,372		1.34			(0.53	)		1.40			28
	71.55		39.44			30,159		1.34			(0.50	)		1.40			64
	56.26		14.50			31,216		1.34			0.65	(f)		1.42			96
	55.45		6.51			35,931		1.34			0.29			1.61			95
	58.00		21.54			37,416		1.36			(0.08	)		1.61			69
	47.72		20.52			42,811		1.41			0.00	(h)		1.67			68


	69.80		13.14			179,611		0.59			0.22			0.65			28
	75.08		40.46			164,959		0.59			0.25			0.65			64
	58.80		15.38			141,497		0.59			1.40	(f)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68


	65.31		12.85			49,184		1.09			(0.28	)		1.21			28
	71.18		39.73			45,629		1.09			(0.26	)		1.21			64
	56.08		14.84			40,305		1.09			0.90	(f)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68


	68.34		13.24			149,622		0.44			0.36			0.50			28
	73.80		40.57			166,478		0.44			0.39			0.50			64
	57.93		15.63			189,889		0.44			1.55	(f)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68


	68.30		13.29			803,672		0.34			0.47			0.40			28
	73.81		40.70			780,470		0.34			0.50			0.40			64
	57.93		15.76			617,458		0.34			1.65	(f)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	26.84	$	(0.06	)	$	3.29	$	3.23	$	—		$	(6.78	)	$	(6.78	)
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		—	(i)		3.87		3.87		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(i)		5.54		5.54		(0.01	)		(1.24	)		(1.25	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		24.01		(0.11	)		2.93		2.82		—			(6.78	)		(6.78	)
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
Six Months Ended December 31, 2021 (Unaudited)		27.53		(0.02	)		3.38		3.36		—			(6.78	)		(6.78	)
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
Six Months Ended December 31, 2021 (Unaudited)		25.27		(0.10	)		3.09		2.99		—			(6.78	)		(6.78	)
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
Six Months Ended December 31, 2021 (Unaudited)		27.78		(0.02	)		3.42		3.40		—			(6.78	)		(6.78	)
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
Six Months Ended December 31, 2021 (Unaudited)		27.75		—	(i)		3.41		3.41		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		25.18		—	(i)		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 (k) 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)

(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 1.11% and 1.25% for the six months ended December 31, 2021, 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 1.60% and 1.75% for the six months ended December 31, 2021, 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 0.86% and 1.00% for the six months ended December 31, 2021, 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 1.51% for the six months ended December 31, 2021, 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 six months ended December 31, 2021, 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 six months ended December 31, 2021, 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 0.07%.

(h)	Interest expense on securities sold short is 0.16%.

(i)	Amount rounds to less than $0.005.

(j)	Amount rounds to less than 0.005%.

(k)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



142	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 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 (c)			Portfolio turnover rate (including securities sold short) (c)


$	23.29		12.52	%	$	353,418		1.87	%(g)		(0.42	)%		2.01	%		28	%		42	%
	26.84		42.30			335,206		1.94	(h)		(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	(j)		2.39			94			131


	20.05		12.28			39,493		2.36	(g)		(0.91	)		2.51			28			42
	24.01		41.55			36,784		2.43	(h)		(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


	24.11		12.68			1,713,370		1.62	(g)		(0.17	)		1.76			28			42
	27.53		42.65			1,702,566		1.69	(h)		(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


	21.48		12.35			6,199		2.21	(g)		(0.76	)		2.27			28			42
	25.27		41.77			5,838		2.29	(h)		(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


	24.40		12.72			36,903		1.56	(g)		(0.11	)		1.60			28			42
	27.78		42.75			34,191		1.64	(h)		(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


	24.38		12.77			496,419		1.46	(g)		0.00	(j)		1.50			28			42
	27.75		42.86			536,661		1.54	(h)		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.



DECEMBER 31, 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			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	36.46	$	0.13	$	4.15	$	4.28	$	(0.14	)	$	(4.40	)	$	—		$	(4.54	)
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
Six Months Ended December 31, 2021 (Unaudited)		36.89		0.18		4.18		4.36		(0.18	)		(4.40	)		—			(4.58	)
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
Six Months Ended December 31, 2021 (Unaudited)		36.84		0.20		4.17		4.37		(0.20	)		(4.40	)		—			(4.60	)
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)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

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

(d)

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

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	36.20		12.00	%	$	174,486		0.60	%		0.68	%		0.84	%		15	%
	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


	36.67		12.11			777,828		0.35			0.93			0.59			15
	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


	36.61		12.15			5,029,498		0.25			1.04			0.34			15
	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.



DECEMBER 31, 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) (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
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	59.20	$	0.18	$	6.88	$	7.06	$	(0.23	)	$	(2.21	)	$	(2.44	)
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
Six Months Ended December 31, 2021 (Unaudited)		57.87		0.02		6.72		6.74		—			(2.21	)		(2.21	)
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
Six Months Ended December 31, 2021 (Unaudited)		59.71		0.26		6.93		7.19		(0.34	)		(2.21	)		(2.55	)
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
Six Months Ended December 31, 2021 (Unaudited)		59.69		0.28		6.93		7.21		(0.36	)		(2.21	)		(2.57	)
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)

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

(f)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.



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


$	63.82		12.00	%	$	37,610		0.64	%		0.57	%		1.05	%		21	%
	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


	62.40		11.70			5,257		1.14			0.07			1.56			21
	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


	64.35		12.13			118,558		0.39			0.82			0.80			21
	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


	64.33		12.17			36,677		0.34			0.87			0.55			21
	59.69		29.93			25,156		0.34			1.05			0.70			44

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 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. Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	64.61	$	0.33	$	4.04		$	4.37		$	(0.40	)	$	(1.21	)	$	(1.61	)
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
Six Months Ended December 31, 2021 (Unaudited)		57.32		0.15		3.57			3.72			(0.28	)		(1.21	)		(1.49	)
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
Six Months Ended December 31, 2021 (Unaudited)		68.55		0.45		4.28			4.73			(0.47	)		(1.21	)		(1.68	)
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
Six Months Ended December 31, 2021 (Unaudited)		64.73		0.25		4.03			4.28			(0.34	)		(1.21	)		(1.55	)
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
Six Months Ended December 31, 2021 (Unaudited)		68.41		0.36		4.26			4.62			(0.44	)		(1.21	)		(1.65	)
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
Six Months Ended December 31, 2021 (Unaudited)		68.60		0.43		4.29			4.72			(0.49	)		(1.21	)		(1.70	)
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
Six Months Ended December 31, 2021 (Unaudited)		69.09		0.55		4.26			4.81			(0.54	)		(1.21	)		(1.75	)
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
Six Months Ended December 31, 2021 (Unaudited)		69.10		0.54		4.31			4.85			(0.56	)		(1.21	)		(1.77	)
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)

(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	DECEMBER 31, 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)


$	67.37		6.84	%	$	616,087		0.94	%		1.00	%		1.03	%		20	%
	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


	59.55		6.57			51,032		1.44			0.51			1.51			20
	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


	71.60		6.98			1,109,734		0.69			1.26			0.75			20
	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


	67.46		6.69			3,434		1.19			0.75			1.26			20
	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


	71.38		6.83			9,769		0.94			1.03			1.01			20
	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


	71.62		6.97			297		0.69			1.21			0.76			20
	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


	72.15		7.04			3,660		0.54			1.52			0.61			20
	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


	72.18		7.11			362,767		0.44			1.50			0.50			20
	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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	149

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(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	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity 3 Fund	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⁽¹⁾	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	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 and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan U.S. Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

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



150	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 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. JPMorgan Equity Income Fund is 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	151

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (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)	$	144,454	$	—	$	—	$	144,454

(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)	$	51,168,247	$	—	$	—	$	51,168,247

(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	$	1,756,321		$	—	$	—	$	1,756,321
Equity-Linked Notes		—			344,462		—		344,462
Short-Term Investments
Investment Companies		7,184			—		—		7,184

Total Investments in Securities	$	1,763,505		$	344,462	$	—	$	2,107,967

Appreciation in Other Financial Instruments
Futures Contracts	$	15		$	—	$	—	$	15


Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	20,626,232		$	—	$	—	$	20,626,232

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,808		$	—	$	—	$	5,808
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(254,958	)		—		—		(254,958	)
Put Options Written		(89,805	)		—		—		(89,805	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(338,955	)	$	—	$	—	$	(338,955	)

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



152	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



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)	$	4,069,681		$	—	$	—	$	4,069,681

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	698		$	—	$	—	$	698

Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(64,012	)		—		—		(64,012	)
Put Options Written		(2,195	)		—		—		(2,195	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(65,509	)	$	—	$	—	$	(65,509	)

(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)	$	2,368,859		$	—	$	—	$	2,368,859

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	433		$	—	$	—	$	433

Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(55,687	)		—		—		(55,687	)
Put Options Written		(3,704	)		—		—		(3,704	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(58,958	)	$	—	$	—	$	(58,958	)

(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)	$	41,072,945	$	—	$	—	$	41,072,945

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



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)	$	3,161,173	$	—	$	—	$	3,161,173

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	153

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)



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)	$	246,140	$	—	$	—	$	246,140

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	100	$	—	$	—	$	100

(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)	$	22,671,106	$	—	$	—	$	22,671,106

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,467	$	—	$	—	$	5,467

(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)	$	1,346,479	$	—	$	—	$	1,346,479

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	513	$	—	$	—	$	513

(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)	$	3,220,883		$	—	$	—	$	3,220,883

Total Liabilities for Securities Sold Short (a)	$	(572,510	)	$	—	$	—	$	(572,510	)

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



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)	$	5,981,483	$	—	$	—	$	5,981,483

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,105	$	—	$	—	$	1,105

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



154	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



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)	$	197,589	$	—	$	—	$	197,589

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	34	$	—	$	—	$	34

(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)	$	2,171,489	$	—	$	—	$	2,171,489

(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 December 31, 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, the Class IM Shares of the JPMorgan Prime 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.

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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	155

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 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	$	134,368	$	(134,368	)	$	—
Large Cap Value Fund		36,685		(36,685	)		—
U.S. Equity Fund		64,031		(64,031	)		—
U.S. GARP Equity Fund		3,562		(3,562	)		—
U.S. Sustainable Leaders Fund		532		(532	)		—

*	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 six months ended December 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:


Equity Income Fund	$	—	(a)
Large Cap Growth Fund		10
Large Cap Value Fund		1
U.S. Applied Data Science Value Fund		—	(a)
U.S. Equity Fund		2
U.S. GARP Equity Fund		—	(a)
U.S. Sustainable Leaders Fund		—	(a)
U.S. Value 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).

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



Equity Focus Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	3,582	$	10,962	$	10,569	$	—	(c)	$	—	(c)	$	3,975		3,974	$	1	$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.



156	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



Equity Income Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,108,433	$	3,230,672	$	3,303,997	$	61	$	(183	)	$	1,034,986		1,034,572	$	398	$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.



Equity Premium Income Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	43,928	$	1,503,918	$	1,540,660	$	(2	)	$	—	(c)	$	7,184		7,181	$	12	$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.



Hedged Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	312,969	$	1,864,040	$	880,027	$	—	$	—	$	1,296,982		1,296,982	$	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 December 31, 2021.



Hedged Equity 2 Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	82,933	$	1,891,506	$	1,830,889	$	—	$	—	$	143,550		143,550	$	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 December 31, 2021.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	157

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)



Hedged Equity 3 Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	17,690	$	1,249,877	$	1,250,885	$	—	$	—	$	16,682		16,682	$	6	$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.



Large Cap Growth Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,501,233	$	4,886,466	$	6,095,394	$	133		$	(188	)	$	292,250		292,134	$	418		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		314,119		924,800		1,122,000		(26	)*		16			116,909		116,932		78	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		113,675		706,353		799,327		—			—			20,701		20,701		4	*		—

Total	$	1,929,027	$	6,517,619	$	8,016,721	$	107		$	(172	)	$	429,860			$	500		$	—

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

(b)	The rate shown is the current yield as of December 31, 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 six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	57,325	$	1,281,130	$	1,335,305	$	(4	)	$	—	(c)	$	3,146		3,145	$	16		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		7,897		277,000		255,000		(3	)*		—	(c)		29,894		29,901		14	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		23,462		77,545		93,113		—			—			7,894		7,894		1	*		—

Total	$	88,684	$	1,635,675	$	1,683,418	$	(7	)	$	—	(c)	$	40,934			$	31		$	—

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

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



158	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



U.S. Applied Data Science Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	9,182	$	11,480	$	15,393	$	—	(c)	$	—	(c)	$	5,269		5,267	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		468		468		—			—			—		—		—	*(c)		—

Total	$	9,182	$	11,948	$	15,861	$	—	(c)	$	—	(c)	$	5,269			$	2		$	—

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

(b)	The rate shown is the current yield as of December 31, 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 six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	228,846	$	2,599,678	$	2,522,972	$	(26	)	$	—	(c)	$	305,526		305,404	$	82		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		26,995		373,000		344,995		(8	)*		3			54,995		55,006		10	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,506		357,504		350,801		—			—			10,209		10,209		1	*		—

Total	$	259,347	$	3,330,182	$	3,218,768	$	(34	)	$	3		$	370,730			$	93		$	—

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

(b)	The rate shown is the current yield as of December 31, 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. GARP Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	31,110	$	99,954	$	114,026	$	(2	)	$	(1	)	$	17,035		17,029	$	9		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,994		23,000		24,994		—	(c)		—	(c)		—		—		1	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		915		23,289		20,545		—			—			3,659		3,659		—	*(c)		—

Total	$	34,019	$	146,243	$	159,565	$	(2	)	$	(1	)	$	20,694			$	10		$	—



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	159

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (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 December 31, 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 six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	11,580	$	275,896	$	268,919	$	(1	)	$	—	(c)	$	18,556		18,549	$	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 December 31, 2021.

(c)	Amount rounds to less than one thousand.



U.S. Research Enhanced Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	66,914	$	637,406	$	630,824	$	(2	)	$	—	(c)	$	73,494		73,464	$	20	$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.



U.S. Sustainable Leaders Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	4,580	$	54,422	$	56,426	$	(1	)	$	(1	)	$	2,574		2,573	$	1		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		2,982		2,438		—			—			544		544		—	*(c)		—

Total	$	4,580	$	57,404	$	58,864	$	(1	)	$	(1	)	$	3,118			$	1		$	—

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

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



160	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



U.S. Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	38,028	$	822,021	$	794,040	$	(5	)	$	—	(c)	$	66,004		65,978	$	17	$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. 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 interest rate 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.

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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	161

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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).

