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, 2021 through December 31, 2021

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2021 (Unaudited)

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)

JPMorgan Small Cap Value Fund

JPMorgan SMID Cap Equity 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 Equity Fund			5

JPMorgan Small Cap Growth Fund			7

JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			9

JPMorgan Small Cap Value Fund			11

JPMorgan SMID Cap Equity Fund			13

JPMorgan U.S. Small Company Fund			16

Schedules of Portfolio Investments			18

Financial Statements			46

Financial Highlights			64

Notes to Financial Statements			88

Schedule of Shareholder Expenses			103

Board Approval of Investment Advisory Agreements			107

Special Shareholder Meeting Results			113

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

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

LETTER TO SHAREHOLDERS

February 8, 2022 (Unaudited)

Dear Shareholders,

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

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

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

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

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

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

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

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



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

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

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

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

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

Overall, small cap equity largely underperformed during the period though small cap value stocks generated some positive returns. For the six months ended December 31, 2021, the S&P 500 Index returned 11.67%, the Russell 2000 Index returned -2.31%, the Russell 2000 Value Index returned 1.24% and the Russell 2000 Growth Index returned -5.64%.



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

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		0.87%
Russell 2000 Index		(2.31)%

Net Assets as of 12/31/2021 (In Thousands)	$	1,290,049

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, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s underweight position and security selection in the health care sector and its security selection in the industrials sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the information technology and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in AMC Entertainment Holdings, Inc. and its overweight positions in iRhythm Technologies, Inc. and Saia, Inc. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters that was not held in the Fund, fell amid investor expectations that the resurgence of the pandemic in late 2021 would lead to renewed social restrictions. Shares of iRhythm Technologies, a maker of heart monitors and diagnostic devices, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 as well as an increase in Medicare reimbursement rates on some of its products. Shares of Saia, a trucking and transport company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight position in Upland Software, Inc. and its out-of-Benchmark positions in Everbridge, Inc. and Freshpet, Inc. Shares of Upand Software, a provider of cloud-based business software, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of Everbridge, a software developer, fell after the resignation of the company’s chief executive in early December 2021. Shares of Freshpet, a pet food maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid higher materials costs and supply chain bottlenecks.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Applied Industrial Technologies, Inc.		1.1	%
	2.	Terreno Realty Corp.		1.1
	3.	ITT, Inc.		1.1
	4.	Safety Insurance Group, Inc.		0.8
	5.	First Busey Corp.		0.8
	6.	Matador Resources Co.		0.7
	7.	Columbia Banking System, Inc.		0.7
	8.	Saia, Inc.		0.7
	9.	PDC Energy, Inc.		0.7
	10.	Performance Food Group Co.		0.7


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

Industrials		17.5	%
Financials		17.2
Information Technology		13.2
Health Care		13.0
Consumer Discretionary		12.9
Real Estate		7.3
Materials		3.9
Consumer Staples		2.9
Communication Services		2.5
Energy		2.1
Utilities		2.1
Short-Term Investments		5.4

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

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



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

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021



	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge**			(4.43	)%		8.15	%		19.05	%		15.25	%
Without Sales Charge			0.87			14.13			20.34			15.88
CLASS C SHARES	January 7, 1998
With CDSC***			(0.40	)		12.59			19.74			15.42
Without CDSC			0.60			13.59			19.74			15.42
CLASS I SHARES	April 5, 1999		0.98			14.43			20.65			16.19
CLASS R6 SHARES	July 2, 2018		1.15			14.71			20.95			16.51

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 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 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, 2021

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		4.17%
Russell 2000 Index		(2.31)%

Net Assets as of 12/31/2021 (In Thousands)	$	8,142,882

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, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection and underweight position in the health care sector and its security selection in the financials sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the information technology and materials sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in WillScot Mobile Mini Holdings Corp., Kinsale Capital Group, Inc. and BJ’s Wholesale Club Holdings, Inc. Shares of WillScot Mini Mobile Holdings, a storage and moving company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Kinsale Capital Group, a property and casualty insurer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of BJ’s Wholesale Club Holdings, a membership retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in HealthEquity, Inc. and NLight, Inc., and its out-of-Benchmark position in Wex, Inc. Shares of HealthEquity, a health care benefits manager, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of NLight, a manufacturer of semiconductor and fiber laser components, fell amid weakening demand from China and after the company forecast supply constraints would weigh on profit margins. Shares of Wex, an employee benefits and corporate fleet gas card provider, fell amid investor disappointment with the company’s third quarter earnings.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	WillScot Mobile Mini Holdings Corp.		2.0	%
	2.	AptarGroup, Inc.		1.7
	3.	Performance Food Group Co.		1.7
	4.	EastGroup Properties, Inc.		1.6
	5.	BJ’s Wholesale Club Holdings, Inc.		1.6
	6.	Lincoln Electric Holdings, Inc.		1.5
	7.	ICU Medical, Inc.		1.5
	8.	Syneos Health, Inc.		1.5
	9.	Kinsale Capital Group, Inc.		1.5
	10.	Brunswick Corp.		1.5


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

Industrials		21.9	%
Financials		16.5
Information Technology		12.8
Health Care		12.1
Consumer Discretionary		11.4
Real Estate		7.3
Consumer Staples		6.0
Materials		5.0
Utilities		2.1
Short-Term Investments		4.9

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



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

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021


	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge**			(1.30	)%		9.62	%		11.66	%		13.50	%
Without Sales Charge			4.17			15.69			12.87			14.12
CLASS C SHARES	February 19, 2005
With CDSC***			2.92			14.11			12.32			13.66
Without CDSC			3.92			15.11			12.32			13.66
CLASS I SHARES	May 7, 1996		4.33			16.01			13.18			14.44
CLASS R2 SHARES	November 3, 2008		4.05			15.40			12.60			13.84
CLASS R3 SHARES	September 9, 2016		4.19			15.71			12.89			14.13
CLASS R4 SHARES	September 9, 2016		4.32			16.00			13.17			14.44
CLASS R5 SHARES	May 15, 2006		4.43			16.22			13.39			14.67
CLASS R6 SHARES	May 31, 2016		4.46			16.29			13.46			14.70

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a

sales charge. The performance of the Russell 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.



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

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(6.79)%
Russell 2000 Growth Index		(5.64)%

Net Assets as of 12/31/2021 (In Thousands)	$	5,951,726

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, underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in the information technology and communication services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark position in Everbridge, Inc. and its overweight positions in Freshpet, Inc. and Zymergen, Inc. Shares of Everbridge, a software developer, fell after the resignation of the company’s chief executive in early December 2021. Shares of Freshpet, a pet food maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid higher materials costs and supply chain bottlenecks. Shares of Zymergen, a specialty chemicals manufacturer, fell in early August 2021 after the company issued a weaker-than-expected revenue forecast and its chief executive resigned.

Leading individual contributors to relative performance included the Fund’s overweight positions in Saia, Inc. and DigitalOcean Holdings, Inc., and its out-of-Benchmark position in Globant SA. Shares of Saia, a trucking and transport company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of DigitalOcean Holdings, a provider of cloud computing services, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Globant, an information technology services provider, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Saia, Inc.		1.8	%
	2.	Performance Food Group Co.		1.8
	3.	MKS Instruments, Inc.		1.4
	4.	ITT, Inc.		1.4
	5.	Globant SA		1.4
	6.	CyberArk Software Ltd.		1.4
	7.	Littelfuse, Inc.		1.4
	8.	Helen of Troy Ltd.		1.4
	9.	DigitalOcean Holdings, Inc.		1.4
	10.	National Vision Holdings, Inc.		1.4


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

Health Care		26.5	%
Information Technology		22.7
Industrials		18.2
Consumer Discretionary		15.9
Financials		3.8
Consumer Staples		3.0
Communication Services		1.9
Real Estate		1.8
Materials		0.1
Short-Term Investments		6.1

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



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

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021


	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge**			(11.68	)%		(10.99	)%		21.16	%		16.38	%
Without Sales Charge			(6.79	)		(6.06	)		22.46			17.01
CLASS C SHARES	November 4, 1997
With CDSC***			(7.96	)		(7.45	)		21.86			16.54
Without CDSC			(6.96	)		(6.45	)		21.86			16.54
CLASS I SHARES	March 26, 1996		(6.66	)		(5.80	)		22.78			17.31
CLASS L SHARES	February 19, 2005		(6.56	)		(5.64	)		22.96			17.48
CLASS R2 SHARES	November 3, 2008		(6.87	)		(6.26	)		22.17			16.73
CLASS R3 SHARES	July 31, 2017		(6.77	)		(6.04	)		22.46			17.01
CLASS R4 SHARES	July 31, 2017		(6.65	)		(5.79	)		22.78			17.31
CLASS R5 SHARES	September 9, 2016		(6.55	)		(5.63	)		22.97			17.48
CLASS R6 SHARES	November 30, 2010		(6.53	)		(5.56	)		23.08			17.60

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 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.



8	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

JPMorgan Small Cap Sustainable Leaders Fund⁽¹⁾

(formerly known as JPMorgan Small Cap Core Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*		(5.72)%
Russell 2000 Index		(2.31)%

Net Assets as of 12/31/2021 (In Thousands)	$	298,848

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Sustainable Leaders 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 underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2021.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in TPI Composites, Inc., Schrodinger, Inc. and Zymergen, Inc. Shares of TPI Composites, a manufacturer of wind turbine blades, fell after the company reported a wider-than-expected loss for the third quarter of 2021 and amid investor concerns about supply chain bottlenecks. Shares of Schrodinger, a supplier of pharmaceutical research software, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021. Shares of Zymergen, a specialty chemicals manufacturer, fell in early August 2021 after the company issued a weaker-than-expected revenue forecast and its chief executive resigned.

Leading individual contributors to relative performance included the Fund’s overweight positions in Arena Pharmaceuticals, Inc. and AMN Healthcare Services, Inc., and its out-of-Benchmark position in Sarepta Therapeutics, Inc. Shares of Arena Pharmaceuticals, a biopharmaceuticals developer, rose after the company agreed to be acquired by Pfizer Inc. for an estimated $6.7 billion. Shares of AMN Healthcare Services, a provider of hospitals and health care staffing company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Sarepta Therapeutics, a biopharmaceuticals developer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and raised its forecast for sales of its muscular dystrophy treatment.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	WESCO International, Inc.		2.5	%
	2.	AAON, Inc.		2.3
	3.	AZEK Co., Inc. (The)		2.2
	4.	Zions Bancorp NA		2.1
	5.	Darling Ingredients, Inc.		2.1
	6.	Signature Bank		2.0
	7.	Customers Bancorp, Inc.		2.0
	8.	American States Water Co.		1.9
	9.	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1.9
	10.	AMN Healthcare Services, Inc.		1.8


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

Industrials		21.0	%
Health Care		15.2
Financials		14.7
Consumer Discretionary		13.2
Information Technology		9.4
Real Estate		7.0
Consumer Staples		5.3
Materials		3.0
Utilities		2.2
Communication Services		2.2
Energy		1.0
Short-Term Investments		5.8

⁽¹⁾

On July 1, 2021, the Small Cap Core Fund was renamed, but its investment objective remained unchanged.

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



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

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021



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

CLASS A SHARES		May 31, 2016
With Sales Charge**				(10.88	)%		6.54	%		8.58	%		12.38	%
Without Sales Charge				(5.95	)		12.43			9.76			12.99
CLASS C SHARES		May 31, 2016
With CDSC***				(7.17	)		10.89			9.22			12.67
Without CDSC				(6.17	)		11.89			9.22			12.67
CLASS I SHARES		January 3, 2017		(5.82	)		12.72			10.03			13.16
CLASS R2 SHARES		July 31, 2017		(6.06	)		12.16			9.48			12.48
CLASS R3 SHARES		July 31, 2017		(5.95	)		12.42			9.75			12.76
CLASS R4 SHARES		July 31, 2017		(5.82	)		12.73			10.04			13.05
CLASS R5 SHARES		January 1, 1997		(5.72	)		12.93			10.25			13.27
CLASS R6 SHARES		May 31, 2016		(5.70	)		12.99			10.31			13.30

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class 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 Sustainable Leaders Fund and the Russell 2000 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain

distributions, if any, and does not include a sales charge. The performance of the Russell 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.



10	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.27%
Russell 2000 Value Index		1.24%

Net Assets as of 12/31/2021 (In Thousands)	$	1,550,740

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 outperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

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

Leading individual contributors to relative performance included the Fund’s overweight positions in ArcBest Corp., Arena Pharmaceuticals, Inc. and Echo Global Logistics, Inc. Shares of ArcBest, a logistics and transport company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Arena Pharmaceuticals, a biopharmaceuticals developer, rose after the company agreed to be acquired by Pfizer Inc. for an estimated $6.7 billion. Shares of Echo Global Logistics, a supply chain management company, rose ahead of its acquisition by Jordan Co. for an estimated $5 billion.

Leading individual detractors from relative performance included the Fund’s underweight position in Avis Budget Group, Inc., its overweight positions in AMC Entertainment Holdings, Inc. and ManTech International Corp. Shares of Avis Budget Group, an auto rental chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and indicated it would increase purchases of electric vehicles. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters, fell amid investor expectations that the resurgence of the pandemic in late 2021 would lead to renewed social restrictions. Shares of ManTech International, a provider of technology and software to the defense industry, fell after the company reported lower-than-expected revenue for the third quarter of 2021.

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 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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Tri Pointe Homes, Inc.		1.2	%
	2.	Allscripts Healthcare Solutions, Inc.		1.0
	3.	EMCOR Group, Inc.		1.0
	4.	CIT Group, Inc.		0.9
	5.	ArcBest Corp.		0.9
	6.	Ovintiv, Inc.		0.9
	7.	New Jersey Resources Corp.		0.8
	8.	BellRing Brands, Inc., Class A		0.8
	9.	American States Water Co.		0.8
	10.	AMC Entertainment Holdings, Inc., Class A		0.8


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

Financials		24.9	%
Industrials		15.4
Health Care		10.2
Real Estate		10.1
Information Technology		6.1
Consumer Discretionary		6.0
Energy		5.5
Materials		4.4
Utilities		3.8
Communication Services		3.7
Consumer Staples		2.7
Short-Term Investments		7.2

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



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

JPMorgan Small Cap Value Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021


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

CLASS A SHARES		January 27, 1995
With Sales Charge**				(2.28	)%		25.34	%		6.81	%		10.97	%
Without Sales Charge				3.14			32.31			7.97			11.57
CLASS C SHARES		March 22, 1999
With CDSC***				1.93			30.71			7.43			11.06
Without CDSC				2.93			31.71			7.43			11.06
CLASS I SHARES		January 27, 1995		3.27			32.63			8.25			11.86
CLASS R2 SHARES		November 3, 2008		3.01			31.98			7.70			11.29
CLASS R3 SHARES		September 9, 2016		3.16			32.36			7.98			11.57
CLASS R4 SHARES		September 9, 2016		3.30			32.67			8.24			11.84
CLASS R5 SHARES		May 15, 2006		3.36			32.85			8.40			11.98
CLASS R6 SHARES		February 22, 2005		3.41			33.00			8.51			12.09

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund and the Russell 2000 Value Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 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, 2021

JPMorgan SMID Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.33%
Russell 2500 Index		1.04%

Net Assets as of 12/31/21 (In Thousands)	$	400,876

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 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 outperformed the Russell 2500 Index (the “Benchmark”) for the six months ended December 31, 2021.

Relative to the Benchmark, the Fund’s security selection in the health care and financials sectors was a leading contributor to performance, while the Fund’s security selection in the materials sector and its underweight position in the energy sector, where it had no holdings, were leading detractors from performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Wex, Inc., Q2 Holdings, Inc. and Lamb Weston Holdings, Inc. Shares of Wex, an employee benefits and corporate fleet gas card provider, fell amid investor disappointment with the company’s third quarter earnings. Shares of Q2 Holdings, a digital banking provider, fell after the company reported lower-than-expected earnings for both the second and third quarters of 2021. Shares of Lamb Weston Holdings, a frozen foods and dairy products provider, fell amid increased costs and reported lower-than-expected results for the company’s fiscal first quarter of 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, 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 industrials and financials sectors and the smallest allocations were to the energy and communications services sectors.


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

	1.	WillScot Mobile Mini Holdings Corp.		1.8	%
	2.	Molina Healthcare, Inc.		1.7
	3.	Toro Co. (The)		1.7
	4.	Waste Connections, Inc.		1.6
	5.	LPL Financial Holdings, Inc.		1.6
	6.	Pool Corp.		1.6
	7.	LKQ Corp.		1.6
	8.	Lincoln Electric Holdings, Inc.		1.5
	9.	SS&C Technologies Holdings, Inc.		1.5
	10.	Signature Bank		1.4



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

JPMorgan SMID Cap Equity Fund

FUND COMMENTARY

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


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

Industrials		24.9	%
Financials		17.6
Information Technology		15.0
Health Care		12.4
Consumer Discretionary		10.9
Real Estate		6.8
Consumer Staples		5.6
Materials		3.7
Utilities		1.1
Short-Term Investments		2.0

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



14	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			3.44	%		16.56	%		10.65	%		12.53	%
Without Sales Charge			9.17			23.03			11.85			13.14
CLASS C SHARES	March 22, 1999
With CDSC***			7.90			21.47			11.28			12.61
Without CDSC			8.90			22.47			11.28			12.61
CLASS I SHARES	June 1, 1991		9.33			23.33			12.12			13.42
CLASS R3 SHARES	September 9, 2016		9.19			23.02			11.85			13.14
CLASS R4 SHARES	September 9, 2016		9.38			23.40			12.12			13.42
CLASS R6 SHARES	November 2, 2015		9.50			23.70			12.41			13.60

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class 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 and the Russell 2500 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 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 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.



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

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		3.00%
Russell 2000 Index		(2.31)%

Net Assets as of 12/31/2021 (In Thousands)	$	1,119,369

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, 2021.

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

Leading individual contributors to relative performance included the Fund’s overweight positions in Herc Holdings, Inc., ArcBest Corp. and Tri Pointe Homes, Inc. Shares of Herc Holdings, an equipment rental supplier, rose after the company raised its cash flow forecast for the full year 2021 and after it reported better-than-expected earnings for the third quarter of 2021. Shares of ArcBest, a logistics and transport company, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Tri Pointe Homes, a homebuilder, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021.

