JPMorgan SMID Cap Equity Fund Class I 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: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

Date of fiscal year end: June 30

Date of reporting period: July 1, 2020 through December 31, 2020

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

JPMorgan U.S. Small Company Fund

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Small Cap Blend Fund			3

JPMorgan Small Cap Core Fund			5

JPMorgan Small Cap Equity Fund			7

JPMorgan Small Cap Growth Fund			9

JPMorgan Small Cap Value Fund			11

JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			13

JPMorgan U.S. Small Company Fund			16

Schedules of Portfolio Investments			18

Financial Statements			58

Financial Highlights			76

Notes to Financial Statements			100

Schedule of Shareholder Expenses			114

Board Approval of Investment Advisory Agreements			118

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

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

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

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

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

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

— Andrea L. Lisher

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

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

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

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



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

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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

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

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

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

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

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

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



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

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		35.16%
Russell 2000 Index		37.85%

Net Assets as of 12/31/2020 (In Thousands)	$	764,985

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Blend Fund (the “Fund”) seeks 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 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the industrials and materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Plug Power Inc. and Penn National Gaming Inc. and its out-of-Benchmark position in Ollie’s Bargain Outlet Holdings Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of Penn National Gaming, a provider of online betting and casino games, rose after voters in several U.S. states approved expanded sports betting and other gambling operations in the November 3, 2020 elections. Shares of Ollie’s Bargain Outlets Holdings, a discount retailer, fell as investors sold the stock after a run-up in the company’s share price during the early part of the reporting period.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Enphase Energy Inc. and Farfetch Ltd. and its overweight position in Twist Bioscience Corp. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Farfetch, a U.K. online platform for luxury fashion retailers, rose amid consumer migration to online purchases. Shares of Twist Bioscience, a developer of synthetic DNA manufacturing processes, rose amid investor expectations for increased demand for the company’s technology in the fight against Covid-19 and its variants.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of companies that are attractively valued and stocks that have a history of growth. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate consistent earnings. The Fund is positioned to invest in small cap companies across both growth and value styles.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	ITT, Inc.	1.0	%
	2.	Lithia Motors, Inc., Class A	0.9
	3.	Applied Industrial Technologies, Inc.	0.9
	4.	Helen of Troy Ltd.	0.9
	5.	Texas Roadhouse, Inc.	0.9
	6.	Performance Food Group Co.	0.8
	7.	WSFS Financial Corp.	0.8
	8.	Simpson Manufacturing Co., Inc.	0.7
	9.	Premier Financial Corp.	0.7
	10.	Advanced Drainage Systems, Inc.	0.7


PORTFOLIO COMPOSITION BY SECTOR***
Industrials	17.8	%
Information Technology	15.3
Financials	15.3
Health Care	13.8
Consumer Discretionary	11.3
Real Estate	5.6
Consumer Staples	3.4
Materials	3.1
Communication Services	2.7
Utilities	2.6
Energy	2.2
Short-Term Investments	6.9

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

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

***

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



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

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020



	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge**			28.06	%		18.16	%		17.72	%		13.29	%
Without Sales Charge			35.16			24.72			18.99			13.90
CLASS C SHARES	January 7, 1998
With CDSC***			33.80			23.02			18.39			13.45
Without CDSC			34.80			24.02			18.39			13.45
CLASS I SHARES	April 5, 1999		35.33			24.99			19.29			14.22
CLASS R6 SHARES	July 2, 2018		35.51			25.29			19.59			14.54

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Blend Fund and the Russell 2000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 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 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Effective June 1, 2018 (“the Effective Date”), the Fund’s investment strategies changed. 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.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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

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



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

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*		38.49%
Russell 2000 Index		37.85%

Net Assets as of 12/31/2020 (In Thousands)	$	417,789

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Core Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class R5 Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and industrials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Immunomedics Inc. and its overweight positions in Renewable Energy Group Inc. and Owens & Minor Inc. Shares of Immunomedics, a drug development company, rose ahead of its acquisition by Gilead Sciences Inc. for $21 billion. Shares of Renewable Energy Group, a biofuels manufacturer, rose after the company reported better-than-expected revenues and amid investor expectations for increased government investment in renewable energy. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020.

Leading individual detractors from relative performance included the Fund’s overweight position in Argan Inc. and its underweight positions in Plug Power Inc. and MyoKardia Inc. Shares of Argan, a power plant builder, fell late in the period following a run-up in the stock after reporting better-than-expected results for the first quarter of 2020 and the company’s announcement of a special dividend to shareholders. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of MyoKardia, a drug development company not held in the Fund, rose ahead of Bristol Myers Squibb Co.’s planned $13.1 billion acquisition of the company.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund’s

relative performance versus the Benchmark. The Fund’s portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Fund was managed and positioned in accordance with this investment process.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Deckers Outdoor Corp.	1.1	%
	2.	WESCO International, Inc.	0.9
	3.	ArcBest Corp.	0.8
	4.	AdaptHealth Corp.	0.7
	5.	MicroStrategy, Inc., Class A	0.7
	6.	Renewable Energy Group, Inc.	0.7
	7.	Cornerstone OnDemand, Inc.	0.7
	8.	TTEC Holdings, Inc.	0.7
	9.	Korn Ferry	0.7
	10.	Horizon Therapeutics plc	0.7


PORTFOLIO COMPOSITION BY SECTOR***
Health Care	18.2	%
Industrials	14.7
Financials	14.1
Information Technology	12.1
Consumer Discretionary	9.8
Real Estate	5.4
Materials	5.3
Communication Services	4.2
Energy	2.6
Utilities	2.3
Consumer Staples	1.9
Short-Term Investments	9.4

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

***

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



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

JPMorgan Small Cap Core Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020



	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR

CLASS A SHARES		May 31, 2016
With Sales Charge**				30.92	%		7.45	%		10.01	%		10.55	%
Without Sales Charge				38.16			13.40			11.21			11.15
CLASS C SHARES		May 31, 2016
With CDSC***				36.82			11.84			10.70			10.89
Without CDSC				37.82			12.84			10.70			10.89
CLASS I SHARES		January 3, 2017		38.35			13.68			11.49			11.29
CLASS R2 SHARES		July 31, 2017		37.98			13.11			10.89			10.60
CLASS R3 SHARES		July 31, 2017		38.18			13.41			11.16			10.88
CLASS R4 SHARES		July 31, 2017		38.34			13.68			11.44			11.16
CLASS R5 SHARES		January 1, 1997		38.49			13.89			11.66			11.37
CLASS R6 SHARES		May 31, 2016		38.52			13.98			11.72			11.40

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class R5 Shares. The actual returns of Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares would have been lower than those shown because these classes have higher expenses than Class R5 Shares. The actual returns of the 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 $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Core Fund and the Russell 2000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and

does not include a sales charge. The performance of the Russell 2000 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 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Class R5 Shares have no minimum initial investment.



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

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		31.91%
Russell 2000 Index		37.85%

Net Assets as of 12/31/2020 (In Thousands)	$	8,281,531

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Equity Fund (the “Fund”) seeks 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 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the consumer discretionary and information technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and real estate sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in BJ’s Wholesale Club Holdings Inc., its out-of-Benchmark position in Thor Industries Inc. and its underweight position in Plug Power Inc. Shares of BJ’s Wholesale Club Holdings, a discount supermarket chain, underperformed the broader market after a run-up in the stock early in the reporting period driven by earnings growth. Shares of Thor Industries, a manufacturer of recreational vehicles, fell following a run-up in the stock in the first half of 2020. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Generac Holdings Inc. and Eaton Vance Corp. and its overweight position in WillScot Mobile Mini Holdings Corp. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Eaton Vance, an investment services provider, rose after the company agreed to be acquired by Morgan Stanley for about $7 billion. Shares of WillScot Mobile Mini Holdings, a provider of storage and related services, rose amid commercial demand for storage due to the pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on

company fundamentals and proprietary analysis. The Fund’s portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toro Co. (The)	2.4	%
	2.	AptarGroup, Inc.	2.3
	3.	Performance Food Group Co.	2.0
	4.	Encompass Health Corp.	1.7
	5.	Q2 Holdings, Inc.	1.7
	6.	WillScot Mobile Mini Holdings Corp.	1.6
	7.	RBC Bearings, Inc.	1.6
	8.	Lincoln Electric Holdings, Inc.	1.5
	9.	Molina Healthcare, Inc.	1.5
	10.	MSA Safety, Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Industrials	20.7	%
Financials	17.2
Information Technology	14.4
Health Care	13.1
Consumer Discretionary	9.4
Real Estate	6.3
Materials	6.1
Consumer Staples	5.0
Utilities	1.9
Exchange-Traded Fund	0.8
Short-Term Investments	5.1

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

***

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



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

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020


	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge**			24.99	%		11.94	%		12.81	%		12.15	%
Without Sales Charge			31.91			18.15			14.03			12.76
CLASS C SHARES	February 19, 2005
With CDSC***			30.60			16.63			13.49			12.31
Without CDSC			31.60			17.63			13.49			12.31
CLASS I SHARES	May 7, 1996		32.11			18.51			14.35			13.08
CLASS R2 SHARES	November 3, 2008		31.78			17.93			13.77			12.48
CLASS R3 SHARES	September 9, 2016		31.95			18.22			14.06			12.77
CLASS R4 SHARES	September 9, 2016		32.11			18.52			14.35			13.08
CLASS R5 SHARES	May 15, 2006		32.24			18.73			14.57			13.30
CLASS R6 SHARES	May 31, 2016		32.28			18.80			14.63			13.33

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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 at time of launch.

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

Returns for Class R6 Shares prior to their inception date are based on the performance of the 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 $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund and the Russell 2000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a

sales charge. The performance of the Russell 2000 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 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.



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

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		47.37%
Russell 2000 Growth Index		38.88%

Net Assets as of 12/31/2020 (In Thousands)	$	6,332,988

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Growth Fund (the “Fund”) seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care sector and its security selection and overweight position in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials sector was a sole sector detractor from relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Plug Power Inc. and its out-of-Benchmark positions in ADC Therapeutics SA and Ollie’s Bargain Outlet Holdings Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of ADC Therapeutics, a Swiss drug development company, fell following a run-up in the share price at the company’s initial public offering in May 2020. Shares of Ollie’s Bargain Outlets Holdings, a discount retailer, fell after a run-up in the company’s share price earlier in the year.

HOW WAS THE FUND POSITIONED?

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Advanced Drainage Systems, Inc.	1.7	%
	2.	Natera, Inc.	1.6
	3.	Halozyme Therapeutics, Inc.	1.4
	4.	Twist Bioscience Corp.	1.4
	5.	Freshpet, Inc.	1.4
	6.	Enphase Energy, Inc.	1.3
	7.	iRhythm Technologies, Inc.	1.3
	8.	National Vision Holdings, Inc.	1.3
	9.	Entegris, Inc.	1.3
	10.	Itron, Inc.	1.3


PORTFOLIO COMPOSITION BY SECTOR***
Health Care	28.4	%
Information Technology	25.6
Industrials	13.6
Consumer Discretionary	11.6
Consumer Staples	3.6
Financials	3.5
Communication Services	3.0
Real Estate	0.9
Short-Term Investments	9.8

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

***

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



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

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020


	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge**			39.61	%		50.84	%		24.53	%		16.69	%
Without Sales Charge			47.37			59.21			25.88			17.32
CLASS C SHARES	November 4, 1997
With CDSC***			45.97			57.34			25.23			16.84
Without CDSC			46.97			58.34			25.23			16.84
CLASS I SHARES	March 26, 1996		47.52			59.60			26.19			17.61
CLASS L SHARES	February 19, 2005		47.61			59.78			26.37			17.78
CLASS R2 SHARES	November 3, 2008		47.14			58.80			25.55			17.01
CLASS R3 SHARES	July 31, 2017		47.40			59.17			25.87			17.32
CLASS R4 SHARES	July 31, 2017		47.52			59.55			26.19			17.61
CLASS R5 SHARES	September 9, 2016		47.62			59.78			26.37			17.78
CLASS R6 SHARES	November 30, 2010		47.72			59.96			26.50			17.90

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund and the Russell 2000 Growth Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 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 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher 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.



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

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		36.21%
Russell 2000 Value Index		36.77%

Net Assets as of 12/31/2020 (In Thousands)	$	1,219,112

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Value Fund (the “Fund”) seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.

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

The Fund’s Class I Shares underperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2020.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Now Inc. and Eastman Kodak Co., and its underweight position in Brookfield Renewable Corp. Shares of Now, a distributor of products and service to the energy sector, fell after the company reported a loss and lower-than-expected revenue for the second quarter of 2020. Shares of Eastman Kodak, a provider of printing and imaging products and services, fell after the company reported consecutive quarters of per-share losses as well as a decline in revenue and negative cash flow for the third quarter of 2020. Shares of Brookfield Renewable, an operator of hydroelectric, wind and solar power plants that was not held in the Fund, rose amid investor expectations for increased government investment in renewable energy projects in the U.S. and Europe.

Leading individual contributors to relative performance included the Fund’s overweight positions in Owens & Minor Inc., SunPower Corp. and Gogo Inc. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of SunPower, a provider of solar energy equipment and services, rose amid investor expectations for increased government investment in renewable energy projects in the U.S. and Europe. Shares of Gogo, a provider of in-flight broadband services to the aviation industry, rose after the company announced it would sell its commercial aviation business to Intelsat SA for $400 million.

HOW WAS THE FUND POSITIONED?

In accordance its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	CIT Group, Inc.	1.0	%
	2.	Cathay General Bancorp	0.9
	3.	EMCOR Group, Inc.	0.8
	4.	Stifel Financial Corp.	0.7
	5.	Builders FirstSource, Inc.	0.7
	6.	Darling Ingredients, Inc.	0.7
	7.	UMB Financial Corp.	0.7
	8.	Sunstone Hotel Investors, Inc.	0.7
	9.	CNO Financial Group, Inc.	0.7
	10.	TRI Pointe Group, Inc.	0.7


PORTFOLIO COMPOSITION BY SECTOR***
Financials	24.9	%
Industrials	17.5
Consumer Discretionary	11.2
Real Estate	7.2
Materials	6.3
Health Care	5.6
Information Technology	5.3
Energy	3.9
Utilities	3.6
Communication Services	3.0
Consumer Staples	2.2
Short-Term Investments	9.3

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

***

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



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

JPMorgan Small Cap Value Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020


	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR

CLASS A SHARES		January 27, 1995
With Sales Charge**				28.90	%		0.23	%		6.41	%		7.45	%
Without Sales Charge				36.02			5.79			7.56			8.04
CLASS C SHARES		March 22, 1999
With CDSC***				34.66			4.28			7.00			7.52
Without CDSC				35.66			5.28			7.00			7.52
CLASS I SHARES		January 27, 1995		36.21			6.14			7.84			8.31
CLASS R2 SHARES		November 3, 2008		35.85			5.58			7.29			7.76
CLASS R3 SHARES		September 9, 2016		36.00			5.81			7.56			8.03
CLASS R4 SHARES		September 9, 2016		36.19			6.13			7.82			8.29
CLASS R5 SHARES		May 15, 2006		36.28			6.22			7.98			8.43
CLASS R6 SHARES		February 22, 2005		36.34			6.32			8.09			8.52

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund and the Russell 2000 Value Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 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 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 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.



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

JPMorgan SMID Cap Equity Fund⁽¹⁾

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		25.83%
Russell 2500 Index		34.90%
Russell Midcap Index		28.86%

Net Assets as of 12/31/2020 (In Thousands)	$	403,045

INVESTMENT OBJECTIVE**

The JPMorgan SMID Cap Equity Fund (the “Fund”) seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

INVESTMENT PROCESS

The Fund implemented a new investment process effective November 1, 2020, and no longer uses an investment process based on behavioral finance principals. The new process employs a fundamental bottom-up investment process to invest in a diversified portfolio of small to mid-cap stocks — similar to those in the Russell 2500 Index — and seeks to invest in companies with leading competitive advantages, predictable and durable business models and sustainable free cash flows.

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

The Fund’s Class I Shares underperformed the Russell 2500 Index (the “Benchmark”) and the Russell Midcap Index for the six months ended December 31, 2020. As a result of the change in investment strategy and process, the turnover of securities held in the Fund during the period was high compared with previous reporting periods, on an annualized basis, but did not have a significant impact on performance.

Relative to the Benchmark, the Fund’s security selection in the industrials and health care sectors was a leading detractor from performance, while the Fund’s security selection in the financials sector was the sole sector contributor to performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s out-of-Benchmark positions in Centene Corp. and Waste Connections Inc., and its overweight position in Pool Corp. Shares of Centene, a provider of managed health care plans, fell after the company provided a lower-than-expected earnings forecast for its fiscal year 2021. Shares of Waste Connections, a waste collection, transport and recycling company, underperformed the broader market following a run-up in its stock price driven by better-than-expected quarterly earnings. Shares of Pool, a provider of swimming pools and related products, underperformed the market following a run-up in its stock price earlier in 2020.

Leading individual contributors to performance relative to the Benchmark included the Fund’s out-of-Benchmark position in

Unity Software Inc. and its overweight positions in Timken Co. and Wex Inc. Shares of Unity Software, a provider of software for video content development, rose after the company reported better-than-expected earnings and revenue for its first quarter following the company’s initial public offering in September 2020. Shares of Timken, a maker of industrial machinery and equipment, rose after the company reported better-than-expected earnings for the third quarter of 2020 and increased its quarterly dividend. Shares of Wex, a provider of payment processing systems, rose amid investor expectations that the company would benefit from pent-up demand during potential economic recovery in 2021.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employ a fundamental bottom-up investment process that seeks to invest in companies that they believe are undervalued and have leading competitive positions and predictable and durable business models. As a result of this process, the Fund’s largest allocations during the period were to the information technology and industrials sectors and the smallest allocations were to the energy and communications services sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toro Co. (The)	2.3	%
	2.	Pool Corp.	2.2
	3.	SS&C Technologies Holdings, Inc.	2.0
	4.	Molina Healthcare, Inc.	1.8
	5.	Waste Connections, Inc.	1.8
	6.	AptarGroup, Inc.	1.7
	7.	Catalent, Inc.	1.6
	8.	Performance Food Group Co.	1.5
	9.	West Pharmaceutical Services, Inc.	1.5
	10.	Encompass Health Corp.	1.4



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

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

FUND COMMENTARY

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


PORTFOLIO COMPOSITION BY SECTOR***
Industrials	22.0	%
Financials	16.5
Information Technology	15.7
Health Care	13.5
Consumer Discretionary	10.7
Real Estate	6.3
Consumer Staples	5.6
Materials	4.1
Utilities	2.3
Short-Term Investments	3.3

⁽¹⁾

On November 1, 2020, the Intrepid Mid Cap Fund was renamed, its investment strategy, investment process and portfolio management team were changed and its benchmark equity index was changed to the Russell 2500 Index from the Russell Midcap Index.

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			19.04	%		4.16	%		8.55	%		10.03	%
Without Sales Charge			25.63			9.91			9.73			10.62
CLASS C SHARES	March 22, 1999
With CDSC***			24.27			8.34			9.13			10.09
Without CDSC			25.27			9.34			9.13			10.09
CLASS I SHARES	June 1, 1991		25.83			10.20			10.00			10.90
CLASS R3 SHARES	September 9, 2016		25.65			9.89			9.73			10.62
CLASS R4 SHARES	September 9, 2016		25.75			10.13			9.99			10.89
CLASS R6 SHARES	November 2, 2015		25.96			10.44			10.27			11.04

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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 to those shown because Class R3 Shares have similar expenses to those of Class A Shares.

Returns for Class R4 and Class R6 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 for Class I Shares because Class R4 Shares have similar expenses to 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 I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SMID Cap Equity Fund, the Russell Midcap Index and the Russell 2500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index and the Russell 2500 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

Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future. Also on November 1, 2020, the Fund’s Benchmark changed from Russell Midcap Index to Russell 2500 Index because the adviser believes that the Russell 2500 Index is a more appropriate comparison in light of the Fund’s new name and investment strategies.



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

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		37.91%
Russell 2000 Index		37.85%

Net Assets as of 12/31/2020 (In Thousands)	$	986,894

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Small Company Fund (the “Fund”) seeks to provide high total return from a portfolio of small company stocks.

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

The Fund’s Class L Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the health care and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the industrials and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Seres Therapeutics Inc., Owens & Minor Inc. and MyoKardia Inc. Shares of Seres Therapeutics, a drug development company, rose after the company reported positive results from its Phase 3 clinical trial of its treatment for Clostridium difficile infection. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of MyoKardia, a drug development company, rose ahead of Bristol Myers Squibb Co.’s planned $13.1 billion acquisition of the company.

Leading individual detractors from relative performance included the Fund’s underweight position in Plug Power Inc. and its overweight positions in Now Inc. and Tri Pointe Group Inc. Shares of Plug Power, a developer of hydrogen fuel cell systems that was not held in the Fund, rose after reporting better-than-expected results for the third quarter amid increased industry adoption of fuel cell technology. Shares of Now, a distributor of products and services to the energy sector, fell after the company reported a loss and lower-than-expected revenue for the second quarter of 2020. Shares of Tri Pointe Group, a home builder, underperformed the broader markets after a pullback in a key measure of U.S. consumer home buying sentiment.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund’s performance relative to the Benchmark. The Fund’s portfolio

managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Cinemark Holdings, Inc.	1.0	%
	2.	TRI Pointe Group, Inc.	0.8
	3.	Darling Ingredients, Inc.	0.8
	4.	AdaptHealth Corp.	0.8
	5.	EMCOR Group, Inc.	0.7
	6.	Avaya Holdings Corp.	0.7
	7.	Builders FirstSource, Inc.	0.7
	8.	Wabash National Corp.	0.6
	9.	Allscripts Healthcare Solutions, Inc.	0.6
	10.	Perspecta, Inc.	0.6


PORTFOLIO COMPOSITION BY SECTOR***
Health Care	18.4	%
Industrials	14.6
Financials	13.7
Information Technology	12.7
Consumer Discretionary	10.8
Materials	4.6
Real Estate	4.3
Communication Services	3.7
Consumer Staples	2.5
Utilities	2.3
Energy	2.1
Short-Term Investments	10.3

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020


	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge**			30.40	%		11.53	%		9.16	%		10.15	%
Without Sales Charge			37.61			17.70			10.34			10.74
CLASS C SHARES	November 1, 2007
With CDSC***			36.22			16.09			9.77			10.30
Without CDSC			37.22			17.09			9.77			10.30
CLASS I SHARES	September 10, 2001		37.72			17.99			10.62			11.02
CLASS L SHARES	November 4, 1993		37.91			18.20			10.80			11.20
CLASS R2 SHARES	November 1, 2011		37.37			17.42			10.04			10.49
CLASS R3 SHARES	September 9, 2016		37.63			17.74			10.35			10.74
CLASS R4 SHARES	September 9, 2016		37.75			17.98			10.61			11.02
CLASS R5 SHARES	September 9, 2016		37.89			18.21			10.78			11.19
CLASS R6 SHARES	November 1, 2011		37.87			18.32			10.90			11.29

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R2 and Class R3 shares prior to their inception dates are based on the performance of the 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. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund and the Russell 2000 Index from

December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses 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 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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



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

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


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

Aerospace & Defense — 0.5%

Curtiss-Wright Corp.		33		3,802


Airlines — 0.4%

Allegiant Travel Co.		17		3,232


Auto Components — 0.6%

Fox Factory Holding Corp. *		27		2,864

LCI Industries		15		1,891


				4,755


Automobiles — 0.4%

Winnebago Industries, Inc.		49		2,956


Banks — 8.7%

BancFirst Corp. (a)		77		4,515

Camden National Corp.		112		3,995

City Holding Co.		33		2,325

Columbia Banking System, Inc.		155		5,577

Community Trust Bancorp, Inc.		69		2,571

Cullen/Frost Bankers, Inc.		26		2,263

First Busey Corp.		229		4,938

First Commonwealth Financial Corp.		330		3,605

First Financial Bancorp		150		2,624

First Financial Bankshares, Inc.		60		2,155

First Hawaiian, Inc.		116		2,726

First Merchants Corp.		145		5,407

Heritage Commerce Corp. (a)		366		3,250

Heritage Financial Corp.		42		981

Independent Bank Corp.		226		4,167

Independent Bank Corp. (a)		60		4,378

Lakeland Bancorp, Inc.		323		4,108

Simmons First National Corp., Class A		232		5,003

Trustmark Corp.		84		2,285


				66,873


Beverages — 0.3%

Primo Water Corp.		168		2,642


Biotechnology — 7.9%

ACADIA Pharmaceuticals, Inc. *		24		1,284

ADC Therapeutics SA (Switzerland) *		62		1,999

Alector, Inc. *		54		819

Allogene Therapeutics, Inc. * (a)		26		655

Amicus Therapeutics, Inc. *		156		3,611

Arrowhead Pharmaceuticals, Inc. *		44		3,405

Atara Biotherapeutics, Inc. *		112		2,202

Avrobio, Inc. *		87		1,208

Biohaven Pharmaceutical Holding Co. Ltd. *		35		3,008

Blueprint Medicines Corp. *		31		3,423


INVESTMENTS	SHARES (000)		VALUE ($000)


Biotechnology — continued

Bridgebio Pharma, Inc. * (a)		38		2,685

Coherus Biosciences, Inc. * (a)		106		1,845

FibroGen, Inc. * (a)		43		1,583

G1 Therapeutics, Inc. * (a)		51		925

Generation Bio Co. * (a)		22		629

Global Blood Therapeutics, Inc. *		20		848

Halozyme Therapeutics, Inc. * (a)		113		4,836

Heron Therapeutics, Inc. * (a)		87		1,832

Homology Medicines, Inc. *		58		653

Intercept Pharmaceuticals, Inc. *		20		490

Kronos Bio, Inc. * (a)		39		1,172

Mirati Therapeutics, Inc. *		9		1,877

Natera, Inc. *		54		5,333

Orchard Therapeutics plc, ADR (United Kingdom) *		70		304

REGENXBIO, Inc. *		40		1,797

Relay Therapeutics, Inc. * (a)		40		1,644

REVOLUTION Medicines, Inc. *		34		1,328

Rubius Therapeutics, Inc. * (a)		71		542

Sage Therapeutics, Inc. *		26		2,287

Twist Bioscience Corp. *		33		4,680

Viela Bio, Inc. * (a)		34		1,207


				60,111


Building Products — 3.7%

Advanced Drainage Systems, Inc.		68		5,692

AZEK Co., Inc. (The) *		39		1,481

CSW Industrials, Inc.		35		3,946

Gibraltar Industries, Inc. *		56		4,038

Simpson Manufacturing Co., Inc.		65		6,048

Trex Co., Inc. *		37		3,106

UFP Industries, Inc.		75		4,161


				28,472


Capital Markets — 1.8%

Evercore, Inc., Class A		29		3,219

Focus Financial Partners, Inc., Class A *		48		2,087

LPL Financial Holdings, Inc.		55		5,690

Virtus Investment Partners, Inc.		12		2,553


				13,549


Chemicals — 2.2%

Hawkins, Inc.		67		3,506

Innospec, Inc.		52		4,692

Stepan Co.		33		3,953

Valvoline, Inc.		185		4,285


				16,436

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Commercial Services & Supplies — 2.5%

Brady Corp., Class A		107		5,632

Cimpress plc (Ireland) * (a)		34		2,997

Deluxe Corp.		70		2,037

Kimball International, Inc., Class B		191		2,282

McGrath RentCorp		51		3,437

MSA Safety, Inc.		21		3,089


				19,474


Communications Equipment — 0.5%

Ciena Corp. *		33		1,744

Viavi Solutions, Inc. *		151		2,260


				4,004


Construction & Engineering — 0.6%

Comfort Systems USA, Inc.		86		4,521


Consumer Finance — 0.2%

PROG Holdings Inc.		32		1,698


Containers & Packaging — 0.9%

Graphic Packaging Holding Co.		208		3,525

Pactiv Evergreen, Inc. *		51		920

Silgan Holdings, Inc.		58		2,161


				6,606


Diversified Consumer Services — 0.2%

Bright Horizons Family Solutions, Inc. *		11		1,822


Diversified Telecommunication Services — 1.0%

Bandwidth, Inc., Class A * (a)		20		3,074

Iridium Communications, Inc. *		110		4,345


				7,419


Electric Utilities — 0.3%

Portland General Electric Co.		49		2,083


Electrical Equipment — 0.2%

Vertiv Holdings Co. (a)		97		1,804


Electronic Equipment, Instruments & Components — 3.6%

CTS Corp.		106		3,632

ePlus, Inc. *		25		2,174

Fabrinet (Thailand) *		30		2,342

II-VI, Inc. * (a)		53		4,018

Insight Enterprises, Inc. *		57		4,339

Itron, Inc. *		45		4,332

Littelfuse, Inc.		14		3,590

Plexus Corp. *		37		2,887


				27,314


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — 5.9%

American Campus Communities, Inc. (a)		84		3,596

American Homes 4 Rent, Class A		155		4,654

Brixmor Property Group, Inc.		214		3,541

CubeSmart		38		1,280

Equity Commonwealth		129		3,528

Highwoods Properties, Inc.		70		2,774

JBG SMITH Properties		88		2,745

Rayonier, Inc.		127		3,723

Rexford Industrial Realty, Inc.		94		4,622

RLJ Lodging Trust		216		3,053

Sunstone Hotel Investors, Inc.		399		4,522

Terreno Realty Corp.		81		4,752

Washington		101		2,191


				44,981


Food & Staples Retailing — 1.5%

BJ’s Wholesale Club Holdings, Inc. *		51		1,912

Grocery Outlet Holding Corp. * (a)		59		2,332

Performance Food Group Co. *		144		6,858


				11,102


Food Products — 1.4%

Flowers Foods, Inc.		136		3,068

Freshpet, Inc. *		32		4,597

J&J Snack Foods Corp.		21		3,288


				10,953


Gas Utilities — 1.4%

Chesapeake Utilities Corp.		29		3,098

ONE Gas, Inc.		57		4,366

Southwest Gas Holdings, Inc.		53		3,193


				10,657


Health Care Equipment & Supplies — 2.2%

iRhythm Technologies, Inc. *		19		4,460

Nevro Corp. *		22		3,835

Outset Medical, Inc. * (a)		23		1,284

Shockwave Medical, Inc. * (a)		36		3,742

Utah Medical Products, Inc.		39		3,271


				16,592


Health Care Providers & Services — 2.6%

Acadia Healthcare Co., Inc. *		45		2,274

Amedisys, Inc. *		13		3,673

Encompass Health Corp.		55		4,560

Ensign Group, Inc. (The)		59		4,320

Oak Street Health, Inc. * (a)		17		1,048

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Health Care Providers & Services — continued

Providence Service Corp. (The) *		27		3,695


				19,570


Health Care Technology — 0.5%

Accolade, Inc. * (a)		55		2,409

Evolent Health, Inc., Class A *		98		1,566


				3,975


Hotels, Restaurants & Leisure — 2.3%

Boyd Gaming Corp. *		84		3,618

Cheesecake Factory, Inc. (The) (a)		47		1,746

Cracker Barrel Old Country Store, Inc.		21		2,792

Planet Fitness, Inc., Class A *		31		2,380

Texas Roadhouse, Inc.		89		6,947


				17,483


Household Durables — 2.1%

Helen of Troy Ltd. *		31		6,951

La-Z-Boy, Inc.		70		2,779

M/I Homes, Inc. *		47		2,085

MDC Holdings, Inc.		47		2,287

TRI Pointe Group, Inc. *		95		1,644


				15,746


Industrial Conglomerates — 0.4%

Carlisle Cos., Inc.		21		3,268


Insurance — 2.4%

James River Group Holdings Ltd.		33		1,626

Lemonade, Inc. * (a)		10		1,241

Old Republic International Corp.		157		3,096

Safety Insurance Group, Inc.		31		2,450

Selective Insurance Group, Inc.		66		4,438

Selectquote, Inc. *		64		1,334

Third Point Reinsurance Ltd. (Bermuda) *		244		2,326

Universal Insurance Holdings, Inc.		130		1,957


				18,468


Interactive Media & Services — 0.2%

MediaAlpha, Inc., Class A *		39		1,541


Internet & Direct Marketing Retail — 0.4%

Farfetch Ltd., Class A (United Kingdom) *		25		1,607

RealReal, Inc. (The) * (a)		76		1,487


				3,094


IT Services — 1.9%

Globant SA (Argentina) *		14		3,093

I3 Verticals, Inc., Class A *		60		1,979


INVESTMENTS	SHARES (000)		VALUE ($000)


IT Services — continued

LiveRamp Holdings, Inc. *		26		1,872

ManTech International Corp., Class A		41		3,629

Repay Holdings Corp. *		19		507

Science Applications International Corp.		34		3,261


				14,341


Leisure Products — 0.3%

Johnson Outdoors, Inc., Class A		20		2,254


Life Sciences Tools & Services — 0.8%

Adaptive Biotechnologies Corp. *		12		732

Berkeley Lights, Inc. * (a)		18		1,567

Personalis, Inc. *		64		2,327

Seer, Inc. *		23		1,275


				5,901


Machinery — 6.6%

Alamo Group, Inc.		31		4,228

Allison Transmission Holdings, Inc.		73		3,145

Blue Bird Corp. *		245		4,473

Graco, Inc.		41		2,947

Hillenbrand, Inc.		128		5,087

ITT, Inc.		110		8,481

John Bean Technologies Corp.		33		3,732

Kadant, Inc.		34		4,804

Lincoln Electric Holdings, Inc.		41		4,713

Mueller Industries, Inc.		102		3,582

Watts Water Technologies, Inc., Class A		44		5,395


				50,587


Media — 1.7%

Cardlytics, Inc. * (a)		15		2,200

Gray Television, Inc. *		139		2,488

New York Times Co. (The), Class A		65		3,358

Nexstar Media Group, Inc., Class A		44		4,798


				12,844


Metals & Mining — 0.3%

Warrior Met Coal, Inc.		112		2,395


Multiline Retail — 0.2%

Ollie’s Bargain Outlet Holdings, Inc. * (a)		18		1,439


Multi-Utilities — 0.3%

Unitil Corp.		58		2,574


Oil, Gas & Consumable Fuels — 2.3%

CNX Resources Corp. *		248		2,679

Delek US Holdings, Inc.		99		1,584

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Oil, Gas & Consumable Fuels — continued

EQT Corp.		182		2,308

Equitrans Midstream Corp.		236		1,899

Matador Resources Co. *		347		4,188

PDC Energy, Inc. *		236		4,845


				17,503


Personal Products — 0.4%

Inter Parfums, Inc.		53		3,201


Pharmaceuticals — 0.7%

Arvinas, Inc. * (a)		38		3,195

Revance Therapeutics, Inc. *		79		2,227


				5,422


Professional Services — 0.7%

ASGN, Inc. *		19		1,619

CBIZ, Inc. *		84		2,242

FTI Consulting, Inc. *		14		1,532


				5,393


Road & Rail — 0.9%

Marten Transport Ltd.		162		2,783

Saia, Inc. *		24		4,320


				7,103


Semiconductors & Semiconductor Equipment — 4.5%

CMC Materials, Inc.		16		2,492

Cree, Inc. *		29		3,025

Enphase Energy, Inc. *		26		4,526

Entegris, Inc.		45		4,364

Inphi Corp. *		23		3,664

MKS Instruments, Inc.		25		3,747

Onto Innovation, Inc. *		97		4,602

Rambus, Inc. *		111		1,943

Semtech Corp. *		38		2,704

SolarEdge Technologies, Inc. *		9		3,020


				34,087


Software — 5.6%

Anaplan, Inc. *		53		3,789

Avalara, Inc. *		7		1,175

Bill.Com Holdings, Inc. *		11		1,567

Blackline, Inc. *		31		4,115

CyberArk Software Ltd. *		17		2,801

Duck Creek Technologies, Inc. *		54		2,325

Elastic NV *		26		3,843

Envestnet, Inc. *		39		3,245


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

Everbridge, Inc. * (a)		20		2,999

Jamf Holding Corp. *		12		363

JFrog Ltd. (Israel) * (a)		28		1,759

Medallia, Inc. * (a)		53		1,754

nCino, Inc. *		9		675

Ping Identity Holding Corp. *		49		1,410

Q2 Holdings, Inc. *		16		2,078

Smartsheet, Inc., Class A *		47		3,267

Upland Software, Inc. *		88		4,045

Vertex, Inc., Class A * (a)		53		1,857


				43,067


Specialty Retail — 3.0%

Floor & Decor Holdings, Inc., Class A *		29		2,703

Leslie’s, Inc. * (a)		36		997

Lithia Motors, Inc., Class A		25		7,304

National Vision Holdings, Inc. *		101		4,556

Sleep Number Corp. *		24		1,927

Urban Outfitters, Inc. *		106		2,710

Williams-Sonoma, Inc. (a)		28		2,882


				23,079


Technology Hardware, Storage & Peripherals — 0.2%

Corsair Gaming, Inc. * (a)		39		1,417


Textiles, Apparel & Luxury Goods — 2.5%

Carter’s, Inc.		59		5,527

Columbia Sportswear Co.		12		1,054

Kontoor Brands, Inc. (a)		102		4,143

Oxford Industries, Inc.		67		4,404

Steven Madden Ltd.		108		3,811


				18,939


Thrifts & Mortgage Finance — 3.0%

Flagstar Bancorp, Inc.		71		2,877

PennyMac Financial Services, Inc.		53		3,491

Premier Financial Corp.		251		5,783

Radian Group, Inc.		212		4,299

WSFS Financial Corp.		152		6,838


				23,288


Trading Companies & Distributors — 2.2%

Applied Industrial Technologies, Inc.		92		7,194

GMS, Inc. *		79		2,397

Rush Enterprises, Inc., Class A		51		2,125

SiteOne Landscape Supply, Inc. *		23		3,611

Systemax, Inc.		46		1,637


				16,964

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Water Utilities — 0.8%

American States Water Co.		33		2,606

Middlesex Water Co.		48		3,445


				6,051


Total Common Stocks (Cost $553,160)				754,852


	NO. OF RIGHTS (000)

Rights — 0.0% (b)

Biotechnology — 0.0% (b)

Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		51		—	(c)


	SHARES (000)
Short-Term Investments — 7.3%

Investment Companies — 2.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $16,092)		16,088		16,096


Investment of Cash Collateral from Securities Loaned — 5.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		30,005		30,008

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		10,145		10,145


Total Investment of Cash Collateral from Securities Loaned (Cost $40,154)				40,153


Total Short-Term Investments (Cost $56,246)				56,249

Total Investments — 106.0% (Cost $609,406)				811,101
Liabilities in Excess of Other Assets — (6.0)%				(46,116	)

NET ASSETS — 100.0%				764,985

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, 2020. The total value of securities on loan at December 31, 2020 is approximately $38,841,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%

Aerospace & Defense — 0.9%

AAR Corp.		37		1,326

Aerojet Rocketdyne Holdings, Inc. *		4		217

Astronics Corp. *		35		460

Ducommun, Inc. *		10		532

Moog, Inc., Class A		4		305

Park Aerospace Corp.		8		100

Triumph Group, Inc.		13		161

Vectrus, Inc. *		17		821


				3,922


Air Freight & Logistics — 0.6%

Atlas Air Worldwide Holdings, Inc. *		1		66

Echo Global Logistics, Inc. *		8		217

Hub Group, Inc., Class A *		36		2,052


				2,335


Airlines — 0.5%

Alaska Air Group, Inc.		11		567

Allegiant Travel Co.		7		1,343


				1,910


Auto Components — 1.5%

Adient plc *		51		1,777

American Axle & Manufacturing Holdings, Inc. *		102		854

Cooper Tire & Rubber Co.		32		1,296

Dana, Inc.		121		2,352


				6,279


Banks — 6.8%

Ameris Bancorp		12		470

Associated Banc-Corp.		19		322

Bancorp, Inc. (The) *		54		734

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		52		1,629

Bar Harbor Bankshares (a)		8		183

Business First Bancshares, Inc.		11		220

California BanCorp *		3		53

Capital Bancorp, Inc. *		4		57

Capstar Financial Holdings, Inc.		9		134

Cathay General Bancorp		9		291

CB Financial Services, Inc.		2		40

Community Trust Bancorp, Inc.		2		66

ConnectOne Bancorp, Inc.		87		1,722

Customers Bancorp, Inc. *		40		727

Enterprise Financial Services Corp.		2		65

Financial Institutions, Inc.		20		460

First BanCorp (Puerto Rico)		200		1,841

First Bank		5		47


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

First Business Financial Services, Inc.		5		96

First Choice Bancorp		2		33

First Community Bankshares, Inc.		4		83

First Horizon National Corp.		51		646

First Internet Bancorp		6		184

Great Southern Bancorp, Inc.		7		362

Hancock Whitney Corp.		27		915

Hanmi Financial Corp.		38		429

HBT Financial, Inc.		13		201

Hilltop Holdings, Inc.		31		845

Investar Holding Corp.		10		164

Investors Bancorp, Inc.		243		2,565

Meridian Corp.		3		67

Metropolitan Bank Holding Corp. *		4		152

Mid Penn Bancorp, Inc.		4		77

Northeast Bank		5		102

OceanFirst Financial Corp.		93		1,726

PacWest Bancorp		27		696

Peapack-Gladstone Financial Corp.		9		196

Popular, Inc. (Puerto Rico)		34		1,939

RBB Bancorp		5		83

Select Bancorp, Inc. *		41		387

Shore Bancshares, Inc.		7		100

Sierra Bancorp		3		78

Signature Bank		12		1,603

Sterling Bancorp		29		512

Synovus Financial Corp.		25		819

Umpqua Holdings Corp.		88		1,335

United Community Banks, Inc.		20		565

Wintrust Financial Corp.		9		548

Zions Bancorp NA		47		2,020


				28,589


Beverages — 0.1%

Coca-Cola Consolidated, Inc.		1		240


Biotechnology — 7.4%

Akebia Therapeutics, Inc. *		36		101

Alector, Inc. *		31		463

Allogene Therapeutics, Inc. * (a)		30		745

Amicus Therapeutics, Inc. *		62		1,422

AnaptysBio, Inc. *		52		1,128

Arrowhead Pharmaceuticals, Inc. *		32		2,486

Assembly Biosciences, Inc. *		28		169

Atara Biotherapeutics, Inc. *		6		109

Bluebird Bio, Inc. *		5		196

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Biotechnology — continued

Blueprint Medicines Corp. *		13		1,469

Bridgebio Pharma, Inc. * (a)		16		1,106

CareDx, Inc. *		18		1,275

Catalyst Pharmaceuticals, Inc. * (a)		129		431

Chinook Therapeutics, Inc. * (a)		39		626

Coherus Biosciences, Inc. * (a)		40		691

Concert Pharmaceuticals, Inc. * (a)		20		256

Dicerna Pharmaceuticals, Inc. *		46		1,011

Esperion Therapeutics, Inc. * (a)		15		396

FibroGen, Inc. *		13		488

Gritstone Oncology, Inc. *		9		34

Heron Therapeutics, Inc. * (a)		65		1,380

Homology Medicines, Inc. *		24		268

Insmed, Inc. *		28		929

Jounce Therapeutics, Inc. * (a)		25		175

Kronos Bio, Inc. * (a)		43		1,275

Kura Oncology, Inc. *		4		126

MeiraGTx Holdings plc * (a)		21		321

Mustang Bio, Inc. * (a)		371		1,405

Natera, Inc. *		14		1,433

Radius Health, Inc. *		3		58

REVOLUTION Medicines, Inc. *		10		376

Rhythm Pharmaceuticals, Inc. *		16		470

Sage Therapeutics, Inc. *		13		1,133

Sarepta Therapeutics, Inc. *		6		989

Spruce Biosciences, Inc. *		38		924

Sutro Biopharma, Inc. *		7		156

Syros Pharmaceuticals, Inc. * (a)		151		1,635

TCR2 Therapeutics, Inc. * (a)		15		459

Translate Bio, Inc. *		59		1,084

Viela Bio, Inc. * (a)		19		676

Vir Biotechnology, Inc. * (a)		21		549

Xencor, Inc. *		12		517

Y-mAbs Therapeutics, Inc. *		2		105


				31,045


Building Products — 1.1%

Advanced Drainage Systems, Inc.		5		410

Builders FirstSource, Inc. *		57		2,331

Cornerstone Building Brands, Inc. *		47		435

Gibraltar Industries, Inc. *		8		554

Quanex Building Products Corp.		22		492

UFP Industries, Inc.		6		340


				4,562


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 2.0%

Artisan Partners Asset Management, Inc., Class A		5		247

Blucora, Inc. *		76		1,209

Brightsphere Investment Group, Inc.		11		208

Cohen & Steers, Inc.		4		304

Cowen, Inc., Class A (a)		28		735

Federated Hermes, Inc.		56		1,607

Focus Financial Partners, Inc., Class A *		19		839

Piper Sandler Cos.		5		535

Stifel Financial Corp. (a)		32		1,610

Virtus Investment Partners, Inc.		4		966


				8,260


Chemicals — 1.9%

Avient Corp.		43		1,736

FutureFuel Corp.		20		258

Ingevity Corp. *		12		939

Koppers Holdings, Inc. *		46		1,421

Kraton Corp. *		5		130

Minerals Technologies, Inc.		8		509

Orion Engineered Carbons SA (Germany)		32		554

PQ Group Holdings, Inc.		18		262

Trinseo SA		16		802

Tronox Holdings plc, Class A		93		1,362


				7,973


Commercial Services & Supplies — 1.7%

ABM Industries, Inc.		54		2,032

ACCO Brands Corp. (a)		83		700

Brink’s Co. (The)		11		763

Herman Miller, Inc.		18		612

HNI Corp.		17		586

KAR Auction Services, Inc.		18		335

Knoll, Inc.		67		978

Quad/Graphics, Inc.		73		277

Steelcase, Inc., Class A		66		888

Team, Inc. *		15		162


				7,333


Communications Equipment — 0.4%

Ciena Corp. *		7		349

Extreme Networks, Inc. *		162		1,113

PCTEL, Inc. *		42		275


				1,737


Construction & Engineering — 2.8%

Argan, Inc.		62		2,745

Comfort Systems USA, Inc.		27		1,439

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Construction & Engineering — continued

EMCOR Group, Inc.		17		1,593

Great Lakes Dredge & Dock Corp. *		87		1,142

MasTec, Inc. * (a)		32		2,184

Primoris Services Corp.		40		1,104

Sterling Construction Co., Inc. *		54		1,011

Tutor Perini Corp. *		36		470


				11,688


Construction Materials — 0.2%

Summit Materials, Inc., Class A *		10		207

US Concrete, Inc. *		20		803


				1,010


Consumer Finance — 1.0%

Enova International, Inc. *		13		325

Green Dot Corp., Class A *		24		1,317

Nelnet, Inc., Class A		14		983

Oportun Financial Corp. *		20		391

PROG Holdings Inc.		19		1,045


				4,061


Containers & Packaging — 0.3%

Myers Industries, Inc.		14		281

O-I Glass, Inc.		59		702

Pactiv Evergreen, Inc. *		11		203


				1,186


Distributors — 0.3%

Core-Mark Holding Co., Inc.		42		1,219


Diversified Consumer Services — 0.4%

American Public Education, Inc. *		9		268

Houghton Mifflin Harcourt Co. *		285		947

WW International, Inc. *		19		459


				1,674


Diversified Telecommunication Services — 1.3%

ATN International, Inc.		3		142

Cogent Communications Holdings, Inc.		32		1,892

IDT Corp., Class B *		138		1,711

Liberty Latin America Ltd., Class A (Chile) *		60		671

Liberty Latin America Ltd., Class C (Chile) * (a)		55		608

Ooma, Inc. *		34		493


				5,517


Electric Utilities — 0.8%

ALLETE, Inc. (a)		15		904

Genie Energy Ltd., Class B		8		56


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — continued

IDACORP, Inc.		6		591

Portland General Electric Co.		25		1,087

Spark Energy, Inc., Class A (a)		95		910


				3,548


Electrical Equipment — 0.8%

Atkore International Group, Inc. *		61		2,492

Generac Holdings, Inc. *		4		819

Powell Industries, Inc.		6		171


				3,482


Electronic Equipment, Instruments & Components — 2.9%

Bel Fuse, Inc., Class B		39		580

Benchmark Electronics, Inc.		86		2,335

Fabrinet (Thailand) *		19		1,507

Itron, Inc. *		5		451

Kimball Electronics, Inc. *		7		111

Methode Electronics, Inc.		30		1,151

Sanmina Corp. *		91		2,913

ScanSource, Inc. *		44		1,148

Vishay Intertechnology, Inc.		47		968

Vishay Precision Group, Inc. *		32		1,020


				12,184


Energy Equipment & Services — 0.7%

Cactus, Inc., Class A		26		673

ChampionX Corp. * (a)		6		96

Helix Energy Solutions Group, Inc. *		18		77

National Energy Services Reunited Corp. *		25		244

NexTier Oilfield Solutions, Inc. *		68		233

Oil States International, Inc. *		46		230

Patterson-UTI Energy, Inc.		39		205

Select Energy Services, Inc., Class A *		129		530

Solaris Oilfield Infrastructure, Inc., Class A		55		450


				2,738


Entertainment — 0.7%

Cinemark Holdings, Inc. (a)		161		2,810


Equity Real Estate Investment Trusts (REITs) — 5.4%

Acadia Realty Trust		14		197

Agree Realty Corp. (a)		3		226

Alexander & Baldwin, Inc.		23		390

American Assets Trust, Inc.		7		199

American Finance Trust, Inc.		40		297

Armada Hoffler Properties, Inc.		77		862

Broadstone Net Lease, Inc., Class A		35		679

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Equity Real Estate Investment Trusts (REITs) — continued

BRT Apartments Corp. (a)		6		85

CareTrust REIT, Inc.		7		146

CatchMark Timber Trust, Inc., Class A		50		463

Centerspace		7		473

Chatham Lodging Trust		7		75

City Office REIT, Inc.		81		789

Columbia Property Trust, Inc.		18		254

Community Healthcare Trust, Inc.		2		80

CorePoint Lodging, Inc.		7		45

Cousins Properties, Inc.		20		683

DiamondRock Hospitality Co. *		51		419

Essential Properties Realty Trust, Inc.		24		509

First Industrial Realty Trust, Inc.		21		881

Four Corners Property Trust, Inc.		12		363

Getty Realty Corp.		4		113

Gladstone Commercial Corp.		44		785

Global Medical REIT, Inc.		5		64

Global Net Lease, Inc.		82		1,407

Healthcare Realty Trust, Inc.		32		941

Highwoods Properties, Inc.		3		121

Hudson Pacific Properties, Inc.		12		285

Innovative Industrial Properties, Inc. (a)		1		202

Kite Realty Group Trust		8		112

Monmouth Real Estate Investment Corp.		15		260

National Health Investors, Inc.		1		83

New Senior Investment Group, Inc.		81		419

Physicians Realty Trust		30		541

Piedmont Office Realty Trust, Inc., Class A		20		330

Plymouth Industrial REIT, Inc.		21		312

PotlatchDeltic Corp.		21		1,070

QTS Realty Trust, Inc., Class A (a)		7		446

Retail Properties of America, Inc., Class A		84		723

Retail Value, Inc.		12		184

Ryman Hospitality Properties, Inc.		2		156

Sabra Health Care REIT, Inc.		44		771

Service Properties Trust		12		139

SITE Centers Corp.		26		258

STAG Industrial, Inc.		51		1,610

Summit Hotel Properties, Inc.		14		123

Sunstone Hotel Investors, Inc.		110		1,252

Urban Edge Properties		29		375

Xenia Hotels & Resorts, Inc.		84		1,274


				22,471


INVESTMENTS	SHARES (000)		VALUE ($000)


Food & Staples Retailing — 0.9%

Andersons, Inc. (The)		4		86

BJ’s Wholesale Club Holdings, Inc. *		18		678

Performance Food Group Co. *		42		2,004

PriceSmart, Inc.		11		993


				3,761


Food Products — 0.3%

Bunge Ltd.		10		623

Sanderson Farms, Inc.		3		338

Seneca Foods Corp., Class A *		7		275


				1,236


Gas Utilities — 0.7%

Chesapeake Utilities Corp.		6		693

New Jersey Resources Corp.		13		465

Northwest Natural Holding Co.		7		340

Southwest Gas Holdings, Inc.		14		853

Spire, Inc.		11		698


				3,049


Health Care Equipment & Supplies — 3.2%

Accuray, Inc. * (a)		202		843

Alphatec Holdings, Inc. *		81		1,176

Apyx Medical Corp. *		90		647

Axogen, Inc. *		48		850

CONMED Corp.		1		143

Cutera, Inc. *		49		1,184

Inogen, Inc. *		26		1,162

Integer Holdings Corp. *		5		398

Invacare Corp.		92		826

Natus Medical, Inc. *		24		477

NuVasive, Inc. *		13		721

Orthofix Medical, Inc. *		51		2,205

Outset Medical, Inc. *		14		796

SI-BONE, Inc. *		39		1,151

Sientra, Inc. * (a)		56		219

Utah Medical Products, Inc.		5		388


				13,186


Health Care Providers & Services — 4.5%

AdaptHealth Corp. *		90		3,365

American Renal Associates Holdings, Inc. *		63		717

AMN Healthcare Services, Inc. *		19		1,311

Apollo Medical Holdings, Inc. * (a)		24		433

Cross Country Healthcare, Inc. *		97		860

Hanger, Inc. *		29		629

LHC Group, Inc. *		3		661

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Health Care Providers & Services — continued

Magellan Health, Inc. *		22		1,839

MEDNAX, Inc. *		12		302

National HealthCare Corp.		27		1,806

Owens & Minor, Inc.		68		1,840

Providence Service Corp. (The) *		6		790

Select Medical Holdings Corp. *		74		2,058

Surgery Partners, Inc. * (a)		39		1,140

Tivity Health, Inc. *		61		1,189


				18,940


Health Care Technology — 0.6%

NextGen Healthcare, Inc. * (a)		45		821

Omnicell, Inc. *		4		504

Schrodinger, Inc. *		16		1,251


				2,576


Hotels, Restaurants & Leisure — 2.5%

Bloomin’ Brands, Inc.		55		1,059

Boyd Gaming Corp. *		10		412

Brinker International, Inc.		27		1,505

Caesars Entertainment, Inc. * (a)		33		2,436

Dine Brands Global, Inc.		12		713

Marriott Vacations Worldwide Corp.		12		1,660

Penn National Gaming, Inc. * (a)		24		2,078

Scientific Games Corp. *		14		589


				10,452


Household Durables — 1.7%

Helen of Troy Ltd. *		4		863

Hooker Furniture Corp.		23		751

KB Home		25		840

Lifetime Brands, Inc.		60		915

Meritage Homes Corp. *		14		1,118

Taylor Morrison Home Corp. *		46		1,172

Tupperware Brands Corp. *		17		538

Universal Electronics, Inc. *		19		1,007


				7,204


Household Products — 0.3%

Central Garden & Pet Co., Class A *		36		1,321


Independent Power and Renewable Electricity Producers — 0.8%

Atlantic Power Corp. *		51		108

Clearway Energy, Inc.		51		1,492

Clearway Energy, Inc., Class C		45		1,443

Vistra Corp.		11		210


				3,253


INVESTMENTS	SHARES (000)		VALUE ($000)


Insurance — 0.9%

Ambac Financial Group, Inc. *		16		251

American Equity Investment Life Holding Co.		20		556

Argo Group International Holdings Ltd.		12		507

CNO Financial Group, Inc.		41		905

FedNat Holding Co.		10		60

Heritage Insurance Holdings, Inc. (a)		5		49

Horace Mann Educators Corp.		3		109

James River Group Holdings Ltd.		5		241

ProAssurance Corp.		16		283

ProSight Global, Inc. * (a)		22		286

Selective Insurance Group, Inc.		4		240

Stewart Information Services Corp.		4		203

United Insurance Holdings Corp. (a)		29		168


				3,858


Interactive Media & Services — 1.2%

Cars.com, Inc. *		51		573

Liberty TripAdvisor Holdings, Inc., Class A *		667		2,894

Yelp, Inc. *		43		1,418


				4,885


Internet & Direct Marketing Retail — 0.3%

Groupon, Inc. * (a)		19		713

Overstock.com, Inc. * (a)		8		364


				1,077


IT Services — 2.6%

Evo Payments, Inc., Class A *		41		1,105

KBR, Inc.		73		2,262

NIC, Inc.		29		739

Perspecta, Inc.		35		835

Science Applications International Corp.		15		1,429

StarTek, Inc. *		163		1,227

TTEC Holdings, Inc.		43		3,136


				10,733


Life Sciences Tools & Services — 1.2%

Adaptive Biotechnologies Corp. *		11		633

Berkeley Lights, Inc. * (a)		13		1,189

Personalis, Inc. *		57		2,101

Seer, Inc. *		21		1,170


				5,093


Machinery — 1.7%

Albany International Corp., Class A		2		162

Altra Industrial Motion Corp.		7		399

Barnes Group, Inc.		14		689

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Machinery — continued

CIRCOR International, Inc. *		4		161

Columbus McKinnon Corp.		21		821

Gencor Industries, Inc. *		6		76

Manitowoc Co., Inc. (The) *		31		412

Meritor, Inc. *		30		842

Mueller Industries, Inc.		9		306

Park-Ohio Holdings Corp.		4		136

Terex Corp.		76		2,652

Welbilt, Inc. *		24		317


				6,973


Marine — 0.2%

Costamare, Inc. (Monaco)		100		825


Media — 1.3%

Cardlytics, Inc. * (a)		5		671

EW Scripps Co. (The), Class A		55		833

Fluent, Inc. *		79		418

Gray Television, Inc. *		43		762

Meredith Corp.		83		1,588

Sinclair Broadcast Group, Inc., Class A (a)		32		1,032


				5,304


Metals & Mining — 1.9%

Alcoa Corp. *		21		491

Allegheny Technologies, Inc. *		45		750

Arconic Corp. *		23		676

Carpenter Technology Corp.		8		218

Cleveland-Cliffs, Inc. (a)		79		1,143

Commercial Metals Co.		101		2,080

Kaiser Aluminum Corp.		4		435

SunCoke Energy, Inc.		140		608

Warrior Met Coal, Inc.		51		1,085

Worthington Industries, Inc.		6		298


				7,784


Mortgage Real Estate Investment Trusts (REITs) — 1.1%

Apollo Commercial Real Estate Finance, Inc. (a)		23		255

Ares Commercial Real Estate Corp.		20		232

Blackstone Mortgage Trust, Inc., Class A (a)		16		438

Colony Credit Real Estate, Inc.		12		92

Ellington Financial, Inc.		2		33

Granite Point Mortgage Trust, Inc.		9		93

Great Ajax Corp. (a)		3		30

KKR Real Estate Finance Trust, Inc.		5		93

Ladder Capital Corp.		84		823

New York Mortgage Trust, Inc.		11		40


INVESTMENTS	SHARES (000)		VALUE ($000)



Mortgage Real Estate Investment Trusts (REITs) — continued

PennyMac Mortgage Investment Trust		67		1,173

Redwood Trust, Inc. (a)		79		695

TPG RE Finance Trust, Inc. (a)		30		313

Two Harbors Investment Corp.		43		275


				4,585


Multiline Retail — 0.4%

Big Lots, Inc. (a)		16		695

Dillard’s, Inc., Class A (a)		6		385

Macy’s, Inc.		38		429


				1,509


Multi-Utilities — 0.1%

Black Hills Corp.		9		539


Oil, Gas & Consumable Fuels — 2.1%

Arch Resources, Inc. *		14		598

Berry Corp.		87		320

Bonanza Creek Energy, Inc. *		9		172

CNX Resources Corp. *		26		275

CVR Energy, Inc.		23		339

Dorian LPG Ltd. *		44		534

Falcon Minerals Corp.		86		272

Green Plains, Inc. * (a)		18		241

Magnolia Oil & Gas Corp., Class A * (a)		100		707

Matador Resources Co. *		50		603

Par Pacific Holdings, Inc. *		33		464

PDC Energy, Inc. *		41		842

Renewable Energy Group, Inc. *		46		3,229

REX American Resources Corp. *		2		144

Talos Energy, Inc. *		7		61


				8,801


Paper & Forest Products — 1.4%

Boise Cascade Co.		19		908

Domtar Corp.		21		668

Glatfelter Corp.		7		115

Louisiana-Pacific Corp.		35		1,282

Neenah, Inc.		7		382

Schweitzer-Mauduit International, Inc.		58		2,314

Verso Corp., Class A		33		392


				6,061


Personal Products — 0.5%

Edgewell Personal Care Co.		36		1,255

Medifast, Inc.		4		786


				2,041

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Pharmaceuticals — 2.8%

Arvinas, Inc. * (a)		1		81

Cara Therapeutics, Inc. *		18		270

Endo International plc *		302		2,167

Horizon Therapeutics plc *		41		3,003

Intersect ENT, Inc. *		58		1,335

Lannett Co., Inc. * (a)		233		1,519

NGM Biopharmaceuticals, Inc. * (a)		41		1,236

Phibro Animal Health Corp., Class A		11		208

Revance Therapeutics, Inc. *		5		155

TherapeuticsMD, Inc. * (a)		104		125

VYNE Therapeutics, Inc. * (a)		55		87

WaVe Life Sciences Ltd. *		101		791

Zogenix, Inc. *		25		496

Zynerba Pharmaceuticals, Inc. * (a)		44		145


				11,618


Professional Services — 2.5%

Barrett Business Services, Inc.		29		1,953

CBIZ, Inc. *		21		569

Heidrick & Struggles International, Inc.		26		754

Insperity, Inc.		7		537

Kelly Services, Inc., Class A		32		653

Kforce, Inc.		18		770

Korn Ferry (a)		72		3,116

TriNet Group, Inc. *		17		1,402

TrueBlue, Inc. *		41		761


				10,515


Real Estate Management & Development — 0.5%

Jones Lang LaSalle, Inc. *		2		285

Realogy Holdings Corp. *		119		1,557

RMR Group, Inc. (The), Class A		4		147


				1,989


Road & Rail — 0.9%

ArcBest Corp.		88		3,756


Semiconductors & Semiconductor Equipment — 2.0%

Advanced Energy Industries, Inc. *		10		997

Alpha & Omega Semiconductor Ltd. *		53		1,246

Amkor Technology, Inc.		55		834

GSI Technology, Inc. *		51		377

Ichor Holdings Ltd. *		21		647

NVE Corp.		6		315

PDF Solutions, Inc. *		16		350

Photronics, Inc. *		130		1,455

Rambus, Inc. *		13		221


INVESTMENTS	SHARES (000)		VALUE ($000)


Semiconductors & Semiconductor Equipment — continued

SMART Global Holdings, Inc. * (a)		34		1,291

Ultra Clean Holdings, Inc. *		25		770


				8,503


Software — 4.9%

ACI Worldwide, Inc. *		5		203

American Software, Inc., Class A		31		536

Appian Corp. * (a)		6		940

Asana, Inc., Class A * (a)		21		617

Avaya Holdings Corp. *		77		1,476

Cerence, Inc. * (a)		10		1,005

Cornerstone OnDemand, Inc. *		72		3,151

Digital Turbine, Inc. *		21		1,188

eGain Corp. *		158		1,865

Envestnet, Inc. *		6		461

j2 Global, Inc. * (a)		20		1,993

JFrog Ltd. (Israel) * (a)		7		408

MicroStrategy, Inc., Class A * (a)		9		3,361

Model N, Inc. * (a)		6		207

PubMatic, Inc., Class A * (a)		20		564

Rimini Street, Inc. *		70		309

Verint Systems, Inc. *		24		1,599

Zuora, Inc., Class A *		49		687


				20,570


Specialty Retail — 2.3%

Aaron’s Co., Inc. (The) *		10		183

Bed Bath & Beyond, Inc. (a)		21		369

Genesco, Inc. * (a)		20		593

Guess?, Inc.		54		1,228

Hibbett Sports, Inc. * (a)		31		1,445

MarineMax, Inc. *		18		645

ODP Corp. (The) *		32		935

Rent-A-Center, Inc.		62		2,381

Signet Jewelers Ltd. (a)		38		1,025

Zumiez, Inc. *		24		883


				9,687


Technology Hardware, Storage & Peripherals — 0.2%

Diebold Nixdorf, Inc. *		80		852


Textiles, Apparel & Luxury Goods — 1.3%

Deckers Outdoor Corp. *		17		4,761

Movado Group, Inc. *		33		553


				5,314

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Thrifts & Mortgage Finance — 3.4%

ESSA Bancorp, Inc.		3		39

Essent Group Ltd.		41		1,754

Flagstar Bancorp, Inc.		51		2,063

FS Bancorp, Inc.		2		106

HomeStreet, Inc.		11		358

Kearny Financial Corp.		37		385

Luther Burbank Corp.		14		134

MGIC Investment Corp.		61		759

MMA Capital Holdings, Inc. *		2		47

Mr. Cooper Group, Inc. *		47		1,446

NMI Holdings, Inc., Class A *		13		301

OP Bancorp		15		118

PennyMac Financial Services, Inc.		15		1,006

Provident Bancorp, Inc.		29		347

Provident Financial Services, Inc.		88		1,582

Radian Group, Inc.		70		1,407

Standard AVB Financial Corp.		2		65

Walker & Dunlop, Inc.		25		2,331


				14,248


Trading Companies & Distributors — 2.2%

Applied Industrial Technologies, Inc.		12		897

Beacon Roofing Supply, Inc. *		20		788

BMC Stock Holdings, Inc. *		19		1,014

GMS, Inc. *		46		1,402

NOW, Inc. *		86		616

Veritiv Corp. *		14		292

WESCO International, Inc. *		54		4,200


				9,209


Water Utilities — 0.0% (b)

Consolidated Water Co. Ltd. (Cayman Islands)		2		29


Wireless Telecommunication Services — 0.1%

Spok Holdings, Inc.		54		601


Total Common Stocks (Cost $299,738)				409,710


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Biotechnology — 0.0% (b)

Contra Aduro Biotech I * ‡ (Cost $128)		43		—	(c)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 10.2%

Investment Companies — 2.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $8,366)		8,362		8,366


Investment of Cash Collateral from Securities Loaned — 8.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		24,997		25,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		9,131		9,131


Total Investment of Cash Collateral from Securities Loaned (Cost $34,132)				34,131


Total Short-Term Investments (Cost $42,498)				42,497

Total Investments — 108.2% (Cost $342,364)				452,207
Liabilities in Excess of Other Assets — (8.2)%				(34,418	)

NET ASSETS — 100.0%				417,789

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $32,792,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

03/2021

USD

1,780

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.6%

Auto Components — 1.3%

LCI Industries		836		108,393


Automobiles — 0.7%

Thor Industries, Inc.		595		55,321


Banks — 8.9%

BankUnited, Inc.		2,554		88,821

Commerce Bancshares, Inc. (a)		1,246		81,876

Cullen/Frost Bankers, Inc.		758		66,155

First Financial Bancorp		2,778		48,702

First Hawaiian, Inc.		3,040		71,679

First Horizon National Corp.		7,983		101,867

Signature Bank		657		88,819

Western Alliance Bancorp		1,724		103,330

Wintrust Financial Corp.		1,437		87,777


				739,026


Beverages — 0.9%

Primo Water Corp.		4,865		76,280


Biotechnology — 0.5%

Certara, Inc. *		1,204		40,583


Building Products — 0.5%

Fortune Brands Home & Security, Inc.		436		37,392


Capital Markets — 5.7%

Assetmark Financial Holdings, Inc. *		1,440		34,858

Eaton Vance Corp.		467		31,735

Focus Financial Partners, Inc., Class A *		1,841		80,068

Lazard Ltd., Class A		2,451		103,669

Moelis & Co., Class A		1,844		86,220

Morningstar, Inc.		426		98,688

StepStone Group, Inc., Class A *		886		35,274


				470,512


Chemicals — 2.5%

GCP Applied Technologies, Inc. *		2,336		55,236

PQ Group Holdings, Inc.		2,946		42,008

Quaker Chemical Corp. (a)		428		108,433


				205,677


Commercial Services & Supplies — 5.4%

Brady Corp., Class A		1,502		79,354

Casella Waste Systems, Inc., Class A *		948		58,727

IAA, Inc. *		1,882		122,298

MSA Safety, Inc. (a)		846		126,403

Stericycle, Inc. * (a)		899		62,361


				449,143


INVESTMENTS	SHARES (000)		VALUE ($000)


Construction & Engineering — 1.6%

WillScot Mobile Mini Holdings Corp. *		5,702		132,117


Containers & Packaging — 3.7%

AptarGroup, Inc.		1,445		197,802

Crown Holdings, Inc. *		774		77,592

Pactiv Evergreen, Inc. *		1,782		32,324


				307,718


Distributors — 0.9%

Pool Corp.		198		73,673


Diversified Consumer Services — 1.0%

Bright Horizons Family Solutions, Inc. *		456		78,892


Electric Utilities — 0.9%

Portland General Electric Co.		1,751		74,880


Electronic Equipment, Instruments & Components — 2.1%

Badger Meter, Inc.		570		53,608

nLight, Inc. * (a)		2,119		69,170

Novanta, Inc. * (a)		465		55,017


				177,795


Equity Real Estate Investment Trusts (REITs) — 5.5%

American Campus Communities, Inc. (a)		1,216		52,002

CubeSmart		2,850		95,802

EastGroup Properties, Inc.		900		124,311

National Retail Properties, Inc.		2,186		89,460

Outfront Media, Inc.		3,003		58,739

Ryman Hospitality Properties, Inc.		570		38,611


				458,925


Food & Staples Retailing — 4.2%

BJ’s Wholesale Club Holdings, Inc. *		2,858		106,553

Casey’s General Stores, Inc.		415		74,119

Performance Food Group Co. *		3,479		165,645


				346,317


Health Care Equipment & Supplies — 2.8%

Cantel Medical Corp.		1,010		79,679

Envista Holdings Corp. * (a)		1,812		61,113

ICU Medical, Inc. *		426		91,356


				232,148


Health Care Providers & Services — 6.8%

Chemed Corp.		136		72,645

Covetrus, Inc. * (a)		2,244		64,488

Encompass Health Corp.		1,741		143,969

HealthEquity, Inc. *		1,246		86,835

Molina Healthcare, Inc. *		595		126,604

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Health Care Providers & Services — continued

Premier, Inc., Class A		1,822		63,938

Progyny, Inc. *		184		7,793


				566,272


Health Care Technology — 1.1%

HMS Holdings Corp. *		2,381		87,489


Hotels, Restaurants & Leisure — 1.9%

Monarch Casino & Resort, Inc. *		509		31,191

Planet Fitness, Inc., Class A *		730		56,664

Wendy’s Co. (The)		3,116		68,298


				156,153


Insurance — 2.9%

Kinsale Capital Group, Inc.		427		85,420

RLI Corp.		1,057		110,114

Selectquote, Inc. * (a)		1,998		41,464


				236,998


IT Services — 1.5%

WEX, Inc. *		611		124,375


Leisure Products — 2.2%

Acushnet Holdings Corp. (a)		1,610		65,272

Brunswick Corp.		1,569		119,595
					��

				184,867


Life Sciences Tools & Services — 1.2%

Syneos Health, Inc. *		1,470		100,130


Machinery — 10.1%

Altra Industrial Motion Corp.		1,578		87,489

Douglas Dynamics, Inc.		996		42,593

Gates Industrial Corp. plc *		2,917		37,225

Lincoln Electric Holdings, Inc.		1,119		130,048

Nordson Corp.		197		39,488

RBC Bearings, Inc. *		734		131,358

Toro Co. (The)		2,150		203,933

Welbilt, Inc. *		3,451		45,557

Woodward, Inc.		948		115,194


				832,885


Multi-Utilities — 1.1%

NorthWestern Corp.		1,491		86,930


Pharmaceuticals — 0.9%

Catalent, Inc. *		704		73,312


Professional Services — 0.7%

CoreLogic, Inc.		792		61,268


Real Estate Management & Development — 0.9%

Cushman & Wakefield plc * (a)		4,825		71,547


INVESTMENTS	SHARES (000)		VALUE ($000)


Road & Rail — 1.8%

Knight-Swift Transportation Holdings, Inc.		1,751		73,247

Landstar System, Inc.		561		75,483


				148,730


Semiconductors & Semiconductor Equipment — 3.1%

Allegro MicroSystems, Inc. (Japan) * (a)		1,187		31,653

CMC Materials, Inc.		720		108,948

Power Integrations, Inc. (a)		1,421		116,329


				256,930


Software — 7.8%

Aspen Technology, Inc. *		614		80,019

Bentley Systems, Inc., Class B		490		19,862

Bill.Com Holdings, Inc. * (a)		349		47,611

Duck Creek Technologies, Inc. *		395		17,082

Envestnet, Inc. *		910		74,855

Guidewire Software, Inc. * (a)		659		84,778

Medallia, Inc. * (a)		1,721		57,186

nCino, Inc. * (a)		233		16,884

Q2 Holdings, Inc. *		1,136		143,686

RealPage, Inc. *		1,227		107,067


				649,030


Specialty Retail — 0.8%

Leslie’s, Inc. * (a)		1,004		27,858

National Vision Holdings, Inc. *		921		41,697


				69,555


Textiles, Apparel & Luxury Goods — 0.8%

Carter’s, Inc.		673		63,328


Trading Companies & Distributors — 0.9%

Applied Industrial Technologies, Inc.		1,003		78,245


Total Common Stocks (Cost $4,894,560)				7,912,836

Exchange-Traded Funds — 0.8%

U.S. Equity — 0.8%

iShares Russell 2000 ETF (a) (Cost $48,510)		340		66,694

Short-Term Investments — 5.2%

Investment Companies — 3.6%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $297,388)		297,275		297,424


Investment of Cash Collateral from Securities Loaned — 1.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		115,027		115,038

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Investment of Cash Collateral from Securities Loaned — continued

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		18,233		18,233

Total Investment of Cash Collateral from Securities Loaned (Cost $133,271)				133,271

Total Short-Term Investments (Cost $430,659)				430,695

Total Investments — 101.6% (Cost $5,373,729)				8,410,225
Liabilities in Excess of Other Assets — (1.6)%				(128,694	)

NET ASSETS — 100.0%				8,281,531

Percentages indicated are based on net assets.


Abbreviations

ETF		Exchange-Traded Fund

(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $130,194,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)

Common Stocks — 98.3%

Auto Components — 0.9%

Fox Factory Holding Corp. *		561		59,352


Automobiles — 0.9%

Winnebago Industries, Inc.		1,009		60,480


Banks — 0.7%

First Financial Bankshares, Inc. (a)		1,219		44,115


Biotechnology — 19.4%

ACADIA Pharmaceuticals, Inc. *		493		26,342

ADC Therapeutics SA (Switzerland) * (a)		1,295		41,457

Alector, Inc. *		1,121		16,958

Allogene Therapeutics, Inc. * (a)		534		13,489

Amicus Therapeutics, Inc. *		3,210		74,111

Arrowhead Pharmaceuticals, Inc. *		907		69,587

Atara Biotherapeutics, Inc. *		2,295		45,043

Avrobio, Inc. * (a)		1,731		24,130

Biohaven Pharmaceutical Holding Co. Ltd. *		717		61,475

Blueprint Medicines Corp. *		624		69,958

Bridgebio Pharma, Inc. * (a)		773		54,971

Coherus Biosciences, Inc. * (a)		2,173		37,771

FibroGen, Inc. * (a)		874		32,427

G1 Therapeutics, Inc. * (a)		1,058		19,030

Generation Bio Co. * (a)		452		12,818

Global Blood Therapeutics, Inc. *		403		17,464

Halozyme Therapeutics, Inc. * (a)		2,312		98,755

Heron Therapeutics, Inc. * (a)		1,773		37,534

Homology Medicines, Inc. *		1,195		13,496

Intercept Pharmaceuticals, Inc. * (a)		410		10,115

Kronos Bio, Inc. * (a)		805		24,047

Mirati Therapeutics, Inc. *		175		38,420

Natera, Inc. *		1,100		109,459

Orchard Therapeutics plc, ADR (United Kingdom) *		1,471		6,356

REGENXBIO, Inc. *		806		36,574

Relay Therapeutics, Inc. * (a)		810		33,657

REVOLUTION Medicines, Inc. *		688		27,243

Rubius Therapeutics, Inc. * (a)		1,483		11,252

Sage Therapeutics, Inc. * (a)		541		46,790

Twist Bioscience Corp. *		677		95,631

Viela Bio, Inc. * (a)		688		24,764


				1,231,124


Building Products — 4.3%

Advanced Drainage Systems, Inc.		1,391		116,234

AZEK Co., Inc. (The) *		794		30,524

Simpson Manufacturing Co., Inc. (a)		674		63,031

Trex Co., Inc. * (a)		758		63,496


				273,285


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 1.7%

Evercore, Inc., Class A		594		65,159

Focus Financial Partners, Inc., Class A *		986		42,901


				108,060


Commercial Services & Supplies — 1.0%

MSA Safety, Inc. (a)		423		63,120


Communications Equipment — 0.6%

Ciena Corp. * (a)		676		35,738


Consumer Finance — 0.5%

PROG Holdings Inc.		653		35,184


Diversified Consumer Services — 0.6%

Bright Horizons Family Solutions, Inc. *		216		37,309


Diversified Telecommunication Services — 1.0%

Bandwidth, Inc., Class A * (a)		409		62,810


Electrical Equipment — 0.6%

Vertiv Holdings Co.		1,992		37,196


Electronic Equipment, Instruments & Components — 2.6%

Itron, Inc. * (a)		923		88,514

Littelfuse, Inc.		288		73,366


				161,880


Equity Real Estate Investment Trusts (REITs) — 0.9%

CubeSmart		781		26,256

Terreno Realty Corp.		581		33,988


				60,244


Food & Staples Retailing — 2.5%

BJ’s Wholesale Club Holdings, Inc. * (a)		1,050		39,143

Grocery Outlet Holding Corp. * (a)		1,215		47,702

Performance Food Group Co. *		1,502		71,502


				158,347


Food Products — 1.5%

Freshpet, Inc. *		661		93,879


Health Care Equipment & Supplies — 4.3%

iRhythm Technologies, Inc. *		384		91,109

Nevro Corp. *		453		78,363

Outset Medical, Inc. * (a)		467		26,525

Shockwave Medical, Inc. * (a)		732		75,932


				271,929


Health Care Providers & Services — 2.3%

Acadia Healthcare Co., Inc. *		926		46,549

Amedisys, Inc. *		256		75,050

Oak Street Health, Inc. * (a)		353		21,559


				143,158

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Health Care Technology — 1.3%

Accolade, Inc. * (a)		1,140		49,587

Evolent Health, Inc., Class A * (a)		2,003		32,107


				81,694


Hotels, Restaurants & Leisure — 3.1%

Boyd Gaming Corp. *		1,723		73,933

Planet Fitness, Inc., Class A * (a)		636		49,409

Texas Roadhouse, Inc.		975		76,209


				199,551


Household Durables — 1.8%

Helen of Troy Ltd. *		367		81,602

TRI Pointe Group, Inc. *		1,942		33,496


				115,098


Industrial Conglomerates — 1.1%

Carlisle Cos., Inc.		431		67,279


Insurance — 0.8%

Lemonade, Inc. * (a)		208		25,482

Selectquote, Inc. * (a)		1,318		27,355


				52,837


Interactive Media & Services — 0.5%

MediaAlpha, Inc., Class A *		808		31,574


Internet & Direct Marketing Retail — 1.0%

Farfetch Ltd., Class A (United Kingdom) * (a)		511		32,611

RealReal, Inc. (The) * (a)		1,562		30,525


				63,136


IT Services — 3.6%

Globant SA (Argentina) *		291		63,310

I3 Verticals, Inc., Class A * (a)		1,230		40,845

LiveRamp Holdings, Inc. *		522		38,177

ManTech International Corp., Class A		828		73,609

Repay Holdings Corp. *		384		10,460


				226,401


Life Sciences Tools & Services — 1.9%

Adaptive Biotechnologies Corp. *		255		15,101

Berkeley Lights, Inc. * (a)		359		32,122

Personalis, Inc. *		1,300		47,590

Seer, Inc. *		464		26,035


				120,848


Machinery — 3.3%

Graco, Inc.		829		59,993

ITT, Inc.		963		74,145

John Bean Technologies Corp.		670		76,239


				210,377


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — 1.8%

Cardlytics, Inc. * (a)		315		45,018

New York Times Co. (The), Class A		1,326		68,645


				113,663


Multiline Retail — 0.5%

Ollie’s Bargain Outlet Holdings, Inc. * (a)		357		29,204


Pharmaceuticals — 1.7%

Arvinas, Inc. * (a)		770		65,383

Revance Therapeutics, Inc. *		1,608		45,581


				110,964


Professional Services — 0.5%

FTI Consulting, Inc. *		281		31,393


Road & Rail — 1.4%

Saia, Inc. *		488		88,239


Semiconductors & Semiconductor Equipment — 8.1%

Cree, Inc. *		590		62,495

Enphase Energy, Inc. *		528		92,617

Entegris, Inc.		928		89,137

Inphi Corp. *		467		74,870

MKS Instruments, Inc.		509		76,551

Semtech Corp. *		767		55,291

SolarEdge Technologies, Inc. *		193		61,578


				512,539


Software — 12.6%

Anaplan, Inc. *		1,080		77,565

Avalara, Inc. *		146		24,047

Bill.Com Holdings, Inc. *		233		31,872

Blackline, Inc. * (a)		630		84,062

CyberArk Software Ltd. *		355		57,334

Duck Creek Technologies, Inc. *		1,110		48,047

Elastic NV *		537		78,526

Envestnet, Inc. *		806		66,320

Everbridge, Inc. * (a)		411		61,328

Jamf Holding Corp. * (a)		252		7,550

JFrog Ltd. (Israel) * (a)		573		36,009

Medallia, Inc. * (a)		1,082		35,936

nCino, Inc. * (a)		192		13,918

Ping Identity Holding Corp. *		1,010		28,931

Q2 Holdings, Inc. *		338		42,731

Smartsheet, Inc., Class A *		964		66,776

Vertex, Inc., Class A * (a)		1,103		38,436


				799,388

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Specialty Retail — 3.8%

Floor & Decor Holdings, Inc., Class A *		596		55,374

Leslie’s, Inc. * (a)		740		20,544

Lithia Motors, Inc., Class A		246		71,904

National Vision Holdings, Inc. *		1,990		90,134


				237,956


Technology Hardware, Storage & Peripherals — 0.5%

Corsair Gaming, Inc. * (a)		800		28,978


Trading Companies & Distributors — 2.7%

Applied Industrial Technologies, Inc.		687		53,551

Rush Enterprises, Inc., Class A		1,050		43,491

SiteOne Landscape Supply, Inc. *		464		73,616


				170,658


Total Common Stocks (Cost $3,688,769)				6,228,987


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Biotechnology — 0.0% (b)

Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $— )		927		—	(c)


	SHARES (000)
Short-Term Investments — 10.7%

Investment Companies — 2.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $132,906)		132,849		132,915


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 8.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		468,165		468,212

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		75,663		75,663


Total Investment of Cash Collateral from Securities Loaned (Cost $543,882)				543,875


Total Short-Term Investments (Cost $676,788)				676,790

Total Investments — 109.0% (Cost $4,365,557)				6,905,777
Liabilities in Excess of Other Assets — (9.0)%				(572,789	)

NET ASSETS — 100.0%				6,332,988

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, 2020. The total value of securities on loan at December 31, 2020 is approximately $523,701,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.9%

Aerospace & Defense — 1.3%

AAR Corp.		129		4,687

Astronics Corp. *		230		3,041

Maxar Technologies, Inc. (a)		120		4,631

Moog, Inc., Class A		36		2,863

Triumph Group, Inc.		50		627


				15,849


Air Freight & Logistics — 0.5%

Echo Global Logistics, Inc. *		193		5,168

Hub Group, Inc., Class A *		7		382


				5,550


Airlines — 0.6%

Allegiant Travel Co.		21		4,050

Hawaiian Holdings, Inc. (a)		91		1,616

SkyWest, Inc.		48		1,943


				7,609


Auto Components — 1.5%

Adient plc *		135		4,684

American Axle & Manufacturing Holdings, Inc. *		53		440

Cooper Tire & Rubber Co.		52		2,122

Cooper-Standard Holdings, Inc. *		5		163

Dana, Inc.		131		2,551

Gentherm, Inc. *		76		4,937

Goodyear Tire & Rubber Co. (The)		271		2,953


				17,850


Banks — 15.7%

1st Source Corp.		65		2,603

American National Bankshares, Inc.		4		97

Atlantic Capital Bancshares, Inc. *		46		728

Atlantic Union Bankshares Corp.		5		168

BancFirst Corp.		75		4,420

BancorpSouth Bank		47		1,279

BankFinancial Corp.		17		150

Banner Corp.		25		1,174

Brookline Bancorp, Inc.		139		1,670

Bryn Mawr Bank Corp.		19		566

Cadence BanCorp		427		7,008

Cathay General Bancorp		349		11,225

Central Pacific Financial Corp.		268		5,097

Central Valley Community Bancorp		15		216

Century Bancorp, Inc., Class A (a)		2		170

CIT Group, Inc.		355		12,752

Citizens & Northern Corp.		8		163

City Holding Co. (a)		39		2,678


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

Columbia Banking System, Inc.		135		4,846

Community Bank System, Inc.		76		4,704

Community Trust Bancorp, Inc.		73		2,707

Customers Bancorp, Inc. *		67		1,224

East West Bancorp, Inc.		7		367

Enterprise Financial Services Corp.		127		4,432

Equity Bancshares, Inc., Class A *		58		1,259

Farmers National Banc Corp.		66		877

Financial Institutions, Inc.		42		934

First Bancorp		18		616

First BanCorp (Puerto Rico)		725		6,684

First Citizens BancShares, Inc., Class A (a)		4		2,297

First Commonwealth Financial Corp. (a)		577		6,310

First Community Bankshares, Inc.		36		779

First Financial Corp.		12		478

First Hawaiian, Inc.		57		1,337

First Interstate BancSystem, Inc., Class A		40		1,645

First Merchants Corp.		99		3,696

First Midwest Bancorp, Inc. (a)		109		1,740

First Northwest Bancorp		13		207

Flushing Financial Corp.		88		1,458

Fulton Financial Corp. (a)		224		2,852

Glacier Bancorp, Inc. (a)		35		1,629

Great Southern Bancorp, Inc.		22		1,071

Great Western Bancorp, Inc. (a)		298		6,232

Hancock Whitney Corp.		103		3,494

Home BancShares, Inc.		230		4,484

HomeTrust Bancshares, Inc.		95		1,836

Hope Bancorp, Inc.		514		5,605

Independent Bank Corp.		33		606

Investors Bancorp, Inc.		582		6,150

Mercantile Bank Corp.		11		310

OFG Bancorp (Puerto Rico)		62		1,155

Old National Bancorp		293		4,845

Pacific Premier Bancorp, Inc.		61		1,899

Pinnacle Financial Partners, Inc. (a)		30		1,906

Preferred Bank		11		530

RBB Bancorp		23		352

Renasant Corp. (a)		9		293

S&T Bancorp, Inc.		14		340

Sandy Spring Bancorp, Inc.		94		3,019

Select Bancorp, Inc. *		129		1,221

Tompkins Financial Corp. (a)		14		953

TriState Capital Holdings, Inc. *		15		264

Trustmark Corp.		309		8,450

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Banks — continued

UMB Financial Corp.		134		9,210

Umpqua Holdings Corp.		353		5,347

United Bankshares, Inc. (a)		184		5,945

Valley National Bancorp		27		268

Washington Trust Bancorp, Inc.		23		1,012

Webster Financial Corp.		67		2,811

West BanCorp, Inc.		8		150

Westamerica BanCorp		98		5,441

Western Alliance Bancorp		20		1,205


				191,646


Biotechnology — 2.7%

89bio, Inc. *		80		1,960

Arcus Biosciences, Inc. *		162		4,212

Enanta Pharmaceuticals, Inc. * (a)		17		724

Epizyme, Inc. * (a)		116		1,254

Fate Therapeutics, Inc. *		85		7,729

Five Prime Therapeutics, Inc. *		79		1,342

Iovance Biotherapeutics, Inc. * (a)		117		5,424

Myriad Genetics, Inc. *		48		947

Novavax, Inc. * (a)		29		3,267

Protagonist Therapeutics, Inc. *		280		5,635


				32,494


Building Products — 1.1%

Builders FirstSource, Inc. *		231		9,423

Caesarstone Ltd.		36		465

Cornerstone Building Brands, Inc. *		84		775

Quanex Building Products Corp.		81		1,796

Resideo Technologies, Inc. *		19		406


				12,865


Capital Markets — 2.0%

Artisan Partners Asset Management, Inc., Class A		19		941

Blucora, Inc. *		81		1,284

Cowen, Inc., Class A (a)		133		3,444

Donnelley Financial Solutions, Inc. *		108		1,833

Federated Hermes, Inc.		70		2,014

Oppenheimer Holdings, Inc., Class A		9		273

Piper Sandler Cos. (a)		23		2,280

Stifel Financial Corp.		195		9,815

Virtus Investment Partners, Inc.		12		2,647


				24,531


Chemicals — 2.0%

AdvanSix, Inc. *		18		352

Avient Corp.		119		4,797


INVESTMENTS	SHARES (000)		VALUE ($000)


Chemicals — continued

FutureFuel Corp.		132		1,680

HB Fuller Co.		6		311

Koppers Holdings, Inc. *		123		3,833

Kraton Corp. *		32		895

Minerals Technologies, Inc.		73		4,560

PQ Group Holdings, Inc.		69		987

Trinseo SA		82		4,220

Tronox Holdings plc, Class A		180		2,627


				24,262


Commercial Services & Supplies — 3.1%

ABM Industries, Inc.		197		7,435

ACCO Brands Corp.		674		5,695

Cimpress plc (Ireland) * (a)		6		553

Deluxe Corp.		69		2,024

Ennis, Inc.		50		891

Heritage-Crystal Clean, Inc. *		45		944

Herman Miller, Inc.		175		5,905

HNI Corp.		39		1,351

IBEX Holdings Ltd. *		173		3,235

Pitney Bowes, Inc.		132		812

Quad/Graphics, Inc.		400		1,528

SP Plus Corp. *		62		1,779

Steelcase, Inc., Class A		346		4,688

Team, Inc. *		89		969


				37,809


Communications Equipment — 0.7%

ADTRAN, Inc.		198		2,917

Comtech Telecommunications Corp.		21		439

Infinera Corp. * (a)		438		4,590


				7,946


Construction & Engineering — 3.5%

Aegion Corp. *		87		1,656

Arcosa, Inc.		105		5,757

Argan, Inc.		127		5,628

EMCOR Group, Inc.		109		9,960

Fluor Corp.		81		1,297

MasTec, Inc. * (a)		113		7,697

MYR Group, Inc. *		28		1,707

Primoris Services Corp.		121		3,352

Tutor Perini Corp. *		419		5,426


				42,480


Construction Materials — 0.1%

Summit Materials, Inc., Class A *		87		1,755

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Consumer Finance — 1.0%

Enova International, Inc. *		77		1,900

EZCORP, Inc., Class A *		159		761

Navient Corp.		364		3,572

Nelnet, Inc., Class A		54		3,868

PROG Holdings Inc.		28		1,492

Regional Management Corp.		20		588


				12,181


Containers & Packaging — 0.3%

Myers Industries, Inc.		22		451

O-I Glass, Inc.		238		2,836

Pactiv Evergreen, Inc. *		18		330

Ranpak Holdings Corp. *		7		100


				3,717


Distributors — 0.3%

Core-Mark Holding Co., Inc.		130		3,806


Diversified Consumer Services — 0.5%

American Public Education, Inc. * (a)		109		3,332

Houghton Mifflin Harcourt Co. * (a)		735		2,446

Laureate Education, Inc., Class A *		34		499


				6,277


Diversified Financial Services — 0.0% (b)