G. 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).

H. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ options and futures contracts activity during the six months ended December 31, 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
Average Notional Balance Long	$	20,897	$	364,232	$	52,571	$	20,817	$	5,193	$	148,722	$	25,008	$	1,794	$	55,615	$	2,679
Ending Notional Balance Long		17,368		520,553		31,167		17,368		5,234		193,423		16,654		—		68,519		2,899

Exchange-Traded Options:
Average Number of Contracts Purchased		—		42,758		5,538		2,995		—		—		—		—		—		—
Average Number of Contracts Written		—		85,515		11,075		5,989		—		—		—		—		—		—
Ending Number of Contracts Purchased		—		40,728		8,281		4,939		—		—		—		—		—		—
Ending Number of Contracts Written		—		81,456		16,562		9,878		—		—		—		—		—		—

The Funds’ derivatives contracts held at December 31, 2021 are not accounted for as hedging instruments under GAAP.

I. 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



162	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2021, Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

J. 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 Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

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

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported 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 December 31, 2021, Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

K. Offering and Organization Costs — Total offering costs of $104 and $104 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 six months ended December 31, 2021, total offering costs amortized were $52 and $52, respectively.

L. 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.

M. 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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	163

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (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 six months ended December 31, 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		$	—	(a)	$	1		n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	2
Equity Income Fund
Transfer agency fees		28			26			213		n/a	$	6		$	4		$	2		$	16			157			452
Equity Premium Income Fund
Transfer agency fees		3			2			23		n/a		n/a			n/a			n/a			—	(a)		—	(a)		28
Hedged Equity Fund
Transfer agency fees		13			6			90		n/a		n/a			n/a			n/a			—	(a)		16			125
Hedged Equity 2 Fund
Transfer agency fees		1			1			9		n/a		n/a			n/a			n/a			—	(a)		2			13
Hedged Equity 3 Fund
Transfer agency fees		—	(a)		—	(a)		6		n/a		n/a			n/a			n/a			—	(a)		—	(a)		6
Large Cap Growth Fund
Transfer agency fees		186			12			66		n/a		5			2			2			7			99			379
Large Cap Value Fund
Transfer agency fees		15			2			123		n/a		2			—	(a)		—	(a)		1			10			153
U.S. Applied Data Science Value Fund
Transfer agency fees		1			—	(a)		2		n/a		3			n/a			n/a			—	(a)		1			7
U.S. Equity Fund
Transfer agency fees		45			6			19	$	27		4			2			—	(a)		5			58			166
U.S. GARP Equity Fund
Transfer agency fees		4			—	(a)		3		n/a		14			n/a			n/a			1			3			25
U.S. Large Cap Core Plus Fund
Transfer agency fees		5			1			26		n/a		1			n/a			n/a			—	(a)		2			35
U.S. Research Enhanced Equity Fund
Transfer agency fees		6			n/a			7		n/a		n/a			n/a			n/a			n/a			20			33
U.S. Sustainable Leaders Fund
Transfer agency fees		1			—	(a)		2		n/a		n/a			n/a			n/a			n/a			—	(a)		3
U.S. Value Fund
Transfer agency fees		68			1			8		n/a		—	(a)		—	(a)		—	(a)		—	(a)		2			79

(a)	Amount rounds to less than one thousand.

N. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 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.

O. 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 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.



164	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

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 six months ended December 31, 2021, the effective annualized 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, 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 0.075%, 0.033%, 0.075%, 0.063%, 0.075%, 0.075%, 0.039%, 0.075%, 0.075%, 0.061%, 0.075%, 0.038%, 0.075%, 0.075% and 0.075%, 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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	165

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (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 Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2021, JPMDS retained the following:


	Front-End Sales Charge			CDSC
Equity Focus Fund	$	2		$	—
Equity Income Fund		231			—	(a)
Equity Premium Income Fund		269			—
Hedged Equity Fund		23			—	(a)
Hedged Equity 2 Fund		95			—	(a)
Hedged Equity 3 Fund		41			—
Large Cap Growth Fund		310			—	(a)
Large Cap Value Fund		19			—	(a)
U.S. Applied Data Science Value Fund		—	(a)		—
U.S. Equity Fund		129			—
U.S. GARP Equity Fund		3			—
U.S. Large Cap Core Plus Fund		9			—	(a)
U.S. Research Enhanced Equity Fund		—	(a)		—
U.S. Sustainable Leaders Fund		9			—
U.S. Value Fund		60			—

(a)	Amount rounds to less than one thousand.

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


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
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.



166	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

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		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.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

For the six months ended December 31, 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.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2021 were as follows:


	Contractual Waivers								Contractual Reimbursements
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	41	$	27	$	1	$	69	$	—
Equity Income Fund		3		—		—		3		—
Equity Premium Income Fund		57		38		23		118		—	(a)
Hedged Equity Fund		—		—		—		—		—
Hedged Equity 2 Fund		28		18		11		57		54
Hedged Equity 3 Fund		38		24		5		67		52
Large Cap Growth Fund		7,364		4,904		188		12,456		—
Large Cap Value Fund		553		369		151		1,073		6
U.S. Applied Data Science Value Fund		94		63		109		266		1
U.S. Equity Fund		1,980		1,319		81		3,380		58
U.S. GARP Equity Fund		233		155		20		408		—
U.S. Large Cap Core Plus Fund		335		223		1,097		1,655		2
U.S. Research Enhanced Equity Fund		1,423		947		690		3,060		—
U.S. Sustainable Leaders Fund		98		54		122		274		—
U.S. Value Fund		337		225		73		635		1

(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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	167

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


Equity Focus Fund	$	2
Equity Income Fund		525
Equity Premium Income Fund		18
Hedged Equity Fund		96
Hedged Equity 2 Fund		12
Hedged Equity 3 Fund		7
Large Cap Growth Fund		617
Large Cap Value Fund		28
U.S. Applied Data Science Value Fund		3
U.S. Equity Fund		107
U.S. GARP Equity Fund		12
U.S. Large Cap Core Plus Fund		12
U.S. Research Enhanced Equity Fund		27
U.S. Sustainable Leaders Fund		2
U.S. Value Fund		21

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

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

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

During the six months ended December 31, 2021, Hedged Equity Fund, Hedged Equity 2 Fund, Large Cap Growth 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 purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 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	$	21,931	$	21,301	$	—	$	—
Equity Income Fund		4,218,772		2,549,258		—		—
Equity Premium Income Fund		2,492,797		1,350,701		—		—
Hedged Equity Fund		3,030,903		4,073,493		—		—
Hedged Equity 2 Fund		2,591,993		322,751		—		—
Hedged Equity 3 Fund		1,763,347		163,567		—		—
Large Cap Growth Fund		9,694,628		8,246,074		—		—
Large Cap Value Fund		1,552,468		2,726,943		—		—
U.S. Applied Data Science Value Fund		115,080		160,044		—		—
U.S. Equity Fund		5,493,964		5,355,908		—		—
U.S. GARP Equity Fund		362,477		470,763		—		—
U.S. Large Cap Core Plus Fund		917,329		1,357,547		365,807		470,702
U.S. Research Enhanced Equity Fund		1,097,065		796,307		—		—
U.S. Sustainable Leaders Fund		97,180		30,024		—		—
U.S. Value Fund		675,900		343,816		—		—

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.



168	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	88,724	$	57,158	$	1,428	$	55,730
Equity Income Fund		34,216,460		17,216,322		264,535		16,951,787
Equity Premium Income Fund		1,916,578		206,130		14,726		191,404
Hedged Equity Fund		13,026,609		7,299,063		38,395		7,260,668
Hedged Equity 2 Fund		3,719,068		394,370		109,266		285,104
Hedged Equity 3 Fund		2,151,309		236,506		77,914		158,592
Large Cap Growth Fund		24,482,064		16,745,761		154,880		16,590,881
Large Cap Value Fund		2,662,936		527,688		29,451		498,237
U.S. Applied Data Science Value Fund		194,000		53,773		1,533		52,240
U.S. Equity Fund		12,917,584		9,851,171		92,182		9,758,989
U.S. GARP Equity Fund		733,912		621,793		8,713		613,080
U.S. Large Cap Core Plus Fund*		1,066,857		1,636,783		55,267		1,581,516
U.S. Research Enhanced Equity Fund		3,081,247		2,911,718		10,377		2,901,341
U.S. Sustainable Leaders Fund		156,539		41,805		721		41,084
U.S. Value Fund		1,545,198		633,341		7,050		626,291

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

As of June 30, 2021, the following Funds had net capital loss carryforwards:


	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		Late Year Ordinary Loss Deferral
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).



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	169

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2021. Average borrowings from the Facility during the six months ended December 31, 2021, were as follows:


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Large Cap Value Fund	$	47,781		0.81	%		1	$	1

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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 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 six months ended December 31, 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 December 31, 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		63.7	%		1		20.1	%
Equity Income Fund		1		10.9			2		29.6
Equity Premium Income Fund		1		48.4			1		10.8
Hedged Equity Fund		—		—			2		38.1
Hedged Equity 2 Fund		1		16.8			3		39.6
Hedged Equity 3 Fund		1		21.7			2		22.6
Large Cap Growth Fund		—		—			2		28.2
Large Cap Value Fund		1		14.4			1		13.4
U.S. Applied Data Science Value Fund		—		—			2		24.6
U.S. Equity Fund		—		—			1		13.2
U.S. GARP Equity Fund		3		45.4			—		—



170	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	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
U.S. Large Cap Core Plus Fund		1		26.6	%		1		14.3	%
U.S. Research Enhanced Equity Fund		—		—			1		15.7
U.S. Sustainable Leaders Fund		—		—			4		63.6
U.S. Value Fund		—		—			1		20.5

As of December 31, 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		31.3	%		n/a
U.S. Equity Fund		n/a			19.6	%
U.S. GARP Equity Fund		55.0			n/a
U.S. Research Enhanced Equity Fund		18.2			34.2

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

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.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	171

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2021, and continued to hold your shares at the end of the reporting period, December 31, 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 Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual	$	1,000.00	$	1,086.40	$	5.78		1.10	%
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class C
Actual		1,000.00		1,083.40		8.40		1.60
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class I
Actual		1,000.00		1,087.70		4.47		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,089.10		3.16		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60

JPMorgan Equity Income Fund
Class A
Actual		1,000.00		1,075.50		4.97		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class C
Actual		1,000.00		1,072.10		7.57		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class I
Actual		1,000.00		1,076.70		3.66		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R2
Actual		1,000.00		1,073.50		6.32		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class R3
Actual		1,000.00		1,075.50		4.97		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95



172	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual	$	1,000.00	$	1,076.30	$	3.66		0.70	%
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R5
Actual		1,000.00		1,077.40		2.88		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R6
Actual		1,000.00		1,078.10		2.36		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45

JPMorgan Equity Premium Income Fund
Class A
Actual		1,000.00		1,086.00		4.47		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,083.30		7.09		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,087.40		3.16		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R5
Actual		1,000.00		1,088.20		2.37		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,088.70		1.84		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35

JPMorgan Hedged Equity Fund
Class A
Actual		1,000.00		1,040.80		4.27		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class C
Actual		1,000.00		1,038.20		6.83		1.33
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class I
Actual		1,000.00		1,042.00		2.99		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R5
Actual		1,000.00		1,043.10		2.21		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class R6
Actual		1,000.00		1,043.20		1.70		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33

JPMorgan Hedged Equity 2 Fund
Class A
Actual		1,000.00		1,071.30		4.44		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,069.20		7.04		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,072.90		3.13		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


		Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Hedged Equity 2 Fund (continued)
Class R5
Actual		$	1,000.00	$	1,074.10	$	2.35		0.45	%
Hypothetical			1,000.00		1,022.94		2.29		0.45
Class R6
Actual			1,000.00		1,074.60		1.83		0.35
Hypothetical			1,000.00		1,023.44		1.79		0.35

JPMorgan Hedged Equity 3 Fund
Class A
Actual			1,000.00		1,059.70		4.41		0.85
Hypothetical			1,000.00		1,020.92		4.33		0.85
Class C
Actual			1,000.00		1,056.80		7.00		1.35
Hypothetical			1,000.00		1,018.40		6.87		1.35
Class I
Actual			1,000.00		1,061.20		3.12		0.60
Hypothetical			1,000.00		1,022.18		3.06		0.60
Class R5
Actual			1,000.00		1,062.30		2.34		0.45
Hypothetical			1,000.00		1,022.94		2.29		0.45
Class R6
Actual			1,000.00		1,062.90		1.82		0.35
Hypothetical			1,000.00		1,023.44		1.79		0.35

JPMorgan Large Cap Growth Fund
Class A
Actual			1,000.00		1,085.20		4.94		0.94
Hypothetical			1,000.00		1,020.47		4.79		0.94
Class C
Actual			1,000.00		1,082.40		7.56		1.44
Hypothetical			1,000.00		1,017.95		7.32		1.44
Class I
Actual			1,000.00		1,086.50		3.63		0.69
Hypothetical			1,000.00		1,021.73		3.52		0.69
Class R2
Actual			1,000.00		1,083.90		6.25		1.19
Hypothetical	��		1,000.00		1,019.21		6.06		1.19
Class R3
Actual			1,000.00		1,085.10		4.94		0.94
Hypothetical			1,000.00		1,020.47		4.79		0.94
Class R4
Actual			1,000.00		1,086.50		3.63		0.69
Hypothetical			1,000.00		1,021.73		3.52		0.69
Class R5
Actual			1,000.00		1,087.50		2.84		0.54
Hypothetical			1,000.00		1,022.48		2.75		0.54
Class R6
Actual			1,000.00		1,087.90		2.32		0.44
Hypothetical			1,000.00		1,022.99		2.24		0.44

JPMorgan Large Cap Value Fund
Class A
Actual			1,000.00		1,018.80		4.73		0.93
Hypothetical			1,000.00		1,020.52		4.74		0.93



174	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class C
Actual	$	1,000.00	$	1,016.20	$	7.32		1.44	%
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,019.40		3.51		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,016.80		6.05		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,018.60		4.78		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,020.20		3.51		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,020.40		2.75		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,020.60		2.24		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Actual		1,000.00		1,084.30		3.84		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class C
Actual		1,000.00		1,081.20		6.45		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class I
Actual		1,000.00		1,085.50		2.58		0.49
Hypothetical		1,000.00		1,022.74		2.50		0.49
Class R2
Actual		1,000.00		1,082.30		5.72		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		1,085.90		2.31		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,086.30		1.79		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34

JPMorgan U.S. Equity Fund
Class A
Actual		1,000.00		1,128.40		5.04		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,125.80		7.72		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,129.80		3.70		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class L
Actual		1,000.00		1,130.80		2.90		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	175

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Equity Fund (continued)
Class R2
Actual	$	1,000.00	$	1,126.80	$	6.38		1.19	%
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,128.00		5.04		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,130.00		3.70		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,130.70		2.90		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,131.50		2.36		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

JPMorgan U.S. GARP Equity Fund
Class A
Actual		1,000.00		1,130.00		4.51		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class C
Actual		1,000.00		1,127.00		7.18		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Class I
Actual		1,000.00		1,131.40		3.17		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R2
Actual		1,000.00		1,128.50		5.85		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		1,132.40		2.36		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,132.90		1.83		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34

JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual		1,000.00		1,125.20		10.02		1.87
Hypothetical		1,000.00		1,015.78		9.50		1.87
Class C
Actual		1,000.00		1,122.80		12.63		2.36
Hypothetical		1,000.00		1,013.31		11.98		2.36
Class I
Actual		1,000.00		1,126.80		8.68		1.62
Hypothetical		1,000.00		1,017.04		8.24		1.62
Class R2
Actual		1,000.00		1,123.50		11.83		2.21
Hypothetical		1,000.00		1,014.06		11.22		2.21
Class R5
Actual		1,000.00		1,127.20		8.36		1.56
Hypothetical		1,000.00		1,017.34		7.93		1.56
Class R6
Actual		1,000.00		1,127.70		7.83		1.46
Hypothetical		1,000.00		1,017.85		7.43		1.46



176	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual	$	1,000.00	$	1,120.00	$	3.21		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class I
Actual		1,000.00		1,121.10		1.87		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class R6
Actual		1,000.00		1,121.50		1.34		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25

JPMorgan U.S. Sustainable Leaders Fund
Class A
Actual		1,000.00		1,120.00		3.42		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
Class C
Actual		1,000.00		1,117.00		6.08		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class I
Actual		1,000.00		1,121.30		2.09		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class R6
Actual		1,000.00		1,121.70		1.82		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34

JPMorgan U.S. Value Fund
Class A
Actual		1,000.00		1,068.40		4.90		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,065.70		7.50		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,069.80		3.60		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,066.90		6.20		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,068.30		4.90		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,069.70		3.60		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,070.40		2.82		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,071.10		2.30		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	177

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

J.P. Morgan Large Cap Funds — JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 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, 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

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreements for JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 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, 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, whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each

of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund



178	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered quality of the quality of administration services provided by the Adviser in its role as administrator.