Leading individual detractors from relative performance included the Fund’s overweight positions in Cardiovascular Systems, Inc., ManTech International Corp. and Liberty TripAdvisor Holdings, Inc. Shares of Cardiovascular Systems, a medical device manufacturer, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter and issued a voluntary recall of one of its products. Shares of ManTech International, a provider of technology and software to the defense industry, fell after the company reported lower-than-expected revenue for the third quarter of 2021. Shares of Liberty TripAdvisor Holdings, an online advertising and hospitality commerce business, fell amid investor expectations that a resurgence in the pandemic in late 2021 would curb consumer and business travel.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Option Care Health, Inc.		1.3	%
	2.	Tri Pointe Homes, Inc.		1.3
	3.	Verint Systems, Inc.		1.3
	4.	UniFirst Corp.		1.1
	5.	Allscripts Healthcare Solutions, Inc.		1.0
	6.	Tetra Tech, Inc.		1.0
	7.	Perficient, Inc.		0.9
	8.	NuVasive, Inc.		0.9
	9.	John Wiley & Sons, Inc., Class A		0.9
	10.	American States Water Co.		0.8


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

Health Care		17.0	%
Industrials		15.8
Financials		14.5
Information Technology		13.3
Consumer Discretionary		8.6
Real Estate		6.1
Communication Services		3.7
Materials		3.6
Consumer Staples		3.2
Energy		3.2
Utilities		1.8
Short-Term Investments		9.2

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



16	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge**			(2.56	)%		15.54	%		9.45	%		12.82	%
Without Sales Charge			2.83			21.94			10.64			13.43
CLASS C SHARES	November 1, 2007
With CDSC***			1.55			20.33			10.08			12.97
Without CDSC			2.55			21.33			10.08			12.97
CLASS I SHARES	September 10, 2001		2.91			22.19			10.92			13.71
CLASS L SHARES	November 4, 1993		3.00			22.38			11.10			13.90
CLASS R2 SHARES	November 1, 2011		2.67			21.62			10.36			13.14
CLASS R3 SHARES	September 9, 2016		2.80			21.90			10.64			13.43
CLASS R4 SHARES	September 9, 2016		2.92			22.18			10.90			13.71
CLASS R5 SHARES	September 9, 2016		3.03			22.40			11.09			13.90
CLASS R6 SHARES	November 1, 2011		3.09			22.53			11.21			14.00

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R3 shares prior to their inception date are based on the performance of the 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 Shares prior to their inception date 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 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, 2011 to December 31, 2021. The performance of the Fund assumes

reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 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, 2021	J.P. MORGAN SMALL CAP FUNDS	17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%

Aerospace & Defense — 0.4%

Hexcel Corp. *		96		4,995


Airlines — 0.1%
Frontier Group Holdings, Inc. *		127		1,727


Auto Components — 0.7%
Fox Factory Holding Corp. *		32		5,375
Patrick Industries, Inc. (a)		45		3,617


				8,992


Automobiles — 0.3%
Winnebago Industries, Inc. (a)		54		4,051


Banks — 10.8%
BancFirst Corp.		95		6,703
Camden National Corp.		155		7,453
City Holding Co.		64		5,264
Columbia Banking System, Inc.		300		9,816
Community Trust Bancorp, Inc.		155		6,749
Cullen/Frost Bankers, Inc.		35		4,354
First Busey Corp.		380		10,305
First Commonwealth Financial Corp.		502		8,075
First Financial Bancorp		157		3,819
First Financial Bankshares, Inc.		125		6,330
First Hawaiian, Inc.		103		2,821
First Merchants Corp.		181		7,563
Heritage Commerce Corp.		516		6,159
Independent Bank Corp.		103		8,411
Independent Bank Corp.		392		9,357
Lakeland Bancorp, Inc. (a)		459		8,718
Pinnacle Financial Partners, Inc. (a)		45		4,321
Simmons First National Corp., Class A		256		7,559
SouthState Corp.		110		8,812
Trustmark Corp.		196		6,363


				138,952


Beverages — 0.4%
Primo Water Corp.		310		5,457


Biotechnology — 6.3%
ACADIA Pharmaceuticals, Inc. *		108		2,512
ADC Therapeutics SA (Switzerland) * (a)		109		2,211
Alector, Inc. *		95		1,968
Allogene Therapeutics, Inc. *		73		1,092
Amicus Therapeutics, Inc. *		395		4,558
Apellis Pharmaceuticals, Inc. * (a)		48		2,250
Arrowhead Pharmaceuticals, Inc. *		85		5,641
Atara Biotherapeutics, Inc. *		194		3,051
Avrobio, Inc. *		139		533
Biohaven Pharmaceutical Holding Co. Ltd. *		44		6,103
Blueprint Medicines Corp. *		59		6,321
Bridgebio Pharma, Inc. * (a)		65		1,088
Coherus Biosciences, Inc. * (a)		216		3,450
Fate Therapeutics, Inc. *		43		2,503
G1 Therapeutics, Inc. * (a)		110		1,120
Halozyme Therapeutics, Inc. *		179		7,178


INVESTMENTS	SHARES (000)		VALUE ($000)


Biotechnology — continued
Heron Therapeutics, Inc. * (a)		317		2,895
Kronos Bio, Inc. * (a)		69		932
Natera, Inc. *		56		5,245
PMV Pharmaceuticals, Inc. * (a)		85		1,975
REGENXBIO, Inc. *		124		4,047
Relay Therapeutics, Inc. *		106		3,268
REVOLUTION Medicines, Inc. * (a)		58		1,471
Rubius Therapeutics, Inc. * (a)		134		1,295
Sage Therapeutics, Inc. *		43		1,843
Sana Biotechnology, Inc. * (a)		61		947
Twist Bioscience Corp. *		54		4,193
Verve Therapeutics, Inc. * (a)		46		1,680


				81,370


Building Products — 3.2%
Advanced Drainage Systems, Inc.		54		7,340
AZEK Co., Inc. (The) * (a)		136		6,306
Carlisle Cos., Inc.		27		6,758
CSW Industrials, Inc.		50		6,043
Simpson Manufacturing Co., Inc.		49		6,825
UFP Industries, Inc.		84		7,729


				41,001


Capital Markets — 1.9%
Evercore, Inc., Class A		26		3,493
Focus Financial Partners, Inc., Class A *		106		6,341
LPL Financial Holdings, Inc.		47		7,524
Virtus Investment Partners, Inc.		26		7,663


				25,021


Chemicals — 3.4%
Chase Corp.		70		6,969
Diversey Holdings Ltd. *		500		6,655
Hawkins, Inc.		230		9,075
HB Fuller Co.		106		8,607
Innospec, Inc.		67		6,058
Stepan Co.		52		6,411
Zymergen, Inc. * (a)		57		384


				44,159


Commercial Services & Supplies — 1.4%
ACV Auctions, Inc., Class A * (a)		117		2,212
Brady Corp., Class A		159		8,577
Kimball International, Inc., Class B		233		2,380
MSA Safety, Inc.		36		5,371


				18,540


Communications Equipment — 0.8%
Ciena Corp. *		57		4,392
Viavi Solutions, Inc. *		300		5,286


				9,678


Construction & Engineering — 0.7%
Comfort Systems USA, Inc.		90		8,905

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


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

Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions, Inc. *		18		2,298


Diversified Telecommunication Services — 1.1%
Iridium Communications, Inc. *		155		6,400
Radius Global Infrastructure, Inc. *		450		7,245


				13,645


Electric Utilities — 0.2%
Portland General Electric Co.		59		3,144


Electrical Equipment — 1.7%
Bloom Energy Corp., Class A * (a)		156		3,414
Fluence Energy, Inc. *		102		3,619
Regal Rexnord Corp.		45		7,658
Shoals Technologies Group, Inc., Class A *		127		3,093
Vertiv Holdings Co.		168		4,200


				21,984


Electronic Equipment, Instruments & Components — 2.6%
II-VI, Inc. *		98		6,703
Insight Enterprises, Inc. *		60		6,396
Itron, Inc. *		45		3,108
Littelfuse, Inc.		24		7,625
Plexus Corp. *		50		4,795
TTM Technologies, Inc. *		350		5,215


				33,842


Equity Real Estate Investment Trusts (REITs) — 7.6%
Agree Realty Corp.		70		4,995
American Campus Communities, Inc.		110		6,302
American Homes 4 Rent, Class A		170		7,414
Centerspace		57		6,293
CubeSmart		66		3,761
Highwoods Properties, Inc.		110		4,905
JBG SMITH Properties		200		5,742
Kite Realty Group Trust		177		3,851
Plymouth Industrial REIT, Inc. (a)		248		7,924
Rayonier, Inc. (a)		154		6,202
Rexford Industrial Realty, Inc.		105		8,517
RLJ Lodging Trust		550		7,662
Sunstone Hotel Investors, Inc. *		800		9,383
Terreno Realty Corp.		173		14,779


				97,730


Food & Staples Retailing — 1.0%
Grocery Outlet Holding Corp. * (a)		103		2,901
Performance Food Group Co. *		213		9,766


				12,667


Food Products — 1.1%
Flowers Foods, Inc.		230		6,317
Freshpet, Inc. *		41		3,936
J&J Snack Foods Corp.		26		4,075


				14,328


INVESTMENTS	SHARES (000)		VALUE ($000)


Gas Utilities — 1.3%
Chesapeake Utilities Corp.		35		5,073
ONE Gas, Inc.		85		6,595
Southwest Gas Holdings, Inc.		64		4,471


				16,139


Health Care Equipment & Supplies — 3.1%
CONMED Corp. (a)		38		5,438
Figs, Inc., Class A *		63		1,734
iRhythm Technologies, Inc. *		61		7,217
Nevro Corp. *		38		3,093
NuVasive, Inc. *		91		4,773
Outset Medical, Inc. *		99		4,554
Shockwave Medical, Inc. *		40		7,105
Sight Sciences, Inc. * (a)		61		1,080
Utah Medical Products, Inc. (a)		45		4,500


				39,494


Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc. *		78		4,741
Accolade, Inc. *		106		2,805
Amedisys, Inc. *		18		2,940
Cano Health, Inc. * (a)		152		1,352
Encompass Health Corp.		95		6,200
Ensign Group, Inc. (The) (a)		55		4,583
ModivCare, Inc. *		37		5,487
Patterson Cos., Inc.		300		8,804


				36,912


Health Care Technology — 0.4%
Evolent Health, Inc., Class A *		169		4,678


Hotels, Restaurants & Leisure — 3.9%
Boyd Gaming Corp. *		87		5,690
Cracker Barrel Old Country Store, Inc.		40		5,146
El Pollo Loco Holdings, Inc. *		220		3,122
Everi Holdings, Inc. *		280		5,985
Jack in the Box, Inc.		60		5,249
Life Time Group Holdings, Inc. * (a)		187		3,224
Marriott Vacations Worldwide Corp.		31		5,203
Planet Fitness, Inc., Class A *		77		6,972
Six Flags Entertainment Corp. *		90		3,853
Texas Roadhouse, Inc.		71		6,346


				50,790


Household Durables — 2.4%
Helen of Troy Ltd. * (a)		31		7,550
Hooker Furnishings Corp.		150		3,492
La-Z-Boy, Inc.		110		3,994
M/I Homes, Inc. *		62		3,853
MDC Holdings, Inc.		67		3,737
Sonos, Inc. *		157		4,687
Tri Pointe Homes, Inc. *		141		3,934


				31,247

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	19

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Insurance — 1.9%
Lemonade, Inc. * (a)		12		518
Safety Insurance Group, Inc.		129		10,965
Selective Insurance Group, Inc.		110		9,013
Universal Insurance Holdings, Inc.		225		3,825


				24,321


Interactive Media & Services — 0.6%
Bumble, Inc., Class A *		96		3,241
Eventbrite, Inc., Class A * (a)		207		3,613
MediaAlpha, Inc., Class A *		64		984


				7,838


Internet & Direct Marketing Retail — 0.6%
Global-e Online Ltd. (Israel) * (a)		50		3,143
RealReal, Inc. (The) * (a)		188		2,187
Xometry, Inc., Class A * (a)		53		2,707


				8,037


IT Services — 2.6%
CSG Systems International, Inc.		95		5,474
DigitalOcean Holdings, Inc. * (a)		94		7,514
ExlService Holdings, Inc. *		12		1,804
Globant SA*		25		7,732
LiveRamp Holdings, Inc. *		60		2,874
Rackspace Technology, Inc. * (a)		310		4,176
Remitly Global, Inc. *		44		902
Repay Holdings Corp. *		157		2,865


				33,341


Leisure Products — 0.8%
Hayward Holdings, Inc. * (a)		283		7,430
Johnson Outdoors, Inc., Class A		24		2,286


				9,716


Life Sciences Tools & Services — 0.3%
Berkeley Lights, Inc. * (a)		50		907
Personalis, Inc. * (a)		111		1,581
Rapid Micro Biosystems, Inc., Class A *		76		805
Seer, Inc. * (a)		39		900


				4,193


Machinery — 5.2%
Alamo Group, Inc.		50		7,359
Altra Industrial Motion Corp.		77		3,991
Hillenbrand, Inc.		180		9,358
ITT, Inc.		139		14,214
John Bean Technologies Corp.		45		6,881
Kadant, Inc.		35		8,100
Lincoln Electric Holdings, Inc.		41		5,735
Mueller Industries, Inc.		150		8,904
Watts Water Technologies, Inc., Class A		15		2,913


				67,455


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — 1.0%
Cardlytics, Inc. *		42		2,792
Gray Television, Inc.		470		9,475


				12,267


Metals & Mining — 0.6%
Alcoa Corp.		90		5,362
Warrior Met Coal, Inc.		100		2,571


				7,933


Mortgage Real Estate Investment Trusts (REITs) — 0.9%
Ares Commercial Real Estate Corp.		400		5,816
Ladder Capital Corp.		500		5,995


				11,811


Multi-Utilities — 0.4%
Unitil Corp.		100		4,599


Oil, Gas & Consumable Fuels — 2.2%
CNX Resources Corp. *		301		4,145
Delek US Holdings, Inc. *		120		1,804
Equitrans Midstream Corp.		289		2,985
Matador Resources Co.		270		9,968
PDC Energy, Inc.		201		9,785


				28,687


Personal Products — 0.6%
Inter Parfums, Inc.		70		7,452


Pharmaceuticals — 0.6%
Arvinas, Inc. *		58		4,763
Revance Therapeutics, Inc. *		180		2,944


				7,707


Professional Services — 0.7%
ASGN, Inc. *		29		3,533
CBIZ, Inc. *		103		4,015
ManTech International Corp., Class A		28		2,075


				9,623


Road & Rail — 1.2%
Marten Transport Ltd.		361		6,197
Saia, Inc. *		29		9,796


				15,993


Semiconductors & Semiconductor Equipment — 3.0%
Cohu, Inc. *		125		4,761
FormFactor, Inc. *		125		5,715
MKS Instruments, Inc.		46		7,974
Rambus, Inc. * (a)		220		6,466
Semtech Corp. *		65		5,742
SolarEdge Technologies, Inc. *		13		3,764
Wolfspeed, Inc. * (a)		44		4,895


				39,317

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


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

Software — 4.4%
Anaplan, Inc. *		91		4,167
Blackline, Inc. *		53		5,490
CyberArk Software Ltd. *		44		7,657
Digital Turbine, Inc. * (a)		79		4,844
Duck Creek Technologies, Inc. *		106		3,185
Elastic NV *		22		2,736
Envestnet, Inc. *		65		5,186
Everbridge, Inc. *		48		3,236
JFrog Ltd. (Israel)*		69		2,049
New Relic, Inc. *		14		1,542
Paycor HCM, Inc. * (a)		156		4,494
Q2 Holdings, Inc. *		35		2,807
Smartsheet, Inc., Class A *		92		7,145
Vertex, Inc., Class A *		138		2,190


				56,728


Specialty Retail — 2.7%
Floor & Decor Holdings, Inc., Class A *		31		3,993
Group 1 Automotive, Inc.		36		7,049
Lithia Motors, Inc., Class A		12		3,669
National Vision Holdings, Inc. *		151		7,232
Petco Health & Wellness Co., Inc. * (a)		231		4,569
Sleep Number Corp. *		46		3,557
Urban Outfitters, Inc. *		160		4,698


				34,767


Technology Hardware, Storage & Peripherals — 0.3%
Super Micro Computer, Inc. *		100		4,395


Textiles, Apparel & Luxury Goods — 1.8%
Kontoor Brands, Inc.		136		6,955
Movado Group, Inc.		139		5,826
Oxford Industries, Inc. (a)		50		5,076
Steven Madden Ltd.		120		5,576


				23,433


Thrifts & Mortgage Finance — 2.4%
PennyMac Financial Services, Inc.		108		7,559
Premier Financial Corp.		268		8,291
Radian Group, Inc.		288		6,082
WSFS Financial Corp.		175		8,790


				30,722


Trading Companies & Distributors — 3.5%
Applied Industrial Technologies, Inc.		149		15,325
Beacon Roofing Supply, Inc. * (a)		110		6,309
GMS, Inc. * (a)		100		6,011
McGrath RentCorp		95		7,625
Rush Enterprises, Inc., Class A		89		4,926
SiteOne Landscape Supply, Inc. *		19		4,500


				44,696


INVESTMENTS	SHARES (000)		VALUE ($000)


Water Utilities — 0.3%

American States Water Co.		40		4,127


Total Common Stocks (Cost $1,014,811)				1,270,904


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

Biotechnology — 0.0% (b)
Clementia Pharmaceuticals, Inc. (France) * ‡ (Cost $—)		51		—	(c)


	SHARES (000)
Short-Term Investments — 5.7%

Investment Companies — 1.4%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $18,582)		18,578		18,585


Investment of Cash Collateral from Securities Loaned — 4.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		46,002		45,993

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		8,656		8,656


Total Investment of Cash Collateral from Securities Loaned (Cost $54,653)				54,649


Total Short-Term Investments (Cost $73,235)				73,234

Total Investments — 104.2% (Cost $1,088,046)				1,344,138
Liabilities in Excess of Other Assets — (4.2)%				(54,089	)

NET ASSETS — 100.0%				1,290,049

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, 2021. The total value of securities on loan at December 31, 2021 is $53,036.
(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, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.2%

Airlines — 0.7%
Alaska Air Group, Inc. *		1,016		52,956


Auto Components — 1.4%
LCI Industries		714		111,278


Automobiles — 0.8%
Thor Industries, Inc.		603		62,568


Banks — 8.8%
BankUnited, Inc.		2,016		85,301
Commerce Bancshares, Inc. (a)		1,043		71,678
Cullen/Frost Bankers, Inc.		574		72,356
First Financial Bancorp		2,741		66,823
First Hawaiian, Inc.		3,151		86,106
First Horizon Corp.		5,663		92,474
Signature Bank		203		65,581
Western Alliance Bancorp		882		94,998
Wintrust Financial Corp.		982		89,197


				724,514


Beverages — 1.2%
Primo Water Corp.		5,402		95,232


Capital Markets — 5.2%
AssetMark Financial Holdings, Inc. *		1,465		38,409
Focus Financial Partners, Inc., Class A *		1,432		85,519
Lazard Ltd., Class A		1,676		73,137
Moelis & Co., Class A		1,069		66,816
Morningstar, Inc.		236		80,659
StepStone Group, Inc., Class A		1,861		77,373


				421,913


Chemicals — 2.9%
Diversey Holdings Ltd. *		3,192		42,489
Ecovyst, Inc.		2,903		29,728
Quaker Chemical Corp. (a)		381		88,023
Valvoline, Inc.		1,933		72,075