Marlin Business Services Corp.		19		235


Diversified Telecommunication Services — 0.5%

Consolidated Communications Holdings, Inc. * (a)		466		2,277

Liberty Latin America Ltd., Class A (Chile) *		116		1,287

Liberty Latin America Ltd., Class C (Chile) *		223		2,478


				6,042


Electric Utilities — 0.8%

ALLETE, Inc.		19		1,158

IDACORP, Inc.		9		903

Portland General Electric Co.		155		6,616

Spark Energy, Inc., Class A (a)		56		538


				9,215


Electrical Equipment — 0.5%

AZZ, Inc. (a)		40		1,888

Bloom Energy Corp., Class A * (a)		8		235

LSI Industries, Inc.		35		300

Powell Industries, Inc.		118		3,489

Thermon Group Holdings, Inc. *		32		494


				6,406


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — 1.3%

Benchmark Electronics, Inc.		265		7,155

Sanmina Corp. *		55		1,741

ScanSource, Inc. *		214		5,635

Vishay Intertechnology, Inc.		57		1,174


				15,705


Energy Equipment & Services — 1.3%

Bristow Group, Inc. * (a)		17		439

ChampionX Corp. * (a)		130		1,984

Helix Energy Solutions Group, Inc. *		141		594

Matrix Service Co. * (a)		421		4,644

NexTier Oilfield Solutions, Inc. *		668		2,296

Oceaneering International, Inc. *		229		1,818

Oil States International, Inc. *		191		961

Patterson-UTI Energy, Inc.		310		1,632

ProPetro Holding Corp. *		81		602

Select Energy Services, Inc., Class A *		138		567

Solaris Oilfield Infrastructure, Inc., Class A		90		732


				16,269


Entertainment — 0.5%

Cinemark Holdings, Inc. (a)		285		4,967

Eros STX Global Corp. (United Arab Emirates) * (a)		904		1,644


				6,611


Equity Real Estate Investment Trusts (REITs) — 7.5%

Acadia Realty Trust		86		1,213

Agree Realty Corp.		26		1,738

Alexander & Baldwin, Inc.		119		2,047

American Assets Trust, Inc.		138		3,974

American Finance Trust, Inc.		233		1,734

Broadstone Net Lease, Inc., Class A (a)		125		2,438

CareTrust REIT, Inc.		29		637

Centerspace		5		374

Chatham Lodging Trust		50		541

City Office REIT, Inc.		142		1,390

Columbia Property Trust, Inc.		33		469

CoreCivic, Inc. (a)		47		308

CorePoint Lodging, Inc.		33		230

DiamondRock Hospitality Co. *		698		5,762

Diversified Healthcare Trust		108		445

Easterly Government Properties, Inc. (a)		76		1,721

Essential Properties Realty Trust, Inc.		57		1,213

First Industrial Realty Trust, Inc.		52		2,203

Franklin Street Properties Corp.		35		155

Getty Realty Corp.		103		2,827

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Equity Real Estate Investment Trusts (REITs) — continued

Gladstone Commercial Corp.		137		2,466

Global Net Lease, Inc.		37		633

Hersha Hospitality Trust		15		122

Highwoods Properties, Inc.		18		705

Innovative Industrial Properties, Inc. (a)		5		934

Kite Realty Group Trust		116		1,740

Lexington Realty Trust (a)		175		1,859

Mack-Cali Realty Corp. (a)		120		1,496

Monmouth Real Estate Investment Corp.		13		230

National Health Investors, Inc.		3		228

New Senior Investment Group, Inc.		552		2,861

NexPoint Residential Trust, Inc.		7		277

Pebblebrook Hotel Trust		63		1,194

Physicians Realty Trust		200		3,562

Piedmont Office Realty Trust, Inc., Class A (a)		159		2,585

PotlatchDeltic Corp.		108		5,382

PS Business Parks, Inc.		7		970

QTS Realty Trust, Inc., Class A (a)		3		155

Retail Opportunity Investments Corp.		195		2,608

Retail Properties of America, Inc., Class A (a)		219		1,873

RLJ Lodging Trust		109		1,537

Ryman Hospitality Properties, Inc.		7		495

Sabra Health Care REIT, Inc.		200		3,478

Saul Centers, Inc.		7		222

Service Properties Trust		184		2,116

SITE Centers Corp.		211		2,130

STAG Industrial, Inc.		107		3,354

Summit Hotel Properties, Inc.		43		387

Sunstone Hotel Investors, Inc.		798		9,043

UMH Properties, Inc.		17		256

Urban Edge Properties		107		1,388

Urstadt Biddle Properties, Inc., Class A		46		656

Xenia Hotels & Resorts, Inc.		233		3,539


				91,900


Food & Staples Retailing — 0.2%

Andersons, Inc. (The)		19		461

Rite Aid Corp. * (a)		35		554

SpartanNash Co. (a)		30		522

United Natural Foods, Inc. * (a)		67		1,067


				2,604


Food Products — 1.1%

B&G Foods, Inc. (a)		59		1,639

Darling Ingredients, Inc. *		162		9,338

Farmer Bros Co. *		89		414


INVESTMENTS	SHARES (000)		VALUE ($000)


Food Products — continued

Fresh Del Monte Produce, Inc.		69		1,666

Seneca Foods Corp., Class A *		20		806


				13,863


Gas Utilities — 1.2%

New Jersey Resources Corp. (a)		47		1,653

Northwest Natural Holding Co.		19		856

ONE Gas, Inc.		60		4,576

Southwest Gas Holdings, Inc.		90		5,455

Spire, Inc.		30		1,940


				14,480


Health Care Equipment & Supplies — 0.3%

Invacare Corp.		155		1,388

LivaNova plc *		17		1,106

Varex Imaging Corp. * (a)		67		1,122


				3,616


Health Care Providers & Services — 1.4%

Cross Country Healthcare, Inc. *		226		2,007

Magellan Health, Inc. *		52		4,341

Patterson Cos., Inc. (a)		43		1,265

Tenet Healthcare Corp. *		158		6,293

Tivity Health, Inc. * (a)		158		3,103


				17,009


Health Care Technology — 0.7%

Allscripts Healthcare Solutions, Inc. *		545		7,862

Computer Programs and Systems, Inc. (a)		18		494


				8,356


Hotels, Restaurants & Leisure — 2.4%

BJ’s Restaurants, Inc.		85		3,272

Boyd Gaming Corp. * (a)		81		3,481

Brinker International, Inc. (a)		92		5,205

Caesars Entertainment, Inc. * (a)		98		7,241

Marriott Vacations Worldwide Corp.		38		5,214

Penn National Gaming, Inc. * (a)		51		4,422


				28,835


Household Durables — 1.9%

Hooker Furniture Corp.		48		1,554

KB Home		67		2,232

Lifetime Brands, Inc.		49		740

Meritage Homes Corp. *		37		3,081

Purple Innovation, Inc. *		147		4,826

Taylor Morrison Home Corp. *		27		693

TRI Pointe Group, Inc. *		494		8,528

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Household Durables — continued

Tupperware Brands Corp. *		43		1,377


				23,031


Household Products — 0.5%

Central Garden & Pet Co., Class A *		108		3,931

Spectrum Brands Holdings, Inc.		25		1,990


				5,921


Independent Power and Renewable Electricity Producers — 1.0%

Atlantic Power Corp. *		1,234		2,591

Clearway Energy, Inc. (a)		154		4,554

Clearway Energy, Inc., Class C		154		4,901


				12,046


Insurance — 1.8%

Ambac Financial Group, Inc. *		78		1,198

American Equity Investment Life Holding Co.		125		3,460

Argo Group International Holdings Ltd.		49		2,159

CNO Financial Group, Inc.		395		8,770

FedNat Holding Co.		14		80

Heritage Insurance Holdings, Inc.		60		604

Horace Mann Educators Corp.		29		1,198

MBIA, Inc. *		96		630

ProAssurance Corp.		88		1,573

ProSight Global, Inc. *		27		340

Stewart Information Services Corp.		39		1,867

United Insurance Holdings Corp. (a)		68		388


				22,267


Interactive Media & Services — 0.7%

Cars.com, Inc. *		381		4,310

Yelp, Inc. *		113		3,705


				8,015


Internet & Direct Marketing Retail — 0.2%

Groupon, Inc. * (a)		59		2,253


IT Services — 0.8%

KBR, Inc.		142		4,386

Perspecta, Inc.		140		3,381

Sykes Enterprises, Inc. *		62		2,339


				10,106


Machinery — 3.6%

AGCO Corp.		57		5,866

Albany International Corp., Class A		5		396

Altra Industrial Motion Corp.		151		8,364

Astec Industries, Inc.		80		4,636


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — continued

Barnes Group, Inc.		60		3,021

CIRCOR International, Inc. *		18		688

Douglas Dynamics, Inc.		25		1,069

EnPro Industries, Inc.		28		2,130

Graham Corp.		15		231

LB Foster Co., Class A *		20		300

Manitowoc Co., Inc. (The) *		76		1,016

Meritor, Inc. *		71		1,968

Navistar International Corp. *		15		637

Rexnord Corp.		66		2,595

Terex Corp.		120		4,173

TriMas Corp. *		21		662

Wabash National Corp.		331		5,710


				43,462


Media — 1.4%

AMC Networks, Inc., Class A * (a)		130		4,661

comScore, Inc. *		701		1,745

Gannett Co., Inc. * (a)		551		1,850

Hemisphere Media Group, Inc. *		179		1,859

National CineMedia, Inc.		362		1,348

Sinclair Broadcast Group, Inc., Class A (a)		112		3,573

WideOpenWest, Inc. * (a)		240		2,559


				17,595


Metals & Mining — 2.9%

Alcoa Corp. *		166		3,817

Allegheny Technologies, Inc. *		234		3,916

Arconic Corp. *		119		3,537

Carpenter Technology Corp.		49		1,418

Century Aluminum Co. *		52		571

Cleveland-Cliffs, Inc. (a)		372		5,418

Commercial Metals Co.		230		4,718

Kaiser Aluminum Corp.		36		3,511

SunCoke Energy, Inc.		594		2,583

Warrior Met Coal, Inc. (a)		206		4,396

Worthington Industries, Inc.		36		1,833


				35,718


Mortgage Real Estate Investment Trusts (REITs) — 2.5%

Apollo Commercial Real Estate Finance, Inc. (a)		97		1,086

Ares Commercial Real Estate Corp.		128		1,527

ARMOUR Residential REIT, Inc.		31		337

Blackstone Mortgage Trust, Inc., Class A		239		6,569

Cherry Hill Mortgage Investment Corp.		17		156

Ellington Financial, Inc.		22		329

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Mortgage Real Estate Investment Trusts (REITs) — continued

Granite Point Mortgage Trust, Inc.		121		1,208

Great Ajax Corp. (a)		20		210

Invesco Mortgage Capital, Inc. (a)		115		390

KKR Real Estate Finance Trust, Inc. (a)		127		2,276

Ladder Capital Corp.		371		3,627

New York Mortgage Trust, Inc. (a)		196		723

PennyMac Mortgage Investment Trust		168		2,952

Redwood Trust, Inc. (a)		284		2,493

TPG RE Finance Trust, Inc. (a)		176		1,870

Two Harbors Investment Corp. (a)		645		4,110


				29,863


Multiline Retail — 0.8%

Dillard’s, Inc., Class A (a)		75		4,735

Macy’s, Inc. (a)		476		5,355


				10,090


Multi-Utilities — 0.9%

Avista Corp.		80		3,223

Black Hills Corp.		96		5,911

Unitil Corp.		37		1,656


				10,790


Oil, Gas & Consumable Fuels — 2.9%

Arch Resources, Inc. *		69		3,003

Berry Corp.		606		2,231

Bonanza Creek Energy, Inc. *		26		508

CNX Resources Corp. *		112		1,214

CVR Energy, Inc.		131		1,956

Delek US Holdings, Inc.		140		2,247

Diamond S Shipping, Inc. *		102		680

Dorian LPG Ltd. *		138		1,685

Falcon Minerals Corp.		302		952

Green Plains, Inc. * (a)		176		2,317

International Seaways, Inc. (a)		48		782

Kosmos Energy Ltd. (Ghana)		203		476

Magnolia Oil & Gas Corp., Class A * (a)		303		2,142

Ovintiv, Inc.		192		2,760

PDC Energy, Inc. *		172		3,523

Range Resources Corp. *		157		1,054

Renewable Energy Group, Inc. *		55		3,881

REX American Resources Corp. *		30		2,219

Southwestern Energy Co. * (a)		235		701

Talos Energy, Inc. *		55		456

W&T Offshore, Inc. * (a)		329		714


				35,501


INVESTMENTS	SHARES (000)		VALUE ($000)


Paper & Forest Products — 1.4%

Boise Cascade Co.		59		2,806

Domtar Corp.		150		4,754

Glatfelter Corp. (a)		57		927

Louisiana-Pacific Corp.		31		1,156

Neenah, Inc.		30		1,643

Schweitzer-Mauduit International, Inc.		103		4,138

Verso Corp., Class A		156		1,877


				17,301


Personal Products — 0.6%

BellRing Brands, Inc., Class A *		214		5,205

Edgewell Personal Care Co.		52		1,808


				7,013


Pharmaceuticals — 1.0%

Endo International plc *		802		5,758

Intra-Cellular Therapies, Inc. *		65		2,067

Lannett Co., Inc. * (a)		648		4,225


				12,050


Professional Services — 2.1%

Barrett Business Services, Inc.		58		3,965

GP Strategies Corp. *		155		1,835

Heidrick & Struggles International, Inc.		83		2,436

Huron Consulting Group, Inc. *		75		4,409

Insperity, Inc.		6		521

Kelly Services, Inc., Class A		262		5,383

TrueBlue, Inc. *		358		6,685


				25,234


Real Estate Management & Development — 0.3%

Realogy Holdings Corp. *		242		3,170


Road & Rail — 0.6%

ArcBest Corp.		164		6,976

Covenant Logistics Group, Inc., Class A *		26		381


				7,357


Semiconductors & Semiconductor Equipment — 1.7%

Amkor Technology, Inc.		248		3,740

Cohu, Inc.		105		4,024

Maxeon Solar Technologies Ltd. * (a)		45		1,266

NeoPhotonics Corp. *		322		2,927

SMART Global Holdings, Inc. * (a)		56		2,092

SunPower Corp. * (a)		120		3,069

Veeco Instruments, Inc. *		213		3,701


				20,819

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Software — 1.1%

ACI Worldwide, Inc. *		67		2,579

Asure Software, Inc. *		189		1,345

MicroStrategy, Inc., Class A * (a)		14		5,284

SecureWorks Corp., Class A * (a)		50		716

Synchronoss Technologies, Inc. * (a)		739		3,472


				13,396


Specialty Retail — 3.8%

Aaron’s Co., Inc. (The) *		14		263

Abercrombie & Fitch Co., Class A (a)		372		7,582

Bed Bath & Beyond, Inc. (a)		191		3,397

Caleres, Inc.		185		2,890

Children’s Place, Inc. (The) * (a)		27		1,338

Genesco, Inc. * (a)		96		2,901

Group 1 Automotive, Inc. (a)		33		4,341

Haverty Furniture Cos., Inc. (a)		80		2,205

Lithia Motors, Inc., Class A		14		4,097

Murphy USA, Inc.		10		1,361

ODP Corp. (The) *		168		4,922

Signet Jewelers Ltd. (a)		90		2,452

Sleep Number Corp. *		30		2,431

Sonic Automotive, Inc., Class A		78		3,020

Zumiez, Inc. *		82		3,031


				46,231


Technology Hardware, Storage & Peripherals — 0.1%

Diebold Nixdorf, Inc. *		166		1,767


Textiles, Apparel & Luxury Goods — 0.7%

Fossil Group, Inc. * (a)		57		497

G-III Apparel Group Ltd. * (a)		202		4,798

Movado Group, Inc. *		16		266

Wolverine World Wide, Inc. (a)		102		3,190


				8,751


Thrifts & Mortgage Finance — 3.8%

Axos Financial, Inc. *		136		5,089

ESSA Bancorp, Inc.		12		177

Essent Group Ltd.		119		5,119

Kearny Financial Corp. (a)		179		1,892

Luther Burbank Corp.		59		574

Meridian Bancorp, Inc.		185		2,763

MGIC Investment Corp.		303		3,803

Mr. Cooper Group, Inc. *		30		925

NMI Holdings, Inc., Class A *		53		1,203

Northfield Bancorp, Inc. (a)		372		4,589

PennyMac Financial Services, Inc.		63		4,160


INVESTMENTS	SHARES (000)		VALUE ($000)


Thrifts & Mortgage Finance — continued

Premier Financial Corp.		50		1,155

Radian Group, Inc.		371		7,511

Washington Federal, Inc.		207		5,333

Western New England Bancorp, Inc.		39		267

WSFS Financial Corp. (a)		50		2,259


				46,819


Trading Companies & Distributors — 2.1%

Applied Industrial Technologies, Inc.		54		4,188

BMC Stock Holdings, Inc. *		83		4,455

DXP Enterprises, Inc. *		69		1,529

Foundation Building Materials, Inc. *		71		1,366

GMS, Inc. *		72		2,204

H&E Equipment Services, Inc.		21		626

MRC Global, Inc. *		337		2,235

NOW, Inc. * (a)		783		5,623

Titan Machinery, Inc. *		61		1,187

Veritiv Corp. *		72		1,497

WESCO International, Inc. *		14		1,095


				26,005


Wireless Telecommunication Services — 0.1%

Gogo, Inc. * (a)		91		873


Total Common Stocks (Cost $926,256)				1,193,217

Short-Term Investments — 10.1%

Investment Companies — 2.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $30,390)		30,379		30,395


Investment of Cash Collateral from Securities Loaned — 7.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		75,304		75,312

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		17,211		17,211


Total Investment of Cash Collateral from Securities Loaned (Cost $92,526)				92,523


Total Short-Term Investments (Cost $122,916)				122,918

Total Investments — 108.0% (Cost $1,049,172)				1,316,135
Liabilities in Excess of Other Assets — (8.0)%				(97,023	)

NET ASSETS — 100.0%				1,219,112

SEE NOTES TO FINANCIAL STATEMENTS.



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

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust


(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $89,318,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

240

03/2021

USD

23,735

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%

Automobiles — 0.9%

Thor Industries, Inc.		38		3,558


Banks — 7.8%

Commerce Bancshares, Inc.		56		3,666

Cullen/Frost Bankers, Inc.		46		4,026

First Hawaiian, Inc.		115		2,710

First Horizon National Corp.		371		4,729

ServisFirst Bancshares, Inc.		78		3,139

Signature Bank		33		4,444

SVB Financial Group *		12		4,827

Western Alliance Bancorp		66		3,944


				31,485


Biotechnology — 0.5%

Certara, Inc. * (a)		58		1,952


Building Products — 2.1%

Fortune Brands Home & Security, Inc.		46		3,960

Lennox International, Inc.		17		4,603


				8,563


Capital Markets — 6.7%

FactSet Research Systems, Inc.		11		3,712

Focus Financial Partners, Inc., Class A *		74		3,228

Lazard Ltd., Class A		111		4,706

LPL Financial Holdings, Inc.		46		4,784

Moelis & Co., Class A		65		3,037

Morningstar, Inc.		21		4,780

StepStone Group, Inc., Class A *		69		2,740


				26,987


Chemicals — 0.8%

Axalta Coating Systems Ltd. *		113		3,229


Commercial Services & Supplies — 4.9%

IAA, Inc. *		77		4,989

MSA Safety, Inc.		31		4,673

Stericycle, Inc. *		44		3,078

Waste Connections, Inc.		70		7,185


				19,925


Construction & Engineering — 1.1%

WillScot Mobile Mini Holdings Corp. *		186		4,315


Containers & Packaging — 3.3%

AptarGroup, Inc.		51		6,938

Crown Holdings, Inc. *		48		4,836

Pactiv Evergreen, Inc. *		82		1,480


				13,254


INVESTMENTS	SHARES (000)		VALUE ($000)


Distributors — 3.3%

LKQ Corp. *		118		4,158

Pool Corp.		24		9,091


				13,249


Diversified Consumer Services — 1.4%

Bright Horizons Family Solutions, Inc. *		33		5,708


Electric Utilities — 0.6%

Portland General Electric Co.		58		2,463


Electrical Equipment — 1.2%

Generac Holdings, Inc. *		21		4,755


Electronic Equipment, Instruments & Components — 1.0%

Cognex Corp.		51		4,075


Equity Real Estate Investment Trusts (REITs) — 5.6%

American Campus Communities, Inc.		65		2,779

CubeSmart		111		3,741

EastGroup Properties, Inc.		33		4,584

Mid-America Apartment Communities, Inc.		37		4,748

National Retail Properties, Inc.		107		4,378

Outfront Media, Inc.		127		2,487


				22,717


Food & Staples Retailing — 3.7%

BJ’s Wholesale Club Holdings, Inc. *		130		4,861

Casey’s General Stores, Inc.		20		3,514

Performance Food Group Co. *		133		6,337


				14,712


Food Products — 1.2%

Lamb Weston Holdings, Inc.		60		4,689


Gas Utilities — 1.1%

Atmos Energy Corp.		45		4,276


Health Care Equipment & Supplies — 4.6%

ICU Medical, Inc. *		17		3,549

IDEXX Laboratories, Inc. *		10		4,959

STERIS plc		21		3,968

West Pharmaceutical Services, Inc.		21		5,957


				18,433


Health Care Providers & Services — 5.7%

Centene Corp. *		57		3,424

Chemed Corp.		8		4,329

Encompass Health Corp.		71		5,834

Molina Healthcare, Inc. *		35		7,341

Premier, Inc., Class A		64		2,241


				23,169

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Hotels, Restaurants & Leisure — 2.4%

Planet Fitness, Inc., Class A *		34		2,649

Vail Resorts, Inc.		13		3,703

Wendy’s Co. (The)		147		3,219


				9,571


Household Products — 0.9%

Reynolds Consumer Products, Inc.		116		3,496


Insurance — 2.1%

Kinsale Capital Group, Inc.		18		3,513

RLI Corp.		49		5,141


				8,654


Internet & Direct Marketing Retail — 0.8%

Chewy, Inc., Class A * (a)		36		3,221


IT Services — 3.6%

Black Knight, Inc. *		40		3,541

Broadridge Financial Solutions, Inc.		35		5,329

WEX, Inc. *		28		5,732


				14,602


Leisure Products — 1.3%

Brunswick Corp.		71		5,435


Life Sciences Tools & Services — 1.2%

Syneos Health, Inc. *		69		4,689


Machinery — 9.4%

Douglas Dynamics, Inc.		50		2,137

IDEX Corp.		25		4,912

Lincoln Electric Holdings, Inc.		46		5,329

Nordson Corp.		19		3,797

RBC Bearings, Inc. *		27		4,753

Snap-on, Inc.		18		3,090

Toro Co. (The)		97		9,194

Woodward, Inc.		39		4,764


				37,976


Multi-Utilities — 0.7%

NorthWestern Corp.		45		2,650


Pharmaceuticals — 1.7%

Catalent, Inc. *		64		6,692


Professional Services — 1.7%

CoreLogic, Inc.		30		2,318

TransUnion		48		4,718


				7,036


Real Estate Management & Development — 0.7%

Cushman & Wakefield plc *		192		2,850


INVESTMENTS	SHARES (000)		VALUE ($000)


Road & Rail — 1.7%

Knight-Swift Transportation Holdings, Inc.		86		3,577

Landstar System, Inc.		26		3,459


				7,036


Semiconductors & Semiconductor Equipment — 2.0%

CMC Materials, Inc.		31		4,636

Monolithic Power Systems, Inc.		10		3,516


				8,152


Software — 9.2%

Aspen Technology, Inc. *		36		4,669

Envestnet, Inc. *		33		2,728

Guidewire Software, Inc. *		34		4,435

PTC, Inc. *		27		3,206

Q2 Holdings, Inc. *		45		5,670

RealPage, Inc. *		41		3,579

SS&C Technologies Holdings, Inc.		111		8,064

Tyler Technologies, Inc. *		11		4,719


				37,070


Textiles, Apparel & Luxury Goods — 0.7%

Carter’s, Inc.		28		2,642


Total Common Stocks (Cost $335,179)				393,286

Short-Term Investments — 3.3%

Investment Companies — 2.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $10,089)		10,084		10,088


Investment of Cash Collateral from Securities Loaned — 0.8%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		1,100		1,100

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		2,033		2,033


Total Investment of Cash Collateral from Securities Loaned (Cost $3,133)				3,133


Total Short-Term Investments (Cost $13,222)				13,221

Total Investments — 100.9% (Cost $348,401)				406,507
Liabilities in Excess of Other Assets — (0.9)%				(3,462	)

NET ASSETS — 100.0%				403,045

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan SMID Cap Equity Fund

(formerly known as JPMorgan Intrepid Mid Cap Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $2,971,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%

Aerospace & Defense — 1.2%

AAR Corp.		106		3,847

AeroVironment, Inc. *		16		1,408

Astronics Corp. *		164		2,174

Maxar Technologies, Inc.		80		3,083

Moog, Inc., Class A		14		1,098

Triumph Group, Inc.		33		412


				12,022


Air Freight & Logistics — 0.4%

Echo Global Logistics, Inc. *		81		2,171

Hub Group, Inc., Class A *		30		1,733


				3,904


Airlines — 0.3%

Allegiant Travel Co.		15		2,782


Auto Components — 0.9%

Adient plc *		28		984

Cooper Tire & Rubber Co.		22		903

Dana, Inc.		117		2,278

Gentherm, Inc. *		75		4,892


				9,057


Banks — 7.4%

1st Source Corp.		24		947

Atlantic Union Bankshares Corp.		19		624

BancFirst Corp. (a)		72		4,238

BancorpSouth Bank		97		2,662

BankFinancial Corp.		5		43

Banner Corp.		75		3,498

Brookline Bancorp, Inc.		96		1,158

Cadence BanCorp		315		5,176

Cathay General Bancorp		128		4,123

Central Pacific Financial Corp.		118		2,236

CIT Group, Inc.		70		2,513

Columbia Banking System, Inc.		123		4,418

CVB Financial Corp. (a)		157		3,052

Enterprise Financial Services Corp.		22		776

Equity Bancshares, Inc., Class A *		45		963

First Commonwealth Financial Corp.		158		1,731

First Community Bankshares, Inc.		11		227

First Hawaiian, Inc.		54		1,274

First Horizon National Corp.		65		825

First Merchants Corp.		79		2,967

Flushing Financial Corp.		32		535

Great Western Bancorp, Inc. (a)		124		2,598

HarborOne Bancorp, Inc.		42		457


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

HomeTrust Bancshares, Inc.		54		1,045

Hope Bancorp, Inc.		165		1,798

Independent Bank Corp.		45		835

Investors Bancorp, Inc.		106		1,123

Old National Bancorp		272		4,501

People’s United Financial, Inc.		53		681

Pinnacle Financial Partners, Inc.		32		2,054

Trustmark Corp.		137		3,745

UMB Financial Corp.		23		1,616

United Bankshares, Inc.		30		957

Webster Financial Corp.		69		2,925

Westamerica BanCorp		45		2,484

Western Alliance Bancorp		33		1,972


				72,777


Biotechnology — 8.3%

ACADIA Pharmaceuticals, Inc. *		73		3,924

Akebia Therapeutics, Inc. * (a)		1,064		2,978

Alector, Inc. *		19		285

Amicus Therapeutics, Inc. *		153		3,527

Arena Pharmaceuticals, Inc. *		46		3,563

Atara Biotherapeutics, Inc. *		118		2,315

Athenex, Inc. * (a)		115		1,270

Biohaven Pharmaceutical Holding Co. Ltd. *		47		4,063

Black Diamond Therapeutics, Inc. * (a)		43		1,375

Bluebird Bio, Inc. *		8		348

Bridgebio Pharma, Inc. * (a)		38		2,695

Clovis Oncology, Inc. * (a)		151		723

CytomX Therapeutics, Inc. *		52		340

Dicerna Pharmaceuticals, Inc. *		97		2,133

Eagle Pharmaceuticals, Inc. *		29		1,328

Eiger BioPharmaceuticals, Inc. *		124		1,518

Emergent BioSolutions, Inc. *		9		798

Esperion Therapeutics, Inc. * (a)		16		421

Flexion Therapeutics, Inc. * (a)		162		1,872

Global Blood Therapeutics, Inc. *		39		1,693

Gritstone Oncology, Inc. * (a)		21		82

Harpoon Therapeutics, Inc. *		70		1,154

Homology Medicines, Inc. * (a)		32		359

Intercept Pharmaceuticals, Inc. * (a)		66		1,635

Kronos Bio, Inc. * (a)		103		3,068

La Jolla Pharmaceutical Co. *		46		177

Ligand Pharmaceuticals, Inc. * (a)		16		1,601

LogicBio Therapeutics, Inc. *		209		1,598

Mersana Therapeutics, Inc. *		130		3,447

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Biotechnology — continued

Metacrine, Inc. *		44		346

Myriad Genetics, Inc. *		91		1,797

Protagonist Therapeutics, Inc. * (a)		121		2,435

Puma Biotechnology, Inc. * (a)		163		1,671

REGENXBIO, Inc. *		51		2,323

REVOLUTION Medicines, Inc. *		22		859

Sarepta Therapeutics, Inc. *		14		2,395

Seres Therapeutics, Inc. * (a)		105		2,573

Solid Biosciences, Inc. *		49		368

Sutro Biopharma, Inc. *		19		411

TCR2 Therapeutics, Inc. * (a)		39		1,211

TG Therapeutics, Inc. *		93		4,854

UroGen Pharma Ltd. * (a)		66		1,186

Vanda Pharmaceuticals, Inc. *		289		3,792

Viela Bio, Inc. * (a)		46		1,640

Voyager Therapeutics, Inc. * (a)		83		591

Xencor, Inc. * (a)		59		2,576

Y-mAbs Therapeutics, Inc. *		5		267


				81,585


Building Products — 1.1%

Advanced Drainage Systems, Inc.		11		886

Builders FirstSource, Inc. *		174		7,105

Cornerstone Building Brands, Inc. *		109		1,010

Quanex Building Products Corp.		54		1,202

UFP Industries, Inc.		16		872


				11,075


Capital Markets — 2.0%

Artisan Partners Asset Management, Inc., Class A		12		604

Blucora, Inc. *		192		3,056

Brightsphere Investment Group, Inc.		27		511

Cohen & Steers, Inc.		10		758

Cowen, Inc., Class A (a)		67		1,751

Donnelley Financial Solutions, Inc. *		52		888

Federated Hermes, Inc.		37		1,055

Focus Financial Partners, Inc., Class A *		55		2,384

Houlihan Lokey, Inc.		28		1,851

Piper Sandler Cos.		11		1,150

Stifel Financial Corp.		75		3,796

Virtus Investment Partners, Inc.		10		2,213


				20,017


Chemicals — 1.9%

Avient Corp.		97		3,908

FutureFuel Corp.		119		1,506


INVESTMENTS	SHARES (000)		VALUE ($000)


Chemicals — continued

Ingevity Corp. *		29		2,219

Koppers Holdings, Inc. *		76		2,365

Kraton Corp. *		12		328

Minerals Technologies, Inc.		43		2,645

PQ Group Holdings, Inc.		46		656

Trinseo SA		49		2,531

Tronox Holdings plc, Class A		186		2,719


				18,877


Commercial Services & Supplies — 2.4%

ABM Industries, Inc. (a)		81		3,077

ACCO Brands Corp.		279		2,353

Brink’s Co. (The)		19		1,361

Clean Harbors, Inc. *		26		1,964

Deluxe Corp.		47		1,365

Ennis, Inc.		132		2,361

Heritage-Crystal Clean, Inc. *		28		594

Herman Miller, Inc.		110		3,728

HNI Corp.		90		3,099

Quad/Graphics, Inc.		181		690

SP Plus Corp. *		41		1,182

Steelcase, Inc., Class A		94		1,270

Team, Inc. *		55		597


				23,641


Communications Equipment — 0.5%

ADTRAN, Inc.		61		896

Extreme Networks, Inc. *		479		3,302

PCTEL, Inc. *		56		367


				4,565


Construction & Engineering — 3.0%

Arcosa, Inc.		55		3,010

Argan, Inc.		109		4,863

Comfort Systems USA, Inc.		49		2,585

EMCOR Group, Inc.		82		7,536

MasTec, Inc. * (a)		90		6,157

MYR Group, Inc. *		33		1,973

Primoris Services Corp.		37		1,024

Tutor Perini Corp. *		165		2,143


				29,291


Construction Materials — 0.1%

Summit Materials, Inc., Class A *		25		504

US Concrete, Inc. *		12		476


				980

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Consumer Finance — 0.9%

Credit Acceptance Corp. * (a)		4		1,514

EZCORP, Inc., Class A *		50		241

FirstCash, Inc.		24		1,690

Green Dot Corp., Class A *		20		1,130

Navient Corp.		290		2,843

Nelnet, Inc., Class A		6		406

Regional Management Corp.		22		651


				8,475


Containers & Packaging — 0.4%

Graphic Packaging Holding Co.		52		872

Myers Industries, Inc.		48		992

O-I Glass, Inc.		141		1,679

Pactiv Evergreen, Inc. *		19		345


				3,888


Distributors—0.5%

Core-Mark Holding Co., Inc.		156		4,571


Diversified Consumer Services — 0.6%

American Public Education, Inc. *		116		3,545

Houghton Mifflin Harcourt Co. *		652		2,173


				5,718


Diversified Telecommunication Services — 0.4%

Consolidated Communications Holdings, Inc. *		559		2,736

ORBCOMM, Inc. *		174		1,288


				4,024


Electric Utilities — 0.8%

ALLETE, Inc.		22		1,344

IDACORP, Inc.		7		682

PNM Resources, Inc.		34		1,631

Portland General Electric Co.		74		3,157

Spark Energy, Inc., Class A (a)		119		1,142


				7,956


Electrical Equipment — 0.7%

AZZ, Inc.		21		982

Bloom Energy Corp., Class A * (a)		5		135

LSI Industries, Inc.		37		316

Powell Industries, Inc.		63		1,870

Sunrun, Inc. *		46		3,219

Thermon Group Holdings, Inc. *		43		675


				7,197


Electronic Equipment, Instruments & Components — 2.4%

Bel Fuse, Inc., Class B		248		3,724


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — continued

Benchmark Electronics, Inc.		156		4,203

Fabrinet (Thailand) *		43		3,342

Insight Enterprises, Inc. *		10		761

Kimball Electronics, Inc. *		31		501

OSI Systems, Inc. *		26		2,403

Sanmina Corp. *		54		1,735

ScanSource, Inc. *		203		5,363

TTM Technologies, Inc. *		145		1,996


				24,028


Energy Equipment & Services — 0.8%

ChampionX Corp. *		35		537

Helix Energy Solutions Group, Inc. * (a)		158		663

Matrix Service Co. *		273		3,010

NexTier Oilfield Solutions, Inc. *		569		1,958

Oceaneering International, Inc. *		29		232

Oil States International, Inc. *		112		562

Patterson-UTI Energy, Inc.		177		930

Select Energy Services, Inc., Class A *		61		251


				8,143


Entertainment — 1.1%

Cinemark Holdings, Inc. (a)		640		11,138

Eros STX Global Corp. (United Arab Emirates) * (a)		55		100


				11,238


Equity Real Estate Investment Trusts (REITs) — 4.7%

Acadia Realty Trust		31		446

Agree Realty Corp.		11		726

Alexander & Baldwin, Inc.		26		439

American Assets Trust, Inc.		122		3,514

American Finance Trust, Inc.		104		774

Americold Realty Trust		49		1,836

Broadstone Net Lease, Inc., Class A (a)		80		1,565

CareTrust REIT, Inc.		16		348

Chatham Lodging Trust		16		177

City Office REIT, Inc.		42		412

Columbia Property Trust, Inc.		45		648

CoreSite Realty Corp.		7		886

DiamondRock Hospitality Co. *		327		2,701

Easterly Government Properties, Inc.		27		605

Equity LifeStyle Properties, Inc.		14		893

Essential Properties Realty Trust, Inc.		62		1,310

First Industrial Realty Trust, Inc.		50		2,098

Four Corners Property Trust, Inc.		30		896

Getty Realty Corp.		40		1,107

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Equity Real Estate Investment Trusts (REITs) — continued

Gladstone Commercial Corp.		27		489

Global Net Lease, Inc.		13		221

Hersha Hospitality Trust		10		80

Highwoods Properties, Inc.		17		666

Innovative Industrial Properties, Inc. (a)		2		403

Kite Realty Group Trust		18		266

Lexington Realty Trust (a)		24		251

National Health Investors, Inc.		3		180

New Senior Investment Group, Inc.		204		1,056

Pebblebrook Hotel Trust		25		463

Physicians Realty Trust		101		1,796

Piedmont Office Realty Trust, Inc., Class A (a)		74		1,199

Plymouth Industrial REIT, Inc.		21		312

PotlatchDeltic Corp.		58		2,916

QTS Realty Trust, Inc., Class A (a)		30		1,881

Retail Opportunity Investments Corp.		47		632

Retail Properties of America, Inc., Class A		85		729

RLJ Lodging Trust		16		229

Ryman Hospitality Properties, Inc.		20		1,382

Sabra Health Care REIT, Inc. (a)		82		1,419

Saul Centers, Inc.		22		694

Service Properties Trust		64		731

SITE Centers Corp.		61		621

STAG Industrial, Inc.		35		1,090

Summit Hotel Properties, Inc.		33		301

Sunstone Hotel Investors, Inc.		302		3,416

Xenia Hotels & Resorts, Inc.		96		1,465


				46,269


Food & Staples Retailing — 0.0% (b)

Andersons, Inc. (The) (a)		8		206

SpartanNash Co. (a)		9		158


				364


Food Products — 1.6%

B&G Foods, Inc. (a)		60		1,656

Darling Ingredients, Inc. *		151		8,737

Farmer Bros Co. *		71		331

Fresh Del Monte Produce, Inc.		41		984

John B Sanfilippo & Son, Inc.		25		1,987

Seneca Foods Corp., Class A *		41		1,650


				15,345


Gas Utilities — 0.6%

New Jersey Resources Corp.		26		921

Northwest Natural Holding Co.		29		1,338


INVESTMENTS	SHARES (000)		VALUE ($000)


Gas Utilities — continued

ONE Gas, Inc.		33		2,541

Southwest Gas Holdings, Inc.		23		1,385


				6,185


Health Care Equipment & Supplies — 3.3%

Accuray, Inc. * (a)		578		2,410

AngioDynamics, Inc. * (a)		134		2,057

Cutera, Inc. *		74		1,786

Integer Holdings Corp. *		62		5,030

LivaNova plc *		43		2,814

Natus Medical, Inc. *		114		2,293

NuVasive, Inc. *		103		5,812

Orthofix Medical, Inc. *		43		1,861

Outset Medical, Inc. *		14		790

SeaSpine Holdings Corp. *		163		2,843

Sientra, Inc. * (a)		169		658

Varex Imaging Corp. * (a)		158		2,639

Zynex, Inc. *		148		1,988


				32,981


Health Care Providers & Services — 4.0%

AdaptHealth Corp. *		221		8,301

American Renal Associates Holdings, Inc. *		5		57

Brookdale Senior Living, Inc. *		1,124		4,981

Cross Country Healthcare, Inc. *		454		4,023

HealthEquity, Inc. *		30		2,064

Magellan Health, Inc. *		43		3,562

MEDNAX, Inc. *		60		1,465

Owens & Minor, Inc.		95		2,556

Patterson Cos., Inc.		102		3,017

Providence Service Corp. (The) *		3		430

Tenet Healthcare Corp. *		103		4,112

Tivity Health, Inc. * (a)		168		3,281

Triple-S Management Corp., Class B (Puerto Rico) * (a)		65		1,396


				39,245


Health Care Technology — 1.2%

Allscripts Healthcare Solutions, Inc. *		476		6,877

Computer Programs and Systems, Inc. (a)		36		964

Evolent Health, Inc., Class A * (a)		251		4,019


				11,860


Hotels, Restaurants & Leisure — 2.5%

BJ’s Restaurants, Inc.		56		2,148

Bloomin’ Brands, Inc.		236		4,576

Boyd Gaming Corp. *		63		2,718

Brinker International, Inc.		60		3,418

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Hotels, Restaurants & Leisure — continued

Caesars Entertainment, Inc. * (a)		79		5,830

Marriott Vacations Worldwide Corp.		33		4,528

Penn National Gaming, Inc. *		20		1,710


				24,928


Household Durables — 1.9%

Hamilton Beach Brands Holding Co., Class A		12		212

Hooker Furniture Corp.		27		877

KB Home		158		5,291

Meritage Homes Corp. *		13		1,035

Purple Innovation, Inc. *		55		1,822

TRI Pointe Group, Inc. *		531		9,168


				18,405


Household Products — 0.1%

Central Garden & Pet Co., Class A *		30		1,079


Independent Power and Renewable Electricity Producers — 0.5%

Atlantic Power Corp. *		1,593		3,344

Clearway Energy, Inc.		42		1,243

Clearway Energy, Inc., Class C		11		342


				4,929


Insurance — 1.1%

Ambac Financial Group, Inc. *		19		288

American Equity Investment Life Holding Co.		34		933

Argo Group International Holdings Ltd.		25		1,110

CNO Financial Group, Inc.		181		4,030

First American Financial Corp.		15		789

Heritage Insurance Holdings, Inc. (a)		11		112

Horace Mann Educators Corp.		6		261

MBIA, Inc. *		27		175

Primerica, Inc.		11		1,466

ProAssurance Corp.		36		642

ProSight Global, Inc. *		20		262

Stewart Information Services Corp.		11		513


				10,581


Interactive Media & Services — 0.4%

Yelp, Inc. *		130		4,250


Internet & Direct Marketing Retail — 0.3%

Groupon, Inc. * (a)		11		434

Stamps.com, Inc. *		14		2,766


				3,200


IT Services — 2.7%

CACI International, Inc., Class A *		12		3,029

CSG Systems International, Inc.		13		573


INVESTMENTS	SHARES (000)		VALUE ($000)


IT Services — continued

Euronet Worldwide, Inc. *		5		688

Evo Payments, Inc., Class A *		120		3,247

KBR, Inc.		36		1,107

NIC, Inc.		36		934

Perficient, Inc. *		124		5,887

Perspecta, Inc.		258		6,208

Sykes Enterprises, Inc. *		71		2,678

Verra Mobility Corp. *		136		1,821


				26,172


Life Sciences Tools & Services — 1.1%

Adaptive Biotechnologies Corp. *		27		1,585

Berkeley Lights, Inc. * (a)		30		2,655

Medpace Holdings, Inc. *		18		2,516

Personalis, Inc. *		30		1,113

Seer, Inc. * (a)		51		2,841


				10,710


Machinery — 3.0%

Albany International Corp., Class A		6		426

Altra Industrial Motion Corp.		85		4,711

Astec Industries, Inc.		68		3,942

Barnes Group, Inc.		29		1,480

Douglas Dynamics, Inc.		61		2,611

EnPro Industries, Inc.		29		2,152

Kadant, Inc.		17		2,337

LB Foster Co., Class A *		10		155

Manitowoc Co., Inc. (The) *		76		1,013

Meritor, Inc. *		78		2,174

Rexnord Corp.		11		450

Wabash National Corp.		409		7,053

Welbilt, Inc. * (a)		81		1,073


				29,577


Media — 1.9%

AMC Networks, Inc., Class A * (a)		118		4,207

comScore, Inc. *		253		631

Hemisphere Media Group, Inc. *		174		1,802

iHeartMedia, Inc., Class A * (a)		191		2,484

National CineMedia, Inc.		406		1,511

Sinclair Broadcast Group, Inc., Class A (a)		176		5,614

WideOpenWest, Inc. * (a)		199		2,122


				18,371


Metals & Mining — 1.7%

Alcoa Corp. *		51		1,176

Allegheny Technologies, Inc. *		107		1,788

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Metals & Mining — continued

Arconic Corp. *		56		1,675

Carpenter Technology Corp.		18		524

Century Aluminum Co. *		19		213

Cleveland-Cliffs, Inc. (a)		194		2,825

Commercial Metals Co.		112		2,302

Kaiser Aluminum Corp.		10		1,009

SunCoke Energy, Inc.		331		1,438

Warrior Met Coal, Inc.		123		2,616

Worthington Industries, Inc.		14		712


				16,278


Mortgage Real Estate Investment Trusts (REITs) — 1.2%

Ares Commercial Real Estate Corp.		54		637

Blackstone Mortgage Trust, Inc., Class A		127		3,507

Ellington Financial, Inc.		6		86

Granite Point Mortgage Trust, Inc.		67		667

Great Ajax Corp. (a)		8		82

Invesco Mortgage Capital, Inc. (a)		27		92

KKR Real Estate Finance Trust, Inc.		59		1,059

Ladder Capital Corp.		190		1,855

New York Mortgage Trust, Inc. (a)		26		95

PennyMac Mortgage Investment Trust		98		1,715

Redwood Trust, Inc. (a)		133		1,166

TPG RE Finance Trust, Inc. (a)		65		686

Two Harbors Investment Corp. (a)		94		602


				12,249


Multiline Retail — 0.6%

Dillard’s, Inc., Class A (a)		42		2,661

Macy’s, Inc. (a)		268		3,011


				5,672


Multi-Utilities — 0.2%

Black Hills Corp.		31		1,923


Oil, Gas & Consumable Fuels — 1.4%

Arch Resources, Inc. * (a)		30		1,320

Berry Corp.		84		311

Bonanza Creek Energy, Inc. *		7		139

CNX Resources Corp. *		60		647

CVR Energy, Inc.		8		126

Delek US Holdings, Inc.		50		799

Diamond S Shipping, Inc. *		41		270

Dorian LPG Ltd. *		2		27

Green Plains, Inc. * (a)		46		600

Magnolia Oil & Gas Corp., Class A * (a)		217		1,533

Ovintiv, Inc.		74		1,067


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued

PDC Energy, Inc. *		94		1,922

Range Resources Corp. *		57		380

Renewable Energy Group, Inc. * (a)		41		2,891

REX American Resources Corp. *		22		1,644

W&T Offshore, Inc. * (a)		256		555


				14,231


Paper & Forest Products — 1.0%

Boise Cascade Co.		47		2,249

Domtar Corp.		50		1,571

Glatfelter Corp.		28		454

Louisiana-Pacific Corp. (a)		82		3,052

Neenah, Inc.		17		962

Verso Corp., Class A (a)		111		1,337


				9,625


Personal Products — 1.1%

BellRing Brands, Inc., Class A *		226		5,484

Herbalife Nutrition Ltd. *		31		1,503

Medifast, Inc.		12		2,396

USANA Health Sciences, Inc. * (a)		13		1,029


				10,412


Pharmaceuticals — 2.3%

Amneal Pharmaceuticals, Inc. *		383		1,750

Arvinas, Inc. * (a)		2		138

Endo International plc *		846		6,077

Horizon Therapeutics plc *		56		4,100

Lannett Co., Inc. * (a)		448		2,919

Lyra Therapeutics, Inc. *		154		1,751

Marinus Pharmaceuticals, Inc. * (a)		130		1,587

Reata Pharmaceuticals, Inc., Class A * (a)		25		3,105

VYNE Therapeutics, Inc. * (a)		39		61

WaVe Life Sciences Ltd. *		208		1,639


				23,127


Professional Services — 2.2%

Barrett Business Services, Inc.		44		2,988

GP Strategies Corp. *		54		641

Heidrick & Struggles International, Inc.		10		306

Huron Consulting Group, Inc. *		83		4,897

Insperity, Inc.		14		1,107

Kelly Services, Inc., Class A		106		2,178

Kforce, Inc.		62		2,614

Korn Ferry		43		1,853

TrueBlue, Inc. *		260		4,855


				21,439

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Real Estate Management & Development — 0.1%

Realogy Holdings Corp. * (a)		83		1,085


Road & Rail — 0.6%

ArcBest Corp.		123		5,258

Schneider National, Inc., Class B		23		472


				5,730


Semiconductors & Semiconductor Equipment — 2.5%

Amkor Technology, Inc.		241		3,628

Cirrus Logic, Inc. *		21		1,706

Cohu, Inc.		46		1,768

MACOM Technology Solutions Holdings, Inc. *		20		1,079

Maxeon Solar Technologies Ltd. * (a)		32		912

NeoPhotonics Corp. *		367		3,338

Rambus, Inc. *		257		4,481

SMART Global Holdings, Inc. * (a)		49		1,855

SunPower Corp. * (a)		169		4,323

Veeco Instruments, Inc. *		118		2,049


				25,139


Software — 5.6%

ACI Worldwide, Inc. *		98		3,767

Asana, Inc., Class A * (a)		49		1,442

Asure Software, Inc. *		160		1,139

Avaya Holdings Corp. * (a)		377		7,210

CommVault Systems, Inc. *		74		4,072

Cornerstone OnDemand, Inc. *		136		6,003

Digital Turbine, Inc. *		33		1,850

eGain Corp. *		402		4,749

Envestnet, Inc. *		5		387

JFrog Ltd. (Israel) * (a)		15		955

McAfee Corp., Class A		176		2,944

MicroStrategy, Inc., Class A * (a)		6		2,156

Proofpoint, Inc. *		10		1,391

PubMatic, Inc., Class A * (a)		49		1,383

Qualys, Inc. *		33		4,006

Secure Works Corp., Class A * (a)		111		1,583

SVMK, Inc. *		37		948

Synchronoss Technologies, Inc. * (a)		834		3,921

Telenav, Inc. *		73		345

Workiva, Inc. *		43		3,912

Xperi Holding Corp.		35		734


				54,897


Specialty Retail — 3.6%

Abercrombie & Fitch Co., Class A (a)		224		4,567

Bed Bath & Beyond, Inc. (a)		94		1,662


INVESTMENTS	SHARES (000)		VALUE ($000)


Specialty Retail — continued

Children’s Place, Inc. (The) * (a)		21		1,057

Group 1 Automotive, Inc. (a)		11		1,469

Guess?, Inc.		94		2,115

Haverty Furniture Cos., Inc. (a)		38		1,049

Hibbett Sports, Inc. * (a)		30		1,368

Lithia Motors, Inc., Class A		4		1,229

MarineMax, Inc. *		22		771

Murphy USA, Inc.		30		3,864

ODP Corp. (The) *		135		3,970

Rent-A-Center, Inc.		31		1,179

Sleep Number Corp. *		62		5,100

Sonic Automotive, Inc., Class A		57		2,214

Winmark Corp. (a)		5		947

Zumiez, Inc. *		82		3,000


				35,561


Technology Hardware, Storage & Peripherals — 0.3%

Avid Technology, Inc. *		128		2,030

Diebold Nixdorf, Inc. *		86		917


				2,947


Textiles, Apparel & Luxury Goods — 1.0%

Deckers Outdoor Corp. *		16		4,653

Fossil Group, Inc. * (a)		43		374

G-III Apparel Group Ltd. * (a)		224		5,306


				10,333


Thrifts & Mortgage Finance — 2.5%

Axos Financial, Inc. *		65		2,447

Essent Group Ltd.		87		3,763

Meridian Bancorp, Inc.		232		3,459

MGIC Investment Corp.		173		2,177

NMI Holdings, Inc., Class A *		23		528

Northfield Bancorp, Inc.		219		2,696

PennyMac Financial Services, Inc.		48		3,117

Premier Financial Corp.		17		393

Radian Group, Inc.		159		3,215

Washington Federal, Inc.		129		3,326


				25,121


Trading Companies & Distributors — 1.2%

Applied Industrial Technologies, Inc.		41		3,190

BMC Stock Holdings, Inc. *		47		2,496

DXP Enterprises, Inc. *		52		1,155

MRC Global, Inc. *		189		1,254

NOW, Inc. * (a)		497		3,565

Veritiv Corp. *		32		667


				12,327

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Water Utilities — 0.4%

American States Water Co.		46		3,669


Wireless Telecommunication Services — 0.3%

Gogo, Inc. * (a)		278		2,672


Total Common Stocks (Cost $722,195)				974,699


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Biotechnology — 0.0% (b)

Alder Biopharmaceuticals, Inc. * ‡ (Cost $—)		187		165


	SHARES (000)
Short-Term Investments — 11.3%

Investment Companies — 1.7%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $16,351)		16,342		16,350


Investment of Cash Collateral from Securities Loaned — 9.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		77,106		77,114

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		18,046		18,046


Total Investment of Cash Collateral from Securities Loaned (Cost $95,161)				95,160


Total Short-Term Investments (Cost $111,512)				111,510

Total Investments — 110.1% (Cost $833,707)				1,086,374
Liabilities in Excess of Other Assets — (10.1)%				(99,480	)

NET ASSETS — 100.0%				986,894

Percentages indicated are based on net assets.


Abbreviations
REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $91,006,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

THIS PAGE IS INTENTIONALLY LEFT BLANK



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

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan Small Cap Blend Fund				JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	754,852			$	409,710		$	7,979,530
Investments in affiliates, at value		16,096				8,366			297,424
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		40,153				34,131			133,271
Cash		2				3			28
Deposits at broker for futures contracts		—				330			—
Receivables:
Due from custodian		—				301			—
Investment securities sold		—				638			7,798
Fund shares sold		1,749				379			4,014
Dividends from non-affiliates		365				399			6,077
Dividends from affiliates		—	(a)			—	(a)		1
Securities lending income (See Note 2.B.)		29				12			38
				��
Total Assets		813,246				454,269			8,428,181


LIABILITIES:
Payables:
Investment securities purchased		6,578				1,519			1,742
Collateral received on securities loaned (See Note 2.B.)		40,153				34,131			133,271
Fund shares redeemed		863				449			4,900
Variation margin on futures contracts		—				1			—
Accrued liabilities:
Investment advisory fees		382				215			4,456
Administration fees		37				19			518
Distribution fees		51				4			231
Service fees		92				15			1,098
Custodian and accounting fees		11				6			35
Trustees’ and Chief Compliance Officer’s fees		2				1			1
Other		92				120			398

Total Liabilities		48,261				36,480			146,650

Net Assets	$	764,985			$	417,789		$	8,281,531

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	562,564		$	325,314		$	4,977,405
Total distributable earnings (loss)		202,421			92,475			3,304,126

Total Net Assets	$	764,985		$	417,789		$	8,281,531


Net Assets:
Class A	$	203,932		$	5,472		$	813,718
Class C		9,059			1,943			91,257
Class I		249,101			18,599			4,172,745
Class R2		—			275			6,844
Class R3		—			4,476			4,586
Class R4		—			2,441			662
Class R5		—			166,447			1,176,000
Class R6		302,893			218,136			2,015,719

Total	$	764,985		$	417,789		$	8,281,531


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		8,051			95			13,903
Class C		568			34			2,229
Class I		8,110			320			60,423
Class R2		—			5			120
Class R3		—			77			79
Class R4		—			42			9
Class R5		—			2,854			16,978
Class R6		9,831			3,747			29,114

Net Asset Value (a):
Class A — Redemption price per share	$	25.33		$	57.83		$	58.53
Class C — Offering price per share (b)		15.96			57.01			40.94
Class I — Offering and redemption price per share		30.72			58.12			69.06
Class R2 — Offering and redemption price per share		—			57.78			57.18
Class R3 — Offering and redemption price per share		—			58.01			58.06
Class R4 — Offering and redemption price per share		—			58.15			68.96
Class R5 — Offering and redemption price per share		—			58.31			69.26
Class R6 — Offering and redemption price per share		30.81			58.21			69.24
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)]	$	26.73		$	61.03		$	61.77


Cost of investments in non-affiliates	$	553,160		$	299,866		$	4,943,070
Cost of investments in affiliates		16,092			8,366			297,388
Investment securities on loan, at value (See Note 2.B.)		38,841			32,792			130,194
Cost of investment of cash collateral (See Note 2.B.)		40,154			34,132			133,271

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)


	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund				JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	6,228,987		$	1,193,217			$	393,286		$	974,864
Investments in affiliates, at value		132,915			30,395				10,088			16,350
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		543,875			92,523		��		3,133			95,160
Cash		42			4				1			9
Deposits at broker for futures contracts		—			1,930				—			428
Receivables:
Investment securities sold		—			530				218			1,717
Fund shares sold		13,580			750				207			624
Dividends from non-affiliates		594			1,701				308			848
Dividends from affiliates		—	(a)		—	(a)			—	(a)		—	(a)
Securities lending income (See Note 2.B.)		596			103				2			80
Variation margin on futures contracts		—			10				—			—

Total Assets		6,920,589			1,321,163				407,243			1,090,080


LIABILITIES:
Payables:
Investment securities purchased		1,152			109				—			1,215
Collateral received on securities loaned (See Note 2.B.)		543,875			92,523				3,133			95,160
Fund shares redeemed		37,942			8,405				686			5,983
Variation margin on futures contracts		—			—				—			3
Accrued liabilities:
Investment advisory fees		3,355			669				170			508
Administration fees		378			77				15			64
Distribution fees		231			52				50			58
Service fees		434			75				65			108
Custodian and accounting fees		16			12				8			13
Trustees’ and Chief Compliance Officer’s fees		2			1				—	(a)		1
Other		216			128				71			73

Total Liabilities		587,601			102,051				4,198			103,186

Net Assets	$	6,332,988		$	1,219,112			$	403,045		$	986,894

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	3,688,748		$	986,824		$	279,925		$	697,073
Total distributable earnings (loss)		2,644,240			232,288			123,120			289,821

Total Net Assets	$	6,332,988		$	1,219,112		$	403,045		$	986,894


Net Assets:
Class A	$	789,104		$	149,740		$	161,637		$	110,142
Class C		91,249			6,775			24,185			20,126
Class I		776,605			155,222			142,443			175,121
Class L		1,125,433			—			—			299,043
Class R2		31,657			31,493			—			38,245
Class R3		7,576			13,538			2,246			29,609
Class R4		4,157			18,325			582			10,348
Class R5		39,325			38,055			—			8,218
Class R6		3,467,882			805,964			71,952			296,042

Total	$	6,332,988		$	1,219,112		$	403,045		$	986,894


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		30,779			5,989			8,625			5,548
Class C		5,525			346			1,673			1,080
Class I		26,564			5,769			7,046			8,587
Class L		37,013			—			—			14,688
Class R2		1,299			1,276			—			1,976
Class R3		296			542			120			1,503
Class R4		161			681			29			511
Class R5		1,292			1,413			—			405
Class R6		112,510			29,890			3,559			14,537

Net Asset Value (a):
Class A — Redemption price per share	$	25.64		$	25.00		$	18.74		$	19.85
Class C — Offering price per share (b)		16.52			19.60			14.45			18.64
Class I — Offering and redemption price per share		29.24			26.91			20.22			20.39
Class L — Offering and redemption price per share		30.41			—			—			20.36
Class R2 — Offering and redemption price per share		24.36			24.68			—			19.35
Class R3 — Offering and redemption price per share		25.57			24.95			18.71			19.70
Class R4 — Offering and redemption price per share		25.82			26.90			20.13			20.26
Class R5 — Offering and redemption price per share		30.44			26.93			—			20.31
Class R6 — Offering and redemption price per share		30.82			26.96			20.21			20.37
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)]	$	27.06		$	26.39		$	19.78		$	20.95


Cost of investments in non-affiliates	$	3,688,769		$	926,256		$	335,179		$	722,195
Cost of investments in affiliates		132,906			30,390			10,089			16,351
Investment securities on loan, at value (See Note 2.B.)		523,701			89,318			2,971			91,006
Cost of investment of cash collateral (See Note 2.B.)		543,882			92,526			3,133			95,161

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,265		$	2,928		$	54,284
Dividend income from affiliates		14			6			274
Income from securities lending (net) (See Note 2.B.)		159			115			388

Total investment income		3,438			3,049			54,946


EXPENSES:
Investment advisory fees		1,872			1,175			23,696
Administration fees		216			136			2,734
Distribution fees:
Class A		194			6			904
Class C		83			7			315
Class R2		—			1			17
Class R3		—			5			5
Service fees:
Class A		194			6			904
Class C		28			2			105
Class I		234			18			4,512
Class R2		—			—	(a)		8
Class R3		—			5			5
Class R4		—			3			1
Class R5		—			73			530
Custodian and accounting fees		23			37			118
Interest expense to affiliates		—			—	(a)		—	(a)
Professional fees		30			29			60
Trustees’ and Chief Compliance Officer’s fees		15			14			24
Printing and mailing costs		21			3			229
Registration and filing fees		52			39			59
Transfer agency fees (See Note 2.F.)		13			7			181
Other		10			10			79

Total expenses		2,985			1,576			34,486

Less fees waived		(129	)		(144	)		(444	)
Less expense reimbursements		—			(1	)		—

Net expenses		2,856			1,431			34,042

Net investment income (loss)		582			1,618			20,904


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		25,130			21,253			715,135
Investments in affiliates		(2	)		(2	)		(44	)
Futures contracts		—			1,708			—

Net realized gain (loss)		25,128			22,959			715,091

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		153,734			94,817			1,333,584
Investments in affiliates		(6	)		(8	)		(74	)
Futures contracts		—			(100	)		—

Change in net unrealized appreciation/depreciation		153,728			94,709			1,333,510

Net realized/unrealized gains (losses)		178,856			117,668			2,048,601

Change in net assets resulting from operations	$	179,438		$	119,286		$	2,069,505

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—		$	—		$	—
Dividend income from non-affiliates		5,944			11,016			2,820			6,791
Dividend income from affiliates		86			20			7			16
Income from securities lending (net) (See Note 2.B.)		2,815			727			65			610

Total investment income		8,845			11,763			2,892			7,417


EXPENSES:
Investment advisory fees		16,178			3,433			1,096			2,818
Administration fees		1,867			396			149			352
Distribution fees:
Class A		771			165			199			130
Class C		275			29			97			71
Class R2		71			68			—			84
Class R3		7			15			16			32
Service fees:
Class A		771			165			199			130
Class C		92			10			32			24
Class I		738			174			154			218
Class L		448			—			—			144
Class R2		35			34			—			42
Class R3		7			15			16			32
Class R4		4			7			1			11
Class R5		13			17			—			4
Custodian and accounting fees		79			33			19			38
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Professional fees		45			32			34			33
Trustees’ and Chief Compliance Officer’s fees		20			15			13			14
Printing and mailing costs		193			52			31			40
Registration and filing fees		139			63			31			64
Transfer agency fees (See Note 2.F.)		83			53			27			33
Other		45			18			9			18

Total expenses		21,881			4,794			2,123			4,332

Less fees waived		(239	)		(57	)		(255	)		(10	)
Less expense reimbursements		(38	)		—			(1	)		—

Net expenses		21,604			4,737			1,867			4,322

Net investment income (loss)		(12,759	)		7,026			1,025			3,095


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		416,422			32,178			76,570			102,764
Investments in affiliates		(12	)		(5	)		—	(a)		(4	)
Futures contracts		—			7,620			553			4,748

Net realized gain (loss)		416,410			39,793			77,123			107,508

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,575,168			287,776			12,983			191,684
Investments in affiliates		(36	)		(11	)		(6	)		(13	)
Futures contracts		—			(239	)		(108	)		(53	)

Change in net unrealized appreciation/depreciation		1,575,132			287,526			12,869			191,618

Net realized/unrealized gains (losses)		1,991,542			327,319			89,992			299,126

Change in net assets resulting from operations	$	1,978,783		$	334,345		$	91,017		$	302,221

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)



	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	582		$	1,508		$	1,618		$	3,252
Net realized gain (loss)		25,128			(634	)		22,959			(28,853	)
Change in net unrealized appreciation/depreciation		153,728			(2,118	)		94,709			(31,313	)

Change in net assets resulting from operations		179,438			(1,244	)		119,286			(56,914	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,491	)		(4,206	)		(35	)		(207	)
Class C		(703	)		(1,643	)		(2	)		(85	)
Class I		(4,107	)		(3,897	)		(142	)		(765	)
Class R2		—			—			(1	)		(7	)
Class R3		—			—			(28	)		(227	)
Class R4		—			—			(22	)		(104	)
Class R5		—			—			(1,585	)		(9,535	)
Class R6		(4,922	)		(3,543	)		(2,200	)		(9,154	)

Total distributions to shareholders		(13,223	)		(13,289	)		(4,015	)		(20,084	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		125,911			139,135			(47,343	)		(22,685	)


NET ASSETS:
Change in net assets		292,126			124,602			67,928			(99,683	)
Beginning of period		472,859			348,257			349,861			449,544

End of period	$	764,985		$	472,859		$	417,789		$	349,861

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,904		$	37,847		$	(12,759	)	$	(8,294	)
Net realized gain (loss)		715,091			(144,466	)		416,410			185,416
Change in net unrealized appreciation/depreciation		1,333,510			(137,311	)		1,575,132			386,775

Change in net assets resulting from operations		2,069,505			(243,930	)		1,978,783			563,897


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,187	)		(40,838	)		(51,789	)		(25,608	)
Class C		(3,627	)		(6,716	)		(8,859	)		(5,161	)
Class I		(108,102	)		(145,648	)		(46,046	)		(17,200	)
Class L		—			—			(66,160	)		(32,083	)
Class R2		(200	)		(416	)		(2,275	)		(1,612	)
Class R3		(135	)		(144	)		(511	)		(220	)
Class R4		(17	)		(23	)		(280	)		(139	)
Class R5		(32,929	)		(54,434	)		(1,892	)		(807	)
Class R6		(56,367	)		(73,447	)		(204,601	)		(90,416	)

Total distributions to shareholders		(224,564	)		(321,666	)		(382,413	)		(173,246	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(158,896	)		885,158			776,465			692,836


NET ASSETS:
Change in net assets		1,686,045			319,562			2,372,835			1,083,487
Beginning of period		6,595,486			6,275,924			3,960,153			2,876,666

End of period	$	8,281,531		$	6,595,486		$	6,332,988		$	3,960,153

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,026		$	13,687		$	1,025		$	3,435
Net realized gain (loss)		39,793			(12,093	)		77,123			36,663
Change in net unrealized appreciation/depreciation		287,526			(200,038	)		12,869			(57,837	)

Change in net assets resulting from operations		334,345			(198,444	)		91,017			(17,739	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(744	)		(10,797	)		(6,204	)		(21,131	)
Class C		(36	)		(1,133	)		(1,102	)		(5,115	)
Class I		(891	)		(14,242	)		(5,432	)		(17,337	)
Class R2		(132	)		(2,111	)		—			—
Class R3		(71	)		(926	)		(80	)		(1,616	)
Class R4		(72	)		(6	)		(23	)		(132	)
Class R5		(242	)		(2,678	)		—			—
Class R6		(5,386	)		(51,882	)		(2,861	)		(9,366	)

Total distributions to shareholders		(7,574	)		(83,775	)		(15,702	)		(54,697	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(63,232	)		(315,490	)		(62,935	)		(66,132	)


NET ASSETS:
Change in net assets		263,539			(597,709	)		12,380			(138,568	)
Beginning of period		955,573			1,553,282			390,665			529,233

End of period	$	1,219,112		$	955,573		$	403,045		$	390,665

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,095		$	6,022
Net realized gain (loss)		107,508			(2,410	)
Change in net unrealized appreciation/depreciation		191,618			(106,057	)

Change in net assets resulting from operations		302,221			(102,445	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,058	)		(357	)
Class C		(541	)		(14	)
Class I		(5,378	)		(1,438	)
Class L		(9,176	)		(3,033	)
Class R2		(1,049	)		(20	)
Class R3		(854	)		(95	)
Class R4		(302	)		(52	)
Class R5		(260	)		(50	)
Class R6		(9,828	)		(3,261	)

Total distributions to shareholders		(30,446	)		(8,320	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(184,917	)		(382,146	)


NET ASSETS:
Change in net assets		86,858			(492,911	)
Beginning of period		900,036			1,392,947

End of period	$	986,894		$	900,036

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	41,185		$	54,866		$	774		$	1,151
Distributions reinvested		3,248			3,607			33			207
Cost of shares redeemed		(17,349	)		(37,184	)		(932	)		(2,401	)

Change in net assets resulting from Class A capital transactions		27,084			21,289			(125	)		(1,043	)

Class C
Proceeds from shares issued		2,134			10,538			146			545
Distributions reinvested		247			347			2			85
Cost of shares redeemed		(23,846	)		(22,645	)		(453	)		(813	)

Change in net assets resulting from Class C capital transactions		(21,465	)		(11,760	)		(305	)		(183	)

Class I
Proceeds from shares issued		63,319			102,711			4,273			13,956
Distributions reinvested		4,096			3,883			137			750
Cost of shares redeemed		(21,269	)		(62,751	)		(3,781	)		(11,751	)

Change in net assets resulting from Class I capital transactions		46,146			43,843			629			2,955

Class R2
Proceeds from shares issued		—			—			23			43
Distributions reinvested		—			—			1			7
Cost of shares redeemed		—			—			(2	)		(7	)

Change in net assets resulting from Class R2 capital transactions		—			—			22			43

Class R3
Proceeds from shares issued		—			—			411			2,958
Distributions reinvested		—			—			28			226
Cost of shares redeemed		—			—			(963	)		(2,501	)

Change in net assets resulting from Class R3 capital transactions		—			—			(524	)		683

Class R4
Proceeds from shares issued		—			—			91			1,260
Distributions reinvested		—			—			22			104
Cost of shares redeemed		—			—			(549	)		(780	)

Change in net assets resulting from Class R4 capital transactions		—			—			(436	)		584

Class R5
Proceeds from shares issued		—			—			7,491			34,515
Distributions reinvested		—			—			1,497			9,135
Cost of shares redeemed		—			—			(36,673	)		(80,632	)

Change in net assets resulting from Class R5 capital transactions		—			—			(27,685	)		(36,982	)

Class R6
Proceeds from shares issued		97,559			115,599			15,288			79,125
Distributions reinvested		4,922			3,542			2,200			9,153
Cost of shares redeemed		(28,335	)		(33,378	)		(36,407	)		(77,020	)

Change in net assets resulting from Class R6 capital transactions		74,146			85,763			(18,919	)		11,258

Total change in net assets resulting from capital transactions	$	125,911		$	139,135		$	(47,343	)	$	(22,685	)

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,783			2,893			16			28
Reinvested		132			177			1			4
Redeemed		(807	)		(2,029	)		(20	)		(52	)

Change in Class A Shares		1,108			1,041			(3	)		(20	)

Class C
Issued		150			854			3			11
Reinvested		16			27			—	(a)		2
Redeemed		(1,593	)		(1,881	)		(10	)		(19	)

Change in Class C Shares		(1,427	)		(1,000	)		(7	)		(6	)

Class I
Issued		2,352			4,514			83			317
Reinvested		137			157			2			15
Redeemed		(807	)		(2,879	)		(78	)		(282	)

Change in Class I Shares		1,682			1,792			7			50

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

Change in Class R2 Shares		—			—			1			1

Class R3
Issued		—			—			7			63
Reinvested		—			—			1			4
Redeemed		—			—			(19	)		(54	)

Change in Class R3 Shares		—			—			(11	)		13

Class R4
Issued		—			—			2			28
Reinvested		—			—			—	(a)		2
Redeemed		—			—			(10	)		(19	)

Change in Class R4 Shares		—			—			(8	)		11

Class R5
Issued		—			—			153			762
Reinvested		—			—			26			177
Redeemed		—			—			(811	)		(1,730	)

Change in Class R5 Shares		—			—			(632	)		(791	)

Class R6
Issued		3,524			5,128			313			1,648
Reinvested		164			143			38			177
Redeemed		(1,083	)		(1,520	)		(764	)		(1,769	)

Change in Class R6 Shares		2,605			3,751			(413	)		56

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	64,184		$	313,626		$	135,552		$	180,131
Distributions reinvested		21,887			38,275			49,234			24,237
Cost of shares redeemed		(106,985	)		(415,845	)		(87,309	)		(147,817	)

Change in net assets resulting from Class A capital transactions		(20,914	)		(63,944	)		97,477			56,551

Class C
Proceeds from shares issued		980			2,175			12,772			21,380
Distributions reinvested		3,552			6,552			8,216			4,812
Cost of shares redeemed		(13,110	)		(27,646	)		(11,962	)		(25,261	)

Change in net assets resulting from Class C capital transactions		(8,578	)		(18,919	)		9,026			931

Class I
Proceeds from shares issued		448,670			1,699,465			181,426			288,209
Distributions reinvested		103,830			138,087			36,354			13,161
Cost of shares redeemed		(541,816	)		(1,065,103	)		(95,957	)		(164,919	)

Change in net assets resulting from Class I capital transactions		10,684			772,449			121,823			136,451

Class L
Proceeds from shares issued		—			—			182,927			272,538
Distributions reinvested		—			—			60,559			28,396
Cost of shares redeemed		—			—			(143,768	)		(206,673	)

Change in net assets resulting from Class L capital transactions		—			—			99,718			94,261

Class R2
Proceeds from shares issued		635			3,031			3,794			4,229
Distributions reinvested		185			325			2,263			1,583
Cost of shares redeemed		(2,361	)		(5,397	)		(7,539	)		(9,363	)

Change in net assets resulting from Class R2 capital transactions		(1,541	)		(2,041	)		(1,482	)		(3,551	)

Class R3
Proceeds from shares issued		986			1,095			1,485			4,272
Distributions reinvested		121			125			511			220
Cost of shares redeemed		(404	)		(569	)		(1,446	)		(812	)

Change in net assets resulting from Class R3 capital transactions		703			651			550			3,680

Class R4
Proceeds from shares issued		71			51			514			1,777
Distributions reinvested		17			23			280			138
Cost of shares redeemed		(8	)		(60	)		(541	)		(653	)

Change in net assets resulting from Class R4 capital transactions		80			14			253			1,262

Class R5
Proceeds from shares issued		104,949			152,763			14,145			10,790
Distributions reinvested		29,974			49,703			1,891			807
Cost of shares redeemed		(209,792	)		(339,014	)		(7,374	)		(5,345	)

Change in net assets resulting from Class R5 capital transactions		(74,869	)		(136,548	)		8,662			6,252

Class R6
Proceeds from shares issued		184,473			640,649			745,377			925,190
Distributions reinvested		55,129			72,408			202,471			89,486
Cost of shares redeemed		(304,063	)		(379,561	)		(507,410	)		(617,677	)

Change in net assets resulting from Class R6 capital transactions		(64,461	)		333,496			440,438			396,999

Total change in net assets resulting from capital transactions	$	(158,896	)	$	885,158		$	776,465		$	692,836

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,278			6,782			5,919			10,856
Reinvested		386			760			2,008			1,419
Redeemed		(2,072	)		(9,053	)		(3,908	)		(9,052	)

Change in Class A Shares		(408	)		(1,511	)		4,019			3,223

Class C
Issued		26			64			829			1,896
Reinvested		90			184			521			419
Redeemed		(363	)		(847	)		(807	)		(2,281	)

Change in Class C Shares		(247	)		(599	)		543			34

Class I
Issued		7,380			31,752			7,019			15,402
Reinvested		1,546			2,334			1,297			682
Redeemed		(8,849	)		(20,362	)		(3,802	)		(9,213	)

Change in Class I Shares		77			13,724			4,514			6,871

Class L
Issued		—			—			6,829			14,183
Reinvested		—			—			2,077			1,419
Redeemed		—			—			(5,445	)		(10,894	)

Change in Class L Shares		—			—			3,461			4,708

Class R2
Issued		13			65			179			269
Reinvested		3			7			97			97
Redeemed		(47	)		(120	)		(350	)		(588	)

Change in Class R2 Shares		(31	)		(48	)		(74	)		(222	)

Class R3
Issued		20			25			66			253
Reinvested		2			2			21			13
Redeemed		(8	)		(14	)		(71	)		(49	)

Change in Class R3 Shares		14			13			16			217

Class R4
Issued		1			1			24			102
Reinvested		—	(a)		—	(a)		11			8
Redeemed		—	(a)		(1	)		(24	)		(38	)

Change in Class R4 Shares		1			—	(a)		11			72

Class R5
Issued		1,730			2,800			492			551
Reinvested		444			837			65			41
Redeemed		(3,474	)		(6,109	)		(279	)		(279	)

Change in Class R5 Shares		(1,300	)		(2,472	)		278			313

Class R6
Issued		3,078			11,645			27,919			47,492
Reinvested		816			1,219			6,844			4,411
Redeemed		(4,955	)		(7,061	)		(18,655	)		(31,625	)

Change in Class R6 Shares		(1,061	)		5,803			16,108			20,278

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,944		$	24,245		$	9,199		$	13,822
Distributions reinvested		712			10,115			5,947			19,511
Cost of shares redeemed		(28,038	)		(67,548	)		(36,985	)		(54,915	)

Change in net assets resulting from Class A capital transactions		(14,382	)		(33,188	)		(21,839	)		(21,582	)

Class C
Proceeds from shares issued		232			527			404			1,393
Distributions reinvested		36			1,043			1,087			4,865
Cost of shares redeemed		(5,021	)		(6,896	)		(9,439	)		(14,460	)

Change in net assets resulting from Class C capital transactions		(4,753	)		(5,326	)		(7,948	)		(8,202	)

Class I
Proceeds from shares issued		19,895			61,608			30,892			28,647
Distributions reinvested		889			14,229			4,871			15,360
Cost of shares redeemed		(39,732	)		(175,602	)		(36,700	)		(89,816	)

Change in net assets resulting from Class I capital transactions		(18,948	)		(99,765	)		(937	)		(45,809	)

Class R2
Proceeds from shares issued		3,228			8,711			—			—
Distributions reinvested		130			2,053			—			—
Cost of shares redeemed		(5,346	)		(14,418	)		—			—

Change in net assets resulting from Class R2 capital transactions		(1,988	)		(3,654	)		—			—

Class R3
Proceeds from shares issued		1,343			5,318			1,713			3,971
Distributions reinvested		71			926			67			1,599
Cost of shares redeemed		(1,931	)		(7,200	)		(14,920	)		(6,383	)

Change in net assets resulting from Class R3 capital transactions		(517	)		(956	)		(13,140	)		(813	)

Class R4
Proceeds from shares issued		15,739			767			44			296
Distributions reinvested		72			6			14			105
Cost of shares redeemed		(1,577	)		(740	)		(151	)		(966	)

Change in net assets resulting from Class R4 capital transactions		14,234			33			(93	)		(565	)

Class R5
Proceeds from shares issued		4,456			9,383			—			—
Distributions reinvested		236			2,524			—			—
Cost of shares redeemed		(7,422	)		(41,707	)		—			—

Change in net assets resulting from Class R5 capital transactions		(2,730	)		(29,800	)		—			—

Class R6
Proceeds from shares issued		70,288			151,215			9,117			27,441
Distributions reinvested		5,386			51,882			2,455			7,917
Cost of shares redeemed		(109,822	)		(345,931	)		(30,550	)		(24,519	)

Change in net assets resulting from Class R6 capital transactions		(34,148	)		(142,834	)		(18,978	)		10,839

Total change in net assets resulting from capital transactions	$	(63,232	)	$	(315,490	)	$	(62,935	)	$	(66,132	)

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		614			1,212			533			834
Reinvested		32			431			325			1,108
Redeemed		(1,339	)		(3,143	)		(2,157	)		(3,212	)

Change in Class A Shares		(693	)		(1,500	)		(1,299	)		(1,270	)

Class C
Issued		14			34			30			107
Reinvested		2			56			77			355
Redeemed		(313	)		(404	)		(704	)		(1,090	)

Change in Class C Shares		(297	)		(314	)		(597	)		(628	)

Class I
Issued		869			2,798			1,630			1,604
Reinvested		37			565			246			810
Redeemed		(1,777	)		(8,060	)		(2,005	)		(4,928	)

Change in Class I Shares		(871	)		(4,697	)		(129	)		(2,514	)

Class R2
Issued		156			442			—			—
Reinvested		6			88			—			—
Redeemed		(258	)		(711	)		—			—

Change in Class R2 Shares		(96	)		(181	)		—			—

Class R3
Issued		64			258			104			235
Reinvested		3			40			3			91
Redeemed		(88	)		(364	)		(806	)		(360	)

Change in Class R3 Shares		(21	)		(66	)		(699	)		(34	)

Class R4
Issued		719			39			2			18
Reinvested		3			—	(a)		1			6
Redeemed		(64	)		(33	)		(8	)		(52	)

Change in Class R4 Shares		658			6			(5	)		(28	)

Class R5
Issued		194			416			—			—
Reinvested		10			101			—			—
Redeemed		(331	)		(1,734	)		—			—

Change in Class R5 Shares		(127	)		(1,217	)		—			—

Class R6
Issued		3,106			7,059			489			1,545
Reinvested		225			2,072			124			416
Redeemed		(4,778	)		(14,571	)		(1,605	)		(1,377	)

Change in Class R6 Shares		(1,447	)		(5,440	)		(992	)		584

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN SMALL CAP FUNDS	73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	34,746		$	19,360
Distributions reinvested		2,798			328
Cost of shares redeemed		(51,503	)		(53,824	)

Change in net assets resulting from Class A capital transactions		(13,959	)		(34,136	)

Class C
Proceeds from shares issued		465			1,325
Distributions reinvested		532			13
Cost of shares redeemed		(4,519	)		(9,632	)

Change in net assets resulting from Class C capital transactions		(3,522	)		(8,294	)

Class I
Proceeds from shares issued		42,320			54,409
Distributions reinvested		5,201			1,403
Cost of shares redeemed		(84,600	)		(148,125	)

Change in net assets resulting from Class I capital transactions		(37,079	)		(92,313	)

Class L
Proceeds from shares issued		15,683			180,077
Distributions reinvested		6,808			2,129
Cost of shares redeemed		(108,843	)		(262,774	)

Change in net assets resulting from Class L capital transactions		(86,352	)		(80,568	)

Class R2
Proceeds from shares issued		2,599			7,181
Distributions reinvested		1,022			18
Cost of shares redeemed		(5,592	)		(18,727	)

Change in net assets resulting from Class R2 capital transactions		(1,971	)		(11,528	)

Class R3
Proceeds from shares issued		3,214			7,420
Distributions reinvested		799			85
Cost of shares redeemed		(4,886	)		(6,924	)

Change in net assets resulting from Class R3 capital transactions		(873	)		581

Class R4
Proceeds from shares issued		484			3,577
Distributions reinvested		302			52
Cost of shares redeemed		(1,037	)		(1,334	)

Change in net assets resulting from Class R4 capital transactions		(251	)		2,295

Class R5
Proceeds from shares issued		847			2,217
Distributions reinvested		151			33
Cost of shares redeemed		(1,333	)		(7,177	)

Change in net assets resulting from Class R5 capital transactions		(335	)		(4,927	)

Class R6
Proceeds from shares issued		25,284			69,664
Distributions reinvested		9,563			3,215
Cost of shares redeemed		(75,422	)		(226,135	)

Change in net assets resulting from Class R6 capital transactions		(40,575	)		(153,256	)

Total change in net assets resulting from capital transactions	$	(184,917	)	$	(382,146	)

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,142			1,287
Reinvested		144			19
Redeemed		(3,130	)		(3,461	)

Change in Class A Shares		(844	)		(2,155	)

Class C
Issued		30			93
Reinvested		29			1
Redeemed		(289	)		(673	)

Change in Class C Shares		(230	)		(579	)

Class I
Issued		2,496			3,533
Reinvested		260			79
Redeemed		(4,720	)		(9,733	)

Change in Class I Shares		(1,964	)		(6,121	)

Class L
Issued		890			11,011
Reinvested		341			120
Redeemed		(6,394	)		(17,742	)

Change in Class L Shares		(5,163	)		(6,611	)

Class R2
Issued		156			493
Reinvested		54			1
Redeemed		(329	)		(1,228	)

Change in Class R2 Shares		(119	)		(734	)

Class R3
Issued		190			507
Reinvested		42			5
Redeemed		(286	)		(460	)

Change in Class R3 Shares		(54	)		52

Class R4
Issued		29			226
Reinvested		15			3
Redeemed		(63	)		(86	)

Change in Class R4 Shares		(19	)		143

Class R5
Issued		48			137
Reinvested		8			2
Redeemed		(78	)		(432	)

Change in Class R5 Shares		(22	)		(293	)

Class R6
Issued		1,420			4,527
Reinvested		478			181
Redeemed		(4,133	)		(14,475	)

Change in Class R6 Shares		(2,235	)		(9,767	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN SMALL CAP FUNDS	75

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 Small Cap Blend Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	19.11	$	(0.01	)	$	6.72		$	6.71		$	(0.02	)	$	(0.47	)	$	(0.49	)
Year Ended June 30, 2020		19.78		0.04			(0.04	)		—	(f)		(0.02	)		(0.65	)		(0.67	)
Year Ended June 30, 2019		26.65		—	(f)		(0.63	)		(0.63	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		22.03		(0.20	)		7.54			7.34			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		19.14		(0.16	)		6.24			6.08			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		—			(3.22	)		(3.22	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		12.19		(0.04	)		4.28			4.24			—			(0.47	)		(0.47	)
Year Ended June 30, 2020		12.90		(0.04	)		(0.02	)		(0.06	)		—			(0.65	)		(0.65	)
Year Ended June 30, 2019		19.89		(0.08	)		(0.67	)		(0.75	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		17.12		(0.24	)		5.73			5.49			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		—			(3.22	)		(3.22	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		23.09		0.03			8.12			8.15			(0.05	)		(0.47	)		(0.52	)
Year Ended June 30, 2020		23.75		0.10			(0.06	)		0.04			(0.05	)		(0.65	)		(0.70	)
Year Ended June 30, 2019		30.53		0.05			(0.59	)		(0.54	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		24.83		(0.15	)		8.57			8.42			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		—			(3.22	)		(3.22	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		23.17		0.06			8.15			8.21			(0.10	)		(0.47	)		(0.57	)
Year Ended June 30, 2020		23.82		0.16			(0.06	)		0.10			(0.10	)		(0.65	)		(0.75	)
July 2, 2018 (g) through June 30, 2019		30.73		0.18			(0.85	)		(0.67	)		—			(6.24	)		(6.24	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	25.33		35.16	%	$	203,932		1.23	%		(0.05	)%		1.28	%		21	%
	19.11		(0.24	)		132,674		1.24			0.19			1.32			48
	19.78		0.70			116,751		1.24			(0.01	)		1.37			75
	26.65		35.55			85,586		1.24			(0.81	)		1.36			89
	22.03		34.99			66,189		1.25			(0.78	)		1.48			41
	19.14		(14.42	)		55,583		1.25			(0.76	)		1.51			56


	15.96		34.89			9,059		1.73			(0.53	)		1.78			21
	12.19		(0.83	)		24,323		1.74			(0.31	)		1.80			48
	12.90		0.25			38,625		1.74			(0.53	)		1.85			75
	19.89		34.88			40,470		1.74			(1.31	)		1.83			89
	17.12		34.25			36,707		1.74			(1.28	)		2.04			41
	15.58		(14.80	)		32,734		1.75			(1.27	)		2.12			56


	30.72		35.37			249,101		0.98			0.21			1.02			21
	23.09		(0.02	)		148,443		0.99			0.44			1.05			48
	23.75		0.94			110,123		0.99			0.20			1.10			75
	30.53		35.91			92,701		0.99			(0.56	)		1.08			89
	24.83		35.29			67,496		1.00			(0.53	)		1.18			41
	21.17		(14.19	)		64,589		1.00			(0.57	)		1.09			56


	30.81		35.51			302,893		0.73			0.45			0.77			21
	23.17		0.22			167,419		0.74			0.69			0.80			48
	23.82		0.55			82,758		0.74			0.79			1.10			75

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN SMALL CAP FUNDS	77

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 Small Cap Core Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	42.12	$	0.11		$	15.96		$	16.07		$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2020		49.98		0.15			(6.00	)		(5.85	)		(0.15	)		(1.86	)		(2.01	)
Year Ended June 30, 2019		57.16		0.11			(3.52	)		(3.41	)		(0.02	)		(3.75	)		(3.77	)
Year Ended June 30, 2018		52.32		0.04	(f)		9.19			9.23			(0.01	)		(4.38	)		(4.39	)
Year Ended June 30, 2017		45.88		(0.04	)		11.81			11.77			(0.20	)		(5.13	)		(5.33	)
May 31, 2016 (g) through June 30, 2016		45.81		0.02	(f)		0.05			0.07			—			—			—

Class C
Six Months Ended December 31, 2020 (Unaudited)		41.41		(0.01	)		15.68			15.67			(0.07	)		—			(0.07	)
Year Ended June 30, 2020		49.27		(0.07	)		(5.93	)		(6.00	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2019		56.67		(0.15	)		(3.50	)		(3.65	)		—			(3.75	)		(3.75	)
Year Ended June 30, 2018		52.14		(0.24	)(f)		9.15			8.91			—			(4.38	)		(4.38	)
Year Ended June 30, 2017		45.86		(0.24	)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (g) through June 30, 2016		45.81		—	(f)(h)		0.05			0.05			—			—			—

Class I
Six Months Ended December 31, 2020 (Unaudited)		42.35		0.17			16.07			16.24			(0.47	)		—			(0.47	)
Year Ended June 30, 2020		50.25		0.28			(6.03	)		(5.75	)		(0.29	)		(1.86	)		(2.15	)
Year Ended June 30, 2019		57.44		0.23			(3.55	)		(3.32	)		(0.12	)		(3.75	)		(3.87	)
Year Ended June 30, 2018		52.58		0.17	(f)		9.24			9.41			(0.17	)		(4.38	)		(4.55	)
January 3, 2017 (g) through June 30, 2017		50.44		0.07			2.07			2.14			—			—			—

Class R2
Six Months Ended December 31, 2020 (Unaudited)		42.07		0.05			15.94			15.99			(0.28	)		—			(0.28	)
Year Ended June 30, 2020		50.01		0.05			(6.02	)		(5.97	)		(0.11	)		(1.86	)		(1.97	)
Year Ended June 30, 2019		57.32		0.04			(3.60	)		(3.56	)		—			(3.75	)		(3.75	)
July 31, 2017 (g) through June 30, 2018		53.24		(0.08	)(f)		8.58			8.50			(0.04	)		(4.38	)		(4.42	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		42.23		0.11			16.01			16.12			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		50.18		0.16			(6.02	)		(5.86	)		(0.23	)		(1.86	)		(2.09	)
Year Ended June 30, 2019		57.40		0.26			(3.71	)		(3.45	)		(0.02	)		(3.75	)		(3.77	)
July 31, 2017 (g) through June 30, 2018		53.24		0.05	(f)		8.58			8.63			(0.09	)		(4.38	)		(4.47	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		42.37		0.17			16.08			16.25			(0.47	)		—			(0.47	)
Year Ended June 30, 2020		50.28		0.28			(6.03	)		(5.75	)		(0.30	)		(1.86	)		(2.16	)
Year Ended June 30, 2019		57.48		0.23			(3.56	)		(3.33	)		(0.12	)		(3.75	)		(3.87	)
July 31, 2017 (g) through June 30, 2018		53.24		0.18	(f)		8.58			8.76			(0.14	)		(4.38	)		(4.52	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	57.83		38.16	%	$	5,472		1.23	%		0.45	%		1.33	%		33	%
	42.12		(12.40	)		4,127		1.24			0.33			1.38			102
	49.98		(5.48	)		5,896		1.23			0.21			1.36			74
	57.16		18.37			4,624		1.24			0.07	(f)		1.41			39
	52.32		26.29			2,203		1.24			(0.07	)		1.45			61
	45.88		0.15			23		1.25			0.56	(f)		1.39			58


	57.01		37.85			1,943		1.73			(0.06	)		1.83			33
	41.41		(12.84	)		1,690		1.74			(0.16	)		1.82			102
	49.27		(5.97	)		2,307		1.73			(0.30	)		1.86			74
	56.67		17.79			1,816		1.74			(0.45	)(f)		1.90			39
	52.14		25.68			1,017		1.74			(0.47	)		1.96			61
	45.86		0.11			20		1.74			0.06	(f)		1.89			58


	58.12		38.35			18,599		0.98			0.71			1.05			33
	42.35		(12.18	)		13,264		0.99			0.61			1.06			102
	50.25		(5.24	)		13,211		0.98			0.45			1.09			74
	57.44		18.64			15,557		0.99			0.32	(f)		1.12			39
	52.58		4.24			3,545		0.99			0.26			1.21			61


	57.78		38.01			275		1.48			0.21			1.80			33
	42.07		(12.62	)		180		1.49			0.11			1.69			102
	50.01		(5.73	)		166		1.48			0.08			2.08			74
	57.32		16.67			24		1.49			(0.15	)(f)		1.72			39


	58.01		38.18			4,476		1.23			0.45			1.29			33
	42.23		(12.40	)		3,692		1.24			0.36			1.30			102
	50.18		(5.51	)		3,768		1.23			0.53			1.59			74
	57.40		16.94			24		1.24			0.10	(f)		1.46			39


	58.15		38.36			2,441		0.98			0.69			1.06			33
	42.37		(12.17	)		2,125		0.99			0.61			1.06			102
	50.28		(5.26	)		1,941		0.98			0.45			1.10			74
	57.48		17.21			1,536		0.99			0.36	(f)		1.11			39

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 Small Cap Core Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	42.51	$	0.21		$	16.15		$	16.36		$	(0.56	)	$	—		$	(0.56	)
Year Ended June 30, 2020		50.42		0.36			(6.04	)		(5.68	)		(0.37	)		(1.86	)		(2.23	)
Year Ended June 30, 2019		57.63		0.33			(3.58	)		(3.25	)		(0.21	)		(3.75	)		(3.96	)
Year Ended June 30, 2018		52.64		0.26	(f)		9.28			9.54			(0.17	)		(4.38	)		(4.55	)
Year Ended June 30, 2017		45.90		0.20			11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(f)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		42.45		0.23			16.12			16.35			(0.59	)		—			(0.59	)
Year Ended June 30, 2020		50.34		0.39			(6.02	)		(5.63	)		(0.40	)		(1.86	)		(2.26	)
Year Ended June 30, 2019		57.55		0.39			(3.61	)		(3.22	)		(0.24	)		(3.75	)		(3.99	)
Year Ended June 30, 2018		52.57		0.33	(f)		9.23			9.56			(0.20	)		(4.38	)		(4.58	)
Year Ended June 30, 2017		45.90		0.29			11.76			12.05			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (g) through June 30, 2016		45.81		0.04	(f)		0.05			0.09			—			—			—