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

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

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix,

numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	179

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer

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

Fees Relative to Adviser’s Other Clients

and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Focus Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based



180	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the third, second and second quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, third and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and third quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Premium Income Fund’s performance for Class A and Class R6 shares was in the third quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2020, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Growth Fund’s performance for Class A, Class I and Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Value Fund’s performance for Class A and Class I shares was in the first, second and first quintiles based upon the Peer Group, and in the first, third and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the first, second and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Applied Data Science Value Fund’s performance for Class A shares was in the fourth quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the third, fourth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, third and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Equity Fund’s performance for Class A, Class I and Class R6 shares was in the first quintile based upon the Peer Group and Universe, for each of the one-, three and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon



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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. GARP Equity Fund’s performance for Class A and Class I shares was in the fifth, fifth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fifth, fourth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the first, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the first, first and second quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles based upon both the Peer Group and Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in

the second and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the first, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Sustainable Leaders Fund’s performance for Class A shares was in the first, third and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Value Fund’s performance for Class A shares was in the second, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Peer Group and in the second, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.



182	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

Advisory Fees and Expense Ratios

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

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

The Trustees noted that the Equity Income Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and second

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

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

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

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

The Trustees noted that the Large Cap Value Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were also in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	183

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

The Trustees noted that the U.S. Applied Data Science Value Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

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

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

The Trustees noted that the U.S. Large Cap Core Plus Fund’s net advisory fee for Class A shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were also in the fifth and fourth quintiles based upon the Peer Group and

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

The Trustees noted that the U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

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

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



184	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust I (“JPM I”)

JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Equity Focus Fund, Hedged Equity 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 and U.S. Value Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee

John F. Finn
In Favor		218,161,076
Withheld		3,798,560

Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167

Gary L. French
In Favor		219,573,994
Withheld		2,385,642

Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735

Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510

Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677

Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463

Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353


	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634

Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125

Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330

Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528

Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062

Interested Nominee

Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799

Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	185

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust II (“JPM II”)

JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Equity Income Fund, Large Cap Growth Fund and Large Cap Value Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee

John F. Finn
In Favor		288,983,507
Withheld		6,732,052

Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973

Gary L. French
In Favor		289,542,085
Withheld		6,173,474

Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887

Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229

Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386

Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535

Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692


	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947

Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165

Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520

Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543

Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575

Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163

Interested Nominee

Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld

Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803



186	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Trust IV (“JPM IIV”)

JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPM IV, including Equity Premium Income Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee

John F. Finn
In Favor		2,308,022
Withheld		4,313

Steven P. Fisher
In Favor		2,309,583
Withheld		2,752

Gary L. French
In Favor		2,309,620
Withheld		2,715

Kathleen M. Gallagher
In Favor		2,309,789
Withheld		2,546

Robert J. Grassi
In Favor		2,309,623
Withheld		2,712

Frankie D. Hughes
In Favor		2,309,543
Withheld		2,791

Raymond Kanner
In Favor		2,309,644
Withheld		2,691

Thomas P. Lemke
In Favor		2,309,600
Withheld		2,735

Lawrence R. Maffia
In Favor		2,309,585
Withheld		2,750


	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		2,309,800
Withheld		2,534

Marilyn McCoy
In Favor		2,309,821
Withheld		2,514

Dr. Robert A. Oden, Jr.
In Favor		2,308,857
Withheld		3,478

Marian U. Pardo
In Favor		2,309,743
Withheld		2,591

Emily A. Youssouf
In Favor		2,309,749
Withheld		2,586

Interested Nominee

Robert F. Deutsch
In Favor		2,309,524
Withheld		2,811

Nina O. Shenker
In Favor		2,309,718
Withheld		2,616



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	187

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2021. All rights reserved. December 2021.		SAN-LCE-1221

Semi-Annual Report

J.P. Morgan Funds

December 31, 2021 (Unaudited)

JPMorgan SmartSpending^SM 2015 Fund

JPMorgan SmartSpending^SM 2020 Fund

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan SmartSpending^SM 2015 Fund			3

JPMorgan SmartSpending^SM 2020 Fund			5

Schedules of Portfolio Investments			7

Financial Statements			27

Financial Highlights			34

Notes to Financial Statements			38

Schedule of Shareholder Expenses			50

Board Approval of Investment Advisory Agreements			52

Special Shareholder Meeting Results			56

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.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

February 8, 2022 (Unaudited)

Dear Shareholders,

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2021	J.P. MORGAN FUNDS	1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Overall, U.S. equity markets generated positive returns in the second half of 2021, bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Fixed income markets underperformed equity markets during the period and generally had mixed results during the period amid relatively low yields and investor expectations for rising interest rate.

Notably, the emergence of the omicron variant of COVID-19 and a global resurgence of the pandemic in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw upward momentum in U.S. equity prices following record high earnings and revenue reports from U.S. companies for the second quarter of 2021. However, equity markets slumped toward the end of September amid investor concerns about global supply chain disruptions, inflationary pressures and some weakening in U.S. consumer spending. During that month, the U.S. Federal Reserve (the “Fed”) set an initial schedule for tapering off its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

Equity markets see-sawed in the final three months of the 2021. Stronger-than-expected corporate earnings and revenue for the third quarter of 2021, along with growth in jobs and consumer spending and a boom in U.S. consumer wealth, provided support for equity prices. In response to rising inflation and falling unemployment, the Fed accelerated its reduction in net asset purchases and indicated it may raise interest rates three times over 2022 and 2023.

Within U.S. equity, large cap stocks generally outperformed both mid cap and small cap stocks. Growth stocks led returns in the large cap indexes but value stocks outperformed growth stocks within mid cap and small cap indexes. Within fixed income markets, high yield bonds (also known as “junk bonds”) outperformed corporate bonds and U.S. Treasury securities.



2	J.P. MORGAN FUNDS	DECEMBER 31, 2021

JPMorgan SmartSpending^SM 2015 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.01%
Bloomberg U.S. Aggregate Index		0.06%
MSCI World Index (net of foreign withholding taxes)		7.76%
SmartSpending Composite Benchmark		3.17%

Net Assets as of 12/31/2021 (In Thousands)	$	30,704

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 U.S. Aggregate Index (the “Benchmark”) and underperformed the MSCI World Index (net of foreign withholding taxes) for the six months ended December 31, 2021. The Fund underperformed the SmartSpending Composite Benchmark (the “Composite Benchmark”), which consists of 40% MSCI World Index (net of foreign withholding taxes) and 60% Bloomberg 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 emerging markets fixed income 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 real estate investment trusts, contributed to relative performance.

Relative to the Composite Benchmark, the Fund’s overweight positions in U.S. large cap and high yield debt (also known as “junk bonds”) were leading contributors to 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 DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		39.3	%
Exchange-Traded Funds		29.5
Corporate Bonds		7.8
U.S. Treasury Obligations		7.1
Mortgage-Backed Securities		6.0
Asset-Backed Securities		4.0
Others (each less than 1.0%)		1.0
Short-Term Investments		5.3

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



DECEMBER 31, 2021	J.P. MORGAN FUNDS	3

JPMorgan SmartSpending^SM 2015 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	December 30, 2016		2.01	%		6.49	%		5.97	%		5.96	%
CLASS R2 SHARES	December 30, 2016		1.79			6.00			5.33			5.33
CLASS R3 SHARES	December 30, 2016		1.91			6.32			5.59			5.59
CLASS R4 SHARES	December 30, 2016		1.96			6.50			5.85			5.84
CLASS R5 SHARES	December 30, 2016		2.11			6.71			6.01			6.01
CLASS R6 SHARES	December 30, 2016		2.20			6.81			6.13			6.12

Not annualized.

LIFE OF FUND PERFORMANCE (12/30/16 to 12/31/21)

LOGO

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 U.S. Aggregate Index and the SmartSpending Composite Benchmark from December 30, 2016 to December 31, 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 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 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 U.S. Aggregate Index. Investors cannot invest directly in an index.

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



4	J.P. MORGAN FUNDS	DECEMBER 31, 2021

JPMorgan SmartSpending^SM 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		1.95%
Bloomberg U.S. Aggregate Index		0.06%
MSCI World Index (net of foreign withholding taxes)		7.76%
SmartSpending Composite Benchmark		3.17%

Net Assets as of 12/31/2021 (In Thousands)	$	27,762

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?

Relative to the Composite Benchmark, the Fund’s overweight positions in U.S. large cap and high yield debt (also known as “junk bonds”) were leading contributors to performance.

HOW WAS THE PORTFOLIO POSITIONED?


PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Investment Companies		41.4	%
Exchange-Traded Funds		28.9
Corporate Bonds		8.0
U.S. Treasury Obligations		7.3
Mortgage-Backed Securities		5.9
Asset-Backed Securities		3.3
Others (each less than 1.0%)		1.0
Short-Term Investments		4.2

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



DECEMBER 31, 2021	J.P. MORGAN FUNDS	5

JPMorgan SmartSpending^SM 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS I SHARES		July 1, 2020		1.95	%		6.02	%		10.81	%
CLASS R2 SHARES		July 1, 2020		1.66			5.46			10.25
CLASS R3 SHARES		July 1, 2020		1.84			5.78			10.55
CLASS R4 SHARES		July 1, 2020		1.96			6.03			10.81
CLASS R5 SHARES		July 1, 2020		2.05			6.18			10.97
CLASS R6 SHARES		July 1, 2020		2.08			6.28			11.07

Not annualized.

LIFE OF FUND PERFORMANCE (7/1/20 to 12/31/21)

LOGO

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 U.S. Aggregate Index and the SmartSpending Composite Benchmark from July 1, 2020 to December 31, 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 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 U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S.

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



6	J.P. MORGAN FUNDS	DECEMBER 31, 2021

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 39.6%

Fixed Income — 26.9%

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		75		579

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		76		585

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		44		395

JPMorgan High Yield Fund Class R6 Shares (a)		153		1,107

JPMorgan Income Fund Class R6 Shares (a)		82		770

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		210		2,310

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		259		2,520


Total Fixed Income				8,266


U.S. Equity — 12.7%

JPMorgan Equity Index Fund Class R6 Shares (a)		54		3,889


Total Investment Companies (Cost $10,812)				12,155

Exchange-Traded Funds — 29.7%

Alternative Assets — 1.9%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		5		589


Fixed Income — 11.3%

JPMorgan High Yield Research Enhanced ETF (a)		25		1,288

JPMorgan U.S. Aggregate Bond ETF (a)		40		2,177


Total Fixed Income				3,465


International Equity — 13.1%

iShares Core MSCI Emerging Markets ETF		17		1,021

JPMorgan BetaBuilders International Equity ETF (a)		50		2,990


Total International Equity				4,011


U.S. Equity — 3.4%

iShares Russell 2000 ETF		2		412

iShares Russell Mid-Cap ETF		8		644


Total U.S. Equity				1,056


Total Exchange-Traded Funds (Cost $7,999)				9,121


	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 7.9%

Aerospace & Defense — 0.2%

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			32		32

3.45%, 11/1/2028			3		3

Leidos, Inc. 2.30%, 2/15/2031			11		11

Northrop Grumman Corp. 3.85%, 4/15/2045			7		8

Raytheon Technologies Corp. 2.25%, 7/1/2030			11		11


					75


Airlines — 0.0% (b)

American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034			12		12


Auto Components — 0.0% (b)

Lear Corp. 2.60%, 1/15/2032			5		5


Automobiles — 0.3%

General Motors Co. 6.80%, 10/1/2027			15		18

Hyundai Capital America

1.15%, 11/10/2022 (c)			17		17

2.65%, 2/10/2025 (c)			5		5

1.30%, 1/8/2026 (c)			5		5

2.38%, 10/15/2027 (c)			14		14

1.80%, 1/10/2028 (c)			5		5

Nissan Motor Acceptance Co. LLC 2.80%, 1/13/2022 (c)			22		22


					86


Banks — 0.8%

Bank of America Corp.

4.00%, 1/22/2025			21		22

(SOFR + 1.01%), 1.20%, 10/24/2026 (d)			11		11

(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)			23		25

(SOFR + 1.21%), 2.57%, 10/20/2032 (d)			5		5

(SOFR + 1.93%), 2.68%, 6/19/2041 (d)			21		20

Citigroup, Inc.

3.88%, 3/26/2025			34		36

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)			5		5

(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (d)			11		12

(SOFR + 1.18%), 2.52%, 11/3/2032 (d)	��		5		5

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)			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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	7

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued

Banks — continued

Wells Fargo & Co.

4.10%, 6/3/2026		11		12

(SOFR + 2.53%), 3.07%, 4/30/2041 (d)		12		12

Westpac Banking Corp. (Australia) 3.13%, 11/18/2041		4		4


				217


Beverages — 0.1%

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 7/15/2042		14		15

Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		11		12


				27


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

Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		7		7


				69


Building Products — 0.0% (b)

Masco Corp. 2.00%, 10/1/2030		7		7


Capital Markets — 0.4%

Goldman Sachs Group, Inc. (The)

(SOFR + 0.57%), 0.67%, 3/8/2024 (d)		13		13

4.25%, 10/21/2025		46		50

(SOFR + 0.91%), 1.95%, 10/21/2027 (d)		5		5

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		16		17

Macquarie Group Ltd. (Australia)

(SOFR + 1.07%), 1.34%, 1/12/2027 (c) (d)		10		10

Morgan Stanley 3.95%, 4/23/2027		14		16

(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		12		14


				125


Chemicals — 0.1%

International Flavors & Fragrances, Inc. 3.47%, 12/1/2050 (c)		11		11

LYB International Finance III LLC 1.25%, 10/1/2025		11		11


				22


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Services & Supplies — 0.0% (b)

Republic Services, Inc. 1.75%, 2/15/2032		15		14


Construction & Engineering — 0.0% (b)

Quanta Services, Inc. 2.35%, 1/15/2032		10		10


Construction Materials — 0.0% (b)

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 (c)		5		5

2.88%, 2/15/2025 (c)		5		5

5.50%, 1/15/2026 (c)		19		21

2.13%, 2/21/2026 (c)		5		5

2.53%, 11/18/2027 (c)		13		13

Capital One Financial Corp.