				232,315


Commercial Services & Supplies — 8.1%
Brady Corp., Class A (a)		1,451		78,210
Casella Waste Systems, Inc., Class A *		1,322		112,905
Driven Brands Holdings, Inc. *		2,159		72,581
IAA, Inc. *		1,999		101,180
MSA Safety, Inc.		758		114,456
Ritchie Bros Auctioneers, Inc. (Canada)		822		50,285
Stericycle, Inc. * (a)		1,307		77,924
UniFirst Corp.		243		51,132


				658,673


Construction & Engineering — 2.1%
WillScot Mobile Mini Holdings Corp. *		4,101		167,487


Containers & Packaging — 2.2%
AptarGroup, Inc.		1,160		142,096
Pactiv Evergreen, Inc. (a)		2,966		37,615


				179,711


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Consumer Services — 1.0%
Bright Horizons Family Solutions, Inc. *		666		83,793


Electric Utilities — 1.1%
Portland General Electric Co.		1,663		87,988


Electronic Equipment, Instruments & Components — 2.7%
Badger Meter, Inc.		578		61,626
nLight, Inc. * (a)		2,090		50,067
Novanta, Inc. * (a)		617		108,777


				220,470


Equity Real Estate Investment Trusts (REITs) — 6.5%
American Campus Communities, Inc.		1,574		90,180
CubeSmart		1,521		86,588
EastGroup Properties, Inc.		580		132,264
National Retail Properties, Inc.		2,133		102,535
Outfront Media, Inc.		2,554		68,495
Ryman Hospitality Properties, Inc. *		570		52,379


				532,441


Food & Staples Retailing — 4.4%
BJ’s Wholesale Club Holdings, Inc. * (a)		1,926		129,016
Casey’s General Stores, Inc. (a)		426		84,098
Performance Food Group Co. *		3,087		141,651


				354,765


Food Products — 0.7%
Utz Brands, Inc. (a)		3,333		53,154


Health Care Equipment & Supplies — 4.0%
Envista Holdings Corp. *		2,031		91,511
ICU Medical, Inc. *		538		127,624
Neogen Corp. * (a)		699		31,727
Ortho Clinical Diagnostics Holdings plc *		3,491		74,664


				325,526


Health Care Providers & Services — 5.8%
Agiliti, Inc. * (a)		3,082		71,385
Chemed Corp.		196		103,556
Covetrus, Inc. * (a)		3,271		65,327
Encompass Health Corp.		1,673		109,151
HealthEquity, Inc. *		1,462		64,694
Progyny, Inc. *		1,164		58,619


				472,732


Health Care Technology — 1.1%
Certara, Inc. * (a)		2,112		60,035
Definitive Healthcare Corp. * (a)		933		25,497


				85,532


Hotels, Restaurants & Leisure — 2.6%
Monarch Casino & Resort, Inc. *		505		37,347
Planet Fitness, Inc., Class A *		922		83,512
Wendy’s Co. (The)		3,727		88,884


				209,743

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Insurance — 2.8%
Kinsale Capital Group, Inc.		522		124,140
RLI Corp.		940		105,392


				229,532


Internet & Direct Marketing Retail — 0.3%
Xometry, Inc., Class A * (a)		532		27,264


IT Services — 1.2%
WEX, Inc. *		677		95,059


Leisure Products — 3.5%
Acushnet Holdings Corp.		1,459		77,467
Brunswick Corp.		1,219		122,795
Hayward Holdings, Inc. * (a)		3,325		87,214


				287,476


Life Sciences Tools & Services — 1.5%
Syneos Health, Inc. * (a)		1,226		125,899


Machinery — 7.8%
Altra Industrial Motion Corp.		1,379		71,120
Douglas Dynamics, Inc.		996		38,899
Gates Industrial Corp. plc *		3,019		48,032
Hillman Solutions Corp. * (a)		3,957		42,538
Lincoln Electric Holdings, Inc.		918		128,087
RBC Bearings, Inc. *		511		103,263
Toro Co. (The)		1,152		115,080
Woodward, Inc.		796		87,088


				634,107


Multi-Utilities — 1.0%
NorthWestern Corp. (a)		1,480		84,578


Professional Services — 0.5%
First Advantage Corp. * (a)		2,326		44,286


Real Estate Management & Development — 0.9%
Cushman & Wakefield plc * (a)		3,204		71,268


Road & Rail — 2.2%
Knight-Swift Transportation Holdings, Inc.		1,520		92,626
Landstar System, Inc.		488		87,335


				179,961


Semiconductors & Semiconductor Equipment — 3.5%
Allegro MicroSystems, Inc. (Japan) * (a)		2,214		80,113
CMC Materials, Inc. (a)		495		94,968
Power Integrations, Inc.		1,203		111,781


				286,862


Software — 5.7%
Aspen Technology, Inc. *		432		65,684
Cerence, Inc. *		166		12,696
Clearwater Analytics Holdings, Inc., Class A * (a)		1,500		34,467
Duck Creek Technologies, Inc. * (a)		1,189		35,815
Envestnet, Inc. *		970		76,923
Guidewire Software, Inc. *		715		81,143


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued
nCino, Inc. * (a)		660		36,193
Paycor HCM, Inc. * (a)		1,062		30,608
Q2 Holdings, Inc. * (a)		1,128		89,571


				463,100


Specialty Retail — 1.3%
Leslie’s, Inc. * (a)		2,549		60,307
National Vision Holdings, Inc. *		1,014		48,647


				108,954


Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc. (a)		585		59,229


Trading Companies & Distributors — 1.0%
Applied Industrial Technologies, Inc. (a)		813		83,450


Total Common Stocks (Cost $4,846,084)				7,913,816

Short-Term Investments — 4.9%

Investment Companies — 2.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $238,213)		238,147		238,242


Investment of Cash Collateral from Securities Loaned — 2.0%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		132,038		132,012

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		29,154		29,154


Total Investment of Cash Collateral from Securities Loaned (Cost $161,174)				161,166


Total Short-Term Investments (Cost $399,387)				399,408

Total Investments — 102.1% (Cost $5,245,471)				8,313,224
Liabilities in Excess of Other Assets — (2.1)%				(170,342	)

NET ASSETS — 100.0%				8,142,882

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $158,685.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 1.0%
Hexcel Corp. * (a)		1,104		57,164


Airlines — 0.4%
Frontier Group Holdings, Inc. *		1,968		26,703


Auto Components — 1.0%
Fox Factory Holding Corp. *		362		61,522


Automobiles — 0.8%
Winnebago Industries, Inc. (a)		618		46,304


Banks — 2.1%
First Financial Bankshares, Inc.		1,449		73,664
Pinnacle Financial Partners, Inc. (a)		518		49,423


				123,087


Biotechnology — 15.6%
ACADIA Pharmaceuticals, Inc. *		1,227		28,629
ADC Therapeutics SA (Switzerland) * (a)		1,247		25,194
Alector, Inc. * (a)		1,086		22,421
Allogene Therapeutics, Inc. * (a)		828		12,353
Amicus Therapeutics, Inc. *		4,515		52,153
Apellis Pharmaceuticals, Inc. * (a)		542		25,641
Arrowhead Pharmaceuticals, Inc. *		974		64,599
Atara Biotherapeutics, Inc. *		2,211		34,843
Avrobio, Inc. *		1,586		6,105
Biohaven Pharmaceutical Holding Co. Ltd. * (a)		507		69,889
Blueprint Medicines Corp. * (a)		676		72,411
Bridgebio Pharma, Inc. * (a)		745		12,419
Coherus Biosciences, Inc. * (a)		2,471		39,445
Fate Therapeutics, Inc. * (a)		488		28,567
G1 Therapeutics, Inc. * (a)		1,242		12,680
Halozyme Therapeutics, Inc. *		2,046		82,256
Heron Therapeutics, Inc. * (a)		3,621		33,059
Kronos Bio, Inc. * (a)		775		10,529
Natera, Inc. *		643		60,044
PMV Pharmaceuticals, Inc. * (a)		978		22,581
REGENXBIO, Inc. *		1,419		46,406
Relay Therapeutics, Inc. * (a)		1,216		37,338
REVOLUTION Medicines, Inc. * (a)		663		16,694
Rubius Therapeutics, Inc. * (a)		1,518		14,693
Sage Therapeutics, Inc. *		493		20,962
Sana Biotechnology, Inc. * (a)		690		10,685
Twist Bioscience Corp. * (a)		620		47,981
Verve Therapeutics, Inc. * (a)		518		19,115


				929,692


Building Products — 5.2%
Advanced Drainage Systems, Inc.		618		84,096
AZEK Co., Inc. (The) * (a)		1,562		72,219
Carlisle Cos., Inc.		312		77,413
Simpson Manufacturing Co., Inc.		562		78,189


				311,917


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 1.9%
Evercore, Inc., Class A		298		40,428
Focus Financial Partners, Inc., Class A *		1,216		72,632


				113,060


Chemicals — 0.1%
Zymergen, Inc. * (a)		839		5,612


Commercial Services & Supplies — 1.5%
ACV Auctions, Inc., Class A * (a)		1,338		25,200
MSA Safety, Inc.		407		61,478


				86,678


Communications Equipment — 0.8%
Ciena Corp. *		653		50,247


Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc. *		208		26,185


Electrical Equipment — 2.8%
Bloom Energy Corp., Class A * (a)		1,779		39,010
Fluence Energy, Inc. * (a)		1,163		41,346
Shoals Technologies Group, Inc., Class A *		1,454		35,334
Vertiv Holdings Co.		1,924		48,037


				163,727


Electronic Equipment, Instruments & Components — 3.4%
II-VI, Inc. * (a)		1,124		76,797
Itron, Inc. * (a)		518		35,490
Littelfuse, Inc.		278		87,371


				199,658


Equity Real Estate Investment Trusts (REITs) — 1.9%
CubeSmart		756		42,998
Terreno Realty Corp.		839		71,585


				114,583


Food & Staples Retailing — 2.4%
Grocery Outlet Holding Corp. * (a)		1,171		33,124
Performance Food Group Co. * (a)		2,440		111,962


				145,086


Food Products — 0.8%
Freshpet, Inc. * (a)		472		45,008


Health Care Equipment & Supplies — 6.7%
CONMED Corp. (a)		439		62,259
Figs, Inc., Class A * (a)		715		19,702
iRhythm Technologies, Inc. * (a)		703		82,683
Nevro Corp. *		436		35,335
NuVasive, Inc. *		1,041		54,614
Outset Medical, Inc. *		1,130		52,099
Shockwave Medical, Inc. *		457		81,412
Sight Sciences, Inc. * (a)		695		12,216


				400,320

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


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

Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc. *		894		54,247
Accolade, Inc. * (a)		1,219		32,137
Amedisys, Inc. *		207		33,563
Cano Health, Inc. * (a)		1,721		15,330


				135,277


Health Care Technology — 0.9%
Evolent Health, Inc., Class A *		1,934		53,525


Hotels, Restaurants & Leisure — 6.0%
Boyd Gaming Corp. *		994		65,150
Life Time Group Holdings, Inc. * (a)		2,140		36,824
Marriott Vacations Worldwide Corp.		352		59,552
Planet Fitness, Inc., Class A *		882		79,876
Six Flags Entertainment Corp. *		1,035		44,060
Texas Roadhouse, Inc.		814		72,685


				358,147


Household Durables — 3.1%
Helen of Troy Ltd. * (a)		354		86,524
Sonos, Inc. *		1,800		53,641
Tri Pointe Homes, Inc. * (a)		1,613		44,975


				185,140


Insurance — 0.1%
Lemonade, Inc. * (a)		141		5,918


Interactive Media & Services — 1.5%
Bumble, Inc., Class A *		1,094		37,028
Eventbrite, Inc., Class A * (a)		2,368		41,290
MediaAlpha, Inc., Class A * (a)		719		11,101


				89,419


Internet & Direct Marketing Retail — 1.6%
Global-e Online Ltd. (Israel) * (a)		566		35,891
RealReal, Inc. (The) * (a)		2,146		24,913
Xometry, Inc., Class A * (a)		649		33,243


				94,047


IT Services — 4.6%
DigitalOcean Holdings, Inc. * (a)		1,072		86,106
ExlService Holdings, Inc. *		142		20,547
Globant SA*		282		88,584
LiveRamp Holdings, Inc. *		684		32,813
Remitly Global, Inc. * (a)		492		10,154
Repay Holdings Corp. * (a)		1,790		32,708


				270,912


Life Sciences Tools & Services — 0.9%
Berkeley Lights, Inc. * (a)		563		10,239
Personalis, Inc. * (a)		1,572		22,434
Rapid Micro Biosystems, Inc., Class A *		957		10,185
Seer, Inc. * (a)		445		10,146


				53,004


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — 2.8%
ITT, Inc.		867		88,625
John Bean Technologies Corp.		513		78,830


				167,455


Media — 0.5%
Cardlytics, Inc. * (a)		482		31,861


Pharmaceuticals — 1.5%
Arvinas, Inc. *		664		54,501
Revance Therapeutics, Inc. * (a)		2,250		36,724


				91,225


Professional Services — 0.4%
ManTech International Corp., Class A		324		23,624


Road & Rail — 1.9%
Saia, Inc. *		333		112,313


Semiconductors & Semiconductor Equipment — 4.3%
MKS Instruments, Inc.		525		91,376
Semtech Corp. *		739		65,744
SolarEdge Technologies, Inc. *		153		43,039
Wolfspeed, Inc. *		501		56,014


				256,173


Software — 10.9%
Anaplan, Inc. *		1,040		47,666
Blackline, Inc. * (a)		607		62,858
CyberArk Software Ltd. * (a)		506		87,747
Digital Turbine, Inc. * (a)		909		55,431
Duck Creek Technologies, Inc. *		1,208		36,382
Elastic NV*		254		31,219
Envestnet, Inc. *		757		60,030
Everbridge, Inc. * (a)		549		36,981
JFrog Ltd. (Israel)*		786		23,337
New Relic, Inc. *		159		17,510
Paycor HCM, Inc. * (a)		1,785		51,418
Q2 Holdings, Inc. *		403		32,046
Smartsheet, Inc., Class A *		1,057		81,870
Vertex, Inc., Class A * (a)		1,573		24,970


				649,465


Specialty Retail — 3.8%
Floor & Decor Holdings, Inc., Class A *		351		45,660
Lithia Motors, Inc., Class A		141		41,932
National Vision Holdings, Inc. *		1,782		85,511
Petco Health & Wellness Co., Inc. * (a)		2,642		52,277


				225,380


Trading Companies & Distributors — 3.2%
Applied Industrial Technologies, Inc.		831		85,352
Rush Enterprises, Inc., Class A		1,013		56,367
SiteOne Landscape Supply, Inc. *		212		51,464


				193,183


Total Common Stocks (Cost $4,401,363)				5,902,621

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Biotechnology — 0.0% (b)

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


	SHARES (000)
Short-Term Investments — 6.5%

Investment Companies — 1.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $66,210)		66,184		66,211


Investment of Cash Collateral from Securities Loaned — 5.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		247,284		247,234

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		70,454		70,454


Total Investment of Cash Collateral from Securities Loaned (Cost $317,705)				317,688


Total Short-Term Investments (Cost $383,915)				383,899

Total Investments — 105.6% (Cost $4,785,278)				6,286,520
Liabilities in Excess of Other Assets — (5.6)%				(334,794	)

NET ASSETS — 100.0%				5,951,726

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $311,873.
(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, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 1.5%
Maxar Technologies, Inc.		148		4,371


Auto Components — 1.5%
Visteon Corp. *		40		4,390


Banks — 10.7%
Amalgamated Financial Corp.		223		3,736
Customers Bancorp, Inc. *		94		6,157
Hilltop Holdings, Inc.		101		3,546
Signature Bank		20		6,329
Synovus Financial Corp.		109		5,230
Zions Bancorp NA		106		6,680


				31,678


Biotechnology — 6.4%
Arena Pharmaceuticals, Inc. *		24		2,251
Fate Therapeutics, Inc. *		51		2,993
Halozyme Therapeutics, Inc. *		134		5,405
Natera, Inc. *		37		3,494
Sarepta Therapeutics, Inc. *		57		5,111


				19,254


Building Products — 5.7%
AAON, Inc. (a)		93		7,353
Advanced Drainage Systems, Inc.		21		2,866
AZEK Co., Inc. (The)*		147		6,783


				17,002


Capital Markets — 1.2%
Federated Hermes, Inc.		99		3,719


Chemicals — 1.4%
Avient Corp.		65		3,631
Zymergen, Inc. * (a)		61		411


				4,042


Commercial Services & Supplies — 4.9%
ABM Industries, Inc.		39		1,583
Interface, Inc.		197		3,143
MillerKnoll, Inc.		142		5,576
Tetra Tech, Inc.		26		4,436


				14,738


Diversified Consumer Services — 1.2%
Coursera, Inc. *		147		3,593


Electrical Equipment — 2.3%
Acuity Brands, Inc.		8		1,715
Bloom Energy Corp., Class A *		45		993
Fluence Energy, Inc. *		70		2,475
FuelCell Energy, Inc. * (a)		123		640
TPI Composites, Inc. *		80		1,190


				7,013


Electronic Equipment, Instruments & Components — 2.6%
Badger Meter, Inc.		33		3,471


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — continued
Itron, Inc. *		61		4,159


				7,630


Equity Real Estate Investment Trusts (REITs) — 6.0%
Alexander & Baldwin, Inc.		132		3,321
Hudson Pacific Properties, Inc.	��	55		1,361
Kilroy Realty Corp. (a)		54		3,620
Paramount Group, Inc.		354		2,949
Rayonier, Inc. (a)		84		3,406
Rexford Industrial Realty, Inc.		40		3,277


				17,934


Food & Staples Retailing — 2.5%
Sprouts Farmers Market, Inc. *		129		3,817
United Natural Foods, Inc. *		75		3,669


				7,486


Food Products — 2.8%
AppHarvest, Inc. * (a)		128		496
Darling Ingredients, Inc. *		95		6,562
Vital Farms, Inc. * (a)		69		1,245


				8,303


Health Care Equipment & Supplies — 1.0%
Shockwave Medical, Inc. *		16		2,871


Health Care Providers & Services — 5.1%
AMN Healthcare Services, Inc. *		46		5,631
Encompass Health Corp.		59		3,831
HealthEquity, Inc. *		72		3,196
Progyny, Inc. *		53		2,655


				15,313


Health Care Technology — 2.8%
Allscripts Healthcare Solutions, Inc. *		284		5,238
Schrodinger, Inc. * (a)		89		3,116


				8,354


Household Durables — 3.1%
KB Home		118		5,267
Sonos, Inc. *		135		4,033


				9,300


Independent Power and Renewable Electricity Producers — 0.3%
Sunnova Energy International, Inc. *		36		1,018