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	58.31		38.49	%	$	166,447		0.79	%		0.88	%		0.90	%		33	%
	42.51		(12.02	)		148,185		0.80			0.78			0.90			102
	50.42		(5.07	)		215,630		0.79			0.63			0.93			74
	57.63		18.88			223,933		0.79			0.48	(f)		0.97			39
	52.64		26.87			187,198		0.79			0.40			1.11			61
	45.90		(8.97	)		164,573		0.80			0.30	(f)		1.16			58


	58.21		38.52			218,136		0.73			0.95			0.80			33
	42.45		(11.95	)		176,598		0.74			0.84			0.80			102
	50.34		(5.02	)		206,625		0.73			0.75			0.83			74
	57.55		18.95			66,306		0.74			0.59	(f)		0.86			39
	52.57		26.94			16,782		0.74			0.56			0.98			61
	45.90		0.20			20		0.74			1.06	(f)		0.88			58

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 Small Cap Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	45.69	$	0.06		$	14.48		$	14.54		$	(0.07	)	$	(1.63	)	$	(1.70	)
Year Ended June 30, 2020		50.05		0.12			(1.95	)		(1.83	)		(0.15	)		(2.38	)		(2.53	)
Year Ended June 30, 2019		52.43		0.12			0.95			1.07			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.63		0.10			6.67			6.77			(0.10	)		(2.87	)		(2.97	)
Year Ended June 30, 2017		41.68		0.11			8.21			8.32			(0.12	)		(1.25	)		(1.37	)
Year Ended June 30, 2016		44.68		0.13	(f)		0.08			0.21			(0.14	)		(3.07	)		(3.21	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		32.42		(0.05	)		10.24			10.19			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		36.25		(0.08	)		(1.35	)		(1.43	)		(0.02	)		(2.38	)		(2.40	)
Year Ended June 30, 2019		39.12		(0.09	)		0.61			0.52			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		37.07		(0.12	)		5.04			4.92			—			(2.87	)		(2.87	)
Year Ended June 30, 2017		32.21		(0.09	)		6.31			6.22			(0.11	)		(1.25	)		(1.36	)
Year Ended June 30, 2016		35.32		(0.06	)(f)		0.02			(0.04	)		—			(3.07	)		(3.07	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		53.70		0.16			17.04			17.20			(0.21	)		(1.63	)		(1.84	)
Year Ended June 30, 2020		58.34		0.30			(2.30	)		(2.00	)		(0.26	)		(2.38	)		(2.64	)
Year Ended June 30, 2019		60.52		0.29			1.12			1.41			(0.20	)		(3.39	)		(3.59	)
Year Ended June 30, 2018		55.69		0.26			7.67			7.93			(0.23	)		(2.87	)		(3.10	)
Year Ended June 30, 2017		47.50		0.28			9.37			9.65			(0.21	)		(1.25	)		(1.46	)
Year Ended June 30, 2016		50.31		0.25	(f)		0.17			0.42			(0.16	)		(3.07	)		(3.23	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		44.70		(0.01	)		14.16			14.15			(0.04	)		(1.63	)		(1.67	)
Year Ended June 30, 2020		48.98		0.01			(1.91	)		(1.90	)		—			(2.38	)		(2.38	)
Year Ended June 30, 2019		51.44		—	(g)		0.93			0.93			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		47.81		(0.03	)		6.55			6.52			(0.02	)		(2.87	)		(2.89	)
Year Ended June 30, 2017		41.08		—	(g)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2016		44.04		0.01	(f)		0.10			0.11			—			(3.07	)		(3.07	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		45.38		0.08			14.37			14.45			(0.14	)		(1.63	)		(1.77	)
Year Ended June 30, 2020		49.73		0.13			(1.93	)		(1.80	)		(0.17	)		(2.38	)		(2.55	)
Year Ended June 30, 2019		52.13		0.13			0.92			1.05			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.54		0.12			6.63			6.75			(0.29	)		(2.87	)		(3.16	)
September 9, 2016 (i) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	58.53		31.93	%	$	813,718		1.27	%		0.23	%		1.27	%		15	%
	45.69		(4.11	)		653,887		1.26			0.25			1.27			23
	50.05		2.82			791,846		1.23			0.24			1.25			23
	52.43		14.33			1,095,395		1.24			0.19			1.26			17
	48.63		20.14			1,135,394		1.29			0.24			1.35			21
	41.68		1.10			736,629		1.29			0.31	(f)		1.38			32


	40.94		31.60			91,257		1.73			(0.25	)		1.74			15
	32.42		(4.56	)		80,258		1.74			(0.24	)		1.75			23
	36.25		2.31			111,453		1.73			(0.25	)		1.75			23
	39.12		13.76			143,030		1.74			(0.32	)		1.76			17
	37.07		19.53			171,352		1.79			(0.25	)		1.84			21
	32.21		0.63			70,176		1.79			(0.20	)(f)		1.85			32


	69.06		32.13			4,172,745		0.98			0.53			0.99			15
	53.70		(3.83	)		3,240,725		0.98			0.54			0.99			23
	58.34		3.05			2,720,056		0.98			0.51			1.00			23
	60.52		14.61			2,868,739		0.98			0.45			1.00			17
	55.69		20.50			2,722,213		0.99			0.54			1.07			21
	47.50		1.41			1,261,772		0.99			0.54	(f)		1.14			32


	57.18		31.78			6,844		1.48			(0.02	)		1.51			15
	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(h)		1.52			23
	51.44		14.02			12,133		1.49			(0.06	)		1.52			17
	47.81		19.85			13,078		1.53			0.00	(h)		1.73			21
	41.08		0.85			5,313		1.54			0.03	(f)		1.72			32


	58.06		31.95			4,586		1.23			0.30			1.24			15
	45.38		(4.08	)		2,948		1.24			0.28			1.24			23
	49.73		2.79			2,597		1.23			0.26			1.25			23
	52.13		14.33			2,542		1.23			0.24			1.30			17
	48.54		15.92			104		1.24			0.32			1.36			21

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 Small Cap Equity Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	53.63	$	0.17		$	17.01		$	17.18		$	(0.22	)	$	(1.63	)	$	(1.85	)
Year Ended June 30, 2020		58.26		0.29			(2.29	)		(2.00	)		(0.25	)		(2.38	)		(2.63	)
Year Ended June 30, 2019		60.42		0.29			1.12			1.41			(0.18	)		(3.39	)		(3.57	)
Year Ended June 30, 2018		55.64		0.33			7.59			7.92			(0.27	)		(2.87	)		(3.14	)
September 9, 2016 (i) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		53.88		0.22			17.10			17.32			(0.31	)		(1.63	)		(1.94	)
Year Ended June 30, 2020		58.51		0.40			(2.30	)		(1.90	)		(0.35	)		(2.38	)		(2.73	)
Year Ended June 30, 2019		60.69		0.41			1.11			1.52			(0.31	)		(3.39	)		(3.70	)
Year Ended June 30, 2018		55.84		0.37			7.70			8.07			(0.35	)		(2.87	)		(3.22	)
Year Ended June 30, 2017		47.57		0.36			9.42			9.78			(0.26	)		(1.25	)		(1.51	)
Year Ended June 30, 2016		50.43		0.36	(f)		0.15			0.51			(0.30	)		(3.07	)		(3.37	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		53.87		0.23			17.11			17.34			(0.34	)		(1.63	)		(1.97	)
Year Ended June 30, 2020		58.50		0.44			(2.30	)		(1.86	)		(0.39	)		(2.38	)		(2.77	)
Year Ended June 30, 2019		60.68		0.44			1.11			1.55			(0.34	)		(3.39	)		(3.73	)
Year Ended June 30, 2018		55.83		0.41			7.69			8.10			(0.38	)		(2.87	)		(3.25	)
Year Ended June 30, 2017		47.57		0.46			9.34			9.80			(0.29	)		(1.25	)		(1.54	)
May 31, 2016 (i) through June 30, 2016		47.04		0.06	(f)		0.47			0.53			—			—			—

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	68.96		32.13	%	$	662		0.98	%		0.56	%		1.01	%		15	%
	53.63		(3.83	)		449		0.98			0.53			1.01			23
	58.26		3.05			475		0.98			0.50			1.03			23
	60.42		14.61			624		0.98			0.57			1.07			17
	55.64		16.14			60		0.99			0.55			1.14			21


	69.26		32.24			1,176,000		0.79			0.71			0.84			15
	53.88		(3.65	)		984,863		0.80			0.71			0.84			23
	58.51		3.26			1,214,075		0.79			0.70			0.85			23
	60.69		14.83			1,255,251		0.79			0.64			0.85			17
	55.84		20.74			1,267,593		0.79			0.68			0.86			21
	47.57		1.62			1,349,107		0.79			0.78	(f)		0.86			32


	69.24		32.30			2,015,719		0.73			0.76			0.74			15
	53.87		(3.60	)		1,625,610		0.74			0.78			0.74			23
	58.50		3.33			1,425,704		0.73			0.76			0.75			23
	60.68		14.89			1,450,525		0.73			0.71			0.75			17
	55.83		20.80			978,649		0.74			0.85			0.76			21
	47.57		1.13			25,933		0.73			1.60	(f)		0.75			32

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 Small Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	18.70	$	(0.10	)	$	8.87		$	8.77		$	(0.01	)	$	(1.82	)	$	(1.83	)
Year Ended June 30, 2020		17.00		(0.11	)		2.88			2.77			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		18.45		(0.11	)		0.67			0.56			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.81		(0.14	)(f)		5.11			4.97			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.43		(0.10	)		3.94			3.84			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		—			(1.04	)		(1.04	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		12.53		(0.10	)		5.91			5.81			—			(1.82	)		(1.82	)
Year Ended June 30, 2020		11.78		(0.13	)		1.95			1.82			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		13.55		(0.14	)		0.38			0.24			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		11.23		(0.16	)(f)		3.81			3.65			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		8.82		(0.13	)		3.00			2.87			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		—			(1.04	)		(1.04	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		21.14		(0.08	)		10.05			9.97			(0.05	)		(1.82	)		(1.87	)
Year Ended June 30, 2020		19.05		(0.07	)		3.24			3.17			(0.01	)		(1.07	)		(1.08	)
Year Ended June 30, 2019		20.35		(0.08	)		0.79			0.71			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.18		(0.11	)(f)		5.61			5.50			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.42		(0.07	)		4.29			4.22			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		—			(1.04	)		(1.04	)

Class L
Six Months Ended December 31, 2020 (Unaudited)		21.93		(0.06	)		10.43			10.37			(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.71		(0.04	)		3.36			3.32			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		20.95		(0.05	)		0.82			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.08	)(f)		5.76			5.68			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.72		(0.05	)		4.39			4.34			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		—			(1.04	)		(1.04	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		17.85		(0.12	)		8.45			8.33			—			(1.82	)		(1.82	)
Year Ended June 30, 2020		16.31		(0.14	)		2.75			2.61			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		17.84		(0.15	)		0.63			0.48			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.39		(0.17	)(f)		4.95			4.78			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.15		(0.13	)		3.83			3.70			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		—			(1.04	)		(1.04	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	25.64		47.37	%	$	789,104		1.23	%		(0.88	)%		1.25	%		24	%
	18.70	��	16.92			500,357		1.24			(0.63	)		1.27			51
	17.00		5.08			400,127		1.24			(0.68	)		1.27			58
	18.45		35.14			337,933		1.24			(0.83	)(f)		1.29			58
	14.81		34.36			196,403		1.24			(0.75	)		1.40			42
	11.43		(14.17	)		179,093		1.25			(0.77	)		1.50			47


	16.52		47.06			91,249		1.73			(1.38	)		1.75			24
	12.53		16.32			62,434		1.74			(1.13	)		1.77			51
	11.78		4.51			58,288		1.74			(1.17	)		1.77			58
	13.55		34.56			43,116		1.74			(1.32	)(f)		1.77			58
	11.23		33.51			20,352		1.74			(1.25	)		1.85			42
	8.82		(14.50	)		18,218		1.75			(1.27	)		1.91			47


	29.24		47.57			776,605		0.98			(0.63	)		0.99			24
	21.14		17.19			466,094		0.99			(0.37	)		1.01			51
	19.05		5.36			289,094		0.99			(0.43	)		1.02			58
	20.35		35.45			268,082		0.99			(0.57	)(f)		1.02			58
	16.18		34.69			110,644		1.00			(0.50	)		1.12			42
	12.42		(13.92	)		102,174		1.00			(0.52	)		1.18			47


	30.41		47.66			1,125,433		0.84			(0.48	)		0.84			24
	21.93		17.40			735,649		0.84			(0.23	)		0.86			51
	19.71		5.51			568,539		0.84			(0.27	)		0.86			58
	20.95		35.65			434,286		0.84			(0.43	)(f)		0.86			58
	16.60		34.82			360,044		0.85			(0.35	)		0.93			42
	12.72		(13.76	)		271,369		0.85			(0.35	)		0.96			47


	24.36		47.14			31,657		1.48			(1.13	)		1.51			24
	17.85		16.64			24,496		1.49			(0.88	)		1.52			51
	16.31		4.79			26,011		1.49			(0.94	)		1.52			58
	17.84		34.83			31,569		1.49			(1.08	)(f)		1.52			58
	14.39		33.96			23,569		1.49			(1.00	)		1.70			42
	11.15		(14.34	)		21,276		1.50			(1.01	)		1.85			47

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 Small Cap Growth Fund (continued)
Class R3
Six Months Ended December 31, 2020 (Unaudited)	$	18.66	$	(0.10	)	$	8.86		$	8.76		$	(0.03	)	$	(1.82	)	$	(1.85	)
Year Ended June 30, 2020		17.00		(0.11	)		2.87			2.76			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.45		(0.10	)		0.66			0.56			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.13	)(f)		4.74			4.61			—			(1.33	)		(1.33	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		18.83		(0.07	)		8.93		��	8.86			(0.05	)		(1.82	)		(1.87	)
Year Ended June 30, 2020		17.09		(0.06	)		2.90			2.84			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.50		(0.07	)		0.67			0.60			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.09	)(f)		4.75			4.66			—			(1.33	)		(1.33	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.95		(0.06	)		10.44			10.38			(0.07	)		(1.82	)		(1.89	)
Year Ended June 30, 2020		19.72		(0.04	)		3.36			3.32			(0.02	)		(1.07	)		(1.09	)
Year Ended June 30, 2019		20.96		(0.07	)		0.84			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.07	)(f)		5.76			5.69			—			(1.33	)		(1.33	)
September 9, 2016 (g) through June 30, 2017		13.75		(0.04	)		3.35			3.31			—			(0.46	)		(0.46	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		22.21		(0.05	)		10.56			10.51			(0.08	)		(1.82	)		(1.90	)
Year Ended June 30, 2020		19.95		(0.02	)		3.40			3.38			(0.05	)		(1.07	)		(1.12	)
Year Ended June 30, 2019		21.16		(0.03	)		0.83			0.80			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.73		(0.06	)(f)		5.82			5.76			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.80		(0.04	)		4.43			4.39			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		—			(1.04	)		(1.04	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	25.57		47.40	%	$	7,576		1.23	%		(0.88	)%		1.27	%		24	%
	18.66		16.86			5,217		1.24			(0.63	)		1.29			51
	17.00		5.08			1,072		1.24			(0.63	)		1.37			58
	18.45		31.93			446		1.23			(0.80	)(f)		1.28			58


	25.82		47.52			4,157		0.98			(0.63	)		0.99			24
	18.83		17.25			2,821		0.99			(0.38	)		1.04			51
	17.09		5.30			1,336		0.99			(0.39	)		1.01			58
	18.50		32.28			726		0.99			(0.53	)(f)		1.17			58


	30.44		47.67			39,325		0.83			(0.48	)		0.85			24
	21.95		17.37			22,261		0.84			(0.23	)		0.86			51
	19.72		5.50			13,817		0.84			(0.34	)		0.86			58
	20.96		35.71			28,656		0.84			(0.37	)(f)		0.88			58
	16.60		24.72			1,186		0.82			(0.31	)		0.84			42


	30.82		47.72			3,467,882		0.73			(0.38	)		0.75			24
	22.21		17.49			2,140,824		0.74			(0.12	)		0.76			51
	19.95		5.60			1,518,382		0.74			(0.16	)		0.76			58
	21.16		35.86			1,045,098		0.74			(0.32	)(f)		0.76			58
	16.73		34.99			603,730		0.75			(0.25	)		0.76			42
	12.80		(13.69	)		445,008		0.75			(0.25	)		0.77			47

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 Small Cap Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	18.48	$	0.10		$	6.54		$	6.64		$	(0.12	)	$	—		$	(0.12	)
Year Ended June 30, 2020		23.65		0.16			(3.82	)		(3.66	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.42		0.21			(3.28	)		(3.07	)		(0.24	)		(3.46	)		(3.70	)
Year Ended June 30, 2018		29.18		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2017		24.64		0.11	(f)		4.58			4.69			(0.13	)		(0.02	)		(0.15	)
Year Ended June 30, 2016		26.65		0.17			(0.94	)		(0.77	)		(0.15	)		(1.09	)		(1.24	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		14.52		0.04			5.13			5.17			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		18.90		0.04			(2.97	)		(2.93	)		(0.12	)		(1.33	)		(1.45	)
Year Ended June 30, 2019		25.21		0.07			(2.73	)		(2.66	)		(0.19	)		(3.46	)		(3.65	)
Year Ended June 30, 2018		24.55		0.04	(f)		2.50			2.54			(0.14	)		(1.74	)		(1.88	)
Year Ended June 30, 2017		20.82		(0.05	)(f)		3.87			3.82			(0.07	)		(0.02	)		(0.09	)
Year Ended June 30, 2016		22.77		0.02			(0.82	)		(0.80	)		(0.06	)		(1.09	)		(1.15	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		19.88		0.14			7.04			7.18			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		25.32		0.23			(4.11	)		(3.88	)		(0.23	)		(1.33	)		(1.56	)
Year Ended June 30, 2019		32.25		0.31			(3.48	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.80		0.30	(f)		3.18			3.48			(0.29	)		(1.74	)		(2.03	)
Year Ended June 30, 2017		25.97		0.20	(f)		4.81			5.01			(0.16	)		(0.02	)		(0.18	)
Year Ended June 30, 2016		28.00		0.23			(0.97	)		(0.74	)		(0.20	)		(1.09	)		(1.29	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		18.25		0.08			6.45			6.53			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		23.37		0.11			(3.77	)		(3.66	)		(0.13	)		(1.33	)		(1.46	)
Year Ended June 30, 2019		30.13		0.15			(3.25	)		(3.10	)		(0.20	)		(3.46	)		(3.66	)
Year Ended June 30, 2018		28.94		0.12	(f)		2.98			3.10			(0.17	)		(1.74	)		(1.91	)
Year Ended June 30, 2017		24.48		0.04	(f)		4.53			4.57			(0.09	)		(0.02	)		(0.11	)
Year Ended June 30, 2016		26.49		0.11			(0.94	)		(0.83	)		(0.09	)		(1.09	)		(1.18	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		18.45		0.10			6.53			6.63			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		23.61		0.16			(3.81	)		(3.65	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.38		0.23			(3.29	)		(3.06	)		(0.25	)		(3.46	)		(3.71	)
Year Ended June 30, 2018		29.14		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
September 9, 2016 (g) through June 30, 2017		25.89		0.12	(f)		3.31			3.43			(0.16	)		(0.02	)		(0.18	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	25.00		36.02	%	$	149,740		1.27	%		0.94	%		1.27	%		32	%
	18.48		(16.78	)		123,496		1.25			0.74			1.27			42
	23.65		(9.73	)		193,505		1.24			0.80			1.26			60
	30.42		11.41			336,054		1.24			0.67	(f)		1.30			39
	29.18		19.01			518,464		1.24			0.39	(f)		1.44			41
	24.64		(2.54	)		551,313		1.25			0.69			1.53			46


	19.60		35.66			6,775		1.73			0.45			1.79			32
	14.52		(17.14	)		9,340		1.74			0.23			1.78			42
	18.90		(10.18	)		18,088		1.74			0.33			1.77			60
	25.21		10.80			25,885		1.75			0.14	(f)		1.78			39
	24.55		18.32			40,349		1.85			(0.21	)(f)		1.86			41
	20.82		(3.12	)		41,161		1.86			0.07			1.94			46


	26.91		36.21			155,222		0.98			1.23			1.02			32
	19.88		(16.55	)		131,992		0.99			0.98			1.01			42
	25.32		(9.49	)		287,014		0.99			1.10			1.01			60
	32.25		11.70			336,366		0.99			0.96	(f)		1.01			39
	30.80		19.30			344,875		0.99			0.67	(f)		1.11			41
	25.97		(2.28	)		263,436		1.00			0.88			1.18			46


	24.68		35.85			31,493		1.48			0.73			1.60			32
	18.25		(16.96	)		25,034		1.49			0.51			1.57			42
	23.37		(9.94	)		36,276		1.49			0.60			1.58			60
	30.13		11.12			45,300		1.52			0.41	(f)		1.63			39
	28.94		18.68			60,282		1.52			0.14	(f)		1.75			41
	24.48		(2.78	)		47,309		1.50			0.45			1.91			46


	24.95		36.00			13,538		1.23			0.99			1.30			32
	18.45		(16.77	)		10,384		1.24			0.76			1.29			42
	23.61		(9.72	)		14,854		1.24			0.89			1.28			60
	30.38		11.42			12,948		1.25			0.67	(f)		1.29			39
	29.14		13.24			13,390		1.27			0.53	(f)		1.28			41

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 Small Cap Value Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	19.88	$	0.20		$	6.98		$	7.18		$	(0.16	)	$	—		$	(0.16	)
Year Ended June 30, 2020		25.28		0.19			(4.06	)		(3.87	)		(0.20	)		(1.33	)		(1.53	)
Year Ended June 30, 2019		32.21		0.30			(3.47	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.77		0.32	(f)		3.14			3.46			(0.28	)		(1.74	)		(2.02	)
September 9, 2016 (g) through June 30, 2017		27.30		0.18	(f)		3.49			3.67			(0.18	)		(0.02	)		(0.20	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		19.89		0.15			7.05			7.20			(0.16	)		—			(0.16	)
Year Ended June 30, 2020		25.34		0.26			(4.11	)		(3.85	)		(0.27	)		(1.33	)		(1.60	)
Year Ended June 30, 2019		32.26		0.34			(3.47	)		(3.13	)		(0.33	)		(3.46	)		(3.79	)
Year Ended June 30, 2018		30.80		0.35	(f)		3.17			3.52			(0.32	)		(1.74	)		(2.06	)
Year Ended June 30, 2017		25.97		0.23	(f)		4.81			5.04			(0.19	)		(0.02	)		(0.21	)
Year Ended June 30, 2016		28.01		0.26			(0.98	)		(0.72	)		(0.23	)		(1.09	)		(1.32	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		19.92		0.16			7.06			7.22			(0.18	)		—			(0.18	)
Year Ended June 30, 2020		25.38		0.29			(4.13	)		(3.84	)		(0.29	)		(1.33	)		(1.62	)
Year Ended June 30, 2019		32.30		0.38			(3.49	)		(3.11	)		(0.35	)		(3.46	)		(3.81	)
Year Ended June 30, 2018		30.83		0.38	(f)		3.18			3.56			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2017		25.99		0.27	(f)		4.82			5.09			(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2016		28.03		0.31			(1.00	)		(0.69	)		(0.26	)		(1.09	)		(1.35	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	26.90		36.19	%	$	18,325		0.98	%		1.61			1.01	%		32	%
	19.88		(16.52	)		464		0.99			0.92			1.16			42
	25.28		(9.51	)		436		0.99			1.10			1.04			60
	32.21		11.65			102		1.01			1.03	(f)		1.27			39
	30.77		13.44			39		1.06			0.75	(f)		1.10			41


	26.93		36.33			38,055		0.87			1.35			0.87			32
	19.89		(16.44	)		30,637		0.85			1.11			0.87			42
	25.34		(9.35	)		69,857		0.84			1.21			0.86			60
	32.26		11.85			131,506		0.84			1.11	(f)		0.87			39
	30.80		19.43			130,338		0.88			0.77	(f)		0.89			41
	25.97		(2.21	)		96,674		0.90			1.04			0.93			46


	26.96		36.34			805,964		0.77			1.45			0.77			32
	19.92		(16.37	)		624,226		0.75			1.24			0.76			42
	25.38		(9.25	)		933,252		0.74			1.36			0.76			60
	32.30		11.97			1,040,121		0.74			1.21	(f)		0.76			39
	30.83		19.59			1,007,466		0.76			0.90	(f)		0.76			41
	25.99		(2.07	)		753,439		0.77			1.21			0.77			46

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	15.52	$	0.03		$	3.92		$	3.95		$	(0.10	)	$	(0.63	)	$	(0.73	)
Year Ended June 30, 2020		18.24		0.11			(0.71	)		(0.60	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.76		0.10			(0.28	)		(0.18	)		(0.08	)		(4.26	)		(4.34	)
Year Ended June 30, 2018		22.11		0.15			2.29			2.44			(0.13	)		(1.66	)		(1.79	)
Year Ended June 30, 2017		19.48		0.08			2.62			2.70			(0.07	)		—	(f)		(0.07	)
Year Ended June 30, 2016		21.82		0.15			(0.64	)		(0.49	)		(0.13	)		(1.72	)		(1.85	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		12.08		(0.01	)		3.04			3.03			(0.03	)		(0.63	)		(0.66	)
Year Ended June 30, 2020		14.64		0.01			(0.52	)		(0.51	)		(0.02	)		(2.03	)		(2.05	)
Year Ended June 30, 2019		19.23		—	(f)		(0.30	)		(0.30	)		(0.03	)		(4.26	)		(4.29	)
Year Ended June 30, 2018		18.90		0.04			1.96			2.00			(0.01	)		(1.66	)		(1.67	)
Year Ended June 30, 2017		16.72		(0.04	)		2.24			2.20			(0.02	)		—	(f)		(0.02	)
Year Ended June 30, 2016		19.07		0.03			(0.58	)		(0.55	)		(0.08	)		(1.72	)		(1.80	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		16.71		0.06			4.23			4.29			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.48		0.16			(0.78	)		(0.62	)		(0.12	)		(2.03	)		(2.15	)
Year Ended June 30, 2019		24.01		0.16			(0.29	)		(0.13	)		(0.14	)		(4.26	)		(4.40	)
Year Ended June 30, 2018		23.22		0.22			2.41			2.63			(0.18	)		(1.66	)		(1.84	)
Year Ended June 30, 2017		20.43		0.14			2.75			2.89			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		22.77		0.19			(0.64	)		(0.45	)		(0.17	)		(1.72	)		(1.89	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		15.41		0.03			3.90			3.93			—			(0.63	)		(0.63	)
Year Ended June 30, 2020		18.12		0.11			(0.70	)		(0.59	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.70		0.11			(0.31	)		(0.20	)		(0.12	)		(4.26	)		(4.38	)
Year Ended June 30, 2018		22.08		0.13			2.32			2.45			(0.17	)		(1.66	)		(1.83	)
September 9, 2016 (h) through June 30, 2017		19.97		0.11			2.09			2.20			(0.09	)		—	(f)		(0.09	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.64		0.06			4.21			4.27			(0.15	)		(0.63	)		(0.78	)
Year Ended June 30, 2020		19.41		0.15			(0.76	)		(0.61	)		(0.13	)		(2.03	)		(2.16	)
Year Ended June 30, 2019		23.95		0.16			(0.29	)		(0.13	)		(0.15	)		(4.26	)		(4.41	)
Year Ended June 30, 2018		23.20		0.19			2.44			2.63			(0.22	)		(1.66	)		(1.88	)
September 9, 2016 (h) through June 30, 2017		20.95		0.12			2.24			2.36			(0.11	)		—	(f)		(0.11	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.73		0.08			4.23			4.31			(0.20	)		(0.63	)		(0.83	)
Year Ended June 30, 2020		19.49		0.21			(0.76	)		(0.55	)		(0.18	)		(2.03	)		(2.21	)
Year Ended June 30, 2019		24.04		0.21			(0.30	)		(0.09	)		(0.20	)		(4.26	)		(4.46	)
Year Ended June 30, 2018		23.25		0.27			2.42			2.69			(0.24	)		(1.66	)		(1.90	)
Year Ended June 30, 2017		20.42		0.19			2.76			2.95			(0.12	)		—	(f)		(0.12	)
November 2, 2015 (h) through June 30, 2016		22.41		0.20			(0.29	)		(0.09	)		(0.18	)		(1.72	)		(1.90	)

(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)	Amount rounds to less than 0.005%.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	18.74		25.63	%	$	161,637		1.07	%		0.38	%		1.22	%		112	%
	15.52		(4.62	)		154,019		1.14			0.62			1.22			92
	18.24		0.81			204,131		1.14			0.49			1.31			82
	22.76		11.18			314,171		1.14			0.65			1.29			62
	22.11		13.91			304,927		1.14			0.40			1.38			70
	19.48		(1.71	)		311,724		1.15			0.77			1.44			78


	14.45		25.27			24,185		1.57			(0.13	)		1.70			112
	12.08		(5.06	)		27,417		1.64			0.10			1.73			92
	14.64		0.24			42,429		1.64			0.00	(g)		1.79			82
	19.23		10.69			62,925		1.64			0.18			1.78			62
	18.90		13.20			81,761		1.74			(0.21	)		1.87			70
	16.72		(2.35	)		89,071		1.79			0.15			1.96			78


	20.22		25.83			142,443		0.83			0.62			0.95			112
	16.71		(4.40	)		119,926		0.89			0.85			0.96			92
	19.48		1.05			188,694		0.89			0.75			1.04			82
	24.01		11.47			296,876		0.89			0.91			1.02			62
	23.22		14.17			310,316		0.89			0.65			1.11			70
	20.43		(1.48	)		258,866		0.90			0.93			1.13			78


	18.71		25.65			2,246		1.07			0.31			1.19			112
	15.41		(4.58	)		12,615		1.14			0.63			1.20			92
	18.12		0.76			15,456		1.14			0.55			1.29			82
	22.70		11.22			13,823		1.14			0.59			1.27			62
	22.08		11.07			8,854		1.15			0.64			1.34			70


	20.13		25.81			582		0.83			0.63			0.94			112
	16.64		(4.38	)		562		0.89			0.82			0.98			92
	19.41		1.06			1,202		0.89			0.76			1.04			82
	23.95		11.46			1,157		0.89			0.80			1.11			62
	23.20		11.30			22		0.90			0.67			1.11			70


	20.21		25.89			71,952		0.57			0.86			0.69			112
	16.73		(4.08	)		76,126		0.64			1.16			0.70			92
	19.49		1.28			77,321		0.64			0.98			0.80			82
	24.04		11.73			127,571		0.64			1.11			0.77			62
	23.25		14.52			183,859		0.65			0.86			0.77			70
	20.42		0.12			304,934		0.65			1.53			0.78			78

SEE NOTES TO FINANCIAL STATEMENTS.



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

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. Small Company Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	14.84	$	0.03		$	5.53			$	5.56		$	(0.04	)	$	(0.51	)	$	(0.55	)
Year Ended June 30, 2020		15.96		0.03			(1.10	)			(1.07	)		(0.04	)		(0.01	)		(0.05	)
Year Ended June 30, 2019		19.60		0.03			(1.81	)			(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		18.10		—	(f)(g)		2.69				2.69			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		15.09		—	(f)(g)		3.02				3.02			(0.01	)		—	(f)		(0.01	)
Year Ended June 30, 2016		16.96		0.02			(1.20	)			(1.18	)		(0.02	)		(0.67	)		(0.69	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		13.96		(0.01	)		5.20				5.19			—			(0.51	)		(0.51	)
Year Ended June 30, 2020		15.06		(0.05	)		(1.04	)			(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		18.70		(0.06	)		(1.72	)			(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.40		(0.09	)(g)		2.58				2.49			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.57		(0.08	)(g)		2.91				2.83			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.46		(0.05	)		(1.17	)			(1.22	)		—			(0.67	)		(0.67	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		15.25		0.05			5.68				5.73			(0.08	)		(0.51	)		(0.59	)
Year Ended June 30, 2020		16.40		0.07			(1.12	)			(1.05	)		(0.09	)		(0.01	)		(0.10	)
Year Ended June 30, 2019		20.05		0.07			(1.84	)			(1.77	)		(0.02	)		(1.86	)		(1.88	)
Year Ended June 30, 2018		18.47		0.05	(g)		2.75				2.80			(0.03	)		(1.19	)		(1.22	)
Year Ended June 30, 2017		15.40		0.04	(g)		3.08				3.12			(0.05	)		—	(f)		(0.05	)
Year Ended June 30, 2016		17.29		0.06			(1.22	)			(1.16	)		(0.06	)		(0.67	)		(0.73	)

Class L
Six Months Ended December 31, 2020 (Unaudited)		15.23		0.07			5.69				5.76			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.38		0.10			(1.12	)	��		(1.02	)		(0.12	)		(0.01	)		(0.13	)
Year Ended June 30, 2019		20.05		0.10			(1.86	)			(1.76	)		(0.05	)		(1.86	)		(1.91	)
Year Ended June 30, 2018		18.46		0.08	(g)		2.76				2.84			(0.06	)		(1.19	)		(1.25	)
Year Ended June 30, 2017		15.39		0.08	(g)		3.08				3.16			(0.09	)		—	(f)		(0.09	)
Year Ended June 30, 2016		17.28		0.10			(1.24	)			(1.14	)		(0.08	)		(0.67	)		(0.75	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		14.48		0.01			5.38				5.39			(0.01	)		(0.51	)		(0.52	)
Year Ended June 30, 2020		15.58		(0.01	)		(1.08	)			(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		19.22		(0.01	)		(1.77	)			(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.81		(0.05	)(g)		2.65				2.60			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.88		(0.04	)(g)		2.97				2.93			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.77		(0.01	)		(1.19	)			(1.20	)		(0.02	)		(0.67	)		(0.69	)

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

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	19.85		37.61	%	$	110,142		1.23	%		0.37	%		1.23	%		39	%
	14.84		(6.76	)		94,883		1.22			0.18			1.23			52
	15.96		(8.77	)		136,432		1.22			0.16			1.22			64
	19.60		15.40			210,050		1.22			0.00	(g)(h)		1.23			52
	18.10		20.04			244,958		1.25			(0.01	)(g)		1.35			53
	15.09		(6.86	)		226,309		1.26			0.15			1.44			49


	18.64		37.29			20,126		1.74			(0.16	)		1.74			39
	13.96		(7.25	)		18,297		1.74			(0.34	)		1.74			52
	15.06		(9.22	)		28,451		1.72			(0.35	)		1.73			64
	18.70		14.85			45,633		1.73			(0.50	)(g)		1.73			52
	17.40		19.43			49,946		1.75			(0.51	)(g)		1.85			53
	14.57		(7.35	)		45,932		1.76			(0.34	)		1.91			49


	20.39		37.72			175,121		0.97			0.59			0.97			39
	15.25		(6.51	)		160,892		0.96			0.44			0.96			52
	16.40		(8.49	)		273,370		0.96			0.41			0.96			64
	20.05		15.73			433,317		0.96			0.27	(g)		0.97			52
	18.47		20.29			387,043		1.01			0.25	(g)		1.05			53
	15.40		(6.63	)		289,631		1.00			0.42			1.11			49


	20.36		37.91			299,043		0.82			0.75			0.82			39
	15.23		(6.37	)		302,427		0.81			0.60			0.81			52
	16.38		(8.42	)		433,521		0.81			0.58			0.81			64
	20.05		15.95			554,361		0.81			0.42	(g)		0.82			52
	18.46		20.50			711,139		0.82			0.43	(g)		0.87			53
	15.39		(6.48	)		587,279		0.82			0.63			0.90			49


	19.35		37.37			38,245		1.49			0.09			1.49			39
	14.48		(7.01	)		30,330		1.48			(0.09	)		1.49			52
	15.58		(8.95	)		44,064		1.47			(0.07	)		1.49			64
	19.22		15.13			49,715		1.48			(0.25	)(g)		1.48			52
	17.81		19.70			51,511		1.50			(0.24	)(g)		1.69			53
	14.88		(7.09	)		34,326		1.51			(0.05	)		1.75			49

SEE NOTES TO FINANCIAL STATEMENTS.



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

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. Small Company Fund (continued)
Class R3
Six Months Ended December 31, 2020 (Unaudited)	$	14.74	$	0.03		$	5.50		$	5.53		$	(0.06	)	$	(0.51	)	$	(0.57	)
Year Ended June 30, 2020		15.87		0.03			(1.10	)		(1.07	)		(0.05	)		(0.01	)		(0.06	)
Year Ended June 30, 2019		19.50		0.04			(1.81	)		(1.77	)		—	(f)		(1.86	)		(1.86	)
Year Ended June 30, 2018		18.03		0.01	(g)		2.68			2.69			(0.03	)		(1.19	)		(1.22	)
September 9, 2016 (i) through June 30, 2017		16.02		0.04	(g)		2.04			2.08			(0.07	)		—	(f)		(0.07	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		15.16		0.05			5.66			5.71			(0.10	)		(0.51	)		(0.61	)
Year Ended June 30, 2020		16.32		0.07			(1.12	)		(1.05	)		(0.10	)		(0.01	)		(0.11	)
Year Ended June 30, 2019		19.98		0.08			(1.85	)		(1.77	)		(0.03	)		(1.86	)		(1.89	)
Year Ended June 30, 2018		18.44		0.05	(g)		2.75			2.80			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.36		0.13	(g)		2.04			2.17			(0.09	)		—	(f)		(0.09	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		15.20		0.07			5.67			5.74			(0.12	)		(0.51	)		(0.63	)
Year Ended June 30, 2020		16.34		0.09			(1.11	)		(1.02	)		(0.11	)		(0.01	)		(0.12	)
Year Ended June 30, 2019		20.01		0.11			(1.86	)		(1.75	)		(0.06	)		(1.86	)		(1.92	)
Year Ended June 30, 2018		18.45		0.08	(g)		2.74			2.82			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.35		0.07	(g)		2.13			2.20			(0.10	)		—	(f)		(0.10	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		15.25		0.08			5.69			5.77			(0.14	)		(0.51	)		(0.65	)
Year Ended June 30, 2020		16.40		0.11			(1.12	)		(1.01	)		(0.13	)		(0.01	)		(0.14	)
Year Ended June 30, 2019		20.07		0.12			(1.86	)		(1.74	)		(0.07	)		(1.86	)		(1.93	)
Year Ended June 30, 2018		18.48		0.10	(g)		2.76			2.86			(0.08	)		(1.19	)		(1.27	)
Year Ended June 30, 2017		15.40		0.10	(g)		3.08			3.18			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		17.29		0.11			(1.23	)		(1.12	)		(0.10	)		(0.67	)		(0.77	)

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

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	19.70		37.63	%	$	29,609		1.22	%		0.37	%		1.22	%		39	%
	14.74		(6.78	)		22,953		1.21			0.20			1.21			52
	15.87		(8.75	)		23,887		1.21			0.23			1.21			64
	19.50		15.49			17,655		1.21			0.04	(g)		1.21			52
	18.03		13.01			9,560		1.23			0.25	(g)		1.24			53


	20.26		37.75			10,348		0.98			0.59			0.98			39
	15.16		(6.55	)		8,042		0.97			0.45			0.98			52
	16.32		(8.52	)		6,313		0.97			0.45			0.98			64
	19.98		15.73			5,773		1.01			0.28	(g)		1.04			52
	18.44		13.24			794		1.00			0.89	(g)		1.07			53


	20.31		37.89			8,218		0.82			0.76			0.82			39
	15.20		(6.36	)		6,496		0.81			0.56			0.81			52
	16.34		(8.39	)		11,770		0.81			0.64			0.81			64
	20.01		15.83			6,491		0.85			0.43	(g)		0.86			52
	18.45		13.44			145		0.83			0.51	(g)		0.90			53


	20.37		37.93			296,042		0.72			0.85			0.72			39
	15.25		(6.27	)		255,716		0.71			0.68			0.71			52
	16.40		(8.30	)		435,139		0.71			0.70			0.72			64
	20.07		16.05			455,851		0.71			0.53	(g)		0.72			52
	18.48		20.64			296,577		0.72			0.55	(g)		0.72			53
	15.40		(6.39	)		139,835		0.73			0.71			0.74			49

SEE NOTES TO FINANCIAL STATEMENTS.



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

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

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

The following are 7 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Small Cap Blend Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Small Cap Core Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Growth Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Small Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan SMID Cap Equity Fund⁽¹⁾	Class A, Class C, Class I, Class R3, Class R4 and Class R6	JPM II	Diversified
JPMorgan U.S. Small Company Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾	Effective November 1, 2020, JPMorgan Intrepid Mid Cap Fund changed its name to JPMorgan SMID Cap Equity Fund.

The investment objective of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”), JPMorgan Small Cap Core Fund (“Small Cap Core Fund”) and JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) is to seek capital growth over the long term.

The investment objective of JPMorgan Small Cap Growth Fund (“Small Cap Growth Fund”) is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

The investment objective of JPMorgan Small Cap Value Fund (“Small Cap Value Fund”) is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.

The investment objective of JPMorgan SMID Cap Equity Fund (“SMID Cap Equity Fund”) is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

The investment objective of JPMorgan U.S. Small Company Fund (“U.S. Small Company Fund”) is to seek to provide high total return from a portfolio of small company stocks.

Class L Shares of Small Cap Growth Fund and U.S. Small Company 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’ prospectuses.

All share classes of Small Cap Equity Fund are publicly offered on a limited basis. Effective as of the close of business on February 5, 2021, all share classes of Small Cap Growth Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.



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

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.

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

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

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

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

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

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

•

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

•

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

•

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

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


Small Cap Blend Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	754,852	$	—	$	—		$	754,852
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		16,096		—		—			16,096
Investment of cash collateral from securities loaned		40,153		—		—			40,153

Total Short-Term Investments		56,249		—		—			56,249

Total Investments in Securities	$	811,101	$	—		$ —(a)		$	811,101



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

NOTES TO FINANCIAL STATEMENTS

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


Small Cap Core Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	409,710		$	—	$	—		$	409,710
Rights		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		8,366			—		—			8,366
Investment of cash collateral from securities loaned		34,131			—		—			34,131

Total Short-Term Investments		42,497			—		—			42,497

Total Investments in Securities	$	452,207		$	—	$	—	(a)	$	452,207

Depreciation in Other Financial Instruments
Futures Contracts	$	(6	)	$	—	$	—		$	(6	)


Small Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	8,410,225		$	—	$	—		$	8,410,225


Small Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	6,228,987		$	—	$	—		$	6,228,987
Rights		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		132,915			—		—			132,915
Investment of cash collateral from securities loaned		543,875			—		—			543,875

Total Short-Term Investments		676,790			—		—			676,790

Total Investments in Securities	$	6,905,777		$	—	$	—	(a)	$	6,905,777


Small Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	1,316,135		$	—	$	—		$	1,316,135

Appreciation in Other Financial Instruments
Futures Contracts (b)	$	40		$	—	$	—		$	40


SMID Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	406,507		$	—	$	—		$	406,507



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


U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	974,699	$	—	$	—	$	974,699
Rights		—		—		165		165
Short-Term Investments
Investment Companies		16,350		—		—		16,350
Investment of cash collateral from securities loaned		95,160		—		—		95,160

Total Short-Term Investments		111,510		—		—		111,510

Total Investments in Securities	$	1,086,209	$	—		$165	$	1,086,374

(a)	Amount rounds to less than one thousand.

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

B. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2020 (amounts in thousands).


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Small Cap Blend Fund	$	38,841	$	(38,841	)	$	—
Small Cap Core Fund		32,792		(32,792	)		—
Small Cap Equity Fund		130,194		(130,194	)		—
Small Cap Growth Fund		523,701		(523,701	)		—
Small Cap Value Fund		89,318		(89,318	)		—
SMID Cap Equity Fund		2,971		(2,971	)		—
U.S. Small Company Fund		91,006		(91,006	)		—

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



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

NOTES TO FINANCIAL STATEMENTS

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

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

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


Small Cap Blend Fund	$	1
Small Cap Core Fund		1
Small Cap Equity Fund		8
Small Cap Growth Fund		13
Small Cap Value Fund		3
SMID Cap Equity Fund		1
U.S. Small Company Fund		4

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

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

Small Cap Blend Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	17,254	$	116,153	$	117,306	$	(2	)	$	(3	)	$	16,096		16,088	$	14		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		28,015		48,000		45,999		(5	)*		(3	)		30,008		30,005		33	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		6,247		71,819		67,921		—			—			10,145		10,145		2	*		—

Total	$	51,516	$	235,972	$	231,226	$	(7	)	$	(6	)	$	56,249			$	49		$	—

Small Cap Core Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	9,177	$	64,456	$	65,264	$	(2	)	$	(1	)	$	8,366		8,362	$	6		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		21,006		45,000		40,999		—	*(c)		(7	)		25,000		24,997		28	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,876		63,026		57,771		—			—			9,131		9,131		1	*		—

Total	$	34,059	$	172,482	$	164,034	$	(2	)	$	(8	)	$	42,497			$	35		$	—



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

Small Cap Equity Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	276,403	$	783,633	$	762,495	$	(44	)	$	(73	)	$	297,424		297,275	$	274		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		253,095		428,500		566,499		(57	)*		(1	)		115,038		115,027		274	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,048		203,548		217,363		—			—			18,233		18,233		8	*		—

Total	$	561,546	$	1,415,681	$	1,546,357	$	(101	)	$	(74	)	$	430,695			$	556		$	—

Small Cap Growth Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	123,428	$	912,972	$	903,447	$	(12	)	$	(26	)	$	132,915		132,849	$	86		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		284,105		875,000		690,800		(83	)*		(10	)		468,212		468,165		471	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		32,903		357,936		315,176		—			—			75,663		75,663		13	*		—

Total	$	440,436	$	2,145,908	$	1,909,423	$	(95	)	$	(36	)	$	676,790			$	570		$	—

Small Cap Value Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	14,798	$	230,527	$	214,924	$	(5	)	$	(1	)	$	30,395		30,379	$	20		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		64,032		138,000		126,701		(9	)*		(10	)		75,312		75,304		90	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,596		123,824		112,209		—			—			17,211		17,211		3	*		—

Total	$	84,426	$	492,351	$	453,834	$	(14	)	$	(11	)	$	122,918			$	113		$	—



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

NOTES TO FINANCIAL STATEMENTS

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

SMID Cap Equity Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	4,828	$	108,065	$	102,802	$	—	(c)	$	(3	)	$	10,088		10,084	$	7		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		15,004		24,100		38,000		(1	)*		(3	)		1,100		1,100		12	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,757		57,571		61,295		—			—			2,033		2,033		1	*		—

Total	$	25,589	$	189,736	$	202,097	$	(1	)	$	(6	)	$	13,221			$	20		$	—

U.S. Small Company Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	14,420	$	282,734	$	280,799	$	(4	)	$	(1	)	$	16,350		16,342	$	16		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		82,037		149,000		153,900		(11	)*		(12	)		77,114		77,106		112	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		9,849		135,068		126,871		—			—			18,046		18,046		4	*		—

Total	$	106,306	$	566,802	$	561,570	$	(15	)	$	(13	)	$	111,510			$	132		$	—

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

(b)	The rate shown is the current yield as of December 31, 2020.

(c)	Amount rounds to less than one thousand.

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

D. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund, SMID Cap Equity Fund and U.S. Small Company 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.



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

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

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


	Small Cap Core Fund		Small Cap Value Fund		SMID Cap Equity Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	4,833	$	16,591	$	3,544		14,778	(a)
Ending Notional Balance Long		1,780		23,735		—		—

(a)	For the period July 1, 2020 through November 30, 2020.

E. 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. Dividend income is 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.

F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2020 are as follows (amounts in thousands):


	Class A		Class C			Class I			Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Small Cap Blend Fund
Transfer agency fees	$	10	$	1		$	2			n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	13
Small Cap Core Fund
Transfer agency fees		1		—	(a)		—	(a)		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	4			2			7
Small Cap Equity Fund
Transfer agency fees		134		3			27			n/a		1			—	(a)		—	(a)		5			11			181
Small Cap Growth Fund
Transfer agency fees		29		3			5		$	4		2			1			—	(a)		1			38			83
Small Cap Value Fund
Transfer agency fees		8		1			4			n/a		13			3			—	(a)		2			22			53
SMID Cap Equity Fund
Transfer agency fees		22		1			3			n/a		n/a			—	(a)		—	(a)		n/a			1			27
U.S. Small Company Fund
Transfer agency fees		8		3			4			4		5			—	(a)		1			—	(a)		8			33

(a)	Amount rounds to less than one thousand.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually, except for Small Cap Value Fund, for which distributions are generally declared and paid at least quarterly. 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



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

NOTES TO FINANCIAL STATEMENTS

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

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.

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

3. Fees and Other Transactions with Affiliates

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


Small Cap Blend Fund	0.65	%
Small Cap Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
SMID Cap Equity Fund	0.55
U.S. Small Company Fund	0.60

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The 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
Small Cap Blend Fund		0.25	%		0.75	%		n/a			n/a
Small Cap Core Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Equity Fund		0.25			0.75			0.50			0.25
Small Cap Growth Fund		0.25			0.75			0.50			0.25
Small Cap Value Fund		0.25			0.75			0.50			0.25
SMID Cap Equity Fund		0.25			0.75			n/a			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25



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

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


	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	25	$	—
Small Cap Core Fund		1		—
Small Cap Equity Fund		3		—	(a)
Small Cap Growth Fund		86		—	(a)
Small Cap Value Fund		2		—	(a)
SMID Cap Equity Fund		1		—	(a)
U.S. Small Company Fund		1		—	(a)

(a)	Amount rounds to less than one thousand.

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


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Small Cap Blend Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Small Cap Core Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Small Cap Equity Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Small Cap Growth Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
Small Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
SMID Cap Equity Fund		0.25			0.25			0.25			n/a			n/a			0.25			0.25			n/a
U.S. Small Company Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (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
Small Cap Blend Fund		1.24	%		1.74	%		0.99	%		n/a		n/a			n/a			n/a			n/a			0.74	%
Small Cap Core Fund		1.24			1.74			0.99			n/a		1.49	%		1.24	%		0.99	%		0.80	%		0.74
Small Cap Equity Fund		n/a			n/a			0.99			n/a		1.49			n/a			0.99			0.80			n/a
Small Cap Growth Fund		1.24			1.74			0.99			n/a		1.49			1.24			0.99			0.84			0.74
Small Cap Value Fund		n/a			1.74			0.99			n/a		1.49			1.24			0.99			n/a			n/a
SMID Cap Equity Fund		1.14	⁽¹⁾		1.64	⁽¹⁾		0.89	⁽¹⁾		n/a		n/a			1.14	⁽¹⁾		0.89	⁽¹⁾		n/a			0.64	⁽¹⁾
U.S. Small Company Fund		n/a			n/a			n/a			n/a		n/a			n/a			n/a			n/a			n/a

⁽¹⁾	Effective September 1, 2020, the contractual expense limitation were 0.99%, 1.49%, 0.74%, 0.99%, 0.74% and 0.49% for Class A, Class C, Class I, Class R3, Class R4 and Class R6 Shares, respectively and were in place until November 13, 2020.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2021 for Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, Small Cap Growth Fund and Small Cap Value Fund and are in place until at least October 31, 2022 for SMID Cap Equity Fund.



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

NOTES TO FINANCIAL STATEMENTS

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

For the six months ended December 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory Fees			Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	65		$	43	$	12	$	120	$	—
Small Cap Core Fund		64			42		34		140		1
Small Cap Equity Fund		—			—		267		267		—
Small Cap Growth Fund		89			58		41		188		38
Small Cap Value Fund		—	(a)		—		45		45		—
SMID Cap Equity Fund		137			89		24		250		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.

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


Small Cap Blend Fund	$	9
Small Cap Core Fund		4
Small Cap Equity Fund		177
Small Cap Growth Fund		51
Small Cap Value Fund		12
SMID Cap Equity Fund		5
U.S. Small Company Fund		10

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

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

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

During the six months ended December 31, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

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


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	235,883	$	115,183
Small Cap Core Fund		115,761		163,180
Small Cap Equity Fund		1,022,044		1,390,648
Small Cap Growth Fund		1,572,828		1,185,889
Small Cap Value Fund		321,872		394,222
SMID Cap Equity Fund		430,040		508,865
U.S. Small Company Fund		351,854		559,405



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

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	609,406	$	214,204	$	12,509	$	201,695
Small Cap Core Fund		342,364		120,941		11,104		109,837
Small Cap Equity Fund		5,373,729		3,074,627		38,131		3,036,496
Small Cap Growth Fund		4,365,557		2,618,908		78,688		2,540,220
Small Cap Value Fund		1,049,172		324,115		57,112		267,003
SMID Cap Equity Fund		348,401		58,533		427		58,106
U.S. Small Company Fund		833,707		285,464		32,797		252,667

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


	Capital Loss Carryforward
	Short-Term		Long-Term
Small Cap Core Fund	$	2,830	$	—
Small Cap Value Fund		31,857		—
U.S. Small Company Fund		251		—

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, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):


	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term		Late Year Ordinary Loss Deferral
Small Cap Blend Fund	$	3,542	$	—	$	—
Small Cap Core Fund		20,567		5,235		—
Small Cap Equity Fund		63,340		195,533		—
Small Cap Growth Fund		—		—		5,268
Small Cap Value Fund		26,943		—		—
SMID Cap Equity Fund		11,113		—
U.S. Small Company Fund		15,756		—		—

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

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



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

NOTES TO FINANCIAL STATEMENTS

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

minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

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

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2020, 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
Small Cap Blend Fund		—		—			2		62.5	%
Small Cap Core Fund		—		—			2		55.5
Small Cap Equity Fund		—		—			3		47.2
Small Cap Growth Fund		—		—			1		18.3
Small Cap Value Fund		—		—			1		10.6
SMID Cap Equity Fund		1		21.9	%		1		14.4
U.S. Small Company Fund		—		—			2		32.3

As of December 31, 2020, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Value Fund		18.9	%		19.8	%

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

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.

Because the Small Cap Value Fund may invest a significant portion of their assets in real estate investment trusts (“REITs”), the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

The Funds invest in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.



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

possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Events

On February 10, 2021, the Board of Trustees of JPM I approved the following changes for Small Cap Core Fund, which are expected to become effective on or about May 1, 2021: (i) a change to the Fund’s name to JPMorgan Small Cap Sustainable Leaders Fund; (ii) a change to the Fund’s investment strategy so that the Fund will invest in companies that, on a combined basis, appear attractive when considering the adviser’s sustainability criteria and financial characteristics; (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small cap companies meeting the adviser’s sustainability criteria; and (iv) the contractual expense limitations for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares will be reduced to 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, 0.89%, 0.70% and 0.65%, respectively, and will be in place until at least April 30, 2023.

Effective as of the close of business on February 5, 2021, Small Cap Growth 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.



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

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	1,351.60	$	7.29		1.23	%
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,348.90		10.24		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,353.70		5.81		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R6
Actual		1,000.00		1,355.10		4.33		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73

JPMorgan Small Cap Core Fund
Class A
Actual		1,000.00		1,381.60		7.38		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,378.50		10.37		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,383.50		5.89		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,380.10		8.88		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,381.80		7.38		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23



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


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Core Fund (continued)
Class R4
Actual	$	1,000.00	$	1,383.60	$	5.89		0.98	%
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,384.90		4.75		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,385.20		4.39		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73

JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		1,319.30		7.42		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,316.00		10.10		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,321.30		5.73		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,317.80		8.65		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,319.50		7.19		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,321.30		5.73		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,322.40		4.62		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,323.00		4.27		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73

JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		1,473.70		7.67		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,470.60		10.77		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,475.70		6.12		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class L
Actual		1,000.00		1,476.60		5.24		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R2
Actual		1,000.00		1,471.40		9.22		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,474.00		7.67		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23



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

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Growth Fund (continued)
Class R4
Actual	$	1,000.00	$	1,475.20	$	6.11		0.98	%
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,476.70		5.18		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,477.20		4.56		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73

JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		1,360.20		7.56		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,356.60		10.28		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,362.10		5.83		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R2
Actual		1,000.00		1,358.50		8.80		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,360.00		7.32		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,361.90		5.83		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,363.30		5.18		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R6
Actual		1,000.00		1,363.40		4.59		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77

JPMorgan SMID Cap Equity Fund (formerly known as JPMorgan Intrepid Mid Cap Fund)
Class A
Actual		1,000.00		1,256.30		6.09		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class C
Actual		1,000.00		1,252.70		8.91		1.57
Hypothetical		1,000.00		1,017.29		7.98		1.57
Class I
Actual		1,000.00		1,258.30		4.72		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R3
Actual		1,000.00		1,256.50		6.09		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class R4
Actual		1,000.00		1,258.10		4.72		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,258.90		3.25		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57



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


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund
Class A
Actual	$	1,000.00	$	1,376.10	$	7.37		1.23	%
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,372.90		10.41		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,377.20		5.81		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class L
Actual		1,000.00		1,379.10		4.92		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R2
Actual		1,000.00		1,373.70		8.91		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		1,376.30		7.31		1.22
Hypothetical		1,000.00		1,019.06		6.21		1.22
Class R4
Actual		1,000.00		1,377.50		5.87		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,378.90		4.92		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R6
Actual		1,000.00		1,379.30		4.32		0.72
Hypothetical		1,000.00		1,021.58		3.67		0.72

*	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, 2020	J.P. MORGAN SMALL CAP FUNDS	117

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.



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

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

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



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

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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/Chief Compliance Officer

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

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, and U.S. Small Company Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by

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

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

The Trustees noted that the Small Cap Core Fund’s performance for Class A shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2020, and in the third and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R5 shares was in the second quintile based upon the Peer Group, for each of the one-, three-, and five-year periods ended December 31, 2019, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019,



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

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

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

The Trustees noted that the Small 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, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

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

respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the SMID Cap Equity Fund’s performance for Class A shares was in the fifth, third and fourth quintiles based upon the Peer Group, and in the fourth, third and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fourth, third, and third second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and first quintiles based upon the Peer Group, and in the fourth and third quintiles based upon the Universe, for the one- and three-year periods ended December 31, 20198, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

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



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

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 Small Cap Blend Fund’s net advisory fee and actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the 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 Small Cap Core Fund’s net advisory fee and actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R5 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R5 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

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



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

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



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

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., 2020. All rights reserved. December 2020.		SAN-SC-1220

Semi-Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Growth Advantage Fund			3

JPMorgan Mid Cap Equity Fund			5

JPMorgan Mid Cap Growth Fund			7

JPMorgan Mid Cap Value Fund			9

JPMorgan Value Advantage Fund			11

Schedules of Portfolio Investments			13

Financial Statements			28

Financial Highlights			44

Notes to Financial Statements			62

Schedule of Shareholder Expenses			73

Board Approval of Investment Advisory Agreements			76

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

— Andrea L. Lisher

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		32.21%
Russell 3000 Growth Index		26.86%

Net Assets as of 12/31/2020 (In Thousands)	$	14,286,136

INVESTMENT OBJECTIVE**

The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the information technology sector and its security selection and overweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the health care and communication services sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla Inc., Enphase Energy Inc. and Trade Desk Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose after the company was included in the S&P 500 Index. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc. and its overweight positions in Regeneron Pharmaceuticals Inc. and Splunk Inc. Shares of Apple, an information technology conglomerate, rose amid general investor demand for large capitalization stocks, better-than-expected quarterly earnings and investor expectations for the company’s planned 5G smartphone. Shares of Regeneron Pharmaceuticals, a drug development company, fell as the U.S. approval of multiple vaccines against Covid-19 reduced demand for alternative therapies for the virus. Shares of Splunk, a software developer, fell after the company reported lower-than-expected results for its fiscal third quarter and lowered its fiscal fourth quarter forecast

HOW WAS THE FUND POSITIONED?

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


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.9	%
	2.	Microsoft Corp.	6.2
	3.	Amazon.com, Inc.	6.1
	4.	Tesla, Inc.	4.0
	5.	Alphabet, Inc., Class C	2.6
	6.	UnitedHealth Group, Inc.	2.3
	7.	PayPal Holdings, Inc.	2.1
	8.	Mastercard, Inc., Class A	2.1
	9.	NVIDIA Corp.	2.0
	10.	QUALCOMM, Inc.	2.0


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	40.7	%
Consumer Discretionary	19.1
Health Care	14.8
Industrials	8.7
Communication Services	7.1
Financials	5.0
Consumer Staples	1.0
Materials	0.5
Short-Term Investments	3.1

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

***

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



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**		25.27%	45.19%	21.53%	17.88%
Without Sales Charge		32.21	53.25	22.84	18.52
CLASS C SHARES	May 1, 2006
With CDSC***		30.93	51.51	22.24	18.06
Without CDSC		31.93	52.51	22.24	18.06
CLASS I SHARES	May 1, 2006	32.44	53.66	23.14	18.78
CLASS R2 SHARES	July 31, 2017	32.08	52.89	22.53	18.22
CLASS R3 SHARES	May 31, 2017	32.27	53.25	22.85	18.52
CLASS R4 SHARES	May 31, 2017	32.41	53.62	23.15	18.82
CLASS R5 SHARES	January 8, 2009	32.56	53.87	23.31	18.99
CLASS R6 SHARES	December 23, 2013	32.57	54.00	23.45	19.08

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R2 and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund and the Russell 3000 Growth Index from December 31, 2010 to December 31, 2020. The performance of the

Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher 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.



4	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		28.60%
Russell Midcap Index		28.86%

Net Assets as of 12/31/2020 (In Thousands)	$	2,027,207

INVESTMENT OBJECTIVE**

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

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

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

Leading individual detractors from relative performance included the Fund’s overweight position in Splunk Inc. and its underweight positions in Freeport-McMoRan Inc. and Align Technology Inc. Shares of Splunk, a software developer, fell after the company reported lower-than-expected results for its fiscal third quarter and lowered its fiscal fourth-quarter forecast. Shares of Freeport-McMoRan, a mining company, rose amid investor expectations for accelerating global demand for copper and after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Align Technologies, a manufacturer of orthodontics and dentistry products, rose amid continued growth in sales of its Invisalign product.

Leading individual contributors to relative performance included the Fund’s overweight positions in Enphase Energy Inc., Trade Desk Inc. and Generac Holdings Inc. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Trade Desk, a provider of an online platform for buyers of advertising, rose after reporting better-than-expected earnings amid increased adoption of the company’s technology by the world’s largest advertisers. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on

company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models they deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Synopsys, Inc.	1.3	%
	2.	Amphenol Corp., Class A	1.2
	3.	AMETEK, Inc.	1.1
	4.	ITT, Inc.	1.1
	5.	Trade Desk, Inc. (The), Class A	1.0
	6.	Keysight Technologies, Inc.	1.0
	7.	Carlisle Cos., Inc.	1.0
	8.	Fortune Brands Home & Security, Inc.	0.9
	9.	Cigna Corp.	0.9
	10.	Ball Corp.	0.9


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	21.2	%
Financials	13.7
Industrials	13.6
Health Care	13.3
Consumer Discretionary	11.6
Communication Services	5.8
Real Estate	5.2
Utilities	3.9
Materials	3.5
Consumer Staples	2.5
Energy	1.8
Short-Term Investments	3.9

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

***

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



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**			21.71	%		15.91	%		12.72	%		12.35	%
Without Sales Charge			28.46			22.35			13.94			12.95
CLASS C SHARES	November 2, 2009
With CDSC***			27.13			20.74			13.37			12.50
Without CDSC			28.13			21.74			13.37			12.50
CLASS I SHARES	January 1, 1997		28.60			22.63			14.26			13.32
CLASS R2 SHARES	March 14, 2014		28.29			22.04			13.65			12.76
CLASS R5 SHARES	March 14, 2014		28.73			22.83			14.41			13.41
CLASS R6 SHARES	March 14, 2014		28.80			22.97			14.51			13.47

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index

does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the bench mark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.

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



6	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		32.61%
Russell Midcap Growth Index		30.18%

Net Assets as of 12/31/2020 (In Thousands)	$	7,795,164

INVESTMENT OBJECTIVE**

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

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

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

Leading individual detractors from relative performance included the Fund’s underweight positions in Align Technology Inc., Immunogen Inc. and Roku Inc. Shares of Align Technologies, a manufacturer of orthodontics and dentistry products that was not held in the Fund, rose amid continued growth in sales of its Invisalign product. Shares of Immunogen, a drug development company not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Roku, a digital entertainment streaming platform provider, rose on increased for consumer demand for at-home entertainment amid the pandemic.

HOW WAS THE FUND POSITIONED?

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

to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Trade Desk, Inc. (The), Class A	1.9	%
	2.	Spotify Technology SA	1.7
	3.	O’Reilly Automotive, Inc.	1.6
	4.	Enphase Energy, Inc.	1.6
	5.	Synopsys, Inc.	1.6
	6.	Match Group, Inc.	1.5
	7.	Crowdstrike Holdings, Inc., Class A	1.5
	8.	RingCentral, Inc., Class A	1.4
	9.	Roku, Inc.	1.4
	10.	Take-Two Interactive Software, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	33.3	%
Health Care	19.4
Industrials	14.9
Consumer Discretionary	12.9
Communication Services	7.4
Financials	6.0
Materials	1.4
Consumer Staples	0.6
Short-Term Investments	4.1

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

***

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



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			25.44	%		40.01	%		18.90	%		15.30	%
Without Sales Charge			32.40			47.77			20.19			15.92
CLASS C SHARES	November 4, 1997
With CDSC***			31.05			45.99			19.59			15.46
Without CDSC			32.05			46.99			19.59			15.46
CLASS I SHARES	March 2, 1989		32.61			48.26			20.57			16.29
CLASS R2 SHARES	June 19, 2009		32.24			47.42			19.92			15.70
CLASS R3 SHARES	September 9, 2016		32.41			47.77			20.19			15.93
CLASS R4 SHARES	September 9, 2016		32.56			48.17			20.50			16.22
CLASS R5 SHARES	November 1, 2011		32.70			48.46			20.74			16.44
CLASS R6 SHARES	November 1, 2011		32.74			48.51			20.79			16.49

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap 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.



8	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		24.64%
Russell Midcap Value Index		28.14%

Net Assets as of 12/31/2020 (In Thousands)	$	14,648,786

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position in the financials sector and its security selection in the real estate sector were contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in AutoZone Inc. and AmerisourceBergen Corp. and its underweight position in Freeport-McMoRan Inc. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter. Shares of AmerisourceBergen, a drug and health care products distributor, fell along with those of its sector peers after Amazon.com Inc. unveiled plans to launch a pharmacy services business. Shares of Freeport-McMoRan, a mining company, rose amid investor expectations for accelerating global demand for copper and after the company reported better-than-expected earnings and revenue for the third quarter of 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Middleby Corp., Universal Health Services Inc. and Kohl’s Corp. Shares of Middleby, a food service equipment manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Universal Health Services, an operator of hospitals and health care centers, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020. Shares of Kohl’s, a department store chain, rose after the company reported better-than-expected earnings for the third quarter of 2020.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable levels of free cash flow.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Ameriprise Financial, Inc.	1.7%
	2.	Loews Corp.	1.7
	3.	Xcel Energy, Inc.	1.6
	4.	T. Rowe Price Group, Inc.	1.5
	5.	Zimmer Biomet Holdings, Inc.	1.5
	6.	M&T Bank Corp.	1.5
	7.	WEC Energy Group, Inc.	1.5
	8.	Fifth Third Bancorp	1.4
	9.	ITT, Inc.	1.4
	10.	Laboratory Corp. of America Holdings	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.0	%
Industrials	12.7
Real Estate	10.6
Consumer Discretionary	10.2
Information Technology	9.0
Utilities	7.9
Health Care	7.3
Materials	5.8
Consumer Staples	4.7
Communication Services	4.2
Energy	3.3
Short-Term Investments	2.3

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

***

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



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			17.82	%		(5.33	)%		6.23	%		9.23	%
Without Sales Charge			24.33			(0.07	)		7.39			9.82
CLASS C SHARES	April 30, 2001
With CDSC***			23.00			(1.57	)		6.85			9.37
Without CDSC			24.00			(0.57	)		6.85			9.37
CLASS I SHARES	October 31, 2001		24.48			0.17			7.67			10.10
CLASS L SHARES	November 13, 1997		24.64			0.41			7.92			10.36
CLASS R2 SHARES	November 3, 2008		24.20			(0.32	)		7.12			9.54
CLASS R3 SHARES	September 9, 2016		24.35			(0.06	)		7.39			9.82
CLASS R4 SHARES	September 9, 2016		24.52			0.17			7.66			10.09
CLASS R5 SHARES	September 9, 2016		24.63			0.34			7.84			10.32
CLASS R6 SHARES	September 9, 2016		24.68			0.43			7.93			10.37

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund and the Russell Midcap Value Index from December 31, 2010 to December 31, 2020. The performance

of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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



10	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		23.52%
Russell 3000 Value Index		23.56%

Net Assets as of 12/31/2020 (In Thousands)	$	9,258,584

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s underweight position in the industrials sector and its overweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the financials sector and its security selection in the information technology sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Walt Disney Co. and its overweight positions in AutoZone Inc. and Energizer Holdings Inc. Shares of Walt Disney, an entertainment conglomerate, rose amid increased consumer demand for its online streaming entertainment. Shares of AutoZone, an automotive parts retailer, underperformed the broader market after the company reported lower-than-expected sales for its fiscal first quarter. Shares of Energizer Holdings, a batteries and lighting manufacturer, fell after the company reported lower-than-expected earnings and cash flow for its fiscal fourth quarter.

Leading individual contributors to relative performance included the Fund’s underweight positions in Intel Corp. and AT&T Inc. and its overweight position in Capital One Financial Corp. Shares of Intel, a semiconductor manufacturer, fell after news reports that large technology companies would develop their own semiconductors rather than buy them from Intel and other sources. Shares of AT&T, a telecommunications and entertainment provider, fell amid investor concerns about the company’s planned auction of its DirectTV unit. Shares of Capital One Financial, a banking and financial services company, rose amid improvement in its credit card business during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.8	%
	2.	Berkshire Hathaway, Inc., Class B	2.5
	3.	Capital One Financial Corp.	2.1
	4.	Loews Corp.	2.1
	5.	AbbVie, Inc.	1.9
	6.	Verizon Communications, Inc.	1.8
	7.	Wells Fargo & Co.	1.8
	8.	Johnson & Johnson	1.7
	9.	Travelers Cos., Inc. (The)	1.7
	10.	Bristol-Myers Squibb Co.	1.7


PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.9	%
Health Care	11.5
Consumer Discretionary	8.2
Industrials	8.2
Real Estate	7.4
Communication Services	7.1
Energy	6.1
Consumer Staples	5.2
Information Technology	5.1
Utilities	4.5
Materials	4.2
Short-Term Investments	1.6

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

***

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



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Value Advantage Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS		6 MONTH^*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2005
With Sales Charge**				16.75	%		(7.17	)%		7.13	%		9.14	%
Without Sales Charge				23.23			(2.02	)		8.29			9.73
CLASS C SHARES		February 28, 2005
With CDSC***				21.96			(3.50	)		7.75			9.29
Without CDSC				22.96			(2.50	)		7.75			9.29
CLASS I SHARES		February 28, 2005		23.39			(1.77	)		8.55			10.00
CLASS L SHARES		February 28, 2005		23.52			(1.60	)		8.76			10.25
CLASS R2 SHARES		July 31, 2017		23.08			(2.26	)		8.02	��		9.45
CLASS R3 SHARES		September 9, 2016		23.24			(1.99	)		8.29			9.73
CLASS R4 SHARES		September 9, 2016		23.43			(1.76	)		8.56			10.01
CLASS R5 SHARES		September 9, 2016		23.52			(1.61	)		8.74			10.24
CLASS R6 SHARES		September 9, 2016		23.57			(1.52	)		8.83			10.28

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund and the Russell 3000

Value Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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



12	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


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

Automobiles — 4.5%

Tesla, Inc. *		829		584,859

Thor Industries, Inc.		689		64,043


				648,902


Banks — 0.9%

First Republic Bank		854		125,406


Biotechnology — 4.2%

Alnylam Pharmaceuticals, Inc. *		451		58,666

Amgen, Inc.		878		201,845

Exact Sciences Corp. *		958		126,881

Exelixis, Inc. *		3,562		71,491

Regeneron Pharmaceuticals, Inc. *		288		138,926


				597,809


Building Products — 1.9%

Fortune Brands Home & Security, Inc.		1,363		116,840

Trane Technologies plc		1,105		160,417


				277,257


Capital Markets — 3.3%

BlackRock, Inc.		163		117,416

Blackstone Group, Inc. (The), Class A		1,621		105,032

Charles Schwab Corp. (The)		2,823		149,755

S&P Global, Inc.		287		94,205


				466,408


Commercial Services & Supplies — 0.8%

Copart, Inc. *		879		111,805


Electrical Equipment — 1.8%

AMETEK, Inc.		890		107,659

Generac Holdings, Inc. *		683		155,303


				262,962


Electronic Equipment, Instruments & Components — 2.5%

Amphenol Corp., Class A		608		79,501

Keysight Technologies, Inc. *		997		131,671

Zebra Technologies Corp., Class A *		387		148,721


				359,893


Entertainment — 2.8%

Netflix, Inc. *		282		152,621

Spotify Technology SA *		342		107,597

Take-Two Interactive Software, Inc. *		657		136,509


				396,727


Health Care Equipment & Supplies — 2.3%

DexCom, Inc. *		317		117,352

Insulet Corp. *		227		57,965


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Equipment & Supplies — continued

Intuitive Surgical, Inc. *		190		155,818


				331,135


Health Care Providers & Services — 3.0%

McKesson Corp.		532		92,580

UnitedHealth Group, Inc.		963		337,718


				430,298


Health Care Technology — 0.6%

Teladoc Health, Inc. * (a)		396		79,194


Hotels, Restaurants & Leisure — 1.0%

Airbnb, Inc., Class A *		393		57,735

Las Vegas Sands Corp.		1,514		90,234


				147,969


Household Durables — 0.9%

Garmin Ltd. (a)		1,103		131,980


Insurance — 1.0%

Progressive Corp. (The)		1,403		138,728


Interactive Media & Services — 4.4%

Alphabet, Inc., Class C *		220		384,765

Facebook, Inc., Class A *		653		178,352

Zillow Group, Inc., Class C * (a)		519		67,401


				630,518


Internet & Direct Marketing Retail — 7.3%

Amazon.com, Inc. *		273		889,513

Booking Holdings, Inc. *		69		153,386


				1,042,899


IT Services — 8.0%

Booz Allen Hamilton Holding Corp.		1,488		129,681

Global Payments, Inc.		858		184,800

Mastercard, Inc., Class A		856		305,451

MongoDB, Inc. * (a)		290		104,151

PayPal Holdings, Inc. *		1,309		306,603

Snowflake, Inc., Class A * (a)		147		41,264

Twilio, Inc., Class A *		197		66,522


				1,138,472


Life Sciences Tools & Services — 2.0%

Mettler-Toledo International, Inc. *		118		134,755

Thermo Fisher Scientific, Inc.		312		145,374


				280,129


Machinery — 1.9%

Ingersoll Rand, Inc. *		2,423		110,376

Stanley Black & Decker, Inc.		870		155,371


				265,747

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Metals & Mining — 0.5%

Freeport-McMoRan, Inc.		2,835		73,757


Personal Products — 1.1%

Estee Lauder Cos., Inc. (The), Class A		564		150,135


Pharmaceuticals — 3.0%

Catalent, Inc. *		1,294		134,675

Horizon Therapeutics plc *		1,169		85,507

Jazz Pharmaceuticals plc * (a)		567		93,573

Royalty Pharma plc, Class A (a)		2,187		109,455


				423,210


Professional Services — 1.2%

FTI Consulting, Inc. *		754		84,252

IHS Markit Ltd.		1,037		93,159


				177,411


Road & Rail — 1.2%

Old Dominion Freight Line, Inc.		510		99,446

Uber Technologies, Inc. *		1,373		70,017


				169,463


Semiconductors & Semiconductor Equipment — 11.1%

Advanced Micro Devices, Inc. *		2,401		220,157

Enphase Energy, Inc. *		941		165,162

Entegris, Inc.		1,372		131,850

Lam Research Corp.		393		185,399

Microchip Technology, Inc.		722		99,647

NVIDIA Corp.		562		293,390

QUALCOMM, Inc.		1,872		285,157

SolarEdge Technologies, Inc. * (a)		406		129,479

Teradyne, Inc.		665		79,725


				1,589,966


Software — 12.7%

Cadence Design Systems, Inc. *		682		92,996

Crowdstrike Holdings, Inc., Class A *		652		138,095

Five9, Inc. *		377		65,814

HubSpot, Inc. *		221		87,479

Microsoft Corp.		4,030		896,290

ServiceNow, Inc. *		243		133,567

Synopsys, Inc. *		465		120,598

Trade Desk, Inc. (The), Class A *		242		193,830

Zscaler, Inc. *		462		92,350


				1,821,019


Specialty Retail — 4.2%

CarMax, Inc. * (a)		929		87,776

Home Depot, Inc. (The)		814		216,316


INVESTMENTS	SHARES (000)		VALUE ($000)


Specialty Retail — continued

National Vision Holdings, Inc. *		1,128		51,073

O’Reilly Automotive, Inc. *		217		98,421

Tractor Supply Co.		1,039		146,004


				599,590


Technology Hardware, Storage & Peripherals — 7.1%

Apple, Inc.		7,609		1,009,628


Textiles, Apparel & Luxury Goods — 1.4%

NIKE, Inc., Class B		1,451		205,333


Total Common Stocks (Cost $6,598,078)				14,083,750

Short-Term Investments — 3.1%

Investment Companies — 1.6%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $226,755)		226,661		226,774


Investment of Cash Collateral from Securities Loaned — 1.5%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		109,703		109,714

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		109,310		109,310


Total Investment of Cash Collateral from Securities Loaned (Cost $219,024)				219,024


Total Short-Term Investments (Cost $445,779)				445,798

Total Investments — 101.7% (Cost $7,043,857)				14,529,548
Liabilities in Excess of Other Assets — (1.7)%				(243,412	)

NET ASSETS — 100.0%				14,286,136

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $210,429,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%

Aerospace & Defense — 0.3%

HEICO Corp., Class A		60		7,062


Airlines — 0.3%

Southwest Airlines Co.		144		6,711


Auto Components — 0.2%

BorgWarner, Inc. (a)		102		3,946


Automobiles — 0.2%

Thor Industries, Inc.		43		4,017


Banks — 4.6%

Citizens Financial Group, Inc.		346		12,363

Fifth Third Bancorp		528		14,569

First Republic Bank		108		15,886

Huntington Bancshares, Inc.		689		8,703

M&T Bank Corp.		117		14,887

Regions Financial Corp.		694		11,189

TCF Financial Corp.		222		8,224

Zions Bancorp NA		156		6,781


				92,602


Beverages — 1.1%

Constellation Brands, Inc., Class A		76		16,618

Keurig Dr Pepper, Inc. (a)		171		5,463


				22,081


Biotechnology — 2.5%

Agios Pharmaceuticals, Inc. * (a)		89		3,867

Alnylam Pharmaceuticals, Inc. *		56		7,308

Exact Sciences Corp. *		93		12,385

Exelixis, Inc. *		301		6,049

Intercept Pharmaceuticals, Inc. *(a)		22		542

Ionis Pharmaceuticals, Inc. *		62		3,483

Neurocrine Biosciences, Inc. *		53		5,090

Sarepta Therapeutics, Inc. *		27		4,518

Seagen, Inc. *		44		7,706


				50,948


Building Products — 1.9%

Fortune Brands Home & Security, Inc.		224		19,220

Trane Technologies plc		76		11,092

Trex Co., Inc. * (a)		95		7,953


				38,265


Capital Markets — 5.1%

Ameriprise Financial, Inc.		91		17,699

Blackstone Group, Inc. (The), Class A		86		5,554

Charles Schwab Corp. (The)		190		10,072

Evercore, Inc., Class A		53		5,778


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

MarketAxess Holdings, Inc.		16		9,129

MSCI, Inc.		22		9,941

Northern Trust Corp.		123		11,422

Raymond James Financial, Inc.		141		13,445

S&P Global, Inc.		14		4,580

T. Rowe Price Group, Inc.		102		15,476


				103,096


Chemicals — 0.9%

Celanese Corp.		59		7,726

Sherwin-Williams Co. (The)		15		10,981


				18,707


Commercial Services & Supplies — 0.7%

Copart, Inc. *		107		13,665


Communications Equipment — 0.8%

CommScope Holding Co., Inc. *		272		3,644

Motorola Solutions, Inc.		77		13,127


				16,771


Construction Materials — 0.6%

Martin Marietta Materials, Inc.		43		12,269


Consumer Finance — 0.4%

Discover Financial Services		101		9,098


Containers & Packaging — 1.8%

Ball Corp.		195		18,130

Packaging Corp. of America		55		7,636

Pactiv Evergreen, Inc. *		128		2,326

Silgan Holdings, Inc.		243		9,009


				37,101


Distributors — 0.4%

Genuine Parts Co.		62		6,244

LKQ Corp. *		69		2,418


				8,662


Diversified Financial Services — 0.1%

Voya Financial, Inc.		40		2,349


Electric Utilities — 2.0%

Edison International		188		11,810

Entergy Corp.		126		12,585

Xcel Energy, Inc.		239		15,902


				40,297


Electrical Equipment — 2.8%

Acuity Brands, Inc. (a)		76		9,262

AMETEK, Inc.		181		21,921

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Electrical Equipment — continued

Generac Holdings, Inc. *		57		12,958

Hubbell, Inc.		75		11,763


				55,904


Electronic Equipment, Instruments & Components — 4.0%

Amphenol Corp., Class A		185		24,242

CDW Corp.		73		9,651

Keysight Technologies, Inc. *		152		20,025

Littelfuse, Inc.		20		4,991

SYNNEX Corp.		99		8,022

Zebra Technologies Corp., Class A *		36		13,964


				80,895


Entertainment — 2.3%

Roku, Inc. *		44		14,476

Spotify Technology SA *		55		17,349

Take-Two Interactive Software, Inc. *		69		14,271


				46,096


Equity Real Estate Investment Trusts (REITs) — 4.5%

American Campus Communities, Inc.		87		3,708

American Homes 4 Rent, Class A		267		8,017

AvalonBay Communities, Inc.		66		10,509

Boston Properties, Inc.		98		9,219

Brixmor Property Group, Inc.		307		5,081

Essex Property Trust, Inc.		22		5,128

Federal Realty Investment Trust		55		4,699

Host Hotels & Resorts, Inc.		135		1,972

JBG SMITH Properties		123		3,857

Kimco Realty Corp.		368		5,530

Outfront Media, Inc.		152		2,972

Rayonier, Inc.		274		8,050

Regency Centers Corp.		85		3,885

Ventas, Inc.		86		4,194

Weyerhaeuser Co.		277		9,300

WP Carey, Inc.		68		4,780


				90,901


Food & Staples Retailing — 0.7%

Kroger Co. (The)		267		8,482

US Foods Holding Corp. *		167		5,563


				14,045


Food Products — 0.5%

Post Holdings, Inc. *		92		9,286


Gas Utilities — 0.5%

National Fuel Gas Co.		243		9,979


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Equipment & Supplies — 2.5%

Cooper Cos., Inc. (The)		19		6,849

DexCom, Inc. *		19		7,047

Insulet Corp. *		38		9,722

ResMed, Inc.		60		12,698

Zimmer Biomet Holdings, Inc.		99		15,273


				51,589


Health Care Providers & Services — 4.9%

Acadia Healthcare Co., Inc. *		82		4,107

Amedisys, Inc. *		30		8,859

AmerisourceBergen Corp.		103		10,100

Centene Corp. *		103		6,153

Cigna Corp.		87		18,203

Henry Schein, Inc. * (a)		111		7,430

Humana, Inc.		10		4,023

Laboratory Corp. of America Holdings *		68		13,897

McKesson Corp.		77		13,322

Universal Health Services, Inc., Class B		91		12,533


				98,627


Health Care Technology — 1.1%

Teladoc Health, Inc. * (a)		55		10,986

Veeva Systems, Inc., Class A *		41		11,128


				22,114


Hotels, Restaurants & Leisure — 1.3%

Airbnb, Inc., Class A *		28		4,041

Chipotle Mexican Grill, Inc. *		9		12,679

Darden Restaurants, Inc. (a)		34		4,105

Las Vegas Sands Corp.		100		5,936


				26,761


Household Durables — 2.2%

Garmin Ltd.		67		8,042

Helen of Troy Ltd. *		42		9,265

Mohawk Industries, Inc. *		81		11,369

Newell Brands, Inc.		505		10,721

NVR, Inc. *		1		4,239


				43,636


Household Products — 0.3%

Energizer Holdings, Inc.		167		7,050


Industrial Conglomerates — 1.0%

Carlisle Cos., Inc.		128		19,977


Insurance — 3.8%

Alleghany Corp.		11		6,522

Hartford Financial Services Group, Inc. (The)		245		12,008

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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

Insurance — continued

Lincoln National Corp.		135		6,805

Loews Corp.		395		17,785

Marsh & McLennan Cos., Inc.		70		8,247

Progressive Corp. (The)		147		14,528

Selectquote, Inc. * (a)		144		2,982

WR Berkley Corp.		109		7,271


				76,148


Interactive Media & Services — 1.8%

InterActiveCorp. *		33		6,268

Match Group, Inc. *		105		15,886

Pinterest, Inc., Class A *		129		8,521

Zillow Group, Inc., Class C *		50		6,464


				37,139


Internet & Direct Marketing Retail — 1.0%

Booking Holdings, Inc. *		3		7,127

Chewy, Inc., Class A * (a)		89		7,973

Expedia Group, Inc.		41		5,469


				20,569


IT Services — 4.0%

Booz Allen Hamilton Holding Corp.		134		11,678

Concentrix Corp. *		55		5,450

Global Payments, Inc.		54		11,698

Jack Henry & Associates, Inc.		22		3,509

Leidos Holdings, Inc.		44		4,643

MongoDB, Inc. *		29		10,233

Okta, Inc. * (a)		45		11,446

Snowflake, Inc., Class A * (a)		10		2,673

Square, Inc., Class A *		29		6,224

Twilio, Inc., Class A *		38		12,795


				80,349


Leisure Products — 0.2%

Brunswick Corp.		63		4,818


Life Sciences Tools & Services — 0.9%

Maravai LifeSciences Holdings, Inc., Class A * (a)		226		6,340

Mettler-Toledo International, Inc. *		10		11,169


				17,509


Machinery — 4.3%

IDEX Corp.		57		11,328

Ingersoll Rand, Inc. *		174		7,915

ITT, Inc.		283		21,791

Lincoln Electric Holdings, Inc.		106		12,364

Middleby Corp. (The) *		93		11,982


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — continued

Snap-on, Inc.		56		9,619

Stanley Black & Decker, Inc.		51		9,095

Timken Co. (The)		27		2,110


				86,204


Media — 1.8%

Discovery, Inc., Class C *		435		11,390

Liberty Broadband Corp., Class C *		73		11,485

Liberty Media Corp.-Liberty SiriusXM, Class C *		316		13,735


				36,610


Metals & Mining — 0.3%

Freeport-McMoRan, Inc.		196		5,100


Multiline Retail — 0.5%

Kohl’s Corp.		146		5,956

Nordstrom, Inc. (a)		119		3,724


				9,680


Multi-Utilities — 1.5%

CMS Energy Corp.		207		12,650

Sempra Energy		28		3,597

WEC Energy Group, Inc.		158		14,534


				30,781


Oil, Gas & Consumable Fuels — 1.8%

Cabot Oil & Gas Corp. (a)		370		6,025

Diamondback Energy, Inc.		313		15,140

EQT Corp.		322		4,093

Equitrans Midstream Corp.		390		3,136

Williams Cos., Inc. (The)		404		8,094


				36,488


Pharmaceuticals — 1.7%

Catalent, Inc. *		88		9,133

Horizon Therapeutics plc *		158		11,536

Jazz Pharmaceuticals plc *		44		7,294

Royalty Pharma plc, Class A		146		7,312


				35,275


Professional Services — 1.9%

CoStar Group, Inc. *		10		9,424

Equifax, Inc.		67		12,863

FTI Consulting, Inc. *		47		5,301

IHS Markit Ltd.		122		10,982


				38,570


Real Estate Management & Development — 0.8%

CBRE Group, Inc., Class A *		206		12,914

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Real Estate Management & Development — continued

Cushman & Wakefield plc * (a)		210		3,120


				16,034


Road & Rail — 0.8%

Lyft, Inc., Class A *		127		6,216

Old Dominion Freight Line, Inc.		52		10,151


				16,367


Semiconductors & Semiconductor Equipment — 5.4%

Advanced Micro Devices, Inc. *		105		9,672

Analog Devices, Inc.		77		11,361

Cree, Inc. *		36		3,759

Enphase Energy, Inc. *		96		16,810

Entegris, Inc.		122		11,714

Lam Research Corp.		20		9,564

Microchip Technology, Inc.		83		11,507

SolarEdge Technologies, Inc. * (a)		39		12,478

Teradyne, Inc.		100		11,989

Xilinx, Inc.		77		10,945


				109,799


Software — 7.5%

Cadence Design Systems, Inc. *		100		13,697

Coupa Software, Inc. *		25		8,473

Crowdstrike Holdings, Inc., Class A *		73		15,382

DocuSign, Inc. *		49		10,804

Five9, Inc. *		52		9,138

HubSpot, Inc. *		31		12,250

RingCentral, Inc., Class A *		40		15,080

Splunk, Inc. * (a)		67		11,369

Synopsys, Inc. *		101		26,122

Trade Desk, Inc. (The), Class A *		25		20,101

Zscaler, Inc. *		47		9,438


				151,854


Specialty Retail — 4.5%

AutoZone, Inc. *		12		13,655

Best Buy Co., Inc.		124		12,328

Burlington Stores, Inc. *		37		9,797

CarMax, Inc. * (a)		64		6,017

Gap, Inc. (The)		370		7,470

National Vision Holdings, Inc. *		127		5,730

O’Reilly Automotive, Inc. *		38		17,242

Tractor Supply Co.		81		11,414

Ulta Beauty, Inc. *		30		8,615


				92,268


INVESTMENTS	SHARES (000)		VALUE ($000)


Textiles, Apparel & Luxury Goods — 1.2%

Carter’s, Inc. (a)		71		6,716

Lululemon Athletica, Inc. *		25		8,571

Ralph Lauren Corp.		96		9,930


				25,217


Total Common Stocks (Cost $1,139,918)				1,991,286

Short-Term Investments — 4.0%

Investment Companies — 1.7%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $34,415)		34,404		34,422


Investment of Cash Collateral from Securities Loaned — 2.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		33,990		33,993

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		12,355		12,355


Total Investment of Cash Collateral from Securities Loaned (Cost $46,348)				46,348


Total Short-Term Investments (Cost $80,763)				80,770

Total Investments — 102.2% (Cost $1,220,681)				2,072,056
Liabilities in Excess of Other Assets — (2.2)%				(44,849	)

NET ASSETS — 100.0%				2,027,207

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $44,647,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%

Aerospace & Defense — 0.7%

HEICO Corp., Class A		460		53,869


Automobiles — 0.4%

Thor Industries, Inc. (a)		330		30,656


Banks — 0.8%

First Republic Bank		436		64,047


Beverages — 0.6%

Constellation Brands, Inc., Class A		201		44,117


Biotechnology — 5.0%

Agios Pharmaceuticals, Inc. *		682		29,547

Alnylam Pharmaceuticals, Inc. *		429		55,718

Exact Sciences Corp. *		713		94,452

Exelixis, Inc. *		2,300		46,165

Intercept Pharmaceuticals, Inc. * (a)		170		4,208

Ionis Pharmaceuticals, Inc. *		459		25,974

Neurocrine Biosciences, Inc. * (a)		405		38,858

Sarepta Therapeutics, Inc. * (a)		202		34,490

Seagen, Inc. *		336		58,865


				388,277


Building Products — 2.7%

Fortune Brands Home & Security, Inc.		774		66,356

Trane Technologies plc		583		84,672

Trex Co., Inc. * (a)		725		60,671


				211,699


Capital Markets — 4.4%

Blackstone Group, Inc. (The), Class A		654		42,379

Charles Schwab Corp. (The)		1,449		76,855

Evercore, Inc., Class A		403		44,141

MarketAxess Holdings, Inc.		122		69,494

MSCI, Inc.		170		75,821

S&P Global, Inc.		107		35,020


				343,710


Commercial Services & Supplies — 1.3%

Copart, Inc. *		819		104,230


Containers & Packaging — 1.0%

Ball Corp.		821		76,459


Electrical Equipment — 2.1%

AMETEK, Inc.		557		67,303

Generac Holdings, Inc. *		435		98,901


				166,204


Electronic Equipment, Instruments & Components — 4.0%

Amphenol Corp., Class A		651		85,071


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — continued

Keysight Technologies, Inc. *		638		84,207

Littelfuse, Inc.		149		38,021

Zebra Technologies Corp., Class A *		277		106,382


				313,681
			��

Entertainment — 4.5%

Roku, Inc. *		332		110,330

Spotify Technology SA *		421		132,315

Take-Two Interactive Software, Inc. *		524		108,840


				351,485


Health Care Equipment & Supplies — 3.6%

Cooper Cos., Inc. (The)		144		52,391

DexCom, Inc. *		146		53,868

Insulet Corp. *		290		74,235

ResMed, Inc.		456		96,906


				277,400


Health Care Providers & Services — 4.0%

Acadia Healthcare Co., Inc. *		624		31,359

Amedisys, Inc. *		230		67,525

Centene Corp. *		782		46,950

Cigna Corp.		308		64,078

McKesson Corp.		585		101,656


				311,568


Health Care Technology — 2.2%

Teladoc Health, Inc. * (a)		419		83,828

Veeva Systems, Inc., Class A *		312		84,929


				168,757


Hotels, Restaurants & Leisure — 2.2%

Airbnb, Inc., Class A *		211		30,909

Chipotle Mexican Grill, Inc. *		70		96,653

Las Vegas Sands Corp.		760		45,296


				172,858


Household Durables — 2.1%

Garmin Ltd.		513		61,330

Helen of Troy Ltd. *		318		70,701

NVR, Inc. *		8		31,007


				163,038


Industrial Conglomerates — 0.6%

Carlisle Cos., Inc.		311		48,510


Insurance — 0.9%

Progressive Corp. (The)		454		44,921

Selectquote, Inc. * (a)		1,098		22,773


				67,694

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Interactive Media & Services — 3.0%