3.80%, 1/31/2028		11		12

(SOFR + 1.27%), 2.62%, 11/2/2032 (d)		5		5

General Motors Financial Co., Inc.

1.25%, 1/8/2026		7		7

4.35%, 1/17/2027		2		2

Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023 (c)		5		5


				80


Containers & Packaging — 0.0% (b)

Graphic Packaging International LLC 1.51%, 4/15/2026 (c)		6		6


Diversified Financial Services — 0.0% (b)

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		21

3.50%, 6/1/2041		11		11

3.55%, 9/15/2055		4		4

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


				69


Electric Utilities — 0.5%

Duke Energy Corp. 3.40%, 6/15/2029		11		12

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued

Electric Utilities — continued

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		11

Indiana Michigan Power Co. 3.25%, 5/1/2051		5		5

Jersey Central Power & Light Co. 4.30%, 1/15/2026 (c)		7		8

New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (c)		7		6

NRG Energy, Inc.

2.00%, 12/2/2025 (c)		5		5

2.45%, 12/2/2027 (c)		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.

1.37%, 3/10/2023		10		10

1.70%, 11/15/2023		5		5

2.95%, 3/1/2026		4		4

3.75%, 8/15/2042 (e)		4		4

4.30%, 3/15/2045		1		1

PacifiCorp 4.15%, 2/15/2050		12		14

Southern California Edison Co. Series 20C, 1.20%, 2/1/2026		12		12


				151


Electrical Equipment — 0.0% (b)

Eaton Corp. 4.15%, 11/2/2042		7		8


Energy Equipment & Services — 0.0% (b)

Baker Hughes Holdings LLC 3.34%, 12/15/2027		7		7

Schlumberger Holdings Corp. 4.00%, 12/21/2025 (c)		7		8


				15


Entertainment — 0.1%

Activision Blizzard, Inc. 1.35%, 9/15/2030		4		4

Walt Disney Co. (The) 3.50%, 5/13/2040		11		12


				16


Equity Real Estate Investment Trusts (REITs) — 0.8%

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		25

3.10%, 6/15/2050		7		6

2.95%, 1/15/2051		4		4


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued

Brixmor Operating Partnership LP

2.25%, 4/1/2028		10		10

2.50%, 8/16/2031		5		5

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		11

Federal Realty Investment Trust 1.25%, 2/15/2026		7		7

Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		7		7

Healthpeak Properties, Inc.

2.13%, 12/1/2028		6		6

2.88%, 1/15/2031		7		7

Life Storage LP 2.40%, 10/15/2031		5		5

Mid-America Apartments LP 3.60%, 6/1/2027		3		3

Office Properties Income Trust 2.40%, 2/1/2027		10		10

Physicians Realty LP 2.63%, 11/1/2031		5		5

Public Storage

1.95%, 11/9/2028		3		3

2.25%, 11/9/2031		3		3

Realty Income Corp. 1.80%, 3/15/2033		5		5

Sabra Health Care LP 3.20%, 12/1/2031		5		5

Safehold Operating Partnership LP 2.85%, 1/15/2032		7		7

Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (c)		14		14

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		10

2.45%, 2/1/2032		10		10


				223


Food & Staples Retailing — 0.2%

7-Eleven, Inc.

0.63%, 2/10/2023 (c)		15		14

0.95%, 2/10/2026 (c)		2		2

1.30%, 2/10/2028 (c)		2		2

2.50%, 2/10/2041 (c)		3		3

Alimentation Couche-Tard, Inc. (Canada)

2.95%, 1/25/2030 (c)		7		8

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	9

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued

Food & Staples Retailing — continued

3.44%, 5/13/2041 (c)		5		5

3.63%, 5/13/2051 (c)		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		10

Smithfield Foods, Inc. 3.00%, 10/15/2030 (c)		11		11

Tyson Foods, Inc. 3.55%, 6/2/2027		11		12


				49


Gas Utilities — 0.1%

Atmos Energy Corp.

0.63%, 3/9/2023		5		5

1.50%, 1/15/2031		6		6

CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		11		10


				21


Health Care Equipment & Supplies — 0.1%

Becton Dickinson and Co. 4.67%, 6/6/2047		12		15

Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		5		5


				20


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		26

MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		5		5

MultiCare Health System 2.80%, 8/15/2050		2		2

Piedmont Healthcare, Inc. 2.86%, 1/1/2052		5		5

Quest Diagnostics, Inc. 2.80%, 6/30/2031		7		7

Universal Health Services, Inc. 2.65%, 1/15/2032 (c)		5		5

West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		20		20


				92


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hotels, Restaurants & Leisure — 0.0% (b)

Starbucks Corp. 3.35%, 3/12/2050		7		7


Household Durables — 0.0% (b)

Lennar Corp.

4.50%, 4/30/2024		2		2

5.00%, 6/15/2027		11		13


				15


Household Products — 0.0% (b)

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 (c)		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 — 0.0% (b)

Roper Technologies, Inc. 1.75%, 2/15/2031		7		7


Insurance — 0.3%

American International Group, Inc. 4.38%, 6/30/2050		7		9

Athene Global Funding

0.95%, 1/8/2024 (c)		11		11

2.75%, 6/25/2024 (c)		7		7

2.50%, 1/14/2025 (c)		4		4

1.45%, 1/8/2026 (c)		10		10

Brown & Brown, Inc. 2.38%, 3/15/2031		7		7

Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (c)		7		7

F&G Global Funding 1.75%, 6/30/2026 (c)		5		5

New York Life Insurance Co. 3.75%, 5/15/2050 (c)		7		8

Northwestern Mutual Global Funding 1.70%, 6/1/2028 (c)		5		5

Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (c)		7		7


				80


IT Services — 0.0% (b)

CGI, Inc. (Canada) 2.30%, 9/14/2031 (c)		6		6

Global Payments, Inc. 3.20%, 8/15/2029		4		4


				10


Leisure Products — 0.0% (b)

Hasbro, Inc. 3.90%, 11/19/2029		5		6


Life Sciences Tools & Services — 0.0% (b)

Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		10		10

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued

Machinery — 0.0% (b)

Otis Worldwide Corp. 3.11%, 2/15/2040		7		7


Media — 0.3%

Charter Communications Operating LLC

2.80%, 4/1/2031		21		21

3.50%, 6/1/2041		10		10

Comcast Corp.

3.25%, 11/1/2039		11		11

2.80%, 1/15/2051		3		3

Cox Communications, Inc. 1.80%, 10/1/2030 (c)		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


				84


Metals & Mining — 0.1%

Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (c)		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%

Kohl’s Corp. 3.38%, 5/1/2031		6		6

Nordstrom, Inc. 4.25%, 8/1/2031		10		10


				16


Multi-Utilities — 0.0% (b)

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		5

BP Capital Markets America, Inc.

3.63%, 4/6/2030		7		8

2.77%, 11/10/2050		11		10

Chevron USA, Inc. 3.25%, 10/15/2029		5		5

ConocoPhillips 3.75%, 10/1/2027 (c)		7		8

Coterra Energy, Inc. 3.90%, 5/15/2027 (c)		5		5

Diamondback Energy, Inc. 3.25%, 12/1/2026		9		9

Enable Midstream Partners LP 5.00%, 5/15/2044 (e)		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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued

Flex Intermediate Holdco LLC

3.36%, 6/30/2031 (c)		5		5

4.32%, 12/30/2039 (c)		5		5

Gray Oak Pipeline LLC

2.60%, 10/15/2025 (c)		14		15

3.45%, 10/15/2027 (c)		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 (c)		5		5

Phillips 66 Partners LP 3.55%, 10/1/2026		7		7

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

TotalEnergies Capital International SA (France) 2.99%, 6/29/2041		7		7

TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		7		8

Williams Cos., Inc. (The) 2.60%, 3/15/2031		5		5


				200


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		8

Merck & Co., Inc. 2.35%, 6/24/2040		7		7

Royalty Pharma plc 3.30%, 9/2/2040		11		11

Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		11		12

Viatris, Inc. 3.85%, 6/22/2040		11		12


				58


Professional Services — 0.0% (b)

IHS Markit Ltd. 4.25%, 5/1/2029		10		11


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 (c)		11		11

Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (c)		15		14

Union Pacific Corp. 3.55%, 8/15/2039		5		6


				46

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	11

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued

Semiconductors & Semiconductor Equipment — 0.3%

Analog Devices, Inc. 2.80%, 10/1/2041		4		4

Broadcom, Inc.

1.95%, 2/15/2028 (c)		9		9

4.15%, 11/15/2030		23		26

KLA Corp. 3.30%, 3/1/2050		6		6

Microchip Technology, Inc.

0.97%, 2/15/2024		10		10

0.98%, 9/1/2024 (c)		5		5

NXP BV (China)

2.50%, 5/11/2031 (c)		5		5

3.25%, 5/11/2041 (c)		5		5

Xilinx, Inc. 2.38%, 6/1/2030		12		12


				82


Software — 0.1%

Citrix Systems, Inc. 1.25%, 3/1/2026		5		5

Oracle Corp. 3.80%, 11/15/2037		17		18

VMware, Inc.

1.40%, 8/15/2026		7		7

4.70%, 5/15/2030		11		12


				42


Specialty Retail — 0.1%

AutoZone, Inc. 3.63%, 4/15/2025		11		12

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		7


				35


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		9

BAT Capital Corp. (United Kingdom)

2.26%, 3/25/2028		13		13

4.39%, 8/15/2037		5		5

3.73%, 9/25/2040		6		6


				33


Trading Companies & Distributors — 0.1%

Air Lease Corp.

3.38%, 7/1/2025		5		5

1.88%, 8/17/2026		15		15


				20


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


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		17

3.00%, 2/15/2041		11		11


				35


Total Corporate Bonds (Cost $2,478)				2,422

U.S. Treasury Obligations — 7.1%

U.S. Treasury Bonds

1.13%, 5/15/2040		49		43

1.13%, 8/15/2040		67		58

1.38%, 11/15/2040		7		6

2.25%, 5/15/2041		8		8

2.25%, 8/15/2046		15		16

1.38%, 8/15/2050		260		229

1.63%, 11/15/2050		58		54

1.88%, 2/15/2051		6		6

U.S. Treasury Notes

1.38%, 1/31/2022 (f)		508		509

0.13%, 9/15/2023		307		304

0.25%, 8/31/2025		291		282

0.38%, 11/30/2025		226		219

0.50%, 8/31/2027		179		171

0.63%, 11/30/2027		45		43

1.25%, 3/31/2028		65		64

1.00%, 7/31/2028		35		34

0.63%, 8/15/2030		2		2

1.13%, 2/15/2031		25		24

1.63%, 5/15/2031		10		10

U.S. Treasury STRIPS Bonds

1.02%, 8/15/2026 (g)		40		38

1.15%, 5/15/2027 (g)		40		37

2.35%, 5/15/2041 (g)		55		37


Total U.S. Treasury Obligations (Cost $2,220)				2,194

Mortgage-Backed Securities — 6.0%

FHLMC UMBS, 30 Year

Pool # ZL3032, 3.50%, 5/1/2042		10		10

Pool # QB4026, 2.50%, 10/1/2050		27		28

Pool # QB4045, 2.50%, 10/1/2050		17		17

Pool # QB4484, 2.50%, 10/1/2050		10		10

Pool # QB4542, 2.50%, 10/1/2050		8		9

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued

Pool # RA4224, 3.00%, 11/1/2050		5		5

Pool # QB8503, 2.50%, 2/1/2051		15		15

FNMA

Pool # BS4290, 1.95%, 10/1/2029		100		101

FNMA UMBS, 30 Year

Pool # CA2826, 5.50%, 12/1/2048		20		22

Pool # FM3118, 3.00%, 5/1/2050		7		7

Pool # BQ2894, 3.00%, 9/1/2050		13		14

Pool # BQ3996, 2.50%, 10/1/2050		11		12

Pool # BQ5243, 3.50%, 10/1/2050		4		4

Pool # CA7398, 3.50%, 10/1/2050		15		16

Pool # CA8637, 4.00%, 1/1/2051		36		39

Pool # BU1805, 2.50%, 12/1/2051		25		26

FNMA, Other

Pool # AN2009, 2.70%, 7/1/2026		19		20

Pool # AM3010, 5.07%, 3/1/2028		9		10

Pool # BL8639, 1.09%, 4/1/2028		10		10

Pool # AM5319, 4.34%, 1/1/2029		9		10

Pool # BL5457, 2.57%, 7/1/2029		10		11

Pool # BS0448, 1.27%, 12/1/2029		20		19

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		5

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		19

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 (h)		29		32

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		8		9

Pool # BF0230, 5.50%, 1/1/2058		24		29

Pool # BF0497, 3.00%, 7/1/2060		12		13

FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 2/25/2052 (i)		240		244

GNMA II, 30 Year

Pool # BY3432, 3.50%, 9/20/2050		17		19

Pool # BR3929, 3.50%, 10/20/2050		9		9

Pool # BW1726, 3.50%, 10/20/2050		17		18

Pool # BS8546, 2.50%, 12/20/2050		32		32

Pool # BR3928, 3.00%, 12/20/2050		15		16

Pool # BU7538, 3.00%, 12/20/2050		13		15


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Pool # 785294, 3.50%, 1/20/2051		32		35

Pool # CA8452, 3.00%, 2/20/2051		39		41

Pool # CB1543, 3.00%, 2/20/2051		30		31

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		33		35

Pool # CC0070, 3.00%, 3/20/2051		4		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		34		37