Insurance — 1.6%
CNO Financial Group, Inc.		194		4,614
Lemonade, Inc. * (a)		7		290


				4,904


Interactive Media & Services — 2.3%
Bumble, Inc., Class A *		109		3,702
Yelp, Inc. *		88		3,188


				6,890

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Sustainable Leaders Fund

(formerly known as JPMorgan Small Cap Core Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Internet & Direct Marketing Retail — 0.4%
ThredUp, Inc., Class A * (a)		103		1,309


IT Services — 0.0% (b)
BM Technologies, Inc. * (a)		6		58


Life Sciences Tools & Services — 0.6%
Singular Genomics Systems, Inc. *		156		1,801


Machinery — 1.9%
AGCO Corp.		23		2,692
Lindsay Corp.		19		2,941


				5,633


Metals & Mining — 1.8%
Schnitzer Steel Industries, Inc., Class A		102		5,283


Mortgage Real Estate Investment Trusts (REITs) — 2.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		111		5,888


Oil, Gas & Consumable Fuels — 1.0%
Clean Energy Fuels Corp. * (a)		94		579
Renewable Energy Group, Inc. * (a)		59		2,510


				3,089


Personal Products — 0.3%
Honest Co., Inc. (The) *		120		974


Professional Services — 3.1%
Huron Consulting Group, Inc. *		95		4,725
ICF International, Inc. (a)		44		4,561


				9,286


Real Estate Management & Development — 1.4%
Cushman & Wakefield plc *		183		4,067


Semiconductors & Semiconductor Equipment — 3.7%
Azenta, Inc.		20		2,070
Power Integrations, Inc.		35		3,295
SunPower Corp. * (a)		184		3,832
Wolfspeed, Inc. *		18		2,001


				11,198


Software — 3.6%
Everbridge, Inc. *		24		1,608
NCR Corp. *		102		4,080
Q2 Holdings, Inc. *		63		5,032


				10,720


Specialty Retail — 1.6%
Warby Parker, Inc., Class A * (a)		104		4,847


Textiles, Apparel & Luxury Goods — 6.1%
Allbirds, Inc., Class A * (a)		75		1,128
Columbia Sportswear Co.		32		3,164
Deckers Outdoor Corp. *		14		5,311
Kontoor Brands, Inc.		86		4,416
Unifi, Inc. *		179		4,136


				18,155


INVESTMENTS	SHARES (000)		VALUE ($000)


Trading Companies & Distributors — 2.7%
WESCO International, Inc. *		60		7,939


Water Utilities — 2.0%
American States Water Co.		58		6,020


Total Common Stocks (Cost $302,854)				296,070


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

Biotechnology — 0.0% (b)

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


	SHARES (000)
Short-Term Investments — 6.1%

Investment Companies — 0.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (d) (e) (Cost $2,752)		2,751		2,753


Investment of Cash Collateral from Securities Loaned — 5.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		12,096		12,093

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		3,413		3,413


Total Investment of Cash Collateral from Securities Loaned (Cost $15,506)				15,506


Total Short-Term Investments (Cost $18,258)				18,259

Total Investments — 105.2% (Cost $321,240)				314,329
Liabilities in Excess of Other Assets — (5.2)%				(15,481	)

NET ASSETS — 100.0%				298,848

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $14,883.
(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, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 0.4%
AAR Corp. *		39		1,518
Astronics Corp. *		128		1,535
Moog, Inc., Class A		30		2,445


				5,498


Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings, Inc. *		17		1,600
Hub Group, Inc., Class A *		150		12,619


				14,219


Airlines — 0.6%
Hawaiian Holdings, Inc. *		46		841
SkyWest, Inc. *		216		8,481


				9,322


Auto Components — 0.5%
Adient plc * (a)		113		5,395
American Axle & Manufacturing Holdings, Inc. *		44		411
Dana, Inc.		113		2,579


				8,385


Banks — 16.3%
1st Source Corp.		54		2,683
American National Bankshares, Inc.		12		452
Associated Banc-Corp.		353		7,974
Atlantic Capital Bancshares, Inc. *		38		1,102
Atlantic Union Bankshares Corp.		4		164
Banner Corp.		21		1,274
Brookline Bancorp, Inc.		225		3,638
Bryn Mawr Bank Corp.		15		693
Business First Bancshares, Inc.		80		2,253
Byline Bancorp, Inc. (a)		98		2,689
Cadence Bank		143		4,259
Cathay General Bancorp (a)		292		12,537
Central Pacific Financial Corp.		224		6,316
CIT Group, Inc.		297		15,254
City Holding Co.		32		2,634
Columbia Banking System, Inc.		113		3,694
Community Bank System, Inc.		63		4,707
Community Trust Bancorp, Inc.		89		3,884
ConnectOne Bancorp, Inc.		85		2,774
Customers Bancorp, Inc. *		56		3,674
CVB Financial Corp.		126		2,687
Eastern Bankshares, Inc.		256		5,170
Enterprise Financial Services Corp.		106		4,987
Equity Bancshares, Inc., Class A		36		1,215
Farmers National Banc Corp.		55		1,022
Financial Institutions, Inc. (a)		35		1,107
First Bancorp		15		695
First Bancshares, Inc. (The)		22		834
First Commonwealth Financial Corp.		482		7,759
First Community Bankshares, Inc.		30		1,009
First Financial Corp.		10		466
First Hawaiian, Inc.		47		1,295


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued
First Interstate BancSystem, Inc., Class A (a)		34		1,365
First Merchants Corp.		110		4,625
First Midwest Bancorp, Inc.		285		5,845
Flushing Financial Corp.		73		1,781
Fulton Financial Corp. (a)		188		3,188
Glacier Bancorp, Inc.		71		4,048
Great Southern Bancorp, Inc. (a)		18		1,078
Great Western Bancorp, Inc.		97		3,287
Hancock Whitney Corp.		58		2,877
Hilltop Holdings, Inc.		236		8,304
Home BancShares, Inc.		265		6,462
HomeStreet, Inc.		70		3,661
HomeTrust Bancshares, Inc.		80		2,472
Hope Bancorp, Inc.		778		11,443
Independent Bank Corp.		28		659
Independent Bank Corp.		43		3,466
Independent Bank Group, Inc. (a)		38		2,742
Investors Bancorp, Inc.		487		7,377
Mercantile Bank Corp.		9		329
Meta Financial Group, Inc.		35		2,076
Nicolet Bankshares, Inc. *		9		806
OceanFirst Financial Corp.		98		2,182
OFG Bancorp (Puerto Rico)		52		1,381
Old National Bancorp		329		5,960
Origin Bancorp, Inc.		17		738
Pacific Premier Bancorp, Inc.		51		2,026
Peoples Bancorp, Inc.		25		779
Pinnacle Financial Partners, Inc.		25		2,349
Preferred Bank		9		632
QCR Holdings, Inc.		25		1,394
RBB Bancorp		19		503
Renasant Corp.		7		277
Republic Bancorp, Inc., Class A		15		752
Sandy Spring Bancorp, Inc.		78		3,769
Simmons First National Corp., Class A		85		2,502
Tompkins Financial Corp. (a)		11		928
TriState Capital Holdings, Inc. *		13		390
Trustmark Corp.		226		7,326
UMB Financial Corp.		112		11,832
United Community Banks, Inc.		86		3,080
Valley National Bancorp		126		1,732
Veritex Holdings, Inc.		44		1,730
Washington Trust Bancorp, Inc.		19		1,065
Webster Financial Corp.		56		3,110
WesBanco, Inc.		24		847
Westamerica BanCorp		82		4,751


				250,827


Biotechnology — 5.0%
2seventy bio, Inc. * (a)		67		1,726
89bio, Inc. * (a)		67		880
Akebia Therapeutics, Inc. * (a)		1,233		2,786
Allovir, Inc. * (a)		149		1,931
Arcus Biosciences, Inc. * (a)		136		5,494

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Biotechnology — continued
Arena Pharmaceuticals, Inc. *		57		5,316
Bluebird Bio, Inc. * (a)		202		2,017
Eagle Pharmaceuticals, Inc. *		86		4,359
Enanta Pharmaceuticals, Inc. *		14		1,069
Epizyme, Inc. *		96		241
Fate Therapeutics, Inc. *		71		4,160
Frequency Therapeutics, Inc. *		323		1,655
Iovance Biotherapeutics, Inc. *		98		1,869
Lexicon Pharmaceuticals, Inc. * (a)		643		2,533
Lyell Immunopharma, Inc. * (a)		250		1,936
NexImmune, Inc. * (a)		149		686
Nuvalent, Inc., Class A * (a)		221		4,216
Protagonist Therapeutics, Inc. *		234		7,996
Prothena Corp. plc (Ireland) *		109		5,375
Rallybio Corp. * (a)		186		1,777
REGENXBIO, Inc. *		228		7,446
Travere Therapeutics, Inc. *		285		8,834
Turning Point Therapeutics, Inc. *		76		3,625


				77,927


Building Products — 0.3%
Cornerstone Building Brands, Inc. *		70		1,217
Quanex Building Products Corp. (a)		68		1,678
UFP Industries, Inc.		26		2,374


				5,269


Capital Markets — 1.4%
AssetMark Financial Holdings, Inc. *		61		1,609
Blucora, Inc. *		68		1,169
Cowen, Inc., Class A (a)		83		3,004
Donnelley Financial Solutions, Inc. *		49		2,286
Federated Hermes, Inc.		78		2,935
Piper Sandler Cos.		19		3,374
Stifel Financial Corp.		62		4,387
Virtus Investment Partners, Inc.		10		2,852


				21,616


Chemicals — 2.1%
AdvanSix, Inc.		63		2,953
Avient Corp.		113		6,339
Ecovyst, Inc.		58		594
FutureFuel Corp.		111		846
HB Fuller Co. (a)		54		4,390
Koppers Holdings, Inc. *		61		1,919
Minerals Technologies, Inc.		65		4,784
Orion Engineered Carbons SA (Germany) *		61		1,125
Stepan Co.		19		2,337
Trinseo plc (a)		28		1,448
Tronox Holdings plc, Class A		254		6,099


				32,834


Commercial Services & Supplies — 1.1%
ABM Industries, Inc.		164		6,712
ACCO Brands Corp.		309		2,554


INVESTMENTS	SHARES (000)		VALUE ($000)


Commercial Services & Supplies — continued
Cimpress plc (Ireland) *		5		380
Ennis, Inc. (a)		35		687
Healthcare Services Group, Inc.		83		1,469
Heritage-Crystal Clean, Inc. *		38		1,201
HNI Corp.		33		1,375
Steelcase, Inc., Class A (a)		290		3,393


				17,771


Communications Equipment — 0.9%
ADTRAN, Inc.		47		1,073
Harmonic, Inc. *		415		4,884
NetScout Systems, Inc. *		239		7,909


				13,866


Construction & Engineering — 3.6%
Arcosa, Inc.		52		2,756
Argan, Inc.		158		6,125
Comfort Systems USA, Inc.		44		4,324
EMCOR Group, Inc.		124		15,822
Fluor Corp. *		24		597
Granite Construction, Inc.		207		8,019
MasTec, Inc. *		77		7,087
Matrix Service Co. * (a)		293		2,206
MYR Group, Inc. *		48		5,340
Primoris Services Corp.		88		2,103
Tutor Perini Corp. *		159		1,967


				56,346


Consumer Finance — 1.4%
EZCORP, Inc., Class A * (a)		44		326
FirstCash Holdings, Inc.		28		2,065
Navient Corp. (a)		304		6,453
Nelnet, Inc., Class A		45		4,435
PROG Holdings, Inc. * (a)		179		8,065
Regional Management Corp. (a)		17		954


				22,298


Containers & Packaging — 0.2%
Greif, Inc., Class A		46		2,795
Myers Industries, Inc.		18		360
TriMas Corp.		17		640


				3,795


Diversified Consumer Services — 0.2%
Houghton Mifflin Harcourt Co. *		153		2,457


Diversified Telecommunication Services — 0.5%
EchoStar Corp., Class A *		169		4,453
Liberty Latin America Ltd., Class A (Chile) *		97		1,125
Liberty Latin America Ltd., Class C (Chile) *		187		2,130


				7,708


Electric Utilities — 0.7%
ALLETE, Inc.		16		1,035
IDACORP, Inc.		8		884

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Electric Utilities — continued
Otter Tail Corp.		19		1,321
Portland General Electric Co.		129		6,848
Via Renewables, Inc. (a)		47		537


				10,625


Electrical Equipment — 0.7%
AZZ, Inc.		33		1,836
Fluence Energy, Inc. *		175		6,216
Powell Industries, Inc. (a)		99		2,917


				10,969


Electronic Equipment, Instruments & Components — 3.0%
Belden, Inc.		17		1,131
Benchmark Electronics, Inc. (a)		370		10,016
Knowles Corp. *		371		8,658
OSI Systems, Inc. *		88		8,230
Sanmina Corp. *		108		4,478
ScanSource, Inc. *		165		5,781
TTM Technologies, Inc. *		181		2,689
Vishay Intertechnology, Inc.		227		4,956


				45,939


Energy Equipment & Services — 0.9%
Bristow Group, Inc. * (a)		14		442
ChampionX Corp. *		103		2,080
Helmerich & Payne, Inc.		79		1,875
NexTier Oilfield Solutions, Inc. *		447		1,587
Oceaneering International, Inc. *		173		1,954
Oil States International, Inc. * (a)		160		795
Patterson-UTI Energy, Inc. (a)		323		2,727
ProPetro Holding Corp. *		248		2,006
Solaris Oilfield Infrastructure, Inc., Class A		75		493


				13,959


Entertainment — 0.9%
AMC Entertainment Holdings, Inc., Class A * (a)		469		12,743
Lions Gate Entertainment Corp., Class A * (a)		115		1,907


				14,650


Equity Real Estate Investment Trusts (REITs) — 10.2%
Acadia Realty Trust		18		402
Agree Realty Corp.		115		8,192
Alexander & Baldwin, Inc. (a)		164		4,126
American Assets Trust, Inc.		64		2,398
Apple Hospitality REIT, Inc.		370		5,976
Broadstone Net Lease, Inc. (a)		124		3,065
CareTrust REIT, Inc.		109		2,484
Centerspace (a)		38		4,159
Chatham Lodging Trust *		42		575
City Office REIT, Inc.		158		3,118
Corporate Office Properties Trust		216		6,053
DiamondRock Hospitality Co. *		282		2,709
DigitalBridge Group, Inc. * (a)		322		2,680
Easterly Government Properties, Inc.		83		1,898


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued
Essential Properties Realty Trust, Inc.		63		1,819
First Industrial Realty Trust, Inc.		44		2,900
Four Corners Property Trust, Inc.		100		2,953
Getty Realty Corp.		147		4,722
Gladstone Commercial Corp.		156		4,028
Global Medical REIT, Inc.		26		469
Healthcare Realty Trust, Inc.		112		3,528
Highwoods Properties, Inc.		15		664
Independence Realty Trust, Inc. (a)		167		4,311
Innovative Industrial Properties, Inc.		7		1,867
Kite Realty Group Trust		224		4,885
LXP Industrial Trust (a)		568		8,870
NexPoint Residential Trust, Inc.		6		462
Phillips Edison & Co., Inc. (a)		91		3,007
Physicians Realty Trust		244		4,596
Piedmont Office Realty Trust, Inc., Class A		232		4,270
Plymouth Industrial REIT, Inc.		31		992
PotlatchDeltic Corp.		80		4,787
Retail Opportunity Investments Corp.		156		3,063
RLJ Lodging Trust		120		1,671
Ryman Hospitality Properties, Inc. *		13		1,214
Sabra Health Care REIT, Inc.		166		2,253
SITE Centers Corp.		176		2,788
STAG Industrial, Inc.		223		10,704
Summit Hotel Properties, Inc. *		36		349
Sunstone Hotel Investors, Inc. *		343		4,020
Tanger Factory Outlet Centers, Inc. (a)		77		1,481
Terreno Realty Corp.		131		11,138
UMH Properties, Inc.		105		2,859
Urban Edge Properties		90		1,704
Urstadt Biddle Properties, Inc., Class A		39		831
Veris Residential, Inc. *		49		895
Xenia Hotels & Resorts, Inc. *		234		4,229


				156,164


Food & Staples Retailing — 0.7%
Andersons, Inc. (The)		58		2,257
SpartanNash Co.		25		647
Sprouts Farmers Market, Inc. *		212		6,285
United Natural Foods, Inc. *		35		1,718


				10,907


Food Products — 0.7%
Darling Ingredients, Inc. *		127		8,793
Fresh Del Monte Produce, Inc.		36		991
Seneca Foods Corp., Class A *		17		810


				10,594


Gas Utilities — 1.5%
Brookfield Infrastructure Corp., Class A (Canada)		93		6,375
Chesapeake Utilities Corp.		4		539
New Jersey Resources Corp.		329		13,509
Northwest Natural Holding Co.		16		756
Spire, Inc.		25		1,657


				22,836

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Health Care Equipment & Supplies — 1.3%
AngioDynamics, Inc. *		89		2,441
Bioventus, Inc., Class A * (a)		146		2,110
Integer Holdings Corp. *		72		6,119
Natus Medical, Inc. * (a)		254		6,025
Utah Medical Products, Inc. (a)		17		1,720
Varex Imaging Corp. * (a)		56		1,773


				20,188


Health Care Providers & Services — 1.6%
National HealthCare Corp.		12		842
Option Care Health, Inc. *		381		10,835
Owens & Minor, Inc.		32		1,405
Tenet Healthcare Corp. *		132		10,767
Tivity Health, Inc. * (a)		20		516


				24,365


Health Care Technology — 1.7%
Allscripts Healthcare Solutions, Inc. *		923		17,035
Computer Programs and Systems, Inc. * (a)		15		448
Evolent Health, Inc., Class A *		118		3,260
NextGen Healthcare, Inc. *		312		5,545


				26,288


Hotels, Restaurants & Leisure — 0.4%
Del Taco Restaurants, Inc.		198		2,460
Marriott Vacations Worldwide Corp.		22		3,735


				6,195


Household Durables — 2.4%
Hooker Furnishings Corp.		40		936
Lifetime Brands, Inc.		41		650
Meritage Homes Corp. *		71		8,617
Taylor Morrison Home Corp. *		234		8,195
Tri Pointe Homes, Inc. *		678		18,907


				37,305


Household Products — 0.3%
Central Garden & Pet Co., Class A *		91		4,330


Independent Power and Renewable Electricity Producers — 0.6%
Clearway Energy, Inc.		129		4,312
Clearway Energy, Inc., Class C		128		4,623


				8,935


Insurance — 1.7%
American Equity Investment Life Holding Co.		105		4,071
Argo Group International Holdings Ltd.		58		3,354
CNO Financial Group, Inc.		256		6,110
Employers Holdings, Inc.		29		1,192
RLI Corp.		37		4,114
Selective Insurance Group, Inc.		40		3,286
Stewart Information Services Corp.		44		3,476