Match Group, Inc. *		802		121,235

Pinterest, Inc., Class A *		987		65,023

Zillow Group, Inc., Class C * (a)		380		49,350


				235,608


Internet & Direct Marketing Retail — 1.5%

Booking Holdings, Inc. *		25		54,791

Chewy, Inc., Class A * (a)		677		60,864


				115,655


IT Services — 6.5%

Booz Allen Hamilton Holding Corp.		1,022		89,089

Global Payments, Inc.		414		89,249

MongoDB, Inc. *		217		77,948

Okta, Inc. *		344		87,338

Snowflake, Inc., Class A * (a)		73		20,401

Square, Inc., Class A * (a)		218		47,446

Twilio, Inc., Class A *		289		97,691


				509,162


Leisure Products — 0.5%

Brunswick Corp.		482		36,763


Life Sciences Tools & Services — 1.7%

Maravai LifeSciences Holdings, Inc., Class A * (a)		1,725		48,388

Mettler-Toledo International, Inc. *		75		85,476


				133,864


Machinery — 2.4%

Ingersoll Rand, Inc. *		1,325		60,386

ITT, Inc.		756		58,258

Stanley Black & Decker, Inc.		388		69,353


				187,997


Metals & Mining — 0.5%

Freeport-McMoRan, Inc.		1,496		38,926


Pharmaceuticals — 3.5%

Catalent, Inc. *		670		69,685

Horizon Therapeutics plc *		1,203		87,985

Jazz Pharmaceuticals plc *		337		55,666

Royalty Pharma plc, Class A		1,115		55,791


				269,127


Professional Services — 3.8%

CoStar Group, Inc. *		78		71,909

Equifax, Inc.		509		98,059

FTI Consulting, Inc. * (a)		363		40,510

IHS Markit Ltd.		933		83,766


				294,244


INVESTMENTS	SHARES (000)		VALUE ($000)


Road & Rail — 1.6%

Lyft, Inc., Class A *		966		47,450

Old Dominion Freight Line, Inc.		397		77,398


				124,848


Semiconductors & Semiconductor Equipment — 9.6%

Advanced Micro Devices, Inc. *		805		73,799

Cree, Inc. *		271		28,688

Enphase Energy, Inc. *		731		128,198

Entegris, Inc.		930		89,383

Lam Research Corp.		155		73,008

Microchip Technology, Inc.		635		87,755

SolarEdge Technologies, Inc. *		298		95,130

Teradyne, Inc.		763		91,500

Xilinx, Inc.		589		83,446


				750,907


Software — 13.9%

Cadence Design Systems, Inc. *		766		104,533

Coupa Software, Inc. *		191		64,596

Crowdstrike Holdings, Inc., Class A *		554		117,327

DocuSign, Inc. *		371		82,407

Five9, Inc. *		386		67,231

HubSpot, Inc. *		235		93,322

RingCentral, Inc., Class A * (a)		304		115,093

Splunk, Inc. *		510		86,718

Synopsys, Inc. *		492		127,572

Trade Desk, Inc. (The), Class A *		191		153,312

Zscaler, Inc. *		361		72,075


				1,084,186


Specialty Retail — 5.8%

Burlington Stores, Inc. *		286		74,673

CarMax, Inc. * (a)		486		45,889

National Vision Holdings, Inc. *		965		43,723

O’Reilly Automotive, Inc. *		291		131,472

Tractor Supply Co.		620		87,117

Ulta Beauty, Inc. *		229		65,788


				448,662


Textiles, Apparel & Luxury Goods — 0.8%

Lululemon Athletica, Inc. *		188		65,430


Total Common Stocks (Cost $4,536,492)				7,653,638

Short-Term Investments — 4.2%

Investment Companies — 2.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $157,436)		157,374		157,453

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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

Investment of Cash Collateral from Securities Loaned — 2.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		148,996		149,011

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		19,677		19,677


Total Investment of Cash Collateral from Securities Loaned (Cost $168,688)				168,688


Total Short-Term Investments (Cost $326,124)				326,141

Total Investments — 102.4% (Cost $4,862,616)				7,979,779
Liabilities in Excess of Other Assets — (2.4)%				(184,615	)

NET ASSETS — 100.0%				7,795,164

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $160,963,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


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

Airlines — 0.7%

Southwest Airlines Co.		2,090		97,398


Auto Components — 0.4%

BorgWarner, Inc.		1,462		56,510


Banks — 8.5%

Citizens Financial Group, Inc.		5,151		184,194

Fifth Third Bancorp		7,716		212,719

First Republic Bank		745		109,479

Huntington Bancshares, Inc.		10,265		129,653

M&T Bank Corp.		1,698		216,188

Regions Financial Corp.		10,341		166,697

TCF Financial Corp.		3,310		122,520

Zions Bancorp NA		2,325		101,014


				1,242,464


Beverages — 1.7%

Constellation Brands, Inc., Class A		737		161,419

Keurig Dr Pepper, Inc. (a)		2,543		81,380


				242,799


Building Products — 1.1%

Fortune Brands Home & Security, Inc.		1,828		156,721


Capital Markets — 5.8%

Ameriprise Financial, Inc.		1,330		258,407

Northern Trust Corp.		1,827		170,176

Raymond James Financial, Inc.		2,094		200,310

T. Rowe Price Group, Inc.		1,485		224,754


				853,647


Chemicals — 1.9%

Celanese Corp.		881		114,444

Sherwin-Williams Co. (The)		217		159,428


				273,872


Communications Equipment — 1.7%

CommScope Holding Co., Inc. *		4,050		54,267

Motorola Solutions, Inc.		1,124		191,141


				245,408


Construction Materials — 1.3%

Martin Marietta Materials, Inc.		644		182,801


Consumer Finance — 0.9%

Discover Financial Services		1,497		135,540


Containers & Packaging — 2.7%

Ball Corp.		1,266		117,930

Packaging Corp. of America		811		111,798

Pactiv Evergreen, Inc. *		1,859		33,728


INVESTMENTS	SHARES (000)		VALUE ($000)


Containers & Packaging — continued

Silgan Holdings, Inc.		3,620		134,212


				397,668


Distributors — 0.9%

Genuine Parts Co.		890		89,371

LKQ Corp. *		1,003		35,359


				124,730


Diversified Financial Services — 0.2%

Voya Financial, Inc. (a)		592		34,826


Electric Utilities — 3.8%

Edison International		2,144		134,703

Entergy Corp.		1,869		186,566

Xcel Energy, Inc.		3,554		236,941


				558,210


Electrical Equipment — 3.4%

Acuity Brands, Inc. (a)		1,140		137,989

AMETEK, Inc.		1,613		195,109

Hubbell, Inc.		1,089		170,754


				503,852
			��

Electronic Equipment, Instruments & Components — 4.0%

Amphenol Corp., Class A		1,446		189,151

CDW Corp.		1,067		140,608

Keysight Technologies, Inc. *		1,014		133,925

SYNNEX Corp.		1,421		115,726


				579,410


Equity Real Estate Investment Trusts (REITs) — 9.0%

American Campus Communities, Inc.		1,277		54,624

American Homes 4 Rent, Class A		3,852		115,570

AvalonBay Communities, Inc. (a)		944		151,505

Boston Properties, Inc.		1,401		132,421

Brixmor Property Group, Inc.		4,424		73,225

Essex Property Trust, Inc.		311		73,922

Federal Realty Investment Trust		797		67,879

Host Hotels & Resorts, Inc.		1,942		28,411

JBG SMITH Properties		1,777		55,580

Kimco Realty Corp.		5,310		79,710

Outfront Media, Inc.		2,189		42,815

Rayonier, Inc.		4,082		119,923

Regency Centers Corp.		1,224		55,787

Ventas, Inc.		1,274		62,465

Weyerhaeuser Co.		4,132		138,556

WP Carey, Inc.		1,009		71,196


				1,323,589

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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

Food & Staples Retailing — 1.4%

Kroger Co. (The)		3,979		126,359

US Foods Holding Corp. *		2,488		82,859


				209,218


Food Products — 0.9%

Post Holdings, Inc. *		1,370		138,342


Gas Utilities — 1.0%

National Fuel Gas Co. (a)		3,542		145,678


Health Care Equipment & Supplies — 1.5%

Zimmer Biomet Holdings, Inc.		1,439		221,799


Health Care Providers & Services — 5.9%

AmerisourceBergen Corp.		1,539		150,464

Cigna Corp.		702		146,207

Henry Schein, Inc. * (a)		1,656		110,689

Humana, Inc. (a)		146		59,902

Laboratory Corp. of America Holdings *		1,017		207,052

Universal Health Services, Inc., Class B		1,358		186,724


				861,038


Hotels, Restaurants & Leisure — 0.4%

Darden Restaurants, Inc. (a)		500		59,591


Household Durables — 2.2%

Mohawk Industries, Inc. *		1,202		169,368

Newell Brands, Inc.		7,523		159,720


				329,088


Household Products — 0.7%

Energizer Holdings, Inc. (a)		2,490		105,024


Industrial Conglomerates — 1.4%

Carlisle Cos., Inc.		1,293		201,888


Insurance — 6.8%

Alleghany Corp.		161		97,184

Hartford Financial Services Group, Inc. (The)		3,653		178,912

Lincoln National Corp.		2,010		101,114

Loews Corp.		5,737		258,296

Marsh & McLennan Cos., Inc.		1,029		120,392

Progressive Corp. (The)		1,275		126,110

WR Berkley Corp.		1,631		108,316


				990,324


Interactive Media & Services — 0.6%

InterActiveCorp. *		491		92,953


Internet & Direct Marketing Retail — 0.5%

Expedia Group, Inc.		600		79,400


INVESTMENTS	SHARES (000)		VALUE ($000)


IT Services — 1.3%

Concentrix Corp. *		804		79,370

Jack Henry & Associates, Inc.		316		51,139

Leidos Holdings, Inc.		629		66,111


				196,620


Machinery — 6.2%

IDEX Corp.		847		168,768

ITT, Inc.		2,739		210,956

Lincoln Electric Holdings, Inc.		1,585		184,214

Middleby Corp. (The) *		1,352		174,269

Snap-on, Inc.		833		142,595

Timken Co. (The)		399		30,859


				911,661


Media — 3.7%

Discovery, Inc., Class C *		6,221		162,924

Liberty Broadband Corp., Class C *		1,060		167,913

Liberty Media Corp.-Liberty SiriusXM, Class C *		4,703		204,645


				535,482


Multiline Retail — 0.8%

Kohl’s Corp.		2,180		88,706

Nordstrom, Inc. (a)		1,056		32,966


				121,672


Multi-Utilities — 3.1%

CMS Energy Corp.		3,089		188,473

Sempra Energy		425		54,168

WEC Energy Group, Inc.		2,338		215,145


				457,786


Oil, Gas & Consumable Fuels — 3.4%

Cabot Oil & Gas Corp.		5,479		89,196

Diamondback Energy, Inc.		4,107		198,782

EQT Corp.		4,766		60,571

Equitrans Midstream Corp.		2,521		20,265

Williams Cos., Inc. (The)		6,088		122,061


				490,875


Real Estate Management & Development — 1.6%

CBRE Group, Inc., Class A *		3,034		190,307

Cushman & Wakefield plc * (a)		3,132		46,454


				236,761


Semiconductors & Semiconductor Equipment — 1.2%

Analog Devices, Inc.		1,159		171,260


Software — 0.9%

Synopsys, Inc. *		535		138,746

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Specialty Retail — 3.4%

AutoZone, Inc. *		172		203,507

Best Buy Co., Inc. (a)		1,841		183,673

Gap, Inc. (The)		5,371		108,450


				495,630


Textiles, Apparel & Luxury Goods — 1.7%

Carter’s, Inc.		1,036		97,498

Ralph Lauren Corp.		1,426		147,930


				245,428


Total Common Stocks (Cost $8,806,964)				14,445,709

Short-Term Investments — 2.3%

Investment Companies — 1.4%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $208,107)		207,983		208,086


Investment of Cash Collateral from Securities Loaned — 0.9%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		73,531		73,538

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		54,806		54,806


Total Investment of Cash Collateral from Securities Loaned (Cost $128,344)				128,344


Total Short-Term Investments (Cost $336,451)				336,430

Total Investments — 100.9% (Cost $9,143,415)				14,782,139
Liabilities in Excess of Other Assets — (0.9)%				(133,353	)

NET ASSETS — 100.0%				14,648,786

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $125,755,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%

Aerospace & Defense — 2.3%

General Dynamics Corp.		459		68,353

Northrop Grumman Corp.		132		40,223

Raytheon Technologies Corp.		1,501		107,341


				215,917


Banks — 13.2%

Bank of America Corp.		11,591		351,327

Citigroup, Inc.		1,558		96,074

Citizens Financial Group, Inc.		3,082		110,195

Fifth Third Bancorp		838		23,108

First Republic Bank		143		20,991

M&T Bank Corp.		879		111,937

PNC Financial Services Group, Inc. (The)		915		136,406

Truist Financial Corp.		2,415		115,738

US Bancorp		1,837		85,577

Wells Fargo & Co.		5,577		168,312


				1,219,665


Beverages — 0.8%

Constellation Brands, Inc., Class A		90		19,670

Keurig Dr Pepper, Inc.		1,626		52,025


				71,695


Biotechnology — 2.5%

AbbVie, Inc.		1,611		172,660

Amgen, Inc.		120		27,590

Biogen, Inc. *		120		29,408


				229,658


Building Products — 0.3%

Trane Technologies plc		186		26,942


Capital Markets — 4.3%

Charles Schwab Corp. (The)		2,370		125,705

Invesco Ltd.		1,808		31,515

Morgan Stanley		1,675		114,810

Northern Trust Corp.		695		64,709

T. Rowe Price Group, Inc.		432		65,406


				402,145


Communications Equipment — 1.5%

Cisco Systems, Inc.		1,459		65,272

CommScope Holding Co., Inc. *		5,173		69,317


				134,589


Construction Materials — 1.2%

Martin Marietta Materials, Inc.		404		114,661


INVESTMENTS	SHARES (000)		VALUE ($000)


Consumer Finance — 3.1%

American Express Co.		714		86,354

Capital One Financial Corp.		1,994		197,086


				283,440


Containers & Packaging — 3.0%

Ball Corp.		571		53,231

Graphic Packaging Holding Co.		4,327		73,295

Packaging Corp. of America		611		84,304

WestRock Co.		1,508		65,664


				276,494


Diversified Financial Services — 2.5%

Berkshire Hathaway, Inc., Class B *		984		228,183


Diversified Telecommunication Services — 1.9%

Verizon Communications, Inc.		2,927		171,954


Electric Utilities — 4.5%

American Electric Power Co., Inc.		1,277		106,370

Edison International		780		49,006

Entergy Corp. (a)		451		45,068

NextEra Energy, Inc.		1,551		119,673

Xcel Energy, Inc.		1,475		98,362


				418,479


Electronic Equipment, Instruments & Components — 0.6%

Arrow Electronics, Inc. *		594		57,759


Equity Real Estate Investment Trusts (REITs) — 6.5%

American Homes 4 Rent, Class A		2,169		65,084

Brixmor Property Group, Inc.		3,549		58,743

EastGroup Properties, Inc.		293		40,423

Federal Realty Investment Trust (a)		535		45,565

Kimco Realty Corp.		4,045		60,716

Lamar Advertising Co., Class A		176		14,638

Mid-America Apartment Communities, Inc.		621		78,630

Outfront Media, Inc.		1,248		24,402

Public Storage		385		88,885

Rayonier, Inc. (a)		2,331		68,497

Weyerhaeuser Co.		1,742		58,403


				603,986


Food & Staples Retailing — 0.6%

Sysco Corp.		686		50,928


Food Products — 1.5%

Kraft Heinz Co. (The)		1,368		47,415

Post Holdings, Inc. *		917		92,632


				140,047

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Health Care Equipment & Supplies — 1.0%

Medtronic plc		808		94,681


Health Care Providers & Services — 2.9%

AmerisourceBergen Corp.		600		58,676

Cigna Corp.		150		31,185

CVS Health Corp.		649		44,340

HCA Healthcare, Inc.		259		42,585

UnitedHealth Group, Inc.		273		95,608


				272,394


Hotels, Restaurants & Leisure — 0.5%

Las Vegas Sands Corp.		839		50,010


Household Durables — 1.5%

Mohawk Industries, Inc. *		571		80,440

Newell Brands, Inc. (a)		2,944		62,510


				142,950


Household Products — 2.1%

Energizer Holdings, Inc. (a)		1,647		69,469

Procter & Gamble Co. (The)		869		120,876


				190,345


Industrial Conglomerates — 2.0%

Carlisle Cos., Inc.		391		61,115

Honeywell International, Inc.		591		125,689


				186,804


Insurance — 8.0%

Alleghany Corp.		93		56,443

American International Group, Inc.		1,309		49,540

Chubb Ltd.		560		86,248

CNA Financial Corp.		656		25,554

Fairfax Financial Holdings Ltd. (Canada)		159		54,354

Hartford Financial Services Group, Inc. (The)		1,461		71,564

Loews Corp.		4,344		195,581

Marsh & McLennan Cos., Inc.		326		38,193

Travelers Cos., Inc. (The)		1,146		160,832


				738,309


Interactive Media & Services — 0.8%

Alphabet, Inc., Class C *		42		74,280


Internet & Direct Marketing Retail — 0.5%

Booking Holdings, Inc. *		22		49,668


Machinery — 3.5%

Dover Corp.		993		125,355

Illinois Tool Works, Inc.		195		39,711

ITT, Inc.		830		63,888


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — continued

Middleby Corp. (The) *		305		39,333

Otis Worldwide Corp.		351		23,743

Stanley Black & Decker, Inc.		198		35,319


				327,349


Media — 3.7%

Charter Communications, Inc., Class A *		107		70,844

Discovery, Inc., Class C *		2,269		59,414

DISH Network Corp., Class A *		2,038		65,900

Liberty Media Corp.-Liberty SiriusXM, Class C *		1,065		46,321

Nexstar Media Group, Inc., Class A		727		79,386

ViacomCBS, Inc. (a)		498		18,540


				340,405


Multiline Retail — 0.7%

Kohl’s Corp.		937		38,123

Nordstrom, Inc. (a)		753		23,511


				61,634


Oil, Gas & Consumable Fuels — 6.2%

Cabot Oil & Gas Corp.		1,766		28,742

Chevron Corp.		537		45,333

ConocoPhillips		2,704		108,147

Diamondback Energy, Inc.		599		28,996

EQT Corp.		2,281		28,995

Equitrans Midstream Corp.		4,958		39,861

Kinder Morgan, Inc.		5,657		77,338

Marathon Petroleum Corp.		1,928		79,743

Phillips 66		1,080		75,555

Williams Cos., Inc. (The)		2,912		58,376


				571,086


Personal Products — 0.3%

Coty, Inc., Class A		4,025		28,259


Pharmaceuticals — 5.1%

Bristol-Myers Squibb Co.		2,515		156,005

Johnson & Johnson		1,027		161,680

Merck & Co., Inc.		750		61,386

Pfizer, Inc.		1,755		64,591

Viatris, Inc. *		1,441		27,007


				470,669


Real Estate Management & Development — 0.9%

CBRE Group, Inc., Class A *		1,320		82,815


Semiconductors & Semiconductor Equipment — 2.5%

Analog Devices, Inc.		756		111,625

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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

Semiconductors & Semiconductor Equipment — continued

Texas Instruments, Inc.		737		120,958


				232,583


Software — 0.5%

Microsoft Corp.		198		44,044


Specialty Retail — 3.6%

AutoZone, Inc. *		110		130,462

Best Buy Co., Inc.		818		81,636

Gap, Inc. (The)		414		8,357

Home Depot, Inc. (The)		217		57,671

Murphy USA, Inc.		428		56,054


				334,180


Textiles, Apparel & Luxury Goods — 1.4%

Columbia Sportswear Co. (a)		629		54,965

Ralph Lauren Corp.		702		72,867


				127,832


Wireless Telecommunication Services — 0.8%

T-Mobile US, Inc. *		565		76,204


Total Common Stocks (Cost $6,196,509)				9,143,043


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Media — 0.0% (b)

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


	SHARES (000)
Short-Term Investments — 1.6%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (d) (e) (Cost $117,318)		117,248		117,306


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 0.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		29,074		29,077

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		6,300		6,300


Total Investment of Cash Collateral from Securities Loaned (Cost $35,377)				35,377


Total Short-Term Investments (Cost $152,695)				152,683

Total Investments — 100.4% (Cost $6,349,204)				9,295,726
Liabilities in Excess of Other Assets — (0.4)%				(37,142	)

NET ASSETS — 100.0%				9,258,584

Percentages indicated are based on net assets.


Abbreviations
CVR		Contingent Value Rights

(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $34,343,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)



	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	14,083,750		$	1,991,286		$	7,653,638
Investments in affiliates, at value		226,774			34,422			157,453
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		219,024			46,348			168,688
Cash		27			4			11
Receivables:
Investment securities sold		—			162			—
Fund shares sold		11,013			2,379			11,393
Dividends from non-affiliates		1,271			1,833			773
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		103			11			60

Total Assets		14,541,962			2,076,445			7,992,016


LIABILITIES:
Payables:
Investment securities purchased		—			224			1,696
Collateral received on securities loaned (See Note 2.B.)		219,024			46,348			168,688
Fund shares redeemed		26,369			1,200			20,661
Accrued liabilities:
Investment advisory fees		6,475			979			4,128
Administration fees		817			46			472
Distribution fees		1,266			116			415
Service fees		1,609			189			644
Custodian and accounting fees		18			12			15
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1			1
Other		248			123			132

Total Liabilities		255,826			49,238			196,852

Net Assets	$	14,286,136		$	2,027,207		$	7,795,164

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Growth Advantage Fund				JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	6,489,533			$	1,174,005		$	4,609,327
Total distributable earnings (loss)		7,796,603				853,202			3,185,837

Total Net Assets	$	14,286,136			$	2,027,207		$	7,795,164


Net Assets:
Class A	$	2,664,509			$	489,904		$	1,520,727
Class C		1,159,086				21,833			104,879
Class I		3,904,056				407,999			1,826,868
Class R2		335				711			50,203
Class R3		2,578				—			61,104
Class R4		20,592		��		—			20,241
Class R5		141,843				1,028			667,562
Class R6		6,393,137				1,105,732			3,543,580

Total	$	14,286,136			$	2,027,207		$	7,795,164


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		88,328				9,040			35,691
Class C		46,346				426			3,470
Class I		123,905				7,383			35,459
Class R2		11				13			1,065
Class R3		86				—			1,206
Class R4		653				—			394
Class R5		4,382				19			12,726
Class R6		195,789				19,992			67,120
Net Asset Value (a):
Class A — Redemption price per share	$	30.17			$	54.20		$	42.61
Class C — Offering price per share (b)		25.01				51.24			30.23
Class I — Offering and redemption price per share		31.51				55.26			51.52
Class R2 — Offering and redemption price per share		29.83				53.48			47.14
Class R3 — Offering and redemption price per share		30.12				—			50.68
Class R4 — Offering and redemption price per share		31.52				—			51.36
Class R5 — Offering and redemption price per share		32.37				55.29			52.46
Class R6 — Offering and redemption price per share		32.65				55.31			52.79
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)]	$	31.84			$	57.20		$	44.97


Cost of investments in non-affiliates	$	6,598,078			$	1,139,918		$	4,536,492
Cost of investments in affiliates		226,755				34,415			157,436
Investment securities on loan, at value (See Note 2.B.)		210,429				44,647			160,963
Cost of investment of cash collateral (See Note 2.B.)		219,024				46,348			168,688

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)



	JPMorgan Mid Cap Value Fund		JPMorgan Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	14,445,709	$	9,143,043
Investments in affiliates, at value		208,086		117,306
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		128,344		35,377
Cash		16		12
Receivables:
Investment securities sold		2,228		13,931
Fund shares sold		16,969		6,107
Dividends from non-affiliates		25,184		8,479
Dividends from affiliates		1		—	(a)
Securities lending income (See Note 2.B.)		25		24

Total Assets		14,826,562		9,324,279


LIABILITIES:
Payables:
Investment securities purchased		—		15,021
Collateral received on securities loaned (See Note 2.B.)		128,344		35,377
Fund shares redeemed		38,126		8,630
Accrued liabilities:
Investment advisory fees		7,953		4,253
Administration fees		817		579
Distribution fees		373		376
Service fees		1,022		874
Custodian and accounting fees		100		72
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Other		1,041		513

Total Liabilities		177,776		65,695

Net Assets	$	14,648,786	$	9,258,584

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	8,934,460		$	6,330,419
Total distributable earnings (loss)		5,714,326			2,928,165

Total Net Assets	$	14,648,786		$	9,258,584


Net Assets:
Class A	$	1,371,700		$	841,140
Class C		73,265			315,140
Class I		2,670,700			2,344,558
Class L		6,667,992			1,672,350
Class R2		63,474			125
Class R3		75,288			2,077
Class R4		36,976			36,192
Class R5		79,154			4,613
Class R6		3,610,237			4,042,389

Total	$	14,648,786		$	9,258,584


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		38,138			23,778
Class C		2,125			8,922
Class I		73,320			65,982
Class L		180,487			47,042
Class R2		1,856			4
Class R3		2,115			59
Class R4		1,022			1,024
Class R5		2,145			130
Class R6		97,783			113,870

Net Asset Value (a):
Class A — Redemption price per share	$	35.97		$	35.37
Class C — Offering price per share (b)		34.48			35.32
Class I — Offering and redemption price per share		36.43			35.53
Class L — Offering and redemption price per share		36.94			35.55
Class R2 — Offering and redemption price per share		34.19			35.06
Class R3 — Offering and redemption price per share		35.60			34.93
Class R4 — Offering and redemption price per share		36.19			35.35
Class R5 — Offering and redemption price per share		36.89			35.48
Class R6 — Offering and redemption price per share		36.92			35.50
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	37.96		$	37.33


Cost of investments in non-affiliates	$	8,806,964		$	6,196,509
Cost of investments in affiliates		208,107			117,318
Investment securities on loan, at value (See Note 2.B.)		125,755			34,343
Cost of investment of cash collateral (See Note 2.B.)		128,344			35,377

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	31

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)



		JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund				JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates		$	36,241		$	10,223			$	11,839
Dividend income from affiliates			190			30				95
Income from securities lending (net) (See Note 2.B.)			498			51				490

Total investment income			36,929			10,304				12,424


EXPENSES:
Investment advisory fees			34,884			5,924				21,082
Administration fees			4,499			684				2,433
Distribution fees:
Class A			2,974			551				1,662
Class C	��		3,984			79				352
Class R2			1			2				112
Class R3			2			—				63
Service fees:
Class A			2,974			551				1,662
Class C			1,328			26				117
Class I			4,282			467				1,822
Class R2			—	(a)		1				56
Class R3			2			—				63
Class R4			24			—				18
Class R5			71			—	(a)			293
Custodian and accounting fees			181			35				100
Interest expense to affiliates			—	(a)		—	(a)			—
Professional fees			78			37				51
Trustees’ and Chief Compliance Officer’s fees			31			16				22
Printing and mailing costs			267			104				148
Registration and filing fees			196			73				148
Transfer agency fees (See Note 2.E.)			155			29				237
Other			129			24				62

Total expenses			56,062			8,603				30,503

Less fees waived			(130	)		(1,112	)			(877	)
Less expense reimbursements			—	(a)		—				(41	)

Net expenses			55,932			7,491				29,585

Net investment income (loss)			(19,003	)		2,813				(17,161	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates			852,469			91,543				365,746
Investments in affiliates			(52	)		(10	)			(24	)

Net realized gain (loss)			852,417			91,533				365,722

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates			2,677,315			368,583				1,497,620
Investments in affiliates			(36	)		(4	)			(10	)

Change in net unrealized appreciation/depreciation			2,677,279			368,579				1,497,610
								��
Net realized/unrealized gains (losses)			3,529,696			460,112				1,863,332

Change in net assets resulting from operations		$	3,510,693		$	462,925			$	1,846,171

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—
Dividend income from non-affiliates		119,084			97,819
Dividend income from affiliates		245			210
Income from securities lending (net) (See Note 2.B.)		226			265

Total investment income		119,555			98,294


EXPENSES:
Investment advisory fees		44,558			24,496
Administration fees		4,710			3,340
Distribution fees:
Class A		1,537			977
Class C		290			1,171
Class R2		159			1
Class R3		86			2
Service fees:
Class A		1,537			977
Class C		97			390
Class I		3,191			2,712
Class L		3,138			800
Class R2		79			—	(a)
Class R3		86			2
Class R4		35			44
Class R5		37			2
Custodian and accounting fees		243			162
Interest expense to affiliates		2			—
Professional fees		104			75
Trustees’ and Chief Compliance Officer’s fees		32			26
Printing and mailing costs		559			283
Registration and filing fees		140			84
Transfer agency fees (See Note 2.E.)		127			111
Other		160			98

Total expenses		60,907			35,753

Less fees waived		(3,154	)		(264	)
Less expense reimbursements		(34	)		(21	)

Net expenses		57,719			35,468

Net investment income (loss)		61,836			62,826


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		260,737			127,327
Investments in affiliates		91			(78	)

Net realized gain (loss)		260,828			127,249

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,707,151			1,689,167
Investments in affiliates		(190	)		(8	)

Change in net unrealized appreciation/depreciation		2,706,961			1,689,159

Net realized/unrealized gains (losses)		2,967,789			1,816,408

Change in net assets resulting from operations	$	3,029,625		$	1,879,234

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(19,003	)	$	(10,353	)	$	2,813		$	11,563
Net realized gain (loss)		852,417			1,432,215			91,533			457,289
Change in net unrealized appreciation/depreciation		2,677,279			972,047			368,579			(437,747	)

Change in net assets resulting from operations		3,510,693			2,393,909			462,925			31,105


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(248,914	)		(176,120	)		(51,016	)		(38,917	)
Class C		(129,471	)		(88,186	)		(2,405	)		(1,879	)
Class I		(360,812	)		(199,341	)		(43,367	)		(23,411	)
Class R2		(32	)		(12	)		(76	)		(49	)
Class R3		(192	)		(61	)		—			—
Class R4		(1,887	)		(1,510	)		—			—
Class R5		(12,763	)		(10,297	)		(111	)		(518	)
Class R6		(579,464	)		(359,755	)		(120,036	)		(159,341	)

Total distributions to shareholders		(1,333,535	)		(835,282	)		(217,011	)		(224,115	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,298,773			(137,511	)		144,111			(961,205	)


NET ASSETS:
Change in net assets		3,475,931			1,421,116			390,025			(1,154,215	)
Beginning of period		10,810,205			9,389,089			1,637,182			2,791,397

End of period	$	14,286,136		$	10,810,205		$	2,027,207		$	1,637,182

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(17,161	)	$	(14,047	)	$	61,836		$	203,596
Net realized gain (loss)		365,722			659,097			260,828			860,851
Change in net unrealized appreciation/depreciation		1,497,610			281,309			2,706,961			(3,168,215	)

Change in net assets resulting from operations		1,846,171			926,359			3,029,625			(2,103,768	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(173,779	)		(82,704	)		(92,478	)		(76,720	)
Class C		(16,088	)		(8,737	)		(5,006	)		(6,335	)
Class I		(173,836	)		(75,633	)		(197,658	)		(133,060	)
Class L		—			—			(492,109	)		(443,822	)
Class R2		(5,377	)		(2,939	)		(4,986	)		(3,525	)
Class R3		(5,883	)		(2,669	)		(5,364	)		(3,809	)
Class R4		(1,774	)		(679	)		(2,242	)		(1,419	)
Class R5		(63,349	)		(33,403	)		(5,676	)		(4,996	)
Class R6		(329,350	)		(138,679	)		(264,623	)		(181,586	)

Total distributions to shareholders		(769,436	)		(345,443	)		(1,070,142	)		(855,272	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,237,362			341,659			(25,284	)		(1,341,858	)


NET ASSETS:
Change in net assets		2,314,097			922,575			1,934,199			(4,300,898	)
Beginning of period		5,481,067			4,558,492			12,714,587			17,015,485

End of period	$	7,795,164		$	5,481,067		$	14,648,786		$	12,714,587

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	62,826		$	184,647
Net realized gain (loss)		127,249			159,367
Change in net unrealized appreciation/depreciation		1,689,159			(1,858,485	)

Change in net assets resulting from operations		1,879,234			(1,514,471	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,476	)		(44,981	)
Class C		(7,055	)		(16,494	)
Class I		(72,893	)		(99,554	)
Class L		(53,516	)		(100,871	)
Class R2		(7	)		(3	)
Class R3		(63	)		(70	)
Class R4		(1,188	)		(1,174	)
Class R5		(145	)		(334	)
Class R6		(133,423	)		(204,414	)

Total distributions to shareholders		(291,766	)		(467,895	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,028,803	)		(143,475	)


NET ASSETS:
Change in net assets		558,665			(2,125,841	)
Beginning of period		8,699,919			10,825,760

End of period	$	9,258,584		$	8,699,919

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	337,662		$	424,450		$	38,559		$	123,140
Distributions reinvested		240,271			171,962			50,960			38,873
Cost of shares redeemed		(350,749	)		(690,381	)		(65,106	)		(176,855	)

Change in net assets resulting from Class A capital transactions		227,184			(93,969	)		24,413			(14,842	)

Class C
Proceeds from shares issued		84,990			152,886			552			2,246
Distributions reinvested		125,548			83,431			2,405			1,879
Cost of shares redeemed		(155,857	)		(200,570	)		(4,690	)		(5,867	)

Change in net assets resulting from Class C capital transactions		54,681			35,747			(1,733	)		(1,742	)

Class I
Proceeds from shares issued		649,418			971,337			71,758			147,037
Distributions reinvested		337,896			183,814			43,123			23,288
Cost of shares redeemed		(496,024	)		(804,519	)		(99,112	)		(114,553	)

Change in net assets resulting from Class I capital transactions		491,290			350,632			15,769			55,772

Class R2
Proceeds from shares issued		68			157			50			391
Distributions reinvested		32			12			73			42
Cost of shares redeemed		(48	)		(52	)		(136	)		(313	)

Change in net assets resulting from Class R2 capital transactions		52			117			(13	)		120

Class R3
Proceeds from shares issued		1,141			501			—			—
Distributions reinvested		163			61			—			—
Cost of shares redeemed		(34	)		(126	)		—			—

Change in net assets resulting from Class R3 capital transactions		1,270			436			—			—

Class R4
Proceeds from shares issued		834			2,017			—			—
Distributions reinvested		1,886			1,510			—			—
Cost of shares redeemed		(3,300	)		(4,951	)		—			—

Change in net assets resulting from Class R4 capital transactions		(580	)		(1,424	)		—			—

Class R5
Proceeds from shares issued		12,843			23,475			126			674
Distributions reinvested		12,555			10,290			111			517
Cost of shares redeemed		(44,758	)		(37,782	)		(213	)		(6,310	)

Change in net assets resulting from Class R5 capital transactions		(19,360	)		(4,017	)		24			(5,119	)

Class R6
Proceeds from shares issued		541,135			1,257,140			141,329			348,033
Distributions reinvested		578,133			358,754			119,998			159,315
Cost of shares redeemed		(575,032	)		(2,040,927	)		(155,676	)		(302,027	)
Redemptions in-kind (See Note 8)		—			—			—			(1,200,715	)

Change in net assets resulting from Class R6 capital transactions		544,236			(425,033	)		105,651			(995,394	)

Total change in net assets resulting from capital transactions	$	1,298,773		$	(137,511	)	$	144,111		$	(961,205	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		11,620			19,559			738			2,661
Reinvested		8,308			8,088			961			853
Redeemed		(12,061	)		(30,991	)		(1,257	)		(3,845	)

Change in Class A Shares		7,867			(3,344	)		442			(331	)

Class C
Issued		3,464			8,221			10			54
Reinvested		5,236			4,615			48			43
Redeemed		(6,356	)		(10,900	)		(94	)		(133	)

Change in Class C Shares		2,344			1,936			(36	)		(36	)

Class I
Issued		21,449			42,055			1,366			3,117
Reinvested		11,160			8,317			795			501
Redeemed		(16,263	)		(36,324	)		(1,878	)		(2,381	)

Change in Class I Shares		16,346			14,048			283			1,237

Class R2
Issued		2			8			1			7
Reinvested		1			1			1			1
Redeemed		(2	)		(3	)		(2	)		(6	)

Change in Class R2 Shares		1			6			—	(a)		2

Class R3
Issued		38			26			—			—
Reinvested		6			3			—			—
Redeemed		(1	)		(6	)		—			—

Change in Class R3 Shares		43			23			—			—

Class R4
Issued		27			90			—			—
Reinvested		62			68			—			—
Redeemed		(111	)		(212	)		—			—

Change in Class R4 Shares		(22	)		(54	)		—			—

Class R5
Issued		414			992			3			14
Reinvested		403			455			2			11
Redeemed		(1,402	)		(1,630	)		(4	)		(125	)

Change in Class R5 Shares		(585	)		(183	)		1			(100	)

Class R6
Issued		17,158			53,895			2,651			7,401
Reinvested		18,399			15,742			2,206			3,444
Redeemed		(18,512	)		(86,443	)		(2,891	)		(6,434	)
Redemptions in-kind (See Note 8)		—			—			—			(25,455	)

Change in Class R6 Shares		17,045			(16,806	)		1,966			(21,044	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	144,966		$	143,119		$	176,439		$	209,763
Distributions reinvested		168,194			80,011			84,258			69,743
Cost of shares redeemed		(134,917	)		(203,777	)		(234,688	)		(484,932	)

Change in net assets resulting from Class A capital transactions		178,243			19,353			26,009			(205,426	)

Class C
Proceeds from shares issued		8,562			11,326			4,004			12,682
Distributions reinvested		15,598			8,149			4,875			5,516
Cost of shares redeemed		(15,535	)		(22,446	)		(32,035	)		(56,184	)

Change in net assets resulting from Class C capital transactions		8,625			(2,971	)		(23,156	)		(37,986	)

Class I
Proceeds from shares issued		413,575			306,997			641,070			900,902
Distributions reinvested		163,157			71,080			187,286			123,076
Cost of shares redeemed		(198,791	)		(382,936	)		(687,520	)		(1,051,200	)

Change in net assets resulting from Class I capital transactions		377,941			(4,859	)		140,836			(27,222	)

Class L
Proceeds from shares issued		—			—			371,347			1,165,380
Distributions reinvested		—			—			466,015			394,599
Cost of shares redeemed		—			—			(1,040,103	)		(3,139,666	)

Change in net assets resulting from Class L capital transactions		—			—			(202,741	)		(1,579,687	)

Class R2
Proceeds from shares issued		7,574			11,105			5,045			15,289
Distributions reinvested		5,366			2,875			4,944			3,405
Cost of shares redeemed		(9,399	)		(22,776	)		(14,510	)		(20,258	)

Change in net assets resulting from Class R2 capital transactions		3,541			(8,796	)		(4,521	)		(1,564	)

Class R3
Proceeds from shares issued		12,092			17,057			4,205			15,417
Distributions reinvested		5,811			2,669			5,120			3,652
Cost of shares redeemed		(7,751	)		(11,619	)		(7,608	)		(14,432	)

Change in net assets resulting from Class R3 capital transactions		10,152			8,107			1,717			4,637

Class R4
Proceeds from shares issued		8,135			3,625			10,028			11,128
Distributions reinvested		1,774			679			2,242			1,419
Cost of shares redeemed		(3,246	)		(3,668	)		(3,651	)		(10,446	)

Change in net assets resulting from Class R4 capital transactions		6,663			636			8,619			2,101

Class R5
Proceeds from shares issued		71,185			143,113			4,903			14,343
Distributions reinvested		59,609			31,744			5,671			4,992
Cost of shares redeemed		(85,207	)		(169,555	)		(10,931	)		(29,341	)

Change in net assets resulting from Class R5 capital transactions		45,587			5,302			(357	)		(10,006	)

Class R6
Proceeds from shares issued		734,127			776,302			371,143			1,587,348
Distributions reinvested		326,519			137,892			243,858			174,996
Cost of shares redeemed		(454,036	)		(589,307	)		(586,691	)		(1,249,049	)

Change in net assets resulting from Class R6 capital transactions		606,610			324,887			28,310			513,295

Total change in net assets resulting from capital transactions	$	1,237,362		$	341,659		$	(25,284	)	$	(1,341,858	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		3,526			4,392			5,042			6,133
Reinvested		4,077			2,499			2,357			1,812
Redeemed		(3,242	)		(6,309	)		(6,897	)		(14,044	)

Change in Class A Shares		4,361			582			502			(6,099	)

Class C
Issued		282			461			123			374
Reinvested		533			341			143			150
Redeemed		(514	)		(930	)		(990	)		(1,787	)

Change in Class C Shares		301			(128	)		(724	)		(1,263	)

Class I
Issued		8,299			8,021			19,156			28,169
Reinvested		3,271			1,879			5,165			3,157
Redeemed		(4,073	)		(10,235	)		(19,677	)		(31,853	)

Change in Class I Shares		7,497			(335	)		4,644			(527	)

Class L
Issued		—			—			10,556			34,257
Reinvested		—			—			12,656			9,979
Redeemed		—			—			(29,733	)		(87,974	)

Change in Class L Shares		—			—			(6,521	)		(43,738	)

Class R2
Issued		167			313			154			458
Reinvested		118			82			146			93
Redeemed		(208	)		(645	)		(439	)		(599	)

Change in Class R2 Shares		77			(250	)		(139	)		(48	)

Class R3
Issued		249			447			125			452
Reinvested		118			71			145			96
Redeemed		(162	)		(307	)		(226	)		(421	)

Change in Class R3 Shares		205			211			44			127

Class R4
Issued		163			94			284			308
Reinvested		36			18			62			37
Redeemed		(65	)		(96	)		(108	)		(284	)

Change in Class R4 Shares		134			16			238			61

Class R5
Issued		1,425			3,638			138			392
Reinvested		1,172			826			154			126
Redeemed		(1,719	)		(4,377	)		(313	)		(798	)

Change in Class R5 Shares		878			87			(21	)		(280	)

Class R6
Issued		14,499			19,998			10,696			44,485
Reinvested		6,379			3,570			6,625			4,428
Redeemed		(9,027	)		(15,241	)		(16,644	)		(35,794	)

Change in Class R6 Shares		11,851			8,327			677			13,119

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	93,276		$	225,893
Distributions reinvested		21,985			42,378
Cost of shares redeemed		(151,480	)		(562,591	)

Change in net assets resulting from Class A capital transactions		(36,219	)		(294,320	)

Class C
Proceeds from shares issued		9,395			31,902
Distributions reinvested		6,902			14,740
Cost of shares redeemed		(90,089	)		(152,885	)

Change in net assets resulting from Class C capital transactions		(73,792	)		(106,243	)

Class I
Proceeds from shares issued		279,561			873,832
Distributions reinvested		67,804			87,746
Cost of shares redeemed		(436,503	)		(965,662	)

Change in net assets resulting from Class I capital transactions		(89,138	)		(4,084	)

Class L
Proceeds from shares issued		157,713			566,706
Distributions reinvested		51,517			96,694
Cost of shares redeemed		(415,996	)		(1,203,324	)

Change in net assets resulting from Class L capital transactions		(206,766	)		(539,924	)

Class R2
Proceeds from shares issued		25			128
Distributions reinvested		7			2
Cost of shares redeemed		(125	)		(23	)

Change in net assets resulting from Class R2 capital transactions		(93	)		107

Class R3
Proceeds from shares issued		509			359
Distributions reinvested		51			69
Cost of shares redeemed		(314	)		(887	)

Change in net assets resulting from Class R3 capital transactions		246			(459	)

Class R4
Proceeds from shares issued		1,853			23,194
Distributions reinvested		1,187			1,174
Cost of shares redeemed		(5,509	)		(8,710	)

Change in net assets resulting from Class R4 capital transactions		(2,469	)		15,658

Class R5
Proceeds from shares issued		674			2,112
Distributions reinvested		137			334
Cost of shares redeemed		(2,534	)		(3,498	)

Change in net assets resulting from Class R5 capital transactions		(1,723	)		(1,052	)

Class R6
Proceeds from shares issued		264,017			2,406,252
Distributions reinvested		133,248			203,530
Cost of shares redeemed		(1,016,114	)		(1,822,940	)

Change in net assets resulting from Class R6 capital transactions		(618,849	)		786,842

Total change in net assets resulting from capital transactions	$	(1,028,803	)	$	(143,475	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		2,926			7,038
Reinvested		627			1,145
Redeemed		(4,726	)		(17,957	)

Change in Class A Shares		(1,173	)		(9,774	)

Class C
Issued		288			966
Reinvested		197			401
Redeemed		(2,870	)		(4,876	)

Change in Class C Shares		(2,385	)		(3,509	)

Class I
Issued		8,652			28,338
Reinvested		1,924			2,357
Redeemed		(13,521	)		(30,342	)

Change in Class I Shares		(2,945	)		353

Class L
Issued		4,936			17,778
Reinvested		1,461			2,596
Redeemed		(12,961	)		(38,762	)

Change in Class L Shares		(6,564	)		(18,388	)

Class R2
Issued		2			5
Reinvested		—1	(a)		—	(a)
Redeemed		(4	)		(1	)

Change in Class R2 Shares		(2	)		4

Class R3
Issued		16			11
Reinvested		1			2
Redeemed		(10	)		(25	)

Change in Class R3 Shares		7			(12	)

Class R4
Issued		58			741
Reinvested		34			32
Redeemed		(169	)		(250	)

Change in Class R4 Shares		(77	)		523

Class R5
Issued		22			62
Reinvested		4			9
Redeemed		(82	)		(110	)

Change in Class R5 Shares		(56	)		(39	)

Class R6
Issued		8,247			70,239
Reinvested		3,783			5,469
Redeemed		(31,096	)		(55,634	)

Change in Class R6 Shares		(19,066	)		20,074

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Growth Advantage Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	25.27	$	(0.08	)	$	8.10		$	8.02		$	—		$	(3.12	)	$	(3.12	)
Year Ended June 30, 2020		21.78		(0.08	)		5.74			5.66			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.73		(0.08	)		1.89			1.81			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74			4.62			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.42		(0.09	)		3.62			3.53			—			—			—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		—			(0.53	)		(0.53	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		21.42		(0.13	)		6.84			6.71			—			(3.12	)		(3.12	)
Year Ended June 30, 2020		18.86		(0.16	)		4.89			4.73			—			(2.17	)		(2.17	)��
Year Ended June 30, 2019		19.16		(0.16	)		1.62			1.46			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20			4.01			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		12.91		(0.15	)		3.23			3.08			—			—			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		—			(0.53	)		(0.53	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		26.29		(0.05	)		8.45			8.40			(0.06	)		(3.12	)		(3.18	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87			4.80			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.75		(0.05	)		3.70			3.65			—			—			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		—			(0.53	)		(0.53	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		25.05		(0.12	)		8.03			7.91			(0.01	)		(3.12	)		(3.13	)
Year Ended June 30, 2020		21.67		(0.13	)		5.68			5.55			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.68		(0.13	)		1.88			1.75			—			(1.76	)		(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			—			(0.84	)		(0.84	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		25.27		(0.08	)		8.10			8.02			(0.05	)		(3.12	)		(3.17	)
Year Ended June 30, 2020		21.79		(0.08	)		5.73			5.65			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		21.74		(0.07	)		1.88			1.81			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73			4.62			—			(0.84	)		(0.84	)
May 31, 2017 (f) through June 30, 2017		17.85		(0.01	)		0.12			0.11			—			—			—

Class R4
Six Months Ended December 31, 2020 (Unaudited)		26.29		(0.05	)		8.44			8.39			(0.04	)		(3.12	)		(3.16	)
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83			4.80			—			(0.84	)		(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11			0.11			—			—			—

(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.



44	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	30.17		32.25	%	$	2,664,509		1.13	%		(0.55	)%		1.14	%		18	%
	25.27		27.87			2,032,870		1.14			(0.36	)		1.16			47
	21.78		9.63			1,825,607		1.14			(0.38	)		1.25			40
	21.73		26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95		24.48			1,550,092		1.24			(0.56	)		1.32			34
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46


	25.01		31.93			1,159,086		1.63			(1.05	)		1.63			18
	21.42		27.20			942,512		1.64			(0.86	)		1.66			47
	18.86		9.06			793,489		1.64			(0.88	)		1.75			40
	19.16		25.60			740,817		1.66			(1.07	)		1.76			31
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46


	31.51		32.44			3,904,056		0.88			(0.30	)		0.88			18
	26.29		28.15			2,827,894		0.89			(0.11	)		0.90			47
	22.53		9.91			2,107,041		0.89			(0.12	)		1.00			40
	22.36		26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46


	29.83		32.08			335		1.38			(0.80	)		1.73			18
	25.05		27.48			239		1.39			(0.59	)		1.88			47
	21.67		9.36			88		1.39			(0.61	)		2.24			40
	21.68		22.39			43		1.41			(0.77	)		1.59			31


	30.12		32.27			2,578		1.13			(0.55	)		1.20			18
	25.27		27.80			1,076		1.14			(0.36	)		1.24			47
	21.79		9.63			448		1.14			(0.36	)		1.40			40
	21.74		26.20			266		1.15			(0.53	)		1.28			31
	17.96		0.62			20		1.25			(0.55	)		1.25			34


	31.52		32.41			20,592		0.88			(0.30	)		0.88			18
	26.29		28.15			17,739		0.89			(0.11	)		0.90			47
	22.53		9.91			16,423		0.89			(0.12	)		1.00			40
	22.36		26.56			12,005		0.88			(0.16	)		1.00			31
	18.40		0.60			20		0.99			(0.29	)		1.00			34

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Growth Advantage Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	26.93	$	(0.02	)	$	8.66		$	8.64		$	(0.08	)	$	(3.12	)	$	(3.20	)
Year Ended June 30, 2020		23.00		0.01			6.09			6.10			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.76		0.01			1.99			2.00			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95			4.91			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		14.96		(0.03	)		3.76			3.73			—			—			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		—			(0.53	)		(0.53	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		27.16		(0.01	)		8.72			8.71			(0.10	)		(3.12	)		(3.22	)
Year Ended June 30, 2020		23.15		0.03			6.15			6.18			—			(2.17	)		(2.17	)
Year Ended June 30, 2019		22.87		0.03			2.01			2.04			—			(1.76	)		(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97			4.95			—			(0.84	)		(0.84	)
Year Ended June 30, 2017		15.00		(0.01	)		3.77			3.76			—			—			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		—			(0.53	)		(0.53	)

(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.



46	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	32.37		32.56	%	$	141,843		0.73	%		(0.16	)%		0.73	%		18	%
	26.93		28.32			133,780		0.74			0.04			0.76			47
	23.00		10.05			118,449		0.74			0.02			0.85			40
	22.76		26.74			112,830		0.77			(0.18	)		0.85			31
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46


	32.65		32.57			6,393,137		0.63			(0.05	)		0.63			18
	27.16		28.49			4,854,095		0.64			0.14			0.65			47
	23.15		10.18			4,527,544		0.64			0.12			0.75			40
	22.87		26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	47.20	$	—	(f)	$	13.30		$	13.30		$	(0.08	)	$	(6.22	)	$	(6.30	)
Year Ended June 30, 2020		50.52		0.13			0.78			0.91			(0.30	)		(3.93	)		(4.23	)
Year Ended June 30, 2019		51.57		0.18			4.04			4.22			(0.13	)		(5.14	)		(5.27	)
Year Ended June 30, 2018		48.53		—	(f)		5.89			5.89			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)		(1.37	)		(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		44.95		(0.13	)		12.64			12.51			—			(6.22	)		(6.22	)
Year Ended June 30, 2020		48.32		(0.10	)		0.71			0.61			(0.05	)		(3.93	)		(3.98	)
Year Ended June 30, 2019		49.66		(0.04	)		3.84			3.80			—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		48.07		0.06			13.56			13.62			(0.21	)		(6.22	)		(6.43	)
Year Ended June 30, 2020		51.35		0.25			0.80			1.05			(0.40	)		(3.93	)		(4.33	)
Year Ended June 30, 2019		52.32		0.33			4.07			4.40			(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		46.64		(0.07	)		13.13			13.06			—			(6.22	)		(6.22	)
Year Ended June 30, 2020		49.96		0.01			0.76			0.77			(0.16	)		(3.93	)		(4.09	)
Year Ended June 30, 2019		51.08		0.05			4.00			4.05			(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		48.11		0.10			13.57			13.67			(0.27	)		(6.22	)		(6.49	)
Year Ended June 30, 2020		51.37		0.30			0.83			1.13			(0.46	)		(3.93	)		(4.39	)
Year Ended June 30, 2019		52.35		0.41			4.06			4.47			(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		48.14		0.13			13.58			13.71			(0.32	)		(6.22	)		(6.54	)
Year Ended June 30, 2020		51.41		0.37			0.81			1.18			(0.52	)		(3.93	)		(4.45	)
Year Ended June 30, 2019		52.39		0.43			4.09			4.52			(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)

(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.



48	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	54.20		28.49	%	$	489,904		1.13	%		(0.01	)%		1.26	%		20	%
	47.20		2.20			405,857		1.14			0.28			1.26			49
	50.52		9.92			451,118		1.13			0.37			1.26			34
	51.57		12.37			402,897		1.17			0.01			1.25			31
	48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39


	51.24		28.16			21,833		1.63			(0.51	)		1.76			20
	44.95		1.69			20,753		1.64			(0.23	)		1.76			49
	48.32		9.37			24,071		1.63			(0.09	)		1.76			34
	49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39


	55.26		28.65			407,999		0.88			0.24			1.01			20
	48.07		2.46			341,317		0.89			0.53			1.01			49
	51.35		10.20			301,071		0.88			0.65			1.00			34
	52.32		12.68			326,026		0.89			0.26			1.00			31
	49.13		17.01			778,378		0.89			0.30			1.08			38
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39


	53.48		28.32			711		1.38			(0.26	)		1.56			20
	46.64		1.96			623		1.39			0.03			1.55			49
	49.96		9.63			524		1.38			0.10			1.57			34
	51.08		12.09			443		1.43			(0.28	)		1.57			31
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39


	55.29		28.73			1,028		0.74			0.39			0.87			20
	48.11		2.62			871		0.74			0.61			0.86			49
	51.37		10.37			6,073		0.73			0.81			0.86			34
	52.35		12.83			6,499		0.75			0.47			0.85			31
	49.17		17.14			1,804		0.79			0.40			0.87			38
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39


	55.31		28.80			1,105,732		0.64			0.49			0.76			20
	48.14		2.72			867,761		0.64			0.75			0.76			49
	51.41		10.48			2,008,540		0.63			0.87			0.75			34
	52.39		12.93			1,970,177		0.67			0.51			0.75			31
	49.18		17.18			1,619,045		0.74			0.45			0.75			38
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	36.43	$	(0.18	)	$	11.81		$	11.63		$	—		$	(5.45	)	$	(5.45	)
Year Ended June 30, 2020		32.94		(0.20	)		6.50			6.30			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		30.84		(0.17	)		4.42			4.25			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18			4.99			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71			4.57			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		—			(1.46	)		(1.46	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		27.15		(0.21	)		8.74			8.53			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		25.34		(0.28	)		4.90			4.62			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		24.37		(0.25	)		3.37			3.12			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14			3.87			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		—			(1.46	)		(1.46	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		43.11		(0.13	)		14.00			13.87			(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.37		(0.12	)		7.67			7.55			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.44		(0.09	)		5.17			5.08			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89			5.79			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		—			(1.46	)		(1.46	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		39.90		(0.25	)		12.94			12.69			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		35.91		(0.31	)		7.11			6.80			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		33.49		(0.27	)		4.84			4.57			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60			5.32			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		—			(1.46	)		(1.46	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		42.53		(0.21	)		13.81			13.60			—			(5.45	)		(5.45	)
Year Ended June 30, 2020		38.01		(0.23	)		7.56			7.33			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.23		(0.20	)		5.13			4.93			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.13	)		4.79			4.66			—			(0.01	)		(0.01	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		43.00		(0.15	)		13.97			13.82			(0.01	)		(5.45	)		(5.46	)
Year Ended June 30, 2020		38.30		(0.14	)		7.65			7.51			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.40		(0.11	)		5.16			5.05			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			—			(2.14	)		(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.06	)		4.78			4.72			—			(0.01	)		(0.01	)

(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.



50	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	42.61		32.43	%	$	1,520,727		1.23	%		(0.85	)%		1.26	%		19	%
	36.43		20.30			1,141,467		1.24			(0.62	)		1.27			63
	32.94		15.37			1,012,686		1.23			(0.56	)		1.28			54
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56


	30.23		32.09			104,879		1.74			(1.36	)		1.74			19
	27.15		19.72			86,046		1.74			(1.12	)		1.75			63
	25.34		14.78			83,558		1.73			(1.06	)		1.75			54
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56


	51.52		32.61			1,826,868		0.92			(0.54	)		0.99			19
	43.11		20.70			1,205,433		0.93			(0.31	)		1.00			63
	38.37		15.73			1,085,728		0.92			(0.25	)		1.00			54
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56


	47.14		32.27			50,203		1.48			(1.10	)		1.54			19
	39.90		20.00			39,404		1.49			(0.87	)		1.55			63
	35.91		15.10			44,453		1.48			(0.81	)		1.55			54
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56


	50.68		32.41			61,104		1.24			(0.86	)		1.24			19
	42.53		20.30			42,573		1.24			(0.61	)		1.25			63
	38.01		15.38			30,023		1.23			(0.56	)		1.25			54
	35.23		18.34			26,638		1.23			(0.54	)		1.26			56
	31.71		17.24			152		1.23			(0.54	)		1.42			41


	51.36		32.56			20,241		0.98			(0.60	)		0.99			19
	43.00		20.63			11,194		0.99			(0.37	)		1.00			63
	38.30		15.66			9,343		0.98			(0.31	)		1.00			54
	35.40		18.66			14,320		0.98			(0.33	)		1.01			56
	31.77		17.46			129		0.98			(0.23	)		1.10			41

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Growth Fund (continued)
Class R5
Six Months Ended December 31, 2020 (Unaudited)	$	43.81	$	(0.10	)	$	14.25		$	14.15		$	(0.05	)	$	(5.45	)	$	(5.50	)
Year Ended June 30, 2020		38.90		(0.06	)		7.78			7.72			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		35.85		(0.04	)		5.24			5.20			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96			5.90			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		—			(1.46	)		(1.46	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		44.07		(0.09	)		14.33			14.24			(0.07	)		(5.45	)		(5.52	)
Year Ended June 30, 2020		39.09		(0.04	)		7.83			7.79			—			(2.81	)		(2.81	)
Year Ended June 30, 2019		36.00		(0.02	)		5.26			5.24			—			(2.15	)		(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98			5.94			—			(2.14	)		(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			—			(0.01	)		(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		—			(1.46	)		(1.46	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

(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.



52	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	52.46		32.73	%	$	667,562		0.79	%		(0.40	)%		0.84	%		19	%
	43.81		20.86			519,097		0.79			(0.17	)		0.85			63
	38.90		15.89			457,513		0.78			(0.11	)		0.85			54
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56


	52.79		32.74			3,543,580		0.74			(0.35	)		0.74			19
	44.07		20.94			2,435,853		0.74			(0.11	)		0.75			63
	39.09		15.94			1,835,188		0.73			(0.05	)		0.75			54
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	31.12	$	0.09		$	7.45		$	7.54		$	(0.29	)	$	(2.40	)	$	(2.69	)
Year Ended June 30, 2020		38.02		0.33			(5.35	)		(5.02	)		(0.33	)		(1.55	)		(1.88	)
Year Ended June 30, 2019		39.24		0.45			0.87			1.32			(0.38	)		(2.16	)		(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14			2.34			(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60			4.77			(0.14	)		(2.24	)		(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33			0.52			(0.14	)		(1.95	)		(2.09	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		29.77		—	(f)		7.13			7.13			(0.02	)		(2.40	)		(2.42	)
Year Ended June 30, 2020		36.44		0.14			(5.14	)		(5.00	)		(0.12	)		(1.55	)		(1.67	)
Year Ended June 30, 2019		37.68		0.26			0.83			1.09			(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07			2.05			—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44			4.42			—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32			0.33			—			(1.95	)		(1.95	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		31.51		0.13			7.57			7.70			(0.38	)		(2.40	)		(2.78	)
Year Ended June 30, 2020		38.48		0.43			(5.42	)		(4.99	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.70		0.54			0.88			1.42			(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16			2.46			(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66			4.93			(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33			0.61			(0.23	)		(1.95	)		(2.18	)

Class L
Six Months Ended December 31, 2020 (Unaudited)		31.96		0.17			7.66			7.83			(0.45	)		(2.40	)		(2.85	)
Year Ended June 30, 2020		38.99		0.52			(5.48	)		(4.96	)		(0.52	)		(1.55	)		(2.07	)
Year Ended June 30, 2019		40.21		0.62			0.90			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20			2.60			(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71			5.07			(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33			0.70			(0.32	)		(1.95	)		(2.27	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		29.67		0.04			7.10			7.14			(0.22	)		(2.40	)		(2.62	)
Year Ended June 30, 2020		36.35		0.23			(5.11	)		(4.88	)		(0.25	)		(1.55	)		(1.80	)
Year Ended June 30, 2019		37.64		0.31			0.86			1.17			(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05			2.15			(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43			4.50			(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32			0.42			(0.06	)		(1.95	)		(2.01	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		30.83		0.09			7.38			7.47			(0.30	)		(2.40	)		(2.70	)
Year Ended June 30, 2020		37.70		0.33			(5.30	)		(4.97	)		(0.35	)		(1.55	)		(1.90	)
Year Ended June 30, 2019		38.97		0.39			0.91			1.30			(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11			2.32			(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (g) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)

(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.



54	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	35.97		24.36	%	$	1,371,700		1.23	%		0.51	%		1.24	%		6	%
	31.12		(14.13	)		1,171,139		1.24			0.93			1.24			18
	38.02		4.12			1,662,841		1.23			1.20			1.25			11
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	35.41		1.85			2,302,567		1.24			0.54			1.41			20


	34.48		24.08			73,265		1.73			(0.02	)		1.74			6
	29.77		(14.58	)		84,827		1.73			0.42			1.74			18
	36.44		3.59			149,839		1.73			0.72			1.74			11
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20


	36.43		24.56			2,670,700		0.98			0.78			0.98			6
	31.51		(13.93	)		2,164,300		0.98			1.20			0.99			18
	38.48		4.38			2,662,983		0.98			1.41			0.99			11
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20


	36.94		24.64			6,667,992		0.75			0.99			0.83			6
	31.96		(13.71	)		5,976,033		0.75			1.41			0.84			18
	38.99		4.63			8,996,364		0.74			1.61			0.85			11
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20


	34.19		24.20			63,474		1.48			0.25			1.49			6
	29.67		(14.36	)		59,200		1.49			0.69			1.50			18
	36.35		3.86			74,236		1.49			0.87			1.50			11
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20


	35.60		24.35			75,288		1.23			0.51			1.23			6
	30.83		(14.13	)		63,836		1.23			0.96			1.24			18
	37.70		4.12			73,299		1.24			1.04			1.25			11
	38.97		6.17			62,576		1.24			0.55			1.25			13
	37.67		12.70			19,262		1.24			0.87			1.35			23

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	31.34	$	0.14	$	7.50		$	7.64		$	(0.39	)	$	(2.40	)	$	(2.79	)
Year Ended June 30, 2020		38.29		0.43		(5.40	)		(4.97	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.56		0.50		0.90			1.40			(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33		2.13			2.46			(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (f) through June 30, 2017		36.18		0.38		4.15			4.53			(0.31	)		(2.24	)		(2.55	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		31.90		0.16		7.65			7.81			(0.42	)		(2.40	)		(2.82	)
Year Ended June 30, 2020		38.93		0.49		(5.48	)		(4.99	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2019		40.15		0.58		0.90			1.48			(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38		2.17			2.55			(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (f) through June 30, 2017		36.60		0.36		4.28			4.64			(0.33	)		(2.24	)		(2.57	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		31.94		0.18		7.66			7.84			(0.46	)		(2.40	)		(2.86	)
Year Ended June 30, 2020		38.97		0.52		(5.47	)		(4.95	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2019		40.19		0.58		0.94			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43		2.16			2.59			(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (f) through June 30, 2017		36.60		0.32		4.34			4.66			(0.33	)		(2.24	)		(2.57	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	36.19		24.52	%	$	36,976		0.98	%		0.80	%		0.99	%		6	%
	31.34		(13.93	)		24,576		0.98			1.21			0.99			18
	38.29		4.38			27,681		0.98			1.32			0.99			11
	39.56		6.45			17,859		0.99			0.83			1.00			13
	38.16		12.89			3,537		0.99			1.26			1.10			23


	36.89		24.63			79,154		0.83			0.91			0.84			6
	31.90		(13.79	)		69,110		0.83			1.34			0.83			18
	38.93		4.52			95,243		0.83			1.50			0.84			11
	40.15		6.61			84,457		0.84			0.96			0.85			13
	38.67		13.06			30,334		0.84			1.18			1.02			23


	36.92		24.68			3,610,237		0.73			1.01			0.74			6
	31.94		(13.70	)		3,101,566		0.73			1.46			0.74			18
	38.97		4.63			3,272,999		0.73			1.52			0.74			11
	40.19		6.71			1,073,888		0.74			1.08			0.75			13
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	29.53	$	0.17		$	6.68		$	6.85		$	(0.48	)	$	(0.53	)	$	(1.01	)
Year Ended June 30, 2020		35.46		0.49			(5.04	)		(4.55	)		(0.45	)		(0.93	)		(1.38	)
Year Ended June 30, 2019		35.38		0.55			1.68			2.23			(0.46	)		(1.69	)		(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		29.84		0.27			(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		29.38		0.09			6.65			6.74			(0.27	)		(0.53	)		(0.80	)
Year Ended June 30, 2020		35.29		0.32			(5.04	)		(4.72	)		(0.26	)		(0.93	)		(1.19	)
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14			(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		29.71		0.21			6.73			6.94			(0.59	)		(0.53	)		(1.12	)
Year Ended June 30, 2020		35.67		0.57			(5.06	)		(4.49	)		(0.54	)		(0.93	)		(1.47	)
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33			(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)

Class L
Six Months Ended December 31, 2020 (Unaudited)		29.73		0.24			6.74			6.98			(0.63	)		(0.53	)		(1.16	)
Year Ended June 30, 2020		35.69		0.63			(5.07	)		(4.44	)		(0.59	)		(0.93	)		(1.52	)
Year Ended June 30, 2019		35.62		0.72			1.64			2.36			(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43			(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		29.31		0.13			6.63			6.76			(0.48	)		(0.53	)		(1.01	)
Year Ended June 30, 2020		35.24		0.40			(5.01	)		(4.61	)		(0.39	)		(0.93	)		(1.32	)
Year Ended June 30, 2019		35.22		0.48			1.65			2.13			(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		29.21		0.17			6.61			6.78			(0.53	)		(0.53	)		(1.06	)
Year Ended June 30, 2020		35.08		0.48			(4.98	)		(4.50	)		(0.44	)		(0.93	)		(1.37	)
Year Ended June 30, 2019		35.11		0.49			1.71			2.20			(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	35.37		23.23	%	$	841,140		1.13	%		1.07	%		1.15	%		10	%
	29.53		(13.60	)		736,715		1.14			1.45			1.16			29
	35.46		7.00			1,231,325		1.14			1.59			1.25			15
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26


	35.32		22.96			315,140		1.63			0.56			1.65			10
	29.38		(14.04	)		332,229		1.64			0.94			1.66			29
	35.29		6.45			522,878		1.64			1.08			1.75			15
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26


	35.53		23.39			2,344,558		0.88			1.31			0.89			10
	29.71		(13.39	)		2,047,640		0.89			1.70			0.90			29
	35.67		7.28			2,445,747		0.89			1.76			0.99			15
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26


	35.55		23.52			1,672,350		0.74			1.46			0.74			10
	29.73		(13.26	)		1,593,954		0.74			1.85			0.75			29
	35.69		7.41			2,569,596		0.74			2.04			0.84			15
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26


	35.06		23.12			125		1.38			0.83			1.56			10
	29.31		(13.82	)		182		1.39			1.27			1.55			29
	35.24		6.72			69		1.39			1.40			2.14			15
	35.22		5.54			38		1.41			0.78	(f)		1.61			23


	34.93		23.24			2,077		1.13			1.06			1.18			10
	29.21		(13.60	)		1,519		1.14			1.43			1.18			29
	35.08		7.00			2,241		1.14			1.44			1.26			15
	35.11		7.82			1,132		1.15			1.01	(f)		1.28			23
	33.24		14.87			385		1.24			1.09			1.36			24

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund (continued)
Class R4
Six Months Ended December 31, 2020 (Unaudited)	$	29.56	$	0.21		$	6.70		$	6.91		$	(0.59	)	$	(0.53	)	$	(1.12	)
Year Ended June 30, 2020		35.52		0.57			(5.04	)		(4.47	)		(0.56	)		(0.93	)		(1.49	)
Year Ended June 30, 2019		35.47		0.62			1.69			2.31			(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		29.67		0.24			6.72			6.96			(0.62	)		(0.53	)		(1.15	)
Year Ended June 30, 2020		35.62		0.63			(5.05	)		(4.42	)		(0.60	)		(0.93	)		(1.53	)
Year Ended June 30, 2019		35.57		0.65			1.71			2.36			(0.62	)		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		29.71		0.25			6.74			6.99			(0.67	)		(0.53	)		(1.20	)
Year Ended June 30, 2020		35.67		0.66			(5.06	)		(4.40	)		(0.63	)		(0.93	)		(1.56	)
Year Ended June 30, 2019		35.60		0.71			1.70			2.41			(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


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


$	35.35		23.43	%	$	36,192		0.88	%		1.31	%		0.89	%		10	%
	29.56		(13.40	)		32,555		0.88			1.74			0.90			29
	35.52		7.27			20,538		0.89			1.79			0.99			15
	35.47		8.07			17,231		0.89			1.43	(f)		1.00			23
	33.55		15.10			34		1.00			1.05			1.08			24


	35.48		23.52			4,613		0.73			1.47			0.74			10
	29.67		(13.25	)		5,529		0.74			1.85			0.75			29
	35.62		7.41			8,018		0.74			1.85			0.84			15
	35.57		8.25			6,114		0.76			1.41	(f)		0.88			23
	33.59		15.27			422		0.83			1.14			0.89			24


	35.50		23.57			4,042,389		0.63			1.57			0.64			10
	29.71		(13.18	)		3,949,596		0.64			1.96			0.65			29
	35.67		7.57			4,025,348		0.64			2.02			0.74			15
	35.60		8.31			3,869,991		0.67			1.52	(f)		0.75			23
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”) was organized as a Massachusetts business trust on September 23, 1997, as an open-end management investment company.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG,” and with JPM I, JPM II and JPMMFIT, collectively, the “Trusts”) was organized as a Maryland corporation on August 19, 1997, as an open-end management investment company.

The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Growth Advantage Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMMFIT	Diversified
JPMorgan Mid Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Mid Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Mid Cap Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMFMFG	Diversified
JPMorgan Value Advantage Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

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

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

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

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

Class L Shares of Mid Cap Value and Value Advantage 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’ prospectuses.

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.



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

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.

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

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”) (amounts in thousands):

Growth Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	14,529,548	$	—	$	—	$	14,529,548


Mid Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,072,056	$	—	$	—	$	2,072,056


Mid Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,979,779	$	—	$	—	$	7,979,779


Mid Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	14,782,139	$	—	$	—	$	14,782,139



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

NOTES TO FINANCIAL STATEMENTS

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

Value Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	9,143,043	$	—	$	—		$	9,143,043
Rights		—		—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		117,306		—		—			117,306
Investment of cash collateral from securities loaned		35,377		—		—			35,377

Total Short-Term Investments		152,683		—		—			152,683

Total Investments in Securities	$	9,295,726	$	—	$	—	(b)	$	9,295,726

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

(b)	Amount rounds to less than one thousand.


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Growth Advantage Fund	$	210,429	$	(210,429	)	$	—
Mid Cap Equity Fund		44,647		(44,647	)		—
Mid Cap Growth Fund		160,963		(160,963	)		—
Mid Cap Value Fund		125,755		(125,755	)		—
Value Advantage Fund		34,343		(34,343	)		—

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



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


Growth Advantage Fund	$	10
Mid Cap Equity Fund		1
Mid Cap Growth Fund		10
Mid Cap Value Fund		5
Value Advantage Fund		5

Growth Advantage Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	105,416	$	1,809,445	$	1,687,999	$	(52	)	$	(36	)	$	226,774		226,661	$	190		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		302,529		1,241,000		1,433,750		(67	)*		2			109,714		109,703		317	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		31,490		764,958		687,138		—			—			109,310		109,310		10	*		—

Total	$	439,435	$	3,815,403	$	3,808,887	$	(119	)	$	(34	)	$	445,798			$	517		$	—

Mid Cap Equity Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	40,612	$	261,072	$	267,248	$	(10	)	$	(4	)	$	34,422		34,404	$	30		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		121,000		87,000		(7	)*		—			33,993		33,990		23	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		71,588		59,233		—			—			12,355		12,355		1	*		—

Total	$	40,612	$	453,660	$	413,481	$	(17	)	$	(4	)	$	80,770			$	54		$	—



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65

NOTES TO FINANCIAL STATEMENTS

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

Mid Cap Growth Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		51,560		769,582		663,655		(24	)		(10	)		157,453		157,374		95			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		211,088		762,000		824,000		(79	)*		2			149,011		148,996		335	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		24,377		305,212		309,912		—			—			19,677		19,677		10	*		—

Total	$	287,025	$	1,836,794	$	1,797,567	$	(103	)	$	(8	)	$	326,141			$	440		$	—

Mid Cap Value Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		170,302		1,570,964		1,533,081		91			(190	)		208,086		207,983		245			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		168,074		297,000		391,500		(36	)*		—	(c)		73,538		73,531		148	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		23,472		201,721		170,387		—			—			54,806		54,806		5	*		—

Total	$	361,848	$	2,069,685	$	2,094,968	$	55		$	(190	)	$	336,430			$	398		$	—

Value Advantage Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)		193,827		1,686,485		1,762,920		(78	)		(8	)		117,306		117,248		210			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		139,126		407,985		518,000		(34	)*		—	(c)		29,077		29,074		185	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		15,136		185,762		194,598		—			—			6,300		6,300		6	*		—

Total	$	348,089	$	2,280,232	$	2,475,518	$	(112	)	$	(8	)	$	152,683			$	401		$	—

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

(b)	The rate shown is the current yield as of December 31, 2020.

(c)	Amount rounds to less than one thousand.

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



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.

E. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.


	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	70	$	27	$	23		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	2		$	33	$	155
Mid Cap Equity Fund
Transfer agency fees		18		1		4		n/a		—	(a)		n/a			n/a			—	(a)		6		29
Mid Cap Growth Fund
Transfer agency fees		158		4		15		n/a		12			1			—	(a)		6			41		237
Mid Cap Value Fund
Transfer agency fees		48		2		18	$	19		4			1			—	(a)		1			34		127
Value Advantage Fund
Transfer agency fees		40		17		15		17		—	(a)		1			—	(a)		—	(a)		21		111

(a)	Amount rounds to less than one thousand.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

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

3. Fees and Other Transactions with Affiliates


Growth Advantage Fund	0.55	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.55



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	67

NOTES TO FINANCIAL STATEMENTS

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

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.


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


	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	282	$	1
Mid Cap Equity Fund		45		—	(a)
Mid Cap Growth Fund		89		—	(a)
Mid Cap Value Fund		19		—
Value Advantage Fund		41		—	(a)

(a)	Amount rounds to less than one thousand.


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

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



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

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.


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

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


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	—	$	—	$	19	$	19	$	—	(a)
Mid Cap Equity Fund		644		430		17		1,091		—
Mid Cap Growth Fund		28		18		775		821		41
Mid Cap Value Fund		282		183		2,529		2,994		34
Value Advantage Fund		36		23		73		132		21

(a)	Amount rounds to less than one thousand.

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


Growth Advantage Fund	$	111
Mid Cap Equity Fund		21
Mid Cap Growth Fund		56
Mid Cap Value Fund		160
Value Advantage Fund		132



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	69

NOTES TO FINANCIAL STATEMENTS

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

4. Investment Transactions

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


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	2,259,847	$	2,396,125
Mid Cap Equity Fund		355,208		420,108
Mid Cap Growth Fund		1,562,549		1,205,651
Mid Cap Value Fund		859,923		1,903,279
Value Advantage Fund		854,667		1,936,104

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	7,043,857	$	7,497,833	$	12,142	$	7,485,691
Mid Cap Equity Fund		1,220,681		863,490		12,115		851,375
Mid Cap Growth Fund		4,862,616		3,137,535		20,372		3,117,163
Mid Cap Value Fund		9,143,415		5,941,886		303,162		5,638,724
Value Advantage Fund		6,349,204		3,109,840		163,318		2,946,522


	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term		Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	—	$	—	$	3,489
Mid Cap Growth Fund		—		—		6,406
Value Advantage Fund		104,712		—		—

6. Borrowings

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

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



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

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, 2020.

7. Risks, Concentrations and Indemnifications

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


	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		12.5	%		1		21.4	%
Mid Cap Equity Fund		—		—			1		57.8
Mid Cap Growth Fund		1		10.4			2		27.0
Mid Cap Value Fund		—		—			2		35.8
Value Advantage Fund		—		—			3		38.4

As of December 31, 2020, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	JPMorgan SmartRetirement Funds
Growth Advantage Fund		19.2	%
Value Advantage Fund		20.7

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

NOTES TO FINANCIAL STATEMENTS

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

significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Redemptions in-kind

On October 11, 2019, certain shareholders sold Class R6 Shares of Mid Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

Value

Realized

Gains (Losses)

Type

Mid Cap Equity Fund

1,200,715

234,072

Redemption in-kind

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



72	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,322.50	$	6.61		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,319.30		9.53		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,324.40		5.16		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		1,320.80		8.07		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R3
Actual		1,000.00		1,322.70		6.62		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		1,324.10		5.16		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		1,325.60		4.28		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		1,325.70		3.69		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	73

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	1,284.90	$	6.51		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,281.60		9.37		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,286.50		5.07		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		1,283.20		7.94		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R5
Actual		1,000.00		1,287.30		4.27		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		1,288.00		3.69		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64

JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,324.30		7.21		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,320.90		10.18		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,326.10		5.39		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Class R2
Actual		1,000.00		1,322.70		8.66		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,324.10		7.26		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		1,325.60		5.74		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,327.30		4.63		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,327.40		4.34		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74

JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		1,243.60		6.96		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		1,240.80		9.77		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		1,245.60		5.55		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98



74	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	1,246.40	$	4.25		0.75	%
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R2
Actual		1,000.00		1,242.00		8.36		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,243.50		6.96		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,245.20		5.55		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,246.30		4.70		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,246.80		4.13		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73

JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,232.30		6.36		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		1,229.60		9.16		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		1,233.90		4.95		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class L
Actual		1,000.00		1,235.20		4.17		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R2
Actual		1,000.00		1,231.20		7.76		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R3
Actual		1,000.00		1,232.40		6.36		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		1,234.30		4.96		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		1,235.20		4.11		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		1,235.70		3.55		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63

*	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, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	75

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser



76	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

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

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

Economies of Scale



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	77

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

Fees Relative to Adviser’s Other Clients

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by

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

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



78	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

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

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

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

factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

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

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 ranking were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio 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:



DECEMBER 31, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	79

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual

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

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



80	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2020

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., 2020. All rights reserved. December 2020.		SAN-MC-1220

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2020 (Unaudited)

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Intrepid Value Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

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 Intrepid Value Fund			12

JPMorgan Large Cap Growth Fund			14

JPMorgan Large Cap Value Fund			16

JPMorgan U.S. Equity Fund			18

JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			20

JPMorgan U.S. Large Cap Core Plus Fund			22

JPMorgan U.S. Research Enhanced Equity Fund			25

JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			27

JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)			29

Schedules of Portfolio Investments			31

Financial Statements			72

Financial Highlights			104

Notes to Financial Statements			130

Schedule of Shareholder Expenses			149

Board Approval of Investment Advisory Agreements			155

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

— Andrea L. Lisher

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



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

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

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



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

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			27.40%
S&P 500 Index			22.16%

Net Assets as of 12/31/2020 (In Thousands)			$105,845

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

***

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



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

JPMorgan Equity Focus Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The Fund commenced operations on July 29, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from July 29, 2011 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of

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

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

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

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



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

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			20.56%
Russell 1000 Value Index			22.75%

Net Assets as of 12/31/2020 (In Thousands)			$36,404,904

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

***

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



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

JPMorgan Equity Income Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value

Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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, 2020

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		16.44%
S&P 500 Index		22.16%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.07%

Net Assets as of 12/31/2020 (In Thousands)	$	287,212

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

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


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


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

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

***

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

****

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

ELN

Equity-Linked Note



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020



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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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 U.S. Treasury Bill Index from August 31, 2018 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the

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

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

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



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

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			10.04%
S&P 500 Index			22.16%

Net Assets as of 12/31/2020 (In Thousands)			$14,552,638

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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


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


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

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The Fund commenced operations on December 13, 2013.

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

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, 2020	J.P. MORGAN LARGE CAP FUNDS	11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			21.15%
Russell 1000 Value Index			22.75%

Net Assets as of 12/31/2020 (In Thousands)			$249,822

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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


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


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

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund and the Russell 1000 Value Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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



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

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			29.63%
Russell 1000 Growth Index			26.12%

Net Assets as of 12/31/2020 (In Thousands)			$32,290,926

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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


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


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

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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



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

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			33.65%
Russell 1000 Value Index			22.75%

Net Assets as of 12/31/2020 (In Thousands)			$1,702,750

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

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

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

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



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

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*			24.60%
S&P 500 Index			22.16%

Net Assets as of 12/31/2020 (In Thousands)			$18,666,776

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does

not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			21.24%
Russell 1000 Growth Index			26.12%

Net Assets as of 12/31/2020 (In Thousands)			$1,287,423

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

***

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			24.41%
S&P 500 Index			22.16%

Net Assets as of 12/31/2020 (In Thousands)			$3,032,269

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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



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


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


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


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


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

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

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



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

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark,

if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			22.76%
S&P 500 Index			22.16%

Net Assets as of 12/31/2020 (In Thousands)			$4,928,062

INVESTMENT OBJECTIVE**

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

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

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

HOW WAS THE FUND POSITIONED?

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

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


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


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

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

***

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



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

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

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

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, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			20.68%
S&P 500 Index			22.16%

Net Assets as of 12/31/2020 (In Thousands)			$75,330

INVESTMENT OBJECTIVE**

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

***

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



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

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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.



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

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			22.00%
Russell 1000 Value Index			22.75%

Net Assets as of 12/31/2020 (In Thousands)			$1,118,969

INVESTMENT OBJECTIVE**

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

***

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



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

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

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

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

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

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

December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.



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

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%

Aerospace & Defense — 1.6%

Raytheon Technologies Corp.		24		1,718


Automobiles — 2.1%

Tesla, Inc. *		3		2,257


Banks — 3.4%

Bank of America Corp.		121		3,658


Biotechnology — 6.4%

AbbVie, Inc.		33		3,550

Amgen, Inc.		9		1,998

Regeneron Pharmaceuticals, Inc. *		2		1,190


				6,738


Capital Markets — 5.8%

Charles Schwab Corp. (The)		67		3,531

S&P Global, Inc.		4		1,344

T. Rowe Price Group, Inc.		8		1,284


				6,159


Construction Materials — 2.5%

Martin Marietta Materials, Inc.		9		2,618


Consumer Finance — 3.5%

Capital One Financial Corp.		38		3,735


Containers & Packaging — 2.4%

Ball Corp.		10		977

Packaging Corp. of America		11		1,523


				2,500


Diversified Financial Services — 3.6%

Berkshire Hathaway, Inc., Class B *		17		3,856


Electric Utilities — 1.7%

Xcel Energy, Inc.		27		1,769


Electronic Equipment, Instruments & Components — 1.5%

Zebra Technologies Corp., Class A *		4		1,552


Equity Real Estate Investment Trusts (REITs) — 3.7%

Federal Realty Investment Trust		20		1,668

Public Storage		10		2,218


				3,886


Health Care Equipment & Supplies — 3.0%

DexCom, Inc. *		3		1,195

Intuitive Surgical, Inc. *		2		1,951


				3,146


Health Care Providers & Services — 3.1%

UnitedHealth Group, Inc.		9		3,247


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Products — 1.7%

Procter & Gamble Co. (The)		13		1,784


Insurance — 4.3%

Loews Corp.		102		4,610


Interactive Media & Services — 2.7%

Alphabet, Inc., Class C *		2		2,873


Internet & Direct Marketing Retail — 6.5%

Amazon.com, Inc. *		2		5,381

Booking Holdings, Inc. *		1		1,461


				6,842


IT Services — 6.6%

Global Payments, Inc.		7		1,583

Mastercard, Inc., Class A		8		2,966

PayPal Holdings, Inc. *		10		2,416


				6,965


Machinery — 1.8%

Stanley Black & Decker, Inc.		11		1,907


Media — 1.7%

DISH Network Corp., Class A *		57		1,835


Oil, Gas & Consumable Fuels — 3.5%

Kinder Morgan, Inc.		141		1,930

Marathon Petroleum Corp.		44		1,826


				3,756


Semiconductors & Semiconductor Equipment — 4.8%

Advanced Micro Devices, Inc. *		23		2,093

QUALCOMM, Inc.		20		2,990


				5,083


Software — 7.7%

Microsoft Corp.		27		5,985

Synopsys, Inc. *		8		2,155


				8,140


Specialty Retail — 5.5%

AutoZone, Inc. *		3		2,975

Home Depot, Inc. (The)		11		2,878


				5,853


Technology Hardware, Storage & Peripherals — 5.8%

Apple, Inc.		46		6,123


Total Common Stocks (Cost $61,259)				102,610

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.2%

Investment Companies — 3.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $3,350)		3,348		3,350

Total Investments — 100.1% (Cost $64,609)				105,960
Liabilities in Excess of Other Assets — (0.1)%				(115	)

NET ASSETS — 100.0%				105,845

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.9%

Aerospace & Defense — 3.6%

General Dynamics Corp.		3,025		450,235

Northrop Grumman Corp.		884		269,285

Raytheon Technologies Corp.		8,399		600,586


				1,320,106


Banks — 6.9%

Bank of America Corp.		25,389		769,555

Citigroup, Inc.		4,250		262,045

PNC Financial Services Group, Inc. (The)		5,193		773,701

Truist Financial Corp.		7,405		354,901

US Bancorp		7,881		367,159


				2,527,361


Beverages — 2.1%

Coca-Cola Co. (The)		5,980		327,938

PepsiCo, Inc.		2,982		442,202


				770,140


Biotechnology — 0.5%

Amgen, Inc.		846		194,522


Building Products — 0.6%

Trane Technologies plc		1,369		198,730


Capital Markets — 8.6%

BlackRock, Inc.		1,224		883,371

Charles Schwab Corp. (The)		7,144		378,923

CME Group, Inc.		4,102		746,705

Morgan Stanley		9,038		619,386

Northern Trust Corp.		1,769		164,799

T. Rowe Price Group, Inc.		2,273		344,133


				3,137,317


Chemicals — 2.8%

Air Products and Chemicals, Inc.		1,682		459,546

PPG Industries, Inc.		3,983		574,375


				1,033,921


Commercial Services & Supplies — 0.8%

Republic Services, Inc.		3,061		294,736


Consumer Finance — 2.0%

American Express Co.		4,498		543,849

Capital One Financial Corp.		1,830		180,901


				724,750


Diversified Telecommunication Services — 1.6%

Verizon Communications, Inc.		9,820		576,945


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — 3.5%

Entergy Corp.		1,800		179,665

NextEra Energy, Inc.		8,882		685,221

Xcel Energy, Inc.		5,897		393,142


				1,258,028


Electrical Equipment — 1.7%

Eaton Corp. plc		5,207		625,556


Equity Real Estate Investment Trusts (REITs) — 2.2%

Alexandria Real Estate Equities, Inc.		723		128,908

AvalonBay Communities, Inc.		1,317		211,345

Boston Properties, Inc.		991		93,635

Prologis, Inc.		1,545		154,005

Realty Income Corp.		916		56,938

Ventas, Inc.		2,159		105,890

Vornado Realty Trust		964		36,005


				786,726


Food & Staples Retailing — 2.8%

Sysco Corp.		7,204		534,950

Walmart, Inc.		3,322		478,880


				1,013,830


Food Products — 1.5%

Mondelez International, Inc., Class A		9,130		533,805


Health Care Equipment & Supplies — 3.1%

Abbott Laboratories		699		76,531

Becton Dickinson and Co.		1,376		344,406

Medtronic plc		6,072		711,287


				1,132,224


Health Care Providers & Services — 3.6%

AmerisourceBergen Corp.		3,002		293,475

CVS Health Corp.		4,642		317,057

UnitedHealth Group, Inc.		2,014		706,398


				1,316,930


Hotels, Restaurants & Leisure — 2.2%

McDonald’s Corp.		2,455		526,758

Starbucks Corp.		2,587		276,771


				803,529


Household Products — 1.1%

Procter & Gamble Co. (The)		2,867		398,908


Industrial Conglomerates — 0.8%

Honeywell International, Inc.		1,434		304,998

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Insurance — 4.5%

Arthur J Gallagher & Co.		2,301		284,599

Chubb Ltd.		2,574		396,130

Hartford Financial Services Group, Inc. (The)		5,625		275,531

Marsh & McLennan Cos., Inc.		1,039		121,542

MetLife, Inc.		5,912		277,591

Progressive Corp. (The)		2,874		284,192


				1,639,585


IT Services — 3.5%

Accenture plc, Class A		910		237,719

Automatic Data Processing, Inc.		1,733		305,322

Fidelity National Information Services, Inc.		3,096		438,029

International Business Machines Corp.		2,420		304,630


				1,285,700


Leisure Products — 0.8%

Hasbro, Inc.		2,981		278,834


Machinery — 6.0%

Deere & Co.		1,665		447,871

Dover Corp.		5,500		694,330

Otis Worldwide Corp.		1,470		99,289

Parker-Hannifin Corp.		2,258		614,967

Stanley Black & Decker, Inc.		1,753		312,998


				2,169,455


Media — 2.6%

Comcast Corp., Class A		18,083		947,575


Multi-Utilities — 1.4%

CMS Energy Corp.		4,947		301,789

Public Service Enterprise Group, Inc.		3,654		213,018


				514,807


Oil, Gas & Consumable Fuels — 3.9%

Chevron Corp.		5,887		497,119

ConocoPhillips		14,369		574,632

EOG Resources, Inc.		4,741		236,428

Valero Energy Corp.		2,025		114,572


				1,422,751


Pharmaceuticals — 6.9%

Bristol-Myers Squibb Co.		12,394		768,807

Eli Lilly and Co.		2,783		469,899

Johnson & Johnson		5,061		796,479

Merck & Co., Inc.		3,411		278,991

Pfizer, Inc.		5,794		213,294


				2,527,470


INVESTMENTS	SHARES (000)		VALUE ($000)


Road & Rail — 1.5%

Norfolk Southern Corp.		2,218		526,920


Semiconductors & Semiconductor Equipment — 4.4%

Analog Devices, Inc.		5,613		829,160

Texas Instruments, Inc.		4,792		786,479


				1,615,639


Software — 1.5%

Microsoft Corp.		2,384		530,172


Specialty Retail — 3.9%

Best Buy Co., Inc.		3,530		352,213

Home Depot, Inc. (The)		2,340		621,553

TJX Cos., Inc. (The)		6,684		456,440


				1,430,206


Technology Hardware, Storage & Peripherals — 0.8%

Apple, Inc.		2,079		275,889


Textiles, Apparel & Luxury Goods — 0.6%

VF Corp.		2,425		207,121


Tobacco — 2.6%

Altria Group, Inc.		6,392		262,087

Philip Morris International, Inc.		8,457		700,129


				962,216


Total Common Stocks (Cost $26,001,247)				35,287,402

Short-Term Investments — 3.0%

Investment Companies — 3.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $1,067,536)		1,067,055		1,067,589

Total Investments — 99.9% (Cost $27,068,783)				36,354,991
Other Assets Less Liabilities — 0.1%				49,913

NET ASSETS — 100.0%				36,404,904

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 82.4%

Aerospace & Defense — 0.9%

Northrop Grumman Corp.		9		2,709


Air Freight & Logistics — 0.6%

United Parcel Service, Inc., Class B		9		1,575


Banks — 0.5%

US Bancorp		29		1,368


Beverages — 2.8%

Coca-Cola Co. (The)		55		2,993

Constellation Brands, Inc., Class A		6		1,335

PepsiCo, Inc.		25		3,712


				8,040


Biotechnology — 3.1%

AbbVie, Inc.		37		3,923

Alexion Pharmaceuticals, Inc. *		17		2,647

Regeneron Pharmaceuticals, Inc. *		2		1,202

Vertex Pharmaceuticals, Inc. *		5		1,217


				8,989


Building Products — 1.3%

Trane Technologies plc		25		3,589


Capital Markets — 2.6%

BlackRock, Inc.		3		1,886

Intercontinental Exchange, Inc.		34		3,894

S&P Global, Inc.		5		1,667


				7,447


Chemicals — 1.5%

Linde plc (United Kingdom)		13		3,509

PPG Industries, Inc.		6		823


				4,332


Commercial Services & Supplies — 0.6%

Waste Management, Inc.		14		1,707


Containers & Packaging — 1.0%

Silgan Holdings, Inc.		78		2,877


Diversified Financial Services — 1.2%

Berkshire Hathaway, Inc., Class B *		15		3,554


Diversified Telecommunication Services — 1.1%

Verizon Communications, Inc.		52		3,057


Electric Utilities — 2.6%

NextEra Energy, Inc.		52		4,037

Xcel Energy, Inc.		51		3,426


				7,463


INVESTMENTS	SHARES (000)		VALUE ($000)


Electrical Equipment — 0.7%

Eaton Corp. plc		17		2,053


Entertainment — 0.9%

Netflix, Inc. *		5		2,581


Equity Real Estate Investment Trusts (REITs) — 2.3%

Equinix, Inc.		3		2,260

Prologis, Inc.		18		1,754

Public Storage		6		1,366

Sun Communities, Inc.		8		1,166


				6,546


Food & Staples Retailing — 2.4%

Costco Wholesale Corp.		10		3,755

Kroger Co. (The)		30		949

Walmart, Inc.		14		2,069


				6,773


Food Products — 2.5%

Conagra Brands, Inc.		34		1,220

General Mills, Inc.		20		1,167

Hershey Co. (The)		8		1,157

Mondelez International, Inc., Class A		63		3,676


				7,220


Health Care Equipment & Supplies — 0.5%

Medtronic plc		13		1,546


Health Care Providers & Services — 0.5%

UnitedHealth Group, Inc.		4		1,470


Hotels, Restaurants & Leisure — 0.3%

McDonald’s Corp.		4		829


Household Products — 2.3%

Kimberly-Clark Corp.		22		2,909

Procter & Gamble Co. (The)		27		3,758


				6,667


Industrial Conglomerates — 1.5%

Honeywell International, Inc.		20		4,199


Insurance — 4.7%

Allstate Corp. (The)		34		3,696

Chubb Ltd.		21		3,201

Marsh & McLennan Cos., Inc.		20		2,333

Progressive Corp. (The)		39		3,874

RenaissanceRe Holdings Ltd. (Bermuda)		3		510


				13,614

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Interactive Media & Services — 2.2%

Alphabet, Inc., Class A *		2		4,266

Facebook, Inc., Class A *		8		2,171


				6,437


Internet & Direct Marketing Retail — 1.5%

Amazon.com, Inc. *		1		4,156


IT Services — 7.0%

Accenture plc, Class A		17		4,514

Automatic Data Processing, Inc.		5		825

Booz Allen Hamilton Holding Corp.		34		2,955

Leidos Holdings, Inc.		32		3,312

Mastercard, Inc., Class A		11		3,896

PayPal Holdings, Inc. *		8		1,788

Visa, Inc., Class A		12		2,686


				19,976


Life Sciences Tools & Services — 1.6%

PerkinElmer, Inc.		9		1,258

Thermo Fisher Scientific, Inc.		7		3,430


				4,688


Machinery — 1.6%

Cummins, Inc.		7		1,652

Deere & Co.		4		951

PACCAR, Inc.		24		2,073


				4,676


Media — 2.6%

Charter Communications, Inc., Class A *		6		3,981

Comcast Corp., Class A		69		3,619


				7,600


Multiline Retail — 2.3%

Dollar General Corp.		5		1,137

Dollar Tree, Inc. *		11		1,232

Target Corp.		23		4,124


				6,493


Multi-Utilities — 4.6%

Ameren Corp.		43		3,336

CMS Energy Corp.		52		3,166

Public Service Enterprise Group, Inc.		62		3,594

Sempra Energy		18		2,309

WEC Energy Group, Inc.		10		921


				13,326


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — 0.4%

TC Energy Corp. (Canada)		28		1,149



Pharmaceuticals — 5.1%

Bristol-Myers Squibb Co.		57		3,530

Eli Lilly and Co.		24		4,049

Johnson & Johnson		22		3,475

Merck & Co., Inc.		43		3,486


				14,540


Road & Rail — 2.3%

Norfolk Southern Corp.		9		2,174

Old Dominion Freight Line, Inc.		17		3,327

Union Pacific Corp.		5		1,017


				6,518


Semiconductors & Semiconductor Equipment — 0.9%

Analog Devices, Inc.		17		2,537


Software — 3.6%

Intuit, Inc.		11		4,047

Microsoft Corp.		19		4,291

salesforce.com, Inc. *		9		2,044


				10,382


Specialty Retail — 3.1%

AutoZone, Inc. *		3		3,758

Home Depot, Inc. (The)		8		1,997

Lowe’s Cos., Inc.		11		1,699

TJX Cos., Inc. (The)		22		1,531


				8,985


Technology Hardware, Storage & Peripherals — 1.8%

Apple, Inc.		29		3,830

Seagate Technology plc		21		1,275


				5,105


Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		17		2,407


Tobacco — 1.3%

Altria Group, Inc.		40		1,623

Philip Morris International, Inc.		26		2,135


				3,758


Wireless Telecommunication Services — 1.3%

T-Mobile US, Inc. *		28		3,767


Total Common Stocks (Cost $199,065)				236,705

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — 15.8%

Barclays Bank plc, ELN, 53.15%, 1/8/2021, (linked to S&P 500 Index) (a)		2		8,218

BMO Capital Markets Corp., ELN, 55.06%, 1/15/2021, (linked to S&P 500 Index) (a)		2		8,517

BNP Paribas, ELN, 62.53%, 1/29/2021, (linked to S&P 500 Index) (a)		2		8,785

Royal Bank of Canada, ELN, 62.43%, 2/5/2021, (linked to S&P 500 Index) (a)		3		9,627

Toronto-Dominion Bank (The), ELN, 55.50%, 1/22/2021, (linked to S&P 500 Index) (a)		3		10,205


Total Equity-Linked Notes (Cost $45,596)				45,352


	SHARES (000)
Exchange-Traded Funds — 0.2%

International Equity — 0.2%

iShares MSCI USA Min Vol Factor ETF (Cost $510)		8		512

Short-Term Investments — 0.4%

Investment Companies — 0.4%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,271)		1,271		1,271

Total Investments — 98.8% (Cost $246,442)				283,840
Other Assets Less Liabilities — 1.2%				3,372

NET ASSETS — 100.0%				287,212

Percentages indicated are based on net assets.