Pool # CC0088, 4.00%, 3/20/2051		4		4

Pool # CC0092, 4.00%, 3/20/2051		4		4

Pool # CC8727, 3.00%, 4/20/2051		9		10

Pool # CC8739, 3.00%, 4/20/2051		25		26

Pool # CC8740, 3.00%, 4/20/2051		20		21

Pool # CC8751, 3.00%, 4/20/2051		5		5

Pool # CA3563, 3.50%, 7/20/2051		15		16

Pool # CE2586, 3.50%, 7/20/2051		25		27

Pool # MA7534, 2.50%, 8/20/2051		402		411

Pool # MA7649, 2.50%, 10/20/2051		35		36

Pool # CK1527, 3.50%, 12/20/2051		20		22

GNMA II, Other Pool # 785183, 2.94%, 10/20/2070 (h)		24		24


Total Mortgage-Backed Securities (Cost $1,870)				1,844

Asset-Backed Securities — 4.0%

ACC Auto Trust Series 2021-A, Class A, 1.08%, 4/15/2027 (c)		75		75

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (c)		25		25

American Airlines Pass-Through Trust

Series 2016-2, Class AA, 3.20%, 6/15/2028		19		19

Series 2016-3, Class AA, 3.00%, 10/15/2028		19		19

Series 2021-1, Class B, 3.95%, 7/11/2030		14		14

Series 2019-1, Class AA, 3.15%, 2/15/2032		26		25

American Credit Acceptance Receivables Trust

Series 2021-1, Class A, 0.35%, 5/13/2024 (c)		6		6

Series 2021-1, Class B, 0.61%, 3/13/2025 (c)		10		10

Series 2020-4, Class C, 1.31%, 12/14/2026 (c)		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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	13

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued

Business Jet Securities LLC Series 2021-1A, Class A, 2.16%, 4/15/2036 (c)		84		82

CarMax Auto Owner Trust

Series 2019-3, Class C, 2.60%, 6/16/2025		15		15

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 (c)		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 (c)		25		25

Delta Air Lines Pass-Through Trust Series 2020-1, Class A, 2.50%, 6/10/2028		9		9

Drive Auto Receivables Trust Series 2020-1, Class D, 2.70%, 5/17/2027		35		36

DT Auto Owner Trust

Series 2021-1A, Class C, 0.84%, 10/15/2026 (c)		10		10

Series 2021-2A, Class C, 1.10%, 2/16/2027 (c)		25		25

Series 2021-4A, Class D, 1.99%, 9/15/2027 (c)		25		25

Exeter Automobile Receivables Trust

Series 2021-1A, Class A3, 0.34%, 3/15/2024		6		6

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 (c)		25		25

First Investors Auto Owner Trust Series 2021-1A, Class B, 0.89%, 3/15/2027 (c)		10		10

Flagship Credit Auto Trust

Series 2021-2, Class A, 0.37%, 12/15/2026 (c)		23		23

Series 2021-1, Class B, 0.68%, 2/16/2027 (c)		10		10

Series 2020-4, Class C, 1.28%, 2/16/2027 (c)		10		10

GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 0.87%, 12/16/2024 (c)		10		10

GLS Auto Receivables Trust Series 2021-2A, Class B, 0.77%, 9/15/2025 (c)		10		10

JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028		6		7

Pagaya AI Debt Selection Trust

Series 2021-1, Class A, 1.18%, 11/15/2027 (c)		77		77

Series 2021-HG1, Class A, 1.22%, 1/16/2029 (c)		93		92

Series 2021-3, Class A, 1.15%, 5/15/2029 (c)		92		92


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (c)		15		15

Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (c)		10		10

Santander Drive Auto Receivables Trust

Series 2019-3, Class D, 2.68%, 10/15/2025		19		19

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		3		3

Series 2019-2, Class B, 3.50%, 5/1/2028		8		8

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 (c)		20		20

Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (c)		46		46

VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (c) (e)		76		76

VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (c) (e)		28		28

Westlake Automobile Receivables Trust

Series 2020-3A, Class C, 1.24%, 11/17/2025 (c)		10		10

Series 2020-3A, Class D, 1.65%, 2/17/2026 (c)		10		10

Series 2021-1A, Class C, 0.95%, 3/16/2026 (c)		30		30


Total Asset-Backed Securities (Cost $1,233)				1,227

Collateralized Mortgage Obligations — 0.6%

Bayview Finance LLC 0.00%, 7/12/2033 ‡		20		20

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 2018-72, Class VB, 3.50%, 10/25/2031		8		8

Series 2019-7, Class CA, 3.50%, 11/25/2057		38		40

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		9		10

Series 2019-2, Class M55D, 4.00%, 8/25/2058		12		13

Series 2019-3, Class M55D, 4.00%, 10/25/2058		12		13

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued

Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		17		18

Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		21		20


Total Collateralized Mortgage Obligations (Cost $169)				169

Commercial Mortgage-Backed Securities — 0.5%

ACRE Commercial Mortgage Ltd. (Cayman Islands)

Series 2021-FL4, Class A, 0.93%, 12/18/2037 (c) (h)		10		10

Series 2021-FL4, Class AS, 1.20%, 12/18/2037 (c) (h)		10		10

BPR Trust Series 2021-KEN, Class A, 1.36%, 2/15/2029 (c) (h)		20		20

FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (c) (h)		15		15

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K-1511, Class A1, 3.28%, 10/25/2030		14		15

Series K-1510, Class A2, 3.72%, 1/25/2031		5		6

FNMA ACES

Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		7		7

Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (h)		96		12

FREMF Mortgage Trust

Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (c) (h)		10		10

Series 2016-K56, Class B, 3.94%, 6/25/2049 (c) (h)		5		5

Series 2016-K58, Class B, 3.74%, 9/25/2049 (c) (h)		25		28

Series 2017-K728, Class C, 3.65%, 11/25/2050 (c) (h)		10		10

KKR Industrial Portfolio Trust Series 2021-KDIP, Class B, 0.91%, 12/15/2037 ‡ (c) (h)		8		7


Total Commercial Mortgage-Backed Securities (Cost $157)				155


Investments	SHARES (000)		VALUE ($000)
Short-term Investments — 5.4%

Investment Companies — 5.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (j) (Cost $1,648)		1,648		1,648

Total Investments — 100.8% (Cost $28,586)				30,935
Liabilities in Excess of Other Assets — (0.8)%				(231	)

Net Assets — 100.0%				30,704

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)		Amount rounds to less than 0.1% of net assets.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(e)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2021.
(f)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	15

JPMorgan SmartSpending^SM 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


(g)		The rate shown is the effective yield as of December 31, 2021.
(h)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2021.
(i)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)		The rate shown is the current yield as of December 31, 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 December 31, 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		03/2022		EUR		292		10
MSCI EAFE E-Mini Index	2		03/2022		USD		232		6
Russell 2000 E-Mini Index	1		03/2022		USD		112		3
S&P 500 E-Mini Index	5		03/2022		USD		1,190		25
U.S. Treasury 10 Year Note	11		03/2022		USD		1,434		11

									55

Abbreviations


EAFE		Europe, Australasia and Far East
EUR		Euro
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN FUNDS	DECEMBER 31, 2021

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)

Investment Companies — 41.6%

Fixed Income — 26.8%

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		72		553

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		66		508

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		40		354

JPMorgan High Yield Fund Class R6 Shares (a)		137		993

JPMorgan Income Fund Class R6 Shares (a)		74		694

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		191		2,100

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		230		2,236


Total Fixed Income				7,438


U.S. Equity — 14.8%

JPMorgan Equity Index Fund Class R6 Shares (a)		57		4,105


Total Investment Companies (Cost $10,183)				11,543

Exchange-Traded Funds — 29.1%

Alternative Assets — 2.0%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		5		568


Fixed Income — 11.0%

JPMorgan High Yield Research Enhanced ETF (a)		22		1,155

JPMorgan U.S. Aggregate Bond ETF (a)		35		1,876


Total Fixed Income				3,031


International Equity — 12.8%

iShares Core MSCI Emerging Markets ETF		15		883

JPMorgan BetaBuilders International Equity ETF (a)		45		2,680


Total International Equity				3,563


U.S. Equity — 3.3%

iShares Russell 2000 ETF		2		359

iShares Russell Mid-Cap ETF		7		548


Total U.S. Equity				907


Total Exchange-Traded Funds (Cost $6,941)				8,069


	PRINCIPAL AMOUNT ($000)
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


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		14

Northrop Grumman Corp. 3.85%, 4/15/2045		7		8

Raytheon Technologies Corp. 2.25%, 7/1/2030		9		9


				73


Airlines — 0.0% (b)

American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034		10		10


Auto Components — 0.0% (b)

Lear Corp. 2.60%, 1/15/2032		5		5


Automobiles — 0.3%

General Motors Co. 6.80%, 10/1/2027		13		16

Hyundai Capital America

1.15%, 11/10/2022 (c)		15		15

1.30%, 1/8/2026 (c)		5		5

2.38%, 10/15/2027 (c)		13		13

1.80%, 1/10/2028 (c)		5		5

Nissan Motor Acceptance Co. LLC 2.80%, 1/13/2022 (c)		20		20


				74


Banks — 0.6%

Bank of America Corp. 4.00%, 1/22/2025		33		36

(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		16		17

(SOFR + 1.21%), 2.57%, 10/20/2032 (d)		5		5

(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		15		14

Citigroup, Inc. 3.88%, 3/26/2025		29		31

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (d)		5		5

(SOFR + 1.18%), 2.52%, 11/3/2032 (d)		5		5

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		7		8

HSBC Holdings plc (United Kingdom) 6.10%, 1/14/2042		10		14

KeyCorp 2.25%, 4/6/2027		15		15

Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		17		19

Wells Fargo & Co. 4.10%, 6/3/2026		14		15

Westpac Banking Corp. (Australia) 3.13%, 11/18/2041		4		4


				188

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	17

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Corporate Bonds — continued

Beverages — 0.1%

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 7/15/2042		25		27

Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		10		11


				38


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		34

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


				68


Building Products — 0.0% (b)

Masco Corp. 2.00%, 10/1/2030		6		6


Capital Markets — 0.5%

Goldman Sachs Group, Inc. (The)

(SOFR + 0.57%), 0.67%, 3/8/2024 (d)		12		12

4.25%, 10/21/2025		47		50

(SOFR + 0.80%), 1.43%, 3/9/2027 (d)		5		5

(SOFR + 0.91%), 1.95%, 10/21/2027 (d)		5		5

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		5		5

Macquarie Group Ltd. (Australia) (SOFR + 1.07%), 1.34%, 1/12/2027 (c) (d)		10		10

Morgan Stanley 3.95%, 4/23/2027		16		18

(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		18		21


				126


Chemicals — 0.1%

International Flavors & Fragrances, Inc. 3.47%, 12/1/2050 (c)		16		17

LYB International Finance III LLC 1.25%, 10/1/2025		15		15


				32


Construction & Engineering — 0.0% (b)

Quanta Services, Inc. 2.35%, 1/15/2032		5		5


Construction Materials — 0.0% (b)

Martin Marietta Materials, Inc.

Series CB, 2.50%, 3/15/2030		6		6


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Consumer Finance — 0.2%
Avolon Holdings Funding Ltd. (Ireland)

5.50%, 1/15/2023 (c)		2		2

2.88%, 2/15/2025 (c)		5		5

5.50%, 1/15/2026 (c)		21		24

2.13%, 2/21/2026 (c)		5		5

4.25%, 4/15/2026 (c)		5		5

2.53%, 11/18/2027 (c)		4		4

Capital One Financial Corp. 3.80%, 1/31/2028		10		11

General Motors Financial Co., Inc. 4.35%, 1/17/2027		2		2

Park Aerospace Holdings Ltd. (Ireland) 4.50%, 3/15/2023 (c)		5		5


				63


Containers & Packaging — 0.0% (b)

Graphic Packaging International LLC 1.51%, 4/15/2026 (c)		6		6


Diversified Financial Services — 0.0% (b)

Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		9		9


Diversified Telecommunication Services — 0.3%

AT&T, Inc.

2.75%, 6/1/2031		19		19

3.50%, 6/1/2041		9		9

3.55%, 9/15/2055		8		8

Verizon Communications, Inc.

3.15%, 3/22/2030		16		17

2.65%, 11/20/2040		6		6

3.85%, 11/1/2042		10		11


				70


Electric Utilities — 0.6%

Duke Energy Corp. 3.40%, 6/15/2029		17		18

Edison International 5.75%, 6/15/2027		4		5

Emera US Finance LP (Canada) 4.75%, 6/15/2046		18		21

Evergy, Inc. 2.90%, 9/15/2029		16		16

Jersey Central Power & Light Co. 4.30%, 1/15/2026 (c)		7		8

New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (c)		6		6

NRG Energy, Inc. 2.00%, 12/2/2025 (c)		5		5

2.45%, 12/2/2027 (c)		33		32

OGE Energy Corp. 0.70%, 5/26/2023		5		5

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Corporate Bonds — continued

Electric Utilities — continued

Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		5		5

Pacific Gas and Electric Co.

1.70%, 11/15/2023		5		5

2.95%, 3/1/2026		4		4

3.75%, 8/15/2042 (e)		5		5

4.30%, 3/15/2045		1		1

PacifiCorp 4.15%, 2/15/2050		19		22

Southern California Edison Co.

Series 20C, 1.20%, 2/1/2026		12		12


				170


Electrical Equipment — 0.0% (b)

Eaton Corp. 4.15%, 11/2/2042		7		8


Energy Equipment & Services — 0.1%

Baker Hughes Holdings LLC 3.34%, 12/15/2027		7		7

Schlumberger Holdings Corp. 4.00%, 12/21/2025 (c)		7		8


				15


Entertainment — 0.1%

Activision Blizzard, Inc. 1.35%, 9/15/2030		5		5

Walt Disney Co. (The) 3.50%, 5/13/2040		10		11


				16


Equity Real Estate Investment Trusts (REITs) — 0.6%

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		9

2.95%, 1/15/2051		5		5

Brixmor Operating Partnership LP

2.25%, 4/1/2028		10		10

2.50%, 8/16/2031		5		5

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

Equinix, Inc. 2.90%, 11/18/2026		9		9

Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		6		6

Healthpeak Properties, Inc.

2.13%, 12/1/2028		5		5

2.88%, 1/15/2031		6		6


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Equity Real Estate Investment Trusts (REITs) — continued

Life Storage LP 2.40%, 10/15/2031		5		5

Mid-America Apartments LP 3.60%, 6/1/2027		2		2

Office Properties Income Trust 2.40%, 2/1/2027		5		5

Physicians Realty LP 2.63%, 11/1/2031		5		5

Public Storage

1.95%, 11/9/2028		3		3

2.25%, 11/9/2031		2		2

Sabra Health Care LP 3.20%, 12/1/2031		5		5

Safehold Operating Partnership LP 2.85%, 1/15/2032		6		6

Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (c)		15	��	15

UDR, Inc. 2.10%, 8/1/2032		6		6

WP Carey, Inc. 2.40%, 2/1/2031		15		15


				182


Food & Staples Retailing — 0.2%

7-Eleven, Inc.