				25,603


INVESTMENTS	SHARES (000)		VALUE ($000)


Interactive Media & Services — 0.7%
Cars.com, Inc. *		232		3,731
Liberty TripAdvisor Holdings, Inc., Class A *		780		1,693
QuinStreet, Inc. *		143		2,603
Yelp, Inc. *		95		3,439


				11,466


IT Services — 0.7%
BM Technologies, Inc. * (a)		11		97
CSG Systems International, Inc.		108		6,200
IBEX Holdings Ltd. *		32		418
LiveRamp Holdings, Inc. * (a)		94		4,498


				11,213


Life Sciences Tools & Services — 0.3%
Singular Genomics Systems, Inc. *		373		4,315


Machinery — 2.3%
AGCO Corp.		48		5,534
Altra Industrial Motion Corp.		126		6,509
Barnes Group, Inc.		29		1,356
Douglas Dynamics, Inc.		21		812
EnPro Industries, Inc. (a)		12		1,321
Hillenbrand, Inc.		101		5,256
Manitowoc Co., Inc. (The) *		73		1,353
Meritor, Inc. *		59		1,457
Terex Corp.		100		4,395
Wabash National Corp. (a)		253		4,929
Watts Water Technologies, Inc., Class A		12		2,252


				35,174


Media — 1.8%
AMC Networks, Inc., Class A * (a)		182		6,282
Gray Television, Inc.		329		6,631
Hemisphere Media Group, Inc. *		42		307
John Wiley & Sons, Inc., Class A		183		10,497
Sinclair Broadcast Group, Inc., Class A (a)		132		3,483


				27,200


Metals & Mining — 1.5%
Alcoa Corp.		58		3,438
Arconic Corp. *		111		3,647
Cleveland-Cliffs, Inc. *		147		3,194
Commercial Metals Co.		109		3,962
Hecla Mining Co.		98		511
Materion Corp.		21		1,922
Schnitzer Steel Industries, Inc., Class A		24		1,241
SunCoke Energy, Inc.		280		1,845
United States Steel Corp.		26		619
Warrior Met Coal, Inc.		63		1,625
Worthington Industries, Inc.		26		1,421


				23,425


Mortgage Real Estate Investment Trusts (REITs) — 2.4%
Apollo Commercial Real Estate Finance, Inc.		40		521

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Mortgage Real Estate Investment Trusts (REITs) — continued
Ares Commercial Real Estate Corp.		107		1,560
Blackstone Mortgage Trust, Inc., Class A		187		5,738
Ellington Financial, Inc. (a)		265		4,527
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		80		4,255
KKR Real Estate Finance Trust, Inc. (a)		208		4,328
Ladder Capital Corp.		267		3,195
MFA Financial, Inc.		784		3,574
Ready Capital Corp.		117		1,829
Redwood Trust, Inc.		440		5,798
TPG RE Finance Trust, Inc.		171		2,102


				37,427


Multiline Retail — 0.7%
Macy’s, Inc.		398		10,422


Multi-Utilities — 0.5%
Avista Corp.		68		2,889
Black Hills Corp.		45		3,190
Unitil Corp.		31		1,444


				7,523


Oil, Gas & Consumable Fuels — 4.9%
Antero Resources Corp. *		406		7,105
Arch Resources, Inc. (a)		34		3,114
Berry Corp.		341		2,868
CNX Resources Corp. *		388		5,332
CVR Energy, Inc.		150		2,520
Delek US Holdings, Inc. *		128		1,925
Dorian LPG Ltd.		116		1,466
Falcon Minerals Corp.		253		1,231
Green Plains, Inc. * (a)		126		4,380
Magnolia Oil & Gas Corp., Class A (a)		254		4,789
Oasis Petroleum, Inc.		40		5,014
Ovintiv, Inc.		424		14,295
Par Pacific Holdings, Inc. *		50		825
PDC Energy, Inc.		219		10,692
Range Resources Corp. *		129		2,297
REX American Resources Corp. *		21		2,026
Talos Energy, Inc. *		46		453
Whiting Petroleum Corp. *		41		2,620
World Fuel Services Corp.		108		2,848


				75,800


Paper & Forest Products — 0.8%
Clearwater Paper Corp. *		48		1,756
Glatfelter Corp.		183		3,152
Louisiana-Pacific Corp.		20		1,551
Neenah, Inc.		16		745
Schweitzer-Mauduit International, Inc.		86		2,571
Verso Corp., Class A (a)		76		2,040


				11,815


INVESTMENTS	SHARES (000)		VALUE ($000)


Personal Products — 1.1%
BellRing Brands, Inc., Class A * (a)		454		12,964
Edgewell Personal Care Co.		106		4,841


				17,805


Pharmaceuticals — 0.8%
Cymabay Therapeutics, Inc. *		747		2,526
Intra-Cellular Therapies, Inc. *		54		2,847
Lannett Co., Inc. * (a)		585		948
NGM Biopharmaceuticals, Inc. *		197		3,494
Nuvation Bio, Inc. *		334		2,839


				12,654


Professional Services — 2.5%
Barrett Business Services, Inc.		71		4,898
Heidrick & Struggles International, Inc.		69		3,035
Huron Consulting Group, Inc. *		63		3,124
Insperity, Inc.		5		638
KBR, Inc.		60		2,876
Kelly Services, Inc., Class A		140		2,343
Korn Ferry		93		7,005
ManTech International Corp., Class A		86		6,279
TrueBlue, Inc. *		299		8,276


				38,474


Real Estate Management & Development — 0.5%
Kennedy-Wilson Holdings, Inc.		213		5,082
Realogy Holdings Corp. *		202		3,397


				8,479


Road & Rail — 1.6%
ArcBest Corp.		121		14,513
Avis Budget Group, Inc. *		24		5,039
Covenant Logistics Group, Inc., Class A *		21		566
Heartland Express, Inc.		211		3,549
Werner Enterprises, Inc.		23		1,082


				24,749


Semiconductors & Semiconductor Equipment — 0.3%
Cohu, Inc. *		89		3,390
Veeco Instruments, Inc. *		21		598


				3,988


Software — 1.5%
A10 Networks, Inc.		265		4,400
eGain Corp. *		227		2,267
Marathon Digital Holdings, Inc. * (a)		86		2,826
Ping Identity Holding Corp. *		375		8,574
SecureWorks Corp., Class A *		42		672
Vonage Holdings Corp. *		252		5,231


				23,970

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Specialty Retail — 1.6%
Abercrombie & Fitch Co., Class A * (a)		27		944
Bed Bath & Beyond, Inc. * (a)		105		1,531
Conn’s, Inc. * (a)		177		4,172
Genesco, Inc. *		22		1,418
ODP Corp. (The) *		104		4,081
Signet Jewelers Ltd.		55		4,804
Sleep Number Corp. *		25		1,892
Sonic Automotive, Inc., Class A (a)		65		3,234
Zumiez, Inc. *		69		3,307


				25,383


Textiles, Apparel & Luxury Goods — 0.5%
G-III Apparel Group Ltd. *		169		4,671
Kontoor Brands, Inc.		26		1,307
Wolverine World Wide, Inc.		85		2,460


				8,438


Thrifts & Mortgage Finance — 3.0%
Axos Financial, Inc. *		81		4,512
Essent Group Ltd. (a)		182		8,297
Kearny Financial Corp.		150		1,986
Luther Burbank Corp.		76		1,067
Merchants Bancorp		11		525
MGIC Investment Corp.		153		2,209
Mr. Cooper Group, Inc. *		82		3,400
NMI Holdings, Inc., Class A *		112		2,445
Northfield Bancorp, Inc.		311		5,032
PennyMac Financial Services, Inc.		53		3,712
Premier Financial Corp.		42		1,298
Radian Group, Inc.		329		6,945
Washington Federal, Inc.		173		5,781


				47,209


Trading Companies & Distributors — 2.1%
Boise Cascade Co.		39		2,784
GMS, Inc. *		126		7,586
Herc Holdings, Inc.		33		5,135
MRC Global, Inc. * (a)		282		1,938
NOW, Inc. *		970		8,281
Titan Machinery, Inc. *		66		2,207
Veritiv Corp. *		38		4,694


				32,625


Water Utilities — 0.8%
American States Water Co.		124		12,796


Total Common Stocks (Cost $1,138,914)				1,512,340


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 7.5%

Investment Companies — 2.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $38,104)		38,093		38,108


Investment of Cash Collateral from Securities Loaned — 5.0%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		60,600		60,588

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		18,337		18,337


Total Investment of Cash Collateral from Securities Loaned (Cost $78,933)				78,925


Total Short-Term Investments (Cost $117,037)				117,033

Total Investments — 105.1% (Cost $1,255,951)				1,629,373
Liabilities in Excess of Other Assets — (5.1)%				(78,633	)

NET ASSETS — 100.0%				1,550,740

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, 2021. The total value of securities on loan at December 31, 2021 is $75,613.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

336

03/2022

USD

37,676

563

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan SMID Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%

Airlines — 0.7%
Alaska Air Group, Inc. *		52		2,733


Automobiles — 0.9%
Thor Industries, Inc.		35		3,619


Banks — 7.5%
Commerce Bancshares, Inc.		42		2,906
Cullen/Frost Bankers, Inc.		26		3,311
First Horizon Corp.		285		4,662
ServisFirst Bancshares, Inc.		48		4,043
Signature Bank		17		5,605
SVB Financial Group *		7		4,593
Western Alliance Bancorp		48		5,116


				30,236


Building Products — 2.0%
Fortune Brands Home & Security, Inc.		47		5,039
Lennox International, Inc.		10		3,082


				8,121


Capital Markets — 7.5%
FactSet Research Systems, Inc.		10		4,709
Focus Financial Partners, Inc., Class A *		69		4,097
Lazard Ltd., Class A		76		3,307
LPL Financial Holdings, Inc.		40		6,425
Moelis & Co., Class A		55		3,409
Morningstar, Inc.		13		4,296
StepStone Group, Inc., Class A		93		3,856


				30,099


Chemicals — 1.0%
Axalta Coating Systems Ltd. *		127		4,202


Commercial Services & Supplies — 6.1%
Driven Brands Holdings, Inc. *		99		3,327
IAA, Inc. *		82		4,154
MSA Safety, Inc.		28		4,181
Ritchie Bros Auctioneers, Inc. (Canada)		44		2,700
Stericycle, Inc. *		61		3,658
Waste Connections, Inc.		48		6,556


				24,576


Construction & Engineering — 1.8%
WillScot Mobile Mini Holdings Corp. *		181		7,377


Containers & Packaging — 2.6%
AptarGroup, Inc.		43		5,236
Crown Holdings, Inc.		37		4,090
Pactiv Evergreen, Inc.		97		1,234


				10,560


Distributors — 3.2%
LKQ Corp.		106		6,354
Pool Corp.		11		6,400


				12,754


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Consumer Services — 1.1%
Bright Horizons Family Solutions, Inc. *		34		4,304


Electrical Equipment — 1.2%
Generac Holdings, Inc. *		14		4,936


Electronic Equipment, Instruments & Components — 1.1%
Cognex Corp.		55		4,279


Equity Real Estate Investment Trusts (REITs) — 6.1%
American Campus Communities, Inc.		72		4,134
CubeSmart		71		4,025
EastGroup Properties, Inc.		20		4,525
Mid-America Apartment Communities, Inc.		19		4,260
National Retail Properties, Inc.		90		4,309
Outfront Media, Inc.		119		3,184


				24,437


Food & Staples Retailing — 3.6%
BJ’s Wholesale Club Holdings, Inc. *		84		5,597
Casey’s General Stores, Inc.		19		3,787
Performance Food Group Co. *		112		5,155


				14,539


Food Products — 1.1%
Lamb Weston Holdings, Inc.		69		4,349


Gas Utilities — 1.1%
Atmos Energy Corp.		42		4,408


Health Care Equipment & Supplies — 3.1%
ICU Medical, Inc. *		16		3,861
Ortho Clinical Diagnostics Holdings plc *		154		3,294
STERIS plc		21		5,162


				12,317


Health Care Providers & Services — 4.4%
Chemed Corp.		8		4,428
Encompass Health Corp.		70		4,579
HealthEquity, Inc. *		49		2,168
Molina Healthcare, Inc. *		21		6,634


				17,809


Health Care Technology — 1.0%
Certara, Inc. *		90		2,562
Definitive Healthcare Corp. *		50		1,370


				3,932


Hotels, Restaurants & Leisure — 3.1%
Planet Fitness, Inc., Class A *		45		4,059
Vail Resorts, Inc.		13		4,140
Wendy’s Co. (The)		169		4,041


				12,240


Household Products — 0.9%
Reynolds Consumer Products, Inc.		114		3,568

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Insurance — 2.6%
Kinsale Capital Group, Inc.		23		5,538
RLI Corp.		42		4,694


				10,232


IT Services — 3.1%
Broadridge Financial Solutions, Inc.		24		4,449
Jack Henry & Associates, Inc.		18		3,033
WEX, Inc. *		36		5,099


				12,581


Leisure Products — 2.0%
Brunswick Corp.		56		5,594
Hayward Holdings, Inc. * (a)		93		2,446


				8,040


Life Sciences Tools & Services — 2.5%
Syneos Health, Inc. *		52		5,366
West Pharmaceutical Services, Inc.		10		4,732


				10,098


Machinery — 9.3%
Douglas Dynamics, Inc.		46		1,790
Hillman Solutions Corp. *		231		2,481
IDEX Corp.		17		4,021
Lincoln Electric Holdings, Inc.		44		6,076
Nordson Corp.		18		4,501
RBC Bearings, Inc. *		20		4,022
Snap-on, Inc.		15		3,173
Toro Co. (The)		66		6,633
Woodward, Inc.		39		4,271


				36,968


Pharmaceuticals — 1.3%
Catalent, Inc. *		41		5,242


Professional Services — 1.2%
TransUnion		40		4,786


Real Estate Management & Development — 0.7%
Cushman & Wakefield plc *		131		2,912


Road & Rail — 2.5%
Knight-Swift Transportation Holdings, Inc.		69		4,235
Landstar System, Inc.		21		3,823
Lyft, Inc., Class A *		44		1,864


				9,922


Semiconductors & Semiconductor Equipment — 2.3%
Allegro MicroSystems, Inc. (Japan) *		60		2,159
CMC Materials, Inc.		21		4,121
Power Integrations, Inc.		31		2,835


				9,115


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — 8.5%
Aspen Technology, Inc. *		11		1,631
Black Knight, Inc. *		62		5,176
Clearwater Analytics Holdings, Inc., Class A*		72		1,645
Envestnet, Inc. *		35		2,810
Guidewire Software, Inc. *		35		4,030
nCino, Inc. *		44		2,389
PTC, Inc. *		20		2,365
Q2 Holdings, Inc. *		51		4,035
SS&C Technologies Holdings, Inc.		71		5,839
Tyler Technologies, Inc. *		8		4,103


				34,023


Textiles, Apparel & Luxury Goods — 0.6%
Carter’s, Inc.		24		2,460


Total Common Stocks (Cost $288,047)				391,774

Short-Term Investments — 2.0%

Investment Companies — 2.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $7,808)		7,806		7,809


Investment of Cash Collateral from Securities Loaned — 0.0% (d)

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $159)		159		159


Total Short-Term Investments (Cost $7,967)				7,968

Total Investments — 99.7% (Cost $296,014)				399,742
Other Assets Less Liabilities — 0.3%				1,134

NET ASSETS — 100.0%				400,876

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $160.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
(d)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.8%

Aerospace & Defense — 0.3%
AAR Corp. *		36		1,393
Astronics Corp. *		116		1,396
Moog, Inc., Class A		10		806


				3,595


Air Freight & Logistics — 0.2%
Hub Group, Inc., Class A *		22		1,811


Airlines — 0.5%
Allegiant Travel Co. *		11		1,964
SkyWest, Inc. *		104		4,079


				6,043


Auto Components — 0.2%
Goodyear Tire & Rubber Co. (The) *		14		306
Lear Corp.		9		1,665


				1,971


Automobiles — 0.4%
Fisker, Inc. * (a)		278		4,378
Winnebago Industries, Inc. (a)		3		187


				4,565


Banks — 8.1%
1st Source Corp.		17		824
Atlantic Union Bankshares Corp.		14		505
Banner Corp.		53		3,220
Brookline Bancorp, Inc.		199		3,227
Business First Bancshares, Inc.		17		484
Cadence Bank		209		6,220
Cathay General Bancorp		91		3,894
Central Pacific Financial Corp.		83		2,344
CIT Group, Inc.		50		2,541
Columbia Banking System, Inc.		87		2,849
ConnectOne Bancorp, Inc.		47		1,544
CVB Financial Corp.		121		2,591
Eastern Bankshares, Inc.		381		7,675
Enterprise Financial Services Corp.		25		1,168
Equity Bancshares, Inc., Class A		19		655
Financial Institutions, Inc.		7		216
First Bancshares, Inc. (The)		8		290
First Commonwealth Financial Corp.		112		1,802
First Community Bankshares, Inc.		7		241
First Hawaiian, Inc.		38		1,045
First Merchants Corp.		71		2,957
Flushing Financial Corp.		23		556
Glacier Bancorp, Inc.		30		1,718
Great Western Bancorp, Inc.		17		588
Hancock Whitney Corp.		9		435
HarborOne Bancorp, Inc.		30		442
Home BancShares, Inc.		42		1,018
HomeStreet, Inc.		39		2,007
HomeTrust Bancshares, Inc.		38		1,187
Hope Bancorp, Inc.		265		3,903


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued
Independent Bank Corp.		32		759
Independent Bank Corp.		45		3,677
Independent Bank Group, Inc.		14		996
Investors Bancorp, Inc.		75		1,139
Meta Financial Group, Inc.		28		1,694
Nicolet Bankshares, Inc. *		3		214
OceanFirst Financial Corp.		72		1,587
Old National Bancorp		211		3,818
Origin Bancorp, Inc.		7		309
Peoples Bancorp, Inc.		11		334
People’s United Financial, Inc.		37		662
Pinnacle Financial Partners, Inc.		28		2,626
QCR Holdings, Inc.		12		661
RBB Bancorp		8		220
Republic Bancorp, Inc., Class A		4		203
Simmons First National Corp., Class A		22		654
Trustmark Corp.		70		2,283
UMB Financial Corp.		26		2,772
United Community Banks, Inc. (a)		31		1,103
Valley National Bancorp		63		861
Veritex Holdings, Inc.		30		1,189
Webster Financial Corp.		49		2,736
Westamerica BanCorp		32		1,831