Abbreviations


ELN		Equity-Linked Note
ETF		Exchange-Traded Fund

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


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

Aerospace & Defense — 1.0%

General Dynamics Corp. (a)		152		22,559

Northrop Grumman Corp.		163		49,755

Raytheon Technologies Corp.		1,022		73,092


				145,406


Air Freight & Logistics — 0.5%

FedEx Corp.		300		77,801


Airlines — 0.3%

Delta Air Lines, Inc.		434		17,467

Southwest Airlines Co.		563		26,245


				43,712


Auto Components — 0.2%

Magna International, Inc. (Canada)		413		29,212


Automobiles — 1.8%

General Motors Co.		798		33,237

Tesla, Inc. *		320		225,928


				259,165


Banks — 3.1%

Bank of America Corp. (a)		2,239		67,877

Citigroup, Inc.		1,499		92,454

KeyCorp (a)		3,395		55,705

Regions Financial Corp.		2,619		42,221

Truist Financial Corp.		698		33,477

US Bancorp		1,209		56,343

Wells Fargo & Co.		3,415		103,075


				451,152


Beverages — 1.3%

Coca-Cola Co. (The) (a)		2,260		123,938

Constellation Brands, Inc., Class A		313		68,617


				192,555


Biotechnology — 2.5%

AbbVie, Inc.		1,499		160,634

Alexion Pharmaceuticals, Inc. *		417		65,122

Amgen, Inc. (a)		47		10,831

Biogen, Inc. * (a)		124		30,352

Regeneron Pharmaceuticals, Inc. *		83		40,268

Vertex Pharmaceuticals, Inc. *		213		50,348


				357,555


Building Products — 0.9%

Masco Corp.		875		48,055

Trane Technologies plc		522		75,727


				123,782


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 3.4%

Goldman Sachs Group, Inc. (The)		293		77,385

Intercontinental Exchange, Inc.		635		73,238

MarketAxess Holdings, Inc.		35		19,863

Morgan Stanley		1,942		133,113

MSCI, Inc.		21		9,399

S&P Global, Inc.		362		119,121

State Street Corp.		706		51,391

T. Rowe Price Group, Inc.		93		14,061


				497,571


Chemicals — 1.8%

Air Products and Chemicals, Inc.		99		27,083

Celanese Corp.		160		20,756

Dow, Inc.		348		19,316

DuPont de Nemours, Inc.		562		39,980

Eastman Chemical Co.		655		65,710

Linde plc (United Kingdom)		173		45,473

LyondellBasell Industries NV, Class A		229		20,994

PPG Industries, Inc.		201		29,016


				268,328


Commercial Services & Supplies — 0.1%

Cintas Corp. (a)		48		16,948


Communications Equipment — 0.4%

Cisco Systems, Inc.		1,009		45,155

Motorola Solutions, Inc.		45		7,606


				52,761


Consumer Finance — 0.5%

Capital One Financial Corp.		704		69,595


Containers & Packaging — 0.6%

Avery Dennison Corp.		103		16,031

Crown Holdings, Inc. * (a)		257		25,753

Packaging Corp. of America		90		12,428

WestRock Co.		627		27,292


				81,504


Diversified Consumer Services — 0.0% (b)

H&R Block, Inc.		179		2,847


Diversified Financial Services — 1.7%

Berkshire Hathaway, Inc., Class B * (a)		993		230,277

Voya Financial, Inc.		169		9,934


				240,211


Diversified Telecommunication Services — 0.8%

Verizon Communications, Inc. (a)		1,943		114,123

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Electric Utilities — 1.4%

Exelon Corp.		594		25,081

NextEra Energy, Inc.		1,922		148,281

Xcel Energy, Inc. (a)		518		34,550


				207,912


Electrical Equipment — 0.6%

Eaton Corp. plc		706		84,862


Electronic Equipment, Instruments & Components — 0.2%

TE Connectivity Ltd.		286		34,674


Entertainment — 1.2%

Netflix, Inc. * (a)		311		167,910


Equity Real Estate Investment Trusts (REITs) — 1.7%

Camden Property Trust		324		32,422

Equinix, Inc.		91		64,905

Equity LifeStyle Properties, Inc.		188		11,936

Mid-America Apartment Communities, Inc.		202		25,621

Prologis, Inc.		679		67,719

Public Storage		44		10,052

Realty Income Corp.		97		6,004

Sun Communities, Inc.		62		9,403

UDR, Inc.		134		5,157

Ventas, Inc.		356		17,456


				250,675


Food & Staples Retailing — 0.5%

Costco Wholesale Corp.		143		53,712

Kroger Co. (The)		639		20,283


				73,995


Food Products — 0.6%

Mondelez International, Inc., Class A (a)		1,560		91,214


Health Care Equipment & Supplies — 3.0%

Abbott Laboratories		178		19,461

ABIOMED, Inc. *		20		6,605

Baxter International, Inc.		758		60,833

Becton Dickinson and Co.		131		32,815

Boston Scientific Corp. * (a)		1,605		57,695

DexCom, Inc. *		43		15,858

Edwards Lifesciences Corp. *		167		15,253

Intuitive Surgical, Inc. * (a)		31		25,096

Medtronic plc (a)		1,088		127,422

Zimmer Biomet Holdings, Inc. (a)		529		81,562


				442,600


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 2.7%

Anthem, Inc. (a)		119		38,083

Centene Corp. *		148		8,860

Cigna Corp. (a)		391		81,497

McKesson Corp.		436		75,796

UnitedHealth Group, Inc. (a)		541		189,790


				394,026


Hotels, Restaurants & Leisure — 0.6%

Hilton Worldwide Holdings, Inc.		347		38,589

Yum! Brands, Inc.		462		50,204


				88,793


Household Durables — 0.4%

Lennar Corp., Class A		752		57,289


Household Products — 1.7%

Kimberly-Clark Corp.		473		63,790

Procter & Gamble Co. (The) (a)		1,268		176,402


				240,192


Industrial Conglomerates — 1.0%

Honeywell International, Inc. (a)		658		140,013


Insurance — 1.8%

Allstate Corp. (The) (a)		699		76,817

American International Group, Inc.		397		15,015

Chubb Ltd.		325		49,957

Hartford Financial Services Group, Inc. (The)		479		23,461

Marsh & McLennan Cos., Inc.		160		18,762

MetLife, Inc.		145		6,816

Progressive Corp. (The)		736		72,778


				263,606


Interactive Media & Services — 5.8%

Alphabet, Inc., Class A * (a)		174		304,818

Alphabet, Inc., Class C * (a)		139		244,142

Facebook, Inc., Class A * (a)		1,081		295,168


				844,128


Internet & Direct Marketing Retail — 5.4%

Amazon.com, Inc. * (a)		219		714,179

Booking Holdings, Inc. * (a)		31		69,656


				783,835


IT Services — 6.1%

Accenture plc, Class A		618		161,458

Booz Allen Hamilton Holding Corp.		253		22,025

FleetCor Technologies, Inc. *		39		10,705

International Business Machines Corp.		434		54,683

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

IT Services — continued

Leidos Holdings, Inc.		532		55,927

Mastercard, Inc., Class A (a)		680		242,816

PayPal Holdings, Inc. * (a)		861		201,668

Visa, Inc., Class A (a)		599		131,071


				880,353


Life Sciences Tools & Services — 1.5%

Illumina, Inc. *		104		38,602

PerkinElmer, Inc.		51		7,254

Thermo Fisher Scientific, Inc. (a)		352		164,052

Waters Corp. *		32		7,801


				217,709


Machinery — 2.0%

Cummins, Inc. (a)		198		45,074

Deere & Co.		274		73,668

Parker-Hannifin Corp.		259		70,636

Snap-on, Inc.		132		22,600

Stanley Black & Decker, Inc.		415		74,136


				286,114


Media — 2.3%

Altice USA, Inc., Class A *		478		18,087

Charter Communications, Inc., Class A * (a)		167		110,192

Comcast Corp., Class A (a)		2,810		147,225

Discovery, Inc., Class A *		975		29,347

Discovery, Inc., Class C *		1,129		29,561


				334,412


Metals & Mining — 0.1%

Newmont Corp.		362		21,663


Multiline Retail — 0.8%

Dollar Tree, Inc. *		319		34,509

Target Corp.		479		84,516


				119,025


Multi-Utilities — 1.3%

Ameren Corp.		501		39,127

CMS Energy Corp.		510		31,137

DTE Energy Co.		269		32,643

Public Service Enterprise Group, Inc.		601		35,031

Sempra Energy		411		52,303


				190,241


Oil, Gas & Consumable Fuels — 2.3%

Cabot Oil & Gas Corp.		217		3,537

Cheniere Energy, Inc. *		277		16,644


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued

Chevron Corp. (a)		1,214		102,558

ConocoPhillips		581		23,242

Diamondback Energy, Inc.		392		18,975

EOG Resources, Inc. (a)		873		43,558

Kinder Morgan, Inc.		998		13,649

Phillips 66		557		38,945

Pioneer Natural Resources Co. (a)		494		56,218

Williams Cos., Inc. (The)		894		17,933


				335,259


Personal Products — 0.3%

Estee Lauder Cos., Inc. (The), Class A		180		47,937


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co. (a)		2,189		135,756

Eli Lilly and Co. (a)		788		132,982

Johnson & Johnson (a)		730		114,893

Merck & Co., Inc. (a)		1,386		113,336

Pfizer, Inc.		396		14,594


				511,561


Professional Services — 0.1%

Verisk Analytics, Inc.		74		15,461


Road & Rail — 1.3%

CSX Corp.		256		23,232

Lyft, Inc., Class A *		383		18,820

Norfolk Southern Corp. (a)		476		113,119

Union Pacific Corp.		197		40,945


				196,116


Semiconductors & Semiconductor Equipment — 5.9%

Advanced Micro Devices, Inc. * (a)		873		80,051

Analog Devices, Inc.		698		103,128

Applied Materials, Inc.		1,214		104,749

Intel Corp.		694		34,598

Lam Research Corp.		154		72,687

Microchip Technology, Inc.		220		30,409

Micron Technology, Inc. *		324		24,351

NVIDIA Corp. (a)		233		121,594

NXP Semiconductors NV (Netherlands)		454		72,224

Qorvo, Inc. *		263		43,697

QUALCOMM, Inc.		163		24,894

Texas Instruments, Inc. (a)		858		140,783


				853,165


Software — 8.2%

Fortinet, Inc. *		65		9,654

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Software — continued

Intuit, Inc. (a)		291		110,654

Microsoft Corp. (a)		4,059		902,865

salesforce.com, Inc. * (a)		604		134,319

Workday, Inc., Class A *		139		33,312


				1,190,804


Specialty Retail — 3.3%

AutoZone, Inc. * (a)		60		70,741

Best Buy Co., Inc. (a)		677		67,519

Home Depot, Inc. (The) (a)		494		131,274

Lowe’s Cos., Inc. (a)		853		136,913

TJX Cos., Inc. (The) (a)		974		66,531


				472,978


Technology Hardware, Storage & Peripherals — 7.3%

Apple, Inc. (a)		7,664		1,016,877

Seagate Technology plc		777		48,283


				1,065,160


Textiles, Apparel & Luxury Goods — 0.9%

Carter’s, Inc.		341		32,104

NIKE, Inc., Class B		738		104,413


				136,517


Tobacco — 1.2%

Altria Group, Inc. (a)		1,839		75,400

Philip Morris International, Inc.		1,201		99,390


				174,790


Wireless Telecommunication Services — 0.7%

T-Mobile US, Inc. *		782		105,427


Total Common Stocks (Cost $10,576,181)				14,344,644


INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 2.3%

Put Options Purchased — 2.3%

Index Funds — 2.3%

S&P 500 Index 3/31/2021 at USD 3,550.00, European Style Notional Amount: USD 14,493,172 Exchange-Traded * (Cost $345,846)		38,586		337,242


	SHARES (000)
Short-Term Investments — 4.6%

Investment Companies — 4.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (c) (d) (Cost $675,807)		675,807		675,807

Total Investments — 105.5% (Cost $11,597,834)				15,357,693
Liabilities in Excess of Other Assets — (5.5)%				(805,055	)

NET ASSETS — 100.0%				14,552,638

Percentages indicated are based on net assets.

Abbreviations



USD		United States Dollar

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

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

1,039

03/2021

USD

194,566

452

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

38,586

USD 14,493,172

USD 3,895.00

3/31/2021

(251,774

)

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

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

38,586

USD 14,493,172

USD 3,000.00

3/31/2021

(89,326

)

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

(341,100

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%

Aerospace & Defense — 1.4%

Raytheon Technologies Corp.		50		3,597


Air Freight & Logistics — 0.3%

United Parcel Service, Inc., Class B		5		842


Airlines — 0.3%

Delta Air Lines, Inc.		19		744


Auto Components — 0.9%

Lear Corp.		15		2,354


Banks — 9.1%

Bank of America Corp.		200		6,071

Citigroup, Inc.		89		5,505

Citizens Financial Group, Inc.		62		2,203

Sterling Bancorp		78		1,402

Truist Financial Corp.		28		1,347

Wells Fargo & Co.		83		2,499

Western Alliance Bancorp		33		1,984

Zions Bancorp NA		39		1,699


				22,710


Biotechnology — 2.5%

AbbVie, Inc.		41		4,444

Biogen, Inc. *		5		1,151

Exelixis, Inc. *		32		632


				6,227


Building Products — 1.1%

Fortune Brands Home & Security, Inc.		8		669

Owens Corning		28		2,098


				2,767


Capital Markets — 2.3%

Ameriprise Financial, Inc.		2		369

Bank of New York Mellon Corp. (The)		28		1,188

Goldman Sachs Group, Inc. (The)		4		1,002

Morgan Stanley		46		3,139


				5,698


Chemicals — 2.9%

Celanese Corp.		13		1,624

DuPont de Nemours, Inc.		43		3,079

Eastman Chemical Co.		8		802

Huntsman Corp.		67		1,672


				7,177


Commercial Services & Supplies — 0.4%

Republic Services, Inc.		11		1,088


INVESTMENTS	SHARES (000)		VALUE ($000)


Communications Equipment — 1.5%

Cisco Systems, Inc.		65		2,900

Lumentum Holdings, Inc. *		10		948


				3,848


Construction & Engineering — 0.8%

AECOM *		22		1,115

MasTec, Inc. *		12		846


				1,961


Consumer Finance — 2.2%

Ally Financial, Inc.		42		1,490

Capital One Financial Corp.		10		1,018

Discover Financial Services		11		978

Synchrony Financial		59		2,041


				5,527


Containers & Packaging — 2.2%

Ardagh Group SA		50		867

Berry Global Group, Inc. *		35		1,944

Crown Holdings, Inc. *		21		2,134

Silgan Holdings, Inc.		18		668


				5,613


Diversified Consumer Services — 0.3%

H&R Block, Inc.		51		807


Diversified Financial Services — 2.3%

Berkshire Hathaway, Inc., Class B *		17		4,011

Voya Financial, Inc.		31		1,841


				5,852


Diversified Telecommunication Services — 2.8%

CenturyLink, Inc.		58		565

Verizon Communications, Inc.		111		6,509


				7,074


Electric Utilities — 3.7%

Entergy Corp.		15		1,538

Exelon Corp.		83		3,513

NextEra Energy, Inc.		36		2,739

Southern Co. (The)		24		1,480


				9,270


Electrical Equipment — 1.3%

Eaton Corp. plc		26		3,172


Energy Equipment & Services — 1.0%

Baker Hughes Co.		33		678

Schlumberger NV		88		1,923


				2,601

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Entertainment — 0.5%

Walt Disney Co. (The) *		6		1,123


Equity Real Estate Investment Trusts (REITs) — 3.5%

American Tower Corp.		5		1,033

Essex Property Trust, Inc.		7		1,543

Invitation Homes, Inc.		59		1,764

Kilroy Realty Corp.		16		890

Paramount Group, Inc.		154		1,392

VEREIT, Inc.		29		1,097

VICI Properties, Inc.		44		1,125


				8,844


Food & Staples Retailing — 1.3%

Sysco Corp.		42		3,141


Food Products — 1.6%

Conagra Brands, Inc.		44		1,585

Mondelez International, Inc., Class A		19		1,134

Tyson Foods, Inc., Class A		19		1,205


				3,924


Health Care Equipment & Supplies — 2.9%

Hologic, Inc. *		18		1,289

Medtronic plc		51		5,974


				7,263


Health Care Providers & Services — 4.0%

Anthem, Inc.		15		4,688

Centene Corp. *		25		1,494

Cigna Corp.		8		1,624

HCA Healthcare, Inc.		8		1,250

McKesson Corp.		5		835


				9,891


Hotels, Restaurants & Leisure — 2.1%

Darden Restaurants, Inc.		7		870

Las Vegas Sands Corp.		41		2,444

Wyndham Destinations, Inc.		44		1,951


				5,265


Household Durables — 0.9%

DR Horton, Inc.		15		1,006

PulteGroup, Inc.		27		1,147


				2,153


Household Products — 2.1%

Procter & Gamble Co. (The)		23		3,214

Spectrum Brands Holdings, Inc.		25		1,983


				5,197


INVESTMENTS	SHARES (000)		VALUE ($000)


Independent Power and Renewable Electricity Producers — 0.2%

Vistra Corp.		25		499


Industrial Conglomerates — 0.6%

General Electric Co.		138		1,493


Insurance — 2.5%

Allstate Corp. (The)		19		2,034

Fidelity National Financial, Inc.		49		1,927

MetLife, Inc.		15		681

Travelers Cos., Inc. (The)		11		1,474


				6,116


Interactive Media & Services — 3.4%

Alphabet, Inc., Class A *		2		3,137

Alphabet, Inc., Class C *		2		4,030

Zillow Group, Inc., Class C *		10		1,246


				8,413


Internet & Direct Marketing Retail — 1.2%

eBay, Inc.		38		1,899

Qurate Retail, Inc., Series A		89		979


				2,878


IT Services — 2.2%

DXC Technology Co.		76		1,944

Leidos Holdings, Inc.		11		1,146

Mastercard, Inc., Class A		3		982

Science Applications International Corp.		15		1,429


				5,501


Leisure Products — 0.8%

Brunswick Corp.		25		1,868


Life Sciences Tools & Services — 1.5%

Agilent Technologies, Inc.		6		723

IQVIA Holdings, Inc. *		10		1,773

PerkinElmer, Inc.		9		1,306


				3,802


Machinery — 3.1%

Caterpillar, Inc.		8		1,438

Deere & Co.		6		1,614

PACCAR, Inc.		15		1,277

Parker-Hannifin Corp.		7		1,907

Toro Co. (The)		15		1,423


				7,659


Media — 3.1%

Charter Communications, Inc., Class A *		5		3,440

Discovery, Inc., Class A * (a)		64		1,911

Fox Corp., Class B		24		687

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Media — continued

Nexstar Media Group, Inc., Class A		6		611

Omnicom Group, Inc.		17		1,067


				7,716


Multi-Utilities — 1.2%

Sempra Energy		14		1,822

WEC Energy Group, Inc.		14		1,261


				3,083


Oil, Gas & Consumable Fuels — 3.4%

Cheniere Energy, Inc. *		28		1,663

Chevron Corp.		14		1,145

Cimarex Energy Co.		52		1,965

Concho Resources, Inc.		20		1,155

EOG Resources, Inc.		14		683

Kinder Morgan, Inc.		65		890

Phillips 66		16		1,112


				8,613


Personal Products — 0.3%

Herbalife Nutrition Ltd. *		18		860


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		53		3,294

Horizon Therapeutics plc *		10		695

Jazz Pharmaceuticals plc *		10		1,617

Johnson & Johnson		8		1,259

Pfizer, Inc.		51		1,881


				8,746


Professional Services — 0.4%

ManpowerGroup, Inc.		12		1,082


Road & Rail — 2.5%

CSX Corp.		46		4,147

Old Dominion Freight Line, Inc.		7		1,269

Union Pacific Corp.		4		895


				6,311


Semiconductors & Semiconductor Equipment — 3.1%

Intel Corp.		37		1,824

Lam Research Corp.		6		2,786

Qorvo, Inc. *		5		815

QUALCOMM, Inc.		15		2,285


				7,710


Software — 2.1%

Microsoft Corp.		11		2,425

Oracle Corp.		43		2,775


				5,200


INVESTMENTS	SHARES (000)		VALUE ($000)


Specialty Retail — 1.1%

Best Buy Co., Inc.		14		1,367

Foot Locker, Inc.		37		1,496


				2,863


Technology Hardware, Storage & Peripherals — 1.7%

Dell Technologies, Inc., Class C *		31		2,294

Hewlett Packard Enterprise Co.		91		1,079

NetApp, Inc.		12		762


				4,135


Tobacco — 2.1%

Altria Group, Inc.		100		4,116

Philip Morris International, Inc.		13		1,060


				5,176


Trading Companies & Distributors — 0.6%

United Rentals, Inc. *		6		1,484


Total Common Stocks (Cost $202,330)				246,938


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Pharmaceuticals — 0.0% (b)

Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $30)		14		10


	SHARES (000)
Short-Term Investments — 1.6%

Investment Companies — 1.4%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $3,492)		3,491		3,492


Investment of Cash Collateral from Securities Loaned — 0.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		3		4

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		423		423


Total Investment of Cash Collateral from Securities Loaned (Cost $427)				427


Total Short-Term Investments (Cost $3,919)				3,919

Total Investments — 100.4% (Cost $206,279)				250,867
Liabilities in Excess of Other Assets — (0.4)%				(1,045	)

NET ASSETS — 100.0%				249,822

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Percentages indicated are based on net assets.

Abbreviations


CVR		Contingent Value Rights

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

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

03/2021

USD

1,685

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.5%

Air Freight & Logistics — 0.6%

FedEx Corp.		774		200,868


Automobiles — 4.6%

Tesla, Inc. *		2,126		1,500,466


Beverages — 2.0%

Boston Beer Co., Inc. (The), Class A *		216		214,270

Monster Beverage Corp. *		4,648		429,879


				644,149


Biotechnology — 5.6%

Alnylam Pharmaceuticals, Inc. *		342		44,411

Biogen, Inc. *		614		150,222

BioMarin Pharmaceutical, Inc. *		1,794		157,328

Exact Sciences Corp. * (a)		2,572		340,698

Moderna, Inc. *		1,172		122,470

Regeneron Pharmaceuticals, Inc. * (a)		846		408,615

Seagen, Inc. *		3,327		582,638


				1,806,382


Capital Markets — 6.1%

Blackstone Group, Inc. (The), Class A		4,420		286,473

Charles Schwab Corp. (The)		7,496		397,578

MarketAxess Holdings, Inc.		940		536,155

Morgan Stanley		4,856		332,775

MSCI, Inc.		315		140,434

S&P Global, Inc.		797		262,064


				1,955,479


Chemicals — 1.8%

Air Products and Chemicals, Inc.		1,121		306,225

Sherwin-Williams Co. (The)		391		287,129


				593,354


Electrical Equipment — 1.3%

Rockwell Automation, Inc.		1,620		406,262


Electronic Equipment, Instruments & Components — 0.9%

Amphenol Corp., Class A		2,150		281,156


Entertainment — 2.1%

Netflix, Inc. *		554		299,727

Spotify Technology SA *		1,241		390,587


				690,314


Equity Real Estate Investment Trusts (REITs) — 0.7%

Equinix, Inc.		329		234,930


Health Care Equipment & Supplies — 3.9%

ABIOMED, Inc. *		345		111,784

Align Technology, Inc. *		753		402,281


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Equipment & Supplies — continued

DexCom, Inc. *		970		358,518

Intuitive Surgical, Inc. *		461		377,287


				1,249,870


Health Care Providers & Services — 1.7%

HCA Healthcare, Inc.		1,078		177,337

McKesson Corp.		2,128		370,086


				547,423


Health Care Technology — 0.3%

Veeva Systems, Inc., Class A *		398		108,488


Hotels, Restaurants & Leisure — 2.2%

Airbnb, Inc., Class A *		263		38,638

Chipotle Mexican Grill, Inc. *		482		668,255


				706,893


Industrial Conglomerates — 0.6%

Roper Technologies, Inc.		423		182,179


Interactive Media & Services — 10.3%

Alphabet, Inc., Class C *		201		352,937

Facebook, Inc., Class A *		3,606		984,967

Match Group, Inc. *		3,258		492,595

Pinterest, Inc., Class A *		2,402		158,279

Snap, Inc., Class A *		15,184		760,278

Twitter, Inc. *		2,462		133,317

Zillow Group, Inc., Class C *		3,524		457,363


				3,339,736


Internet & Direct Marketing Retail — 9.5%

Alibaba Group Holding Ltd., ADR (China) *		1,460		339,739

Amazon.com, Inc. *		461		1,501,461

Booking Holdings, Inc. *		194		431,645

Grubhub, Inc. *		732		54,373

MercadoLibre, Inc. (Argentina) * (a)		295		494,869

Wayfair, Inc., Class A * (a)		1,034		233,510


				3,055,597


IT Services — 7.4%

Cognizant Technology Solutions Corp., Class A		2,711		222,134

Mastercard, Inc., Class A		1,299		463,522

PayPal Holdings, Inc. *		5,030		1,178,131

Shopify, Inc., Class A (Canada) * (a)		31		35,204

Square, Inc., Class A *		2,246		488,906


				2,387,897


Life Sciences Tools & Services — 0.7%

Thermo Fisher Scientific, Inc.		500		233,104

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Machinery — 0.7%

Deere & Co.		805		216,666


Personal Products — 0.9%

Estee Lauder Cos., Inc. (The), Class A		1,155		307,476


Professional Services — 0.3%

CoStar Group, Inc. * (a)		113		104,629


Road & Rail — 1.2%

Norfolk Southern Corp.		1,584		376,303


Semiconductors & Semiconductor Equipment — 9.6%

Advanced Micro Devices, Inc. *		5,357		491,309

ASML Holding NV (Registered), NYRS (Netherlands)		1,014		494,694

Enphase Energy, Inc. * (a)		1,390		243,886

Lam Research Corp.		735		347,307

NVIDIA Corp.		840		438,578

QUALCOMM, Inc.		4,165		634,542

Texas Instruments, Inc.		2,758		452,671


				3,102,987


Software — 9.9%

Microsoft Corp.		6,882		1,530,761

salesforce.com, Inc. *		1,359		302,307

ServiceNow, Inc. *		273		150,515

SS&C Technologies Holdings, Inc.		2,842		206,763

Synopsys, Inc. *		1,920		497,767

Trade Desk, Inc. (The), Class A *		347		278,027

Workday, Inc., Class A *		905		216,823


				3,182,963


Specialty Retail — 2.9%

Carvana Co. *		1,305		312,672

Home Depot, Inc. (The)		1,350		358,650

Lowe’s Cos., Inc.		1,577		253,108


				924,430


Technology Hardware, Storage & Peripherals — 7.7%

Apple, Inc.		18,771		2,490,705



Textiles, Apparel & Luxury Goods — 1.0%

Lululemon Athletica, Inc. *		926		322,276


Total Common Stocks (Cost $16,902,448)				31,152,982

Short-Term Investments — 4.6%

Investment Companies — 4.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $1,289,076)		1,288,551		1,289,196


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 0.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		177,129		177,146

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		28,095		28,095


Total Investment of Cash Collateral from Securities Loaned (Cost $205,242)				205,241


Total Short-Term Investments (Cost $1,494,318)				1,494,437

Total Investments — 101.1% (Cost $18,396,766)				32,647,419
Liabilities in Excess of Other Assets — (1.1)%				(356,493	)

NET ASSETS — 100.0%				32,290,926

Percentages indicated are based on net assets.


Abbreviations

ADR		American Depositary Receipt
NYRS		New York Registry Shares

(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $176,206,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


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

Aerospace & Defense — 1.9%

Raytheon Technologies Corp.		445		31,808


Airlines — 1.3%

Spirit Airlines, Inc. * (a)		920		22,487


Automobiles — 3.1%

General Motors Co.		1,264		52,650


Banks — 9.9%

Bank of America Corp.		1,433		43,437

Citigroup, Inc.		1,059		65,318

Wells Fargo & Co.		2,002		60,433


				169,188


Beverages — 1.0%

Coca-Cola Co. (The)		293		16,068


Biotechnology — 3.3%

Alexion Pharmaceuticals, Inc. *		198		30,873

Biogen, Inc. *		43		10,431

Vertex Pharmaceuticals, Inc. *		65		15,433


				56,737


Building Products — 4.2%

Carrier Global Corp.		484		18,271

Owens Corning		459		34,789

Trane Technologies plc		131		18,958


				72,018


Capital Markets — 2.3%

Franklin Resources, Inc.		269		6,722

Goldman Sachs Group, Inc. (The)		53		13,845

Morgan Stanley		271		18,572


				39,139


Chemicals — 7.0%

Celanese Corp. (a)		258		33,524

DuPont de Nemours, Inc. (a)		358		25,436

Eastman Chemical Co.		220		22,092

FMC Corp.		246		28,250

LyondellBasell Industries NV, Class A		116		10,605


				119,907


Containers & Packaging — 0.7%

WestRock Co.		259		11,253


Electrical Equipment — 0.5%

Sensata Technologies Holding plc *		170		8,950


Equity Real Estate Investment Trusts (REITs) — 3.8%

Host Hotels & Resorts, Inc.		1,168		17,092

Ventas, Inc.		607		29,753

Weingarten Realty Investors		852		18,469


				65,314


INVESTMENTS	SHARES (000)		VALUE ($000)


Food & Staples Retailing — 3.9%

US Foods Holding Corp. *		2,003		66,723


Food Products — 2.3%

Lamb Weston Holdings, Inc.		494		38,921


Health Care Equipment & Supplies — 1.7%

Zimmer Biomet Holdings, Inc.		184		28,276


Health Care Providers & Services — 6.4%

Anthem, Inc.		48		15,412

Centene Corp. *		199		11,916

Cigna Corp.		222		46,258

CVS Health Corp.		238		16,262

McKesson Corp.		75		12,992

Universal Health Services, Inc., Class B		39		5,307


				108,147


Hotels, Restaurants & Leisure — 2.7%

Darden Restaurants, Inc.		267		31,841

Royal Caribbean Cruises Ltd.		188		14,071


				45,912


Household Durables — 0.7%

PulteGroup, Inc.		292		12,608


Industrial Conglomerates — 1.5%

Honeywell International, Inc.		122		25,992


Insurance — 5.3%

American International Group, Inc.		873		33,036

Chubb Ltd.		117		17,932

Hartford Financial Services Group, Inc. (The)		477		23,383

Prudential Financial, Inc.		208		16,270


				90,621


Internet & Direct Marketing Retail — 0.8%

Booking Holdings, Inc. *		6		14,032


IT Services — 3.2%

Leidos Holdings, Inc.		117		12,330

Sabre Corp. (a)		1,543		18,541

WEX, Inc. *		114		23,162


				54,033


Machinery — 3.3%

AGCO Corp.		201		20,752

Parker-Hannifin Corp.		78		21,221

Stanley Black & Decker, Inc.		78		13,892


				55,865

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Media — 4.2%

Comcast Corp., Class A		1,170		61,313

Discovery, Inc., Class A * (a)		339		10,204


				71,517


Metals & Mining — 2.3%

Freeport-McMoRan, Inc.		1,485		38,650


Multiline Retail — 0.9%

Kohl’s Corp.		375		15,275


Multi-Utilities — 0.2%

Dominion Energy, Inc.		44		3,301


Oil, Gas & Consumable Fuels — 5.9%

Diamondback Energy, Inc.		325		15,745

EOG Resources, Inc.		481		24,007

Parsley Energy, Inc., Class A		1,145		16,256

Phillips 66		252		17,653

Pioneer Natural Resources Co.		238		27,083


				100,744


Pharmaceuticals — 2.1%

Bristol-Myers Squibb Co.		366		22,728

Pfizer, Inc.		360		13,255


				35,983


Real Estate Management & Development — 1.5%

Cushman & Wakefield plc * (a)		1,678		24,888


Road & Rail — 1.9%

Lyft, Inc., Class A * (a)		222		10,902

Norfolk Southern Corp.		92		21,955


				32,857


Semiconductors & Semiconductor Equipment — 3.7%

Microchip Technology, Inc.		63		8,715

NXP Semiconductors NV (Netherlands)		63		10,065

ON Semiconductor Corp. *		1,368		44,758


				63,538


Specialty Retail — 1.5%

AutoNation, Inc. *		360		25,117


Technology Hardware, Storage & Peripherals — 0.5%

Seagate Technology plc		131		8,162


Textiles, Apparel & Luxury Goods — 2.3%

Carter’s, Inc.		259		24,383

Tapestry, Inc.		474		14,729


				39,112


Total Common Stocks (Cost $1,303,652)				1,665,793


INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)

Rights — 0.0% (b)

Pharmaceuticals — 0.0% (b)

Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $456)		214		148


	SHARES (000)
Short-Term Investments — 3.0%

Investment Companies — 1.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $32,096)		32,077		32,093


Investment of Cash Collateral from Securities Loaned — 1.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		16,397		16,398

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,838		1,838

Total Investment of Cash Collateral from Securities Loaned (Cost $18,236)				18,236

Total Short-Term Investments (Cost $50,332)				50,329

Total Investments — 100.8% (Cost $1,354,440)				1,716,270
Liabilities in Excess of Other Assets — (0.8)%				(13,520	)

NET ASSETS — 100.0%				1,702,750

Percentages indicated are based on net assets.


Abbreviations

CVR		Contingent Value Rights

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%

Aerospace & Defense — 1.6%

Northrop Grumman Corp.		995		303,091


Automobiles — 2.0%

Tesla, Inc. *		537		378,618


Banks — 5.7%

Huntington Bancshares, Inc.		7,971		100,670

KeyCorp		9,776		160,420

Regions Financial Corp.		5,867		94,584

Truist Financial Corp.		10,141		486,048

Wells Fargo & Co.		7,233		218,300


				1,060,022


Beverages — 4.5%

Coca-Cola Co. (The)		8,595		471,352

Constellation Brands, Inc., Class A		1,666		364,875


				836,227


Biotechnology — 2.7%

AbbVie, Inc.		4,267		457,197

Biogen, Inc. *		210		51,441


				508,638


Capital Markets — 3.0%

Ameriprise Financial, Inc.		1,175		228,362

Morgan Stanley		4,933		338,046


				566,408


Chemicals — 1.6%

Eastman Chemical Co.		2,972		298,021


Containers & Packaging — 1.5%

Crown Holdings, Inc. *		2,824		282,952


Electric Utilities — 4.0%

NextEra Energy, Inc.		6,369		491,392

Xcel Energy, Inc.		3,938		262,535


				753,927


Electrical Equipment — 2.9%

Eaton Corp. plc		4,525		543,673


Entertainment — 1.9%

Netflix, Inc. *		641		346,800


Equity Real Estate Investment Trusts (REITs) — 2.4%

Prologis, Inc.		4,523		450,722


Health Care Equipment & Supplies — 2.4%

Boston Scientific Corp. *		7,521		270,386

Intuitive Surgical, Inc. *		225		184,458


				454,844


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 2.7%

Cigna Corp.		1,939		403,559

Quest Diagnostics, Inc.		797		95,015


				498,574


Hotels, Restaurants & Leisure — 3.3%

McDonald’s Corp.		1,636		350,977

Yum! Brands, Inc.		2,379		258,264


				609,241


Insurance — 1.6%

Chubb Ltd.		736		113,227

Progressive Corp. (The)		1,880		185,887


				299,114


Interactive Media & Services — 5.5%

Alphabet, Inc., Class A *		514		901,318

Facebook, Inc., Class A *		441		120,362


				1,021,680


Internet & Direct Marketing Retail — 5.8%

Amazon.com, Inc. *		333		1,085,743


IT Services — 8.3%

Booz Allen Hamilton Holding Corp.		792		69,056

FleetCor Technologies, Inc. *		972		265,293

Leidos Holdings, Inc.		3,256		342,245

Mastercard, Inc., Class A		2,342		835,788

Okta, Inc. *		133		33,802


				1,546,184


Machinery — 1.1%

Stanley Black & Decker, Inc.		1,177		210,206


Media — 1.0%

Charter Communications, Inc., Class A *		277		183,382


Multi-Utilities — 0.9%

CMS Energy Corp.		2,643		161,239


Oil, Gas & Consumable Fuels — 0.5%

Pioneer Natural Resources Co.		728		82,947


Pharmaceuticals — 3.8%

Bristol-Myers Squibb Co.		5,837		362,052

Eli Lilly and Co.		2,082		351,533


				713,585


Road & Rail — 3.2%

Norfolk Southern Corp.		2,286		543,238

Uber Technologies, Inc. *		891		45,441


				588,679

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Semiconductors & Semiconductor Equipment — 8.2%

Advanced Micro Devices, Inc. *		3,032		278,037

Analog Devices, Inc.		2,725		402,595

ASML Holding NV (Registered), NYRS (Netherlands)		459		223,812

Lam Research Corp.		275		129,857

NXP Semiconductors NV (Netherlands)		2,320		368,917

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		1,177		128,388


				1,531,606


Software — 8.5%

Ceridian HCM Holding, Inc. *		650		69,266

Coupa Software, Inc. *		181		61,271

Microsoft Corp.		5,409		1,203,034

salesforce.com, Inc. *		831		184,830

Workday, Inc., Class A *		312		74,865


				1,593,266


Specialty Retail — 2.3%

O’Reilly Automotive, Inc. *		543		245,676

Ross Stores, Inc.		1,496		183,710


				429,386


Technology Hardware, Storage & Peripherals — 5.1%

Apple, Inc.		7,206		956,172


Total Common Stocks (Cost $11,141,568)				18,294,947


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.2%

Investment Companies — 2.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $403,806)		403,569		403,771

Total Investments — 100.2% (Cost $11,545,374)				18,698,718
Liabilities in Excess of Other Assets — (0.2)%				(31,942	)

NET ASSETS — 100.0%				18,666,776

Percentages indicated are based on net assets.


Abbreviations

ADR		American Depositary Receipt
NYRS		New York Registry Shares

(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

1,626

03/2021

USD

304,489

5,543


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%

Aerospace & Defense — 0.8%

Raytheon Technologies Corp.		142		10,119


Air Freight & Logistics — 0.4%

United Parcel Service, Inc., Class B		34		5,658


Automobiles — 2.7%

Tesla, Inc. *		50		35,354


Biotechnology — 4.2%

AbbVie, Inc.		281		30,104

Biogen, Inc. *		16		3,942

Exelixis, Inc. *		238		4,771

Seagen, Inc. *		43		7,514

Vertex Pharmaceuticals, Inc. *		34		8,012


				54,343


Building Products — 0.6%

Fortune Brands Home & Security, Inc.		32		2,760

Owens Corning		69		5,212


				7,972


Capital Markets — 1.1%

LPL Financial Holdings, Inc.		55		5,722

MSCI, Inc.		7		3,304

S&P Global, Inc.		15		4,997


				14,023


Commercial Services & Supplies — 0.5%

Waste Management, Inc.		49		5,814


Communications Equipment — 0.4%

Lumentum Holdings, Inc. *		53		5,024


Containers & Packaging — 1.1%

Berry Global Group, Inc. *		174		9,794

Crown Holdings, Inc. *		38		3,818


				13,612


Electronic Equipment, Instruments & Components — 0.4%

Keysight Technologies, Inc. *		35		4,650


Entertainment — 1.2%

Electronic Arts, Inc.		32		4,552

Netflix, Inc. *		20		10,652


				15,204


Equity Real Estate Investment Trusts (REITs) — 1.4%

American Tower Corp.		43		9,584

Equinix, Inc.		13		9,070


				18,654


Food & Staples Retailing — 0.8%

Sysco Corp.		138		10,278


INVESTMENTS	SHARES (000)		VALUE ($000)


Food Products — 1.7%

Campbell Soup Co.		78		3,781

Conagra Brands, Inc.		237		8,590

Mondelez International, Inc., Class A		166		9,706


				22,077


Health Care Equipment & Supplies — 1.6%

Becton Dickinson and Co.		25		6,181

Medtronic plc		119		13,951


				20,132


Health Care Providers & Services — 4.0%

Anthem, Inc.		60		19,201

Centene Corp. *		137		8,206

HCA Healthcare, Inc.		44		7,204

Humana, Inc. (a)		22		9,149

UnitedHealth Group, Inc.		21		7,364


				51,124


Hotels, Restaurants & Leisure — 1.6%

Airbnb, Inc., Class A *		21		3,036

Darden Restaurants, Inc.		27		3,216

Las Vegas Sands Corp.		231		13,750


				20,002


Household Durables — 0.4%

PulteGroup, Inc.		129		5,575


Household Products — 1.0%

Procter & Gamble Co. (The)		96		13,357


Insurance — 0.3%

Marsh & McLennan Cos., Inc.		29		3,416


Interactive Media & Services — 8.8%

Alphabet, Inc., Class A *		16		28,217

Alphabet, Inc., Class C *		16		27,505

Facebook, Inc., Class A *		190		51,846

Zillow Group, Inc., Class C *		48		6,217


				113,785


Internet & Direct Marketing Retail — 8.6%

Amazon.com, Inc. *		26		84,029

eBay, Inc.		332		16,658

Expedia Group, Inc.		79		10,459


				111,146


IT Services — 8.4%

Accenture plc, Class A		71		18,441

Akamai Technologies, Inc. *		95		9,985

Leidos Holdings, Inc.		67		7,032

Mastercard, Inc., Class A		124		44,332

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. GARP Equity Fund

(formerly known as JPMorgan Intrepid Growth Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

IT Services — continued

PayPal Holdings, Inc. *		95		22,226

Visa, Inc., Class A		28		6,146


				108,162


Life Sciences Tools & Services — 1.8%

Agilent Technologies, Inc.		53		6,316

IQVIA Holdings, Inc. *		53		9,550

Thermo Fisher Scientific, Inc.		17		7,685


				23,551


Machinery — 0.9%

Parker-Hannifin Corp.		20		5,448

Toro Co. (The)		69		6,516


				11,964


Media — 1.2%

Charter Communications, Inc., Class A *		14		9,394

Discovery, Inc., Class A * (a)		185		5,567


				14,961


Oil, Gas & Consumable Fuels — 0.5%

Cheniere Energy, Inc. *		109		6,555


Pharmaceuticals — 2.3%

Bristol-Myers Squibb Co.		306		18,981

Horizon Therapeutics plc *		154		11,229


				30,210


Road & Rail — 1.2%

CSX Corp.		101		9,166

Old Dominion Freight Line, Inc.		30		5,797


				14,963


Semiconductors & Semiconductor Equipment — 6.8%

Applied Materials, Inc.		269		23,206

Lam Research Corp.		60		28,478

NVIDIA Corp.		24		12,585

Qorvo, Inc. *		47		7,731

QUALCOMM, Inc.		105		15,950


				87,950


Software — 18.1%

Adobe, Inc. *		58		29,157

Cadence Design Systems, Inc. *		95		12,947

Fortinet, Inc. *		84		12,432

HubSpot, Inc. *		9		3,608

Intuit, Inc.		68		25,982

Microsoft Corp.		487		108,285

Oracle Corp.		223		14,400

Palo Alto Networks, Inc. *		24		8,636


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

ServiceNow, Inc. *		13		7,266

VMware, Inc., Class A * (a)		43		5,975

Workday, Inc., Class A *		19		4,552


				233,240


Specialty Retail — 1.9%

Best Buy Co., Inc.		77		7,714

Lowe’s Cos., Inc.		102		16,308


				24,022


Technology Hardware, Storage & Peripherals — 11.8%

Apple, Inc.		973		129,134

Dell Technologies, Inc., Class C *		218		15,977

NetApp, Inc.		97		6,439


				151,550


Total Common Stocks (Cost $771,011)				1,268,447


	NO. OF RIGHTS (000)

Rights — 0.0% (b)

Pharmaceuticals — 0.0% (b)

Bristol-Myers Squibb Co., CVR, expiring 3/31/2021 * (Cost $71)		33		23


	SHARES (000)
Short-Term Investments — 2.5%

Investment Companies — 1.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (c) (d) (Cost $19,430)		19,423		19,433


Investment of Cash Collateral from Securities Loaned — 1.0%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		9,993		9,994

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,916		2,916


Total Investment of Cash Collateral from Securities Loaned (Cost $12,910)				12,910


Total Short-Term Investments (Cost $32,340)				32,343

Total Investments — 101.0% (Cost $803,422)				1,300,813
Liabilities in Excess of Other Assets — (1.0)%				(13,390	)

NET ASSETS — 100.0%				1,287,423

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



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


Abbreviations

CVR		Contingent Value Rights

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

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

03/2021

USD

10,299

249


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 125.7%

Common Stocks — 125.3%

Aerospace & Defense — 2.0%

Northrop Grumman Corp. (a)		100		30,608

Raytheon Technologies Corp.		428		30,601


				61,209


Auto Components — 0.7%

Aptiv plc		58		7,521

Magna International, Inc. (Canada)		211		14,942


				22,463


Banks — 2.8%

Bank of America Corp. (a)		318		9,649

Citigroup, Inc.		95		5,875

First Republic Bank		53		7,829

SVB Financial Group *		24		9,332

Truist Financial Corp.		594		28,493

Wells Fargo & Co.		816		24,613


				85,791


Beverages — 2.3%

Coca-Cola Co. (The) (a)		553		30,315

Constellation Brands, Inc., Class A		75		16,417

PepsiCo, Inc. (a)		162		24,079


				70,811


Biotechnology — 3.1%

AbbVie, Inc.		420		44,979

Alexion Pharmaceuticals, Inc. *		102		15,966

Biogen, Inc. * (a)		64		15,572

Regeneron Pharmaceuticals, Inc. *		10		5,043

Vertex Pharmaceuticals, Inc. *		52		12,364


				93,924


Building Products — 1.6%

Trane Technologies plc		327		47,421


Capital Markets — 2.1%

Charles Schwab Corp. (The)		244		12,916

CME Group, Inc.		17		3,035

Morgan Stanley (a)		643		44,069

S&P Global, Inc.		9		2,885


				62,905


Chemicals — 4.6%

Air Products and Chemicals, Inc.		76		20,836

Celanese Corp.		202		26,271

DuPont de Nemours, Inc.		230		16,325

Eastman Chemical Co.		179		17,906

FMC Corp.		33		3,815


INVESTMENTS	SHARES (000)		VALUE ($000)



Chemicals — continued

Linde plc (United Kingdom)		148		39,053

PPG Industries, Inc.		101		14,626


				138,832


Consumer Finance — 1.6%

American Express Co.		110		13,311

Capital One Financial Corp.		360		35,598


				48,909


Containers & Packaging — 0.1%

Packaging Corp. of America		22		3,018


Diversified Financial Services — 0.5%

Voya Financial, Inc.		280		16,442


Electric Utilities — 2.8%

NextEra Energy, Inc.		730		56,326

Xcel Energy, Inc.		426		28,415


				84,741


Electrical Equipment — 1.1%

AMETEK, Inc.		72		8,727

Eaton Corp. plc		168		20,149

Sensata Technologies Holding plc *		59		3,125


				32,001


Electronic Equipment, Instruments & Components — 0.2%

TE Connectivity Ltd.		55		6,688


Energy Equipment & Services — 0.2%

Baker Hughes Co.		308		6,422


Entertainment — 2.6%

Electronic Arts, Inc.		81		11,579

Netflix, Inc. * (a)		107		57,767

Warner Music Group Corp., Class A		219		8,316


				77,662


Equity Real Estate Investment Trusts (REITs) — 3.9%

Brixmor Property Group, Inc.		463		7,657

Camden Property Trust		44		4,377

Cousins Properties, Inc.		126		4,234

Equity LifeStyle Properties, Inc.		131		8,274

Kimco Realty Corp.		112		1,687

Prologis, Inc.		256		25,544

Realty Income Corp.		79		4,929

SBA Communications Corp.		57		16,119

Sun Communities, Inc.		89		13,554

UDR, Inc.		154		5,914

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Ventas, Inc.		367		17,982

WP Carey, Inc.		125		8,802


				119,073


Food Products — 0.6%

Conagra Brands, Inc.		74		2,688

Mondelez International, Inc., Class A (a)		268		15,660


				18,348


Health Care Equipment & Supplies — 3.2%

Boston Scientific Corp. * (a)		787		28,310

Intuitive Surgical, Inc. *		9		7,688

Medtronic plc		170		19,878

Zimmer Biomet Holdings, Inc. (a)		259		39,852


				95,728


Health Care Providers & Services — 3.9%

Centene Corp. *		57		3,395

Cigna Corp. (a)		210		43,788

CVS Health Corp.		66		4,505

McKesson Corp.		121		21,048

UnitedHealth Group, Inc. (a)		133		46,591


				119,327


Hotels, Restaurants & Leisure — 2.2%

Hilton Worldwide Holdings, Inc.		38		4,213

Las Vegas Sands Corp.		230		13,720

McDonald’s Corp.		32		6,817

Yum! Brands, Inc.		395		42,875


				67,625


Household Durables — 0.6%

KB Home		217		7,277

Lennar Corp., Class A		33		2,483

Toll Brothers, Inc.		198		8,627


				18,387


Household Products — 1.6%

Kimberly-Clark Corp.		17		2,348

Procter & Gamble Co. (The)		335		46,632


				48,980


Industrial Conglomerates — 1.2%

Honeywell International, Inc. (a)		172		36,518


Insurance — 2.1%

Arthur J Gallagher & Co.		72		8,902

Chubb Ltd.		200		30,719


INVESTMENTS	SHARES (000)		VALUE ($000)



Insurance — continued

Hartford Financial Services Group, Inc. (The)		127		6,232

Marsh & McLennan Cos., Inc.		33		3,882

Progressive Corp. (The)		137		13,559


				63,294


Interactive Media & Services — 6.6%

Alphabet, Inc., Class A * (a)		54		94,962

Alphabet, Inc., Class C * (a)		22		38,818

Facebook, Inc., Class A * (a)		227		62,095

ZoomInfo Technologies, Inc., Class A *		71		3,404


				199,279


Internet & Direct Marketing Retail — 7.0%

Amazon.com, Inc. * (a)		55		178,258

Booking Holdings, Inc. *		15		32,942


				211,200


IT Services — 9.2%

Booz Allen Hamilton Holding Corp.		60		5,220

Fiserv, Inc. * (a)		333		37,917

FleetCor Technologies, Inc. *		59		15,999

Leidos Holdings, Inc.		336		35,359

Mastercard, Inc., Class A (a)		246		87,946

PayPal Holdings, Inc. * (a)		261		61,173

WEX, Inc. *		177		36,017


				279,631


Life Sciences Tools & Services — 1.4%

Thermo Fisher Scientific, Inc. (a)		92		43,081


Machinery — 3.0%

Parker-Hannifin Corp.		144		39,099

Stanley Black & Decker, Inc.		283		50,541


				89,640


Media — 2.8%

Charter Communications, Inc., Class A * (a)		52		34,365

Comcast Corp., Class A (a)		740		38,797

Discovery, Inc., Class A *		339		10,202


				83,364


Multiline Retail — 0.4%

Dollar Tree, Inc. *		116		12,530


Multi-Utilities — 0.7%

Ameren Corp.		151		11,825

Sempra Energy		64		8,180


				20,005

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Common Stocks — continued

Oil, Gas & Consumable Fuels — 3.7%

Chevron Corp.		275		23,182

Cimarex Energy Co.		75		2,799

ConocoPhillips		138		5,508

Diamondback Energy, Inc.		698		33,791

Kinder Morgan, Inc.		166		2,276

Pioneer Natural Resources Co. (a)		242		27,564

TC Energy Corp. (Canada)		95		3,874

Williams Cos., Inc. (The)		588		11,783


				110,777


Personal Products — 0.6%

Estee Lauder Cos., Inc. (The), Class A		74		19,612


Pharmaceuticals — 4.0%

Bristol-Myers Squibb Co. (a)		575		35,689

Elanco Animal Health, Inc. *		199		6,118

Eli Lilly and Co.		288		48,639

Johnson & Johnson		74		11,584

Merck & Co., Inc.		243		19,854


				121,884


Road & Rail — 5.0%

Canadian Pacific Railway Ltd. (Canada)		14		4,850

CSX Corp.		201		18,230

Lyft, Inc., Class A *		703		34,516

Norfolk Southern Corp. (a)		248		59,019

Uber Technologies, Inc. *		187		9,558

Union Pacific Corp. (a)		117		24,303


				150,476


Semiconductors & Semiconductor Equipment — 9.9%

Advanced Micro Devices, Inc. *		451		41,338

Analog Devices, Inc. (a)		428		63,171

Applied Materials, Inc.		393		33,888

KLA Corp.		13		3,428

Lam Research Corp.		96		45,545

Microchip Technology, Inc.		25		3,386

Micron Technology, Inc. *		128		9,594

NVIDIA Corp. (a)		44		23,005

NXP Semiconductors NV (Netherlands)		428		68,041

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		39		4,265

Texas Instruments, Inc. (a)		29		4,813


				300,474


Software — 11.1%

Ceridian HCM Holding, Inc. *		224		23,856

Coupa Software, Inc. *		62		21,050


INVESTMENTS	SHARES (000)			VALUE ($000)



Software — continued

Intuit, Inc.		69			26,128

Microsoft Corp. (a)		895			199,036

Paylocity Holding Corp. *		52			10,791

salesforce.com, Inc. * (a)		132			29,280

ServiceNow, Inc. *		14			7,455

Workday, Inc., Class A *		82			19,553


					337,149


Specialty Retail — 4.9%

AutoZone, Inc. * (a)		16			19,161

Best Buy Co., Inc.		57			5,714

Home Depot, Inc. (The) (a)		68			17,963

Lowe’s Cos., Inc.		278			44,690

O’Reilly Automotive, Inc. *		83			37,510

TJX Cos., Inc. (The)		350			23,901


					148,939


Technology Hardware, Storage & Peripherals — 5.4%

Apple, Inc. (a)		1,163			154,310

Hewlett Packard Enterprise Co.		156			1,852

Seagate Technology plc		134			8,299


					164,461


Textiles, Apparel & Luxury Goods — 0.8%

Carter’s, Inc.		40			3,737

NIKE, Inc., Class B		147			20,828


					24,565


Trading Companies & Distributors — 0.1%

WW Grainger, Inc.		7			3,059


Wireless Telecommunication Services — 1.1%

T-Mobile US, Inc. *		238			32,096


Total Common Stocks (Cost $2,039,051)					3,798,741

Short-Term Investments — 0.4%

Investment Companies — 0.4%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c)(Cost $13,846)		13,838			13,845


Total Long Positions (Cost $2,052,897)					3,812,586

Short Positions — (25.9)%

Common Stocks — (25.9)%

Aerospace & Defense — (0.6)%

Boeing Co. (The)		(24	)		(5,146	)

HEICO Corp.		(40	)		(5,240	)

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued

Common Stocks — continued

Aerospace & Defense — continued

Huntington Ingalls Industries, Inc.		(9	)		(1,515	)

L3Harris Technologies, Inc.		(8	)		(1,444	)

Lockheed Martin Corp.		(9	)		(3,353	)

Textron, Inc.		(32	)		(1,531	)


					(18,229	)


Air Freight & Logistics — (0.5)%

CH Robinson Worldwide, Inc.		(86	)		(8,065	)

Expeditors International of Washington, Inc.		(62	)		(5,911	)


					(13,976	)


Automobiles — (0.1)%

Ford Motor Co.		(447	)		(3,931	)


Banks — (0.3)%

PNC Financial Services Group, Inc. (The)		(54	)		(8,077	)


Beverages — 0.0% (d)

Brown-Forman Corp., Class B		(18	)		(1,461	)


Biotechnology — (0.4)%

Amgen, Inc.		(10	)		(2,411	)

Gilead Sciences, Inc.		(159	)		(9,283	)


					(11,694	)


Building Products — (0.1)%

Johnson Controls International plc		(74	)		(3,436	)


Capital Markets — (0.8)%

Franklin Resources, Inc.		(327	)		(8,174	)

Moody’s Corp.		(10	)		(3,028	)

Nasdaq, Inc.		(62	)		(8,170	)

Northern Trust Corp.		(68	)		(6,311	)


					(25,683	)


Chemicals — (0.5)%

Albemarle Corp.		(54	)		(7,959	)

Ecolab, Inc.		(14	)		(3,056	)

Sherwin-Williams Co. (The)		(4	)		(3,072	)


					(14,087	)


Commercial Services & Supplies — (0.2)%

Republic Services, Inc.		(57	)		(5,492	)


Communications Equipment — (0.4)%

Cisco Systems, Inc.		(191	)		(8,559	)

Juniper Networks, Inc.		(208	)		(4,680	)


					(13,239	)


INVESTMENTS	SHARES (000)			VALUE ($000)



Construction Materials — (0.2)%

Martin Marietta Materials, Inc.		(11	)		(3,111	)

Vulcan Materials Co.		(19	)		(2,817	)


					(5,928	)


Containers & Packaging — (1.0)%

Avery Dennison Corp.		(21	)		(3,287	)

Ball Corp.		(75	)		(6,956	)

International Paper Co.		(238	)		(11,850	)

Silgan Holdings, Inc.		(41	)		(1,532	)

Sonoco Products Co.		(119	)		(7,032	)


					(30,657	)


Diversified Telecommunication Services — (0.6)%

AT&T, Inc.		(438	)		(12,594	)

CenturyLink, Inc.		(699	)		(6,819	)


					(19,413	)


Electric Utilities — (0.5)%

American Electric Power Co., Inc.		(111	)		(9,227	)

Duke Energy Corp.		(12	)		(1,135	)

PPL Corp.		(49	)		(1,371	)

Southern Co. (The)		(54	)		(3,310	)


					(15,043	)


Electrical Equipment — (0.5)%

Acuity Brands, Inc.		(115	)		(13,865	)


Electronic Equipment, Instruments & Components — (0.2)%

Cognex Corp.		(84	)		(6,758	)


Energy Equipment & Services — (0.5)%

Halliburton Co.		(445	)		(8,403	)

Schlumberger NV		(259	)		(5,646	)


					(14,049	)


Entertainment — (1.4)%

Spotify Technology SA *		(59	)		(18,463	)

Take-Two Interactive Software, Inc. *		(96	)		(20,048	)

Walt Disney Co. (The) *		(19	)		(3,465	)


					(41,976	)


Equity Real Estate Investment Trusts (REITs) — (1.6)%

AvalonBay Communities, Inc.		(18	)		(2,849	)

Digital Realty Trust, Inc.		(20	)		(2,730	)

Duke Realty Corp.		(68	)		(2,715	)

Equity Residential		(72	)		(4,256	)

Essex Property Trust, Inc.		(18	)		(4,366	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	59

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued

Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Extra Space Storage, Inc.		(31	)		(3,633	)

Iron Mountain, Inc.		(353	)		(10,416	)

National Retail Properties, Inc.		(189	)		(7,723	)

Simon Property Group, Inc.		(79	)		(6,726	)

Vornado Realty Trust		(107	)		(4,003	)


					(49,417	)


Food & Staples Retailing — (1.2)%

Kroger Co. (The)		(491	)		(15,604	)

Walgreens Boots Alliance, Inc.		(322	)		(12,854	)

Walmart, Inc.		(47	)		(6,712	)


					(35,170	)


Food Products — (0.6)%

Campbell Soup Co.		(163	)		(7,899	)

General Mills, Inc.		(77	)		(4,504	)

Kellogg Co.		(84	)		(5,250	)


					(17,653	)


Health Care Equipment & Supplies — (0.5)%

Abbott Laboratories		(27	)		(2,903	)

Stryker Corp.		(50	)		(12,304	)


					(15,207	)


Health Care Providers & Services — (0.6)%

AmerisourceBergen Corp.		(92	)		(8,973	)

Cardinal Health, Inc.		(50	)		(2,702	)

Henry Schein, Inc. *		(101	)		(6,779	)


					(18,454	)


Health Care Technology — (0.3)%

Cerner Corp.		(120	)		(9,435	)


Hotels, Restaurants & Leisure — (0.3)%

Chipotle Mexican Grill, Inc. *		(6	)		(8,093	)


Household Products — (0.5)%

Clorox Co. (The)		(82	)		(16,538	)


Industrial Conglomerates — (1.0)%

3M Co.		(73	)		(12,714	)

General Electric Co.		(1,588	)		(17,146	)


					(29,860	)


Insurance — (0.6)%

Aflac, Inc.		(66	)		(2,953	)

Allstate Corp. (The)		(50	)		(5,541	)

Axis Capital Holdings Ltd.		(33	)		(1,647	)

MetLife, Inc.		(64	)		(3,005	)

Travelers Cos., Inc. (The)		(42	)		(5,848	)


					(18,994	)


INVESTMENTS	SHARES (000)			VALUE ($000)



Interactive Media & Services — (0.3)%

Twitter, Inc. *		(147	)		(7,971	)


Internet & Direct Marketing Retail — (0.2)%

ContextLogic, Inc., Class A *		(250	)		(4,560	)


IT Services — (1.6)%

Automatic Data Processing, Inc.		(14	)		(2,388	)

Cognizant Technology Solutions Corp., Class A		(19	)		(1,551	)

Infosys Ltd., ADR (India)		(237	)		(4,025	)

International Business Machines Corp.		(25	)		(3,120	)

Jack Henry & Associates, Inc.		(68	)		(10,951	)

Paychex, Inc.		(117	)		(10,941	)

Snowflake, Inc., Class A *		(10	)		(2,932	)

Western Union Co. (The)		(547	)		(12,003	)


					(47,911	)


Machinery — (0.8)%

Caterpillar, Inc.		(63	)		(11,415	)

Illinois Tool Works, Inc.		(56	)		(11,410	)

PACCAR, Inc.		(18	)		(1,540	)


					(24,365	)


Media — (1.5)%

Fox Corp., Class A		(169	)		(4,927	)

Interpublic Group of Cos., Inc. (The)		(121	)		(2,845	)

Omnicom Group, Inc.		(178	)		(11,110	)

Sirius XM Holdings, Inc.		(602	)		(3,835	)

ViacomCBS, Inc.		(620	)		(23,094	)


					(45,811	)


Multiline Retail — (0.6)%

Macy’s, Inc.		(699	)		(7,869	)

Nordstrom, Inc.		(319	)		(9,952	)


					(17,821	)


Multi-Utilities — (0.4)%

Consolidated Edison, Inc.		(159	)		(11,465	)

NiSource, Inc.		(60	)		(1,371	)


					(12,836	)


Oil, Gas & Consumable Fuels — (1.6)%

Apache Corp.		(115	)		(1,637	)

Devon Energy Corp.		(296	)		(4,675	)

Enbridge, Inc. (Canada)		(481	)		(15,384	)

Exxon Mobil Corp.		(205	)		(8,463	)

Hess Corp.		(157	)		(8,296	)

Marathon Oil Corp.		(530	)		(3,532	)

Occidental Petroleum Corp.		(399	)		(6,915	)


					(48,902	)

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued

Common Stocks — continued

Personal Products — 0.0% (d)

Coty, Inc., Class A		(171	)		(1,203	)


Pharmaceuticals — (0.4)%

Pfizer, Inc.		(289	)		(10,650	)

Viatris, Inc. *		(19	)		(352	)


					(11,002	)


Road & Rail — (0.4)%

Canadian National Railway Co. (Canada)		(39	)		(4,339	)

JB Hunt Transport Services, Inc.		(54	)		(7,340	)


					(11,679	)


Semiconductors & Semiconductor Equipment — (0.7)%

Broadcom, Inc.		(24	)		(10,594	)

Intel Corp.		(205	)		(10,225	)

QUALCOMM, Inc.		(10	)		(1,543	)


					(22,362	)


Software — (0.5)%

Adobe, Inc. *		(12	)		(6,147	)

fuboTV, Inc. *		(56	)		(1,575	)

Oracle Corp.		(86	)		(5,586	)

Palantir Technologies, Inc., Class A *		(44	)		(1,030	)


					(14,338	)


Technology Hardware, Storage & Peripherals — (0.6)%

HP, Inc.		(386	)		(9,485	)

NetApp, Inc.		(55	)		(3,642	)

Western Digital Corp.		(63	)		(3,502	)

Xerox Holdings Corp.		(125	)		(2,896	)


					(19,525	)


Textiles, Apparel & Luxury Goods — (0.2)%

VF Corp.		(54	)		(4,629	)


INVESTMENTS	SHARES (000)			VALUE ($000)



Trading Companies & Distributors — (0.1)%

Fastenal Co.		(84	)		(4,109	)


Total Common Stocks (Proceeds $(743,397))					(784,839	)


Total Short Positions (Proceeds $(743,397))					(784,839	)

Total Investments — 99.8% (Cost $1,309,500)					3,027,747
Other Assets Less Liabilities — 0.2%					4,522

NET ASSETS — 100.0%					3,032,269

Percentages indicated are based on net assets.


Abbreviations

ADR		American Depositary Receipt

(a)		All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $1,071,391,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
(d)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	61

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%

Aerospace & Defense — 1.0%

General Dynamics Corp.		52		7,719

Northrop Grumman Corp.		56		17,003

Raytheon Technologies Corp.		349		24,959


				49,681


Air Freight & Logistics — 0.5%

FedEx Corp.		103		26,767


Airlines — 0.3%

Delta Air Lines, Inc.		148		5,965

Southwest Airlines Co.		192		8,965


				14,930


Auto Components — 0.2%

Magna International, Inc. (Canada)		141		9,977


Automobiles — 1.8%

General Motors Co.		273		11,356

Tesla, Inc. *		109		77,200


				88,556


Banks — 3.1%

Bank of America Corp.		765		23,180

Citigroup, Inc.		512		31,554

KeyCorp		1,159		19,025

Regions Financial Corp.		895		14,423

Truist Financial Corp.		239		11,436

US Bancorp		413		19,260

Wells Fargo & Co.		1,167		35,215


				�� 154,093


Beverages — 1.3%

Coca-Cola Co. (The)		772		42,349

Constellation Brands, Inc., Class A		107		23,432


				65,781


Biotechnology — 2.5%

AbbVie, Inc.		512		54,843

Alexion Pharmaceuticals, Inc. *		142		22,228

Amgen, Inc.		16		3,697

Biogen, Inc. *		42		10,367

Regeneron Pharmaceuticals, Inc. *		28		13,767

Vertex Pharmaceuticals, Inc. *		73		17,179


				122,081


Building Products — 0.9%

Masco Corp.		299		16,420

Trane Technologies plc		178		25,884


				42,304


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 3.4%

Goldman Sachs Group, Inc. (The)		100		26,465

Intercontinental Exchange, Inc.		217		24,995

MarketAxess Holdings, Inc.		12		6,797

Morgan Stanley		664		45,476

MSCI, Inc.		7		3,208

S&P Global, Inc.		124		40,695

State Street Corp.		241		17,568

T. Rowe Price Group, Inc.		32		4,788


				169,992


Chemicals — 1.9%

Air Products and Chemicals, Inc.		34		9,244

Celanese Corp.		55		7,085

Dow, Inc.		119		6,602

DuPont de Nemours, Inc.		194		13,812

Eastman Chemical Co.		231		23,154

Linde plc (United Kingdom)		59		15,525

LyondellBasell Industries NV, Class A		78		7,165

PPG Industries, Inc.		67		9,720


				92,307


Commercial Services & Supplies — 0.1%

Cintas Corp.		17		5,846


Communications Equipment — 0.4%

Cisco Systems, Inc.		345		15,417

Motorola Solutions, Inc.		15		2,611


				18,028


Consumer Finance — 0.5%

Capital One Financial Corp.		241		23,779


Containers & Packaging — 0.6%

Avery Dennison Corp.		35		5,411

Crown Holdings, Inc. *		88		8,789

Packaging Corp. of America		31		4,249

WestRock Co.		214		9,319


				27,768


Diversified Consumer Services — 0.0% (a)

H&R Block, Inc.		61		973


Diversified Financial Services — 1.7%

Berkshire Hathaway, Inc., Class B *		339		78,665

Voya Financial, Inc.		58		3,388


				82,053


Diversified Telecommunication Services — 0.8%

Verizon Communications, Inc.		664		38,989

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — 1.4%

Exelon Corp.		203		8,575

NextEra Energy, Inc.		657		50,651

Xcel Energy, Inc.		177		11,808


				71,034


Electrical Equipment — 0.6%

Eaton Corp. plc		241		28,991


Electronic Equipment, Instruments & Components — 0.2%

TE Connectivity Ltd.		98		11,846


Entertainment — 1.2%

Netflix, Inc. *		106		57,303


Equity Real Estate Investment Trusts (REITs) — 1.7%

Camden Property Trust		111		11,071

Equinix, Inc.		31		22,057

Equity LifeStyle Properties, Inc.		64		4,077

Mid-America Apartment Communities, Inc.		69		8,757

Prologis, Inc.		232		23,125

Public Storage		15		3,441

Realty Income Corp.		33		2,044

Sun Communities, Inc.		21		3,229

UDR, Inc.		46		1,760

Ventas, Inc.		122		5,968


				85,529


Food & Staples Retailing — 0.5%

Costco Wholesale Corp.		48		18,268

Kroger Co. (The)		218		6,925


				25,193


Food Products — 0.6%

Mondelez International, Inc., Class A		533		31,160


Health Care Equipment & Supplies — 3.1%

Abbott Laboratories		61		6,657

ABIOMED, Inc. *		7		2,264

Baxter International, Inc.		259		20,780

Becton Dickinson and Co.		45		11,216

Boston Scientific Corp. *		548		19,714

DexCom, Inc. *		15		5,428

Edwards Lifesciences Corp. *		57		5,207

Intuitive Surgical, Inc. *		11		8,595

Medtronic plc		371		43,517

Zimmer Biomet Holdings, Inc.		181		27,868


				151,246


Health Care Providers & Services — 2.8%

Anthem, Inc.		41		13,009

Centene Corp. *		51		3,032


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — continued

Cigna Corp.		134		27,859

McKesson Corp.		155		26,887

UnitedHealth Group, Inc.		185		64,801


				135,588


Hotels, Restaurants & Leisure — 0.6%

Hilton Worldwide Holdings, Inc.		118		13,178

Yum! Brands, Inc.		158		17,147


				30,325


Household Durables — 0.4%

Lennar Corp., Class A		259		19,780


Household Products — 1.7%

Kimberly-Clark Corp.		162		21,797

Procter & Gamble Co. (The)		433		60,251


				82,048


Industrial Conglomerates — 1.0%

Honeywell International, Inc.		225		47,825


Insurance — 1.8%

Allstate Corp. (The)		239		26,231

American International Group, Inc.		135		5,129

Chubb Ltd.		115		17,639

Hartford Financial Services Group, Inc. (The)		164		8,010

Marsh & McLennan Cos., Inc.		55		6,399

MetLife, Inc.		50		2,327

Progressive Corp. (The)		251		24,858


				90,593


Interactive Media & Services — 5.9%

Alphabet, Inc., Class A *		59		104,238

Alphabet, Inc., Class C *		48		83,530

Facebook, Inc., Class A *		369		100,728


				288,496


Internet & Direct Marketing Retail — 5.4%

Amazon.com, Inc. *		75		244,136

Booking Holdings, Inc. *		11		23,783


				267,919


IT Services — 6.1%

Accenture plc, Class A		211		55,128

Booz Allen Hamilton Holding Corp.		86		7,532

FleetCor Technologies, Inc. *		13		3,635

International Business Machines Corp.		148		18,674

Leidos Holdings, Inc.		182		19,088

Mastercard, Inc., Class A		233		83,007

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	63

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

IT Services — continued

PayPal Holdings, Inc. *		294		68,893

Visa, Inc., Class A		204		44,725


				300,682


Life Sciences Tools & Services — 1.5%

Illumina, Inc. *		36		13,177

PerkinElmer, Inc.		17		2,483

Thermo Fisher Scientific, Inc.		120		56,019

Waters Corp. *		11		2,672


				74,351


Machinery — 2.0%

Cummins, Inc.		68		15,543

Deere & Co.		93		25,154

Parker-Hannifin Corp.		89		24,109

Snap-on, Inc.		45		7,725

Stanley Black & Decker, Inc.		146		26,006


				98,537


Media — 2.3%

Altice USA, Inc., Class A *		163		6,181

Charter Communications, Inc., Class A *		57		37,720

Comcast Corp., Class A		960		50,290

Discovery, Inc., Class A *		333		10,024

Discovery, Inc., Class C *		386		10,102


				114,317


Metals & Mining — 0.2%

Newmont Corp.		123		7,392


Multiline Retail — 0.8%

Dollar Tree, Inc. *		109		11,791

Target Corp.		164		28,870


				40,661


Multi-Utilities — 1.3%

Ameren Corp.		171		13,379

CMS Energy Corp.		174		10,632

DTE Energy Co.		92		11,157

Public Service Enterprise Group, Inc.		214		12,464

Sempra Energy		140		17,861


				65,493


Oil, Gas & Consumable Fuels — 2.3%

Cabot Oil & Gas Corp.		74		1,209

Cheniere Energy, Inc. *		95		5,685

Chevron Corp.		415		35,038

ConocoPhillips		199		7,942

Diamondback Energy, Inc.		134		6,479


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued

EOG Resources, Inc.		298		14,876

Kinder Morgan, Inc.		341		4,663

Phillips 66		190		13,295

Pioneer Natural Resources Co.		169		19,204

Williams Cos., Inc. (The)		306		6,126


				114,517


Personal Products — 0.3%

Estee Lauder Cos., Inc. (The), Class A		62		16,371


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		747		46,331

Eli Lilly and Co.		269		45,419

Johnson & Johnson		249		39,216

Merck & Co., Inc.		473		38,702

Pfizer, Inc.		135		4,985


				174,653


Professional Services — 0.1%

Verisk Analytics, Inc.		25		5,285


Road & Rail — 1.4%

CSX Corp.		87		7,918

Lyft, Inc., Class A *		131		6,429

Norfolk Southern Corp.		163		38,654

Union Pacific Corp.		67		14,013


				67,014


Semiconductors & Semiconductor Equipment — 5.9%

Advanced Micro Devices, Inc. *		298		27,339

Analog Devices, Inc.		238		35,233

Applied Materials, Inc.		415		35,802

Intel Corp.		237		11,824

Lam Research Corp.		53		24,814

Microchip Technology, Inc.		75		10,385

Micron Technology, Inc. *		110		8,300

NVIDIA Corp.		79		41,495

NXP Semiconductors NV (Netherlands)		155		24,666

Qorvo, Inc. *		90		14,912

QUALCOMM, Inc.		56		8,509

Texas Instruments, Inc.		293		48,083


				291,362


Software — 8.3%

Fortinet, Inc. *		22		3,298

Intuit, Inc.		99		37,785

Microsoft Corp.		1,386		308,384

salesforce.com, Inc. *		206		45,906

Workday, Inc., Class A *		47		11,369


				406,742

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Specialty Retail — 3.3%

AutoZone, Inc. *		20		24,202

Best Buy Co., Inc.		231		23,058

Home Depot, Inc. (The)		169		44,795

Lowe’s Cos., Inc.		291		46,755

TJX Cos., Inc. (The)		333		22,723


				161,533


Technology Hardware, Storage & Peripherals — 7.4%

Apple, Inc.		2,617		347,297

Seagate Technology plc		267		16,603


				363,900


Textiles, Apparel & Luxury Goods — 1.0%

Carter’s, Inc.		122		11,480

NIKE, Inc., Class B		252		35,646


				47,126


Tobacco — 1.2%

Altria Group, Inc.		628		25,754

Philip Morris International, Inc.		410		33,954


				59,708


INVESTMENTS	SHARES (000)		VALUE ($000)


Wireless Telecommunication Services — 0.7%

T-Mobile US, Inc. *		267		36,020


Total Common Stocks (Cost $2,782,006)				4,904,445

Short-Term Investments — 0.6%

Investment Companies — 0.6%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $28,737)		28,730		28,744

Total Investments — 100.1% (Cost $2,810,743)				4,933,189
Liabilities in Excess of Other Assets — (0.1)%				(5,127	)

NET ASSETS — 100.0%				4,928,062

Percentages indicated are based on net assets.