0.63%, 2/10/2023 (c)		15		14

0.95%, 2/10/2026 (c)		2		2

1.30%, 2/10/2028 (c)		2		2

2.50%, 2/10/2041 (c)		3		3

Alimentation Couche-Tard, Inc. (Canada)

2.95%, 1/25/2030 (c)		6		7

3.44%, 5/13/2041 (c)		5		5

3.63%, 5/13/2051 (c)		5		5

Sysco Corp. 2.40%, 2/15/2030		13		13


				51


Food Products — 0.2%

Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		5		5

Conagra Brands, Inc. 1.38%, 11/1/2027		15		14

Smithfield Foods, Inc. 3.00%, 10/15/2030 (c)		13		13

Tyson Foods, Inc. 3.55%, 6/2/2027		10		11


				43


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		24

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	19

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Corporate Bonds — continued

Health Care Providers & Services — 0.3%

Anthem, Inc. 2.25%, 5/15/2030		6		6

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		5

Piedmont Healthcare, Inc. 2.86%, 1/1/2052		5		5

Universal Health Services, Inc. 2.65%, 1/15/2032 (c)		5		5

West Virginia United Health System Obligated Group

Series 2020, 3.13%, 6/1/2050		20		20


				80


Household Durables — 0.0% (b)

Lennar Corp. 5.00%, 6/15/2027		9		10


Independent Power and Renewable Electricity Producers — 0.3%

Alexander Funding Trust 1.84%, 11/15/2023 (c)		8		8

Exelon Generation Co. LLC 3.25%, 6/1/2025		32		34

Southern Power Co. 5.15%, 9/15/2041		29		35


				77


Industrial Conglomerates — 0.0% (b)

Roper Technologies, Inc. 1.75%, 2/15/2031		6		6


Insurance — 0.3%

American International Group, Inc. 4.38%, 6/30/2050		8		10

Athene Global Funding

0.95%, 1/8/2024 (c)		7		7

2.75%, 6/25/2024 (c)		6		6

2.50%, 1/14/2025 (c)		2		2

1.45%, 1/8/2026 (c)		10		10

Brown & Brown, Inc. 2.38%, 3/15/2031		6		6

Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (c)		7		7

F&G Global Funding 1.75%, 6/30/2026 (c)		5		5

New York Life Insurance Co. 3.75%, 5/15/2050 (c)		7		8

Northwestern Mutual Global Funding 1.70%, 6/1/2028 (c)		5		5


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Insurance — continued

Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (c)		6		6


				72


IT Services — 0.0% (b)

CGI, Inc. (Canada) 2.30%, 9/14/2031 (c)		6		6

Global Payments, Inc. 3.20%, 8/15/2029		4		4


				10


Leisure Products — 0.0% (b)

Hasbro, Inc. 3.90%, 11/19/2029		5		6


Media — 0.4%

Charter Communications Operating LLC

2.80%, 4/1/2031		19		19

3.50%, 6/1/2041		5		5

Comcast Corp. 3.25%, 11/1/2039		16		17

Cox Communications, Inc. 1.80%, 10/1/2030 (c)		15		14

Discovery Communications LLC 3.63%, 5/15/2030		10		11

ViacomCBS, Inc.

4.38%, 3/15/2043		10		11

5.85%, 9/1/2043		25		33


				110


Metals & Mining — 0.1%

Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (c)		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%

Kohl’s Corp. 3.38%, 5/1/2031		6		6

Nordstrom, Inc. 4.25%, 8/1/2031		9		9


				15


Multi-Utilities — 0.1%

WEC Energy Group, Inc. 1.38%, 10/15/2027		15		14


Oil, Gas & Consumable Fuels — 0.6%

BP Capital Markets America, Inc. 2.77%, 11/10/2050		15		14

Chevron USA, Inc. 3.25%, 10/15/2029		5		5

ConocoPhillips 3.75%, 10/1/2027 (c)		7		8

Coterra Energy, Inc. 3.90%, 5/15/2027 (c)		5		5

Diamondback Energy, Inc. 3.25%, 12/1/2026		8		8

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Enable Midstream Partners LP

4.40%, 3/15/2027		10		11

5.00%, 5/15/2044 (e)		5		5

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 (c)		5		5

4.32%, 12/30/2039 (c)		5		5

Gray Oak Pipeline LLC

2.60%, 10/15/2025 (c)		15		16

3.45%, 10/15/2027 (c)		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 (c)		5		5

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

TotalEnergies Capital International SA (France) 2.99%, 6/29/2041		6		6


				170


Pharmaceuticals — 0.2%

Bristol-Myers Squibb Co. 3.40%, 7/26/2029		2		2

Royalty Pharma plc 3.30%, 9/2/2040		15		15

Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		17		18

Viatris, Inc. 3.85%, 6/22/2040		16		17


				52


Professional Services — 0.0% (b)

IHS Markit Ltd. 4.25%, 5/1/2029		10		11


Road & Rail — 0.1%

Kansas City Southern 4.70%, 5/1/2048		3		4

Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (c)		15		15


				19


Semiconductors & Semiconductor Equipment — 0.3%

Analog Devices, Inc. 2.80%, 10/1/2041		4		4

Broadcom, Inc.

1.95%, 2/15/2028 (c)		8		8

4.15%, 11/15/2030		21		24


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Semiconductors & Semiconductor Equipment — continued

KLA Corp. 3.30%, 3/1/2050		5		5

Microchip Technology, Inc.

0.97%, 2/15/2024		5		5

0.98%, 9/1/2024 (c)		5		5

NXP BV (China)

2.50%, 5/11/2031 (c)		5		5

3.25%, 5/11/2041 (c)		5		5

Xilinx, Inc. 2.38%, 6/1/2030		11		11


				72


Software — 0.1%

Citrix Systems, Inc. 1.25%, 3/1/2026		5		5

Oracle Corp. 3.80%, 11/15/2037		17		17

VMware, Inc.

1.40%, 8/15/2026		6		6

4.70%, 5/15/2030		10		12


				40


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		9

BAT Capital Corp. (United Kingdom)

2.26%, 3/25/2028		12		12

4.39%, 8/15/2037		5		5

3.73%, 9/25/2040		4		4


				30


Trading Companies & Distributors — 0.1%

Air Lease Corp.

3.38%, 7/1/2025		5		5

2.88%, 1/15/2026		5		5

1.88%, 8/17/2026		10		10


				20

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	21

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Corporate Bonds — continued

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		15

3.00%, 2/15/2041		9		9


				31


Total Corporate Bonds (Cost $2,279)				2,224

U.S. Treasury Obligations — 7.4%

U.S. Treasury Bonds

1.13%, 5/15/2040		61		53

1.13%, 8/15/2040		56		49

1.38%, 11/15/2040		15		14

2.25%, 5/15/2041		8		8

2.25%, 8/15/2046		15		16

1.38%, 8/15/2050		177		155

1.63%, 11/15/2050		64		60

U.S. Treasury Notes

1.38%, 1/31/2022 (f)		268		268

0.13%, 9/15/2023		132		131

1.75%, 7/31/2024		355		362

0.25%, 8/31/2025		228		221

0.38%, 11/30/2025		311		302

0.50%, 8/31/2027		97		93

0.63%, 11/30/2027		125		120

1.25%, 3/31/2028		61		60

1.00%, 7/31/2028		20		19

0.63%, 8/15/2030		2		2

1.13%, 2/15/2031		15		15

U.S. Treasury STRIPS Bonds

1.01%, 8/15/2026 (g)		35		33

1.15%, 5/15/2027 (g)		35		33

2.35%, 5/15/2041 (g)		50		33


Total U.S. Treasury Obligations (Cost $2,076)				2,047

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		18		19

Pool # QB4045, 2.50%, 10/1/2050		13		13

Pool # QB4484, 2.50%, 10/1/2050		7		7

Pool # QB4542, 2.50%, 10/1/2050		5		5

Pool # RA4224, 3.00%, 11/1/2050		5		5

Pool # QB8503, 2.50%, 2/1/2051		15		15


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)



FNMA

Pool # BS4290, 1.95%, 10/1/2029		100		101

FNMA UMBS, 30 Year

Pool # CA2826, 5.50%, 12/1/2048		12		13

Pool # FM3118, 3.00%, 5/1/2050		7		7

Pool # BQ2894, 3.00%, 9/1/2050		9		9

Pool # BQ3996, 2.50%, 10/1/2050		7		7

Pool # BQ5243, 3.50%, 10/1/2050		4		4

Pool # CA7398, 3.50%, 10/1/2050		11		12

Pool # CA8637, 4.00%, 1/1/2051		32		36

Pool # BU1805, 2.50%, 12/1/2051		20		20

FNMA, Other

Pool # AN2009, 2.70%, 7/1/2026		19		20

Pool # AM3010, 5.07%, 3/1/2028		9		10

Pool # BL8639, 1.09%, 4/1/2028		5		5

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		19

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		5

Pool # AM8544, 3.08%, 4/1/2030		5		5

Pool # BL9045, 1.58%, 7/1/2030		10		10

Pool # BL9251, 1.45%, 10/1/2030		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 (h)		29		32

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		21		25

Pool # BF0497, 3.00%, 7/1/2060		12		13

FNMA/FHLMC UMBS, Single Family, 30 Year

TBA, 2.50%, 2/25/2052 (i)		200		204

GNMA II, 30 Year

Pool # BY3432, 3.50%, 9/20/2050		9		9

Pool # BR3929, 3.50%, 10/20/2050		9		9

Pool # BW1726, 3.50%, 10/20/2050		17		18

Pool # BS8546, 2.50%, 12/20/2050		27		28

Pool # BR3928, 3.00%, 12/20/2050		15		16

Pool # BU7538, 3.00%, 12/20/2050		9		10

Pool # 785294, 3.50%, 1/20/2051		27		30

Pool # CA8452, 3.00%, 2/20/2051		34		36

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Mortgage-Backed Securities — continued

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		32

Pool # CB1542, 3.00%, 3/20/2051		20		21

Pool # CB4433, 3.00%, 3/20/2051		29		30

Pool # CC0070, 3.00%, 3/20/2051		4		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		29		32

Pool # CC0088, 4.00%, 3/20/2051		4		4

Pool # CC0092, 4.00%, 3/20/2051		4		4

Pool # CC8727, 3.00%, 4/20/2051		9		10

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

Pool # CA3563, 3.50%, 7/20/2051		15		16

Pool # CE2586, 3.50%, 7/20/2051		25		27

Pool # MA7534, 2.50%, 8/20/2051		412		422

Pool # MA7649, 2.50%, 10/20/2051		15		15

Pool # CK1527, 3.50%, 12/20/2051		15		16

GNMA II, Other

Pool # 785183, 2.94%, 10/20/2070 (h)		19		19


Total Mortgage-Backed Securities (Cost $1,669)				1,647

Asset-Backed Securities — 3.3%

ACC Auto Trust

Series 2021-A, Class A, 1.08%, 4/15/2027 (c)		75		75

Aligned Data Centers Issuer LLC

Series 2021-1A, Class A2, 1.94%, 8/15/2046 (c)		25		25

American Airlines Pass-Through Trust

Series 2016-2, Class AA, 3.20%, 6/15/2028		19		19

Series 2016-3, Class AA, 3.00%, 10/15/2028		19		19

Series 2021-1, Class B, 3.95%, 7/11/2030		13		13

Series 2019-1, Class AA, 3.15%, 2/15/2032		23		23

American Credit Acceptance Receivables Trust

Series 2021-1, Class A, 0.35%, 5/13/2024 (c)		5		5

Series 2021-1, Class B, 0.61%, 3/13/2025 (c)		5		5

Series 2020-4, Class C, 1.31%, 12/14/2026 (c)		10		10

AmeriCredit Automobile Receivables Trust

Series 2018-3, Class D, 4.04%, 11/18/2024		10		10

Series 2020-3, Class B, 0.76%, 12/18/2025		10		10

Series 2020-3, Class C, 1.06%, 8/18/2026		5		5


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)



Business Jet Securities LLC

Series 2021-1A, Class A, 2.16%, 4/15/2036 (c)		84		83

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 (c)		30		31

Series 2020-P1, Class C, 1.32%, 11/9/2026		10		10

Delta Air Lines Pass-Through Trust

Series 2020-1, Class A, 2.50%, 6/10/2028		8		8

Drive Auto Receivables Trust

Series 2020-1, Class D, 2.70%, 5/17/2027		30		31

DT Auto Owner Trust

Series 2019-4A, Class D, 2.85%, 7/15/2025 (c)		20		20

Series 2021-1A, Class C, 0.84%, 10/15/2026 (c)		10		10

Series 2021-2A, Class C, 1.10%, 2/16/2027 (c)		20		20

Series 2021-4A, Class D, 1.99%, 9/15/2027 (c)		25		25

Exeter Automobile Receivables Trust

Series 2021-1A, Class A3, 0.34%, 3/15/2024		6		6

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 2021-2A, Class A, 0.83%, 12/15/2026 (c)		19		19

Series 2021-1A, Class A, 1.27%, 3/15/2027 (c)		25		24

First Investors Auto Owner Trust

Series 2021-1A, Class B, 0.89%, 3/15/2027 (c)		10		10

Flagship Credit Auto Trust

Series 2021-2, Class A, 0.37%, 12/15/2026 (c)		23		23

Series 2021-1, Class B, 0.68%, 2/16/2027 (c)		10		10

Series 2020-4, Class C, 1.28%, 2/16/2027 (c)		10		10

GLS Auto Receivables Issuer Trust

Series 2020-4A, Class B, 0.87%, 12/16/2024 (c)		10		10

GLS Auto Receivables Trust

Series 2021-2A, Class B, 0.77%, 9/15/2025 (c)		25		25

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	23

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)

Asset-Backed Securities — continued

JetBlue Pass-Through Trust

Series 2020-1, Class B, 7.75%, 11/15/2028		6			7

Nissan Auto Receivables Owner Trust

Series 2019-B, Class A3, 2.50%, 11/15/2023		—	(j)		—	(j)

Pagaya AI Debt Selection Trust

Series 2021-1, Class A, 1.18%, 11/15/2027 (c)		77			77

Prestige Auto Receivables Trust

Series 2020-1A, Class C, 1.31%, 11/16/2026 (c)		10			10

Santander Consumer Auto Receivables Trust

Series 2021-AA, Class B, 0.71%, 8/17/2026 (c)		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		3			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			9

United Auto Credit Securitization Trust

Series 2021-1, Class C, 0.84%, 6/10/2026 (c)		15			15

Veros Auto Receivables Trust

Series 2021-1, Class A, 0.92%, 10/15/2026 (c)		43			43

VOLT XCVII LLC

Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (c) (e)		24			24

Westlake Automobile Receivables Trust

Series 2020-3A, Class C, 1.24%, 11/17/2025 (c)		10			10

Series 2020-3A, Class D, 1.65%, 2/17/2026 (c)		10			10

Series 2021-1A, Class C, 0.95%, 3/16/2026 (c)		25			25


Total Asset-Backed Securities (Cost $917)					913

Collateralized Mortgage Obligations — 0.5%

Bayview Finance LLC 0.00%, 7/12/2033 ‡		20			20

FNMA Trust, Whole Loan

Series 2002-W8, Class A1, 6.50%, 6/25/2042		6			7

FNMA, Grantor Trust, Whole Loan

Series 2001-T12, Class A1, 6.50%, 8/25/2041		3			3

FNMA, REMIC

Series 2018-72, Class VB, 3.50%, 10/25/2031		8			8

Series 2019-7, Class CA, 3.50%, 11/25/2057		33			35


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)