				90,474


Biotechnology — 8.1%
2seventy bio, Inc. * (a)		5		136
ACADIA Pharmaceuticals, Inc. *		52		1,211
Akebia Therapeutics, Inc. * (a)		610		1,380
Amicus Therapeutics, Inc. *		492		5,683
Arena Pharmaceuticals, Inc. *		22		2,042
Arrowhead Pharmaceuticals, Inc. *		49		3,255
Atara Biotherapeutics, Inc. *		282		4,448
Athenex, Inc. *		81		111
Beam Therapeutics, Inc. * (a)		29		2,327
Biohaven Pharmaceutical Holding Co. Ltd. *		4		606
Black Diamond Therapeutics, Inc. * (a)		169		900
Bluebird Bio, Inc. * (a)		16		157
Bridgebio Pharma, Inc. * (a)		28		459
Catalyst Pharmaceuticals, Inc. *		651		4,407
Coherus Biosciences, Inc. * (a)		410		6,541
CytomX Therapeutics, Inc. *		251		1,087
Decibel Therapeutics, Inc. * (a)		2		10
Eagle Pharmaceuticals, Inc. *		33		1,692
Eiger BioPharmaceuticals, Inc. * (a)		87		454
Emergent BioSolutions, Inc. *		6		270
Fate Therapeutics, Inc. * (a)		89		5,219
Global Blood Therapeutics, Inc. * (a)		105		3,070
Gritstone bio, Inc. * (a)		15		189
Harpoon Therapeutics, Inc. *		176		1,331
Heron Therapeutics, Inc. * (a)		165		1,508
Homology Medicines, Inc. *		23		82
Insmed, Inc. *		13		354
Intellia Therapeutics, Inc. *		50		5,877

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Biotechnology — continued
Intercept Pharmaceuticals, Inc. * (a)		154		2,514
Ligand Pharmaceuticals, Inc. * (a)		21		3,228
Madrigal Pharmaceuticals, Inc. * (a)		24		2,017
OPKO Health, Inc. * (a)		434		2,089
Puma Biotechnology, Inc. *		115		351
REGENXBIO, Inc. *		79		2,596
Sana Biotechnology, Inc. * (a)		1		20
Sarepta Therapeutics, Inc. *		52		4,678
Sensei Biotherapeutics, Inc. *		135		781
Sigilon Therapeutics, Inc. *		89		245
Sutro Biopharma, Inc. *		14		203
TG Therapeutics, Inc. *		159		3,015
Travere Therapeutics, Inc. *		65		2,027
Turning Point Therapeutics, Inc. *		12		591
Tyra Biosciences, Inc. * (a)		119		1,677
UroGen Pharma Ltd. * (a)		47		444
Vanda Pharmaceuticals, Inc. *		275		4,319
Xencor, Inc. *		150		6,008
Y-mAbs Therapeutics, Inc. *		4		62


				91,671


Building Products — 0.6%
Advanced Drainage Systems, Inc.		4		585
Cornerstone Building Brands, Inc. *		77		1,343
Masonite International Corp. *		4		519
Quanex Building Products Corp.		52		1,284
UFP Industries, Inc.		34		3,091


				6,822


Capital Markets — 1.9%
AssetMark Financial Holdings, Inc. *		29		757
Blucora, Inc. *		136		2,352
Brightsphere Investment Group, Inc.		70		1,791
Cohen & Steers, Inc.		7		657
Cowen, Inc., Class A (a)		51		1,833
Donnelley Financial Solutions, Inc. *		37		1,742
Federated Hermes, Inc.		34		1,274
Focus Financial Partners, Inc., Class A *		65		3,851
Houlihan Lokey, Inc.		3		324
Piper Sandler Cos.		8		1,446
Stifel Financial Corp.		36		2,565
Virtus Investment Partners, Inc.		9		2,763


				21,355


Chemicals — 2.0%
AdvanSix, Inc.		9		439
Avient Corp.		78		4,383
Cabot Corp.		9		483
Ecovyst, Inc.		32		332
FutureFuel Corp.		84		640
HB Fuller Co. (a)		33		2,689
Ingevity Corp. *		43		3,063
Koppers Holdings, Inc. *		20		632
Minerals Technologies, Inc.		30		2,200


INVESTMENTS	SHARES (000)		VALUE ($000)


Chemicals — continued
Orion Engineered Carbons SA (Germany) *		70		1,285
Stepan Co.		7		907
Trinseo plc		23		1,213
Tronox Holdings plc, Class A		121		2,917
Zymergen, Inc. * (a)		147		985


				22,168


Commercial Services & Supplies — 3.5%
ABM Industries, Inc.		117		4,764
Brink’s Co. (The) (a)		14		892
Ennis, Inc. (a)		93		1,826
Healthcare Services Group, Inc.		55		970
Heritage-Crystal Clean, Inc. *		20		634
HNI Corp. (a)		64		2,675
Steelcase, Inc., Class A		197		2,310
Tetra Tech, Inc.		73		12,327
UniFirst Corp.		60		12,708


				39,106


Communications Equipment — 1.2%
Extreme Networks, Inc. *		339		5,321
NetScout Systems, Inc. *		234		7,740


				13,061


Construction & Engineering — 3.6%
Argan, Inc.		100		3,881
Comfort Systems USA, Inc.		81		8,034
EMCOR Group, Inc.		58		7,427
Granite Construction, Inc.		29		1,134
MasTec, Inc. *		90		8,332
MYR Group, Inc. *		71		7,874
Primoris Services Corp.		145		3,487


				40,169


Consumer Finance — 1.0%
Credit Acceptance Corp. *		2		1,152
EZCORP, Inc., Class A * (a)		36		262
FirstCash Holdings, Inc.		17		1,281
Navient Corp. (a)		180		3,826
Nelnet, Inc., Class A		4		391
PROG Holdings, Inc. * (a)		87		3,934
Regional Management Corp. (a)		15		879


				11,725


Containers & Packaging — 0.3%
Graphic Packaging Holding Co.		36		710
Greif, Inc., Class A		33		1,962
Myers Industries, Inc.		11		217


				2,889


Diversified Consumer Services — 0.4%
Coursera, Inc. *		15		363
Houghton Mifflin Harcourt Co. *		143		2,294
Perdoceo Education Corp. *		172		2,022


				4,679

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Diversified Telecommunication Services — 0.4%
EchoStar Corp., Class A *		156		4,119


Electric Utilities — 0.5%
IDACORP, Inc.		5		578
PNM Resources, Inc.		24		1,076
Portland General Electric Co.		52		2,764
Via Renewables, Inc. (a)		84		964


				5,382


Electrical Equipment — 1.4%
Atkore, Inc. *		63		6,994
AZZ, Inc.		15		807
Fluence Energy, Inc. * (a)		122		4,331
Powell Industries, Inc.		45		1,316
Sunrun, Inc. * (a)		77		2,627


				16,075


Electronic Equipment, Instruments & Components — 3.1%
Benchmark Electronics, Inc. (a)		238		6,456
Fabrinet (Thailand) *		31		3,634
Insight Enterprises, Inc. *		7		736
Kimball Electronics, Inc. *		22		483
Knowles Corp. *		130		3,031
OSI Systems, Inc. *		94		8,776
Sanmina Corp. *		39		1,600
ScanSource, Inc. *		144		5,045
TTM Technologies, Inc. *		102		1,524
Vishay Intertechnology, Inc.		137		2,992


				34,277


Energy Equipment & Services — 0.4%
ChampionX Corp. *		25		503
National Energy Services Reunited Corp. *		42		393
NexTier Oilfield Solutions, Inc. *		272		966
Oceaneering International, Inc. *		21		234
Oil States International, Inc. * (a)		79		393
Patterson-UTI Energy, Inc.		124		1,048
ProPetro Holding Corp. *		100		812
Select Energy Services, Inc., Class A *		43		270


				4,619


Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A * (a)		140		3,805
Cinemark Holdings, Inc. *		36		580
Lions Gate Entertainment Corp., Class A *		250		4,164


				8,549


Equity Real Estate Investment Trusts (REITs) — 6.1%
Agree Realty Corp.		34		2,455
Alexander & Baldwin, Inc.		47		1,190
American Assets Trust, Inc.		16		603
Apple Hospitality REIT, Inc.		149		2,405
Broadstone Net Lease, Inc. (a)		58		1,427
CareTrust REIT, Inc.		34		765


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued
Centerspace		11		1,187
Chatham Lodging Trust *		11		156
City Office REIT, Inc.		58		1,138
Community Healthcare Trust, Inc.		18		851
Corporate Office Properties Trust		58		1,608
DiamondRock Hospitality Co. *		68		655
DigitalBridge Group, Inc. *		136		1,132
Easterly Government Properties, Inc.		27		626
EastGroup Properties, Inc.		14		3,235
Equity LifeStyle Properties, Inc.		4		324
Essential Properties Realty Trust, Inc.		32		934
First Industrial Realty Trust, Inc.		35		2,337
Four Corners Property Trust, Inc.		73		2,150
Getty Realty Corp.		57		1,829
Gladstone Commercial Corp.		56		1,442
Global Medical REIT, Inc.		6		112
Healthcare Realty Trust, Inc.		47		1,478
Highwoods Properties, Inc.		12		526
Independence Realty Trust, Inc. (a)		61		1,578
Innovative Industrial Properties, Inc. (a)		4		920
Kite Realty Group Trust		107		2,336
LXP Industrial Trust (a)		97		1,509
National Storage Affiliates Trust		65		4,498
Phillips Edison & Co., Inc.		40		1,335
Physicians Realty Trust		68		1,286
Piedmont Office Realty Trust, Inc., Class A		68		1,252
Plymouth Industrial REIT, Inc.		66		2,115
PotlatchDeltic Corp.		32		1,921
Retail Opportunity Investments Corp.		34		657
RLJ Lodging Trust		22		309
Ryman Hospitality Properties, Inc. *		18		1,692
Sabra Health Care REIT, Inc.		42		570
SITE Centers Corp.		44		689
STAG Industrial, Inc.		90		4,302
Summit Hotel Properties, Inc. *		24		229
Sunstone Hotel Investors, Inc. *		169		1,982
Tanger Factory Outlet Centers, Inc. (a)		38		740
Terreno Realty Corp.		53		4,521
UMH Properties, Inc.		35		954
Xenia Hotels & Resorts, Inc. *		98		1,772


				67,732


Food & Staples Retailing — 0.7%
Andersons, Inc. (The)		28		1,072
BJ’s Wholesale Club Holdings, Inc. *		27		1,815
Performance Food Group Co. *		48		2,225
SpartanNash Co.		6		160
Sprouts Farmers Market, Inc. *		89		2,650


				7,922


Food Products — 1.1%
Darling Ingredients, Inc. *		127		8,791
John B Sanfilippo & Son, Inc.		18		1,623
Seneca Foods Corp., Class A *		29		1,403


				11,817

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Gas Utilities — 0.4%
New Jersey Resources Corp.		93		3,810
Northwest Natural Holding Co.		21		1,005


				4,815


Health Care Equipment & Supplies — 3.4%
Accuray, Inc. * (a)		409		1,950
AngioDynamics, Inc. *		95		2,617
Bioventus, Inc., Class A *		92		1,335
Cardiovascular Systems, Inc. *		240		4,503
Integer Holdings Corp. *		58		4,994
LivaNova plc *		30		2,640
Natus Medical, Inc. *		81		1,920
NuVasive, Inc. *		202		10,605
SeaSpine Holdings Corp. *		18		242
SmileDirectClub, Inc. * (a)		330		775
STAAR Surgical Co. *		39		3,561
Varex Imaging Corp. * (a)		31		975
Zynex, Inc. * (a)		143		1,424


				37,541


Health Care Providers & Services — 3.2%
AdaptHealth Corp. *		184		4,503
AMN Healthcare Services, Inc. *		17		2,018
Ensign Group, Inc. (The)		2		176
HealthEquity, Inc. * (a)		21		929
LHC Group, Inc. * (a)		34		4,653
LifeStance Health Group, Inc. * (a)		214		2,037
ModivCare, Inc. *		2		311
Option Care Health, Inc. *		562		15,973
Owens & Minor, Inc.		67		2,910
Tenet Healthcare Corp. *		28		2,269
Tivity Health, Inc. * (a)		13		349


				36,128


Health Care Technology — 1.5%
Allscripts Healthcare Solutions, Inc. *		669		12,352
Inspire Medical Systems, Inc. *		3		575
NextGen Healthcare, Inc. *		186		3,304


				16,231


Hotels, Restaurants & Leisure — 1.5%
Bloomin’ Brands, Inc. *		167		3,495
Boyd Gaming Corp. *		62		4,093
Del Taco Restaurants, Inc.		227		2,822
Marriott Vacations Worldwide Corp.		29		4,918
Portillo’s, Inc., Class A * (a)		54		2,016


				17,344


Household Durables — 2.6%
Ethan Allen Interiors, Inc. (a)		34		889
Helen of Troy Ltd. *		6		1,540
Hooker Furnishings Corp.		19		442
Meritage Homes Corp. *		9		1,074
Sonos, Inc. *		82		2,450


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Durables — continued
TopBuild Corp. * (a)		25		7,008
Traeger, Inc. * (a)		24		291
Tri Pointe Homes, Inc. *		542		15,112


				28,806


Household Products — 0.1%
Central Garden & Pet Co., Class A * (a)		21		1,010


Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy, Inc.		30		996
Clearway Energy, Inc., Class C		7		267


				1,263


Insurance — 1.3%
American Equity Investment Life Holding Co.		45		1,738
Argo Group International Holdings Ltd.		29		1,697
CNO Financial Group, Inc.		66		1,566
Employers Holdings, Inc.		10		414
First American Financial Corp.		11		827
Kinsale Capital Group, Inc.		11		2,521
Primerica, Inc.		6		958
RLI Corp.		14		1,581
Selective Insurance Group, Inc.		20		1,647
Stewart Information Services Corp.		16		1,300


				14,249


Interactive Media & Services — 0.9%
EverQuote, Inc., Class A *		18		279
Liberty TripAdvisor Holdings, Inc., Class A *		1,699		3,687
QuinStreet, Inc. *		177		3,211
Yelp, Inc. *		92		3,334


				10,511


IT Services — 1.9%
CSG Systems International, Inc.		11		605
DigitalOcean Holdings, Inc. *		55		4,389
EVERTEC, Inc. (Puerto Rico) (a)		65		3,224
LiveRamp Holdings, Inc. *		38		1,813
Perficient, Inc. *		87		11,292


				21,323


Life Sciences Tools & Services — 0.7%
Adaptive Biotechnologies Corp. *		19		530
Medpace Holdings, Inc. *		21		4,478
Personalis, Inc. *		126		1,801
Rapid Micro Biosystems, Inc., Class A *		117		1,243


				8,052


Machinery — 2.2%
Altra Industrial Motion Corp.		60		3,110
Barnes Group, Inc.		15		708
Douglas Dynamics, Inc.		43		1,693
EnPro Industries, Inc.		8		848
Hillenbrand, Inc.		81		4,190

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Machinery — continued
Kadant, Inc.		12		2,668
Manitowoc Co., Inc. (The) *		68		1,270
Meritor, Inc. *		55		1,368
SPX FLOW, Inc.		35		3,035
Wabash National Corp. (a)		233		4,556
Watts Water Technologies, Inc., Class A		6		1,243


				24,689


Media — 1.8%
AMC Networks, Inc., Class A * (a)		73		2,504
Cardlytics, Inc. * (a)		49		3,245
Hemisphere Media Group, Inc. *		87		635
John Wiley & Sons, Inc., Class A (a)		181		10,360
National CineMedia, Inc.		155		436
Sinclair Broadcast Group, Inc., Class A		125		3,298


				20,478


Metals & Mining — 1.1%
Alcoa Corp.		41		2,443
Arconic Corp. *		39		1,271
Cleveland-Cliffs, Inc. * (a)		85		1,846
Commercial Metals Co.		69		2,497
Materion Corp.		13		1,223
Schnitzer Steel Industries, Inc., Class A		9		441
SunCoke Energy, Inc.		167		1,099
United States Steel Corp.		16		383
Warrior Met Coal, Inc.		27		692
Worthington Industries, Inc.		6		343


				12,238


Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Ares Commercial Real Estate Corp.		38		550
Blackstone Mortgage Trust, Inc., Class A		77		2,364
Ellington Financial, Inc. (a)		107		1,832
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		36		1,918
KKR Real Estate Finance Trust, Inc. (a)		83		1,727
Ladder Capital Corp.		109		1,303
MFA Financial, Inc.		157		717
Ready Capital Corp.		21		327
Redwood Trust, Inc.		194		2,559
TPG RE Finance Trust, Inc.		62		761


				14,058


Multiline Retail — 0.6%
Dillard’s, Inc., Class A (a)		6		1,568
Macy’s, Inc.		189		4,959


				6,527


Oil, Gas & Consumable Fuels — 3.0%
Antero Resources Corp. *		186		3,262
Arch Resources, Inc.		20		1,840
CNX Resources Corp. *		198		2,718
Delek US Holdings, Inc. *		85		1,280


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued
Dorian LPG Ltd.		46		587
Falcon Minerals Corp.		19		91
Green Plains, Inc. * (a)		43		1,481
Magnolia Oil & Gas Corp., Class A (a)		199		3,749
Matador Resources Co.		17		631
Oasis Petroleum, Inc.		32		3,994
Ovintiv, Inc.		219		7,381
PDC Energy, Inc.		99		4,849
Range Resources Corp. *		66		1,175
REX American Resources Corp. * (a)		11		1,073


				34,111


Paper & Forest Products — 0.5%
Clearwater Paper Corp. *		6		202
Glatfelter Corp.		117		2,011
Louisiana-Pacific Corp.		31		2,442
Neenah, Inc.		6		278
Verso Corp., Class A		41		1,113


				6,046


Personal Products — 1.6%
BellRing Brands, Inc., Class A * (a)		291		8,311
Herbalife Nutrition Ltd. *		22		912
Medifast, Inc.		5		1,026
Nu Skin Enterprises, Inc., Class A (a)		61		3,070
USANA Health Sciences, Inc. *		47		4,721


				18,040


Pharmaceuticals — 1.2%
Amneal Pharmaceuticals, Inc. *		271		1,298
Amphastar Pharmaceuticals, Inc. * (a)		53		1,234
Arvinas, Inc. *		1		117
BioDelivery Sciences International, Inc. *		473		1,467
Corcept Therapeutics, Inc. * (a)		73		1,453
Esperion Therapeutics, Inc. * (a)		11		57
Fulcrum Therapeutics, Inc. * (a)		172		3,037
Landos Biopharma, Inc. *		103		493
Lannett Co., Inc. * (a)		317		513
Marinus Pharmaceuticals, Inc. * (a)		254		3,022
WaVe Life Sciences Ltd. *		147		463


				13,154


Professional Services — 2.2%
Barrett Business Services, Inc.		12		850
CACI International, Inc., Class A *		9		2,302
Heidrick & Struggles International, Inc.		7		310
HireRight Holdings Corp. *		147		2,357
Huron Consulting Group, Inc. *		59		2,933
KBR, Inc.		25		1,210
Kelly Services, Inc., Class A		145		2,433
Kforce, Inc.		44		3,302
Korn Ferry		30		2,295
ManTech International Corp., Class A		12		846
TriNet Group, Inc. *		11		1,000