(a)		Amount rounds to less than 0.1% of net assets.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

151

03/2021

USD

28,277

603


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	65

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


Investments	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%

Auto Components — 2.2%

Aptiv plc		12		1,616


Banks — 5.2%

Bank of America Corp.		59		1,789

Citigroup, Inc.		35		2,143


				3,932


Biotechnology — 2.3%

Amgen, Inc.		5		1,036

Biogen, Inc. *		1		309

Gilead Sciences, Inc.		7		387


				1,732


Building Products — 4.4%

Owens Corning		14		1,036

Trane Technologies plc		11		1,638

Trex Co., Inc. *		8		653


				3,327


Capital Markets — 2.1%

S&P Global, Inc.		2		621

State Street Corp.		13		925


				1,546


Communications Equipment — 2.3%

Cisco Systems, Inc.		39		1,754


Containers & Packaging — 1.6%

Ball Corp.		13		1,229


Diversified Financial Services — 1.4%

Voya Financial, Inc.		18		1,066


Diversified Telecommunication Services — 3.1%

Verizon Communications, Inc.		40		2,322


Electric Utilities — 1.7%

NextEra Energy, Inc.		17		1,305


Electrical Equipment — 1.9%

Eaton Corp. plc		12		1,434


Entertainment — 6.5%

Electronic Arts, Inc.		6		884

Netflix, Inc. *		1		622

Walt Disney Co. (The) *		19		3,397


				4,903


Equity Real Estate Investment Trusts (REITs) — 4.2%

American Tower Corp.		3		727

Boston Properties, Inc.		11		1,056


Investments	Shares (000)		Value ($000)


Equity Real Estate Investment Trusts (REITs) — continued

Equinix, Inc.		1		693

Prologis, Inc.		7		671


				3,147


Food Products — 1.6%

General Mills, Inc.		20		1,168


Health Care Equipment & Supplies — 0.9%

Hologic, Inc. *		9		644


Health Care Providers & Services — 2.2%

Cigna Corp.		8		1,690


Household Products — 3.0%

Clorox Co. (The)		2		432

Procter & Gamble Co. (The)		13		1,855


				2,287


Insurance — 2.2%

Lincoln National Corp.		18		926

Travelers Cos., Inc. (The)		5		761


				1,687


IT Services — 4.8%

Accenture plc, Class A		3		825

Mastercard, Inc., Class A		8		2,781


				3,606


Life Sciences Tools & Services — 4.7%

Agilent Technologies, Inc.		7		885

Illumina, Inc. *		2		592

IQVIA Holdings, Inc. *		6		1,148

Thermo Fisher Scientific, Inc.		2		876


				3,501


Machinery — 4.6%

Deere & Co.		6		1,623

Parker-Hannifin Corp.		3		776

Xylem, Inc.		11		1,091


				3,490


Multiline Retail — 1.6%

Target Corp.		7		1,206


Pharmaceuticals — 3.8%

Bristol-Myers Squibb Co.		24		1,462

Merck & Co., Inc.		17		1,408


				2,870

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Semiconductors & Semiconductor Equipment — 8.0%

Applied Materials, Inc.		15		1,306

Lam Research Corp.		4		1,797

NVIDIA Corp.		2		830

Texas Instruments, Inc.		13		2,076


				6,009


Software — 14.7%

Adobe, Inc. *		2		800

Cadence Design Systems, Inc. *		11		1,528

Intuit, Inc.		4		1,656

Microsoft Corp.		28		6,153

salesforce.com, Inc. *		4		926


				11,063


Specialty Retail — 4.0%

Best Buy Co., Inc.		11		1,050

Home Depot, Inc. (The)		7		1,971


				3,021


INVESTMENTS	SHARES (000)		VALUE ($000)


Textiles, Apparel & Luxury Goods — 1.4%

VF Corp.		12		1,060


Total Common Stocks (Cost $55,080)				72,615

Short-Term Investments — 3.2%

Investment Companies — 3.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $2,419)		2,418		2,420

Total Investments — 99.6% (Cost $57,499)				75,035
Other Assets Less Liabilities — 0.4%				295

NET ASSETS — 100.0%				75,330

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

E-Mini S&P 500 ESG Index

03/2021

USD

1,114


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	67

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%

Aerospace & Defense — 3.2%

General Dynamics Corp.		74		10,975

Northrop Grumman Corp.		33		10,184

Raytheon Technologies Corp.		205		14,646


				35,805


Airlines — 0.7%

Southwest Airlines Co.		160		7,456


Banks — 10.8%

Bank of America Corp.		741		22,453

Citigroup, Inc.		399		24,621

Citizens Financial Group, Inc.		139		4,973

M&T Bank Corp.		36		4,560

PNC Financial Services Group, Inc. (The)		99		14,766

Truist Financial Corp.		377		18,090

US Bancorp		182		8,476

Wells Fargo & Co.		760		22,926


				120,865


Beverages — 0.6%

PepsiCo, Inc.		45		6,712


Biotechnology — 2.0%

AbbVie, Inc.		111		11,897

Amgen, Inc.		26		5,935

Biogen, Inc. *		9		2,108

Vertex Pharmaceuticals, Inc. *		12		2,907


				22,847


Building Products — 0.9%

Trane Technologies plc		70		10,158


Capital Markets — 8.6%

BlackRock, Inc.		39		28,445

Charles Schwab Corp. (The)		215		11,416

Goldman Sachs Group, Inc. (The)		52		13,656

Morgan Stanley		302		20,714

S&P Global, Inc.		23		7,627

T. Rowe Price Group, Inc.		95		14,346


				96,204


Chemicals — 2.2%

Air Products and Chemicals, Inc.		38		10,427

Axalta Coating Systems Ltd. *		508		14,512


				24,939


Commercial Services & Supplies — 0.8%

Republic Services, Inc.		93		8,967


Construction Materials — 0.8%

Vulcan Materials Co.		63		9,356


INVESTMENTS	SHARES (000)		VALUE ($000)


Consumer Finance — 1.7%

American Express Co.		95		11,496

Capital One Financial Corp.		77		7,645


				19,141


Containers & Packaging — 0.4%

Ball Corp.		52		4,837


Diversified Financial Services — 2.0%

Berkshire Hathaway, Inc., Class B *		97		22,560


Diversified Telecommunication Services — 1.0%

Verizon Communications, Inc.		183		10,735


Electric Utilities — 2.1%

Entergy Corp.		46		4,638

NextEra Energy, Inc.		148		11,413

Xcel Energy, Inc.		110		7,301


				23,352


Electrical Equipment — 1.2%

Eaton Corp. plc		109		13,122


Entertainment — 0.9%

Walt Disney Co. (The) *		56		10,129


Equity Real Estate Investment Trusts (REITs) — 1.1%

AvalonBay Communities, Inc.		30		4,790

Ventas, Inc.		98		4,796

Vornado Realty Trust		84		3,134


				12,720


Food & Staples Retailing — 1.0%

Walmart, Inc.		76		11,006


Food Products — 0.9%

Mondelez International, Inc., Class A		182		10,662


Health Care Equipment & Supplies — 2.7%

Becton Dickinson and Co.		47		11,882

Medtronic plc		161		18,829


				30,711


Health Care Providers & Services — 3.6%

Anthem, Inc.		17		5,439

Cigna Corp.		65		13,458

Humana, Inc.		11		4,336

UnitedHealth Group, Inc.		49		17,250


				40,483


Hotels, Restaurants & Leisure — 1.6%

Las Vegas Sands Corp.		124		7,384

McDonald’s Corp.		47		10,132


				17,516

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Household Durables — 0.4%

Newell Brands, Inc.		215		4,563


Household Products — 1.2%

Colgate-Palmolive Co.		157		13,386


Industrial Conglomerates — 1.1%

Honeywell International, Inc.		56		11,875


Insurance — 4.1%

Chubb Ltd.		74		11,401

Hartford Financial Services Group, Inc. (The)		227		11,130

Loews Corp.		105		4,710

Marsh & McLennan Cos., Inc.		51		5,914

MetLife, Inc.		169		7,944

Prudential Financial, Inc.		61		4,737


				45,836


Interactive Media & Services — 1.9%

Alphabet, Inc., Class C *		12		21,858


Internet & Direct Marketing Retail — 0.9%

Booking Holdings, Inc. *		2		4,141

Expedia Group, Inc.		43		5,660


				9,801


IT Services — 1.6%

Fidelity National Information Services, Inc.		67		9,517

International Business Machines Corp.		65		8,122


				17,639


Machinery — 4.5%

Dover Corp.		136		17,227

Otis Worldwide Corp.		66		4,472

Parker-Hannifin Corp.		72		19,746

Stanley Black & Decker, Inc.		52		9,275


				50,720


Media — 2.6%

Comcast Corp., Class A		423		22,178

Discovery, Inc., Class A *		224		6,738


				28,916


Multi-Utilities — 1.7%

CMS Energy Corp.		240		14,661

Public Service Enterprise Group, Inc.		74		4,296


				18,957


Oil, Gas & Consumable Fuels — 4.1%

Chevron Corp.		154		13,006

ConocoPhillips		355		14,195

EOG Resources, Inc.		229		11,424


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued

Phillips 66		36		2,522

Valero Energy Corp.		78		4,397


				45,544


Pharmaceuticals — 6.2%

Bristol-Myers Squibb Co.		348		21,557

Eli Lilly and Co.		70		11,794

Johnson & Johnson		132		20,842

Merck & Co., Inc.		101		8,238

Pfizer, Inc.		177		6,513


				68,944


Road & Rail — 2.0%

CSX Corp.		79		7,148

Kansas City Southern		74		15,051


				22,199


Semiconductors & Semiconductor Equipment — 5.3%

Analog Devices, Inc.		144		21,257

Lam Research Corp.		9		4,213

NXP Semiconductors NV (Netherlands)		74		11,769

Texas Instruments, Inc.		132		21,676


				58,915


Software — 1.8%

Microsoft Corp.		89		19,868


Specialty Retail — 5.0%

AutoZone, Inc. *		10		11,378

Home Depot, Inc. (The)		65		17,349

Lowe’s Cos., Inc.		73		11,779

TJX Cos., Inc. (The)		219		14,967


				55,473


Technology Hardware, Storage & Peripherals — 0.8%

Apple, Inc.		69		9,144


Textiles, Apparel & Luxury Goods — 1.3%

NIKE, Inc., Class B		100		14,209


Tobacco — 1.4%

Philip Morris International, Inc.		197		16,288


Total Common Stocks (Cost $769,988)				1,104,418

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	69

JPMorgan U.S. Value Fund

(formerly known as JPMorgan Growth and Income Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.8%

Investment Companies — 2.8%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b) (Cost $31,521)		31,505		31,520

Total Investments — 101.5% (Cost $801,509)				1,135,938
Liabilities in Excess of Other Assets — (1.5)%				(16,969	)

NET ASSETS — 100.0%				1,118,969

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	71

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund		JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	102,610		$	35,287,402	$	282,569		$	14,344,644
Investments in affiliates, at value		3,350			1,067,589		1,271			675,807
Options purchased, at value		—			—		—			337,242
Cash		—	(a)		99		—	(a)		—	(a)
Deposits at broker for futures contracts		—			—		—			32,034
Receivables:
Investment securities sold		—			—		13,011			1,329,251
Fund shares sold		2			122,367		727			196,218
Interest from non-affiliates		—			—		1,295			—
Dividends from non-affiliates		43			69,565		358			13,783
Dividends from affiliates		—			3		—			9
Variation margin on futures contracts		—			—		—			4,665
Prepaid expenses		—			—		—			204

Total Assets		106,005			36,547,025		299,231			16,933,857


LIABILITIES:
Payables:
Distributions		—			—		405			—
Investment securities purchased		—			8,116		10,207			2,021,216
Fund shares redeemed		6			113,670		1,224			11,827
Outstanding options written, at fair value		—			—		—			341,100
Accrued liabilities:
Investment advisory fees		36			11,965		34			2,953
Administration fees		2			1,336		1			820
Distribution fees		4			1,730		10			380
Service fees		15			4,209		52			2,708
Custodian and accounting fees		6			109		12			60
Trustees’ and Chief Compliance Officer’s fees		1			—		2			2
Other		90			986		72			153

Total Liabilities		160			142,121		12,019			2,381,219

Net Assets	$	105,845		$	36,404,904	$	287,212		$	14,552,638

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	64,846		$	27,635,578		$	290,127		$	12,775,118
Total distributable earnings (loss)		40,999			8,769,326			(2,915	)		1,777,520

Total Net Assets	$	105,845		$	36,404,904		$	287,212		$	14,552,638


Net Assets:
Class A	$	7,770		$	3,818,179		$	20,443		$	712,476
Class C		3,573			1,359,361			10,936			382,869
Class I		64,733			14,062,687			217,986			12,182,645
Class R2		—			70,167			—			—
Class R3		—			230,221			—			—
Class R4		—			160,019			—			—
Class R5		—			1,401,252			74			3,728
Class R6		29,769			15,303,018			37,773			1,270,920

Total	$	105,845		$	36,404,904		$	287,212		$	14,552,638


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		256			197,103			1,434			29,868
Class C		124			71,683			767			16,156
Class I		2,093			712,724			15,290			509,232
Class R2		—			3,640			—			—
Class R3		—			11,895			—			—
Class R4		—			8,115			—			—
Class R5		—			70,962			5			156
Class R6		969			775,620			2,650			53,006

Net Asset Value (a):
Class A — Redemption price per share	$	30.30		$	19.37		$	14.26		$	23.85
Class C — Offering price per share (b)		28.75			18.96			14.26			23.70
Class I — Offering and redemption price per share		30.93			19.73			14.26			23.92
Class R2 — Offering and redemption price per share		—			19.28			—			—
Class R3 — Offering and redemption price per share		—			19.35			—			—
Class R4 — Offering and redemption price per share		—			19.72			—			—
Class R5 — Offering and redemption price per share		—			19.75			14.25			23.96
Class R6 — Offering and redemption price per share		30.74			19.73			14.26			23.98
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.98		$	20.44		$	15.05		$	25.17


Cost of investments in non-affiliates	$	61,259		$	26,001,247		$	245,171		$	10,576,181
Cost of investments in affiliates		3,350			1,067,536			1,271			675,807
Cost of options purchased		—			—			—			345,846
Premiums received from options written		—			—			—			334,309

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	73

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	246,948		$	31,152,982		$	1,665,941		$	18,294,947
Investments in affiliates, at value		3,492			1,289,196			32,093			403,771
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		427			205,241			18,236			—
Cash		3			139			3			33
Deposits at broker for futures contracts		274			—			—			17,886
Receivables:
Investment securities sold		1,113			22,843			—			35,369
Fund shares sold		99			94,509			5,653			21,088
Dividends from non-affiliates		370			6,415			1,452			10,270
Dividends from affiliates		—			4			—	(a)		1
Securities lending income (See Note 2.B.)		—	(a)		40			3			—
Variation margin on futures contracts		10			—			—			1,712

Total Assets		252,736			32,771,369			1,723,381			18,785,077


LIABILITIES:
Payables:
Investment securities purchased		1,732			183,134			—			61,470
Collateral received on securities loaned (See Note 2.B.)		427			205,241			18,236			—
Fund shares redeemed		476			75,804			1,458			48,020
Accrued liabilities:
Investment advisory fees		40			10,777			513			5,788
Administration fees		1			528			74			777
Distribution fees		19			1,493			60			618
Service fees		38			3,239			119			1,024
Custodian and accounting fees		8			7			17			56
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		1			2
Other		173			220			153			546

Total Liabilities		2,914			480,443			20,631			118,301

Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	202,289		$	15,670,613		$	1,365,288		$	11,273,172
Total distributable earnings (loss)		47,533			16,620,313			337,462			7,393,604

Total Net Assets	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776


Net Assets:
Class A	$	51,862		$	4,560,705		$	139,049		$	1,412,328
Class C		9,806			726,684			38,093			304,477
Class I		119,482			9,697,818			419,904			1,411,013
Class L		—			—			—			2,673,394
Class R2		2,689			142,126			14,890			252,713
Class R3		—			173,937			13			153,560
Class R4		—			133,213			11			31,016
Class R5		3,741			958,797			21,544			957,331
Class R6		62,242			15,897,646			1,069,246			11,470,944

Total	$	249,822		$	32,290,926		$	1,702,750		$	18,666,776


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,719			77,342			8,220			74,413
Class C		331			17,085			2,355			16,728
Class I		3,924			161,242			25,294			74,073
Class L		—			—			—			140,085
Class R2		90			2,532			888			13,473
Class R3		—			2,931			1			8,126
Class R4		—			2,219			1			1,631
Class R5		123			15,503			1,284			50,140
Class R6		2,041			254,584			64,174			599,401

Net Asset Value (a):
Class A — Redemption price per share	$	30.17		$	58.97		$	16.92		$	18.98
Class C — Offering price per share (b)		29.63			42.53			16.17			18.20
Class I — Offering and redemption price per share		30.45			60.14			16.60			19.05
Class L — Offering and redemption price per share		—			—			—			19.08
Class R2 — Offering and redemption price per share		29.85			56.13			16.77			18.76
Class R3 — Offering and redemption price per share		—			59.35			16.59			18.90
Class R4 — Offering and redemption price per share		—			60.04			16.94			19.02
Class R5 — Offering and redemption price per share		30.50			61.85			16.78			19.09
Class R6 — Offering and redemption price per share		30.50			62.45			16.66			19.14
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.84		$	62.24		$	17.86		$	20.03


Cost of investments in non-affiliates	$	202,360		$	16,902,448		$	1,304,108		$	11,141,568
Cost of investments in affiliates		3,492			1,289,076			32,096			403,806
Investment securities on loan, at value (See Note 2.B.)		418			176,206			17,592			—
Cost of investment of cash collateral (See Note 2.B.)		427			205,242			18,236			—

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	75

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,268,470		$	3,798,741		$	4,904,445		$	72,615		$	1,104,418
Investments in affiliates, at value		19,433			13,845			28,744			2,420			31,520
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		12,910			—			—			—			—
Cash		3			29			4			—	(a)		41
Deposits at broker for futures contracts		970			—			1,836			144			—
Receivables:
Investment securities sold		—			—			7,324			—			—
Fund shares sold		1,744			12,228			1,800			338			1,903
Dividends from non-affiliates		498			2,851			4,623			60			1,195
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)		—	(a)
Tax reclaims		—			10			6			—			—
Securities lending income (See Note 2.B.)		2			—			—			—			—
Variation margin on futures contracts		58			—			159			6			—
Due from adviser		—			—			—			21			—

Total Assets		1,304,088			3,827,704			4,948,941			75,604			1,139,077


LIABILITIES:
Payables:
Due to broker for securities sold short		—			—	(a)		—			—			—
Securities sold short, at value		—			784,839			—			—			—
Dividend expense to non-affiliates on securities sold short		—			1,479			—			—			—
Investment securities purchased		—			—			9,552			182			18,697
Interest expense to non-affiliates on securities sold short		—			464			—			—			—
Collateral received on securities loaned (See Note 2.B.)		12,910			—			—			—			—
Fund shares redeemed		3,214			6,025			10,039			68			658
Accrued liabilities:
Investment advisory fees		277			1,646			809			—			325
Administration fees		54			160			165			—			45
Distribution fees		60			93			43			5			110
Service fees		86			313			70			2			184
Custodian and accounting fees		8			84			14			9			12
Trustees’ and Chief Compliance Officer’s fees		1			1			—	(a)		2			2
Other		55			331			187			6			75

Total Liabilities		16,665			795,435			20,879			274			20,108

Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
NET ASSETS:
Paid-in-Capital	$	763,472		$	1,137,486		$	2,776,881		$	58,275		$	784,131
Total distributable earnings (loss)		523,951			1,894,783			2,151,181			17,055			334,838

Total Net Assets	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969

Net Assets:
Class A	$	109,146		$	318,497		$	196,718		$	15,703		$	439,142
Class C		29,184			36,711			—			2,868			28,077
Class I		155,603			2,084,388			657,940			42,671			516,903
Class R2		46,255			5,345			—			—			1,738
Class R3		—			—			—			—			709
Class R4		—			—			—			—			1,380
Class R5		220,673			43,184			—			—			108
Class R6		726,562			544,144			4,073,404			14,088			130,912

Total	$	1,287,423		$	3,032,269		$	4,928,062		$	75,330		$	1,118,969


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,720			13,590			6,251			309			8,041
Class C		470			1,746			—			58			579
Class I		2,400			86,809			20,668			835			8,923
Class R2		750			242			—			—			32
Class R3		—			—			—			—			12
Class R4		—			—			—			—			24
Class R5		3,465			1,783			—			—			2
Class R6		11,411			22,501			128,143			276			2,242
Net Asset Value (a):
Class A — Redemption price per share	$	63.47		$	23.44		$	31.47		$	50.74		$	54.61
Class C — Offering price per share (b)		62.02			21.02			—			49.73			48.50
Class I — Offering and redemption price per share		64.84			24.01			31.83			51.11			57.93
Class R2 — Offering and redemption price per share		61.63			22.10			—			—			54.72
Class R3 — Offering and redemption price per share		—			—			—			—			57.82
Class R4 — Offering and redemption price per share		—			—			—			—			57.91
Class R5 — Offering and redemption price per share		63.69			24.22			—			—			58.37
Class R6 — Offering and redemption price per share		63.67			24.18			31.79			51.09			58.38
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	66.99		$	24.74		$	33.21		$	53.55		$	57.64


Cost of investments in non-affiliates	$	771,082		$	2,039,051		$	2,782,006		$	55,080		$	769,988
Cost of investments in affiliates		19,430			13,846			28,737			2,419			31,521
Investment securities on loan, at value (See Note 2.B.)		12,768			—			—			—			—
Cost of investment of cash collateral (See Note 2.B.)		12,910			—			—			—			—
Proceeds from securities sold short		—			743,397			—			—			—

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	77

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)


	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	13,041		$	—
Interest income from affiliates		—			—			13			—
Dividend income from non-affiliates		583			426,403			1,935			87,623
Dividend income from affiliates		3			687			3			32
Non-cash dividend income from non-affiliates		—			—			—			5,352
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			—			—

Total investment income		586			427,090			14,992			93,007


EXPENSES:
Investment advisory fees		239			65,070			309			14,723
Administration fees		36			7,484			93			4,275
Distribution fees:
Class A		8			4,462			21			765
Class C		12			5,020			26			1,173
Class R2		—			185			—			—
Class R3		—			248			—			—
Service fees:
Class A		8			4,462			21			765
Class C		4			1,673			9			391
Class I		74			15,303			248			12,247
Class R2		—			92			—			—
Class R3		—			248			—			—
Class R4		—			169			—			—
Class R5		—			666			—	(a)		2
Custodian and accounting fees		13			561			27			141
Interest expense to affiliates		—			—			4			—
Professional fees		28			173			77			89
Trustees’ and Chief Compliance Officer’s fees		13			59			15			30
Printing and mailing costs		4			759			13			215
Registration and filing fees		33			636			65			287
Transfer agency fees (See Note 2.J.)		2			488			3			87
Other		5			286			7			115

Total expenses		479			108,044			938			35,305

Less fees waived		(88	)		(493	)		(178	)		(223	)
Less expense reimbursements		—			—			(1	)		—

Net expenses		391			107,551			759			35,082

Net investment income (loss)		195			319,539			14,233			57,925


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,796			383,214			(7,684	)		51,688
Investments in affiliates		(1	)		340			(3	)		—
Options purchased		—			—			—			(847,357	)
Futures contracts		—			—			—			57,004
Options written		—			—			—			(491,313	)

Net realized gain (loss)		4,795			383,554			(7,687	)		(1,229,978	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		18,054			5,381,108			29,655			2,268,494
Investments in affiliates		(1	)		(616	)		—	(a)		—
Options purchased		—			—			—			2,359
Futures contracts		—			—			—			(1,228	)
Options written		—			—			—			(2,218	)

Change in net unrealized appreciation/depreciation		18,053			5,380,492			29,655			2,267,407

Net realized/unrealized gains (losses)		22,848			5,764,046			21,968			1,037,429

Change in net assets resulting from operations	$	23,043		$	6,083,585		$	36,201		$	1,095,354

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


	JPMorgan Intrepid Value Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	3		$	—		$	—
Dividend income from non-affiliates		2,151			65,311			12,010			118,697
Dividend income from affiliates		4			1,172			21			203
Non-cash dividend income from non-affiliates		876			—			—			—
Income from securities lending (net) (See Note 2.B.)		3			1,327			30			53

Total investment income		3,034			67,813			12,061			118,953


EXPENSES:
Investment advisory fees		363			63,728			2,856			33,789
Administration fees		91			7,434			536			5,529
Distribution fees:
Class A		63			5,037			158			1,842
Class C		38			2,653			129			1,087
Class R2		7			336			44			601
Class R3		—			161			—	(a)		170
Service fees:
Class A		63			5,037			158			1,842
Class C		13			884			43			362
Class I		143			10,711			391			1,526
Class L		—			—			—			1,105
Class R2		3			168			22			300
Class R3		—			161			—	(a)		170
Class R4		—			128			3			32
Class R5		2			452			10			447
Custodian and accounting fees		18			407			30			266
Interest expense to affiliates		—			—			—			—	(a)
Professional fees		29			129			34			104
Trustees’ and Chief Compliance Officer’s fees		12			52			16			38
Printing and mailing costs		41			351			35			103
Registration and filing fees		53			434			70			142
Transfer agency fees (See Note 2.J.)		7			353			51			204
Other		8			228			19			176

Total expenses		954			98,844			4,605			49,835

Less fees waived		(217	)		(11,473	)		(514	)		(3,165	)
Less expense reimbursements		(1	)		—			(8	)		(44	)

Net expenses		736			87,371			4,083			46,626

Net investment income (loss)		2,298			(19,558	)		7,978			72,327


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		9,756			3,132,133			53,866			826,727
Investments in affiliates		(1	)		25			(5	)		(67	)
Futures contracts		295			—			—			31,651

Net realized gain (loss)		10,050			3,132,158			53,861			858,311

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		33,659			4,004,166			362,071			2,761,840
Investments in affiliates		(2	)		(517	)		(2	)		(35	)
Futures contracts		38			—			—			5,543

Change in net unrealized appreciation/depreciation		33,695			4,003,649			362,069			2,767,348

Net realized/unrealized gains (losses)		43,745			7,135,807			415,930			3,625,659

Change in net assets resulting from operations	$	46,043		$	7,116,249		$	423,908		$	3,697,986

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	79

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

(Amounts in thousands)


	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,961		$	26,755		$	32,888		$	456		$	10,671
Dividend income from affiliates		26			19			43			2			26
Non-cash dividend income from non-affiliates		2,779			—			2,564			—			—
Income from securities lending (net) (See Note 2.B.)		27			—			—			—	(a)		—

Total investment income		5,793			26,774			35,495			458			10,697


EXPENSES:
Investment advisory fees		1,811			10,532			5,816			86			1,869
Administration fees		453			1,215			1,745			22			350
Distribution fees:
Class A		131			389			248			17			593
Class C		109			180			—			10			103
Class R2		109			12			—			—			3
Class R3		—			—			—			—			1
Service fees:
Class A		131			389			248			17			593
Class C		36			60			—			3			34
Class I		188			2,807			760			48			328
Class L (b)		—			—			2			—			—
Class R2		55			6			—			—			2
Class R3		—			—			—			—			1
Class R4		—			—			—			—			1
Class R5		103			21			—			—			—	(a)
Custodian and accounting fees		22			66			77			15			16
Interest expense to affiliates		—			1			—			—			—
Professional fees		35			49			50			50			37
Trustees’ and Chief Compliance Officer’s fees		15			18			19			15			16
Printing and mailing costs		15			44			11			11			30
Registration and filing fees		46			68			27			27			52
Transfer agency fees (See Note 2.J.)		28			48			31			2			81
Dividend expense to non-affiliates on securities sold short		—			11,811			—			—			—
Interest expense to non-affiliates on securities sold short		—			2,594			—			—			—
Other		14			43			52			4			14

Total expenses		3,301			30,353			9,086			327			4,124

Less fees waived		(403	)		(2,059	)		(2,648	)		(168	)		(423	)
Less expense reimbursements		—			(2	)		—	(a)		(22	)		(2	)

Net expenses		2,898			28,292			6,438			137			3,699

Net investment income (loss)		2,895			(1,518	)		29,057			321			6,998


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		72,573			568,497			132,058			135			14,154
Investments in affiliates		(3	)		(3	)		(18	)		(1	)		9
Futures contracts		1,902			722			5,905			99			—
Securities sold short		—			(57,610	)		—			—			—

Net realized gain (loss)		74,472			511,606			137,945			233			14,163

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		154,751			296,077			790,338			10,167			168,062
Investments in affiliates		(7	)		(5	)		—	(a)		1			(19	)
Futures contracts		249			24			(389	)		19			—
Securities sold short		—			(109,650	)		—			—			—

Change in net unrealized appreciation/depreciation		154,993			186,446			789,949			10,187			168,043

Net realized/unrealized gains (losses)		229,465			698,052			927,894			10,420			182,206

Change in net assets resulting from operations	$	232,360		$	696,534		$	956,951		$	10,741		$	189,204

(a)	Amount rounds to less than one thousand.

(b)	On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)



	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	195		$	790		$	319,539		$	603,430
Net realized gain (loss)		4,795			11,963			383,554			(525,251	)
Change in net unrealized appreciation/depreciation		18,053			(8,470	)		5,380,492			(2,030,903	)

Change in net assets resulting from operations		23,043			4,283			6,083,585			(1,952,724	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(862	)		(962	)		(29,694	)		(100,496	)
Class C		(403	)		(540	)		(7,941	)		(36,790	)
Class I		(7,180	)		(10,258	)		(117,324	)		(324,790	)
Class R2		—			—			(511	)		(2,344	)
Class R3		—			—			(1,689	)		(4,859	)
Class R4		—			—			(1,294	)		(2,895	)
Class R5		—			—			(13,541	)		(46,903	)
Class R6		(3,356	)		(4,735	)		(146,073	)		(394,174	)

Total distributions to shareholders		(11,801	)		(16,495	)		(318,067	)		(913,251	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		9,549			(9,562	)		1,084,449			8,758,465


NET ASSETS:
Change in net assets		20,791			(21,774	)		6,849,967			5,892,490
Beginning of period		85,054			106,828			29,554,937			23,662,447

End of period	$	105,845		$	85,054		$	36,404,904		$	29,554,937

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,233		$	13,512		$	57,925		$	103,479
Net realized gain (loss)		(7,687	)		(29,238	)		(1,229,978	)		(469,890	)
Change in net unrealized appreciation/depreciation		29,655			4,460			2,267,407			902,244

Change in net assets resulting from operations		36,201			(11,266	)		1,095,354			535,833


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(942	)		(857	)		(3,547	)		(3,986	)
Class C		(377	)		(258	)		(1,096	)		(836	)
Class I		(11,401	)		(12,367	)		(69,581	)		(62,588	)
Class R5		(2	)		(2	)		(27	)		(32	)
Class R6		(1,513	)		(39	)		(8,717	)		(8,633	)

Total distributions to shareholders		(14,235	)		(13,523	)		(82,968	)		(76,075	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		73,516			162,286			4,798,660			3,226,028


NET ASSETS:
Change in net assets		95,482			137,497			5,811,046			3,685,786
Beginning of period		191,730			54,233			8,741,592			5,055,806

End of period	$	287,212		$	191,730		$	14,552,638		$	8,741,592

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,298		$	15,342		$	(19,558	)	$	50,317
Net realized gain (loss)		10,050			46,835			3,132,158			1,883,835
Change in net unrealized appreciation/depreciation		33,695			(120,484	)		4,003,649			3,286,948

Change in net assets resulting from operations		46,043			(58,307	)		7,116,249			5,221,100


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,492	)		(5,592	)		(229,243	)		(307,305	)
Class C		(275	)		(1,365	)		(49,805	)		(82,111	)
Class I		(3,522	)		(54,344	)		(484,046	)		(568,389	)
Class R2		(79	)		(314	)		(7,546	)		(16,104	)
Class R3		—			—			(8,542	)		(7,619	)
Class R4		—			—			(6,602	)		(2,550	)
Class R5		(120	)		(3,383	)		(48,291	)		(83,447	)
Class R6		(1,925	)		(11,681	)		(774,029	)		(964,234	)

Total distributions to shareholders		(7,413	)		(76,679	)		(1,608,104	)		(2,031,759	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(44,574	)		(586,626	)		3,517,615			4,163,215


NET ASSETS:
Change in net assets		(5,944	)		(721,612	)		9,025,760			7,352,556
Beginning of period		255,766			977,378			23,265,166			15,912,610

End of period	$	249,822		$	255,766		$	32,290,926		$	23,265,166

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,978		$	24,035		$	72,327		$	156,956
Net realized gain (loss)		53,861			(22,822	)		858,311			1,074,096
Change in net unrealized appreciation/depreciation		362,069			(109,305	)		2,767,348			588,905

Change in net assets resulting from operations		423,908			(108,092	)		3,697,986			1,819,957


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(545	)		(2,660	)		(80,700	)		(161,648	)
Class C		(69	)		(354	)		(17,527	)		(26,242	)
Class I		(1,902	)		(4,022	)		(82,454	)		(97,817	)
Class L		—			—			(157,734	)		(142,043	)
Class R2		(42	)		(207	)		(14,651	)		(21,799	)
Class R3		—	(a)		—	(a)		(8,514	)		(11,145	)
Class R4		—	(a)		(193	)		(1,776	)		(2,149	)
Class R5		(125	)		(425	)		(56,320	)		(80,738	)
Class R6		(6,434	)		(15,475	)		(671,569	)		(925,117	)

Total distributions to shareholders		(9,117	)		(23,336	)		(1,091,245	)		(1,468,698	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		27,962			(19,703	)		1,121,273			286,006


NET ASSETS:
Change in net assets		442,753			(151,131	)		3,728,014			637,265
Beginning of period		1,259,997			1,411,128			14,938,762			14,301,497

End of period	$	1,702,750		$	1,259,997		$	18,666,776		$	14,938,762

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,895		$	16,629		$	(1,518	)	$	16,065
Net realized gain (loss)		74,472			88,286			511,606			1,461,601
Change in net unrealized appreciation/depreciation		154,993			54,387			186,446			(1,045,105	)

Change in net assets resulting from operations		232,360			159,302			696,534			432,561


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,875	)		(12,262	)		(77,084	)		(110,686	)
Class C		(2,514	)		(4,180	)		(9,299	)		(22,436	)
Class I		(13,950	)		(18,221	)		(515,371	)		(858,499	)
Class R2		(4,145	)		(5,271	)		(1,244	)		(1,126	)
Class R5		(20,231	)		(23,132	)		(9,627	)		(20,316	)
Class R6		(67,081	)		(73,479	)		(147,178	)		(161,893	)

Total distributions to shareholders		(117,796	)		(136,545	)		(759,803	)		(1,174,956	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		58,477			(56,713	)		45,232			(2,626,307	)


NET ASSETS:
Change in net assets		173,041			(33,956	)		(18,037	)		(3,368,702	)
Beginning of period		1,114,382			1,148,338			3,050,306			6,419,008

End of period	$	1,287,423		$	1,114,382		$	3,032,269		$	3,050,306

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,057		$	79,253		$	321		$	428
Net realized gain (loss)		137,945			809,145			233			253
Change in net unrealized appreciation/depreciation		789,949			(499,565	)		10,187			2,768

Change in net assets resulting from operations		956,951			388,833			10,741			3,449


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(6,821	)		(21,842	)		(235	)		(858	)
Class C		—			—			(30	)		(204	)
Class I		(21,943	)		(23,849	)		(711	)		(1,447	)
Class L (a)		—			(45,099	)		—			—
Class R6 (b)		(137,962	)		(463,809	)		(247	)		—

Total distributions to shareholders		(166,726	)		(554,599	)		(1,223	)		(2,509	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(226,927	)		(1,284,816	)		25,112			9,075

NET ASSETS:
Change in net assets		563,298			(1,450,582	)		34,630			10,015
Beginning of period		4,364,764			5,815,346			40,700			30,685

End of period	$	4,928,062		$	4,364,764		$	75,330		$	40,700

(a)	On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b)	Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,998		$	11,575
Net realized gain (loss)		14,163			1,992
Change in net unrealized appreciation/depreciation		168,043			(46,631	)

Change in net assets resulting from operations		189,204			(33,064	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,480	)		(19,342	)
Class C		(535	)		(1,019	)
Class I		(7,655	)		(3,705	)
Class R2		(28	)		(16	)
Class R3		(12	)		(2	)
Class R4		(23	)		(12	)
Class R5		(2	)		(3	)
Class R6		(2,795	)		(2,189	)

Total distributions to shareholders		(19,530	)		(26,288	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		222,441			133,703


NET ASSETS:
Change in net assets		392,115			74,351
Beginning of period		726,854			652,503

End of period	$	1,118,969		$	726,854

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,653		$	2,181		$	583,020		$	1,164,544
Distributions reinvested		862			962			27,674			95,360
Cost of shares redeemed		(1,200	)		(2,204	)		(659,311	)		(977,172	)

Change in net assets resulting from Class A capital transactions		1,315			939			(48,617	)		282,732

Class C
Proceeds from shares issued		41			409			86,241			366,152
Distributions reinvested		403			540			7,278			32,079
Cost of shares redeemed		(405	)		(490	)		(321,337	)		(334,932	)

Change in net assets resulting from Class C capital transactions		39			459			(227,818	)		63,299

Class I
Proceeds from shares issued		353			4,205			2,507,641			5,501,467
Distributions reinvested		7,180			10,183			105,388			291,290
Cost of shares redeemed		(2,116	)		(30,218	)		(1,432,422	)		(3,044,873	)

Change in net assets resulting from Class I capital transactions		5,417			(15,830	)		1,180,607			2,747,884

Class R2
Proceeds from shares issued		—			—			6,639			23,230
Distributions reinvested		—			—			500			2,243
Cost of shares redeemed		—			—			(22,334	)		(40,287	)

Change in net assets resulting from Class R2 capital transactions		—			—			(15,195	)		(14,814	)

Class R3
Proceeds from shares issued		—			—			49,993			92,006
Distributions reinvested		—			—			1,362			4,162
Cost of shares redeemed		—			—			(26,021	)		(46,297	)

Change in net assets resulting from Class R3 capital transactions		—			—			25,334			49,871

Class R4
Proceeds from shares issued		—			—			44,763			71,534
Distributions reinvested		—			—			1,294			2,895
Cost of shares redeemed		—			—			(16,768	)		(23,816	)

Change in net assets resulting from Class R4 capital transactions		—			—			29,289			50,613

Class R5
Proceeds from shares issued		—			—			150,733			478,990
Distributions reinvested		—			—			13,143			44,948
Cost of shares redeemed		—			—			(228,288	)		(593,726	)

Change in net assets resulting from Class R5 capital transactions		—			—			(64,412	)		(69,788	)

Class R6
Proceeds from shares issued		1,335			7,519			2,441,048			7,465,340
Subscriptions in-kind (See Note 9)		—			—			—			48,418
Distributions reinvested		3,353			4,735			139,482			377,452
Cost of shares redeemed		(1,910	)		(7,384	)		(2,375,269	)		(2,242,542	)

Change in net assets resulting from Class R6 capital transactions		2,778			4,870			205,261			5,648,668

Total change in net assets resulting from capital transactions	$	9,549		$	(9,562	)	$	1,084,449		$	8,758,465

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		54			79			32,819			67,608
Reinvested		29			35			1,540			5,373
Redeemed		(40	)		(84	)		(36,681	)		(57,395	)

Change in Class A Shares		43			30			(2,322	)		15,586

Class C
Issued		—	(a)		17			4,914			21,351
Reinvested		15			21			412			1,838
Redeemed		(14	)		(21	)		(18,673	)		(20,307	)

Change in Class C Shares		1			17			(13,347	)		2,882

Class I
Issued		13			143			137,311			317,929
Reinvested		239			366			5,752			16,183
Redeemed		(69	)		(1,079	)		(79,735	)		(181,493	)

Change in Class I Shares		183			(570	)		63,328			152,619

Class R2
Issued		—			—			376			1,382
Reinvested		—			—			28			126
Redeemed		—			—			(1,236	)		(2,304	)

Change in Class R2 Shares		—			—			(832	)		(796	)

Class R3
Issued		—			—			2,783			5,236
Reinvested		—			—			76			235
Redeemed		—			—			(1,468	)		(2,666	)

Change in Class R3 Shares		—			—			1,391			2,805

Class R4
Issued		—			—			2,525			3,947
Reinvested		—			—			70			162
Redeemed		—			—			(918	)		(1,344	)

Change in Class R4 Shares		—			—			1,677			2,765

Class R5
Issued		—			—			8,252			26,787
Reinvested		—			—			718			2,489
Redeemed		—			—			(12,420	)		(33,212	)

Change in Class R5 Shares		—			—			(3,450	)		(3,936	)

Class R6
Issued		44			264			133,993			418,476
Subscriptions in-kind (See Note 9)		—			—			—			2,637
Reinvested		112			170			7,625			21,032
Redeemed		(64	)		(290	)		(132,656	)		(128,412	)

Change in Class R6 Shares		92			144			8,962			313,733

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	14,048		$	25,022		$	306,428		$	495,566
Distributions reinvested		892			852			3,523			3,972
Cost of shares redeemed		(8,983	)		(11,252	)		(123,626	)		(348,671	)

Change in net assets resulting from Class A capital transactions		5,957			14,622			186,325			150,867

Class C
Proceeds from shares issued		5,957			5,247			133,641			128,940
Distributions reinvested		372			254			1,095			835
Cost of shares redeemed		(736	)		(238	)		(25,353	)		(56,070	)

Change in net assets resulting from Class C capital transactions		5,593			5,263			109,383			73,705

Class I
Proceeds from shares issued		84,586			165,512			5,399,192			5,474,198
Distributions reinvested		11,302			12,358			67,176			59,927
Cost of shares redeemed		(69,712	)		(36,261	)		(1,292,098	)		(2,956,713	)

Change in net assets resulting from Class I capital transactions		26,176			141,609			4,174,270			2,577,412

Class R5
Proceeds from shares issued		49			—			740			1,405
Distributions reinvested		2			2			27			32
Cost of shares redeemed		—			—			(302	)		(550	)

Change in net assets resulting from Class R5 capital transactions		51			2			465			887

Class R6
Proceeds from shares issued		37,049			939			520,546			755,421
Distributions reinvested		30			25			3,937			3,351
Cost of shares redeemed		(1,340	)		(174	)		(196,266	)		(335,615	)

Change in net assets resulting from Class R6 capital transactions		35,739			790			328,217			423,157

Total change in net assets resulting from capital transactions	$	73,516		$	162,286		$	4,798,660		$	3,226,028

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,019			1,779			13,379			23,862
Reinvested		65			66			152			190
Redeemed		(646	)		(857	)		(5,347	)		(17,011	)

Change in Class A Shares		438			988			8,184			7,041

Class C
Issued		431			362			5,845			6,200
Reinvested		27			19			48			40
Redeemed		(54	)		(19	)		(1,109	)		(2,757	)

Change in Class C Shares		404			362			4,784			3,483

Class I
Issued		6,142			11,688			234,803			261,714
Reinvested		823			917			2,880			2,858
Redeemed		(5,053	)		(2,849	)		(55,775	)		(145,069	)

Change in Class I Shares		1,912			9,756			181,908			119,503

Class R5
Issued		3			—			33			66
Reinvested		—	(a)		1			1			2
Redeemed		—			—			(13	)		(26	)

Change in Class R5 Shares		3			1			21			42

Class R6
Issued		2,692			64			22,531			36,462
Reinvested		2			2			168			159
Redeemed		(97	)		(14	)		(8,474	)		(16,768	)

Change in Class R6 Shares		2,597			52			14,225			19,853

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,519		$	6,903		$	939,227		$	1,093,424
Distributions reinvested		1,429			5,106			209,955			290,772
Cost of shares redeemed		(10,792	)		(23,459	)		(640,641	)		(1,019,134	)

Change in net assets resulting from Class A capital transactions		(5,844	)		(11,450	)		508,541			365,062

Class C
Proceeds from shares issued		564			567			147,576			194,307
Distributions reinvested		271			1,288			45,342			64,738
Cost of shares redeemed		(3,628	)		(7,152	)		(301,411	)		(147,910	)

Change in net assets resulting from Class C capital transactions		(2,793	)		(5,297	)		(108,493	)		111,135

Class I
Proceeds from shares issued		4,148			134,333			1,952,293			2,721,471
Distributions reinvested		3,498			54,229			446,730			522,530
Cost of shares redeemed		(20,506	)		(689,651	)		(1,423,479	)		(1,843,411	)

Change in net assets resulting from Class I capital transactions		(12,860	)		(501,089	)		975,544			1,400,590

Class R2
Proceeds from shares issued		201			765			22,963			36,135
Distributions reinvested		72			218			7,039			13,984
Cost of shares redeemed		(658	)		(2,045	)		(32,702	)		(83,183	)

Change in net assets resulting from Class R2 capital transactions		(385	)		(1,062	)		(2,700	)		(33,064	)

Class R3
Proceeds from shares issued		—			—			78,272			51,615
Distributions reinvested		—			—			5,581			4,020
Cost of shares redeemed		—			—			(23,539	)		(23,556	)

Change in net assets resulting from Class R3 capital transactions		—			—			60,314			32,079

Class R4
Proceeds from shares issued		—			—			59,311			49,115
Distributions reinvested		—			—			6,602			2,550
Cost of shares redeemed		—			—			(15,685	)		(6,458	)

Change in net assets resulting from Class R4 capital transactions		—			—			50,228			45,207

Class R5
Proceeds from shares issued		306			2,988			116,993			172,183
Distributions reinvested		120			3,383			46,287			78,312
Cost of shares redeemed		(1,647	)		(48,472	)		(166,386	)		(278,117	)

Change in net assets resulting from Class R5 capital transactions		(1,221	)		(42,101	)		(3,106	)		(27,622	)

Class R6
Proceeds from shares issued		4,296			55,961			3,033,803			3,367,122
Distributions reinvested		1,924			11,672			744,667			931,375
Cost of shares redeemed		(27,691	)		(93,260	)		(1,741,183	)		(2,028,669	)

Change in net assets resulting from Class R6 capital transactions		(21,471	)		(25,627	)		2,037,287			2,269,828

Total change in net assets resulting from capital transactions	$	(44,574	)	$	(586,626	)	$	3,517,615		$	4,163,215

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Intrepid Value Fund						JPMorgan Large Cap Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		128			238			16,850			26,425
Reinvested		51			173			3,665			7,477
Redeemed		(391	)		(800	)		(11,459	)		(24,532	)

Change in Class A Shares		(212	)		(389	)		9,056			9,370

Class C
Issued		20			22			3,592			6,347
Reinvested		10			44			1,097			2,250
Redeemed		(134	)		(250	)		(7,411	)		(4,817	)

Change in Class C Shares		(104	)		(184	)		(2,722	)		3,780

Class I
Issued		148			4,400			34,498			64,836
Reinvested		123			1,759			7,640			13,208
Redeemed		(741	)		(23,872	)		(25,199	)		(44,234	)

Change in Class I Shares		(470	)		(17,713	)		16,939			33,810

Class R2
Issued		8			25			430			906
Reinvested		2			8			129			376
Redeemed		(24	)		(72	)		(611	)		(2,121	)

Change in Class R2 Shares		(14	)		(39	)		(52	)		(839	)

Class R3
Issued		—			—			1,390			1,251
Reinvested		—			—			97			103
Redeemed		—			—			(420	)		(568	)

Change in Class R3 Shares		—			—			1,067			786

Class R4
Issued		—			—			1,053			1,166
Reinvested		—			—			113			64
Redeemed		—			—			(273	)		(157	)

Change in Class R4 Shares		—			—			893			1,073

Class R5
Issued		11			101			2,001			3,989
Reinvested		4			110			770			1,927
Redeemed		(59	)		(1,585	)		(2,832	)		(6,525	)

Change in Class R5 Shares		(44	)		(1,374	)		(61	)		(609	)

Class R6
Issued		154			1,871			51,219			77,205
Reinvested		68			394			12,253			22,702
Redeemed		(1,044	)		(3,593	)		(29,382	)		(47,053	)

Change in Class R6 Shares		(822	)		(1,328	)		34,090			52,854

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	10,494		$	138,275		$	236,861		$	715,588
Distributions reinvested		532			2,618			75,171			154,154
Cost of shares redeemed		(27,819	)		(156,095	)		(1,037,380	)		(605,447	)

Change in net assets resulting from Class A capital transactions		(16,793	)		(15,202	)		(725,348	)		264,295

Class C
Proceeds from shares issued		2,424			3,402			35,967			40,488
Distributions reinvested		68			344			17,125			24,891
Cost of shares redeemed		(7,936	)		(20,436	)		(68,144	)		(84,646	)

Change in net assets resulting from Class C capital transactions		(5,444	)		(16,690	)		(15,052	)		(19,267	)

Class I
Proceeds from shares issued		117,307			187,035			296,138			295,219
Distributions reinvested		1,892			4,008			78,692			94,363
Cost of shares redeemed		(53,035	)		(206,607	)		(185,016	)		(492,924	)

Change in net assets resulting from Class I capital transactions		66,164			(15,564	)		189,814			(103,342	)

Class L
Proceeds from shares issued		—			—			1,281,829			269,061
Distributions reinvested		—			—			150,300			124,874
Cost of shares redeemed		—			—			(361,583	)		(663,087	)

Change in net assets resulting from Class L capital transactions		—			—			1,070,546			(269,152	)

Class R2
Proceeds from shares issued		989			4,111			20,002			28,578
Distributions reinvested		42			196			14,554			21,162
Cost of shares redeemed		(8,925	)		(6,217	)		(35,266	)		(82,008	)

Change in net assets resulting from Class R2 capital transactions		(7,894	)		(1,910	)		(710	)		(32,268	)

Class R3
Proceeds from shares issued		—	(a)		—	(a)		26,670			27,510
Distributions reinvested		—	(a)		—	(a)		7,561			10,063
Cost of shares redeemed		(9	)		—	(a)		(19,442	)		(33,612	)

Change in net assets resulting from Class R3 capital transactions		(9	)		—	(a)		14,789			3,961

Class R4
Proceeds from shares issued		179			1,815			5,422			4,496
Distributions reinvested		—	(a)		192			1,776			2,149
Cost of shares redeemed		(12,452	)		(3,474	)		(1,640	)		(8,139	)

Change in net assets resulting from Class R4 capital transactions		(12,273	)		(1,467	)		5,558			(1,494	)

Class R5
Proceeds from shares issued		1,531			7,109			56,835			78,859
Distributions reinvested		124			420			52,275			73,591
Cost of shares redeemed		(4,366	)		(17,058	)		(106,928	)		(194,808	)

Change in net assets resulting from Class R5 capital transactions		(2,711	)		(9,529	)		2,182			(42,358	)

Class R6
Proceeds from shares issued		72,569			166,602			1,313,627			1,785,782
Subscriptions in-kind (See Note 9)		—			—			—			45,414
Distributions reinvested		6,433			15,432			665,216			919,240
Cost of shares redeemed		(72,080	)		(141,375	)		(1,399,349	)		(2,264,805	)

Change in net assets resulting from Class R6 capital transactions		6,922			40,659			579,494			485,631

Total change in net assets resulting from capital transactions	$	27,962		$	(19,703	)	$	1,121,273		$	286,006

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		711			10,104			13,237			46,733
Reinvested		36			196			4,098			9,829
Redeemed		(1,911	)		(11,819	)		(58,192	)		(39,445	)

Change in Class A Shares		(1,164	)		(1,519	)		(40,857	)		17,117

Class C
Issued		167			262			2,045			2,740
Reinvested		5			26			974			1,647
Redeemed		(592	)		(1,590	)		(3,902	)		(5,697	)

Change in Class C Shares		(420	)		(1,302	)		(883	)		(1,310	)

Class I
Issued		7,945			14,482			16,125			18,972
Reinvested		127			306			4,275			5,999
Redeemed		(3,790	)		(15,555	)		(10,168	)		(31,630	)

Change in Class I Shares		4,282			(767	)		10,232			(6,659	)

Class L
Issued		—			—			71,256			17,663
Reinvested		—			—			8,148			7,922
Redeemed		—			—			(19,643	)		(42,694	)

Change in Class L Shares		—			—			59,761			(17,109	)

Class R2
Issued		71			326			1,126			1,874
Reinvested		3			15			803			1,363
Redeemed		(596	)		(468	)		(1,964	)		(5,292	)

Change in Class R2 Shares		(522	)		(127	)		(35	)		(2,055	)

Class R3
Issued		—	(a)		—	(a)		1,479			1,723
Reinvested		—	(a)		—	(a)		414			644
Redeemed		—	(a)		—	(a)		(1,072	)		(2,144	)

Change in Class R3 Shares		—	(a)		—	(a)		821			223

Class R4
Issued		14			134			292			290
Reinvested		—	(a)		14			97			137
Redeemed		(942	)		(250	)		(90	)		(534	)

Change in Class R4 Shares		(928	)		(102	)		299			(107	)

Class R5
Issued		108			542			3,091			5,056
Reinvested		8			32			2,833			4,669
Redeemed		(301	)		(1,286	)		(5,920	)		(12,468	)

Change in Class R5 Shares		(185	)		(712	)		4			(2,743	)

Class R6
Issued		5,294			12,775			72,329			113,479
Subscriptions in-kind (See Note 9)		—			—			—			2,771
Reinvested		436			1,189			35,953			58,213
Redeemed		(5,087	)		(10,425	)		(76,207	)		(143,075	)

Change in Class R6 Shares		643			3,539			32,075			31,388

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,968		$	18,251		$	55,299		$	82,531
Distributions reinvested		7,327			8,614			71,308			107,818
Cost of shares redeemed		(16,067	)		(40,642	)		(64,657	)		(536,310	)

Change in net assets resulting from Class A capital transactions		5,228			(13,777	)		61,950			(345,961	)

Class C
Proceeds from shares issued		1,175			2,490			2,694			7,465
Distributions reinvested		2,298			3,299			9,039			19,111
Cost of shares redeemed		(8,518	)		(10,656	)		(35,569	)		(60,945	)

Change in net assets resulting from Class C capital transactions		(5,045	)		(4,867	)		(23,836	)		(34,369	)

Class I
Proceeds from shares issued		6,625			21,569			122,808			542,564
Distributions reinvested		12,855			16,565			497,011			811,087
Cost of shares redeemed		(20,205	)		(61,865	)		(696,915	)		(3,344,154	)

Change in net assets resulting from Class I capital transactions		(725	)		(23,731	)		(77,096	)		(1,990,503	)

Class R2
Proceeds from shares issued		6,329			10,855			324			1,116
Distributions reinvested		4,130			5,051			1,205			808
Cost of shares redeemed		(8,592	)		(21,173	)		(546	)		(1,967	)

Change in net assets resulting from Class R2 capital transactions		1,867			(5,267	)		983			(43	)

Class R5
Proceeds from shares issued		16,841			22,564			2,298			15,058
Distributions reinvested		20,215			23,131			9,489			20,259
Cost of shares redeemed		(25,458	)		(53,596	)		(6,401	)		(84,259	)

Change in net assets resulting from Class R5 capital transactions		11,598			(7,901	)		5,386			(48,942	)

Class R6
Proceeds from shares issued		25,858			41,741			108,945			91,207
Distributions reinvested		61,717			68,077			112,990			113,531
Cost of shares redeemed		(42,021	)		(110,988	)		(144,090	)		(411,227	)

Change in net assets resulting from Class R6 capital transactions		45,554			(1,170	)		77,845			(206,489	)

Total change in net assets resulting from capital transactions	$	58,477		$	(56,713	)	$	45,232		$	(2,626,307	)

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		225			335			2,069			3,532
Reinvested		119			160			3,151			4,576
Redeemed		(255	)		(754	)		(2,521	)		(21,865	)

Change in Class A Shares		89			(259	)		2,699			(13,757	)

Class C
Issued		19			47			112			340
Reinvested		38			63			446			873
Redeemed		(142	)		(203	)		(1,419	)		(2,792	)

Change in Class C Shares		(85	)		(93	)		(861	)		(1,579	)

Class I
Issued		102			377			4,527			22,659
Reinvested		204			300			21,400			33,851
Redeemed		(312	)		(1,107	)		(26,524	)		(138,788	)

Change in Class I Shares		(6	)		(430	)		(597	)		(82,278	)

Class R2
Issued		102			204			14			49
Reinvested		69			96			56			36
Redeemed		(140	)		(397	)		(22	)		(90	)

Change in Class R2 Shares		31			(97	)		48			(5	)

Class R5
Issued		264			412			84			639
Reinvested		326			425			405			840
Redeemed		(403	)		(983	)		(232	)		(3,482	)

Change in Class R5 Shares		187			(146	)		257			(2,003	)

Class R6
Issued		403			784			3,957			3,578
Reinvested		993			1,251			4,828			4,714
Redeemed		(644	)		(1,980	)		(5,799	)		(16,836	)

Change in Class R6 Shares		752			55			2,986			(8,544	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	40,091		$	56,324		$	2,753		$	3,668
Distributions reinvested		6,785			21,732			226			837
Cost of shares redeemed		(66,619	)		(97,073	)		(673	)		(4,213	)

Change in net assets resulting from Class A capital transactions		(19,743	)		(19,017	)		2,306			292

Class C
Proceeds from shares issued		—			—			290			266
Distributions reinvested		—			—			30			187
Cost of shares redeemed		—			—			(665	)		(725	)

Change in net assets resulting from Class C capital transactions		—			—			(345	)		(272	)

Class I
Proceeds from shares issued		81,680			49,261			24,147			12,036
Distributions reinvested		15,314			23,349			688			1,446
Cost of shares redeemed		(112,140	)		(94,822	)		(15,504	)		(4,427	)
Conversion from Class L Shares		368,073			—			—			—

Change in net assets resulting from Class I capital transactions		352,927			(22,212	)		9,331			9,055

Class L (a)
Proceeds from shares issued		534			76,268			—			—
Distributions reinvested		—			26,507			—			—
Cost of shares redeemed		(28,170	)		(125,628	)		—			—
Conversion to Class I Shares		(368,073	)		—			—			—

Change in net assets resulting from Class L capital transactions		(395,709	)		(22,853	)		—			—

Class R6 (b)
Proceeds from shares issued		127,769			898,953			13,834			—
Distributions reinvested		137,563			462,987			247			—
Cost of shares redeemed		(429,734	)		(1,245,965	)		(261	)		—
Redemptions in-kind (See Note 8)		—			(1,336,709	)		—			—

Change in net assets resulting from Class R6 capital transactions		(164,402	)		(1,220,734	)		13,820			—

Total change in net assets resulting from capital transactions	$	(226,927	)	$	(1,284,816	)	$	25,112		$	9,075

(a)	On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b)	Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,383			2,164			58			90
Reinvested		223			890			4			20
Redeemed		(2,248	)		(3,751	)		(14	)		(108	)

Change in Class A Shares		(642	)		(697	)		48			2

Class C
Issued		—			—			6			8
Reinvested		—			—			1			4
Redeemed		—			—			(15	)		(18	)

Change in Class C Shares		—			—			(8	)		(6	)

Class I
Issued		2,844			1,907			513			295
Reinvested		498			945			14			33
Redeemed		(3,852	)		(3,638	)		(313	)		(108	)
Conversion from Class L Shares		13,572			—			—			—

Change in Class I Shares		13,062			(786	)		214			220

Class L (a)
Issued		20			3,031			—			—
Reinvested		—			1,075			—			—
Redeemed		(1,046	)		(4,779	)		—			—
Conversion to Class I Shares		(13,599	)		—			—			—

Change in Class L Shares		(14,625	)		(673	)		—			—

Class R6 (b)
Issued		4,285			35,010			276			—
Reinvested		4,479			18,774			5			—
Redeemed		(14,364	)		(46,532	)		(5	)		—
Redemptions in-kind (See Note 8)		—			(52,834	)		—			—

Change in Class R6 Shares		(5,600	)		(45,582	)		276			—

(a)	On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b)	Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund).

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	21,154		$	103,634
Distributions reinvested		8,162			18,821
Cost of shares redeemed		(167,084	)		(69,860	)

Change in net assets resulting from Class A capital transactions		(137,768	)		52,595

Class C
Proceeds from shares issued		2,930			9,193
Distributions reinvested		459			848
Cost of shares redeemed		(6,607	)		(6,721	)

Change in net assets resulting from Class C capital transactions		(3,218	)		3,320

Class I
Proceeds from shares issued		345,772			75,806
Distributions reinvested		7,299			3,345
Cost of shares redeemed		(25,895	)		(33,791	)

Change in net assets resulting from Class I capital transactions		327,176			45,360

Class R2
Proceeds from shares issued		555			1,202
Distributions reinvested		28			16
Cost of shares redeemed		(199	)		(111	)

Change in net assets resulting from Class R2 capital transactions		384			1,107

Class R3
Proceeds from shares issued		224			400
Distributions reinvested		7			2
Cost of shares redeemed		(24	)		—	(a)

Change in net assets resulting from Class R3 capital transactions		207			402

Class R4
Proceeds from shares issued		133			1,340
Distributions reinvested		23			12
Cost of shares redeemed		(149	)		(38	)

Change in net assets resulting from Class R4 capital transactions		7			1,314

Class R5
Proceeds from shares issued		15			71
Distributions reinvested		2			3
Cost of shares redeemed		(10	)		(55	)

Change in net assets resulting from Class R5 capital transactions		7			19

Class R6
Proceeds from shares issued		176,474			48,377
Distributions reinvested		2,663			2,097
Cost of shares redeemed		(17,484	)		(20,888	)
Redemptions in-kind (See Note 8)		(126,007	)		—

Change in net assets resulting from Class R6 capital transactions		35,646			29,586

Total change in net assets resulting from capital transactions	$	222,441		$	133,703

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



	JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		434			2,118
Reinvested		156			373
Redeemed		(3,452	)		(1,432	)

Change in Class A Shares		(2,862	)		1,059

Class C
Issued		67			209
Reinvested		10			19
Redeemed		(150	)		(160	)

Change in Class C Shares		(73	)		68

Class I
Issued		6,481			1,616
Reinvested		129			64
Redeemed		(485	)		(675	)

Change in Class I Shares		6,125			1,005

Class R2
Issued		11			24
Reinvested		1			—	(a)
Redeemed		(4	)		(2	)

Change in Class R2 Shares		8			22

Class R3
Issued		5			7
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)

Change in Class R3 Shares		4			7

Class R4
Issued		3			24
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		(1	)

Change in Class R4 Shares		—	(a)		23

Class R5
Issued		—	(a)		2
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(1	)

Change in Class R5 Shares		—	(a)		1

Class R6
Issued		3,359			915
Reinvested		48			39
Redeemed		(330	)		(395	)
Redemptions in-kind (See Note 8)		(2,169	)		—

Change in Class R6 Shares		908			559

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	101

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)


	JPMorgan U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	696,534

Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(1,238,718	)
Proceeds from disposition of investment securities		2,213,368
Covers of investment securities sold short		(757,290	)
Proceeds from investment securities sold short		481,645
Purchases of short-term investments — affiliates, net		21,808
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		(296,077	)
Change in unrealized (appreciation)/depreciation on investments in affiliates		5
Change in unrealized (appreciation)/depreciation on investment securities sold short		109,650
Net realized (gain)/loss on investments in non-affiliates		(568,497	)
Net realized (gain)/loss on investments in affiliates		3
Net realized (gain)/loss on securities sold short		57,610
Decrease in interest receivable from non-affiliates		279
Decrease in dividends receivable from non-affiliates		811
Increase in tax reclaims receivable		(4	)
Decrease in variation margin receivable		26
Increase in dividend expense to non-affiliates on securities sold short		408
Increase in interest expense to non-affiliates on securities sold short		464
Increase in investment advisory fees payable		76
Increase in administration fees payable		14
Decrease in distribution fees payable		(24	)
Increase in service fees payable		5
Decrease in custodian and accounting fees payable		(25	)
Decrease in registration fees payable		(96	)
Decrease in audit fees payable		(38	)
Decrease in printing and mailing cost payable		(172	)
Increase in Trustees’ and Chief Compliance Officer’s fees payable		1
Increase in other accrued expenses payable		292

Net cash provided (used) by operating activities		722,058


Cash flows provided (used) by financing activities:
Proceeds from shares issued		280,837
Payment for shares redeemed		(944,496	)
Cash distributions paid to shareholders (net of reinvestments of $701,042)		(58,761	)

Net cash provided (used) by financing activities		(722,420	)


Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		(362	)
Restricted and unrestricted cash and deposits at broker at beginning of period		391

Restricted and unrestricted cash and deposits at broker at end of period	$	29

Supplemental disclosure of cash flow information:

For the six months ended December 31, 2020 the Fund paid approximately $2,131,000 in interest expense.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statement of Assets and Liabilities:


	June 30, 2020		December 31, 2020
Cash	$	23	$	29
Deposits at broker:
Futures contracts		368		—

	$	391	$	29

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	26.88	$	0.02		$	7.16		$	7.18		$	(0.11	)	$	(3.65	)	$	(3.76	)
Year Ended June 30, 2020		30.15		0.15			1.68			1.83			(0.12	)		(4.98	)		(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45			(0.41	)		(3.72	)		(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31			(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69			(0.01	)		(0.32	)		(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)		(0.38	)		(0.39	)		—	(f)		(0.66	)		(0.66	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		25.63		(0.05	)		6.82			6.77			—			(3.65	)		(3.65	)
Year Ended June 30, 2020		29.01		0.01			1.60			1.61			(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22			(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03			—			(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)		(0.37	)		(0.50	)		—			(0.66	)		(0.66	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		27.38		0.06			7.30			7.36			(0.16	)		(3.65	)		(3.81	)
Year Ended June 30, 2020		30.60		0.23			1.70			1.93			(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56			(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43			(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06			(0.39	)		(0.33	)		(0.04	)		(0.66	)		(0.70	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		27.25		0.10			7.27			7.37			(0.23	)		(3.65	)		(3.88	)
Year Ended June 30, 2020		30.48		0.30			1.69			1.99			(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (g) through June 30, 2019		34.55		0.23			(0.05	)		0.18			(0.53	)		(3.72	)		(4.25	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	30.30		27.22	%	$	7,770		1.09	%		0.13	%		1.29	%		17	%
	26.88		5.87			5,723		1.10			0.55			1.34			44
	30.15		9.22			5,511		1.09			0.42			1.41			45
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45


	28.75		26.95			3,573		1.59			(0.37	)		1.78			17
	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45


	30.93		27.40			64,733		0.84			0.38			1.03			17
	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45


	30.74		27.57			29,769		0.59			0.63			0.78			17
	27.25		6.39			23,881		0.60			1.06			0.83			44
	30.48		2.03			22,346		0.59			1.08			0.95			45

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.22	$	0.15	$	3.15		$	3.30		$	(0.15	)	$	—		$	(0.15	)
Year Ended June 30, 2020		17.83		0.32		(1.42	)		(1.10	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Year Ended June 30, 2016		13.77		0.25		0.35			0.60			(0.25	)		(0.11	)		(0.36	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		15.88		0.10		3.09			3.19			(0.11	)		—			(0.11	)
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18		0.35			0.53			(0.20	)		(0.11	)		(0.31	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.17		3.21			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28		0.37			0.65			(0.28	)		(0.11	)		(0.39	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.14		0.12		3.15			3.27			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21		0.35			0.56			(0.22	)		(0.11	)		(0.33	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.21		0.15		3.14			3.29			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		17.81		0.32		(1.41	)		(1.09	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.80		0.32		1.49			1.81			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2018		15.66		0.27		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19		1.71			1.90			(0.21	)		(0.09	)		(0.30	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.51		0.18		3.20			3.38			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		18.13		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.09		0.36		1.52			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.32		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29		1.67			1.96			(0.23	)		(0.09	)		(0.32	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.53		0.19		3.22			3.41			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31		0.35			0.66			(0.30	)		(0.11	)		(0.41	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.52		0.20		3.20			3.40			(0.19	)		—			(0.19	)
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33		0.34			0.67			(0.31	)		(0.11	)		(0.42	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	19.37		20.41	%	$	3,818,179		0.97	%		1.64	%		0.97	%		10	%
	16.22		(6.36	)		3,234,850		0.98			1.83			0.98			22
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14
	14.01		4.45			3,370,383		1.04			1.83			1.11			20


	18.96		20.11			1,359,361		1.46			1.14			1.46			10
	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	13.80		4.01			1,304,007		1.54			1.33			1.58			20


	19.73		20.56			14,062,687		0.71			1.91			0.71			10
	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	14.23		4.75			4,679,200		0.79			2.07			0.81			20


	19.28		20.30			70,167		1.22			1.37			1.22			10
	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14
	13.97		4.20			77,230		1.29			1.59			1.45			20


	19.35		20.37			230,221		0.96			1.67			0.96			10
	16.21		(6.29	)		170,246		0.97			1.86			0.97			22
	17.81		11.20			137,142		0.98			1.87			0.99			23
	16.80		9.90			91,267		0.99			1.61			0.99			20
	15.66		13.62			25,209		1.03			1.55			1.05			14


	19.72		20.57			160,019		0.71			1.92			0.71			10
	16.51		(6.07	)		106,277		0.72			2.12			0.72			22
	18.13		11.46			66,602		0.73			2.08			0.74			23
	17.09		10.18			23,451		0.74			1.90			0.75			20
	15.92		13.85			1,340		0.78			2.28			0.83			14


	19.75		20.70			1,401,252		0.56			2.05			0.56			10
	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14
	14.23		4.89			722,424		0.59			2.28			0.64			20


	19.73		20.71			15,303,018		0.46			2.16			0.46			10
	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14
	14.22		4.98			1,913,077		0.50			2.43			0.50			20

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Equity Premium Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.96	$	0.78	$	1.30		$	2.08		$	(0.78	)	$	14.26		16.39	%
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)		12.96		(3.78	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)		14.92		5.95

Class C
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.75		1.29			2.04			(0.74	)		14.26		16.10
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)		12.96		(4.26	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)		14.92		5.50

Class I
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.79		1.30			2.09			(0.79	)		14.26		16.53
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)		12.96		(3.57	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)		14.92		6.15

Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.80		1.29			2.09			(0.80	)		14.25		16.53
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)		12.96		(3.43	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)		14.92		6.28

Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.96		0.82		1.29			2.11			(0.81	)		14.26		16.67
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)		12.96		(3.33	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)		14.92		6.37

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of operations.

(g)	Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	20,443		0.85	%		11.24	%		0.99	%		118	%
	12,904		0.85			14.21			1.11			236
	125		0.85	(g)		7.90	(g)		1.80	(g)		43


	10,936		1.35			10.75			1.49			118
	4,710		1.35			11.77			1.61			236
	21		1.35	(g)		7.14	(g)		2.26	(g)		43


	217,986		0.60			11.47			0.74			118
	173,409		0.60			11.40			0.91			236
	54,045		0.60	(g)		7.89	(g)		1.13	(g)		43


	74		0.45			11.49			0.70			118
	21		0.45			10.37			0.83			236
	21		0.45	(g)		8.04	(g)		1.36	(g)		43


	37,773		0.35			11.72			0.49			118
	686		0.35			13.60			0.59			236
	21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Hedged Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	21.83	$	0.09	$	2.06		$	2.15		$	(0.13	)	$	23.85		9.86	%
Year Ended June 30, 2020		20.23		0.28		1.51			1.79			(0.19	)		21.83		8.89
Year Ended June 30, 2019		19.43		0.20		0.79			0.99			(0.19	)		20.23		5.12
Year Ended June 30, 2018		18.24		0.18		1.15			1.33			(0.14	)		19.43		7.33
Year Ended June 30, 2017		16.23		0.19		2.01			2.20			(0.19	)		18.24		13.60
Year Ended June 30, 2016		16.47		0.20		(0.28	)		(0.08	)		(0.16	)		16.23		(0.43	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		21.70		0.03		2.05			2.08			(0.08	)		23.70		9.59
Year Ended June 30, 2020		20.10		0.17		1.52			1.69			(0.09	)		21.70		8.40
Year Ended June 30, 2019		19.33		0.11		0.77			0.88			(0.11	)		20.10		4.60
Year Ended June 30, 2018		18.16		0.08		1.15			1.23			(0.06	)		19.33		6.79
Year Ended June 30, 2017		16.17		0.10		2.01			2.11			(0.12	)		18.16		13.07
Year Ended June 30, 2016		16.43		0.13		(0.29	)		(0.16	)		(0.10	)		16.17		(0.95	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		21.90		0.12		2.06			2.18			(0.16	)		23.92		9.97
Year Ended June 30, 2020		20.28		0.33		1.53			1.86			(0.24	)		21.90		9.21
Year Ended June 30, 2019		19.47		0.26		0.78			1.04			(0.23	)		20.28		5.39
Year Ended June 30, 2018		18.27		0.23		1.16			1.39			(0.19	)		19.47		7.63
Year Ended June 30, 2017		16.26		0.23		2.01			2.24			(0.23	)		18.27		13.86
Year Ended June 30, 2016		16.50		0.25		(0.28	)		(0.03	)		(0.21	)		16.26		(0.17	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		21.93		0.13		2.07			2.20			(0.17	)		23.96		10.07
Year Ended June 30, 2020		20.32		0.36		1.52			1.88			(0.27	)		21.93		9.30
Year Ended June 30, 2019		19.50		0.29		0.79			1.08			(0.26	)		20.32		5.57
Year Ended June 30, 2018		18.30		0.26		1.16			1.42			(0.22	)		19.50		7.81
Year Ended June 30, 2017		16.28		0.26		2.02			2.28			(0.26	)		18.30		14.10
Year Ended June 30, 2016		16.51		0.24		(0.24	)		—	(f)		(0.23	)		16.28		0.07

Class R6
Six Months Ended December 31, 2020 (Unaudited)		21.95		0.15		2.06			2.21			(0.18	)		23.98		10.11
Year Ended June 30, 2020		20.32		0.39		1.53			1.92			(0.29	)		21.95		9.50
Year Ended June 30, 2019		19.49		0.31		0.79			1.10			(0.27	)		20.32		5.69
Year Ended June 30, 2018		18.29		0.27		1.16			1.43			(0.23	)		19.49		7.87
Year Ended June 30, 2017		16.28		0.25		2.03			2.28			(0.27	)		18.29		14.09
Year Ended June 30, 2016		16.52		0.27		(0.27	)		—	(f)		(0.24	)		16.28		0.07

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	712,476		0.84	%		0.74	%		0.84	%		17	%
	473,314		0.85			1.35			0.86			68
	296,242		0.85			1.02			0.87			48
	277,898		0.84			0.92			0.87			44
	133,789		0.84			1.06			1.05			31
	71,417		0.85			1.27			1.11			57


	382,869		1.33			0.25			1.34			17
	246,741		1.35			0.84			1.36			68
	158,602		1.35			0.55			1.37			48
	81,030		1.34			0.42			1.38			44
	29,168		1.34			0.55			1.45			31
	9,867		1.35			0.80			1.52			57


	12,182,645		0.58			0.99			0.59			17
	7,167,488		0.59			1.59			0.60			68
	4,214,453		0.60			1.30			0.61			48
	1,947,444		0.59			1.17			0.62			44
	597,013		0.59			1.30			0.69			31
	158,820		0.60			1.54			0.74			57


	3,728		0.44			1.14			0.49			17
	2,964		0.45			1.74			0.59			68
	1,893		0.45			1.46			0.95			48
	123		0.39			1.37			0.67			44
	37		0.40			1.51			1.08			31
	25		0.40			1.49			2.16			57


	1,270,920		0.34			1.25			0.34			17
	851,085		0.35			1.87			0.35			68
	384,616		0.35			1.56			0.37			48
	121,897		0.34			1.42			0.42			44
	3,289		0.34			1.41			0.42			31
	74		0.35			1.66			1.40			57

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	25.83	$	0.24		$	4.95		$	5.19		$	(0.52	)	$	(0.33	)	$	(0.85	)
Year Ended June 30, 2020		31.42		0.55	(f)		(3.38	)		(2.83	)		(0.63	)		(2.13	)		(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2016		35.66		0.53			(2.95	)		(2.42	)		(0.49	)		(1.55	)		(2.04	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		25.36		0.17			4.88			5.05			(0.45	)		(0.33	)		(0.78	)
Year Ended June 30, 2020		30.90		0.40	(f)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)		(0.27	)		(0.63	)
Year Ended June 30, 2016		35.29		0.36			(2.91	)		(2.55	)		(0.32	)		(1.55	)		(1.87	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		25.79		0.27			5.28			5.55			(0.56	)		(0.33	)		(0.89	)
Year Ended June 30, 2020		31.62		0.62	(f)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)		(0.27	)		(0.85	)
Year Ended June 30, 2016		35.80		0.57			(2.95	)		(2.38	)		(0.53	)		(1.55	)		(2.08	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		25.55		0.18			4.94			5.12			(0.49	)		(0.33	)		(0.82	)
Year Ended June 30, 2020		31.12		0.47	(f)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)		(0.27	)		(0.71	)
Year Ended June 30, 2016		35.48		0.44			(2.92	)		(2.48	)		(0.41	)		(1.55	)		(1.96	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.66		0.32			5.43			5.75			(0.58	)		(0.33	)		(0.91	)
Year Ended June 30, 2020		31.73		0.67	(f)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)		(0.27	)		(0.92	)
Year Ended June 30, 2016		35.88		0.64			(2.95	)		(2.31	)		(0.60	)		(1.55	)		(2.15	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.06		0.30			5.06			5.36			(0.59	)		(0.33	)		(0.92	)
Year Ended June 30, 2020		31.74		0.70	(f)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)		(0.27	)		(0.94	)
Year Ended June 30, 2016		35.89		0.66			(2.97	)		(2.31	)		(0.61	)		(1.55	)		(2.16	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)

Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	30.17		20.38	%	$	51,862		0.82	%		1.69	%		1.01	%		47	%
	25.83		(9.96	)		49,876		0.83			1.88	(f)		0.95			79
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66


	29.63		20.17			9,806		1.32			1.24			1.52			47
	25.36		(10.46	)		11,038		1.33			1.37	(f)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66


	30.45		21.80			119,482		0.59			1.93			0.76			47
	25.79		(10.69	)		113,316		0.59			2.01	(f)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66


	29.85		20.30			2,689		1.08			1.32			1.41			47
	25.55		(10.24	)		2,664		1.09			1.62	(f)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66


	30.50		22.70			3,741		0.44			2.28			0.61			47
	25.66		(11.16	)		4,269		0.44			2.16	(f)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66


	30.50		20.88			62,242		0.34			2.10			0.51			47
	26.06		(9.68	)		74,603		0.34			2.37	(f)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	48.04	$	(0.13	)	$	14.20		$	14.07		$	—		$	(3.14	)	$	(3.14	)
Year Ended June 30, 2020		41.87		(0.01	)		11.39			11.38			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80			4.71			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92			9.82			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51			8.44			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		35.43		(0.20	)		10.44			10.24			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		32.33		(0.17	)		8.48			8.31			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64			3.41			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11			7.86			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14			6.94			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		48.91		(0.06	)		14.46			14.40			(0.03	)		(3.14	)		(3.17	)
Year Ended June 30, 2020		42.46		0.09			11.59			11.68			(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01			10.00			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55			8.53			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.90		(0.19	)		13.56			13.37			—			(3.14	)		(3.14	)
Year Ended June 30, 2020		40.32		(0.11	)		10.90			10.79			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61			4.43			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65			9.45			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32			8.16			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		48.34		(0.13	)		14.29			14.16			(0.01	)		(3.14	)		(3.15	)
Year Ended June 30, 2020		42.10		(0.01	)		11.46			11.45			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.64		(0.08	)		4.82			4.74			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94			9.86			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		(0.06	)		7.62			7.56			—			(3.14	)		(3.14	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		48.84		(0.06	)		14.45			14.39			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		42.45		0.08			11.58			11.66			(0.06	)		(5.21	)		(5.27	)
Year Ended June 30, 2019		42.85		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98			9.99			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		0.04			7.60			7.64			—			(3.14	)		(3.14	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		50.20		(0.02	)		14.86			14.84			(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		43.44		0.16			11.88			12.04			(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00			5.07			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04		0.06			10.16			10.22			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67			8.72			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		50.66		0.01			15.00			15.01			(0.08	)		(3.14	)		(3.22	)
Year Ended June 30, 2020		43.78		0.21			11.99			12.20			(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03			5.14			(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23			10.33			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70			8.79			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	58.97		29.47	%	$	4,560,705		0.93	%		(0.45	)%		1.02	%		29	%
	48.04		30.09			3,280,463		0.94			(0.03	)		1.04			47
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43


	42.53		29.15			726,684		1.43			(0.96	)		1.51			29
	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43


	60.14		29.63			9,697,818		0.68			(0.21	)		0.76			29
	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43


	56.13		29.32			142,126		1.18			(0.70	)		1.27			29
	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43


	59.35		29.47			173,937		0.93			(0.46	)		1.01			29
	48.34		30.09			90,107		0.94			(0.02	)		1.03			47
	42.10		13.68			45,376		0.93			(0.21	)		1.08			50
	42.64		28.43			6,865		0.96			(0.21	)		1.10			24
	38.39		24.05			992		1.12			(0.20	)		1.20			22


	60.04		29.65			133,213		0.68			(0.20	)		0.76			29
	48.84		30.40			64,792		0.69			0.19			0.78			47
	42.45		13.96			10,740		0.68			0.02			0.83			50
	42.85		28.74			5,930		0.73			0.02			0.85			24
	38.47		24.31			440		0.89			0.12			1.07			22


	61.85		29.74			958,797		0.53			(0.06	)		0.61			29
	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43


	62.45		29.79			15,897,646		0.43			0.04			0.51			29
	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Value Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.72	$	0.05	$	4.21		$	4.26		$	(0.06	)	$	—		$	(0.06	)
Year Ended June 30, 2020		14.11		0.18		(1.40	)		(1.22	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		12.17		0.02		4.01			4.03			(0.03	)		—			(0.03	)
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		12.49		0.07		4.12			4.19			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		12.61		0.04		4.16			4.20			(0.04	)		—			(0.04	)
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		12.48		0.05		4.12			4.17			(0.06	)		—			(0.06	)
Year Ended June 30, 2020		13.84		0.18		(1.36	)		(1.18	)		(0.18	)		—			(0.18	)
October 1, 2018 (g) through June 30, 2019		15.63		0.13		(0.88	)		(0.75	)		(0.13	)		(0.91	)		(1.04	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		12.73		0.06		4.23			4.29			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		14.11		0.22		(1.39	)		(1.17	)		(0.21	)		—			(0.21	)
October 1, 2018 (g) through June 30, 2019		15.90		0.16		(0.89	)		(0.73	)		(0.15	)		(0.91	)		(1.06	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		12.62		0.08		4.17			4.25			(0.09	)		—			(0.09	)
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.53		0.09		4.14			4.23			(0.10	)		—			(0.10	)
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	16.92		33.58	%	$	139,049		0.92	%		0.76	%		1.05	%		48	%
	12.72		(8.66	)		119,402		0.93			1.33			1.04			177
	14.11		1.07			153,809		0.93			1.19			1.04			162
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219


	16.17		33.13			38,093		1.43			0.24			1.50			48
	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219


	16.60		33.65			419,904		0.69			0.99			0.75			48
	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219


	16.77		33.33			14,890		1.18			0.49			1.27			48
	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219


	16.59		33.51			13		0.93			0.75			1.08			48
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162


	16.94		33.68			11		0.69			0.87			0.76			48
	12.73		(8.34	)		11,823		0.69			1.60			0.76			177
	14.11		(4.05	)		14,545		0.68			1.51			0.77			162


	16.78		33.79			21,544		0.54			1.15			0.62			48
	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219


	16.66		33.86			1,069,246		0.44			1.25			0.50			48
	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.22	$	0.05		$	3.85		$	3.90		$	(0.03	)	$	(1.11	)	$	(1.14	)
Year Ended June 30, 2020		15.86		0.11			1.82			1.93			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.48		0.12			1.17			1.29			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11			1.94			2.05			(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11			2.57			2.68			(0.11	)		(0.53	)		(0.64	)
Year Ended June 30, 2016		14.75		0.12			(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		15.60		—	(f)		3.71			3.71			—	(f)		(1.11	)		(1.11	)
Year Ended June 30, 2020		15.31		0.03			1.75			1.78			(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04			1.13			1.17			(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03			1.89			1.92			(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04			2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05			(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		16.27		0.07			3.88			3.95			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.91		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16			1.18			1.34			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15			1.94			2.09			(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14			2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13			(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)

Class L
Six Months Ended December 31, 2020 (Unaudited)		16.30		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.93		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18			1.18			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17			1.94			2.11			(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16			2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16			(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		16.04		0.02			3.83			3.85			(0.02	)		(1.11	)		(1.13	)
Year Ended June 30, 2020		15.70		0.07			1.80			1.87			(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08			1.16			1.24			(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07			1.92			1.99			(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07			2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08			(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		16.15		0.04			3.86			3.90			(0.04	)		(1.11	)		(1.15	)
Year Ended June 30, 2020		15.80		0.11			1.81			1.92			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.43		0.12			1.16			1.28			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.76		0.11			1.93			2.04			(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (g) through June 30, 2017		14.11		0.08			2.24			2.32			(0.14	)		(0.53	)		(0.67	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		16.25		0.07			3.87			3.94			(0.06	)		(1.11	)		(1.17	)
Year Ended June 30, 2020		15.89		0.15			1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.50		0.17			1.16			1.33			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.82		0.16			1.93			2.09			(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (g) through June 30, 2017		14.15		0.13			2.22			2.35			(0.15	)		(0.53	)		(0.68	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		16.31		0.08			3.89			3.97			(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.94		0.17			1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19			1.17			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18			1.95			2.13			(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17			2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18			(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.34		0.09			3.91			4.00			(0.09	)		(1.11	)		(1.20	)
Year Ended June 30, 2020		15.97		0.19			1.83			2.02			(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20			1.19			1.39			(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19			1.95			2.14			(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18			2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18			(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	18.98		24.31	%	$	1,412,328		0.94	%		0.50	%		0.98	%		29	%
	16.22		12.59			1,869,111		0.94			0.70			0.99			84
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83


	18.20		24.04			304,477		1.43			(0.03	)		1.47			29
	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83


	19.05		24.56			1,411,013		0.69			0.72			0.73			29
	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83


	19.08		24.60			2,673,394		0.54			0.84			0.58			29
	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83


	18.76		24.24			252,713		1.18			0.22			1.22			29
	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83


	18.90		24.41			153,560		0.94			0.47			0.97			29
	16.15		12.57			117,991		0.94			0.70			0.98			84
	15.80		9.14			111,902		0.94			0.79			0.99			91
	16.43		13.18			61,413		0.95			0.69			1.00			97
	15.76		16.83			25,050		1.00			0.67			1.03			86


	19.02		24.53			31,016		0.69			0.72			0.72			29
	16.25		12.84			21,651		0.69			0.95			0.73			84
	15.89		9.44			22,870		0.69			1.08			0.75			91
	16.50		13.48			10,531		0.70			0.94			0.75			97
	15.82		16.99			1,030		0.75			1.03			0.81			86


	19.09		24.58			957,331		0.54			0.87			0.57			29
	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83


	19.14		24.72			11,470,944		0.44			0.97			0.47			29
	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	57.64	$	0.03		$	11.92		$	11.95		$	(0.52	)	$	(5.60	)	$	(6.12	)
Year Ended June 30, 2020		56.61		0.63	(f)		7.41			8.04			(0.34	)		(6.67	)		(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01			3.46			(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51			10.74			(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27			8.49			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)		—			(0.26	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		56.26		(0.12	)		11.63			11.51			(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35	(f)		7.22			7.57			(0.09	)		(6.67	)		(6.76	)
Year Ended June 30, 2019		58.00		0.16			2.97			3.13			(0.04	)		(5.64	)		(5.68	)
Year Ended June 30, 2018		47.72		(0.04	)		10.32			10.28			—			—			—
Year Ended June 30, 2017		39.63		—	(g)		8.13			8.13			(0.04	)		—			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)		—			(0.09	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		58.80		0.12			12.17			12.29			(0.65	)		(5.60	)		(6.25	)
Year Ended June 30, 2020		57.60		0.79	(f)		7.54			8.33			(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05			3.65			(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68			11.06			(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40			8.74			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)		—			(0.02	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		56.08		(0.05	)		11.59			11.54			(0.39	)		(5.60	)		(5.99	)
Year Ended June 30, 2020		55.27		0.48	(f)		7.22			7.70			(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93			3.23			(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31			10.40			(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12			8.23			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)		—			(0.29	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.16			11.95			12.11			(0.75	)		(5.60	)		(6.35	)
Year Ended June 30, 2020		56.82		0.86	(f)		7.47			8.33			(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99			3.67			(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56			11.02			(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29			8.71			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)		—			(0.44	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		57.93		0.20			11.95			12.15			(0.81	)		(5.60	)		(6.41	)
Year Ended June 30, 2020		56.81		0.91	(f)		7.49			8.40			(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98			3.72			(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56			11.07			(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29			8.73			(0.49	)		—			(0.49	)
November 2, 2015 (i) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)		—			(0.46	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)

Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	63.47		21.13	%	$	109,146		0.83	%		0.10	%		0.90	%		38	%
	57.64		15.11			94,017		0.84			1.15	(f)		0.94			96
	56.61		7.06			106,993		0.84			0.79			1.12			95
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70


	62.02		20.87			29,184		1.33			(0.38	)		1.40			38
	56.26		14.50			31,216		1.34			0.65	(f)		1.42			96
	55.45		6.51			35,931		1.34			0.29			1.61			95
	58.00		21.54			37,416		1.36			(0.08	)		1.61			69
	47.72		20.52			42,811		1.41			0.00	(h)		1.67			68
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70


	64.84		21.30			155,603		0.59			0.37			0.65			38
	58.80		15.38			141,497		0.59			1.40	(f)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70


	61.63		20.98			46,255		1.08			(0.15	)		1.22			38
	56.08		14.84			40,305		1.09			0.90	(f)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70


	63.69		21.31			220,673		0.44			0.50			0.50			38
	57.93		15.63			189,889		0.44			1.55	(f)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70


	63.67		21.37			726,562		0.34			0.63			0.40			38
	57.93		15.76			617,458		0.34			1.65	(f)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	24.58	$	(0.05	)	$	5.76		$	5.71		$	(0.03	)	$	(6.82	)	$	(6.85	)
Year Ended June 30, 2020		27.51		0.04			2.65			2.69			(0.03	)		(5.59	)		(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53			1.58			(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(g)		3.87			3.87			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(g)		5.54			5.54			(0.01	)		(1.24	)		(1.25	)
Year Ended June 30, 2016		29.81		0.04			(1.37	)		(1.33	)		—	(g)		(2.42	)		(2.42	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		22.67		(0.11	)		5.28			5.17			—			(6.82	)		(6.82	)
Year Ended June 30, 2020		25.88		(0.08	)		2.46			2.38			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43			1.35			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71			3.56			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		25.04		(0.01	)		5.87			5.86			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		27.94		0.10			2.69			2.79			(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54			1.67			(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92			4.00			(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10			(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		23.54		(0.09	)		5.48			5.39			(0.01	)		(6.82	)		(6.83	)
Year Ended June 30, 2020		26.62		(0.04	)		2.55			2.51			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47			1.43			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78			3.69			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		25.20		(0.01	)		5.92			5.91			(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		28.08		0.11			2.71			2.82			(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55			1.69			(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93			4.04			(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18			(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		25.18		0.01			5.89			5.90			(0.08	)		(6.82	)		(6.90	)
Year Ended June 30, 2020		28.07		0.14			2.70			2.84			(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56			1.73			(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (i) through June 30, 2018		32.99		0.09			1.79			1.88			(0.12	)		(4.12	)		(4.24	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)

The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.09% and 1.25% for the six months ended December 31, 2020, 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017 and 1.26% and 1.49% for the year ended June 30, 2016, for Class C are 1.60% and 1.75% for the six months ended December 31, 2020, 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017 and 1.76% and 2.00% for the year ended June 30, 2016, for Class I are 0.84% and 0.99% for the six months ended December 31, 2020, 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017 and 1.00% and 1.21% for the year ended June 30, 2016, for Class R2 are 1.45% and 1.51% for the six months ended December 31, 2020, 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017 and 1.51% and 1.84% for the year ended June 30, 2016, for Class R5 are 0.79% and 0.84% for the six months ended December 31, 2020, 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017 and 0.80% and 0.97% for the year ended June 30, 2016 and for Class R6 are 0.70% and 0.74% for the six months ended December 31, 2020, 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)


$	23.44		24.27	%	$	318,497		1.98	%		(0.33	)%		2.14	%		30	%		49	%
	24.58		11.66			267,701		1.92			0.19			2.08			85			134
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(h)		2.39			94			131
	26.06		(4.52	)		890,217		2.21			0.14			2.44			88			127


	21.02		23.92			36,711		2.49			(0.86	)		2.64			30			49
	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	25.23		(4.98	)		212,879		2.71			(0.37	)		2.95			88			127


	24.01		24.41			2,084,388		1.73			(0.08	)		1.88			30			49
	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	26.32		(4.28	)		8,175,603		1.95			0.38			2.16			88			127


	22.10		23.99			5,345		2.34			(0.69	)		2.40			30			49
	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	25.61		(4.74	)		5,987		2.46			(0.11	)		2.79			88			127


	24.22		24.46			43,184		1.68			(0.04	)		1.73			30			49
	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	26.44		(4.07	)		591,379		1.75			0.73			1.92			88			127


	24.18		24.48			544,144		1.59			0.05			1.63			30			49
	25.18		12.10			491,414		1.52			0.58			1.57			85			134
	28.07		7.30			787,497		1.52			0.59			1.67			98			148
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	26.55	$	0.14	$	5.83		$	5.97		$	(0.22	)	$	(0.83	)	$	—		$	(1.05	)
Year Ended June 30, 2020		27.38		0.38		1.80			2.18			(0.31	)		(2.70	)		—			(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96			2.30			(0.36	)		(2.93	)		—			(3.29	)
Year Ended June 30, 2018		25.40		0.31		2.96			3.27			(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72			4.00			(0.32	)		—			(0.02	)		(0.34	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		—			(1.19	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		26.85		0.17		5.90			6.07			(0.26	)		(0.83	)		—			(1.09	)
Year Ended June 30, 2020		27.65		0.45		1.83			2.28			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98			2.39			(0.42	)		(2.93	)		—			(3.35	)
Year Ended June 30, 2018		25.62		0.39		2.98			3.37			(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76			4.11			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		—			(1.24	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		26.81		0.19		5.89			6.08			(0.27	)		(0.83	)		—			(1.10	)
Year Ended June 30, 2020		27.62		0.48		1.81			2.29			(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98			2.42			(0.44	)		(2.93	)		—			(3.37	)
Year Ended June 30, 2018		25.59		0.41		2.97			3.38			(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75			4.13			(0.42	)		—			(0.02	)		(0.44	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		—			(1.30	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	31.47		22.64	%	$	196,718		0.60	%		0.92	%		0.84	%		15	%
	26.55		9.08			183,005		0.60			1.45			0.85			59
	27.38		9.39			207,809		0.60			1.24			0.85			42
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122


	31.83		22.76			657,940		0.35			1.16			0.58			15
	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122


	31.79		22.85			4,073,404		0.25			1.28			0.33			15
	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	42.76	$	0.23		$	8.54		$	8.77		$	(0.30	)	$	(0.49	)	$	(0.79	)
Year Ended June 30, 2020		41.85		0.47			3.52			3.99			(0.43	)		(2.65	)		(3.08	)
Year Ended June 30, 2019		41.28		0.50			3.21			3.71			(0.41	)		(2.73	)		(3.14	)
Year Ended June 30, 2018		39.35		0.58			4.05			4.63			(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29			6.20			6.49			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		34.01		0.62	(f)		(0.87	)(f)		(0.25	)		(0.56	)		—			(0.56	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		41.80		0.11			8.34			8.45			(0.03	)		(0.49	)		(0.52	)
Year Ended June 30, 2020		40.98		0.25			3.44			3.69			(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29			3.16			3.45			(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41			3.92			4.33			(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11			6.06			6.17			(0.14	)		—			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(f)		(0.85	)(f)		(0.41	)		(0.40	)		—			(0.40	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		43.11		0.29			8.61			8.90			(0.41	)		(0.49	)		(0.90	)
Year Ended June 30, 2020		42.15		0.57			3.56			4.13			(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60			3.23			3.83			(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66			4.10			4.76			(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38			6.25			6.63			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(f)		(0.86	)(f)		(0.18	)		(0.64	)		—			(0.64	)

Class R6
September 30, 2020 (g) through December 31, 2020 (Unaudited)		46.79		0.16			5.07			5.23			(0.44	)		(0.49	)		(0.93	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)

The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Class I Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Class I Shares, respectively.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	50.74		20.55	%	$	15,703		0.63	%		0.96	%		1.31	%		16	%
	42.76		9.57			11,178		0.82			1.12			1.53			99
	41.85		9.90			10,828		0.83			1.22			1.73			97
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53
	33.20		(0.72	)		8,760		1.15			1.90	(f)		1.95			31


	49.73		20.26			2,868		1.13			0.47			1.79			16
	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53
	32.48		(1.21	)		6,131		1.65			1.38	(f)		2.46			31


	51.11		20.68			42,671		0.38			1.19			1.04			16
	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53
	33.40		(0.48	)		4,148		0.90			2.05	(f)		1.65			31


	51.09		11.21			14,088		0.33			1.28			0.94			16

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	45.62	$	0.33	$	9.67		$	10.00		$	(0.37	)	$	(0.64	)	$	(1.01	)
Year Ended June 30, 2020		49.84		0.79		(3.18	)		(2.39	)		(0.76	)		(1.07	)		(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		40.63		0.18		8.60			8.78			(0.27	)		(0.64	)		(0.91	)
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		48.34		0.43		10.23			10.66			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		45.72		0.27		9.68			9.95			(0.31	)		(0.64	)		(0.95	)
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
November 2, 2015 (f) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)

Class R3
Six Months Ended December 31, 2020 (Unaudited)		48.25		0.36		10.22			10.58			(0.37	)		(0.64	)		(1.01	)
Year Ended June 30, 2020		52.66		0.75		(3.29	)		(2.54	)		(0.80	)		(1.07	)		(1.87	)
Year Ended June 30, 2019		52.41		0.89		2.33			3.22			(0.83	)		(2.14	)		(2.97	)
July 31, 2017 (f) through June 30, 2018		49.99		0.68		4.46			5.14			(0.64	)		(2.08	)		(2.72	)

Class R4
Six Months Ended December 31, 2020 (Unaudited)		48.31		0.42		10.25			10.67			(0.43	)		(0.64	)		(1.07	)
Year Ended June 30, 2020		52.69		1.04		(3.46	)		(2.42	)		(0.89	)		(1.07	)		(1.96	)
Year Ended June 30, 2019		52.41		1.02		2.34			3.36			(0.94	)		(2.14	)		(3.08	)
July 31, 2017 (f) through June 30, 2018		49.99		0.79		4.46			5.25			(0.75	)		(2.08	)		(2.83	)

Class R5
Six Months Ended December 31, 2020 (Unaudited)		48.69		0.46		10.33			10.79			(0.47	)		(0.64	)		(1.11	)
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
November 2, 2015 (f) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		48.70		0.53		10.28			10.81			(0.49	)		(0.64	)		(1.13	)
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)
November 2, 2015 (f) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	54.61		22.00	%	$	439,142		0.93	%		1.33	%		1.04	%		7	%
	45.62		(5.11	)		497,399		0.94			1.61			1.06			22
	49.84		6.68			490,597		0.93			1.73			1.06			26
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28
	42.75		1.02			422,151		1.06			1.38			1.13			39


	48.50		21.68			28,077		1.43			0.83			1.51			7
	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28
	39.07		0.54			25,541		1.56			0.89			1.62			39


	57.93		22.16			516,903		0.68			1.56			0.76			7
	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28
	44.77		1.28			40,068		0.81			1.64			0.86			39


	54.72		21.85			1,738		1.18			1.08			1.26			7
	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28
	42.94		(0.40	)		20		1.28			1.44			3.72			39


	57.82		22.01			709		0.93			1.34			1.03			7
	48.25		(5.10	)		398		0.94			1.50			1.03			22
	52.66		6.66			24		0.93			1.73			1.84			26
	52.41		10.33			22		0.94			1.42			1.12			32


	57.91		22.18			1,380		0.68			1.57			0.76			7
	48.31		(4.88	)		1,159		0.69			2.15			0.77			22
	52.69		6.94			24		0.68			1.98			1.60			26
	52.41		10.56			22		0.71			1.64			0.87			32


	58.37		22.26			108		0.54			1.72			0.63			7
	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28
	45.01		0.05			20		0.59			2.14			3.02			39


	58.38		22.31			130,912		0.44			1.95			0.51			7
	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28
	45.01		0.08			20		0.53			2.19			2.96			39

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	129

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 13 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Equity Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Equity Premium Income Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Value Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. GARP Equity Fund⁽¹⁾	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Large Cap Core Plus Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Research Enhanced Equity Fund	Class A, Class I⁽²⁾and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders Fund⁽³⁾	Class A, Class C, Class I and Class R6⁽⁴⁾	JPM I	Diversified
JPMorgan U.S. Value Fund⁽⁵⁾	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾	Effective February 1, 2021, JPMorgan Intrepid Growth Fund changed its name to JPMorgan U.S. GARP Equity Fund.

⁽²⁾	On July 6, 2020, the JPMorgan U.S. Research Enhanced Equity Fund’s Class L Shares were converted into Class I Shares. Additionally, effective as of July 6, 2020, the Class L Shares are no longer offered.

⁽³⁾	Effective August 17, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

⁽⁴⁾	Class R6 commenced operations on September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

⁽⁵⁾	Effective November 1, 2020, JPMorgan Growth and Income Fund changed its name to JPMorgan U.S. Value Fund.

The investment objective of JPMorgan Equity Focus Fund (“Equity Focus Fund”) and JPMorgan Large Cap Growth Fund (“Large Cap Growth Fund”) is to seek long-term capital appreciation.