FNMA, REMIC Trust, Whole Loan

Series 2002-W3, Class A4, 6.50%, 11/25/2041		13		15

Seasoned Credit Risk Transfer Trust

Series 2018-1, Class M60C, 3.50%, 5/25/2057		9		10

Series 2019-2, Class M55D, 4.00%, 8/25/2058		12		13

Series 2019-3, Class M55D, 4.00%, 10/25/2058		12		13

Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		12		12

Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		14		13


Total Collateralized Mortgage Obligations (Cost $148)				149

Commercial Mortgage-Backed Securities — 0.5%

ACRE Commercial Mortgage Ltd. (Cayman Islands)

Series 2021-FL4, Class A, 0.93%, 12/18/2037 (c) (h)		10		10

Series 2021-FL4, Class AS, 1.20%, 12/18/2037 (c) (h)		10		10

BPR Trust

Series 2021-KEN, Class A, 1.36%, 2/15/2029 (c) (h)		15		15

FHLMC, Multi-Family Structured Credit Risk

Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (c) (h)		15		15

FHLMC, Multi-Family Structured Pass-Through Certificates

Series K-1511, Class A1, 3.28%, 10/25/2030		9		10

Series K-1510, Class A2, 3.72%, 1/25/2031		5		6

FNMA ACES

Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		4		4

Series 2021-M3, Class X1, IO, 2.00%, 11/25/2033 (h)		96		12

FREMF Mortgage Trust

Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (c) (h)		10		10

Series 2016-K56, Class B, 3.94%, 6/25/2049 (c) (h)		5		5

Series 2016-K58, Class B, 3.74%, 9/25/2049 (c) (h)		20		22


KKR Industrial Portfolio Trust

Series 2021-KDIP, Class B, 0.91%, 12/15/2037 ‡ (c) (h)		8		7


Total Commercial Mortgage-Backed Securities (Cost $128)				126

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN FUNDS	DECEMBER 31, 2021



INVESTMENTS	Shares (000)		VALUE ($000)
Short-Term Investments — 4.2%

Investment Companies — 4.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (k) (Cost $1,170)		1,170		1,170

Total Investments — 100.5% (Cost $25,511)				27,888
Liabilities in Excess of Other Assets — (0.5)%				(126	)

NET ASSETS — 100.0%				27,762

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)		Amount rounds to less than 0.1% of net assets.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2021.
(e)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2021.
(f)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(g)		The rate shown is the effective yield as of December 31, 2021.
(h)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2021.
(i)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)		Amount rounds to less than one thousand.
(k)		The rate shown is the current yield as of December 31, 2021.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	25

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


Futures contracts outstanding as of December 31, 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		03/2022		EUR		292		10
MSCI EAFE E-Mini Index		2		03/2022		USD		232		6
Russell 2000 E-Mini Index		1		03/2022		USD		112		3
S&P 500 E-Mini Index		2		03/2022		USD		476		10
U.S. Treasury 10 Year Note		10		03/2022		USD		1,304		9

										38

Abbreviations


EAFE		Europe, Australasia and Far East
EUR		Euro
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN FUNDS	DECEMBER 31, 2021

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)



	JPMorgan SmartSpending^SM 2015 Fund			JPMorgan SmartSpending^SM 2020 Fund
ASSETS:
Investments in non-affiliates, at value	$	10,088		$	8,896
Investments in affiliates, at value		20,847			18,992
Cash		1			—
Receivables:
Investment securities sold		433			276
Investment securities sold — delayed delivery securities		26			20
Interest from non-affiliates		29			28
Dividends from affiliates		10			8
Variation margin on futures contracts		60			161
Due from adviser		15			25
Other assets		—			33

Total Assets		31,509			28,439


LIABILITIES:
Payables:
Due to custodian		—			2
Investment securities purchased		317			303
Investment securities purchased — delayed delivery securities		270			224
Fund shares redeemed		138			110
Accrued liabilities:
Distribution fees		—	(a)		—	(a)
Service fees		6			6
Custodian and accounting fees		13			12
Other		61			20

Total Liabilities		805			677

Net Assets	$	30,704		$	27,762

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)



	JPMorgan SmartSpending^SM 2015 Fund		JPMorgan SmartSpending^SM 2020 Fund
NET ASSETS:
Paid-in-Capital	$	28,598	$	25,443
Total distributable earnings (loss)		2,106		2,319

Total Net Assets	$	30,704	$	27,762


Net Assets:
Class I	$	30,561	$	27,558
Class R2		26		23
Class R3		26		23
Class R4		27		23
Class R5		27		24
Class R6		37		111

Total	$	30,704	$	27,762


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class I		1,904		1,682
Class R2		1		1
Class R3		2		1
Class R4		2		2
Class R5		2		2
Class R6		2		7

Net Asset Value (a):
Class I — Offering and redemption price per share	$	16.05	$	16.38
Class R2 — Offering and redemption price per share		16.03		16.37
Class R3 — Offering and redemption price per share		16.03		16.38
Class R4 — Offering and redemption price per share		16.04		16.38
Class R5 — Offering and redemption price per share		16.05		16.38
Class R6 — Offering and redemption price per share		16.05		16.38

Cost of investments in non-affiliates	$	9,795	$	8,571
Cost of investments in affiliates		18,791		16,940

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

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN FUNDS	DECEMBER 31, 2021

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)



	JPMorgan SmartSpending^SM 2015 Fund			JPMorgan SmartSpending^SM 2020 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	57		$	51
Dividend income from non-affiliates		28			26
Dividend income from affiliates		278			255

Total investment income		363			332


EXPENSES:
Investment advisory fees		23			21
Administration fees		12			11
Distribution fees:
Class A (a)		—	(b)		—	(b)
Class R2		—	(b)		—	(b)
Class R3		—	(b)		—	(b)
Service fees:
Class A (a)		—	(b)		—	(b)
Class I		39			35
Class R2		—	(b)		—	(b)
Class R3		—	(b)		—	(b)
Class R4		—	(b)		—	(b)
Class R5		—	(b)		—	(b)
Custodian and accounting fees		18			16
Professional fees		18			18
Trustees’ and Chief Compliance Officer’s fees		13			13
Printing and mailing costs		5			3
Registration and filing fees		45			63
Transfer agency fees (See Note 2.L.)		—	(b)		—	(b)
Other		8			10

Total expenses		181			190

Less fees waived		(35	)		(32	)
Less expense reimbursements		(102	)		(118	)

Net expenses		44			40

Net investment income (loss)		319			292


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		—	(b)		18
Investments in affiliates		287			312
Futures contracts		(65	)		(113	)
Foreign currency transactions		(1	)		—	(b)

Net realized gain (loss)		221			217

Distributions of capital gains received from investment company affiliates		60			63
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(141	)		(158	)
Investments in affiliates		45			46
Futures contracts		111			90
Foreign currency translations		(1	)		(7	)

Change in net unrealized appreciation/depreciation		14			(29	)

Net realized/unrealized gains (losses)		295			251

Change in net assets resulting from operations	$	614		$	543

(a)	Liquidated on October 14, 2021.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan SmartSpending^SM 2015 Fund						JPMorgan SmartSpending^SM 2020 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	319		$	529		$	292		$	456
Net realized gain (loss)		221			1,618			217			645
Distributions of capital gains received from investment company affiliates		60			48			63			41
Change in net unrealized appreciation/depreciation		14			2,028			(29	)		2,442

Change in net assets resulting from operations		614			4,223			543			3,584


DISTRIBUTIONS TO SHAREHOLDERS:
Class A (b)		—			—	(c)		—			—	(c)
Class I		(1,740	)		(598	)		(1,438	)		(357	)
Class R2		(1	)		—	(c)		(1	)		—	(c)
Class R3		(1	)		—	(c)		(1	)		—	(c)
Class R4		(2	)		—	(c)		(2	)		—	(c)
Class R5		(2	)		(1	)		(2	)		—	(c)
Class R6		(2	)		(1	)		(6	)		(1	)

Total distributions to shareholders		(1,748	)		(600	)		(1,450	)		(358	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		903			(1,047	)		511			24,932


NET ASSETS:
Change in net assets		(231	)		2,576			(396	)		28,158
Beginning of period		30,935			28,359			28,158			—

End of period	$	30,704		$	30,935		$	27,762		$	28,158

(a)	Commencement of operations was July 1, 2020.

(b)	Liquidated on October 14, 2021.

(c)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN FUNDS	DECEMBER 31, 2021


	JPMorgan SmartSpending^SM 2015 Fund						JPMorgan SmartSpending^SM 2020 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021 (a)
CAPITAL TRANSACTIONS:
Class A (b)
Proceeds from shares issued	$	1		$	—	(c)	$	—		$	361
Distributions reinvested		—			—	(c)		—			—	(c)
Cost of shares redeemed		(29	)		—			(361	)		—

Change in net assets resulting from Class A capital transactions		(28	)		—	(c)		(361	)		361

Class I
Proceeds from shares issued		—			—	(c)		—			24,880
Distributions reinvested		1,740			598			1,438			357
Cost of shares redeemed		(825	)		(1,647	)		(658	)		(767	)

Change in net assets resulting from Class I capital transactions		915			(1,049	)		780			24,470

Class R2
Proceeds from shares issued		—			—			—			20
Distributions reinvested		1			—	(c)		1			—	(c)

Change in net assets resulting from Class R2 capital transactions		1			—	(c)		1			20

Class R3
Proceeds from shares issued		—			—			—			20
Distributions reinvested		1			—	(c)		1			—	(c)

Change in net assets resulting from Class R3 capital transactions		1			—	(c)		1			20

Class R4
Proceeds from shares issued		—			—			—			20
Distributions reinvested		2			—	(c)		1			—	(c)

Change in net assets resulting from Class R4 capital transactions		2			—	(c)		1			20

Class R5
Proceeds from shares issued		—			—			—			20
Distributions reinvested		2			1			1			—	(c)

Change in net assets resulting from Class R5 capital transactions		2			1			1			20

Class R6
Proceeds from shares issued		426			—			811			20
Distributions reinvested		2			1			6			1
Cost of shares redeemed		(418	)		—			(729	)		—

Change in net assets resulting from Class R6 capital transactions		10			1			88			21

Total change in net assets resulting from capital transactions	$	903		$	(1,047	)	$	511		$	24,932

(a)	Commencement of operations was July 1, 2020.

(b)	Liquidated on October 14, 2021.

(c)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan SmartSpending^SM 2015 Fund						JPMorgan SmartSpending^SM 2020 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021 (a)
SHARE TRANSACTIONS:
Class A (b)
Issued		—	(c)		—	(c)		—			22
Reinvested		—			—	(c)		—			—	(c)
Redeemed		(2	)		—			(22	)		—

Change in Class A Shares		(2	)		—	(c)		(22	)		22

Class I
Issued		—			—	(c)		—			1,659
Reinvested		108			37			87			22
Redeemed		(50	)		(104	)		(39	)		(47	)

Change in Class I Shares		58			(67	)		48			1,634

Class R2
Issued		—			—			—			1
Reinvested		—	(c)		—	(c)		—	(c)		—	(c)

Change in Class R2 Shares		—	(c)		—	(c)		—	(c)		1

Class R3
Issued		—			—			—			1
Reinvested		1			—	(c)		—	(c)		—	(c)

Change in Class R3 Shares		1			—	(c)		—	(c)		1

Class R4
Issued		—			—			1			1
Reinvested		—	(c)		1			—	(c)		—	(c)

Change in Class R4 Shares		—	(c)		1			1			1

Class R5
Issued		—			—			1			1
Reinvested		—	(c)		—	(c)		—	(c)		—	(c)

Change in Class R5 Shares		—	(c)		—	(c)		1			1

Class R6
Issued		25			—			46			2
Reinvested		—	(c)		—	(c)		1			—	(c)
Redeemed		(25	)		—			(42	)		—

Change in Class R6 Shares		—	(c)		—	(c)		5			2

(a)	Commencement of operations was July 1, 2020.

(b)	Liquidated on October 14, 2021.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN FUNDS	DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2021	J.P. MORGAN FUNDS	33

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 SmartSpending^SM 2015 Fund
Class I
Six Months Ended December 31, 2021 (Unaudited)	$	16.67	$	0.17	$	0.16		$	0.33		$	(0.32	)	$	(0.63	)	$	(0.95	)
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
Six Months Ended December 31, 2021 (Unaudited)		16.61		0.13		0.16			0.29			(0.24	)		(0.63	)		(0.87	)
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
Six Months Ended December 31, 2021 (Unaudited)		16.64		0.15		0.15			0.30			(0.28	)		(0.63	)		(0.91	)
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
Six Months Ended December 31, 2021 (Unaudited)		16.67		0.17		0.15			0.32			(0.32	)		(0.63	)		(0.95	)
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
Six Months Ended December 31, 2021 (Unaudited)		16.68		0.19		0.16			0.35			(0.35	)		(0.63	)		(0.98	)
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
Six Months Ended December 31, 2021 (Unaudited)		16.69		0.25		0.10			0.35			(0.36	)		(0.63	)		(0.99	)
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)

(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	DECEMBER 31, 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)


$	16.05		2.01	%	$	30,561		0.28	%		2.06	%		1.16	%		14	%
	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


	16.03		1.79			26		0.77			1.57			1.69			14
	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


	16.03		1.84			26		0.53			1.81			1.45			14
	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


	16.04		1.96			27		0.28			2.06			1.19			14
	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


	16.05		2.11			27		0.13			2.21			1.03			14
	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


	16.05		2.14			37		0.03			2.94			0.94			14
	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.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	35

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 SmartSpending^SM 2020 Fund
Class I
Six Months Ended December 31, 2021 (Unaudited)	$	16.94	$	0.18	$	0.15	$	0.33	$	(0.34	)	$	(0.55	)	$	(0.89	)
July 1, 2020 (g) through June 30, 2021		15.00		0.27		1.88		2.15		(0.15	)		(0.06	)		(0.21	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		16.90		0.13		0.15		0.28		(0.26	)		(0.55	)		(0.81	)
July 1, 2020 (g) through June 30, 2021		15.00		0.19		1.88		2.07		(0.11	)		(0.06	)		(0.17	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		16.92		0.16		0.15		0.31		(0.30	)		(0.55	)		(0.85	)
July 1, 2020 (g) through June 30, 2021		15.00		0.23		1.88		2.11		(0.13	)		(0.06	)		(0.19	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		16.94		0.18		0.15		0.33		(0.34	)		(0.55	)		(0.89	)
July 1, 2020 (g) through June 30, 2021		15.00		0.27		1.88		2.15		(0.15	)		(0.06	)		(0.21	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		16.95		0.19		0.15		0.34		(0.36	)		(0.55	)		(0.91	)
July 1, 2020 (g) through June 30, 2021		15.00		0.30		1.87		2.17		(0.16	)		(0.06	)		(0.22	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		16.96		0.19		0.16		0.35		(0.38	)		(0.55	)		(0.93	)
July 1, 2020 (g) 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)

(f)	Does not include expenses of Underlying Funds.