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Professional Services — continued
TrueBlue, Inc. *		110		3,051
Upwork, Inc. *		56		1,903


				24,792


Real Estate Management & Development — 0.4%
Cushman & Wakefield plc *		82		1,813
Kennedy-Wilson Holdings, Inc.		41		979
Realogy Holdings Corp. *		133		2,232


				5,024


Road & Rail — 0.9%
ArcBest Corp.		75		9,016
Heartland Express, Inc.		18		308
Schneider National, Inc., Class B		16		433
Werner Enterprises, Inc.		12		548


				10,305


Semiconductors & Semiconductor Equipment — 1.9%
Amkor Technology, Inc.		71		1,748
Cirrus Logic, Inc. *		15		1,357
Cohu, Inc. *		88		3,367
MACOM Technology Solutions Holdings, Inc. *		14		1,088
Rambus, Inc. *		182		5,337
Silicon Laboratories, Inc. *		27		5,533
SunPower Corp. * (a)		41		862
Veeco Instruments, Inc. *		83		2,375


				21,667


Software — 6.2%
A10 Networks, Inc.		306		5,070
ACI Worldwide, Inc. *		118		4,089
Alkami Technology, Inc. * (a)		11		230
American Software, Inc., Class A		127		3,313
Appfolio, Inc., Class A * (a)		47		5,678
Blackline, Inc. *		5		549
CommVault Systems, Inc. *		52		3,587
eGain Corp. *		284		2,839
Envestnet, Inc. *		3		262
JFrog Ltd. (Israel) *		11		312
Marathon Digital Holdings, Inc. * (a)		31		1,032
Momentive Global, Inc. *		217		4,598
Paycor HCM, Inc. * (a)		53		1,528
Qualys, Inc. *		5		683
Riot Blockchain, Inc. * (a)		27		612
Sprout Social, Inc., Class A *		33		2,975
SPS Commerce, Inc. *		3		399
Verint Systems, Inc. *		288		15,111
Vonage Holdings Corp. *		280		5,819
Workiva, Inc. *		57		7,450
Xperi Holding Corp.		146		2,755


				68,891


INVESTMENTS	SHARES (000)		VALUE ($000)


Specialty Retail — 2.7%
Abercrombie & Fitch Co., Class A * (a)		121		4,228
Bed Bath & Beyond, Inc. * (a)		53		777
Group 1 Automotive, Inc.		5		937
Guess?, Inc. (a)		66		1,565
Hibbett, Inc.		21		1,512
Lithia Motors, Inc., Class A		3		861
Murphy USA, Inc.		34		6,720
ODP Corp. (The) *		73		2,867
Signet Jewelers Ltd.		20		1,741
Sleep Number Corp. *		44		3,378
Sonic Automotive, Inc., Class A (a)		41		2,003
Winmark Corp.		4		894
Zumiez, Inc. *		58		2,763


				30,246


Textiles, Apparel & Luxury Goods — 0.7%
Deckers Outdoor Corp. *		11		4,149
G-III Apparel Group Ltd. *		41		1,122
Steven Madden Ltd.		62		2,895


				8,166


Thrifts & Mortgage Finance — 1.9%
Axos Financial, Inc. *		46		2,583
Essent Group Ltd.		82		3,729
Merchants Bancorp		3		123
MGIC Investment Corp.		103		1,492
Mr. Cooper Group, Inc. *		26		1,086
NMI Holdings, Inc., Class A*		29		625
Northfield Bancorp, Inc.		155		2,500
PennyMac Financial Services, Inc.		34		2,338
Premier Financial Corp.		12		371
Radian Group, Inc.		143		3,019
Washington Federal, Inc.		91		3,045


				20,911


Trading Companies & Distributors — 1.3%
Boise Cascade Co.		19		1,356
Herc Holdings, Inc.		26		4,133
MRC Global, Inc. * (a)		188		1,292
NOW, Inc. *		536		4,578
Rush Enterprises, Inc., Class A		16		890
Veritiv Corp. *		19		2,289


				14,538


Water Utilities — 0.9%
American States Water Co.		93		9,635


Total Common Stocks (Cost $851,996)				1,083,385

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Biotechnology — 0.0% (b)
Alder Biopharmaceuticals, Inc. * ‡ (Cost $—)		187		165


	SHARES (000)
Short-Term Investments — 9.8%

Investment Companies — 3.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (c) (d) (Cost $39,305)		39,289		39,305


Investment of Cash Collateral from Securities Loaned — 6.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		58,602		58,590

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		11,428		11,428


Total Investment of Cash Collateral from Securities Loaned (Cost $70,025)				70,018


Total Short-Term Investments (Cost $109,330)				109,323

Total Investments — 106.6% (Cost $961,326)				1,192,873
Liabilities in Excess of Other Assets — (6.6)%				(73,504	)

NET ASSETS — 100.0%				1,119,369

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, 2021. The total value of securities on loan at December 31, 2021 is $67,297.
(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, 2021.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

324

03/2022

USD

36,330

648

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

THIS PAGE IS INTENTIONALLY LEFT BLANK



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

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	1,270,904		$	7,913,816		$	5,902,621
Investments in affiliates, at value		18,585			238,242			66,211
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		54,649			161,166			317,688
Cash		3			15			4
Receivables:
Investment securities sold		144			4,917			1,720
Fund shares sold		2,109			4,445			4,194
Dividends from non-affiliates		898			5,038			1,115
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		9			23			86
Other assets		86			49			—

Total Assets		1,347,387			8,327,711			6,293,639


LIABILITIES:
Payables:
Investment securities purchased		569			1,059			6,686
Collateral received on securities loaned (See Note 2.B.)		54,649			161,166			317,688
Fund shares redeemed		1,116			16,338			13,104
Accrued liabilities:
Investment advisory fees		678			4,373			3,239
Administration fees		72			507			365
Distribution fees		73			220			193
Service fees		143			1,032			416
Custodian and accounting fees		26			108			91
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		12			26			131

Total Liabilities		57,338			184,829			341,913

Net Assets	$	1,290,049		$	8,142,882		$	5,951,726

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	1,044,800		$	4,914,209		$	4,516,038
Total distributable earnings (loss)		245,249			3,228,673			1,435,688

Total Net Assets	$	1,290,049		$	8,142,882		$	5,951,726


Net Assets:
Class A	$	311,324		$	783,211		$	634,105
Class C		14,887			79,349			72,342
Class I		374,887			3,790,682			861,106
Class L		—			—			902,328
Class R2		—			7,688			25,922
Class R3		—			5,902			8,884
Class R4		—			852			5,532
Class R5		—			1,094,510			36,296
Class R6		588,951			2,380,688			3,405,211

Total	$	1,290,049		$	8,142,882		$	5,951,726


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,609			14,304			30,613
Class C		929			2,321			5,995
Class I		11,353			56,500			35,638
Class L		—			—			35,653
Class R2		—			145			1,332
Class R3		—			109			430
Class R4		—			13			264
Class R5		—			16,256			1,432
Class R6		17,773			35,374			132,340

Net Asset Value (a):
Class A — Redemption price per share	$	26.82		$	54.75		$	20.71
Class C — Offering price per share (b)		16.03			34.18			12.07
Class I — Offering and redemption price per share		33.02			67.09			24.16
Class L — Offering and redemption price per share		—			—			25.31
Class R2 — Offering and redemption price per share		—			53.05			19.46
Class R3 — Offering and redemption price per share		—			54.23			20.65
Class R4 — Offering and redemption price per share		—			66.94			20.95
Class R5 — Offering and redemption price per share		—			67.33			25.34
Class R6 — Offering and redemption price per share		33.14			67.30			25.73
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)]	$	28.31		$	57.78		$	21.86


Cost of investments in non-affiliates	$	1,014,811		$	4,846,084		$	4,401,363
Cost of investments in affiliates		18,582			238,213			66,210
Investment securities on loan, at value (See Note 2.B.)		53,036			158,685			311,873
Cost of investment of cash collateral (See Note 2.B.)		54,653			161,174			317,705

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)


	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	296,070		$	1,512,340		$	391,774		$	1,083,550
Investments in affiliates, at value		2,753			38,108			7,809			39,305
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		15,506			78,925			159			70,018
Cash		—	(a)		4			1			2
Deposits at broker for futures contracts		—			2,026			—			2,224
Receivables:
Investment securities sold		��			—			1,535			—
Fund shares sold		94			800			1,210			355
Dividends from non-affiliates		227			2,188			243			924
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		12			14			—	(a)		19

Total Assets		314,662			1,634,405			402,731			1,196,397


LIABILITIES:
Payables:
Investment securities purchased		—			375			315			287
Collateral received on securities loaned (See Note 2.B.)		15,506			78,925			159			70,018
Fund shares redeemed		128			3,088			1,000			5,764
Variation margin on futures contracts		—			72			—			72
Accrued liabilities:
Investment advisory fees		129			826			178			564
Administration fees		—			96			20			71
Distribution fees		3			64			51			67
Service fees		12			110			69			125
Custodian and accounting fees		22			29			14			34
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			—			—
Other		14			80			49			26

Total Liabilities		15,814			83,665			1,855			77,028

Net Assets	$	298,848		$	1,550,740		$	400,876		$	1,119,369

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	298,062		$	1,160,033		$	282,491		$	865,299
Total distributable earnings (loss)		786			390,707			118,385			254,070

Total Net Assets	$	298,848		$	1,550,740		$	400,876		$	1,119,369


Net Assets:
Class A	$	6,537		$	199,187		$	176,339		$	132,676
Class C		1,583			7,334			21,400			20,101
Class I		16,286			265,482			146,899			224,415
Class L		—			—			—			302,238
Class R2		358			33,559			—			43,799
Class R3		4,214			18,251			2,247			38,408
Class R4		2,444			28,152			1,102			11,603
Class R5		136,688			51,361			—			10,379
Class R6		130,738			947,414			52,889			335,750

Total	$	298,848		$	1,550,740		$	400,876		$	1,119,369


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		147			7,128			9,422			7,096
Class C		37			354			1,602			1,176
Class I		361			8,706			7,133			11,558
Class L		—			—			—			15,585
Class R2		8			1,221			—			2,429
Class R3		94			655			120			2,075
Class R4		54			923			54			603
Class R5		3,009			1,682			—			537
Class R6		2,884			30,970			2,561			17,304

Net Asset Value (a):
Class A — Redemption price per share	$	44.59		$	27.94		$	18.72		$	18.70
Class C — Offering price per share (b)		43.35			20.73			13.35			17.10
Class I — Offering and redemption price per share		45.08			30.49			20.59			19.42
Class L — Offering and redemption price per share		—			—			—			19.39
Class R2 — Offering and redemption price per share		44.37			27.48			—			18.03
Class R3 — Offering and redemption price per share		44.80			27.88			18.67			18.51
Class R4 — Offering and redemption price per share		45.11			30.49			20.48			19.26
Class R5 — Offering and redemption price per share		45.42			30.54			—			19.33
Class R6 — Offering and redemption price per share		45.34			30.59			20.65			19.40
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)]	$	47.06		$	29.49		$	19.76		$	19.74


Cost of investments in non-affiliates	$	302,982		$	1,138,914		$	288,047		$	851,996
Cost of investments in affiliates		2,752			38,104			7,808			39,305
Investment securities on loan, at value (See Note 2.B.)		14,883			75,613			160			67,297
Cost of investment of cash collateral (See Note 2.B.)		15,506			78,933			159			70,025

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—	(a)
Dividend income from non-affiliates		6,835			50,914			7,618
Dividend income from affiliates		9			74			21
Income from securities lending (net) (See Note 2.B.)		80			136			705

Total investment income		6,924			51,124			8,344


EXPENSES:
Investment advisory fees		3,965			26,978			21,149
Administration fees		458			3,113			2,440
Distribution fees:
Class A		369			1,037			877
Class C		53			317			311
Class R2		—			19			71
Class R3		—			7			12
Service fees:
Class A		369			1,037			877
Class C		18			106			104
Class I		458			5,013			1,217
Class L		—			—			509
Class R2		—			10			35
Class R3		—			7			12
Class R4		—			1			7
Class R5		—			601			19
Custodian and accounting fees		35			131			104
Professional fees		29			54			46
Trustees’ and Chief Compliance Officer’s fees		15			23			21
Printing and mailing costs		63			299			240
Registration and filing fees		74			71			216
Transfer agency fees (See Note 2.F.)		14			159			92
Other		24			163			122

Total expenses		5,944			39,146			28,481

Less fees waived		(155	)		(378	)		(246	)
Less expense reimbursements		—			—			(47	)

Net expenses		5,789			38,768			28,188

Net investment income (loss)		1,135			12,356			(19,844	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		31,180			432,702			221,480
Investments in affiliates		(2	)		(18	)		16

Net realized gain (loss)		31,178			432,684			221,496

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(18,064	)		(107,070	)		(650,048	)
Investments in affiliates		(1	)		(11	)		4

Change in net unrealized appreciation/depreciation		(18,065	)		(107,081	)		(650,044	)

Net realized/unrealized gains (losses)		13,113			325,603			(428,548	)

Change in net assets resulting from operations	$	14,248		$	337,959		$	(448,392	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)			JPMorgan Small Cap Value Fund			JPMorgan SMID Cap Equity Fund			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	—		$	—	(a)
Dividend income from non-affiliates		997			12,869			1,912			5,989
Dividend income from affiliates		1			12			3			8
Income from securities lending (net) (See Note 2.B.)		81			88			4			145

Total investment income		1,079			12,969			1,919			6,142


EXPENSES:
Investment advisory fees		1,067			4,850			1,159			3,404
Administration fees		123			560			158			426
Distribution fees:
Class A		9			248			220			165
Class C		7			30			84			80
Class R2		1			83			—			108
Class R3		6			22			3			46
Service fees:
Class A		9			248			220			165
Class C		2			10			28			27
Class I		34			286			189			278
Class L		—			—			—			157
Class R2		1			42			—			54
Class R3		6			22			3			46
Class R4		3			35			1			14
Class R5		73			28			—			5
Custodian and accounting fees		28			37			13			31
Interest expense to affiliates		—	(a)		—			—			—	(a)
Professional fees		32			29			28			29
Trustees’ and Chief Compliance Officer’s fees		13			14			13			14
Printing and mailing costs		14			34			22			33
Registration and filing fees		49			71			46			70
Transfer agency fees (See Note 2.F.)		7			52			22			28
Other		10			29			16			26

Total expenses		1,494			6,730			2,225			5,206

Less fees waived		(314	)		(53	)		(123	)		(9	)
Less expense reimbursements		—			—			(1	)		—

Net expenses		1,180			6,677			2,101			5,197

Net investment income (loss)		(101	)		6,292			(182	)		945


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		82,053			71,935			23,477			81,061
Investments in affiliates		1			(5	)		—	(a)		(1	)
Futures contracts		53			(5,369	)		—			(750	)

Net realized gain (loss)		82,107			66,561			23,477			80,310

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(103,073	)		(25,085	)		13,331			(50,612	)
Investments in affiliates		3			(2	)		—	(a)		(1	)
Futures contracts		(1	)		1,110			—			767

Change in net unrealized appreciation/depreciation		(103,071	)		(23,977	)		13,331			(49,846	)

Net realized/unrealized gains (losses)		(20,964	)		42,584			36,808			30,464

Change in net assets resulting from operations	$	(21,065	)	$	48,876		$	36,626		$	31,409

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)



	JJPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,135		$	1,111		$	12,356		$	24,227
Net realized gain (loss)		31,178			61,716			432,684			1,495,522
Change in net unrealized appreciation/depreciation		(18,065	)		226,190			(107,081	)		1,471,848

Change in net assets resulting from operations		14,248			289,017			337,959			2,991,597


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(21,573	)		(3,491	)		(151,887	)		(23,187	)
Class C		(1,645	)		(703	)		(21,858	)		(3,627	)
Class I		(22,295	)		(4,107	)		(611,417	)		(108,102	)
Class R2		—			—			(1,446	)		(200	)
Class R3		—			—			(1,096	)		(135	)
Class R4		—			—			(134	)		(17	)
Class R5		—			—			(175,932	)		(32,929	)
Class R6		(35,213	)		(4,922	)		(371,734	)		(56,367	)

Total distributions to shareholders		(80,726	)		(13,223	)		(1,335,504	)		(224,564	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		223,023			384,851			573,296			(795,388	)


NET ASSETS:
Change in net assets		156,545			660,645			(424,249	)		1,971,645
Beginning of period		1,133,504			472,859			8,567,131			6,595,486

End of period	$	1,290,049		$	1,133,504		$	8,142,882		$	8,567,131

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(19,844	)	$	(34,153	)	$	(101	)	$	1,777
Net realized gain (loss)		221,496			863,462			82,107			120,437
Change in net unrealized appreciation/depreciation		(650,044	)		1,186,198			(103,071	)		81,032

Change in net assets resulting from operations		(448,392	)		2,015,507			(21,065	)		203,246


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(88,137	)		(51,789	)		(2,056	)		(35	)
Class C		(16,056	)		(8,859	)		(495	)		(2	)
Class I		(108,918	)		(46,046	)		(6,302	)		(142	)
Class L		(106,109	)		(66,160	)		—			—
Class R2		(3,688	)		(2,275	)		(108	)		(1	)
Class R3		(1,216	)		(511	)		(1,293	)		(28	)
Class R4		(744	)		(280	)		(736	)		(22	)
Class R5		(4,092	)		(1,892	)		(41,862	)		(1,585	)
Class R6		(387,220	)		(204,601	)		(39,875	)		(2,200	)

Total distributions to shareholders		(716,180	)		(382,413	)		(92,727	)		(4,015	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		273,113			1,249,938			46,454			(182,906	)


NET ASSETS:
Change in net assets		(891,459	)		2,883,032			(67,338	)		16,325
Beginning of period		6,843,185			3,960,153			366,186			349,861

End of period	$	5,951,726		$	6,843,185		$	298,848		$	366,186

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,292		$	10,567		$	(182	)	$	844
Net realized gain (loss)		66,561			240,791			23,477			95,024
Change in net unrealized appreciation/depreciation		(23,977	)		418,485			13,331			45,160

Change in net assets resulting from operations		48,876			669,843			36,626			141,028


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(30,314	)		(808	)		(32,659	)		(6,204	)
Class C		(1,456	)		(36	)		(5,276	)		(1,102	)
Class I		(38,739	)		(1,091	)		(25,314	)		(5,432	)
Class R2		(5,116	)		(132	)		—			—
Class R3		(2,755	)		(77	)		(409	)		(80	)
Class R4		(4,045	)		(96	)		(187	)		(23	)
Class R5		(7,206	)		(311	)		—			—
Class R6		(134,742	)		(6,855	)		(11,356	)		(2,861	)

Total distributions to shareholders		(224,373	)		(9,406	)		(75,201	)		(15,702	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		215,799			(105,572	)		19,675			(96,215	)