The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Premium Income Fund (“Equity Premium Income Fund”) is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Intrepid Value Fund (“Intrepid Value Fund”) and JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund (“U.S. GARP Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan U.S. Large Cap Core Plus Fund (“U.S. Large Cap Core Plus Fund”) is to seek to provide a high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund (“U.S. Value Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.



130	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

Class L Shares for U.S. Equity Fund and Class A Shares for U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in Funds’ prospectuses.

2. Significant Accounting Policies

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

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.

•



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	131

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Equity Focus Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	105,960		$	—	$	—	$	105,960


Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	36,354,991		$	—	$	—	$	36,354,991


Equity Premium Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	236,705		$	—	$	—	$	236,705
Equity-Linked Notes		—			45,352		—		45,352
Exchange-Traded Funds		512			—		—		512
Short-Term Investments
Investment Companies		1,271			—		—		1,271

Total Investments in Securities	$	238,488		$	45,352	$	—	$	283,840


Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	15,357,693		$	—	$	—	$	15,357,693

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	452		$	—	$	—	$	452

Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written	$	(251,774	)	$	—	$	—	$	(251,774	)
Put Options Written		(89,326	)		—		—		(89,326	)

Total Depreciation in Other Financial Instruments	$	(341,100	)	$	—	$	—	$	(341,100	)


Intrepid Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	250,867		$	—	$	—	$	250,867

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	38		$	—	$	—	$	38


Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	32,647,419		$	—	$	—	$	32,647,419



132	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,716,270		$	—	$	—	$	1,716,270


U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,698,718		$	—	$	—	$	18,698,718

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,543		$	—	$	—	$	5,543


U.S. GARP Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,300,813		$	—	$	—	$	1,300,813

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	249		$	—	$	—	$	249


U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,812,586		$	—	$	—	$	3,812,586

Total Liabilities for Securities Sold Short (a)	$	(784,839	)	$	—	$	—	$	(784,839	)


U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,933,189		$	—	$	—	$	4,933,189

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	603		$	—	$	—	$	603


U.S. Sustainable Leaders Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	75,035		$	—	$	—	$	75,035

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	19		$	—	$	—	$	19


U.S. Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,135,938		$	—	$	—	$	1,135,938

(a)	Please refer to the SOIs for specifics of portfolio holdings.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	133

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Intrepid Value Fund	$	418	$	(418	)	$	—
Large Cap Growth Fund		176,206		(176,206	)		—
Large Cap Value Fund		17,592		(17,592	)		—
U.S. GARP Equity Fund		12,768		(12,768	)		—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.


Equity Focus Fund	$	—	(a)
Intrepid Value Fund		1
Large Cap Growth Fund		30
Large Cap Value Fund		1
U.S. Equity Fund		3
U.S. GARP Equity Fund		2
U.S. Sustainable Leaders Fund		—	(a)

(a)	Amount rounds to less than one thousand.



134	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

Equity Focus Fund, U.S Equity Fund and U.S. Sustainable Leaders Fund did not have any securities out on loan at December 31, 2020. Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Value Fund did not lend out any securities during the six months ended December 31, 2020.



Equity Focus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	3,216	$	10,955	$	10,819	$	(1	)	$	(1	)	$	3,350		3,348	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		1,477		1,477		—			—			—		—		—	(c)*		—

Total	$	3,216	$	12,432	$	12,296	$	(1	)	$	(1	)	$	3,350			$	3		$	—


Equity Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	883,014	$	3,419,635	$	3,234,784	$	340		$	(616	)	$	1,067,589		1,067,055	$	687		$	—


Equity Premium Income Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	5,899	$	158,981	$	163,606	$	(3	)	$	—	(c)	$	1,271		1,271	$	3		$	—


Hedged Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (a) (b)	$	456,381	$	3,974,137	$	3,754,711	$	—		$	—		$	675,807		675,807	$	32		$	—



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	135

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)



Intrepid Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 16, 2020		Shares at November 16, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	4,719	$	45,530	$	46,754	$	(1	)	$	(2	)	$	3,492		3,491	$	4		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		3		5,500		5,499		—	(c)*		—	(c)		4		3		2	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,452		19,402		21,431		—			—			423		423		—	(c)*		—

Total	$	7,174	$	70,432	$	73,684	$	(1	)	$	(2	)	$	3,919			$	6		$	—


Large Cap Growth Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,084,362	$	7,144,771	$	6,939,484	$	25		$	(478	)	$	1,289,196		1,288,551	$	1,172		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		1,102,899		1,997,800		2,923,305		(209	)*		(39	)		177,146		177,129		1,115	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		96,805		1,802,994		1,871,704		—			—			28,095		28,095		32	*		—

Total	$	2,284,066	$	10,945,565	$	11,734,493	$	(184	)	$	(517	)	$	1,494,437			$	2,319		$	—


Large Cap Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,570	$	237,054	$	217,524	$	(5	)	$	(2	)	$	32,093		32,077	$	21		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		51,705		56,699		92,000		(6	)*		—	(c)		16,398		16,397		27	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,692		54,635		61,489		—			—			1,838		1,838		1	*		—

Total	$	72,967	$	348,388	$	371,013	$	(11	)	$	(2	)	$	50,329			$	49		$	—



136	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020



U.S. Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	41,341	$	2,228,493	$	1,865,961		$	(67	)	$	(35	)	$	403,771		403,569	$	203		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		1,074		322,000		323,066			(8	)*		—	(c)		—		—		68	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		12,605		100,834		113,439	��		—			—			—		—		3	*		—

Total	$	55,020	$	2,651,327	$	2,302,466		$	(75	)	$	(35	)	$	403,771			$	274		$	—


U.S. GARP Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	12,447	$	162,686	$	155,690		$	(3	)	$	(7	)	$	19,433		19,423	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a) (b)		—		105,000		95,000			(6	)*		—	(c)		9,994		9,993		21	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,327		113,537		121,948			—			—			2,916		2,916		2	*		—

Total	$	23,774	$	381,223	$	372,638		$	(9	)	$	(7	)	$	32,343			$	49		$	—


U.S. Large Cap Core Plus Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	35,661	$	554,312	$	576,120		$	(3	)	$	(5	)	$	13,845		13,838	$	19		$	—


U.S. Research Enhanced Equity Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	110,144	$	298,774	$	380,156		$	(18	)	$	—	(c)	$	28,744		28,730	$	43		$	—



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	137

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)



U.S. Sustainable Leaders Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	1,605	$	22,334	$	21,519	$	(1	)	$	1		$	2,420		2,418	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		326		1,513		1,839		—			—			—		—		—	*(c)		—

Total	$	1,931	$	23,847	$	23,358	$	(1	)	$	1		$	2,420			$	2		$	—


U.S. Value Fund
For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (a) (b)	$	25,234	$	309,707	$	303,411	$	9		$	(19	)	$	31,520		31,505	$	26		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2020.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge equity risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.



138	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

E. Futures Contracts — Hedged Equity Fund, Intrepid Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

F. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and option contracts activity during the six months ended December 31, 2020 (amounts in thousands, except number of contracts).


	Hedged Equity Fund		Intrepid Value Fund			U.S. Equity Fund			U.S. GARP Equity Fund			U.S. Large Cap Core Plus Fund			U.S. Research Enhanced Equity Fund		U.S. Sustainable Leaders Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	166,174	$	2,321	(a)	$	184,947	(a)	$	13,631	(a)	$	2,159	(b)	$	46,808	$	923	(a)
Ending Notional Balance Long		194,566		1,685			304,489			10,299			—			28,277		1,114

Exchange-Traded Options:
Average Number of Contracts Purchased		34,360		—			—			—			—			—		—
Average Number of Contracts Written		68,720		—			—			—			—			—		—
Ending Number of Contracts Purchased		38,586		—			—			—			—			—		—
Ending Number of Contracts Written		77,172		—			—			—			—			—		—

(a)	For the period August 1, 2020 through December 31, 2020.

(b)	For the period July 1, 2020 through July 31, 2020.

G. Equity-Linked Notes — The Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2020, the Equity Premium Income Fund had outstanding ELNs as listed on the SOI.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	139

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

H. Short Sales — The U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported within Other expense on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2020, the U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend.

J. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.


	Class A			Class C			Class I		Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Total
Equity Focus Fund
Transfer agency fees	$	1		$	—	(a)	$	1		n/a		n/a		n/a			n/a			n/a		$	—	(a)	$	2
Equity Income Fund
Transfer agency fees		243			35			66		n/a	$	6	$	3		$	2		$	16			117			488
Equity Premium Income Fund
Transfer agency fees		—	(a)		—	(a)		2		n/a		n/a		n/a			n/a			—	(a)		1			3
Hedged Equity Fund
Transfer agency fees		27			6			39		n/a		n/a		n/a			n/a			1			14			87
Intrepid Value Fund
Transfer agency fees		1			1			2		n/a		2		n/a			n/a			—	(a)		1			7
Large Cap Growth Fund
Transfer agency fees		221			12			45		n/a		5		2			1			7			60			353
Large Cap Value Fund
Transfer agency fees		33			1			3		n/a		2		—	(a)		—	(a)		2			10			51
U.S. Equity Fund
Transfer agency fees		43			6			14	$	87		3		2			—	(a)		5			44			204



140	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


	Class A		Class C			Class I		Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Total
U.S. GARP Equity Fund
Transfer agency fees	$	4	$	1		$	2		n/a		$	17			n/a			n/a		$	1		$	3		$	28
U.S. Large Cap Core Plus Fund
Transfer agency fees		21		2			21		n/a			1			n/a			n/a			—	(a)		3			48
U.S. Research Enhanced Equity Fund
Transfer agency fees		9		n/a			6	$	—	(a)		n/a			n/a			n/a			n/a			16			31
U.S. Sustainable Leaders Fund
Transfer agency fees		1		—	(a)		1		n/a			n/a			n/a			n/a			n/a			—	(a)		2
U.S. Value Fund
Transfer agency fees		73		1			4		n/a			—	(a)	$	—	(a)	$	—	(a)		—	(a)		3			81

(a)	Amount rounds to less than one thousand.

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Equity Focus Fund, Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid annually, Equity Income Fund and Equity Premium Income Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:


Equity Focus Fund	0.50	%
Equity Income Fund	0.40
Equity Premium Income Fund	0.25
Hedged Equity Fund	0.25
Intrepid Value Fund	0.30
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40
U.S. GARP Equity Fund	0.30
U.S. Large Cap Core Plus Fund	0.65
U.S. Research Enhanced Equity Fund	0.25
U.S. Sustainable Leaders Fund	0.30
U.S. Value Fund	0.40

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	141

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Value Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.05%, 0.07%, 0.07%, 0.07%, 0.07%, 0.07 %, 0.07% and 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.


	Class A			Class C			Class R2			Class R3
Equity Focus Fund		0.25	%		0.75	%		n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Equity Premium Income Fund		0.25			0.75			n/a			n/a
Hedged Equity Fund		0.25			0.75			n/a			n/a
Intrepid Value Fund		0.25			0.75			0.50			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Equity Fund		0.25			0.75			0.50			0.25
U.S. GARP Equity Fund		0.25			0.75			0.50			n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50			n/a
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a
U.S. Value Fund		0.25			0.75			0.50			0.25


	Front-End Sales Charge			CDSC
Equity Focus Fund	$	1		$	1
Equity Income Fund		269			4
Equity Premium Income Fund		8			—
Hedged Equity Fund		169			1
Intrepid Value Fund		1			—
Large Cap Growth Fund		482			1
Large Cap Value Fund		3			—
U.S. Equity Fund		81			—	(a)
U.S. GARP Equity Fund		4			—	(a)
U.S. Large Cap Core Plus Fund		9			—	(a)
U.S. Research Enhanced Equity Fund		—	(a)		—
U.S. Sustainable Leaders Fund		2			—
U.S. Value Fund		6			—

(a)	Amount rounds to less than one thousand.



142	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

Class R6 Shares which do not charge a service fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Equity Focus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Equity Premium Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Intrepid Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. GARP Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10

JPMDS 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/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds (excluding Equity Income Fund) to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a			n/a			n/a			n/a			n/a			0.60	%
Equity Premium Income Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	%		0.35
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Intrepid Value Fund		0.83			1.33			0.59			n/a			1.09	%		n/a			n/a			0.44			0.34
Large Cap Growth Fund		0.94			1.44			0.69			n/a			1.19			0.94	%		0.69	%		0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
U.S. Equity Fund		0.94			1.44			0.69			n/a	⁽¹⁾		1.19			0.94			0.69			0.54			0.44
U.S. GARP Equity Fund		0.84			1.34			0.59			n/a			1.09			n/a			n/a			0.44			0.34
U.S. Large Cap Core Plus Fund		1.10			1.60			0.85			n/a			1.45			n/a			n/a			0.80			0.70
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			0.25
U.S. Sustainable Leaders Fund		0.64			1.14			0.39			n/a			n/a			n/a			n/a			n/a			0.34
U.S. Value Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44

⁽¹⁾	Effective November 1, 2020, the contractual expense limitation for Class L Shares of the U.S. Equity Fund expired. Prior to November 1, 2020, the contractual expense limitation for the Funds was 0.61% for Class L Shares.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	143

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	53	$	32	$	1	$	86	$	—
Equity Income Fund		13		—		—		13		—
Equity Premium Income Fund		104		70		1		175		1
Hedged Equity Fund		—		—		3		3		—
Intrepid Value Fund		124		82		8		214		1
Large Cap Growth Fund		6,350		4,225		230		10,805		—
Large Cap Value Fund		273		181		47		501		8
U.S. Equity Fund		1,786		1,189		73		3,048		44
U.S. GARP Equity Fund		218		145		23		386		—
U.S. Large Cap Core Plus Fund		420		279		1,342		2,041		2
U.S. Research Enhanced Equity Fund		1,200		799		616		2,615		—	(a)
U.S. Sustainable Leaders Fund		86		22		59		167		22
U.S. Value Fund		200		133		74		407		2

(a)	Amount rounds to less than one thousand.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):


Equity Focus Fund	$	2
Equity Income Fund		480
Equity Premium Income Fund		3
Hedged Equity Fund		220
Intrepid Value Fund		3
Large Cap Growth Fund		668
Large Cap Value Fund		13
U.S. Equity Fund		117
U.S. GARP Equity Fund		17
U.S. Large Cap Core Plus Fund		18
U.S. Research Enhanced Equity Fund		33
U.S. Sustainable Leaders Fund		1
U.S. Value Fund		16

During the six months ended December 31, 2020, the Large Cap Growth Fund and U.S. Large Cap Core Plus Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.



144	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	15,527	$	17,578	$	—	$	—
Equity Income Fund		3,930,106		3,086,189		—		—
Equity Premium Income Fund		360,196		280,361		—		—
Hedged Equity Fund		5,731,771		2,039,769		—		—
Intrepid Value Fund		110,105		157,132		—		—
Large Cap Growth Fund		9,638,462		7,764,418		—		—
Large Cap Value Fund		663,358		657,491		—		—
U.S. Equity Fund		4,814,502		5,048,831		—		—
U.S. GARP Equity Fund		447,934		495,881		—		—
U.S. Large Cap Core Plus Fund		1,204,844		2,182,316		470,936		748,585
U.S. Research Enhanced Equity Fund		677,983		1,002,865		—		—
U.S. Sustainable Leaders Fund		31,818		8,957		—		—
U.S. Value Fund		409,748		67,145		—		—

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	64,609	$	41,635	$	284	$	41,351
Equity Income Fund		27,068,783		9,848,490		562,282		9,286,208
Equity Premium Income Fund		246,442		38,614		1,216		37,398
Hedged Equity Fund		11,263,525		3,800,486		46,966		3,753,520
Intrepid Value Fund		206,279		47,129		2,503		44,626
Large Cap Growth Fund		18,396,766		14,358,483		107,830		14,250,653
Large Cap Value Fund		1,354,440		403,137		41,307		361,830
U.S. Equity Fund		11,545,374		7,171,647		12,760		7,158,887
U.S. GARP Equity Fund		803,422		503,394		5,754		497,640
U.S. Large Cap Core Plus Fund*		1,309,500		1,818,226		99,979		1,718,247
U.S. Research Enhanced Equity Fund		2,810,743		2,144,027		20,978		2,123,049
U.S. Sustainable Leaders Fund		57,499		17,616		61		17,555
U.S. Value Fund		801,509		341,714		7,285		334,429

*	The tax cost includes the proceeds from short sales which may result in a net negative cost.

As of June 30, 2020, the following Funds had net capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Premium Income Fund	$	4,187	$	—
Hedged Equity Fund		114,389		157,891
Large Cap Value Fund		24,093		—



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	145

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the following Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):


	Net Capital Losses (Gains)
	Short-Term		Long-Term
Equity Income Fund	$	491,217	$	330,688
Equity Premium Income Fund		25,532		(102	)
Hedged Equity Fund		82,302		52,139
Large Cap Growth Fund		68,836		—
Large Cap Value Fund		49,514		(13,663	)
U.S. GARP Equity Fund		3,912		—
U.S. Research Enhanced Equity Fund		34,790		—
U.S. Sustainable Leaders Fund		231		—
U.S. Value Fund		6,424		—

6. Borrowings

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications



146	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

As of December 31, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		1		62.8	%		1		21.7	%
Equity Income Fund		1		10.4			2		27.7
Equity Premium Income Fund		—		—			4		63.3
Hedged Equity Fund		—		—			2		30.8
Intrepid Value Fund		—		—			2		23.5
Large Cap Growth Fund		—		—			1		19.1
Large Cap Value Fund		2		33.0			1		11.5
U.S. Equity Fund		—		—			1		17.5
U.S. GARP Equity Fund		2		28.8			1		10.6
U.S. Large Cap Core Plus Fund		1		23.4			1		27.6
U.S. Research Enhanced Equity Fund		—		—			1		15.0
U.S. Sustainable Leaders Fund		1		10.1			2		47.2
U.S. Value Fund		1		12.0			1		31.1


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		44.8	%		n/a
U.S. Equity Fund		n/a			24.1	%
U.S. GARP Equity Fund		45.8			n/a
U.S. Research Enhanced Equity Fund		16.2			36.6

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

The Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	147

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Redemptions in-kind

On October 18, 2019, certain shareholders sold Class R6 Shares of U.S. Research Enhanced Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):


	Value			Realized Gains (Losses)		Type
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

*	This amount includes cash of approximately $17,300,000 associated with the redemption in-kind.

On December 3, 2020, certain shareholders sold Class R6 Shares of U.S. Value Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):


	Value			Realized Gains (Losses)			Type
U.S. Value Fund	$	126,007	*	$	(126	)		Redemption in-kind

*	This amount includes cash of approximately $4,653,000 associated with the redemption in-kind.

9. Subscriptions in-kind

On July 29, 2019, certain shareholders purchased Class R6 Shares of U.S. Equity Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):


	Value		Type
U.S. Equity Fund	$	45,414		Subscription in-kind

On February 26, 2020, certain shareholders purchased Class R6 Shares of Equity Income Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):


	Value			Type
Equity Income Fund	$	48,418	*		Subscription in-kind

*	This amount includes cash of approximately $230,000 associated with the subscription in-kind.

10. Subsequent Events

On February 10, 2021, the Board of Trustees of JPM I approved the following changes for Intrepid Value Fund, which are expected to become effective on or about July 1, 2021: (i) a change to the Fund’s name to JPMorgan U.S. Applied Data Science Value Fund; (ii) a change to the Fund’s investment strategy to employ a data science driven investment approach; (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, the Fund invests at least 80% of its assets in equity securities of U.S. companies; and (iv) the contractual expense limitations for Class A, Class C, and Class I Shares will be reduced to 0.73%, 1.23%, and 0.49%, respectively, and will be in place until at least June 30, 2023.

Effective as of the close of business on March 12, 2021, Hedged Equity Fund will be offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.



148	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual*	$	1,000.00	$	1,272.20	$	6.24		1.09	%
Hypothetical*		1,000.00		1,019.71		5.55		1.09
Class C
Actual*		1,000.00		1,269.50		9.10		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
Class I
Actual*		1,000.00		1,274.00		4.81		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R6
Actual*		1,000.00		1,275.70		3.38		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59

JPMorgan Equity Income Fund
Class A
Actual*		1,000.00		1,204.10		5.39		0.97
Hypothetical*		1,000.00		1,020.32		4.94		0.97
Class C
Actual*		1,000.00		1,201.10		8.10		1.46
Hypothetical*		1,000.00		1,017.85		7.43		1.46
Class I
Actual*		1,000.00		1,205.60		3.95		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R2
Actual*		1,000.00		1,203.00		6.77		1.22
Hypothetical*		1,000.00		1,019.06		6.21		1.22
Class R3
Actual*		1,000.00		1,203.70		5.33		0.96
Hypothetical*		1,000.00		1,020.37		4.89		0.96



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	149

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual*	$	1,000.00	$	1,205.70	$	3.95		0.71	%
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Class R5
Actual*		1,000.00		1,207.00		3.12		0.56
Hypothetical*		1,000.00		1,022.38		2.85		0.56
Class R6
Actual*		1,000.00		1,207.10		2.56		0.46
Hypothetical*		1,000.00		1,022.89		2.35		0.46

JPMorgan Equity Premium Income Fund
Class A
Actual*		1,000.00		1,163.90		4.64		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Class C
Actual*		1,000.00		1,161.00		7.35		1.35
Hypothetical*		1,000.00		1,018.40		6.87		1.35
Class I
Actual*		1,000.00		1,165.30		3.27		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class R5
Actual*		1,000.00		1,165.30		2.46		0.45
Hypothetical*		1,000.00		1,022.94		2.29		0.45
Class R6
Actual*		1,000.00		1,166.70		1.91		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35

JPMorgan Hedged Equity Fund
Class A
Actual*		1,000.00		1,098.60		4.44		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class C
Actual*		1,000.00		1,095.90		7.03		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,099.70		3.07		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Class R5
Actual*		1,000.00		1,100.70		2.33		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,101.10		1.80		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34

JPMorgan Intrepid Value Fund
Class A
Actual*		1,000.00		1,203.80		4.55		0.82
Hypothetical*		1,000.00		1,021.07		4.18		0.82
Class C
Actual*		1,000.00		1,201.70		7.33		1.32
Hypothetical*		1,000.00		1,018.55		6.72		1.32
Class I
Actual*		1,000.00		1,218.00		3.30		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,203.00		6.00		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08



150	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Intrepid Value Fund (continued)
Class R5
Actual*	$	1,000.00	$	1,227.00	$	2.47		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,208.80		1.89		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34

JPMorgan Large Cap Growth Fund
Class A
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,291.50		8.26		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,296.30		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R2
Actual*		1,000.00		1,293.20		6.82		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,294.70		5.38		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,296.50		3.94		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,297.40		3.07		0.53
Hypothetical*		1,000.00		1,022.53		2.70		0.53
Class R6
Actual*		1,000.00		1,297.90		2.49		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43

JPMorgan Large Cap Value Fund
Class A
Actual*		1,000.00		1,335.80		5.42		0.92
Hypothetical*		1,000.00		1,020.57		4.69		0.92
Class C
Actual*		1,000.00		1,331.30		8.40		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,336.50		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R2
Actual*		1,000.00		1,333.30		6.94		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,335.10		5.47		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,336.80		4.06		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,337.90		3.18		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	151

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,338.60	$	2.59		0.44	%
Hypothetical*		1,000.00		1,022.99		2.24		0.44

JPMorgan U.S. Equity Fund
Class A
Actual*		1,000.00		1,243.10		5.31		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class C
Actual*		1,000.00		1,240.40		8.08		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,245.60		3.91		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class L
Actual*		1,000.00		1,246.00		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R2
Actual*		1,000.00		1,242.40		6.67		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,244.10		5.32		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R4
Actual*		1,000.00		1,245.30		3.90		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		1,245.80		3.06		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,247.20		2.49		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44

JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)
Class A
Actual*		1,000.00		1,211.30		4.63		0.83
Hypothetical*		1,000.00		1,021.02		4.23		0.83
Class C
Actual*		1,000.00		1,208.70		7.40		1.33
Hypothetical*		1,000.00		1,018.50		6.77		1.33
Class I
Actual*		1,000.00		1,213.00		3.29		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R2
Actual*		1,000.00		1,209.80		6.02		1.08
Hypothetical*		1,000.00		1,019.76		5.50		1.08
Class R5
Actual*		1,000.00		1,213.10		2.45		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,213.70		1.90		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34



152	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual*	$	1,000.00	$	1,242.70	$	11.19		1.98	%
Hypothetical*		1,000.00		1,015.22		10.06		1.98
Class C
Actual*		1,000.00		1,239.20		14.05		2.49
Hypothetical*		1,000.00		1,012.65		12.63		2.49
Class I
Actual*		1,000.00		1,244.10		9.79		1.73
Hypothetical*		1,000.00		1,016.48		8.79		1.73
Class R2
Actual*		1,000.00		1,239.90		13.21		2.34
Hypothetical*		1,000.00		1,013.41		11.88		2.34
Class R5
Actual*		1,000.00		1,244.60		9.50		1.68
Hypothetical*		1,000.00		1,016.74		8.54		1.68
Class R6
Actual*		1,000.00		1,244.80		9.00		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59

JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,226.40		3.37		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class I
Actual*		1,000.00		1,227.60		1.97		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Class R6
Actual*		1,000.00		1,228.50		1.40		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25

JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual*		1,000.00		1,205.50		3.50		0.63
Hypothetical*		1,000.00		1,022.03		3.21		0.63
Class C
Actual*		1,000.00		1,202.60		6.27		1.13
Hypothetical*		1,000.00		1,019.51		5.75		1.13
Class I
Actual*		1,000.00		1,206.80		2.11		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Class R6
Actual**		1,000.00		1,112.10		0.88		0.33
Hypothetical*		1,000.00		1,023.54		1.68		0.33

JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund)
Class A
Actual*		1,000.00		1,220.00		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		1,216.80		7.99		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		1,221.60		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	153

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Value Fund (formerly known as JPMorgan Growth and Income Fund) (continued)
Class R2
Actual*	$	1,000.00	$	1,218.50	$	6.60		1.18	%
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		1,220.10		5.20		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		1,221.80		3.81		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		1,222.60		3.03		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		1,223.10		2.47		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the actual period). Commencement of operations was September 30, 2020.



154	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered quality of the quality of administration services provided by the Adviser in its role as administrator.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	155

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Costs of Services Provided and Profitability to the Adviser and its Affiliates

Fall-Out Benefits

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders



156	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Equity Focus Fund, Equity Premium Income Fund, Hedged Equity Fund, Intrepid Growth Fund, Intrepid Value Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return

performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Focus Fund’s performance for Class A shares was in the third, second and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon the Peer Group and in the second quintile based upon the Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the third quintile based upon the Peer Group, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth, third and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	157

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Premium Income Fund’s performance for Class A and Class I shares was in the first quintile based upon the Peer Group and in the second quintile based upon the Universe for the one-year period ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second, first and first quintiles based upon the Peer Group and in the third, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intrepid Growth Fund’s performance for Class A shares was in the fourth, second and second quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles

based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and third quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Intrepid Value Fund’s performance for Class A shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, second and fourth quintiles based upon the Peer Group, and in the fourth, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the fourth, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Large Cap Growth Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.



158	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

The Trustees noted that the Large Cap Value Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second quintiles based upon the Peer Group, and in the second, third and first quintiles based upon the Universe, for the one, three, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the second, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Equity Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the second, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Universe for the

one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the third, third and fifth quintiles based upon the Peer Group, and in the second, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, third and fourth quintiles based upon the Peer Group, and in the second, second and third quintiles based upon the Universe for the one-, three- and five-year periods ended December, 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2019, and in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Sustainable Leaders Fund’s performance for Class A shares was in the fifth, third and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Value Fund’s performance for Class A shares was in the second, first and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	159

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees noted that the Equity Focus Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6

shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Income Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Premium Income Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Hedged Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Groups and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Growth Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Value Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon



160	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2020

both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Value Fund’s net advisory fee for Class A shares were in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Equity Fund’s net advisory fee for Class A shares was in the first and second quintile based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s net advisory fee and actual total expenses for Class A shares were

in the second quintile based upon the Peer Group and in the first quintile based upon the Universe. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering all of the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Sustainable Leader Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective June 1, 2020, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Value Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.



DECEMBER 31, 2020	J.P. MORGAN LARGE CAP FUNDS	161

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., 2020. All rights reserved. December 2020.		SAN-LCE-1220

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2020 (Unaudited)

JPMorgan Equity Index Fund

JPMorgan Market Expansion Enhanced Index Fund

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Equity Index Fund			3

JPMorgan Market Expansion Enhanced Index Fund			5

Schedules of Portfolio Investments			7

Financial Statements			26

Financial Highlights			32

Notes to Financial Statements			36

Schedule of Shareholder Expenses			45

Board Approval of Investment Advisory Agreements			46

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

“Investors who remained fully invested over second half of 2020, in the face of uncertainty over the pandemic, the economy and a contested U.S. presidential election, were likely rewarded for their perseverance.”

— Andrea L. Lisher

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	1

J.P. Morgan Index Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August – a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations at the end of the summer was relatively small compared with what was to come at the end of the year.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

Globally, equity markets maintained upward momentum through the end of December, largely driven by investor expectations that mass vaccinations and the reopening of economies would unleash pent up demand from consumers, businesses and governments. Notably, emerging markets equity outperformed developed markets equity, including U.S. equity, in the second half of 2020 as China, Taiwan and South Korea appeared to have greater success in containing the pandemic.

In the U.S., growth stocks continued to outperform value stocks, but the difference narrowed somewhat during the period as share price valuations rose. Additionally, shares of select companies that had seen their stock prices plummet in the first half of 2020 benefitted from increased investor appetite for bargains in the second half of the year. At year’s end, the largest 10 companies in the S&P 500 Index made up 27.4% of the index’s value, compared with 22.7% at the end of 2019 and 21.0% at the end of 2018.



2	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		22.04%
S&P 500 Index**		22.16%

Net Assets as of 12/31/2020 (In Thousands)	$	6,857,296

INVESTMENT OBJECTIVE***

The JPMorgan Equity Index Fund (the “Fund”) seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (the “Benchmark”).

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended December 31, 2020, the Fund’s Class I Shares largely performed in line with the Benchmark, before considering the effect of Fund fees and expenses. This was consistent with the Fund’s investment objective and indexing strategy, as the Fund looks to generate returns that are comparable to those of the Benchmark.

U.S. equity markets provided positive returns for the reporting period amid continued low interest rates, largely buoyant corporate earnings and the U.S. approval of the first vaccines against Covid-19. During the reporting period, the information technology and consumer discretionary sectors were leading contributors to performance for the Fund and the Benchmark. Energy was the sole sector detractor from performance but its impact was not significant in the Fund and the Benchmark.

HOW WAS THE FUND POSITIONED?

Regardless of the market outlook, the Fund was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.		Apple, Inc.	6.6	%
	2.		Microsoft Corp.	5.3
	3.		Amazon.com, Inc.	4.3
	4.		Facebook, Inc., Class A	2.1
	5.	��	Tesla, Inc.	1.7
	6.		Alphabet, Inc., Class A	1.6
	7.		Alphabet, Inc., Class C	1.6
	8.		Berkshire Hathaway, Inc., Class B	1.4
	9.		Johnson & Johnson	1.3
	10.		JPMorgan Chase & Co.	1.2


PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	27.3	%
Health Care	13.3
Consumer Discretionary	12.6
Communication Services	10.7
Financials	10.3
Industrials	8.3
Consumer Staples	6.4
Utilities	2.7
Materials	2.6
Real Estate	2.4
Energy	2.3
Short-Term Investments	1.1

“S&P 500 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

****

Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	3

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**		15.50%		11.76	%		13.47	%		12.77	%
Without Sales Charge		21.90		17.95			14.71			13.37
CLASS C SHARES	November 4, 1997
With CDSC***		20.52		16.21			13.98			12.73
Without CDSC		21.52		17.21			13.98			12.73
CLASS I SHARES	July 2, 1991	22.04		18.22			14.99			13.66
CLASS R6 SHARES	September 1, 2016	22.15		18.42			15.15			13.74

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and

capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.



4	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		31.47%
S&P 1000 Index**		31.80%

Net Assets as of 12/31/2020 (In Thousands)	$	976,172

INVESTMENT OBJECTIVE***

The JPMorgan Market Expansion Enhanced Index Fund (the “Fund”) seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the S&P 1000 Index (the “Benchmark”) for the six months ended December 31, 2020. The Fund’s security selection in the systems hardware and retail sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the pharmaceuticals and industrial cyclical sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Enphase Energy Inc. and Generac Holdings Inc. and its overweight position in Lannet Inc. Shares of Enphase Energy, a provider of systems to the solar energy sector, rose amid better-than-expected earnings and investor expectations that the incoming Biden administration would seek increased investment in renewable energy. Shares of Generac Holdings, a manufacturer of power generators, rose amid increased consumer demand for residential back-up electricity generators. Shares of Lannet, a maker of generic pharmaceuticals, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter.

Leading individual contributors to relative performance included the Fund’s overweight positions in Momenta Pharmaceuticals Inc. and Owens & Minor Inc. and its underweight position in Exelixis Inc. Shares of Momenta Pharmaceuticals, a drug development company focused on immune systems diseases, rose after the company agreed to be acquired by Johnson & Johnson for $6.5 billion. Shares of Owens & Minor, a surgical products manufacturer, rose after the company raised its earnings forecast for the full year 2020. Shares of Exelixis, a developer of cancer drugs, fell after the company reported lower-than-expected earnings for the third quarter of 2020.

HOW WAS THE FUND POSITIONED?

The Fund seeks to closely follow the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index

strategy, not all of the stocks in the Benchmark are held by the Fund, and the Fund’s position in an individual stock may be overweight or underweight as compared to the Benchmark. The Fund’s portfolio managers seek to invest in stocks that they believe are attractively valued and that have improving momentum characteristics. The portfolio managers strive to add value exclusively through security selection rather than sector, style or theme allocation.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Enphase Energy, Inc.	0.7	%
	2.	AGCO Corp.	0.5
	3.	Regal Beloit Corp.	0.5
	4.	SolarEdge Technologies, Inc.	0.5
	5.	Timken Co. (The)	0.5
	6.	United Therapeutics Corp.	0.5
	7.	Molina Healthcare, Inc.	0.5
	8.	Fair Isaac Corp.	0.5
	9.	Caesars Entertainment, Inc	0.5
	10.	Lear Corp.	0.5


PORTFOLIO COMPOSITION BY SECTOR****
Industrials	16.9	%
Information Technology	15.8
Financials	14.9
Consumer Discretionary	12.6
Health Care	10.7
Real Estate	8.1
Materials	6.1
Consumer Staples	3.5
Utilities	3.0
Communication Services	1.7
Energy	1.6
Short-Term Investments	5.1

“S&P 1000 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

****

Percentages indicated are based on total investments as of December 31, 2020. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
With Sales Charge**		24.53%		4.05	%		9.20	%		10.10	%
Without Sales Charge		31.36		9.86			10.38			10.69
CLASS C SHARES	March 22, 1999
With CDSC***		30.09		8.24			9.79			10.12
Without CDSC		31.09		9.24			9.79			10.12
CLASS I SHARES	July 31, 1998	31.47		10.09			10.67			10.96
CLASS R2 SHARES	November 3, 2008	31.10		9.39			10.05			10.36
CLASS R6 SHARES	October 1, 2018	31.71		10.28			10.72			10.99

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.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Market Expansion Enhanced Index Fund and the S&P 1000 Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 1000 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 1000 Index is an unmanaged index generally representative of the performance of the small and mid-size 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.



6	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.4%

Aerospace & Defense — 1.6%

Boeing Co. (The)		114		24,446

General Dynamics Corp.		50		7,445

Howmet Aerospace, Inc. *		84		2,397

Huntington Ingalls Industries, Inc.		9		1,485

L3Harris Technologies, Inc.		45		8,547

Lockheed Martin Corp.		53		18,809

Northrop Grumman Corp.		33		10,168

Raytheon Technologies Corp.		327		23,372

Teledyne Technologies, Inc. *		8		3,111

Textron, Inc.		49		2,380

TransDigm Group, Inc. *		12		7,250


				109,410


Air Freight & Logistics — 0.7%

CH Robinson Worldwide, Inc.		29		2,746

Expeditors International of Washington, Inc.		36		3,465

FedEx Corp.		52		13,498

United Parcel Service, Inc., Class B		154		25,920


				45,629


Airlines — 0.3%

Alaska Air Group, Inc.		27		1,384

American Airlines Group, Inc.(a)		131		2,073

Delta Air Lines, Inc.		137		5,518

Southwest Airlines Co.		127		5,921

United Airlines Holdings, Inc. * (a)		63		2,724


				17,620


Auto Components — 0.1%

Aptiv plc		58		7,571

BorgWarner, Inc.		53		2,034


				9,605


Automobiles — 2.0%

Ford Motor Co.		841		7,392

General Motors Co.		271		11,287

Tesla, Inc. *		163		115,163


				133,842


Banks — 3.8%

Bank of America Corp.		1,638		49,657

Citigroup, Inc.		448		27,627

Citizens Financial Group, Inc.		92		3,287

Comerica, Inc.		30		1,672

Fifth Third Bancorp		153		4,227

First Republic Bank		37		5,500

Huntington Bancshares, Inc.		219		2,765


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

JPMorgan Chase & Co.(b)		656		83,358

KeyCorp		210		3,449

M&T Bank Corp.		28		3,515

People’s United Financial, Inc.		91		1,182

PNC Financial Services Group, Inc. (The)		91		13,586

Regions Financial Corp.		207		3,332

SVB Financial Group *		11		4,323

Truist Financial Corp.		290		13,906

US Bancorp		295		13,745

Wells Fargo & Co.		890		26,853

Zions Bancorp NA		35		1,533


				263,517


Beverages — 1.6%

Brown-Forman Corp., Class B(a)		39		3,120

Coca-Cola Co. (The)		832		45,646

Constellation Brands, Inc., Class A		36		7,991

Molson Coors Beverage Co., Class B		40		1,830

Monster Beverage Corp. *		80		7,355

PepsiCo, Inc.		297		44,105


				110,047


Biotechnology — 1.9%

AbbVie, Inc.		380		40,711

Alexion Pharmaceuticals, Inc. *		47		7,358

Amgen, Inc.		125		28,806

Biogen, Inc. *		33		8,109

Gilead Sciences, Inc.		270		15,717

Incyte Corp. *		40		3,484

Regeneron Pharmaceuticals, Inc. *		23		10,902

Vertex Pharmaceuticals, Inc. *		56		13,226


				128,313


Building Products — 0.5%

Allegion plc(a)		20		2,305

AO Smith Corp.		29		1,598

Carrier Global Corp.		175		6,613

Fortune Brands Home & Security, Inc.		30		2,563

Johnson Controls International plc		156		7,258

Masco Corp.		56		3,093

Trane Technologies plc		52		7,502


				30,932


Capital Markets — 2.7%

Ameriprise Financial, Inc.		25		4,934

Bank of New York Mellon Corp. (The)		175		7,446

BlackRock, Inc.		31		22,024

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Capital Markets — continued

Cboe Global Markets, Inc.		23		2,165

Charles Schwab Corp. (The)		321		17,027

CME Group, Inc.		77		14,065

Franklin Resources, Inc. (a)		59		1,465

Goldman Sachs Group, Inc. (The)		74		19,527

Intercontinental Exchange, Inc.		121		13,926

Invesco Ltd.		81		1,413

MarketAxess Holdings, Inc.		8		4,662

Moody’s Corp.		35		10,088

Morgan Stanley		308		21,079

MSCI, Inc.		18		7,966

Nasdaq, Inc.		25		3,280

Northern Trust Corp.		45		4,172

Raymond James Financial, Inc.		26		2,509

S&P Global, Inc.		52		17,021

State Street Corp.		76		5,526

T. Rowe Price Group, Inc.		49		7,377


				187,672


Chemicals — 1.8%

Air Products and Chemicals, Inc.		48		12,996

Albemarle Corp. (a)		23		3,380

Celanese Corp.		25		3,269

CF Industries Holdings, Inc.		46		1,782

Corteva, Inc.		160		6,208

Dow, Inc.		160		8,860

DuPont de Nemours, Inc. (a)		158		11,230

Eastman Chemical Co.		29		2,924

Ecolab, Inc.		53		11,563

FMC Corp.		28		3,209

International Flavors & Fragrances, Inc. (a)		23		2,505

Linde plc (United Kingdom)		113		29,764

LyondellBasell Industries NV, Class A		55		5,072

Mosaic Co. (The)		74		1,708

PPG Industries, Inc.		51		7,331

Sherwin-Williams Co. (The)		18		12,929


				124,730


Commercial Services & Supplies — 0.4%

Cintas Corp.		19		6,685

Copart, Inc. *		45		5,691

Republic Services, Inc.		45		4,360

Rollins, Inc. (a)		48		1,860

Waste Management, Inc.		84		9,867


				28,463


INVESTMENTS	SHARES (000)		VALUE ($000)


Communications Equipment — 0.8%

Arista Networks, Inc. * (a)		12		3,407

Cisco Systems, Inc.		909		40,694

F5 Networks, Inc. *		13		2,333

Juniper Networks, Inc.		71		1,597

Motorola Solutions, Inc.		36		6,204


				54,235


Construction & Engineering — 0.1%

Jacobs Engineering Group, Inc.		28		3,040

Quanta Services, Inc.		30		2,152


				5,192


Construction Materials — 0.1%

Martin Marietta Materials, Inc.		13		3,806

Vulcan Materials Co.		29		4,229


				8,035


Consumer Finance — 0.5%

American Express Co.		140		16,971

Capital One Financial Corp.		98		9,730

Discover Financial Services		66		5,971

Synchrony Financial		117		4,056


				36,728


Containers & Packaging — 0.4%

Amcor plc		338		3,973

Avery Dennison Corp.		18		2,785

Ball Corp.		70		6,560

International Paper Co.		85		4,206

Packaging Corp. of America		20		2,814

Sealed Air Corp.		33		1,529

WestRock Co.		57		2,460


				24,327


Distributors — 0.1%

Genuine Parts Co.		31		3,118

LKQ Corp. *		60		2,123

Pool Corp.		9		3,220


				8,461


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		419		97,112


Diversified Telecommunication Services — 1.4%

AT&T, Inc.		1,534		44,105

CenturyLink, Inc.		212		2,072

Verizon Communications, Inc.		891		52,320


				98,497

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — 1.8%

Alliant Energy Corp.		54		2,770

American Electric Power Co., Inc.		107		8,895

Duke Energy Corp.		158		14,502

Edison International (a)		81		5,117

Entergy Corp.		43		4,302

Evergy, Inc.		49		2,710

Eversource Energy		74		6,383

Exelon Corp.		210		8,864

FirstEnergy Corp.		117		3,574

NextEra Energy, Inc.		422		32,527

NRG Energy, Inc.		53		1,974

Pinnacle West Capital Corp.		24		1,937

PPL Corp.		165		4,666

Southern Co. (The)		227		13,964

Xcel Energy, Inc.		113		7,539


				119,724


Electrical Equipment — 0.5%

AMETEK, Inc.		50		5,988

Eaton Corp. plc		86		10,306

Emerson Electric Co.		129		10,344

Rockwell Automation, Inc.		25		6,271


				32,909


Electronic Equipment, Instruments & Components — 0.6%

Amphenol Corp., Class A		64		8,419

CDW Corp.		31		4,055

Corning, Inc.		164		5,919

FLIR Systems, Inc.		28		1,237

IPG Photonics Corp. *		8		1,720

Keysight Technologies, Inc. *		40		5,267

TE Connectivity Ltd.		71		8,618

Vontier Corp. *		29		968

Zebra Technologies Corp., Class A *		11		4,410


				40,613


Energy Equipment & Services — 0.2%

Baker Hughes Co.		148		3,077

Halliburton Co.		190		3,596

National Oilwell Varco, Inc.		84		1,147

Schlumberger NV		300		6,540

TechnipFMC plc (United Kingdom)		91		855


				15,215


Entertainment — 2.2%

Activision Blizzard, Inc.		166		15,443

Electronic Arts, Inc.		62		8,964

Live Nation Entertainment, Inc. *		31		2,261


INVESTMENTS	SHARES (000)		VALUE ($000)


Entertainment — continued

Netflix, Inc. *		95		51,411

Take-Two Interactive Software, Inc. *		25		5,144

Walt Disney Co. (The) *		390		70,593


				153,816


Equity Real Estate Investment Trusts (REITs) — 2.3%

Alexandria Real Estate Equities, Inc.		27		4,749

American Tower Corp.		96		21,458

AvalonBay Communities, Inc.		30		4,820

Boston Properties, Inc.		30		2,882

Crown Castle International Corp.		93		14,776

Digital Realty Trust, Inc.		60		8,412

Duke Realty Corp.		80		3,199

Equinix, Inc.		19		13,694

Equity Residential		74		4,369

Essex Property Trust, Inc.		14		3,332

Extra Space Storage, Inc.		28		3,222

Federal Realty Investment Trust		15		1,261

Healthpeak Properties, Inc.		116		3,502

Host Hotels & Resorts, Inc.		152		2,221

Iron Mountain, Inc. (a)		62		1,828

Kimco Realty Corp.		93		1,397

Mid-America Apartment Communities, Inc.		25		3,118

Prologis, Inc.		159		15,855

Public Storage		33		7,559

Realty Income Corp.		76		4,696

Regency Centers Corp.		34		1,548

SBA Communications Corp.		24		6,747

Simon Property Group, Inc.		71		6,018

SL Green Realty Corp. (a)		16		931

UDR, Inc.		63		2,436

Ventas, Inc.		81		3,953

Vornado Realty Trust		34		1,260

Welltower, Inc.		90		5,803

Weyerhaeuser Co.		161		5,386


				160,432


Food & Staples Retailing — 1.4%

Costco Wholesale Corp.		95		35,777

Kroger Co. (The)		167		5,293

Sysco Corp.		110		8,140

Walgreens Boots Alliance, Inc.		155		6,168

Walmart, Inc.		298		43,008


				98,386

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Food Products — 1.0%

Archer-Daniels-Midland Co.		120		6,036

Campbell Soup Co. (a)		44		2,107

Conagra Brands, Inc.		105		3,812

General Mills, Inc.		132		7,736

Hershey Co. (The)		32		4,837

Hormel Foods Corp.		60		2,816

JM Smucker Co. (The)		25		2,838

Kellogg Co. (a)		55		3,406

Kraft Heinz Co. (The)		139		4,833

Lamb Weston Holdings, Inc.		31		2,480

McCormick & Co., Inc. (Non-Voting)		54		5,117

Mondelez International, Inc., Class A		308		17,996

Tyson Foods, Inc., Class A		63		4,079


				68,093


Gas Utilities — 0.0% (c)

Atmos Energy Corp.		27		2,585


Health Care Equipment & Supplies — 3.8%

Abbott Laboratories		381		41,762

ABIOMED, Inc. *		10		3,153

Align Technology, Inc. *		15		8,252

Baxter International, Inc.		110		8,821

Becton Dickinson and Co.		62		15,618

Boston Scientific Corp. *		308		11,078

Cooper Cos., Inc. (The)		11		3,835

Danaher Corp.		136		30,225

Dentsply Sirona, Inc.		47		2,463

DexCom, Inc. *		21		7,641

Edwards Lifesciences Corp. *		134		12,236

Hologic, Inc. *		55		4,028

IDEXX Laboratories, Inc. *		18		9,176

Intuitive Surgical, Inc. *		25		20,697

Medtronic plc		290		33,932

ResMed, Inc.		31		6,629

STERIS plc		18		3,480

Stryker Corp.		70		17,241

Teleflex, Inc.		10		4,125

Varian Medical Systems, Inc. *		20		3,441

West Pharmaceutical Services, Inc.		16		4,507

Zimmer Biomet Holdings, Inc.		45		6,874


				259,214


Health Care Providers & Services — 2.6%

AmerisourceBergen Corp.		32		3,094

Anthem, Inc.		54		17,186

Cardinal Health, Inc.		63		3,382


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — continued

Centene Corp. *		125		7,490

Cigna Corp.		78		16,185

CVS Health Corp.		282		19,239

DaVita, Inc. *		16		1,868

HCA Healthcare, Inc.		57		9,341

Henry Schein, Inc. *		31		2,054

Humana, Inc. (a)		28		11,685

Laboratory Corp. of America Holdings *		21		4,267

McKesson Corp.		35		6,010

Quest Diagnostics, Inc.		29		3,456

UnitedHealth Group, Inc.		204		71,607

Universal Health Services, Inc., Class B		17		2,300


				179,164


Health Care Technology — 0.1%

Cerner Corp.		66		5,178


Hotels, Restaurants & Leisure — 1.7%

Carnival Corp. (a)		160		3,467

Chipotle Mexican Grill, Inc. *		6		8,349

Darden Restaurants, Inc.		28		3,338

Domino’s Pizza, Inc.		8		3,251

Hilton Worldwide Holdings, Inc.		60		6,643

Las Vegas Sands Corp.		71		4,213

Marriott International, Inc., Class A		57		7,551

McDonald’s Corp.		160		34,409

MGM Resorts International		88		2,780

Norwegian Cruise Line Holdings Ltd. * (a)		68		1,727

Royal Caribbean Cruises Ltd.		40		2,993

Starbucks Corp.		253		27,022

Wynn Resorts Ltd.		21		2,357

Yum! Brands, Inc.		65		7,048


				115,148


Household Durables — 0.4%

DR Horton, Inc.		71		4,918

Garmin Ltd.		32		3,841

Leggett & Platt, Inc.		29		1,263

Lennar Corp., Class A		59		4,514

Mohawk Industries, Inc. *		13		1,814

Newell Brands, Inc.		81		1,725

NVR, Inc. *		1		3,072

PulteGroup, Inc.		58		2,488

Whirlpool Corp.		13		2,430


				26,065


Household Products — 1.6%

Church & Dwight Co., Inc.		53		4,664

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Household Products — continued

Clorox Co. (The)		27		5,477

Colgate-Palmolive Co.		184		15,774

Kimberly-Clark Corp.		73		9,870

Procter & Gamble Co. (The)		534		74,249


				110,034


Independent Power and Renewable Electricity Producers — 0.1%

AES Corp. (The)		143		3,364


Industrial Conglomerates — 1.2%

3M Co.		124		21,698

General Electric Co.		1,885		20,360

Honeywell International, Inc.		151		32,119

Roper Technologies, Inc.		23		9,729


				83,906


Insurance — 1.8%

Aflac, Inc.		141		6,252

Allstate Corp. (The)		65		7,194

American International Group, Inc.		185		7,020

Aon plc, Class A		49		10,394

Arthur J Gallagher & Co.		41		5,120

Assurant, Inc.		13		1,739

Chubb Ltd.		97		14,951

Cincinnati Financial Corp.		32		2,814

Everest Re Group Ltd.		9		2,013

Globe Life, Inc.		21		1,968

Hartford Financial Services Group, Inc. (The)		77		3,777

Lincoln National Corp.		39		1,967

Loews Corp.		50		2,264

Marsh & McLennan Cos., Inc.		109		12,771

MetLife, Inc.		165		7,729

Principal Financial Group, Inc.		55		2,728

Progressive Corp. (The)		126		12,461

Prudential Financial, Inc.		85		6,653

Travelers Cos., Inc. (The)		55		7,652

Unum Group		44		1,005

Willis Towers Watson plc		28		5,844

WR Berkley Corp.		30		2,013


				126,329


Interactive Media & Services — 5.5%

Alphabet, Inc., Class A *		65		113,397

Alphabet, Inc., Class C *		62		109,442

Facebook, Inc., Class A *		517		141,320

Twitter, Inc. *		171		9,268


				373,427


INVESTMENTS	SHARES (000)		VALUE ($000)


Internet & Direct Marketing Retail — 4.9%

Amazon.com, Inc. *		92		298,931

Booking Holdings, Inc. *		9		19,631

eBay, Inc.		141		7,082

Etsy, Inc. *		27		4,828

Expedia Group, Inc.		29		3,873


				334,345


IT Services — 5.5%

Accenture plc, Class A		136		35,616

Akamai Technologies, Inc. *		35		3,678

Automatic Data Processing, Inc.		92		16,261

Broadridge Financial Solutions, Inc.		25		3,812

Cognizant Technology Solutions Corp., Class A		115		9,429

DXC Technology Co.		55		1,410

Fidelity National Information Services, Inc.		134		18,890

Fiserv, Inc. *		124		14,090

FleetCor Technologies, Inc. *		18		4,897

Gartner, Inc. *		19		3,078

Global Payments, Inc.		64		13,877

International Business Machines Corp.		192		24,139

Jack Henry & Associates, Inc.		16		2,661

Leidos Holdings, Inc.		29		3,027

Mastercard, Inc., Class A		189		67,578

Paychex, Inc.		69		6,416

PayPal Holdings, Inc. *		252		59,055

VeriSign, Inc. *		22		4,676

Visa, Inc., Class A		365		79,819

Western Union Co. (The)		88		1,941


				374,350


Leisure Products — 0.0% (c)

Hasbro, Inc.		27		2,565


Life Sciences Tools & Services — 1.2%

Agilent Technologies, Inc.		66		7,803

Bio-Rad Laboratories, Inc., Class A *		5		2,700

Illumina, Inc. *		31		11,626

IQVIA Holdings, Inc. *		41		7,393

Mettler-Toledo International, Inc. *		5		5,836

PerkinElmer, Inc.		24		3,458

Thermo Fisher Scientific, Inc.		85		39,728

Waters Corp. *		13		3,304


				81,848


Machinery — 1.7%

Caterpillar, Inc.		117		21,280

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Machinery — continued

Cummins, Inc.		32		7,234

Deere & Co.		67		18,145

Dover Corp.		31		3,915

Flowserve Corp.		28		1,033

Fortive Corp.		73		5,139

IDEX Corp.		16		3,245

Illinois Tool Works, Inc.		62		12,638

Ingersoll Rand, Inc. *		80		3,645

Otis Worldwide Corp.		88		5,920

PACCAR, Inc. (a)		75		6,433

Parker-Hannifin Corp.		28		7,551

Pentair plc		36		1,900

Snap-on, Inc.		12		1,997

Stanley Black & Decker, Inc.		34		6,157

Westinghouse Air Brake Technologies Corp.		39		2,818

Xylem, Inc.		39		3,948


				112,998


Media — 1.3%

Charter Communications, Inc., Class A *		31		20,773

Comcast Corp., Class A		983		51,489

Discovery, Inc., Class A * (a)		35		1,038

Discovery, Inc., Class C *		63		1,663

DISH Network Corp., Class A *		53		1,721

Fox Corp., Class A		73		2,115

Fox Corp., Class B		33		961

Interpublic Group of Cos., Inc. (The)		84		1,974

News Corp., Class A		84		1,512

News Corp., Class B		26		466

Omnicom Group, Inc.		46		2,886

ViacomCBS, Inc.		122		4,530


				91,128


Metals & Mining — 0.3%

Freeport-McMoRan, Inc.		313		8,136

Newmont Corp.		173		10,354

Nucor Corp.		65		3,456


				21,946


Multiline Retail — 0.5%

Dollar General Corp.		53		11,088

Dollar Tree, Inc. *		51		5,468

Target Corp.		108		19,025


				35,581


Multi-Utilities — 0.8%

Ameren Corp. (a)		53		4,153


INVESTMENTS	SHARES (000)		VALUE ($000)


Multi-Utilities — continued

CenterPoint Energy, Inc.		117		2,537

CMS Energy Corp.		62		3,759

Consolidated Edison, Inc.		74		5,321

Dominion Energy, Inc.		176		13,203

DTE Energy Co.		42		5,057

NiSource, Inc.		82		1,892

Public Service Enterprise Group, Inc.		109		6,347

Sempra Energy		62		7,910

WEC Energy Group, Inc.		68		6,247


				56,426


Oil, Gas & Consumable Fuels — 2.0%

Apache Corp.		81		1,153

Cabot Oil & Gas Corp.		86		1,396

Chevron Corp.		414		34,986

Concho Resources, Inc.		42		2,465

ConocoPhillips		230		9,191

Devon Energy Corp.		82		1,302

Diamondback Energy, Inc.		34		1,645

EOG Resources, Inc.		126		6,261

Exxon Mobil Corp.		910		37,508

Hess Corp.		59		3,105

HollyFrontier Corp.		32		829

Kinder Morgan, Inc.		419		5,727

Marathon Oil Corp.		170		1,133

Marathon Petroleum Corp.		140		5,791

Occidental Petroleum Corp.		180		3,122

ONEOK, Inc.		96		3,671

Phillips 66		94		6,575

Pioneer Natural Resources Co.		35		4,030

Valero Energy Corp.		88		4,965

Williams Cos., Inc. (The)		261		5,237


				140,092


Personal Products — 0.2%

Estee Lauder Cos., Inc. (The), Class A		49		12,978


Pharmaceuticals — 3.8%

Bristol-Myers Squibb Co.		486		30,166

Catalent, Inc. *		35		3,689

Eli Lilly and Co.		171		28,849

Johnson & Johnson		567		89,162

Merck & Co., Inc.		544		44,539

Perrigo Co. plc		29		1,314

Pfizer, Inc.		1,196		44,032

Viatris, Inc. *		260		4,865

Zoetis, Inc.		102		16,928


				263,544

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Professional Services — 0.3%

Equifax, Inc.		26		5,048

IHS Markit Ltd.		80		7,205

Nielsen Holdings plc		77		1,603

Robert Half International, Inc. (a)		25		1,533

Verisk Analytics, Inc.		35		7,264


				22,653


Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A *		72		4,528


Road & Rail — 1.0%

CSX Corp.		165		14,936

JB Hunt Transport Services, Inc.		18		2,455

Kansas City Southern		20		4,112

Norfolk Southern Corp.		55		12,988

Old Dominion Freight Line, Inc.		21		4,041

Union Pacific Corp.		145		30,196


				68,728


Semiconductors & Semiconductor Equipment — 5.1%

Advanced Micro Devices, Inc. *		259		23,737

Analog Devices, Inc.		80		11,747

Applied Materials, Inc.		197		16,962

Broadcom, Inc.		87		38,116

Intel Corp.		882		43,937

KLA Corp.		33		8,606

Lam Research Corp.		31		14,637

Maxim Integrated Products, Inc.		58		5,100

Microchip Technology, Inc.		56		7,739

Micron Technology, Inc. *		240		18,011

NVIDIA Corp.		133		69,564

Qorvo, Inc. *		25		4,081

QUALCOMM, Inc.		243		37,079

Skyworks Solutions, Inc.		36		5,464

Teradyne, Inc.		36		4,284

Texas Instruments, Inc.		198		32,424

Xilinx, Inc.		53		7,479


				348,967


Software — 8.5%

Adobe, Inc. *		103		51,632

ANSYS, Inc. *		18		6,724

Autodesk, Inc. *		47		14,449

Cadence Design Systems, Inc. *		60		8,190

Citrix Systems, Inc.		26		3,447

Fortinet, Inc. *		29		4,307

Intuit, Inc.		57		21,479

Microsoft Corp.		1,627		361,894


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

NortonLifeLock, Inc.		127		2,647

Oracle Corp.		408		26,408

Paycom Software, Inc. *		11		4,768

salesforce.com, Inc. *		197		43,819

ServiceNow, Inc. *		42		23,111

Synopsys, Inc. *		33		8,514

Tyler Technologies, Inc. *		9		3,788


				585,177


Specialty Retail — 2.2%

Advance Auto Parts, Inc.		15		2,300

AutoZone, Inc. *		5		5,913

Best Buy Co., Inc.		50		4,949

CarMax, Inc. *		35		3,336

Gap, Inc. (The)		44		894

Home Depot, Inc. (The)		232		61,542

L Brands, Inc.		50		1,870

Lowe’s Cos., Inc.		158		25,310

O’Reilly Automotive, Inc. *		16		7,056

Ross Stores, Inc.		77		9,409

Tiffany & Co.		23		3,057

TJX Cos., Inc. (The)		258		17,645

Tractor Supply Co.		25		3,524

Ulta Beauty, Inc. *		12		3,482


				150,287


Technology Hardware, Storage & Peripherals — 7.0%

Apple, Inc.		3,439		456,370

Hewlett Packard Enterprise Co.		277		3,282

HP, Inc.		296		7,268

NetApp, Inc.		48		3,184

Seagate Technology plc (a)		48		2,990

Western Digital Corp.		65		3,627

Xerox Holdings Corp.		36		832


				477,553


Textiles, Apparel & Luxury Goods — 0.7%

Hanesbrands, Inc.		75		1,093

NIKE, Inc., Class B		270		38,203

PVH Corp.		15		1,437

Ralph Lauren Corp.		10		1,077

Tapestry, Inc.		60		1,855

Under Armour, Inc., Class A *		41		697

Under Armour, Inc., Class C *		42		623

VF Corp.		69		5,878


				50,863

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Tobacco — 0.7%

Altria Group, Inc.		400		16,398

Philip Morris International, Inc.		335		27,747


				44,145


Trading Companies & Distributors — 0.2%

Fastenal Co.		124		6,033

United Rentals, Inc. *		16		3,600

WW Grainger, Inc. (a)		10		3,962


				13,595


Water Utilities — 0.1%

American Water Works Co., Inc.		39		5,987


Wireless Telecommunication Services — 0.3%

T-Mobile US, Inc. *		126		16,930


Total Common Stocks (Cost $3,735,711)				6,813,183


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.1%

Investment Companies — 0.5%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (d) (e) (Cost $33,885)		33,885		33,885


Investment of Cash Collateral from Securities Loaned — 0.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		36,059		36,063

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		5,598		5,598


Total Investment of Cash Collateral from Securities Loaned (Cost $41,661)				41,661


Total Short-Term Investments (Cost $75,546)				75,546

Total Investments — 100.5% (Cost $3,811,257)				6,888,729
Liabilities in Excess of Other Assets — (0.5)%				(31,433	)

NET ASSETS — 100.0%				6,857,296

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $40,501,000.
(b)		Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(c)		Amount rounds to less than 0.1% of net assets.
(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, 2020.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

S&P 500 E-Mini Index

267

03/2021

USD

49,999

747

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%

Aerospace & Defense — 1.0%

AAR Corp.		13		482

Aerojet Rocketdyne Holdings, Inc. * (a)		25		1,342

Axon Enterprise, Inc. *		20		2,463

Curtiss-Wright Corp.		14		1,606

Kaman Corp.		33		1,902

Moog, Inc., Class A		19		1,489

Triumph Group, Inc.		15		191


				9,475


Air Freight & Logistics — 0.9%

Atlas Air Worldwide Holdings, Inc. *		8		447

Echo Global Logistics, Inc. *		9		252

Forward Air Corp.		10		792

Hub Group, Inc., Class A *		58		3,326

XPO Logistics, Inc. *		34		4,017


				8,834


Airlines — 0.2%

JetBlue Airways Corp. *		91		1,316

SkyWest, Inc.		18		705


				2,021


Auto Components — 1.7%

Adient plc *		33		1,140

American Axle & Manufacturing Holdings, Inc. *		46		387

Cooper Tire & Rubber Co.		18		713

Dana, Inc.		123		2,409

Gentex Corp.		81		2,735

Goodyear Tire & Rubber Co. (The)		118		1,288

LCI Industries		8		1,037

Lear Corp.		30		4,803

Patrick Industries, Inc.		9		608

Visteon Corp. *		9		1,105


				16,225


Automobiles — 0.4%

Harley-Davidson, Inc.		50		1,835

Thor Industries, Inc. (a)		19		1,733

Winnebago Industries, Inc.		13		767


				4,335


Banks — 6.5%

Ameris Bancorp		23		876

Associated Banc-Corp.		119		2,032

Banc of California, Inc.		13		187

BancorpSouth Bank		35		964

Bank OZK		41		1,292


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

Banner Corp.		48		2,219

Berkshire Hills Bancorp, Inc.		49		839

Boston Private Financial Holdings, Inc.		25		211

Brookline Bancorp, Inc.		24		284

Cadence BanCorp		38		624

Cathay General Bancorp		26		822

CIT Group, Inc.		35		1,249

Columbia Banking System, Inc.		20		734

Commerce Bancshares, Inc.		35		2,286

Cullen/Frost Bankers, Inc.		8		707

Customers Bancorp, Inc. *		103		1,872

Dime Community Bancshares, Inc.		24		382

Eagle Bancorp, Inc.		47		1,929

East West Bancorp, Inc.		47		2,371

First BanCorp (Puerto Rico)		77		709

First Commonwealth Financial Corp.		36		388

First Financial Bancorp		14		239

First Horizon National Corp.		180		2,297

First Midwest Bancorp, Inc. (a)		120		1,912

FNB Corp.		108		1,021

Fulton Financial Corp.		67		853

Great Western Bancorp, Inc.		22		460

Hancock Whitney Corp.		70		2,385

Hanmi Financial Corp.		45		515

Hope Bancorp, Inc.		53		575

Independent Bank Group, Inc. (a)		12		750

International Bancshares Corp.		18		663

NBT Bancorp, Inc.		11		357

OFG Bancorp (Puerto Rico)		17		319

Pacific Premier Bancorp, Inc.		80		2,516

PacWest Bancorp		40		1,026

Pinnacle Financial Partners, Inc.		24		1,568

Prosperity Bancshares, Inc.		31		2,149

Signature Bank		22		3,030

Sterling Bancorp		73		1,304

Synovus Financial Corp.		55		1,781

TCF Financial Corp.		53		1,971

Texas Capital Bancshares, Inc. *		17		1,006

Trustmark Corp.		21		574

UMB Financial Corp.		12		821

Umpqua Holdings Corp.		76		1,149

United Bankshares, Inc.		42		1,351

United Community Banks, Inc.		90		2,573

Valley National Bancorp		130		1,268

Veritex Holdings, Inc. (a)		18		460

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Banks — continued

Webster Financial Corp.		31		1,298

Wintrust Financial Corp.		40		2,457


				63,625


Beverages — 0.4%

Boston Beer Co., Inc. (The), Class A *		3		3,182

Coca-Cola Consolidated, Inc.		2		399


				3,581


Biotechnology — 1.6%

Arrowhead Pharmaceuticals, Inc. *		52		3,967

Eagle Pharmaceuticals, Inc. *		36		1,672

Emergent BioSolutions, Inc. *		5		430

Myriad Genetics, Inc. *		22		435

REGENXBIO, Inc. *		75		3,379

Spectrum Pharmaceuticals, Inc. *		103		351

United Therapeutics Corp. *		33		4,955


				15,189


Building Products — 1.2%

American Woodmark Corp. *		5		497

Apogee Enterprises, Inc.		9		295

Builders FirstSource, Inc. *		39		1,596

Gibraltar Industries, Inc. *		10		712

Insteel Industries, Inc.		7		151

Lennox International, Inc.		8		2,262

Owens Corning		37		2,811

PGT Innovations, Inc. *		17		344

Quanex Building Products Corp.		30		674

Resideo Technologies, Inc. *		41		876

Simpson Manufacturing Co., Inc.		2		187

UFP Industries, Inc.		20		1,125


				11,530


Capital Markets — 2.1%

Affiliated Managers Group, Inc.		11		1,119

Blucora, Inc. *		41		652

Brightsphere Investment Group, Inc.		20		386

Eaton Vance Corp.		31		2,106

Evercore, Inc., Class A		14		1,480

FactSet Research Systems, Inc.		12		4,090

Federated Hermes, Inc.		77		2,233

Janus Henderson Group plc (United Kingdom)		6		207

Piper Sandler Cos.		8		817

SEI Investments Co.		41		2,382

Stifel Financial Corp.		75		3,764


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

Virtus Investment Partners, Inc.		5		1,085


				20,321


Chemicals — 2.6%

AdvanSix, Inc. *		10		198

Ashland Global Holdings, Inc.		33		2,645

Avient Corp.		75		3,021

Cabot Corp.		18		801

Ferro Corp. *		25		360

FutureFuel Corp.		111		1,403

Hawkins, Inc.		3		162

HB Fuller Co.		27		1,406

Ingevity Corp. *		28		2,090

Innospec, Inc.		5		472

Koppers Holdings, Inc. *		59		1,845

Kraton Corp. *		11		308

Minerals Technologies, Inc.		12		767

RPM International, Inc.		42		3,858

Scotts Miracle-Gro Co. (The)		14		2,748

Sensient Technologies Corp.		9		649

Stepan Co.		7		832

Tredegar Corp.		10		162

Trinseo SA		12		594

Valvoline, Inc.		64		1,479


				25,800


Commercial Services & Supplies — 1.9%

ABM Industries, Inc.		23		862

Brady Corp., Class A		18		945

Brink’s Co. (The)		33		2,398

Clean Harbors, Inc. *		18		1,354

Deluxe Corp.		15		438

Herman Miller, Inc.		75		2,534

HNI Corp.		18		630

IAA, Inc. *		23		1,488

Interface, Inc.		21		223

KAR Auction Services, Inc.		98		1,816

MSA Safety, Inc.		10		1,479

Pitney Bowes, Inc.		50		309

Stericycle, Inc. *		8		561

Tetra Tech, Inc.		18		2,047

UniFirst Corp.		5		1,016


				18,100


Communications Equipment — 0.8%

ADTRAN, Inc.		18		269

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Communications Equipment — continued

Ciena Corp. *		49		2,611

Comtech Telecommunications Corp.		10		215

Digi International, Inc. *		11		210

InterDigital, Inc.		11		649

Lumentum Holdings, Inc. *		30		2,825

Viavi Solutions, Inc. *		73		1,099


				7,878


Construction & Engineering — 1.8%

AECOM *		89		4,439

Aegion Corp. *		9		166

Arcosa, Inc.		18		967

Comfort Systems USA, Inc.		33		1,718

Dycom Industries, Inc. *		11		861

EMCOR Group, Inc.		39		3,609

Fluor Corp.		51		821

MasTec, Inc. * (a)		48		3,239

MYR Group, Inc. *		5		318

Valmont Industries, Inc.		7		1,242


				17,380


Construction Materials — 0.1%

Eagle Materials, Inc.		9		953

US Concrete, Inc. *		6		232


				1,185


Consumer Finance — 0.7%

Encore Capital Group, Inc. *		8		323

Enova International, Inc. *		12		287

EZCORP, Inc., Class A *		30		141

FirstCash, Inc.		14		988

Green Dot Corp., Class A *		17		943

LendingTree, Inc. *		2		630

Navient Corp.		80		789

PROG Holdings Inc.		22		1,204

SLM Corp.		144		1,782


				7,087


Containers & Packaging — 0.8%

AptarGroup, Inc.		8		1,027

Greif, Inc., Class A		7		323

O-I Glass, Inc.		134		1,590

Silgan Holdings, Inc.		75		2,792

Sonoco Products Co.		32		1,908


				7,640


Distributors — 0.1%

Core-Mark Holding Co., Inc.		48		1,407


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Consumer Services — 0.5%

American Public Education, Inc. *		27		820

Graham Holdings Co., Class B		2		1,013

Grand Canyon Education, Inc. *		2		186

H&R Block, Inc.		60		952

Perdoceo Education Corp. *		27		344

Service Corp. International		16		766

Strategic Education, Inc.		7		705

WW International, Inc. *		18		432


				5,218


Diversified Financial Services — 0.3%

Jefferies Financial Group, Inc.		114		2,809


Diversified Telecommunication Services — 0.2%

ATN International, Inc.		3		138

Cogent Communications Holdings, Inc. (a)		14		814

Vonage Holdings Corp. *		85		1,088


				2,040


Electric Utilities — 0.9%

Hawaiian Electric Industries, Inc.		74		2,619

IDACORP, Inc.		41		3,905

OGE Energy Corp.		81		2,572


				9,096


Electrical Equipment — 2.4%

Acuity Brands, Inc.		13		1,598

Encore Wire Corp.		24		1,460

EnerSys		15		1,265

Generac Holdings, Inc. *		20		4,639

Hubbell, Inc.		18		2,898

nVent Electric plc		56		1,304

Powell Industries, Inc.		36		1,065

Regal Beloit Corp.		44		5,372

Sunrun, Inc. *		50		3,469


				23,070


Electronic Equipment, Instruments & Components — 4.4%

Arrow Electronics, Inc. *		45		4,422

Avnet, Inc.		79		2,772

Bel Fuse, Inc., Class B		24		365

Belden, Inc.		13		537

Benchmark Electronics, Inc.		13		338

Cognex Corp.		39		3,139

Coherent, Inc. *		7		1,124

ePlus, Inc. *		14		1,223

Fabrinet (Thailand) *		42		3,235

II-VI, Inc. * (a)		29		2,188

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electronic Equipment, Instruments & Components — continued

Insight Enterprises, Inc. *		23		1,727

Itron, Inc. *		14		1,314

Jabil, Inc.		89		3,768

Littelfuse, Inc.		7		1,785

Methode Electronics, Inc.		12		449

National Instruments Corp. (a)		44		1,911

OSI Systems, Inc. *		6		541

Sanmina Corp. *		57		1,805

SYNNEX Corp.		42		3,453

Trimble, Inc. *		66		4,423

TTM Technologies, Inc. *		29		396

Vishay Intertechnology, Inc.		89		1,843


				42,758


Energy Equipment & Services — 0.4%

Bristow Group, Inc. *		10		251

ChampionX Corp. *		59		901

Exterran Corp. *		10		42

Helix Energy Solutions Group, Inc. * (a)		28		119

Helmerich & Payne, Inc.		23		523

Matrix Service Co. *		21		226

Oceaneering International, Inc. *		36		282

Oil States International, Inc. *		21		106

Patterson-UTI Energy, Inc.		74		387

ProPetro Holding Corp. *		87		644


				3,481


Entertainment — 0.1%

Cinemark Holdings, Inc. (a)		36		625


Equity Real Estate Investment Trusts (REITs) — 7.9%

Acadia Realty Trust		31		437

Agree Realty Corp.		19		1,245

Alexander & Baldwin, Inc.		58		995

American Assets Trust, Inc.		72		2,085

American Campus Communities, Inc. (a)		11		469

Armada Hoffler Properties, Inc.		90		1,010

Brixmor Property Group, Inc.		130		2,153

Camden Property Trust		40		4,042

CareTrust REIT, Inc.		30		659

Centerspace		10		713

Chatham Lodging Trust		15		163

Community Healthcare Trust, Inc.		7		339

CoreSite Realty Corp.		14		1,691

Corporate Office Properties Trust		121		3,146

Cousins Properties, Inc.		77		2,585

CyrusOne, Inc.		32		2,348


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued

DiamondRock Hospitality Co. *		204		1,686

Douglas Emmett, Inc.		66		1,938

EastGroup Properties, Inc.		7		939

EPR Properties		23		761

Essential Properties Realty Trust, Inc.		56		1,181

First Industrial Realty Trust, Inc.		50		2,098

Four Corners Property Trust, Inc.		22		646

Getty Realty Corp.		6		153

Global Net Lease, Inc.		99		1,704

Healthcare Realty Trust, Inc.		58		1,702

Highwoods Properties, Inc.		90		3,563

Hudson Pacific Properties, Inc.		68		1,631

Independence Realty Trust, Inc.		28		381

Innovative Industrial Properties, Inc. (a)		7		1,282

JBG SMITH Properties		41		1,273

Kilroy Realty Corp.		36		2,064

Kite Realty Group Trust		30		449

Lamar Advertising Co., Class A		12		957

Life Storage, Inc.		15		1,767

Medical Properties Trust, Inc.		181		3,933

National Retail Properties, Inc.		26		1,076

NexPoint Residential Trust, Inc.		7		296

Office Properties Income Trust		16		352

Omega Healthcare Investors, Inc.		64		2,310

Park Hotels & Resorts, Inc.		86		1,467

Pebblebrook Hotel Trust		10		195

PotlatchDeltic Corp.		38		1,893

Rayonier, Inc.		29		864

Retail Opportunity Investments Corp.		39		528

RPT Realty		32		277

Sabra Health Care REIT, Inc. (a)		158		2,749

Saul Centers, Inc.		4		120

Service Properties Trust		56		645

SITE Centers Corp.		82		832

Spirit Realty Capital, Inc.		54		2,173

STORE Capital Corp.		53		1,804

Summit Hotel Properties, Inc.		74		669

Uniti Group, Inc.		22		260

Urban Edge Properties		73		942

Urstadt Biddle Properties, Inc., Class A		17		243

Weingarten Realty Investors		66		1,432

Xenia Hotels & Resorts, Inc.		100		1,526


				76,841

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Food & Staples Retailing — 0.8%

Andersons, Inc. (The)		32		780

BJ’s Wholesale Club Holdings, Inc. *		41		1,510

Casey’s General Stores, Inc.		19		3,465

PriceSmart, Inc.		7		656

SpartanNash Co. (a)		12		217

Sprouts Farmers Market, Inc. *		44		882

United Natural Foods, Inc. * (a)		20		318


				7,828


Food Products — 1.6%

B&G Foods, Inc. (a)		20		566

Cal-Maine Foods, Inc. *		10		368

Darling Ingredients, Inc. *		52		3,005

Flowers Foods, Inc.		84		1,899

Hain Celestial Group, Inc. (The) *		13		502

Ingredion, Inc.		39		3,073

J&J Snack Foods Corp.		2		311

John B Sanfilippo & Son, Inc.		4		276

Pilgrim’s Pride Corp. *		63		1,227

Post Holdings, Inc. *		21		2,111

Sanderson Farms, Inc. (a)		7		899

Seneca Foods Corp., Class A *		10		389

TreeHouse Foods, Inc. *		19		820


				15,446


Gas Utilities — 0.9%

National Fuel Gas Co.		35		1,428

New Jersey Resources Corp. (a)		30		1,078

Southwest Gas Holdings, Inc.		19		1,158

Spire, Inc.		17		1,076

UGI Corp.		116		4,072


				8,812


Health Care Equipment & Supplies — 2.7%

Avanos Medical, Inc. *		15		684

CONMED Corp.		8		930

Cutera, Inc. *		5		130

Globus Medical, Inc., Class A *		25		1,657

Haemonetics Corp. * (a)		20		2,351

Hill-Rom Holdings, Inc.		31		2,998

ICU Medical, Inc. *		13		2,681

Inogen, Inc. *		7		322

Integer Holdings Corp. *		11		861

Integra LifeSciences Holdings Corp. *		23		1,513

Lantheus Holdings, Inc. *		21		282

LivaNova plc *		14		953


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Equipment & Supplies — continued

Masimo Corp. * (a)		17		4,428

Meridian Bioscience, Inc. *		19		359

Merit Medical Systems, Inc. *		17		927

Natus Medical, Inc. *		12		234

Neogen Corp. *		2		159

NuVasive, Inc. *		16		901

Orthofix Medical, Inc. *		16		696

Penumbra, Inc. * (a)		8		1,435

Quidel Corp. *		13		2,281


				26,782


Health Care Providers & Services — 4.0%

Acadia Healthcare Co., Inc. *		29		1,458

Addus HomeCare Corp. *		5		574

Amedisys, Inc. *		12		3,520

AMN Healthcare Services, Inc. *		16		1,096

BioTelemetry, Inc. *		12		836

Chemed Corp.		5		2,876

CorVel Corp. *		3		360

Covetrus, Inc. *		31		877

Encompass Health Corp.		31		2,588

Ensign Group, Inc. (The)		17		1,225

HealthEquity, Inc. *		22		1,562

LHC Group, Inc. *		11		2,325

Magellan Health, Inc. *		30		2,507

MEDNAX, Inc. *		25		625

Molina Healthcare, Inc. *		23		4,954

Owens & Minor, Inc.		57		1,547

Patterson Cos., Inc.		32		951

Providence Service Corp. (The) *		15		2,080

R1 RCM, Inc. *		38		920

RadNet, Inc. *		14		278

Select Medical Holdings Corp. *		99		2,730

Tenet Healthcare Corp. *		43		1,721

Tivity Health, Inc. * (a)		77		1,514


				39,124


Health Care Technology — 0.5%

Allscripts Healthcare Solutions, Inc. *		64		927

HealthStream, Inc. *		10		214

HMS Holdings Corp. *		54		1,981

NextGen Healthcare, Inc. *		17		305

Omnicell, Inc. *		14		1,656


				5,083

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Hotels, Restaurants & Leisure — 2.6%

BJ’s Restaurants, Inc. (a)		8		304

Bloomin’ Brands, Inc.		25		487

Boyd Gaming Corp. * (a)		28		1,189

Brinker International, Inc. (a)		13		711

Caesars Entertainment, Inc. * (a)		65		4,835

Cheesecake Factory, Inc. (The) (a)		10		371

Churchill Downs, Inc.		3		662

Cracker Barrel Old Country Store, Inc.		5		716

Dine Brands Global, Inc.		6		336

Jack in the Box, Inc.		8		780

Marriott Vacations Worldwide Corp.		14		1,866

Papa John’s International, Inc.		8		696

Penn National Gaming, Inc. *		47		4,033

Ruth’s Hospitality Group, Inc.		8		133

Scientific Games Corp. *		21		855

Six Flags Entertainment Corp.		27		924

Texas Roadhouse, Inc.		22		1,716

Wendy’s Co. (The)		63		1,385

Wingstop, Inc.		3		411

Wyndham Destinations, Inc.		39		1,732

Wyndham Hotels & Resorts, Inc.		23		1,343


				25,485


Household Durables — 1.7%

Cavco Industries, Inc. *		5		895

Century Communities, Inc. *		10		420

Helen of Troy Ltd. *		2		396

Installed Building Products, Inc. *		7		744

iRobot Corp. * (a)		10		763

KB Home		59		1,961

La-Z-Boy, Inc.		15		605

M/I Homes, Inc. *		9		394

MDC Holdings, Inc.		17		846

Meritage Homes Corp. *		20		1,640

Taylor Morrison Home Corp. *		43		1,096

Tempur Sealy International, Inc. *		64		1,728

Toll Brothers, Inc.		38		1,634

TopBuild Corp. *		12		2,117

TRI Pointe Group, Inc. *		45		780

Tupperware Brands Corp. *		14		445

Universal Electronics, Inc. *		9		483


				16,947


Household Products — 0.3%

Central Garden & Pet Co. *		34		1,313

Central Garden & Pet Co., Class A *		15		552


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Products — continued

Energizer Holdings, Inc.		22		924


				2,789


Industrial Conglomerates — 0.3%

Carlisle Cos., Inc.		20		3,097


Insurance — 4.3%

Alleghany Corp.		7		4,022

American Equity Investment Life Holding Co.		48		1,331

American Financial Group, Inc.		43		3,782

Assured Guaranty Ltd.		26		816

Brighthouse Financial, Inc. *		39		1,394

Brown & Brown, Inc.		29		1,377

CNO Financial Group, Inc.		41		916

eHealth, Inc. *		8		586

First American Financial Corp.		59		3,046

Hanover Insurance Group, Inc. (The)		31		3,581

HCI Group, Inc. (a)		2		115

Kemper Corp.		27		2,090

Old Republic International Corp.		205		4,041

Primerica, Inc.		19		2,491

ProAssurance Corp.		17		308

Reinsurance Group of America, Inc.		36		4,126

RenaissanceRe Holdings Ltd. (Bermuda)		17		2,769

Selective Insurance Group, Inc.		19		1,305

Stewart Information Services Corp.		27		1,301

Third Point Reinsurance Ltd. (Bermuda) *		73		692

Trupanion, Inc. *		10		1,245

United Insurance Holdings Corp. (a)		73		419

Universal Insurance Holdings, Inc. (a)		11		172


				41,925


Interactive Media & Services — 0.3%

QuinStreet, Inc. *		44		947

TripAdvisor, Inc. *		30		875

Yelp, Inc. *		25		830


				2,652


Internet & Direct Marketing Retail — 0.3%

Grubhub, Inc. * (a)		12		884

Stamps.com, Inc. *		9		1,805


				2,689


IT Services — 3.1%

Alliance Data Systems Corp. (a)		15		1,111

CACI International, Inc., Class A *		15		3,818

Cardtronics plc, Class A *		15		522

Concentrix Corp. *		16		1,609

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

IT Services — continued

EVERTEC, Inc. (Puerto Rico)		20		775

ExlService Holdings, Inc. *		12		993

KBR, Inc.		95		2,938

LiveRamp Holdings, Inc. *		22		1,581

ManTech International Corp., Class A		11		934

MAXIMUS, Inc.		22		1,581

NIC, Inc.		23		589

Perficient, Inc. *		12		548

Perspecta, Inc.		106		2,562

Sabre Corp.		102		1,222

Science Applications International Corp.		17		1,580

Sykes Enterprises, Inc. *		55		2,070

TTEC Holdings, Inc. (a)		30		2,173

Unisys Corp. * (a)		40		792

WEX, Inc. *		14		2,809


				30,207


Leisure Products — 0.9%

Brunswick Corp.		30		2,257

Mattel, Inc. *		123		2,138

Polaris, Inc.		30		2,875

YETI Holdings, Inc. * (a)		23		1,554


				8,824


Life Sciences Tools & Services — 1.6%

Bio-Techne Corp.		13		4,096

Charles River Laboratories International, Inc. *		18		4,473

Medpace Holdings, Inc. *		9		1,225

NeoGenomics, Inc. * (a)		36		1,960

PRA Health Sciences, Inc. *		21		2,672

Syneos Health, Inc. *		23		1,581


				16,007


Machinery — 4.6%

AGCO Corp.		53		5,425

Alamo Group, Inc.		3		428

Albany International Corp., Class A		19		1,424

Barnes Group, Inc.		16		827

Chart Industries, Inc. *		11		1,272

Colfax Corp. *		30		1,139

Crane Co.		50		3,900

Federal Signal Corp.		19		637

Graco, Inc.		8		564

Hillenbrand, Inc.		35		1,393

ITT, Inc.		47		3,582

John Bean Technologies Corp.		11		1,287


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — continued

Lydall, Inc. *		7		216

Meritor, Inc. *		26		717

Middleby Corp. (The) *		7		941

Mueller Industries, Inc.		34		1,208

Nordson Corp.		10		1,969

Oshkosh Corp.		41		3,494

SPX Corp. *		16		900

SPX FLOW, Inc. *		14		823

Standex International Corp.		4		333

Terex Corp.		60		2,079

Timken Co. (The)		66		5,095

Toro Co. (The)		36		3,405

Wabash National Corp. (a)		68		1,172

Woodward, Inc.		6		681


				44,911


Marine — 0.1%

Kirby Corp. *		12		632

SEACOR Holdings, Inc. *		6		228


				860


Media — 0.9%

AMC Networks, Inc., Class A * (a)		10		368

Cable One, Inc.		2		3,787

EW Scripps Co. (The), Class A		20		298

Gannett Co., Inc. *		44		149

John Wiley & Sons, Inc., Class A		14		644

Meredith Corp.		14		266

New York Times Co. (The), Class A		13		689

TEGNA, Inc.		188		2,624


				8,825


Metals & Mining — 2.0%

Allegheny Technologies, Inc. *		127		2,123

Arconic Corp. *		47		1,401

Carpenter Technology Corp.		26		748

Cleveland-Cliffs, Inc. (a)		169		2,464

Commercial Metals Co.		83		1,702

Haynes International, Inc.		18		431

Kaiser Aluminum Corp.		10		1,005

Materion Corp.		15		956

Reliance Steel & Aluminum Co.		28		3,315

Royal Gold, Inc.		6		596

Steel Dynamics, Inc.		72		2,649

SunCoke Energy, Inc.		281		1,222

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Metals & Mining — continued

Warrior Met Coal, Inc. (a)		39		836


				19,448


Mortgage Real Estate Investment Trusts (REITs) — 0.4%

Apollo Commercial Real Estate Finance, Inc. (a)		50		563

Granite Point Mortgage Trust, Inc.		52		519

Invesco Mortgage Capital, Inc. (a)		5		18

KKR Real Estate Finance Trust, Inc.		56		1,009

New York Mortgage Trust, Inc. (a)		118		436

PennyMac Mortgage Investment Trust		35		612

Ready Capital Corp.		14		168

Redwood Trust, Inc. (a)		83		728


				4,053


Multiline Retail — 0.5%

Big Lots, Inc. (a)		14		597

Kohl’s Corp.		52		2,104

Macy’s, Inc. (a)		106		1,195

Ollie’s Bargain Outlet Holdings, Inc. *		12		948


				4,844


Multi-Utilities — 0.7%

Black Hills Corp.		21		1,296

MDU Resources Group, Inc.		146		3,838

NorthWestern Corp.		23		1,361


				6,495


Oil, Gas & Consumable Fuels — 1.3%

Antero Midstream Corp.		93		718

Callon Petroleum Co. * (a)		5		65

Cimarex Energy Co.		38		1,407

CNX Resources Corp. *		68		732

EQT Corp.		95		1,202

Green Plains, Inc. * (a)		42		549

Murphy Oil Corp.		63		762

Par Pacific Holdings, Inc. *		82		1,148

PBF Energy, Inc., Class A (a)		25		175

PDC Energy, Inc. *		34		707

Range Resources Corp. *		80		536

Renewable Energy Group, Inc. *		32		2,252

REX American Resources Corp. *		2		154

Southwestern Energy Co. * (a)		166		494

World Fuel Services Corp.		19		607

WPX Energy, Inc. *		172		1,404


				12,912


INVESTMENTS	SHARES (000)		VALUE ($000)


Paper & Forest Products — 0.7%

Boise Cascade Co.		23		1,090

Domtar Corp.		65		2,044

Glatfelter Corp.		15		252

Louisiana-Pacific Corp.		51		1,895

Mercer International, Inc. (Germany)		16		168

Neenah, Inc.		15		830

Schweitzer-Mauduit International, Inc.		11		452


				6,731


Personal Products — 0.4%

Coty, Inc., Class A		96		677

Edgewell Personal Care Co.		19		660

Medifast, Inc.		4		872

Nu Skin Enterprises, Inc., Class A		20		1,065

USANA Health Sciences, Inc. * (a)		4		293


				3,567


Pharmaceuticals — 0.5%

Endo International plc *		261		1,874

Lannett Co., Inc. * (a)		314		2,050

Prestige Consumer Healthcare, Inc. *		19		662

Supernus Pharmaceuticals, Inc. *		16		408


				4,994


Professional Services — 1.5%

ASGN, Inc. *		19		1,579

CoreLogic, Inc.		36		2,791

FTI Consulting, Inc. *		13		1,482

Heidrick & Struggles International, Inc.		42		1,219

Insperity, Inc.		13		1,083

Kelly Services, Inc., Class A		13		276

Korn Ferry		49		2,123

ManpowerGroup, Inc.		40		3,570

Resources Connection, Inc.		39		487

TrueBlue, Inc. *		21		384


				14,994


Real Estate Management & Development — 0.5%

Jones Lang LaSalle, Inc. *		19		2,788

RE/MAX Holdings, Inc., Class A		7		265

Realogy Holdings Corp. *		114		1,492


				4,545


Road & Rail — 0.8%

ArcBest Corp.		64		2,722

Avis Budget Group, Inc. * (a)		16		586

Landstar System, Inc.		24		3,254

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Road & Rail — continued

Saia, Inc. *		8		1,356


				7,918


Semiconductors & Semiconductor Equipment — 4.7%

Advanced Energy Industries, Inc. *		14		1,347

Axcelis Technologies, Inc. *		12		347

Cirrus Logic, Inc. *		20		1,655

CMC Materials, Inc.		2		340

Cohu, Inc.		14		527

Cree, Inc. *		22		2,330

Diodes, Inc. * (a)		13		945

Enphase Energy, Inc. *		41		7,194

First Solar, Inc. *		28		2,740

FormFactor, Inc. *		29		1,239

Ichor Holdings Ltd. *		9		262

Kulicke & Soffa Industries, Inc. (Singapore)		77		2,444

MKS Instruments, Inc.		18		2,689

Monolithic Power Systems, Inc.		11		3,992

Photronics, Inc. *		20		219

Power Integrations, Inc.		19		1,580

Rambus, Inc. *		38		660

Semtech Corp. *		23		1,629

Silicon Laboratories, Inc. *		14		1,834

SMART Global Holdings, Inc. * (a)		36		1,351

SolarEdge Technologies, Inc. *		17		5,329

Synaptics, Inc. *		11		1,099

Ultra Clean Holdings, Inc. *		26		823

Universal Display Corp.		14		3,217

Veeco Instruments, Inc. *		2		40


				45,832


Software — 3.1%

ACI Worldwide, Inc. *		36		1,383

Bottomline Technologies DE, Inc. *		12		617

CDK Global, Inc.		39		2,027

Ceridian HCM Holding, Inc. *		42		4,475

CommVault Systems, Inc. *		17		925

Fair Isaac Corp. *		10		4,934

j2 Global, Inc. * (a)		16		1,573

LivePerson, Inc. *		20		1,257

Manhattan Associates, Inc. *		20		2,125

Paylocity Holding Corp. *		12		2,450

Progress Software Corp.		23		1,021

PTC, Inc. *		34		4,056

Qualys, Inc. *		11		1,316

SPS Commerce, Inc. *		13		1,390


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

Xperi Holding Corp.		37		782


				30,331


Specialty Retail — 2.9%

Aaron’s Co., Inc. (The) *		11		212

Abercrombie & Fitch Co., Class A (a)		20		403

American Eagle Outfitters, Inc.		52		1,036

America’s Car-Mart, Inc. *		3		286

Asbury Automotive Group, Inc. * (a)		7		962

AutoNation, Inc. *		22		1,501

Bed Bath & Beyond, Inc. (a)		44		778

Boot Barn Holdings, Inc. *		10		421

Caleres, Inc.		16		247

Children’s Place, Inc. (The) * (a)		3		137

Designer Brands, Inc., Class A (a)		23		176

Dick’s Sporting Goods, Inc.		22		1,249

Five Below, Inc. *		11		1,907

Foot Locker, Inc.		38		1,545

Genesco, Inc. * (a)		5		153

Group 1 Automotive, Inc.		6		761

Guess?, Inc.		16		366

Haverty Furniture Cos., Inc. (a)		6		153

Lithia Motors, Inc., Class A		8		2,400

Lumber Liquidators Holdings, Inc. *		9		286

MarineMax, Inc. *		7		256

Michaels Cos., Inc. (The) * (a)		35		449

Murphy USA, Inc.		11		1,374

ODP Corp. (The) *		49		1,423

Rent-A-Center, Inc.		43		1,631

RH * (a)		5		2,238

Sally Beauty Holdings, Inc. *		31		409

Signet Jewelers Ltd. (a)		19		526

Sleep Number Corp. *		9		704

Sonic Automotive, Inc., Class A		7		278

Urban Outfitters, Inc. *		23		596

Williams-Sonoma, Inc.		28		2,841

Zumiez, Inc. *		28		1,037


				28,741


Technology Hardware, Storage & Peripherals — 0.2%

Diebold Nixdorf, Inc. *		29		310

NCR Corp. *		47		1,758


				2,068


Textiles, Apparel & Luxury Goods — 1.2%

Capri Holdings Ltd. *		48		2,020

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	23

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Textiles, Apparel & Luxury Goods — continued

Carter’s, Inc.		16		1,477

Crocs, Inc. *		25		1,585

Deckers Outdoor Corp. *		9		2,581

Fossil Group, Inc. * (a)		18		158

G-III Apparel Group Ltd. *		14		339

Kontoor Brands, Inc. (a)		15		588

Skechers U.S.A., Inc., Class A *		45		1,623

Steven Madden Ltd.		27		963

Wolverine World Wide, Inc.		27		853


				12,187


Thrifts & Mortgage Finance — 1.1%

Essent Group Ltd.		27		1,149

Flagstar Bancorp, Inc.		12		501

HomeStreet, Inc.		9		294

Meta Financial Group, Inc.		11		402

New York Community Bancorp, Inc.		154		1,621

NMI Holdings, Inc., Class A *		46		1,046

Northfield Bancorp, Inc. (a)		15		189

Northwest Bancshares, Inc.		231		2,937

Provident Financial Services, Inc.		22		390

TrustCo Bank Corp.		140		935

Walker & Dunlop, Inc.		9		856


				10,320


Tobacco — 0.2%

Universal Corp.		9		437

Vector Group Ltd.		159		1,848


				2,285


Trading Companies & Distributors — 0.8%

Applied Industrial Technologies, Inc.		13		1,029

DXP Enterprises, Inc. *		4		96

GMS, Inc. *		14		418

MSC Industrial Direct Co., Inc., Class A		15		1,300

NOW, Inc. *		109		780

Univar Solutions, Inc. *		149		2,825

Veritiv Corp. *		23		470

Watsco, Inc.		2		543


				7,461


Water Utilities — 0.5%

American States Water Co.		12		949

California Water Service Group (a)		16		854

Essential Utilities, Inc.		75		3,528


				5,331


INVESTMENTS	SHARES (000)		VALUE ($000)


Wireless Telecommunication Services — 0.3%

Shenandoah Telecommunications Co. (a)		16		701

Spok Holdings, Inc.		96		1,069

Telephone and Data Systems, Inc.		69		1,289


				3,059


Total Common Stocks (Cost $650,821)				953,960

Short-Term Investments — 5.2%

Investment Companies — 2.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c) (Cost $20,294)		20,288		20,298


Investment of Cash Collateral from Securities Loaned — 3.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		23,008		23,010

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		7,560		7,560


Total Investment of Cash Collateral from Securities Loaned (Cost $30,571)				30,570


Total Short-Term Investments (Cost $50,865)				50,868

Total Investments — 102.9% (Cost $701,686)				1,004,828
Liabilities in Excess of Other Assets — (2.9)%				(28,656	)

NET ASSETS — 100.0%				976,172

Percentages indicated are based on net assets.