(g)	Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN FUNDS	DECEMBER 31, 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)


$	16.38		1.95	%	$	27,558		0.28	%		2.07	%		1.35	%		15	%
	16.94		14.42			27,681		0.29	(h)		1.69	(h)		1.47	(h)		95


	16.37		1.66			23		0.79			1.57			1.87			15
	16.90		13.89			22		0.78	(h)		1.19	(h)		2.14	(h)		95


	16.38		1.84			23		0.54			1.82			1.62			15
	16.92		14.15			23		0.54	(h)		1.44	(h)		1.89	(h)		95


	16.38		1.96			23		0.29			2.08			1.37			15
	16.94		14.42			23		0.29	(h)		1.69	(h)		1.64	(h)		95


	16.38		2.05			24		0.13			2.24			1.21			15
	16.95		14.57			23		0.14	(h)		1.84	(h)		1.50	(h)		95


	16.38		2.08			111		0.03			2.16			1.18			15
	16.96		14.69			23		0.04	(h)		1.94	(h)		1.40	(h)		95

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(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 SmartSpending^SM 2015 Fund	Class A⁽¹⁾, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartSpending^SM 2020 Fund⁽²⁾	Class A⁽¹⁾, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified

⁽¹⁾	Class was liquidated on October 14, 2021.

⁽²⁾	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.

Effective as of close of business on November 21, 2021, all share classes of SmartSpending^SM 2020 Fund, with the exception of Class A Shares, 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 provided 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 have been 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.

2. Significant Accounting Policies

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



38	J.P. MORGAN FUNDS	DECEMBER 31, 2021

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.

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.

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.

•

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	$	—	$	1,227	$	—	$	1,227
Collateralized Mortgage Obligations		—		111		58		169
Commercial Mortgage-Backed Securities		—		148		7		155
Corporate Bonds		—		2,422		—		2,422
Exchange-Traded Funds		9,121		—		—		9,121
Investment Companies		12,155		—		—		12,155
Mortgage-Backed Securities		—		1,844		—		1,844
U.S. Treasury Obligations		—		2,194		—		2,194
Short-Term Investments
Investment Companies		1,648		—		—		1,648

Total Investments in Securities	$	22,924	$	7,946	$	65	$	30,935

Appreciation in Other Financial Instruments
Futures Contracts	$	55	$	—	$	—	$	55



DECEMBER 31, 2021	J.P. MORGAN FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


SmartSpending^SM 2020 Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	913	$	—	$	913
Collateralized Mortgage Obligations		—		104		45		149
Commercial Mortgage-Backed Securities		—		119		7		126
Corporate Bonds		—		2,224		—		2,224
Exchange-Traded Funds		8,069		—		—		8,069
Investment Companies		11,543		—		—		11,543
Mortgage-Backed Securities		—		1,647		—		1,647
U.S. Treasury Obligations		—		2,047		—		2,047
Short-Term Investments
Investment Companies		1,170		—		—		1,170

Total Investments in Securities	$	20,782	$	7,054	$	52	$	27,888

Appreciation in Other Financial Instruments
Futures Contracts	$	38	$	—	$	—	$	38

As of December 31, 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 December 31, 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 December 31, 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



40	J.P. MORGAN FUNDS	DECEMBER 31, 2021

listed in the tables below to be affiliated issuers. The 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 six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	3,012	$	138	$	157	$	33		$	(36	)	$	2,990		50	$	65		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		591		—		93		20			71			589		5		8			—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		593		13		—		—			(27	)		579		75		13			—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		593		20		—		—			(28	)		585		76		20			—
JPMorgan Equity Index Fund Class R6 Shares (a)		3,989		295		760		222			143			3,889		54		26			52
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		389		6		—		—			—	(b)		395		44		6			—
JPMorgan High Yield Fund Class R6 Shares (a)		1,112		73		67		3			(14	)		1,107		153		26			—
JPMorgan High Yield Research Enhanced ETF (a)		1,301		—		—		—			(13	)		1,288		25		32			—
JPMorgan Income Fund Class R6 Shares (a)		769		15		—		—			(14	)		770		82		15			—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		2,345		29		90		5			21			2,310		210		30			—
JPMorgan Managed Income Fund Class L Shares(a)		20		—		20		—	(b)		—	(b)		—		—		—	(b)		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		2,528		28		—		—			(36	)		2,520		259		21			6
JPMorgan U.S. Aggregate Bond ETF (a)		2,262		391		458		4			(22	)		2,177		40		16			2
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c)		1,788		2,376		2,516		—			—			1,648		1,648		—	(b)		—

Total	$	21,292	$	3,384	$	4,161	$	287		$	45		$	20,847			$	278		$	60

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

(b)	Amount rounds to less than one thousand.

(c)	The rate shown is the current yield as of December 31, 2021.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

SmartSpending^SM 2020 Fund


For the six months ended December 31, 2021
Security Description	Value at July 2, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	2,633	$	281	$	233	$	49		$	(50	)	$	2,680		45	$	59		$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		528		—		41		11			70			568		5		8			—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		514		63		—		—			(24	)		553		72		12			—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		514		38		19		—	(b)		(25	)		508		66		18			—
JPMorgan Equity Index Fund Class R6 Shares (a)		4,111		462		855		242			145			4,105		57		27			55
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		349		5		—		—			—	(b)		354		40		5			—
JPMorgan High Yield Fund Class R6 Shares (a)		1,001		76		75		7			(16	)		993		137		23			—
JPMorgan High Yield Research Enhanced ETF (a)		1,219		47		99		—	(b)		(12	)		1,155		22		30			—
JPMorgan Income Fund Class R6 Shares (a)		693		13		—		—			(12	)		694		74		13			—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		2,096		26		45		2			21			2,100		191		27			—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		2,313		66		111		1			(33	)		2,236		230		19			6
JPMorgan U.S. Aggregate Bond ETF (a)		1,924		467		497		—	(b)		(18	)		1,876		35		14			2
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c)		1,396		2,591		2,817		—			—			1,170		1,170		—	(b)		—

Total	$	19,291	$	4,135	$	4,792	$	312		$	46		$	18,992			$	255		$	63

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

(b)	Amount rounds to less than one thousand.

(c)	The rate shown is the current yield as of December 31, 2021.



42	J.P. MORGAN FUNDS	DECEMBER 31, 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.

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2021:


	SmartSpending^SM 2015 Fund		SmartSpending^SM 2020 Fund
Futures Contracts:
Average Notional Balance Long	$	2,842	$	1,977
Average Notional Balance Short		729		638
Ending Notional Balance Long		3,260		2,416

G. Summary of Derivatives Information

The following tables present the value of derivatives held as of December 31, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:


	SmartSpending^SM 2015 Fund		SmartSpending^SM 2020 Fund
Equity Risk Exposure:
Unrealized Depreciation on Futures Contracts*	$	44	$	29

Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		11		9

Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		55		38

*	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.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2021, by primary underlying risk exposure:


	SmartSpending^SM 2015 Fund			SmartSpending^SM 2020 Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	(4	)	$	(69	)

Interest Rate Risk Exposure:
Futures Contracts		(61	)		(44	)

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		85			70

Interest Rate Risk Exposure:
Futures Contracts		26			20

The Funds’ derivatives contracts held at December 31, 2021 are not accounted for as hedging instruments under GAAP.

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.

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 six months ended December 31, 2021 are as follows:

Class A

Class I

Class R2

Class R3

Class R4

Class R5

Class R6

Total

SmartSpending^SM 2015 Fund

Transfer agency fees

—

(a)

—

(a)

—

(a)

—

(a)

—

(a)

—

(a)

—

(a)

—

(a)

SmartSpending^SM 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 December 31, 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 yearsremain 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



44	J.P. MORGAN FUNDS	DECEMBER 31, 2021

and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to 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.

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

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

The Board has 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 R2			Class R3
	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 certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2021, JPMDS did not retain any front-end sales charges or CDSC.

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


Class I	Class R2	Class R3			Class R4			Class R5
0.25%	0.25%		0.25	%		0.25	%		0.10	%

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

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



DECEMBER 31, 2021	J.P. MORGAN FUNDS	45

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 I			Class R2			Class R3			Class R4			Class R5			Class R6
SmartSpending^SM 2015 Fund		0.44	%		0.94	%		0.69	%		0.44	%		0.29	%		0.19	%
SmartSpending^SM 2020 Fund		0.44			0.94			0.69			0.44			0.29			0.19

The expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

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.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees			Total		Contractual Reimbursement
SmartSpending^SM 2015 Fund	$	23	$	12	$	—	(a)	$	35	$	102
SmartSpending^SM 2020 Fund		21		11		—	(a)		32		118

(a)	Amount rounds to less than one thousand.

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

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

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

During the six months ended December 31, 2021, SmartSpending^SM 2020 Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

4. Investment Transactions

During the six months ended December 31, 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
SmartSpending^SM 2015 Fund	$	3,869	$	3,891	$	281	$	732
SmartSpending^SM 2020 Fund		3,859		4,088		253		419



46	J.P. MORGAN FUNDS	DECEMBER 31, 2021

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SmartSpending^SM 2015 Fund	$	28,586	$	2,607	$	203	$	2,404
SmartSpending^SM 2020 Fund		25,511		2,601		186		2,415

At 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
SmartSpending^SM 2015 Fund	$	1
SmartSpending^SM 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 six months ended December 31, 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 October 31, 2022.

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

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

7. Risks, Concentrations and Indemnifications



DECEMBER 31, 2021	J.P. MORGAN FUNDS	47

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

As of December 31, 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
SmartSpending^SM 2015 Fund		1		99.9	%
SmartSpending^SM 2020 Fund		1		99.7

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.

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.



48	J.P. MORGAN FUNDS	DECEMBER 31, 2021

8. Other Matters

SmartSpending^SM 2015 Fund will change its fund name to SmartRetirement 2015 Fund on or about March 18, 2022.

At their meeting on November 17, 2021, the Board approved the liquidation of the SmartSpending^SM 2020 Fund which is expected to occur on or about April 22, 2022.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	49

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartSpending^SM 2015 Fund
Class I
Actual	$	1,000.00	$	1,020.10	$	1.43		0.28	%
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R2
Actual		1,000.00		1,017.90		3.92		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77
Class R3
Actual		1,000.00		1,018.40		2.70		0.53
Hypothetical		1,000.00		1,022.53		2.70		0.53
Class R4
Actual		1,000.00		1,019.60		1.43		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R5
Actual		1,000.00		1,021.10		0.66		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Class R6
Actual		1,000.00		1,021.40		0.15		0.03
Hypothetical		1,000.00		1,025.05		0.15		0.03



50	J.P. MORGAN FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartSpending^SM 2020 Fund
Class I
Actual	$	1,000.00	$	1,019.50	$	1.43		0.28	%
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R2
Actual		1,000.00		1,016.60		4.02		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R3
Actual		1,000.00		1,018.40		2.75		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R4
Actual		1,000.00		1,019.60		1.48		0.29
Hypothetical		1,000.00		1,023.74		1.48		0.29
Class R5
Actual		1,000.00		1,020.50		0.66		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Class R6
Actual		1,000.00		1,020.80		0.15		0.03
Hypothetical		1,000.00		1,025.05		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 184/365 (to reflect the one-half year period).



DECEMBER 31, 2021	J.P. MORGAN FUNDS	51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein ( each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds overseen by the Board in which each Fund may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and the Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management investment firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds and/or Underlying Funds, including risk and performance return assessment as compared to the Funds’ and/or

Underlying Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the 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 Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser



52	J.P. MORGAN FUNDS	DECEMBER 31, 2021

and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds and/or

Underlying Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Fund and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the 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 the benefits received by the Adviser and its affiliates in connection with each Fund’s investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing



DECEMBER 31, 2021	J.P. MORGAN FUNDS	53

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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 fee structure and 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

three-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant.. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that based upon the Universe, the SmartSpending^SM 2015 Fund’s performance for Class A, Class I and Class R6 shares was in the fifth quintile for both the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted the performance of the SmartSpending^SM 2020 Fund’s since its inception on July 1, 2020, as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. At its November 2021 meeting, the Board approved the Fund’s liquidation on or about April 25, 2022.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and



54	J.P. MORGAN FUNDS	DECEMBER 31, 2021

compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that based upon the Universe, the SmartSpending 2015 Fund’s net advisory fee and actual total

expenses for Class A and Class R6 shares were both in the first quintile. The Trustees noted that based upon the Universe, the net advisory fee for Class I shares was in the first quintile, and that the actual total expenses for Class I shares were in the second quintile. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreements of the Underlying Funds in which the Fund invests.

The Trustees noted that based upon the Universe, the SmartSpending 2020 Fund’s net advisory fee and actual total expenses for Class A and Class R6 shares were both in the first quintile. The Trustees noted that based upon the Universe, the net advisory fee for Class I shares was in the first quintile, and that the actual total expenses were in the second quintile. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreements of the Underlying Funds in which the Fund invests.



DECEMBER 31, 2021	J.P. MORGAN FUNDS	55

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust IV (the “Trust”) held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of the Trust, including the Funds. The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee

John F. Finn
In Favor		6,478,459
Withheld		59,314

Steven P. Fisher
In Favor		6,504,144
Withheld		33,629

Gary L. French
In Favor		6,504,712
Withheld		33,061

Kathleen M. Gallagher
In Favor		6,506,726
Withheld		31,047

Robert J. Grassi
In Favor		6,504,765
Withheld		33,008

Frankie D. Hughes
In Favor		6,503,505
Withheld		34,269

Raymond Kanner
In Favor		6,505,098
Withheld		32,675

Thomas P. Lemke
In Favor		6,504,411
Withheld		33,363


	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		6,504,157
Withheld		33,616

Mary E. Martinez
In Favor		6,506,889
Withheld		30,885

Marilyn McCoy
In Favor		6,507,227
Withheld		30,546

Dr. Robert A. Oden, Jr.
In Favor		6,492,324
Withheld		45,450

Marian U. Pardo
In Favor		6,505,978
Withheld		31,796

Emily A. Youssouf
In Favor		6,506,064
Withheld		31,710

Interested Nominee

Robert F. Deutsch
In Favor		6,503,180
Withheld		34,594

Nina O. Shenker
In Favor		6,505,581
Withheld		32,193



56	J.P. MORGAN FUNDS	DECEMBER 31, 2021

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.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2021. All rights reserved. December 2021.		SAN-SS-1221

ITEM 2. CODE OF ETHICS.

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

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

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

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

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

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

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

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

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

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

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

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

Included in Item 1.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

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

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

Not applicable.

ITEM 13. EXHIBITS.

(a)

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

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

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b)

A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

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

JPMorgan Trust IV


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 3, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 3, 2022

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		March 3, 2022

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