Abbreviations

REIT		Real Estate Investment Trust
(a)		The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 is approximately $29,549,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

Futures contracts outstanding as of December 31, 2020 (amounts in thousands, except number of contracts):

Description

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

03/2021

USD

5,043

153

S&P Midcap 400 E-Mini Index

03/2021

USD

15,214

456

609

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	6,729,825		$	953,960
Investments in affiliates, at value		117,243			20,298
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		41,661			30,570
Cash		—	(a)		5
Deposits at broker for futures contracts		2,045			1,475
Receivables:
Fund shares sold		22,824			184
Dividends from non-affiliates		4,830			1,074
Dividends from affiliates		2			—	(a)
Securities lending income (See Note 2.B.)		10			6
Variation margin on futures contracts		179			41
Due from adviser		6			—

Total Assets		6,918,625			1,007,613


LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.B.)		41,661			30,570
Fund shares redeemed		18,913			534
Accrued liabilities:
Investment advisory fees		—			150
Administration fees		160			27
Distribution fees		203			42
Service fees		215			25
Custodian and accounting fees		28			14
Trustees’ and Chief Compliance Officer’s fees		1			1
Other		148			78

Total Liabilities		61,329			31,441

Net Assets	$	6,857,296		$	976,172

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	3,902,083		$	671,789
Total distributable earnings (loss)		2,955,213			304,383

Total Net Assets	$	6,857,296		$	976,172


Net Assets:
Class A	$	669,602		$	113,123
Class C		99,810			21,277
Class I		1,009,798			177,546
Class R2		—			12,803
Class R6		5,078,086			651,423

Total	$	6,857,296		$	976,172

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,749			10,734
Class C		1,770			2,548
Class I		17,696			16,509
Class R2		—			1,239
Class R6		88,963			61,010

Net Asset Value (a):
Class A — Redemption price per share	$	56.99		$	10.54
Class C — Offering price per share (b)		56.40			8.35
Class I — Offering and redemption price per share		57.06			10.75
Class R2 — Offering and redemption price per share		—			10.33
Class R6 — Offering and redemption price per share		57.08			10.68
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)]	$	60.15		$	11.12


Cost of investments in non-affiliates	$	3,689,795		$	650,821
Cost of investments in affiliates		79,801			20,294
Investment securities on loan, at value (See Note 2.B.)		40,501			29,549
Cost of investment of cash collateral (See Note 2.B.)		41,661			30,571

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)


	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)
Dividend income from non-affiliates		39,458			6,977
Dividend income from affiliates		1,051			17
Non-cash dividend income from non-affiliates		5,532			—
Income from securities lending (net) (See Note 2.B.)		107			63

Total investment income		46,148			7,057


EXPENSES:
Investment advisory fees		1,109			1,086
Administration fees		2,079			326
Distribution fees:
Class A		786			128
Class C		375			75
Class R2		—			29
Service fees:
Class A		786			128
Class C		125			25
Class I		1,257			220
Class R2		—			14
Custodian and accounting fees		112			22
Interest expense to affiliates		4			—	(a)
Professional fees		50			29
Trustees’ and Chief Compliance Officer’s fees		21			14
Printing and mailing costs		63			29
Registration and filing fees		88			42
Transfer agency fees (See Note 2.F.)		141			31
Other		56			14

Total expenses		7,052			2,212

Less fees waived		(3,252	)		(741	)
Less expense reimbursements		(12	)		—

Net expenses		3,788			1,471

Net investment income (loss)		42,360			5,586


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(5,539	)		28,634
Investments in affiliates		(523	)		(5	)
Futures contracts		6,815			5,722

Net realized gain (loss)		753			34,351

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,028,012			202,772
Investments in affiliates		19,914			(5	)
Futures contracts		235			106

Change in net unrealized appreciation/depreciation		1,048,161			202,873

Net realized/unrealized gains (losses)		1,048,914			237,224

Change in net assets resulting from operations	$	1,091,274		$	242,810

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	42,360		$	110,145		$	5,586		$	11,526
Net realized gain (loss)		753			(79,555	)		34,351			13,208
Change in net unrealized appreciation/depreciation		1,048,161			311,041			202,873			(102,163	)

Change in net assets resulting from operations		1,091,274			341,631			242,810			(77,429	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,190	)		(13,786	)		(4,777	)		(7,463	)
Class C		(518	)		(1,399	)		(1,056	)		(1,930	)
Class I		(9,339	)		(17,951	)		(7,824	)		(14,281	)
Class R2		—			—			(505	)		(683	)
Class R6		(41,922	)		(76,732	)		(28,918	)		(32,417	)

Total distributions to shareholders		(56,969	)		(109,868	)		(43,080	)		(56,774	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		819,120			261,702			(22,267	)		(16,159	)


NET ASSETS:
Change in net assets		1,853,425			493,465			177,463			(150,362	)
Beginning of period		5,003,871			4,510,406			798,709			949,071

End of period	$	6,857,296		$	5,003,871		$	976,172		$	798,709

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	39,867		$	396,037		$	4,113		$	14,635
Distributions reinvested		5,040			13,586			4,485			7,071
Cost of shares redeemed		(66,086	)		(476,055	)		(15,489	)		(35,182	)

Change in net assets resulting from Class A capital transactions		(21,179	)		(66,432	)		(6,891	)		(13,476	)

Class C
Proceeds from shares issued		5,508			28,430			514			2,645
Distributions reinvested		416			1,019			1,043			1,874
Cost of shares redeemed		(28,013	)		(27,965	)		(4,376	)		(9,924	)

Change in net assets resulting from Class C capital transactions		(22,089	)		1,484			(2,819	)		(5,405	)

Class I
Proceeds from shares issued		132,717			615,684			15,844			66,205
Distributions reinvested		8,870			17,086			6,558			12,652
Cost of shares redeemed		(341,795	)		(449,355	)		(57,254	)		(132,377	)

Change in net assets resulting from Class I capital transactions		(200,208	)		183,415			(34,852	)		(53,520	)

Class R2
Proceeds from shares issued		—			—			1,103			2,859
Distributions reinvested		—			—			505			683
Cost of shares redeemed		—			—			(2,093	)		(3,891	)

Change in net assets resulting from Class R2 capital transactions		—			—			(485	)		(349	)

Class R6
Proceeds from shares issued		1,297,194			933,144			23,257			88,970
Distributions reinvested		41,367			75,669			28,918			32,417
Cost of shares redeemed		(275,965	)		(865,578	)		(29,395	)		(64,796	)

Change in net assets resulting from Class R6 capital transactions		1,062,596			143,235			22,780			56,591

Total change in net assets resulting from capital transactions	$	819,120		$	261,702		$	(22,267	)	$	(16,159	)

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
SHARE TRANSACTIONS:
Class A
Issued		766			9,010			443			1,620
Reinvested		96			300			434			706
Redeemed		(1,262	)		(10,572	)		(1,663	)		(3,909	)

Change in Class A Shares		(400	)		(1,262	)		(786	)		(1,583	)

Class C
Issued		107			638			67			354
Reinvested		8			23			128			234
Redeemed		(550	)		(629	)		(587	)		(1,383	)

Change in Class C Shares		(435	)		32			(392	)		(795	)

Class I
Issued		2,545			13,690			1,668			7,326
Reinvested		168			378			620			1,238
Redeemed		(6,667	)		(10,027	)		(5,879	)		(14,740	)

Change in Class I Shares		(3,954	)		4,041			(3,591	)		(6,176	)

Class R2
Issued		—			—			120			332
Reinvested		—			—			50			69
Redeemed		—			—			(226	)		(425	)

Change in Class R2 Shares		—			—			(56	)		(24	)

Class R6
Issued		23,396			20,323			2,309			11,559
Reinvested		778			1,679			2,753			3,191
Redeemed		(5,245	)		(19,098	)		(2,948	)		(7,082	)

Change in Class R6 Shares		18,929			2,904			2,114			7,668

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Equity Index Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	47.11	$	0.32	$	10.00	$	10.32	$	(0.44	)	$	—		$	(0.44	)
Year Ended June 30, 2020		44.90		0.91		2.20		3.11		(0.81	)		(0.09	)	��	(0.90	)
Year Ended June 30, 2019		41.64		0.72		3.33		4.05		(0.65	)		(0.14	)		(0.79	)
Year Ended June 30, 2018		37.41		0.61		4.54		5.15		(0.54	)		(0.38	)		(0.92	)
Year Ended June 30, 2017		35.36		0.61		5.22		5.83		(0.59	)		(3.19	)		(3.78	)
Year Ended June 30, 2016		41.12		0.71		0.38		1.09		(0.67	)		(6.18	)		(6.85	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		46.65		0.16		9.86		10.02		(0.27	)		—			(0.27	)
Year Ended June 30, 2020		44.45		0.62		2.21		2.83		(0.54	)		(0.09	)		(0.63	)
Year Ended June 30, 2019		41.27		0.46		3.30		3.76		(0.44	)		(0.14	)		(0.58	)
Year Ended June 30, 2018		37.08		0.37		4.50		4.87		(0.30	)		(0.38	)		(0.68	)
Year Ended June 30, 2017		35.09		0.36		5.18		5.54		(0.36	)		(3.19	)		(3.55	)
Year Ended June 30, 2016		40.86		0.43		0.38		0.81		(0.40	)		(6.18	)		(6.58	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		47.22		0.39		9.95		10.34		(0.50	)		—			(0.50	)
Year Ended June 30, 2020		44.97		1.02		2.25		3.27		(0.93	)		(0.09	)		(1.02	)
Year Ended June 30, 2019		41.68		0.83		3.34		4.17		(0.74	)		(0.14	)		(0.88	)
Year Ended June 30, 2018		37.44		0.72		4.54		5.26		(0.64	)		(0.38	)		(1.02	)
Year Ended June 30, 2017		35.39		0.70		5.22		5.92		(0.68	)		(3.19	)		(3.87	)
Year Ended June 30, 2016		41.14		0.81		0.38		1.19		(0.76	)		(6.18	)		(6.94	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		47.21		0.42		9.99		10.41		(0.54	)		—			(0.54	)
Year Ended June 30, 2020		44.98		1.10		2.22		3.32		(1.00	)		(0.09	)		(1.09	)
Year Ended June 30, 2019		41.68		0.90		3.33		4.23		(0.79	)		(0.14	)		(0.93	)
Year Ended June 30, 2018		37.44		0.76		4.57		5.33		(0.71	)		(0.38	)		(1.09	)
September 1, 2016 (g) through June 30, 2017		36.73		0.58		4.05		4.63		(0.73	)		(3.19	)		(3.92	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Net expenses for Class R6 Shares are 0.044% for the six months ended December 31, 2020, 0.044% for the year ended June 30, 2020, 0.043% for the year ended June 30, 2019, 0.042% for the year ended June 30, 2018 and 0.045% for the period September 1, 2016 through June 30, 2017.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
								Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)				Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	56.99		21.98	%		$	669,602		0.45	%		1.22	%		0.66	%		6	%
	47.11		7.02				572,292		0.45			1.97			0.66			15
	44.90		9.87				602,186		0.45			1.68			0.66			6
	41.64		13.88				590,286		0.45			1.52			0.69			14
	37.41		17.35				580,645		0.45			1.67			0.76			21
	35.36		3.53				598,815		0.45			1.93			0.94			4


	56.40		21.54				99,810		1.05			0.62			1.13			6
	46.65		6.42				102,864		1.05			1.37			1.14			15
	44.45		9.23		��		96,605		1.05			1.10			1.13			6
	41.27		13.20				78,613		1.05			0.92			1.15			14
	37.08		16.57				89,681		1.11			1.01			1.23			21
	35.09		2.76				89,104		1.20			1.19			1.43			4


	57.06		21.98				1,009,798		0.20			1.49			0.38			6
	47.22		7.40				1,022,318		0.20			2.21			0.38			15
	44.97		10.16				791,881		0.20			1.94			0.38			6
	41.68		14.18				687,941		0.20			1.78			0.40			14
	37.44		17.62				740,340		0.20			1.93			0.48			21
	35.39		3.81				819,463		0.20			2.17			0.67			4


	57.08		22.15				5,078,086		0.04	(f)		1.61			0.13			6
	47.21		7.52				3,306,397		0.04	(f)		2.38			0.13			15
	44.98		10.33				3,019,734		0.04	(f)		2.11			0.13			6
	41.68		14.36				2,008,916		0.04	(f)		1.85			0.14			14
	37.44		13.49				338,764		0.05	(f)		1.93			0.15			21

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Market Expansion Enhanced Index Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	8.38	$	0.05	$	2.56		$	2.61		$	(0.09	)	$	(0.36	)	$	(0.45	)
Year Ended June 30, 2020		9.88		0.10		(0.98	)		(0.88	)		(0.11	)		(0.51	)		(0.62	)
Year Ended June 30, 2019		11.75		0.10		(0.65	)		(0.55	)		(0.09	)		(1.23	)		(1.32	)
Year Ended June 30, 2018		11.52		0.10		1.46			1.56			(0.08	)		(1.25	)		(1.33	)
Year Ended June 30, 2017		10.64		0.10		1.92			2.02			(0.08	)		(1.06	)		(1.14	)
Year Ended June 30, 2016		12.98		0.09		(0.21	)		(0.12	)		(0.08	)		(2.14	)		(2.22	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		6.70		0.02		2.05			2.07			(0.06	)		(0.36	)		(0.42	)
Year Ended June 30, 2020		8.02		0.04		(0.78	)		(0.74	)		(0.07	)		(0.51	)		(0.58	)
Year Ended June 30, 2019		9.83		0.04		(0.56	)		(0.52	)		(0.06	)		(1.23	)		(1.29	)
Year Ended June 30, 2018		9.85		0.03		1.24			1.27			(0.04	)		(1.25	)		(1.29	)
Year Ended June 30, 2017		9.27		0.03		1.65			1.68			(0.04	)		(1.06	)		(1.10	)
Year Ended June 30, 2016		11.62		0.01		(0.19	)		(0.18	)		(0.03	)		(2.14	)		(2.17	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		8.55		0.06		2.61			2.67			(0.11	)		(0.36	)		(0.47	)
Year Ended June 30, 2020		10.06		0.12		(0.99	)		(0.87	)		(0.13	)		(0.51	)		(0.64	)
Year Ended June 30, 2019		11.92		0.13		(0.67	)		(0.54	)		(0.09	)		(1.23	)		(1.32	)
Year Ended June 30, 2018		11.66		0.13		1.48			1.61			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2017		10.75		0.13		1.94			2.07			(0.10	)		(1.06	)		(1.16	)
Year Ended June 30, 2016		13.09		0.12		(0.21	)		(0.09	)		(0.11	)		(2.14	)		(2.25	)

Class R2
Six Months Ended December 31, 2020 (Unaudited)		8.21		0.03		2.51			2.54			(0.06	)		(0.36	)		(0.42	)
Year Ended June 30, 2020		9.69		0.06		(0.97	)		(0.91	)		(0.06	)		(0.51	)		(0.57	)
Year Ended June 30, 2019		11.56		0.07		(0.65	)		(0.58	)		(0.06	)		(1.23	)		(1.29	)
Year Ended June 30, 2018		11.36		0.07		1.44			1.51			(0.06	)		(1.25	)		(1.31	)
Year Ended June 30, 2017		10.52		0.07		1.89			1.96			(0.06	)		(1.06	)		(1.12	)
Year Ended June 30, 2016		12.87		0.07		(0.22	)		(0.15	)		(0.06	)		(2.14	)		(2.20	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		8.49		0.07		2.61			2.68			(0.13	)		(0.36	)		(0.49	)
Year Ended June 30, 2020		10.00		0.13		(0.99	)		(0.86	)		(0.14	)		(0.51	)		(0.65	)
October 1, 2018 (f) through June 30, 2019		12.08		0.11		(0.82	)		(0.71	)		(0.14	)		(1.23	)		(1.37	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(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.



34	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
								Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)			Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	10.54		31.36	%	$	113,123			0.60	%		1.02	%		0.88	%		16	%
	8.38		(9.97	)		96,485			0.60			1.08			0.88			49
	9.88		(3.69	)		129,406			0.60			0.98			0.88			36
	11.75		14.02			171,304			0.60			0.85			0.88			33
	11.52		19.37			162,853	��		0.62			0.87			0.93			30
	10.64		0.22			99,397			0.69			0.81			0.98			39

	8.35		31.09			21,277			1.09			0.51			1.38			16
	6.70		(10.43	)		19,697			1.10			0.57			1.39			49
	8.02		(4.21	)		29,952			1.10			0.49			1.38			36
	9.83		13.46			36,618			1.10			0.34			1.38			33
	9.85		18.58			37,529			1.17			0.32			1.44			30
	9.27		(0.43	)		24,343			1.39			0.12			1.52			39

	10.75		31.47			177,546			0.35			1.26			0.61			16
	8.55		(9.68	)		171,771			0.35			1.32			0.62			49
	10.06		(3.56	)		264,415			0.34			1.14			0.61			36
	11.92		14.31			864,316			0.35			1.10			0.61			33
	11.66		19.66			788,063			0.38			1.13			0.62			30
	10.75		0.47			800,082			0.44			1.04			0.63			39

	10.33		31.10			12,803			0.99			0.62			1.30			16
	8.21		(10.32	)		10,627			1.00			0.68			1.29			49
	9.69		(4.11	)		12,786			0.93			0.66			1.35			36
	11.56		13.79			13,560			0.83			0.61			1.35			33
	11.36		19.06			22,703			0.85			0.63			1.29			30
	10.52		(0.05	)		11,536			0.92			0.60			1.40			39

	10.68		31.71			651,423			0.25			1.38			0.36			16
	8.49		(9.65	)		500,129			0.25			1.45			0.36			49
	10.00		(4.81	)		512,512			0.25			1.51			0.37			36

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

JPMorgan Trust II (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 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 Equity Index Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Market Expansion Enhanced Index Fund	Class A, Class C, Class I, Class R2 and Class R6	Diversified

The investment objective of JPMorgan Equity Index Fund (“Equity Index Fund”) is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index.

The investment objective of JPMorgan Market Expansion Enhanced Index Fund (“Market Expansion Enhanced Index Fund”) is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small and mid-capitalization equity markets.

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 R2 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.

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.

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 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.

•



36	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Equity Index Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,888,729	$	—	$	—	$	6,888,729

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	747	$	—	$	—	$	747

Market Expansion Enhanced Index Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,004,828	$	—	$	—	$	1,004,828

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	609	$	—	$	—	$	609

(a)	Please refer to the SOIs for specifics of portfolio holdings.

B. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.


	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)
Equity Index Fund	$	40,501	$	(40,501	)	$	—
Market Expansion Enhanced Index Fund		29,549		(29,549	)		—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


Equity Index Fund	$	5
Market Expansion Enhanced Index Fund		2

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Equity Index Fund


For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (a)	$	55,564	$	11,915	$	3,510	$	(523	)	$	19,912	$	83,358		656	$	1,047		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		82,086		251,000		297,000		(25	)*		2		36,063		36,059		104	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		44,138		206,451		244,991		—			—		5,598		5,598		5	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03% (b) (c)		23,364		1,428,840		1,418,319		—			—		33,885		33,885		4			—

Total	$	205,152	$	1,898,206	$	1,963,820	$	(548	)	$	19,914	$	158,904			$	1,160		$	—

Market Expansion Enhanced Index Fund



For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.12% (b) (c)	$	24,762	$	69,635	$	74,091	$	(5	)	$	(3	)	$	20,298		20,288	$	17		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		35,019		67,000		79,000		(7	)*		(2	)		23,010		23,008		36	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		4,323		72,798		69,561		—			—			7,560		7,560		2	*		—

Total	$	64,104	$	209,433	$	222,652	$	(12	)	$	(5	)	$	50,868			$	55		$	—

(a)	Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c)	The rate shown is the current yield as of December 31, 2020.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



38	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

D. Futures Contracts — The Funds used index futures contracts to gain or reduce exposure to their respective indices, 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 Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2020 (amounts in thousands):


	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	41,862	$	17,892
Ending Notional Balance Long		49,999		20,257

E. 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. Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.

F. 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.


	Class A		Class C		Class I		Class R2		Class R6		Total
Equity Index Fund
Transfer agency fees	$	117	$	3	$	9		n/a	$	12	$	141
Market Expansion Enhanced Index Fund
Transfer agency fees		11		3		3	$	11		3		31

G. 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.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly for Equity Index Fund and declared and paid at least annually for Market Expansion Index Fund. 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.

3. Fees and Other Transactions with Affiliates


Equity Index Fund	0.04	%
Market Expansion Enhanced Index Fund	0.25

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2020, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I 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
Equity Index Fund		0.25	%		0.75	%		n/a
Market Expansion Enhanced Index Fund		0.25			0.75			0.50	%


	Front-End Sales Charge		CDSC
Equity Index Fund	$	16	$	—	(a)
Market Expansion Enhanced Index Fund		2		—	(a)

(a)	Amount rounds to less than one thousand.



40	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class C			Class I			Class R2
Equity Index Fund		0.25	%		0.25	%		0.25	%		n/a
Market Expansion Enhanced Index Fund		0.25			0.25			0.25			0.25	%

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (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 R2			Class R6
Equity Index Fund		0.45	%		n/a			0.20	%		n/a			0.045	%
Market Expansion Enhanced Index Fund		0.60			1.10	%		0.35			1.00	%		0.25


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Index Fund	$	1,108	$	1,220	$	902	$	3,230	$	12
Market Expansion Enhanced Index Fund		287		192		251		730		—

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):


Equity Index Fund	$	22
Market Expansion Enhanced Index Fund		11

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.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2020, Market Expansion Enhanced Index 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, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Equity Index Fund	$	1,149,157	$	341,795
Market Expansion Enhanced Index Fund		137,213		189,099

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	3,811,257	$	3,121,238	$	43,019	$3,078,219
Market Expansion Enhanced Index Fund		701,686		328,884		25,133		303,751

As of June 30, 2020, the Funds had net capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Index Fund	$	3,355	$	1,124

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):


	Net Capital Losses (Gains)
	Short-Term			Long-Term
Equity Index Fund	$	(5,720	)	$	7,623
Market Expansion Enhanced Index Fund		8,700			—

6. Borrowings



42	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020. Average borrowings from the Facility during the six months ended December 31, 2020, were as follows (amounts in thousands, except number of days outstanding):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Equity Index Fund	$	33,005		0.83	%		5	$	4

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications

As of December 31, 2020, the following Fund 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

Market Expansion Enhanced Index Fund

54.9

As of December 31, 2020, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Blend Funds
Equity Index Fund		–			57.4	%
Market Expansion Enhanced Index Fund		62.2	%		–

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)



44	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

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 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, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Index Fund
Class A
Actual		$	1,000.00	$	1,219.80	$	2.52		0.45	%
Hypothetical			1,000.00		1,022.94		2.29		0.45
Class C	��
Actual			1,000.00		1,215.40		5.86		1.05
Hypothetical			1,000.00		1,019.91		5.35		1.05
Class I
Actual			1,000.00		1,219.80		1.12		0.20
Hypothetical			1,000.00		1,024.20		1.02		0.20
Class R6
Actual			1,000.00		1,221.50		0.22		0.04
Hypothetical			1,000.00		1,025.00		0.20		0.04

JPMorgan Market Expansion Enhanced Index Fund
Class A
Actual			1,000.00		1,313.60		3.50		0.60
Hypothetical			1,000.00		1,022.18		3.06		0.60
Class C
Actual			1,000.00		1,310.90		6.35		1.09
Hypothetical			1,000.00		1,019.71		5.55		1.09
Class I
Actual			1,000.00		1,314.70		2.04		0.35
Hypothetical			1,000.00		1,023.44		1.79		0.35
Class R2
Actual			1,000.00		1,311.00		5.77		0.99
Hypothetical			1,000.00		1,020.21		5.04		0.99
Class R6
Actual			1,000.00		1,317.10		1.46		0.25
Hypothetical			1,000.00		1,023.95		1.28		0.25

*	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, 2020	J.P. MORGAN EQUITY FUNDS	45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory 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 the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the 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 session with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser



46	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

Costs of Services Provided and Profitability to the Adviser and its Affiliates

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

Economies of Scale



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Independent Written Evaluation of the Funds’ Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the Funds 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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of

funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Index Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class 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, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Market Expansion Enhanced Index Fund’s performance for Class A shares was in third, fifth and fourth quintiles based upon the Peer Group, and in the third, third and second quintiles based upon Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third and fifth quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the third, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent



48	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2020

consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They 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.

Advisory Fees and Expense Ratios

The Trustees noted that the Equity Index Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. 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 Market Expansion Enhanced Index Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the third 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.



DECEMBER 31, 2020	J.P. MORGAN EQUITY FUNDS	49

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., 2020. All rights reserved. December 2020.		SAN-INDEX-1220

Semi-Annual Report

J.P. Morgan Investor Funds

December 31, 2020 (Unaudited)

JPMorgan Investor Balanced Fund

JPMorgan Investor Conservative Growth Fund

JPMorgan Investor Growth Fund

JPMorgan Investor Growth & Income Fund

LOGO

CONTENTS


Letter to Shareholders			1

Fund Facts			2

Funds Commentary			3

Schedules of Portfolio Investments			9

Financial Statements			14

Financial Highlights			22

Notes to Financial Statements			30

Schedule of Shareholder Expenses			42

Board Approval of Investment Advisory Agreements			44

Tax Letter			49

LETTER TO SHAREHOLDERS

February 4, 2021 (Unaudited)

Dear Shareholders,

— Andrea L. Lisher

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	1

J.P. Morgan Investor Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


Fund	Fund Return (With sales charge)*		Fund Return (Without sales charge)*		Bloomberg Barclays U.S. Intermediate Aggregate Index Return (Broad-Based Fixed Income Benchmark)		Russell 3000 Index Return (Broad-Based Equity Benchmark)		MSCI EAFE Index (net of foreign withholding taxes)		Fund Net Assets as of December 31, 2020 (in thousands)

JPMorgan Investor Balanced Fund, Class A		9.05%		14.21%		0.90%		25.24%		21.61%	$	5,306,587

JPMorgan Investor Conservative Growth Fund, Class A		4.45%		9.42%		0.90%		25.24%		21.61%		4,446,331

JPMorgan Investor Growth Fund, Class A		17.83%		23.39%		0.90%		25.24%		21.61%		3,585,114

JPMorgan Investor Growth & Income Fund, Class A		13.09%		18.41%		0.90%		25.24%		21.61%		3,619,976

Portfolio Composition by Asset Class**


Investor Balanced Fund
Fixed Income	43.1	%
U.S. Equity	37.5
International Equity	14.2
Alternative Assets	3.8
Short-Term Investments	1.4

Investor Conservative Growth Fund
Fixed Income	61.9	%
U.S. Equity	21.8
International Equity	9.1
Alternative Assets	4.6
Short-Term Investments	2.6

Investor Growth Fund
U.S. Equity	64.1	%
International Equity	23.2
Fixed Income	10.7
Alternative Assets	0.7
Short-Term Investments	1.3


Investor Growth & Income Fund
U.S. Equity	50.6	%
Fixed Income	28.4
International Equity	17.0
Alternative Assets	2.0
Short-Term Investments	2.0

Percentages indicated are based on total investments as of December 31, 2020. The Funds’ portfolio composition is subject to change.



2	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan Investor Balanced Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The JPMorgan Investor Conservative Growth Fund seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The JPMorgan Investor Growth Fund seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The JPMorgan Investor Growth & Income Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

HOW DID THE MARKET PERFORM?

Globally, U.S. equity led a broad rebound in both developed markets and emerging markets equity at the start of the period. Leading U.S. equity indexes rose in July and August 2020, punctuated by five consecutive record high closings for the S&P 500 Index in late August — a stretch not seen since 2017. Notably, Apple Inc. issued a 4-for-1 stock split in August and became the first publicly listed company with a valuation surpassing $2 trillion. The U.S. Federal Reserve (the “Fed”) signaled its continued support for asset purchases and low benchmark interest rates. While the spread of Covid-19 accelerated in the U.S., multiple candidate vaccines were being developed around the world and the number of hospitalizations was relatively small at the end of the summer compared with what was to come at the end of the year.

U.S. equity prices began to rebound in November and by mid-month the S&P 500 Index reached a closing high and crossed 3,600 points for the first time amid the U.S. Food and

Drug Administration’s approval of the first Covid-19 vaccines. While the results of the U.S. presidential election were contested, President-elect Joe Biden’s early cabinet choices — including former Fed Chairwoman Janet Yellen — removed some investor uncertainty. The Fed kept interest rates and policies unchanged and Congressional negotiations over proposed relief and stimulus spending continued through the month.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

In accordance with their model allocations, each of the JPMorgan Investor Funds (the “Investor Funds”) allocated its assets among fixed income, equity and alternative investments.

For the six months ended December 31, 2020, each of the Investor Funds’ Class A Shares outperformed the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Investor Funds’ broad based fixed income benchmark, mainly due to the Investor Funds’ exposure to global equity, which largely outperformed fixed income markets.

Each of the Investor Funds’ Class A Shares underperformed the Russell 3000 Index, the Investor Funds’ broad based equity benchmark, due to the Investor Funds’ allocations to fixed income and international developed market equity, which both underperformed U.S. equity.

The Class A Shares of the Investor Growth Fund outperformed the MSCI EAFE Index, largely due to its large allocation to U.S. equity, which outperformed international developed market equity, while the Investor Balanced Fund, Investor Conservative Growth Fund and the Investor Growth & Income Fund underperformed the MSCI EAFE Index due to their allocations to fixed income, which underperformed international development market equity.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	3

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited) (continued)

HOW WERE THE FUNDS POSITIONED?

Each Investor Fund invested in underlying JPMorgan Funds (“underlying funds”). The underlying funds invest in fixed income securities, equities and other alternative fixed income and equity strategies, such as below investment grade, high yield bonds and real estate investment trusts. Among equities, the underlying funds in which the Investor Funds invested were allocated among large-cap, mid-cap, small-cap and international stocks. The Investor Funds’ portfolio managers made investments for each Investor Fund based on an evaluation of three components: underlying fund selection, tactical asset allocation and strategic asset allocation. The portfolio managers determined the strategic weight for each asset class in the Investor Funds by making investments that they believed would perform well over the long term and maintaining a level of volatility similar to that of each Investor Fund’s composite benchmark. During the reporting period, the Investor Funds’ portfolio managers maintained their relative overweight positions in international equity.

The adviser seeks to achieve each Fund’s objective. There can be no guarantee it will be achieved.



4	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

JPMorgan Investor Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			9.05	%		8.76	%		7.76	%		6.87	%
Without Sales Charge			14.21			13.87			8.77			7.36
CLASS C SHARES	July 1, 1997
With CDSC***			12.90			12.23			8.16			6.90
Without CDSC			13.90			13.23			8.16			6.90
CLASS I SHARES	December 10, 1996		14.39			14.19			9.04			7.63
CLASS R6 SHARES	July 31, 2017		14.53			14.40			9.18			7.69

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

LOGO

Returns for Class R6 Shares prior to its inception date are based on the performance of 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 I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and

asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			4.45	%		5.73	%		5.78	%		5.13	%
Without Sales Charge			9.42			10.69			6.76			5.62
CLASS C SHARES	July 1, 1997
With CDSC***			8.09			9.16			6.16			5.16
Without CDSC			9.09			10.16			6.16			5.16
CLASS I SHARES	December 10, 1996		9.58			10.97			7.03			5.89
CLASS R6 SHARES	July 31, 2017		9.71			11.22			7.14			5.94

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

LOGO

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Intermediate Aggregate

Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.



6	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

JPMorgan Investor Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			17.83	%		14.40	%		11.37	%		10.10	%
Without Sales Charge			23.39			19.80			12.40			10.61
CLASS C SHARES	July 1, 1997
With CDSC***			22.07			18.15			11.76			10.12
Without CDSC			23.07			19.15			11.76			10.12
CLASS I SHARES	December 10, 1996		23.54			20.07			12.68			10.89
CLASS R6 SHARES	July 31, 2017		23.68			20.33			12.80			10.94

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

LOGO

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Intermediate Aggregate

Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			13.09	%		11.61	%		9.55	%		8.38	%
Without Sales Charge			18.41			16.90			10.56			8.88
CLASS C SHARES	July 1, 1997
With CDSC***			17.05			15.24			9.94			8.41
Without CDSC			18.05			16.24			9.94			8.41
CLASS I SHARES	December 10, 1996		18.53			17.22			10.83			9.16
CLASS R6 SHARES	July 31, 2017		18.74			17.50			10.97			9.22

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/10 TO 12/31/20)

LOGO

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from December 31, 2010 to December 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Intermediate Aggregate Index is an

unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.



8	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.7%

Alternative Assets — 3.8%

JPMorgan Realty Income Fund Class R6 Shares (a)		6,764		89,618

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,350		73,148

JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		3,859		39,133


Total Alternative Assets				201,899


Fixed Income — 43.2%

JPMorgan Core Bond Fund Class R6 Shares (a)		86,575		1,064,002

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		55,215		481,471

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,952		49,400

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,069		18,310

JPMorgan High Yield Fund Class R6 Shares (a)		20,573		146,482

JPMorgan Income Fund Class R6 Shares (a)		25,107		236,755

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,132		65,981

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		22,434		228,830


Total Fixed Income				2,291,231


International Equity — 14.2%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,280		144,392

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,678		97,961

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,264		89,521

JPMorgan International Equity Fund Class R6 Shares (a)		4,513		90,490

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		17,445		331,450


Total International Equity				753,814


U.S. Equity — 37.5%

JPMorgan Equity Income Fund Class R6 Shares (a)		8,166		161,117

JPMorgan Large Cap Growth Fund Class R6 Shares (a)		4,569		285,353

JPMorgan Large Cap Value Fund Class R6 Shares (a)		9,213		153,496

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		18,115		193,467

JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		1,055		55,678

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		371		25,675


INVESTMENTS	SHARES (000)		VALUE ($000)


U.S. Equity — continued

JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,890		50,943

JPMorgan U.S. Equity Fund Class R6 Shares (a)		24,928		477,120

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		2,861		182,150

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,518		238,988

JPMorgan Value Advantage Fund Class R6 Shares (a)		4,659		165,395


Total U.S. Equity				1,989,382


Total Investment Companies (Cost $4,079,013)				5,236,326

Short-Term Investments — 1.4%

Investment Companies — 1.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $74,610)		74,610		74,610

Total Investments — 100.1% (Cost $4,153,623)				5,310,936
Liabilities in Excess of Other Assets — (0.1)%				(4,349	)

NET ASSETS — 100.0%				5,306,587

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.

Detailed information about investment portfolios of the underlying funds 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 each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 97.2%

Alternative Assets — 4.6%

JPMorgan Realty Income Fund Class R6 Shares (a)		6,312		83,634

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,903		79,521

JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		4,097		41,542


Total Alternative Assets				204,697


Fixed Income — 61.8%

JPMorgan Core Bond Fund Class R6 Shares (a)		104,065		1,278,956

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		60,660		528,953

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,248		43,559

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,280		20,182

JPMorgan Government Bond Fund Class R6 Shares (a)		4,216		47,467

JPMorgan High Yield Fund Class R6 Shares (a)		17,360		123,603

JPMorgan Income Fund Class R6 Shares (a)		26,600		250,836

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,821		73,398

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		37,355		381,024


Total Fixed Income				2,747,978


International Equity — 9.0%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		1,964		86,436

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,855		59,783

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		1,160		31,824

JPMorgan International Equity Fund Class R6 Shares (a)		1,703		34,151

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		9,966		189,346


Total International Equity				401,540


U.S. Equity — 21.8%

JPMorgan Equity Income Fund Class R6 Shares (a)		5,101		100,642

JPMorgan Large Cap Growth Fund Class R6 Shares (a)		2,044		127,631

JPMorgan Large Cap Value Fund Class R6 Shares (a)		2,935		48,905

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		6,683		71,379

JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		931		49,171

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		208		14,432


INVESTMENTS	SHARES (000)		VALUE ($000)


U.S. Equity — continued

JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,251		33,719

JPMorgan U.S. Equity Fund Class R6 Shares (a)		10,863		207,913

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		1,684		107,234

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		3,227		102,572

JPMorgan Value Advantage Fund Class R6 Shares (a)		2,934		104,164


Total U.S. Equity				967,762


Total Investment Companies (Cost $3,680,861)				4,321,977

Short-Term Investments — 2.6%

Investment Companies — 2.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $115,963)		115,963		115,963

Total Investments — 99.8% (Cost $3,796,824)				4,437,940
Other Assets Less Liabilities — 0.2%				8,391

NET ASSETS — 100.0%				4,446,331

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.8%

Alternative Assets — 0.7%

JPMorgan Realty Income Fund Class R6 Shares (a)		1,826		24,196


Fixed Income — 10.7%

JPMorgan Core Bond Fund Class R6 Shares (a)		20,637		253,628

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,032		35,155

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,696		14,080

JPMorgan High Yield Fund Class R6 Shares (a)		8,771		62,452

JPMorgan Income Fund Class R6 Shares (a)		1,813		17,095


Total Fixed Income				382,410


International Equity — 23.2%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,733		120,298

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,131		86,493

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,723		102,135

JPMorgan International Equity Fund Class R6 Shares (a)		7,310		146,565

JPMorgan International Focus Fund Class R6 Shares (a)		4,191		109,099

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		14,110		268,097


Total International Equity				832,687


U.S. Equity — 64.2%

JPMorgan Equity Income Fund Class R6 Shares (a)		5,711		112,685

JPMorgan Large Cap Growth Fund Class R6 Shares (a)		6,798		424,512

JPMorgan Large Cap Value Fund Class R6 Shares (a)		21,056		350,800

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		17,886		191,027

JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		1,274		67,279

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		257		17,829

JPMorgan Small Cap Value Fund Class R6 Shares (a)		3,015		81,296

JPMorgan U.S. Equity Fund Class R6 Shares (a)		27,195		520,503

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		2,961		188,532

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,188		228,496


INVESTMENTS	SHARES (000)		VALUE ($000)


U.S. Equity — continued

JPMorgan Value Advantage Fund Class R6 Shares (a)		3,336		118,422


Total U.S. Equity				2,301,381


Total Investment Companies (Cost $2,430,235)				3,540,674

Short-Term Investments — 1.3%

Investment Companies — 1.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $46,554)		46,554		46,554

Total Investments — 100.1% (Cost $2,476,789)				3,587,228
Liabilities in Excess of Other Assets — (0.1)%				(2,114	)

NET ASSETS — 100.0%				3,585,114

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2020 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.0%

Alternative Assets — 2.0%

JPMorgan Realty Income Fund Class R6 Shares (a)		3,644		48,285

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		2,127		24,505


Total Alternative Assets				72,790


Fixed Income — 28.4%

JPMorgan Core Bond Fund Class R6 Shares (a)		41,713		512,655

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		21,738		189,558

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,860		15,434

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		952		8,428

JPMorgan High Yield Fund Class R6 Shares (a)		13,904		98,996

JPMorgan Income Fund Class R6 Shares (a)		11,788		111,159

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		3,292		35,427

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		5,645		57,583


Total Fixed Income				1,029,240


International Equity — 17.0%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,250		99,064

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,669		76,820

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		2,754		75,545

JPMorgan International Equity Fund Class R6 Shares (a)		4,368		87,574

JPMorgan International Focus Fund Class R6 Shares (a)		2,095		54,528

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		11,656		221,462


Total International Equity				614,993


U.S. Equity — 50.6%

JPMorgan Equity Income Fund Class R6 Shares (a)		6,075		119,865

JPMorgan Large Cap Growth Fund Class R6 Shares (a)		5,506		343,831

JPMorgan Large Cap Value Fund Class R6 Shares (a)		12,541		208,932

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		14,153		151,157

JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		944		49,834


INVESTMENTS	SHARES (000)		VALUE ($000)


U.S. Equity — continued

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		245		16,971

JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,403		64,793

JPMorgan U.S. Equity Fund Class R6 Shares (a)		21,528		412,054

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		1,762		112,216

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,144		227,100

JPMorgan Value Advantage Fund Class R6 Shares (a)		3,464		122,969


Total U.S. Equity				1,829,722


Total Investment Companies (Cost $2,566,581)				3,546,745

Short-Term Investments — 2.0%

Investment Companies — 2.0%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $71,870)		71,870		71,870

Total Investments — 100.0% (Cost $2,638,451)				3,618,615
Other Assets Less Liabilities — 0.0% (c)				1,361

NET ASSETS — 100.0%				3,619,976

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2020.
(c)		Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund		JPMorgan Investor Growth Fund		JPMorgan Investor Growth & Income Fund
ASSETS:
Investments in affiliates, at value	$	5,310,936		$	4,437,940	$	3,587,228	$	3,618,615
Cash		2			2		1		1
Receivables:
Investment securities sold		2,000			2,200		—		800
Fund shares sold		2,857			25,685		4,665		6,014
Dividends from affiliates		868			912		63		408

Total Assets		5,316,663			4,466,739		3,591,957		3,625,838


LIABILITIES:
Payables:
Distributions		270			115		340		221
Investment securities purchased		868			14,160		63		1,207
Fund shares redeemed		6,192			3,781		4,774		2,696
Accrued liabilities:
Investment advisory fees		216			175		145		146
Distribution fees		1,273			1,146		720		777
Service fees		1,098			913		629		648
Custodian and accounting fees		6			4		4		3
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		1		1
Other		153			113		167		163

Total Liabilities		10,076			20,408		6,843		5,862

Net Assets	$	5,306,587		$	4,446,331	$	3,585,114	$	3,619,976

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	4,115,866		$	3,770,735		$	2,446,443		$	2,647,934
Total distributable earnings (loss)		1,190,721			675,596			1,138,671			972,042

Total Net Assets	$	5,306,587		$	4,446,331		$	3,585,114		$	3,619,976


Net Assets:
Class A	$	4,316,301		$	2,997,240		$	2,942,668		$	3,150,283
Class C		589,226			820,352			173,813			192,366
Class I		332,323			588,926			447,809			247,682
Class R6		68,737			39,813			20,824			29,645

Total	$	5,306,587		$	4,446,331		$	3,585,114		$	3,619,976


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		269,936			223,715			130,826			171,347
Class C		37,550			61,551			8,466			10,848
Class I		20,735			43,665			19,384			13,747
Class R6		4,291			2,954			902			1,646

Net Asset Value (a):
Class A — Redemption price per share	$	15.99		$	13.40		$	22.49		$	18.39
Class C — Offering price per share (b)		15.69			13.33			20.53			17.73
Class I — Offering and redemption price per share		16.03			13.49			23.10			18.02
Class R6 — Offering and redemption price per share		16.02			13.48			23.09			18.02
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.74		$	14.03		$	23.55		$	19.26


Cost of investments in affiliates	$	4,153,623		$	3,796,824		$	2,476,789		$	2,638,451

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	15

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (Unaudited)

(Amounts in thousands)


	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	58,697		$	48,349		$	32,038		$	35,819

Total investment income		58,697			48,349			32,038			35,819


EXPENSES:
Investment advisory fees		1,249			986			808			830
Distribution fees:
Class A		4,969			3,386			3,279			3,579
Class C		2,339			3,407			651			747
Service fees:
Class A		4,969			3,386			3,279			3,579
Class C		780			1,136			217			249
Class I		404			376			522			285
Custodian and accounting fees		85			61			52			55
Interest expense to affiliates		—	(a)		—			—			—
Professional fees		43			38			32			33
Trustees’ and Chief Compliance Officer’s fees		20			19			18			18
Printing and mailing costs		125			92			107			95
Registration and filing fees		158			134			116			114
Transfer agency fees (See Note 2.D.)		181			111			312			223
Other		48			38			32			32

Total expenses		15,370			13,170			9,425			9,839

Less fees waived		(411	)		(294	)		(641	)		(561	)

Net expenses		14,959			12,876			8,784			9,278

Net investment income (loss)		43,738			35,473			23,254			26,541


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		32,819			(630	)		19,600			16,536
Distributions of capital gains received from investment company affiliates		102,633			68,429			89,368			78,234
Change in net unrealized appreciation/depreciation of investments in affiliates		481,877			248,102			546,757			437,326

Net realized/unrealized gains (losses)		617,329			315,901			655,725			532,096

Change in net assets resulting from operations	$	661,067		$	351,374		$	678,979		$	558,637

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	43,738		$	83,109		$	35,473		$	67,103
Net realized gain (loss) on investments in affiliates		32,819			154,582			(630	)		67,580
Distributions of capital gains received from investment company affiliates		102,633			119,158			68,429			52,549
Change in net unrealized appreciation/depreciation of investments in affiliates		481,877			(149,916	)		248,102			(30,281	)

Change in net assets resulting from operations		661,067			206,933			351,374			156,951


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(223,728	)		(229,989	)		(89,238	)		(106,707	)
Class C		(29,903	)		(42,751	)		(23,291	)		(43,315	)
Class I		(18,222	)		(20,229	)		(15,437	)		(6,669	)
Class R6		(3,878	)		(4,648	)		(1,164	)		(75	)

Total distributions to shareholders		(275,731	)		(297,617	)		(129,130	)		(156,766	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		256,949			(26,255	)		689,487			110,079


NET ASSETS:
Change in net assets		642,285			(116,939	)		911,731			110,264
Beginning of period		4,664,302			4,781,241			3,534,600			3,424,336

End of period	$	5,306,587		$	4,664,302		$	4,446,331		$	3,534,600

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Investor Growth Fund						JPMorgan Investor Growth & Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,254		$	33,863		$	26,541		$	45,055
Net realized gain (loss) on investments in affiliates		19,600			130,833			16,536			142,821
Distributions of capital gains received from investment company affiliates		89,368			112,377			78,234			97,301
Change in net unrealized appreciation/depreciation of investments in affiliates		546,757			(153,606	)		437,326			(144,999	)

Change in net assets resulting from operations		678,979			123,467			558,637			140,178


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(190,567	)		(177,809	)		(199,481	)		(180,537	)
Class C		(11,958	)		(14,895	)		(12,249	)		(15,142	)
Class I		(29,438	)		(30,485	)		(16,265	)		(16,426	)
Class R6		(1,367	)		(944	)		(1,980	)		(1,136	)

Total distributions to shareholders		(233,330	)		(224,133	)		(229,975	)		(213,241	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		249,114			204,943			258,676			199,917


NET ASSETS:
Change in net assets		694,763			104,277			587,338			126,854
Beginning of period		2,890,351			2,786,074			3,032,638			2,905,784

End of period	$	3,585,114		$	2,890,351		$	3,619,976		$	3,032,638

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	510,590		$	804,533		$	604,253		$	707,325
Distributions reinvested		222,566			229,101			88,902			106,330
Cost of shares redeemed		(359,167	)		(783,437	)		(277,809	)		(558,904	)

Change in net assets resulting from Class A capital transactions		373,989			250,197			415,346			254,751

Class C
Proceeds from shares issued		40,683			92,860			79,224			152,586
Distributions reinvested		29,808			42,486			23,226			43,140
Cost of shares redeemed		(180,624	)		(227,894	)		(304,310	)		(339,533	)

Change in net assets resulting from Class C capital transactions		(110,133	)		(92,548	)		(201,860	)		(143,807	)

Class I
Proceeds from shares issued		26,050			61,893			462,668			29,848
Distributions reinvested		17,829			19,891			15,255			6,494
Cost of shares redeemed		(40,164	)		(253,271	)		(32,668	)		(43,993	)

Change in net assets resulting from Class I capital transactions		3,715			(171,487	)		445,255			(7,651	)

Class R6
Proceeds from shares issued		13,042			8,796			31,783			7,156
Distributions reinvested		3,878			4,648			1,163			75
Cost of shares redeemed		(27,542	)		(25,861	)		(2,200	)		(445	)

Change in net assets resulting from Class R6 capital transactions		(10,622	)		(12,417	)		30,746			6,786

Total change in net assets resulting from capital transactions	$	256,949		$	(26,255	)	$	689,487		$	110,079

SHARE TRANSACTIONS:
Class A
Issued		32,473			54,485			45,878			56,518
Reinvested		13,972			15,430			6,668			8,462
Redeemed		(22,892	)		(54,146	)		(21,118	)		(45,232	)

Change in Class A Shares		23,553			15,769			31,428			19,748

Class C
Issued		2,633			6,428			6,057			12,247
Reinvested		1,907			2,906			1,751			3,449
Redeemed		(11,710	)		(16,049	)		(23,236	)		(27,680	)

Change in Class C Shares		(7,170	)		(6,715	)		(15,428	)		(11,984	)

Class I
Issued		1,654			4,202			34,713			2,372
Reinvested		1,117			1,338			1,135			514
Redeemed		(2,547	)		(16,863	)		(2,469	)		(3,553	)

Change in Class I Shares		224			(11,323	)		33,379			(667	)

Class R6
Issued		817			605			2,412			570
Reinvested		243			313			86			6
Redeemed		(1,731	)		(1,717	)		(163	)		(35	)

Change in Class R6 Shares		(671	)		(799	)		2,335			541

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Investor Growth Fund						JPMorgan Investor Growth & Income Fund
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	340,822		$	558,177		$	321,749		$	565,444
Distributions reinvested		189,135			176,437			198,293			179,461
Cost of shares redeemed		(278,546	)		(455,371	)		(246,341	)		(521,230	)

Change in net assets resulting from Class A capital transactions		251,411			279,243			273,701			223,675

Class C
Proceeds from shares issued		12,584			27,420			9,026			27,326
Distributions reinvested		11,871			14,722			12,216			15,011
Cost of shares redeemed		(45,349	)		(54,930	)		(52,418	)		(69,814	)

Change in net assets resulting from Class C capital transactions		(20,894	)		(12,788	)		(31,176	)		(27,477	)

Class I
Proceeds from shares issued		33,229			66,549			19,233			33,034
Distributions reinvested		28,376			29,649			15,756			15,920
Cost of shares redeemed		(47,878	)		(161,471	)		(20,304	)		(56,949	)

Change in net assets resulting from Class I capital transactions		13,727			(65,273	)		14,685			(7,995	)

Class R6
Proceeds from shares issued		4,717			5,644			979			11,377
Distributions reinvested		1,362			943			1,980			1,136
Cost of shares redeemed		(1,209	)		(2,826	)		(1,493	)		(799	)

Change in net assets resulting from Class R6 capital transactions		4,870			3,761			1,466			11,714

Total change in net assets resulting from capital transactions	$	249,114		$	204,943		$	258,676		$	199,917

SHARE TRANSACTIONS:
Class A
Issued		15,771			28,831			17,902			34,165
Reinvested		8,471			8,791			10,847			10,681
Redeemed		(12,913	)		(23,795	)		(13,766	)		(31,975	)

Change in Class A Shares		11,329			13,827			14,983			12,871

Class C
Issued		636			1,555			520			1,717
Reinvested		582			796			693			922
Redeemed		(2,289	)		(3,095	)		(3,024	)		(4,444	)

Change in Class C Shares		(1,071	)		(744	)		(1,811	)		(1,805	)

Class I
Issued		1,495			3,339			1,086			2,041
Reinvested		1,238			1,443			879			967
Redeemed		(2,129	)		(8,024	)		(1,150	)		(3,539	)

Change in Class I Shares		604			(3,242	)		815			(531	)

Class R6
Issued		206			288			56			706
Reinvested		60			46			110			69
Redeemed		(53	)		(145	)		(85	)		(48	)

Change in Class R6 Shares		213			189			81			727

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	21

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 Investor Balanced Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	14.77	$	0.14	$	1.95		$	2.09		$	(0.18	)	$	(0.69	)	$	(0.87	)
Year Ended June 30, 2020		15.00		0.27		0.46			0.73			(0.27	)		(0.69	)		(0.96	)
Year Ended June 30, 2019		15.30		0.29		0.46			0.75			(0.37	)		(0.68	)		(1.05	)
Year Ended June 30, 2018		15.37		0.24		0.72			0.96			(0.29	)		(0.74	)		(1.03	)
Year Ended June 30, 2017		14.33		0.23		1.33			1.56			(0.24	)		(0.28	)		(0.52	)
Year Ended June 30, 2016		15.12		0.22		(0.29	)		(0.07	)		(0.25	)		(0.47	)		(0.72	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		14.51		0.09		1.92			2.01			(0.14	)		(0.69	)		(0.83	)
Year Ended June 30, 2020		14.74		0.19		0.46			0.65			(0.19	)		(0.69	)		(0.88	)
Year Ended June 30, 2019		15.06		0.21		0.44			0.65			(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2018		15.14		0.14		0.73			0.87			(0.21	)		(0.74	)		(0.95	)
Year Ended June 30, 2017		14.13		0.14		1.30			1.44			(0.15	)		(0.28	)		(0.43	)
Year Ended June 30, 2016		14.92		0.14		(0.29	)		(0.15	)		(0.17	)		(0.47	)		(0.64	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		14.80		0.16		1.96			2.12			(0.20	)		(0.69	)		(0.89	)
Year Ended June 30, 2020		15.02		0.29		0.48			0.77			(0.30	)		(0.69	)		(0.99	)
Year Ended June 30, 2019		15.33		0.33		0.45			0.78			(0.41	)		(0.68	)		(1.09	)
Year Ended June 30, 2018		15.39		0.28		0.73			1.01			(0.33	)		(0.74	)		(1.07	)
Year Ended June 30, 2017		14.35		0.27		1.33			1.60			(0.28	)		(0.28	)		(0.56	)
Year Ended June 30, 2016		15.14		0.26		(0.30	)		(0.04	)		(0.28	)		(0.47	)		(0.75	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		14.79		0.17		1.97			2.14			(0.22	)		(0.69	)		(0.91	)
Year Ended June 30, 2020		15.02		0.34		0.46			0.80			(0.34	)		(0.69	)		(1.03	)
Year Ended June 30, 2019		15.32		0.36		0.45			0.81			(0.43	)		(0.68	)		(1.11	)
July 31, 2017 (h) through June 30, 2018		15.63		0.29		0.50			0.79			(0.36	)		(0.74	)		(1.10	)

(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)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	15.99		14.21	%	$	4,316,301		0.56	%		1.80	%		0.58	%		4	%
	14.77		4.97			3,638,623		0.54			1.85			0.57			26
	15.00		5.52			3,458,135		0.52			1.98			0.60			12
	15.30		6.30			3,436,111		0.52			1.54			0.63			9
	15.37		11.09			3,430,816		0.52			1.55			0.65			4
	14.33		(0.40	)		3,836,242		0.46			1.55			0.67			12


	15.69		13.90			589,226		1.07			1.17			1.07			4
	14.51		4.48			648,738		1.07			1.31			1.07			26
	14.74		4.89			758,346		1.08			1.42			1.10			12
	15.06		5.71			791,718		1.09			0.89			1.13			9
	15.14		10.40			1,071,522		1.09			0.97			1.15			4
	14.13		(0.95	)		1,155,896		1.01			1.00			1.16			12


	16.03		14.39			332,323		0.31			2.04			0.32			4
	14.80		5.26			303,555		0.29			1.98			0.32			26
	15.02		5.71			478,250		0.27			2.24			0.35			12
	15.33		6.62			471,153		0.27			1.76			0.37			9
	15.39		11.36			469,758		0.27			1.80			0.38			4
	14.35		(0.15	)		408,797		0.20			1.83			0.39			12


	16.02		14.53			68,737		0.07			2.17			0.07			4
	14.79		5.46			73,386		0.06			2.27			0.07			26
	15.02		5.96			86,510		0.09			2.40			0.10			12
	15.32		5.07			85,614		0.12			2.03			0.12			9

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	23

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 Investor Conservative Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	12.63	$	0.12	$	1.07		$	1.19	$	(0.16	)	$	(0.26	)	$	(0.42	)
Year Ended June 30, 2020		12.58		0.26		0.37			0.63		(0.26	)		(0.32	)		(0.58	)
Year Ended June 30, 2019		12.61		0.28		0.41			0.69		(0.32	)		(0.40	)		(0.72	)
Year Ended June 30, 2018		12.80		0.24		0.24			0.48		(0.26	)		(0.41	)		(0.67	)
Year Ended June 30, 2017		12.36		0.23		0.61			0.84		(0.23	)		(0.17	)		(0.40	)
Year Ended June 30, 2016		12.78		0.22		(0.11	)		0.11		(0.23	)		(0.30	)		(0.53	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		12.57		0.08		1.06			1.14		(0.12	)		(0.26	)		(0.38	)
Year Ended June 30, 2020		12.52		0.19		0.37			0.56		(0.19	)		(0.32	)		(0.51	)
Year Ended June 30, 2019		12.55		0.21		0.41			0.62		(0.25	)		(0.40	)		(0.65	)
Year Ended June 30, 2018		12.75		0.16		0.24			0.40		(0.19	)		(0.41	)		(0.60	)
Year Ended June 30, 2017		12.30		0.15		0.62			0.77		(0.15	)		(0.17	)		(0.32	)
Year Ended June 30, 2016		12.73		0.15		(0.12	)		0.03		(0.16	)		(0.30	)		(0.46	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		12.71		0.17		1.04			1.21		(0.17	)		(0.26	)		(0.43	)
Year Ended June 30, 2020		12.66		0.29		0.37			0.66		(0.29	)		(0.32	)		(0.61	)
Year Ended June 30, 2019		12.69		0.31		0.41			0.72		(0.35	)		(0.40	)		(0.75	)
Year Ended June 30, 2018		12.87		0.27		0.25			0.52		(0.29	)		(0.41	)		(0.70	)
Year Ended June 30, 2017		12.42		0.26		0.62			0.88		(0.26	)		(0.17	)		(0.43	)
Year Ended June 30, 2016		12.84		0.25		(0.11	)		0.14		(0.26	)		(0.30	)		(0.56	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		12.70		0.18		1.05			1.23		(0.19	)		(0.26	)		(0.45	)
Year Ended June 30, 2020		12.65		0.37		0.32			0.69		(0.32	)		(0.32	)		(0.64	)
Year Ended June 30, 2019		12.68		0.35		0.38			0.73		(0.36	)		(0.40	)		(0.76	)
July 31, 2017 (h) through June 30, 2018		13.00		0.24		0.14			0.38		(0.29	)		(0.41	)		(0.70	)

(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)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	13.40		9.42	%	$	2,997,240		0.55	%		1.88	%		0.57	%		2	%
	12.63		5.13			2,428,688		0.54			2.08			0.57			21
	12.58		5.80			2,170,888		0.52			2.25			0.60			10
	12.61		3.76			2,173,957		0.52			1.85			0.64			6
	12.80		6.92			2,081,812		0.52			1.80			0.65			6
	12.36		0.97			2,411,763		0.46			1.76			0.66			12


	13.33		9.09			820,352		1.07			1.24			1.07			2
	12.57		4.60			967,282		1.07			1.54			1.07			21
	12.52		5.24			1,113,797		1.08			1.69			1.10			10
	12.55		3.09			1,188,675		1.10			1.21			1.13			6
	12.75		6.40			1,573,159		1.10			1.22			1.15			6
	12.30		0.34			1,740,461		1.01			1.21			1.16			12


	13.49		9.58			588,926		0.31			2.59			0.33			2
	12.71		5.35			130,768		0.29			2.32			0.33			21
	12.66		6.03			138,655		0.27			2.51			0.36			10
	12.69		4.08			136,915		0.27			2.09			0.39			6
	12.87		7.22			135,687		0.27			2.05			0.40			6
	12.42		1.22			135,832		0.21			2.02			0.41			12


	13.48		9.71			39,813		0.07			2.63			0.07			2
	12.70		5.57			7,862		0.08			2.91			0.09			21
	12.65		6.19			996		0.12			2.78			0.12			10
	12.68		2.95			175		0.14			2.09			0.15			6

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	25

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 Investor Growth Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	19.50	$	0.16	$	4.37		$	4.53		$	(0.21	)	$	(1.33	)	$	(1.54	)
Year Ended June 30, 2020		20.15		0.24		0.73			0.97			(0.23	)		(1.39	)		(1.62	)
Year Ended June 30, 2019		20.80		0.27		0.55			0.82			(0.46	)		(1.01	)		(1.47	)
Year Ended June 30, 2018		20.38		0.19		2.04			2.23			(0.37	)		(1.44	)		(1.81	)
Year Ended June 30, 2017		18.04		0.18		3.19			3.37			(0.19	)		(0.84	)		(1.03	)
Year Ended June 30, 2016		19.95		0.17		(0.89	)		(0.72	)		(0.24	)		(0.95	)		(1.19	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		17.92		0.08		4.03			4.11			(0.17	)		(1.33	)		(1.50	)
Year Ended June 30, 2020		18.67		0.12		0.68			0.80			(0.16	)		(1.39	)		(1.55	)
Year Ended June 30, 2019		19.43		0.14		0.51			0.65			(0.40	)		(1.01	)		(1.41	)
Year Ended June 30, 2018		19.20		0.04		1.95			1.99			(0.32	)		(1.44	)		(1.76	)
Year Ended June 30, 2017		17.10		0.06		3.01			3.07			(0.13	)		(0.84	)		(0.97	)
Year Ended June 30, 2016		19.01		0.07		(0.85	)		(0.78	)		(0.18	)		(0.95	)		(1.13	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		19.99		0.18		4.50			4.68			(0.24	)		(1.33	)		(1.57	)
Year Ended June 30, 2020		20.62		0.28		0.76			1.04			(0.28	)		(1.39	)		(1.67	)
Year Ended June 30, 2019		21.24		0.32		0.58			0.90			(0.51	)		(1.01	)		(1.52	)
Year Ended June 30, 2018		20.77		0.24		2.09			2.33			(0.42	)		(1.44	)		(1.86	)
Year Ended June 30, 2017		18.37		0.23		3.25			3.48			(0.24	)		(0.84	)		(1.08	)
Year Ended June 30, 2016		20.29		0.23		(0.91	)		(0.68	)		(0.29	)		(0.95	)		(1.24	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		19.98		0.23		4.47			4.70			(0.26	)		(1.33	)		(1.59	)
Year Ended June 30, 2020		20.61		0.33		0.75			1.08			(0.32	)		(1.39	)		(1.71	)
Year Ended June 30, 2019		21.23		0.36		0.57			0.93			(0.54	)		(1.01	)		(1.55	)
July 31, 2017 (h) through June 30, 2018		21.25		0.29		1.58			1.87			(0.45	)		(1.44	)		(1.89	)

(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)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	22.49		23.39	%	$	2,942,668		0.55	%		1.44	%		0.59	%		2	%
	19.50		4.69			2,330,222		0.54			1.23			0.59			21
	20.15		4.89			2,129,765		0.52			1.33			0.62			7
	20.80		11.02			2,048,525		0.52			0.88			0.67			11
	20.38		19.19			1,937,119		0.52			0.93			0.70			8
	18.04		(3.54	)		1,893,308		0.47			0.93			0.72			8


	20.53		23.07			173,813		1.08			0.77			1.08			2
	17.92		4.09			170,927		1.08			0.67			1.09			21
	18.67		4.31			191,971		1.09			0.77			1.12			7
	19.43		10.41			205,740		1.10			0.20			1.16			11
	19.20		18.47			274,389		1.09			0.35			1.19			8
	17.10		(4.05	)		270,007		1.02			0.39			1.21			8


	23.10		23.54			447,809		0.31			1.65			0.33			2
	19.99		4.92			375,434		0.29			1.41			0.33			21
	20.62		5.18			454,039		0.27			1.59			0.36			7
	21.24		11.33			439,498		0.27			1.11			0.39			11
	20.77		19.46			346,558		0.27			1.17			0.39			8
	18.37		(3.28	)		283,616		0.20			1.21			0.40			8


	23.09		23.68			20,824		0.10			2.07			0.10			2
	19.98		5.13			13,768		0.10			1.67			0.10			21
	20.61		5.35			10,299		0.11			1.77			0.12			7
	21.23		8.90			8,073		0.14			1.45			0.27			11

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	27

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 Investor Growth & Income Fund
Class A
Six Months Ended December 31, 2020 (Unaudited)	$	16.59	$	0.15	$	2.89		$	3.04		$	(0.19	)	$	(1.05	)	$	(1.24	)
Year Ended June 30, 2020		16.94		0.26		0.61			0.87			(0.25	)		(0.97	)		(1.22	)
Year Ended June 30, 2019		17.41		0.28		0.52			0.80			(0.40	)		(0.87	)		(1.27	)
Year Ended June 30, 2018		17.37		0.22		1.27			1.49			(0.33	)		(1.12	)		(1.45	)
Year Ended June 30, 2017		15.79		0.22		2.07			2.29			(0.23	)		(0.48	)		(0.71	)
Year Ended June 30, 2016		17.02		0.21		(0.58	)		(0.37	)		(0.25	)		(0.61	)		(0.86	)

Class C
Six Months Ended December 31, 2020 (Unaudited)		16.04		0.08		2.80			2.88			(0.14	)		(1.05	)		(1.19	)
Year Ended June 30, 2020		16.41		0.16		0.61			0.77			(0.17	)		(0.97	)		(1.14	)
Year Ended June 30, 2019		16.92		0.18		0.49			0.67			(0.31	)		(0.87	)		(1.18	)
Year Ended June 30, 2018		16.91		0.10		1.26			1.36			(0.23	)		(1.12	)		(1.35	)
Year Ended June 30, 2017		15.39		0.12		2.01			2.13			(0.13	)		(0.48	)		(0.61	)
Year Ended June 30, 2016		16.62		0.12		(0.57	)		(0.45	)		(0.17	)		(0.61	)		(0.78	)

Class I
Six Months Ended December 31, 2020 (Unaudited)		16.28		0.16		2.84			3.00			(0.21	)		(1.05	)		(1.26	)
Year Ended June 30, 2020		16.64		0.29		0.61			0.90			(0.29	)		(0.97	)		(1.26	)
Year Ended June 30, 2019		17.14		0.32		0.50			0.82			(0.45	)		(0.87	)		(1.32	)
Year Ended June 30, 2018		17.11		0.26		1.26			1.52			(0.37	)		(1.12	)		(1.49	)
Year Ended June 30, 2017		15.57		0.25		2.04			2.29			(0.27	)		(0.48	)		(0.75	)
Year Ended June 30, 2016		16.80		0.25		(0.58	)		(0.33	)		(0.29	)		(0.61	)		(0.90	)

Class R6
Six Months Ended December 31, 2020 (Unaudited)		16.27		0.18		2.85			3.03			(0.23	)		(1.05	)		(1.28	)
Year Ended June 30, 2020		16.64		0.33		0.60			0.93			(0.33	)		(0.97	)		(1.30	)
Year Ended June 30, 2019		17.13		0.26		0.59			0.85			(0.47	)		(0.87	)		(1.34	)
July 31, 2017 (h) through June 30, 2018		17.44		0.22		0.99			1.21			(0.40	)		(1.12	)		(1.52	)

(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)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


		Ratios/Supplemental data
								Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			��	Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)				Portfolio turnover rate (d)


$	18.39		18.41	%		$	3,150,283		0.55	%		1.61	%		0.58	%			4	%
	16.59		5.14				2,593,685		0.54			1.55			0.58				27
	16.94		5.45				2,430,409		0.52			1.67			0.61				12
	17.41		8.67				2,386,397		0.52			1.25			0.66				11
	17.37		14.82				2,348,659		0.52			1.30			0.67				7
	15.79		(2.06	)			2,489,097		0.46			1.33			0.69				13


	17.73		18.05				192,366		1.07			0.96			1.08				4
	16.04		4.62				203,007		1.07			1.00			1.08				27
	16.41		4.78				237,376		1.09			1.11			1.11				12
	16.92		8.10				260,085		1.10			0.57			1.14				11
	16.91		14.17				385,447		1.10			0.73			1.17				7
	15.39		(2.63	)			414,439		1.02			0.79			1.19				13


	18.02		18.53				247,682		0.31			1.84			0.33				4
	16.28		5.45				210,480		0.29			1.79			0.33				27
	16.64		5.62				224,050		0.27			1.93			0.36				12
	17.14		9.02				242,612		0.27			1.49			0.39				11
	17.11		15.07				238,466		0.27			1.53			0.39				7
	15.57		(1.82	)			238,427		0.20			1.60			0.40				13


	18.02		18.74				29,645		0.07			2.07			0.07				4
	16.27		5.62				25,466		0.06			2.02			0.07				27
	16.64		5.85				13,949		0.08			1.60			0.09				12
	17.13		7.04				619		0.13			1.42			0.14		��		11

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited)

1. Organization

The following are 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Diversification Classification
JPMorgan Investor Balanced Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Investor Conservative Growth Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Investor Growth Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Investor Growth & Income Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of JPMorgan Investor Balanced Fund (“Investor Balanced Fund”) is to seek high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The investment objective of JPMorgan Investor Conservative Growth Fund (“Investor Conservative Growth Fund”) is to seek income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The investment objective of JPMorgan Investor Growth Fund (“Investor Growth Fund”) is to seek long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The investment objective of JPMorgan Investor Growth & Income Fund (“Investor Growth & Income Fund”) is to seek long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

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 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.

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.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.



30	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

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”) (amounts in thousands):

Investor Balanced Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,310,936	$	—	$	—	$	5,310,936

Investor Conservative Growth Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,437,940	$	—	$	—	$	4,437,940

Investor Growth Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,587,228	$	—	$	—	$	3,587,228

Investor Growth & Income Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,618,615	$	—	$	—	$	3,618,615

(a)	Please refer to the SOIs for specifics of portfolio holdings.

B. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Investor Balanced Fund


	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,016,902	$	54,916	$	—	$	—	$	(7,816	)	$	1,064,002		86,575	$	12,483	$	17,054
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		460,270		21,294		—		—		(93	)		481,471		55,215		6,356		7,633
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		44,506		884		—		—		4,010			49,400		5,952		885		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		113,205		265		10,830		2,160		39,592			144,392		3,280		265		—



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


Investor Balanced Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)	$	75,736	$	1,445	$	2,496	$	217		$	23,059	$	97,961		4,678	$	1,445	$	—
JPMorgan Equity Income Fund Class R6 Shares (a)		134,748		2,601		2,642		44			26,366		161,117		8,166		1,601		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		72,638		1,262		—		—			15,621		89,521		3,264		1,262		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		67,191		642		51,454		(4,598	)		6,529		18,310		2,069		642		—
JPMorgan High Yield Fund Class R6 Shares (a)		123,852		12,612		—		—			10,018		146,482		20,573		3,289		—
JPMorgan Income Fund Class R6 Shares (a)		206,297		21,375		—		—			9,083		236,755		25,107		5,317		276
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		63,174		734		—		—			2,073		65,981		6,132		734		—
JPMorgan International Equity Fund Class R6 Shares (a)		72,965		1,159		—		—			16,366		90,490		4,513		1,160		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		276,983		6,339		—		—			48,128		331,450		17,445		6,338		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		264,075		13,950		51,486		13,284			45,530		285,353		4,569		344		13,607
JPMorgan Large Cap Value Fund Class R6 Shares (a)		116,791		5,388		7,597		546			38,368		153,496		9,213		935		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		203,010		24,798		—		—			1,022		228,830		22,434		1,542		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		157,086		8,664		12,346		(33	)		40,096		193,467		18,115		2,272		6,392
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		46,588		5,266		5,521		1,574			7,771		55,678		1,055		76		5,192
JPMorgan Realty Income Fund Class R6 Shares (a)		—		86,726		—		—			2,892		89,618		6,764		469		2,658
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		19,408		712		—		—			5,555		25,675		371		126		586
JPMorgan Small Cap Value Fund Class R6 Shares (a)		40,527		342		3,530		(733	)		14,337		50,943		1,890		342		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		71,761		439		—		—			948		73,148		6,350		439		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		417,080		28,433		40,271		14,525			57,353		477,120		24,928		2,164		26,268
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		157,349		16,793		8,420		5,892			10,536		182,150		2,861		2,276		14,517
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		85,748		118,837		129,975		—			—		74,610		74,610		24		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		198,019		8,060		4,009		464			36,454		238,988		7,518		2,018		6,041
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		37,161		794		—		—			1,178		39,133		3,859		793		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		125,287		21,502		7,772		(523	)		26,901		165,395		4,659		3,100		2,409

Total	$	4,668,357	$	466,232	$	338,349	$	32,819		$	481,877	$	5,310,936			$	58,697	$	102,633



32	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

Investor Conservative Growth Fund


	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,109,768	$	178,804	$	—	$	—		$	(9,616	)	$	1,278,956		104,065	$	14,145	$	20,057
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		444,346		85,299		—		—			(692	)		528,953		60,660		6,576		8,265
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		33,346		6,926		—		—			3,287			43,559		5,248		725		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		62,166		159		—		—			24,111			86,436		1,964		159		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		44,908		882		—		—			13,993			59,783		2,855		882		—
JPMorgan Equity Income Fund Class R6 Shares (a)		75,542		9,633		—		—			15,467			100,642		5,101		944		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		23,298		3,148		—		—			5,378			31,824		1,160		449		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		68,718		657		51,210		(5,857	)		7,874			20,182		2,280		658		—
JPMorgan Government Bond Fund Class R6 Shares (a)		36,072		11,711		—		—			(316	)		47,467		4,216		348		63
JPMorgan High Yield Fund Class R6 Shares (a)		93,590		22,033		—		—			7,980			123,603		17,360		2,650		—
JPMorgan Income Fund Class R6 Shares (a)		198,144		43,579		—		—			9,113			250,836		26,600		5,339		286
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		58,859		12,442		—		—			2,097			73,398		6,821		742		—
JPMorgan International Equity Fund Class R6 Shares (a)		25,534		2,637		—		—			5,980			34,151		1,703		438		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		140,275		22,584		—		—			26,487			189,346		9,966		3,621		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		103,858		13,040		13,134		3,568			20,299			127,631		2,044		154		6,086
JPMorgan Large Cap Value Fund Class R6 Shares (a)		36,535		291		—		—			12,079			48,905		2,935		291		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		298,450		81,031		—		—			1,543			381,024		37,355		2,420		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		49,189		11,842		3,395		165			13,578			71,379		6,683		827		2,326
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		33,158		9,253		—		—			6,760			49,171		931		67		4,585
JPMorgan Realty Income Fund Class R6 Shares (a)		—		80,434		—		—			3,200			83,634		6,312		407		2,480
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		10,732		601		—		—			3,099			14,432		208		71		330
JPMorgan Small Cap Value Fund Class R6 Shares (a)		23,208		1,915		—		—			8,596			33,719		1,251		215		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		59,857		18,825		—		—			839			79,521		6,903		425		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		163,061		16,405		—		—			28,447			207,913		10,863		895		11,319
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		86,700		17,386		5,572		1,633			7,087			107,234		1,684		1,340		8,546
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		81,542		188,375		153,954		—			—			115,963		115,963		30		—



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


Investor Conservative Growth Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)	$	75,682	$	12,266	$	—	$	—		$	14,624	$	102,572		3,227	$	810	$	2,593
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		31,189		9,262		—		—			1,091		41,542		4,097		801		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		69,196		21,512		2,122		(139	)		15,717		104,164		2,934		1,920		1,493

Total	$	3,536,923	$	882,932	$	229,387	$	(630	)	$	248,102	$	4,437,940			$	48,349	$	68,429

Investor Growth Fund


	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	244,531	$	10,946	$	—	$	—	$	(1,849	)	$	253,628		20,637	$	2,981	$	4,084
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		34,127		1,032		—		—		(4	)		35,155		4,032		470		562
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		12,685		252		—		—		1,143			14,080		1,696		252		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		86,521		221		—		—		33,556			120,298		2,733		221		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		64,972		1,277		—		—		20,244			86,493		4,131		1,276		—
JPMorgan Equity Income Fund Class R6 Shares (a)		81,907		13,600		—		—		17,178			112,685		5,711		1,060		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		82,873		1,440		—		—		17,822			102,135		3,723		1,440		—
JPMorgan High Yield Fund Class R6 Shares (a)		56,620		1,419		—		—		4,413			62,452		8,771		1,419		—
JPMorgan Income Fund Class R6 Shares (a)		14,393		2,056		—		—		646			17,095		1,813		371		20
JPMorgan International Equity Fund Class R6 Shares (a)		118,179		1,879		—		—		26,507			146,565		7,310		1,878		—
JPMorgan International Focus Fund Class R6 Shares (a)		87,895		1,166		—		—		20,038			109,099		4,191		1,166		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		224,042		5,126		—		—		38,929			268,097		14,110		5,127		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		382,989		20,756		66,534		18,569		68,732			424,512		6,798		511		20,243
JPMorgan Large Cap Value Fund Class R6 Shares (a)		237,668		28,296		—		—		84,836			350,800		21,056		2,085		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		145,035		8,438		—		—		37,554			191,027		17,886		2,213		6,226
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)		50,686		6,364		—		—		10,229			67,279		1,274		92		6,273
JPMorgan Realty Income Fund Class R6 Shares (a)		—		23,318		—		—		878			24,196		1,826		118		718
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		13,476		496		—		—		3,857			17,829		257		88		407
JPMorgan Small Cap Value Fund Class R6 Shares (a)		59,627		529		—		—		21,140			81,296		3,015		530		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		420,147		30,613		3,328		431		72,640			520,503		27,195		2,276		28,337



34	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


Investor Growth Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)	$	158,097	$	17,382	$	3,223	$	600	$	15,676	$	188,532		2,961	$	2,356	$	15,025
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		49,643		75,434		78,523		—		—		46,554		46,554		15		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		185,993		7,686		—		—		34,817		228,496		7,188		1,910		5,776
JPMorgan Value Advantage Fund Class R6 Shares (a)		80,959		19,688		—		—		17,775		118,422		3,336		2,183		1,697

Total	$	2,893,065	$	279,414	$	151,608	$	19,600	$	546,757	$	3,587,228			$	32,038	$	89,368

Investor Growth & Income Fund


	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	488,800	$	27,575	$	—	$	—		$	(3,720	)	$	512,655		41,713	$	5,969	$	8,189
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		178,529		11,086		—		—			(57	)		189,558		21,738		2,475		2,986
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		13,905		276		—		—			1,253			15,434		1,860		276		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		76,698		183		6,634		1,481			27,336			99,064		2,250		182		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		57,707		1,133		—		—			17,980			76,820		3,669		1,134		—
JPMorgan Equity Income Fund Class R6 Shares (a)		96,196		6,157		1,793		28			19,277			119,865		6,075		1,184		—
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		61,298		1,065		—		—			13,182			75,545		2,754		1,065		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		28,641		280		21,338		(1,533	)		2,378			8,428		952		279		—
JPMorgan High Yield Fund Class R6 Shares (a)		86,524		5,595		—		—			6,877			98,996		13,904		2,235		—
JPMorgan Income Fund Class R6 Shares (a)		92,158		14,849		—		—			4,152			111,159		11,788		2,426		130
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		33,920		394		—		—			1,113			35,427		3,292		394		—
JPMorgan International Equity Fund Class R6 Shares (a)		70,614		1,122		—		—			15,838			87,574		4,368		1,122		—
JPMorgan International Focus Fund Class R6 Shares (a)		43,930		583		—		—			10,015			54,528		2,095		583		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		185,069		4,236		—		—			32,157			221,462		11,656		4,235		—
JPMorgan Large Cap Growth Fund Class R6 Shares (a)		305,298		16,810		47,819		12,873			56,669			343,831		5,506		414		16,396
JPMorgan Large Cap Value Fund Class R6 Shares (a)		144,690		13,446		—		—			50,796			208,932		12,541		1,242		—
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		48,554		8,785		—		—			244			57,583		5,645		375		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		119,601		6,678		5,857		45			30,690			151,157		14,153		1,751		4,926



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)


Investor Growth & Income Fund (continued)
	For the six months ended December 31, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2020		Shares at December 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Mid Cap Growth Fund Class R6 Shares (a)	$	41,735	$	4,715	$	4,994	$	2,054		$	6,324	$	49,834		944	$	68	$	4,647
JPMorgan Realty Income Fund Class R6 Shares (a)		—		46,551		—		—			1,734		48,285		3,644		269		1,432
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		12,828		471		—		—			3,672		16,971		245		84		387
JPMorgan Small Cap Value Fund Class R6 Shares (a)		47,522		422		—		—			16,849		64,793		2,403		422		—
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		24,041		146		—		—			318		24,505		2,127		147		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		334,653		24,241		4,976		704			57,432		412,054		21,528		1,808		22,433
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund) Class R6 Shares (a)		99,637		10,512		8,339		1,216			9,190		112,216		1,762		1,425		9,088
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		54,957		80,796		63,883		—			—		71,870		71,870		17		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		189,258		7,770		5,245		157			35,160		227,100		7,144		1,937		5,833
JPMorgan Value Advantage Fund Class R6 Shares (a)		97,001		13,295		7,305		(489	)		20,467		122,969		3,464		2,301		1,787

Total	$	3,033,764	$	309,172	$	178,183	$	16,536		$	437,326	$	3,618,615			$	35,819	$	78,234

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2020.

C. 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. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on the ex-dividend date.

D. 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.


	Class A		Class C		Class I		Class R6			Total
Investor Balanced Fund
Transfer agency fees	$	159	$	13	$	9	$	—	(a)	$	181
Investor Conservative Growth Fund
Transfer agency fees		82		12		17		—	(a)		111
Investor Growth Fund
Transfer agency fees		280		14		16		2			312
Investor Growth & Income Fund
Transfer agency fees		206		8		9		—	(a)		223

(a)	Amount rounds to less than one thousand.

The Funds invest in Underlying Funds and, as a result, bear a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.F.



36	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Investor Conservative Growth 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.

G. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.05% of each Fund’s respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. The Administrator does not receive a fee for these services.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I 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
	0.25	%		0.75	%


	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	131	$	—	(a)
Investor Conservative Growth Fund		101		—	(a)
Investor Growth Fund		93		2
Investor Growth & Income Fund		71		—	(a)

(a)	Amount rounds to less than one thousand.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

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
Investor Balanced Fund		0.25	%		0.25	%		0.25	%
Investor Conservative Growth Fund		0.25			0.25			0.25
Investor Growth Fund		0.25			0.25			0.25
Investor Growth & Income Fund		0.25			0.25			0.25

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.

Class A

Class C

Class I

Class R6

Investor Balanced Fund

n/a

⁽¹⁾

n/a

⁽²⁾

n/a

⁽²⁾

n/a

⁽²⁾

Investor Conservative Growth Fund

n/a

⁽¹⁾

n/a

⁽²⁾

n/a

⁽²⁾

n/a

⁽²⁾

Investor Growth Fund

0.55

n/a

⁽²⁾

n/a

⁽²⁾

n/a

⁽²⁾

Investor Growth & Income Fund

0.55

n/a

⁽²⁾

n/a

⁽²⁾

n/a

⁽²⁾

⁽¹⁾	Effective November 1, 2020, the contractual expense limitation for Class A Shares of the Investor Balanced Fund and the Investor Conservative Growth Fund expired. Prior to November 1, 2020, the contractual expense limitation for the Funds was 0.55% for Class A Shares.

⁽²⁾	Effective November 1, 2020, the contractual expense limitation for Class C, Class I and Class R6 Shares expired. Prior to November 1, 2020, the contractual expense limitation was 1.10%, 0.30% and 0.15% for Class C, Class I and Class R6 Shares, respectively.

The Underlying Funds may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C and Class I Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds up to 0.25% for Class A, Class C and Class I Shares. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.


	Contractual Waivers
	Investment Advisory Fees		Service Fees		Total
Investor Balanced Fund	$	2	$	363	$	365
Investor Conservative Growth Fund		2		238		240
Investor Growth Fund		1		611		612
Investor Growth & Income Fund		1		527		528

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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.



38	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2020 were as follows (amounts in thousands):


Investor Balanced Fund	$	46
Investor Conservative Growth Fund		54
Investor Growth Fund		29
Investor Growth & Income Fund		33

4. Investment Transactions

During the six months ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Investor Balanced Fund	$	347,399	$	208,376
Investor Conservative Growth Fund		694,558		75,433
Investor Growth Fund		203,978		73,084
Investor Growth & Income Fund		228,375		114,299

During the six months ended December 31, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,153,623	$	1,158,989	$	1,676	$	1,157,313
Investor Conservative Growth Fund		3,796,824		642,559		1,443		641,116
Investor Growth Fund		2,476,789		1,110,439		—		1,110,439
Investor Growth & Income Fund		2,638,451		980,753		589		980,164

As of June 30, 2020, the Funds did not have any net capital loss carryforwards.

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the following Fund deferred to July 1, 2020 the following net capital losses of (amounts in thousands):


	Net Capital Losses
	Short-Term		Long-Term
Investor Growth Fund	$	447	$	—

6. Borrowings



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 (Unaudited) (continued)

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2020.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2020.

7. Risks, Concentrations and Indemnifications

As of December 31, 2020, the 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
Investor Balanced Fund		1		74.0	%		1		12.0	%
Investor Conservative Growth Fund		1		69.7			1		10.6
Investor Growth Fund		1		56.7			1		16.4
Investor Growth & Income Fund		1		62.1			1		17.8

As of December 31, 2020, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:


	% of Net Assets
JPMorgan Market Expansion Enhanced Index Fund		62.2	%
JPMorgan Europe Dynamic Fund		55.3
JPMorgan Limited Duration Bond Fund		46.3
JPMorgan U.S. GARP Equity Fund (formerly known as JPMorgan Intrepid Growth Fund)		45.8
JPMorgan Large Cap Value Fund		44.8
JPMorgan Small Cap Value Fund		18.9
JPMorgan International Research Enhanced Equity Fund		18.1
JPMorgan U.S. Research Enhanced Equity Fund		16.2
JPMorgan Emerging Markets Debt Fund		14.3
JPMorgan Inflation Managed Bond Fund		12.9
JPMorgan Realty Income Fund		12.4
JPMorgan International Equity Fund		10.4



40	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

Because of the Funds’ investments in Underlying Funds, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds. 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’ investments in securities and financial instruments such as fixed income securities including high yield (commonly known as “junk bonds”), 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 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 are disclosed within their individual financial statements and registration statements, as applicable.



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	41

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 to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2020 and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

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, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Balanced Fund
Class A
Actual	$	1,000.00	$	1,142.10	$	3.02		0.56	%
Hypothetical		1,000.00		1,022.38		2.85		0.56
Class C
Actual		1,000.00		1,139.00		5.77		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,143.90		1.68		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,145.30		0.38		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

JPMorgan Investor Conservative Growth Fund
Class A
Actual		1,000.00		1,094.20		2.90		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,090.90		5.64		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,095.80		1.64		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,097.10		0.37		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07



42	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020


	Beginning Account Value July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Growth Fund
Class A
Actual	$	1,000.00	$	1,233.90	$	3.10		0.55	%
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,230.70		6.07		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class I
Actual		1,000.00		1,235.40		1.75		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,236.80	��	0.56		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10

JPMorgan Investor Growth & Income Fund
Class A
Actual		1,000.00		1,184.10		3.03		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,180.50		5.88		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,185.30		1.71		0.31
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class R6
Actual		1,000.00		1,187.40		0.39		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

*	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, 2020	J.P. MORGAN INVESTOR FUNDS	43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory 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 the Funds and the other J.P. Morgan Funds overseen by the Board in which each Fund invests (the “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, 2020.

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 Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and the Underlying Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the 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 analyses of the performance of the Funds and /or Underlying Funds as well as a risk/return assessment of certain Funds, as compared to the Funds’ and /or Underlying

Funds’ objectives 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 market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser



44	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also 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 Funds 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 the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders 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

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, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by

The Trustees noted that the Investor Balanced Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2019, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and first quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Investor Conservative Growth Fund’s performance for Class A shares was in the fourth, third and third quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for the Class I shares was in the second, first and second quintiles



46	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the 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 under the circumstances.

The Trustees noted that the Investor Growth Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2019, and in the third, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and second quintiles based upon the Peer Group, and in the third, third and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group and in the third quintile based upon the Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Investor Growth & Income Fund’s performance for Class A shares was in the fourth, fourth and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the third, second and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the third quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees noted that the performance for the Class R6 shares was in the third quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the 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 under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and the administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and/or 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 Investor Balanced Fund’s net advisory fee for Class A shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that the 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 third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the second and third 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 the 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 contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Conservative Growth Fund’s net advisory fee for Class A shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that the 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 second and third quintiles



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 third quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of the 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 contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the 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 third quintile based upon both the Peer Group and Universe, 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 the 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 contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth & Income Fund’s net advisory fee for Class A shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that the 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 second and third 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 second and third 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 the 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 contract of the Underlying Funds in which the Fund invests.



48	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2020, the Funds elected to pass through to shareholders taxes paid to foreign countries. Income and foreign tax expenses were as follows or amounts as finally determined (amounts in thousands):


	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan Investor Balanced Fund	$	9,792	$	973
JPMorgan Investor Conservative Growth Fund		4,538		462
JPMorgan Investor Growth Fund		9,612		1,038
JPMorgan Investor Growth & Income Fund		7,278		741



DECEMBER 31, 2020	J.P. MORGAN INVESTOR FUNDS	49

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., 2020. All rights reserved. December 2020.		SAN-INV-1220

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b)

A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


JPMorgan Trust II

By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 5, 2021

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		March 5, 2021

JPMorgan SMID Cap Equity Fund Class I (WOOPX) N-CSRSCertified semi-annual shareholder report (management investment company)