NET ASSETS:
Change in net assets		40,302			554,865			(18,900	)		29,111
Beginning of period		1,510,438			955,573			419,776			390,665

End of period	$	1,550,740		$	1,510,438		$	400,876		$	419,776

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	945		$	2,715
Net realized gain (loss)		80,310			260,464
Change in net unrealized appreciation/depreciation		(49,846	)		220,992

Change in net assets resulting from operations		31,409			484,171


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(29,540	)		(3,058	)
Class C		(4,945	)		(541	)
Class I		(49,718	)		(5,378	)
Class L		(67,831	)		(9,176	)
Class R2		(9,917	)		(1,049	)
Class R3		(8,423	)		(854	)
Class R4		(2,509	)		(302	)
Class R5		(2,218	)		(260	)
Class R6		(74,009	)		(9,828	)

Total distributions to shareholders		(249,110	)		(30,446	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		195,158			(211,849	)


NET ASSETS:
Change in net assets		(22,543	)		241,876
Beginning of period		1,141,912			900,036

End of period	$	1,119,369		$	1,141,912

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	52,821		$	109,217		$	48,951		$	116,722
Distributions reinvested		19,835			3,248			143,874			21,887
Cost of shares redeemed		(21,711	)		(38,093	)		(135,962	)		(216,836	)

Change in net assets resulting from Class A capital transactions		50,945			74,372			56,863			(78,227	)

Class C
Proceeds from shares issued		2,520			6,513			466			1,644
Distributions reinvested		1,644			247			21,747			3,552
Cost of shares redeemed		(1,193	)		(25,040	)		(11,870	)		(26,763	)

Change in net assets resulting from Class C capital transactions		2,971			(18,280	)		10,343			(21,567	)

Class I
Proceeds from shares issued		70,753			169,692			359,120			1,268,974
Distributions reinvested		22,245			4,096			586,636			103,830
Cost of shares redeemed		(44,768	)		(67,324	)		(947,624	)		(1,754,116	)

Change in net assets resulting from Class I capital transactions		48,230			106,464			(1,868	)		(381,312	)

Class R2
Proceeds from shares issued		—			—			833			2,319
Distributions reinvested		—			—			1,394			185
Cost of shares redeemed		—			—			(1,135	)		(3,904	)

Change in net assets resulting from Class R2 capital transactions		—			—			1,092			(1,400	)

Class R3
Proceeds from shares issued		—			—			437			2,006
Distributions reinvested		—			—			919			121
Cost of shares redeemed		—			—			(418	)		(731	)

Change in net assets resulting from Class R3 capital transactions		—			—			938			1,396

Class R4
Proceeds from shares issued		—			—			16			243
Distributions reinvested		—			—			134			17
Cost of shares redeemed		—			—			(33	)		(85	)

Change in net assets resulting from Class R4 capital transactions		—			—			117			175

Class R5
Proceeds from shares issued		—			—			65,204			221,138
Distributions reinvested		—			—			166,417			29,974
Cost of shares redeemed		—			—			(317,185	)		(327,115	)

Change in net assets resulting from Class R5 capital transactions		—			—			(85,564	)		(76,003	)

Class R6
Proceeds from shares issued		126,633			302,725			438,596			339,610
Distributions reinvested		32,877			4,922			358,361			55,129
Cost of shares redeemed		(38,633	)		(85,352	)		(205,582	)		(633,189	)

Change in net assets resulting from Class R6 capital transactions		120,877			222,295			591,375			(238,450	)

Total change in net assets resulting from capital transactions	$	223,023		$	384,851		$	573,296		$	(795,388	)

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,887			4,214			805			2,112
Reinvested		765			132			2,726			386
Redeemed		(779	)		(1,553	)		(2,242	)		(3,794	)

Change in Class A Shares		1,873			2,793			1,289			(1,296	)

Class C
Issued		144			399			12			40
Reinvested		106			16			660			90
Redeemed		(69	)		(1,662	)		(286	)		(671	)

Change in Class C Shares		181			(1,247	)		386			(541	)

Class I
Issued		2,067			5,516			4,735			18,459
Reinvested		697			137			9,067			1,546
Redeemed		(1,322	)		(2,170	)		(12,478	)		(25,175	)

Change in Class I Shares		1,442			3,483			1,324			(5,170	)

Class R2
Issued		—			—			14			41
Reinvested		—			—			27			3
Redeemed		—			—			(18	)		(73	)

Change in Class R2 Shares		—			—			23			(29	)

Class R3
Issued		—			—			7			36
Reinvested		—			—			18			2
Redeemed		—			—			(6	)		(13	)

Change in Class R3 Shares		—			—			19			25

Class R4
Issued		—			—			—	(a)		4
Reinvested		—			—			2			—	(a)
Redeemed		—			—			—	(a)		(1	)

Change in Class R4 Shares		—			—			2			3

Class R5
Issued		—			—			881			3,280
Reinvested		—			—			2,559			444
Redeemed		—			—			(4,153	)		(5,033	)

Change in Class R5 Shares		—			—			(713	)		(1,309	)

Class R6
Issued		3,682			9,551			5,819			5,171
Reinvested		1,024			164			5,509			816
Redeemed		(1,120	)		(2,754	)		(2,783	)		(9,333	)

Change in Class R6 Shares		3,586			6,961			8,545			(3,346	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	38,174		$	226,985		$	973		$	2,641
Distributions reinvested		82,955			49,234			2,035			33
Cost of shares redeemed		(109,169	)		(213,049	)		(1,266	)		(2,091	)

Change in net assets resulting from Class A capital transactions		11,960			63,170			1,742			583

Class C
Proceeds from shares issued		2,571			22,943			146			499
Distributions reinvested		14,632			8,216			453			2
Cost of shares redeemed		(13,539	)		(22,801	)		(350	)		(1,157	)

Change in net assets resulting from Class C capital transactions		3,664			8,358			249			(656	)

Class I
Proceeds from shares issued		179,886			643,102			2,649			18,383
Distributions reinvested		57,488			36,354			5,967			137
Cost of shares redeemed		(212,970	)		(316,881	)		(17,801	)		(7,491	)

Change in net assets resulting from Class I capital transactions		24,404			362,575			(9,185	)		11,029

Class L
Proceeds from shares issued		74,502			393,659			—			—
Distributions reinvested		99,211			60,559			—			—
Cost of shares redeemed		(190,607	)		(391,534	)		—			—

Change in net assets resulting from Class L capital transactions		(16,894	)		62,684			—			—

Class R2
Proceeds from shares issued		2,210			8,101			33			205
Distributions reinvested		3,681			2,263			108			1
Cost of shares redeemed		(5,712	)		(12,138	)		(131	)		(32	)

Change in net assets resulting from Class R2 capital transactions		179			(1,774	)		10			174

Class R3
Proceeds from shares issued		1,601			4,818			414			1,117
Distributions reinvested		1,216			511			1,293			28
Cost of shares redeemed		(1,354	)		(3,066	)		(1,298	)		(1,599	)

Change in net assets resulting from Class R3 capital transactions		1,463			2,263			409			(454	)

Class R4
Proceeds from shares issued		644			2,592			779			300
Distributions reinvested		744			280			736			22
Cost of shares redeemed		(600	)		(935	)		(743	)		(1,122	)

Change in net assets resulting from Class R4 capital transactions		788			1,937			772			(800	)

Class R5
Proceeds from shares issued		3,802			28,791			9,487			24,419
Distributions reinvested		4,092			1,891			38,933			1,497
Cost of shares redeemed		(5,455	)		(20,888	)		(26,776	)		(85,948	)

Change in net assets resulting from Class R5 capital transactions		2,439			9,794			21,644			(60,032	)

Class R6
Proceeds from shares issued		368,027			1,724,853			16,842			55,158
Distributions reinvested		376,936			202,471			39,875			2,200
Cost of shares redeemed		(499,853	)		(1,186,393	)		(25,904	)		(68,858	)
Redemptions in-kind (See Note 8)		—			—			—			(121,250	)

Change in net assets resulting from Class R6 capital transactions		245,110			740,931			30,813			(132,750	)

Total change in net assets resulting from capital transactions	$	273,113		$	1,249,938		$	46,454		$	(182,906	)

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan Small Cap Growth Fund						JPMorgan Small Cap Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,612			9,382			16			43
Reinvested		4,125			2,008			47			1
Redeemed		(4,518	)		(8,756	)		(21	)		(37	)

Change in Class A Shares		1,219			2,634			42			7

Class C
Issued		193			1,419			2			9
Reinvested		1,248			521			11			—	(a)
Redeemed		(915	)		(1,453	)		(5	)		(21	)

Change in Class C Shares		526			487			8			(12	)

Class I
Issued		6,538			22,183			42			310
Reinvested		2,450			1,297			136			2
Redeemed		(7,691	)		(11,189	)		(308	)		(134	)

Change in Class I Shares		1,297			12,291			(130	)		178

Class L
Issued		2,607			13,537			—			—
Reinvested		4,038			2,077			—			—
Redeemed		(6,683	)		(13,475	)		—			—

Change in Class L Shares		(38	)		2,139			—			—

Class R2
Issued		97			351			1			3
Reinvested		195			97			2			—	(a)
Redeemed		(243	)		(538	)		(2	)		—	(a)

Change in Class R2 Shares		49			(90	)		1			3

Class R3
Issued		65			194			7			18
Reinvested		61			21			30			1
Redeemed		(57	)		(134	)		(21	)		(29	)

Change in Class R3 Shares		69			81			16			(10	)

Class R4
Issued		26			103			11			6
Reinvested		37			11			17			—	(a)
Redeemed		(24	)		(39	)		(11	)		(19	)

Change in Class R4 Shares		39			75			17			(13	)

Class R5
Issued		137			961			166			405
Reinvested		166			65			881			26
Redeemed		(191	)		(720	)		(412	)		(1,543	)

Change in Class R5 Shares		112			306			635			(1,112	)

Class R6
Issued		12,500			58,986			254			903
Reinvested		15,090			6,844			903			38
Redeemed		(16,983	)		(40,499	)		(402	)		(1,256	)
Redemptions in-kind (See Note 8)		—			—			—			(1,716	)

Change in Class R6 Shares		10,607			25,331			755			(2,031	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)



	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,293		$	49,559		$	4,746		$	16,743
Distributions reinvested		29,379			774			31,521			5,947
Cost of shares redeemed		(27,087	)		(56,424	)		(14,581	)		(54,402	)

Change in net assets resulting from Class A capital transactions		22,585			(6,091	)		21,686			(31,712	)

Class C
Proceeds from shares issued		630			2,231			702			2,308
Distributions reinvested		1,452			36			5,223			1,087
Cost of shares redeemed		(2,015	)		(7,075	)		(3,479	)		(15,962	)

Change in net assets resulting from Class C capital transactions		67			(4,808	)		2,446			(12,567	)

Class I
Proceeds from shares issued		87,668			96,130			16,399			48,166
Distributions reinvested		38,341			1,087			23,180			4,871
Cost of shares redeemed		(62,046	)		(82,207	)		(29,372	)		(65,680	)

Change in net assets resulting from Class I capital transactions		63,963			15,010			10,207			(12,643	)

Class R2
Proceeds from shares issued		5,326			9,353			—			—
Distributions reinvested		5,091			131			—			—
Cost of shares redeemed		(7,396	)		(16,674	)		—			—

Change in net assets resulting from Class R2 capital transactions		3,021			(7,190	)		—			—

Class R3
Proceeds from shares issued		2,511			4,769			160			1,963
Distributions reinvested		2,755			76			361			67
Cost of shares redeemed		(2,134	)		(5,501	)		(281	)		(15,471	)

Change in net assets resulting from Class R3 capital transactions		3,132			(656	)		240			(13,441	)

Class R4
Proceeds from shares issued		2,726			25,934			69			704
Distributions reinvested		4,045			96			147			14
Cost of shares redeemed		(3,975	)		(7,334	)		(168	)		(350	)

Change in net assets resulting from Class R4 capital transactions		2,796			18,696			48			368

Class R5
Proceeds from shares issued		6,302			19,782			—			—
Distributions reinvested		7,114			304			—			—
Cost of shares redeemed		(15,226	)		(14,144	)		—			—

Change in net assets resulting from Class R5 capital transactions		(1,810	)		5,942			—			—

Class R6
Proceeds from shares issued		70,565			186,228			7,935			19,198
Distributions reinvested		134,742			6,855			9,560			2,455
Cost of shares redeemed		(83,262	)		(319,558	)		(32,447	)		(47,873	)

Change in net assets resulting from Class R6 capital transactions		122,045			(126,475	)		(14,952	)		(26,220	)

Total change in net assets resulting from capital transactions	$	215,799		$	(105,572	)	$	19,675		$	(96,215	)

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Small Cap Value Fund						JPMorgan SMID Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		650			1,824			229			908
Reinvested		1,085			34			1,743			325
Redeemed		(872	)		(2,275	)		(694	)		(3,013	)

Change in Class A Shares		863			(417	)		1,278			(1,780	)

Class C
Issued		26			96			42			151
Reinvested		72			2			405			77
Redeemed		(83	)		(402	)		(221	)		(1,122	)

Change in Class C Shares		15			(304	)		226			(894	)

Class I
Issued		2,570			3,161			722			2,431
Reinvested		1,297			43			1,165			246
Redeemed		(1,896	)		(3,109	)		(1,268	)		(3,338	)

Change in Class I Shares		1,971			95			619			(661	)

Class R2
Issued		169			359			—			—
Reinvested		191			6			—			—
Redeemed		(240	)		(636	)		—			—

Change in Class R2 Shares		120			(271	)		—			—

Class R3
Issued		81			179			8			116
Reinvested		102			3			20			3
Redeemed		(68	)		(205	)		(13	)		(833	)

Change in Class R3 Shares		115			(23	)		15			(714	)

Class R4
Issued		82			1,037			4			32
Reinvested		137			3			7			1
Redeemed		(122	)		(237	)		(7	)		(17	)

Change in Class R4 Shares		97			803			4			16

Class R5
Issued		187			671			—			—
Reinvested		240			12			—			—
Redeemed		(431	)		(537	)		—			—

Change in Class R5 Shares		(4	)		146			—			—

Class R6
Issued		2,062			6,644			352			949
Reinvested		4,539			268			480			124
Redeemed		(2,487	)		(11,393	)		(1,491	)		(2,404	)

Change in Class R6 Shares		4,114			(4,481	)		(659	)		(1,331	)

SEE NOTES TO FINANCIAL STATEMENTS.



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

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, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	15,887		$	55,915
Distributions reinvested		27,262			2,798
Cost of shares redeemed		(19,734	)		(68,028	)

Change in net assets resulting from Class A capital transactions		23,415			(9,315	)

Class C
Proceeds from shares issued		546			2,161
Distributions reinvested		4,820			532
Cost of shares redeemed		(3,187	)		(7,639	)

Change in net assets resulting from Class C capital transactions		2,179			(4,946	)

Class I
Proceeds from shares issued		28,998			85,814
Distributions reinvested		47,831			5,201
Cost of shares redeemed		(25,527	)		(119,766	)

Change in net assets resulting from Class I capital transactions		51,302			(28,751	)

Class L
Proceeds from shares issued		24,533			37,196
Distributions reinvested		51,373			6,808
Cost of shares redeemed		(31,554	)		(166,460	)

Change in net assets resulting from Class L capital transactions		44,352			(122,456	)

Class R2
Proceeds from shares issued		4,009			9,338
Distributions reinvested		9,749			1,022
Cost of shares redeemed		(4,658	)		(13,958	)

Change in net assets resulting from Class R2 capital transactions		9,100			(3,598	)

Class R3
Proceeds from shares issued		4,288			11,021
Distributions reinvested		7,946			799
Cost of shares redeemed		(3,169	)		(10,861	)

Change in net assets resulting from Class R3 capital transactions		9,065			959

Class R4
Proceeds from shares issued		586			1,900
Distributions reinvested		2,509			302
Cost of shares redeemed		(894	)		(3,141	)

Change in net assets resulting from Class R4 capital transactions		2,201			(939	)

Class R5
Proceeds from shares issued		1,826			2,149
Distributions reinvested		1,374			151
Cost of shares redeemed		(721	)		(2,583	)

Change in net assets resulting from Class R5 capital transactions		2,479			(283	)

Class R6
Proceeds from shares issued		41,584			84,216
Distributions reinvested		71,679			9,563
Cost of shares redeemed		(62,198	)		(136,299	)

Change in net assets resulting from Class R6 capital transactions		51,065			(42,520	)

Total change in net assets resulting from capital transactions	$	195,158		$	(211,849	)

SEE NOTES TO FINANCIAL STATEMENTS.



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



	JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		725			3,069
Reinvested		1,508			144
Redeemed		(880	)		(3,862	)

Change in Class A Shares		1,353			(649	)

Class C
Issued		27			111
Reinvested		292			29
Redeemed		(159	)		(434	)

Change in Class C Shares		160			(294	)

Class I
Issued		1,250			4,362
Reinvested		2,548			260
Redeemed		(1,174	)		(6,239	)

Change in Class I Shares		2,624			(1,617	)

Class L
Issued		1,092			1,810
Reinvested		2,737			341
Redeemed		(1,358	)		(8,888	)

Change in Class L Shares		2,471			(6,737	)

Class R2
Issued		185			455
Reinvested		559			54
Redeemed		(213	)		(706	)

Change in Class R2 Shares		531			(197	)

Class R3
Issued		198			537
Reinvested		444			42
Redeemed		(140	)		(563	)

Change in Class R3 Shares		502			16

Class R4
Issued		25			90
Reinvested		135			15
Redeemed		(39	)		(153	)

Change in Class R4 Shares		121			(48	)

Class R5
Issued		88			102
Reinvested		73			8
Redeemed		(30	)		(131	)

Change in Class R5 Shares		131			(21	)

Class R6
Issued		1,778			3,937
Reinvested		3,813			478
Redeemed		(2,719	)		(6,755	)

Change in Class R6 Shares		2,872			(2,340	)

SEE NOTES TO FINANCIAL STATEMENTS.



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

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, 2021 (Unaudited)	$	28.67	$	(0.02	)	$	0.19		$	0.17		$	—		$	(2.02	)	$	(2.02	)
Year Ended June 30, 2021		19.11		(0.03	)		10.08			10.05			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		18.01		(0.05	)		0.09			0.04			—			(2.02	)		(2.02	)
Year Ended June 30, 2021		12.19		(0.08	)		6.37			6.29			—			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		34.81		0.02			0.24			0.26			(0.03	)		(2.02	)		(2.05	)
Year Ended June 30, 2021		23.09		0.04			12.20			12.24			(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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		34.96		0.07			0.24			0.31			(0.11	)		(2.02	)		(2.13	)
Year Ended June 30, 2021		23.17		0.11			12.25			12.36			(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.



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


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	26.82		0.83	%	$	311,324		1.24	%		(0.11	)%		1.27	%		19	%
	28.67		52.98			279,114		1.24			(0.12	)		1.27			48
	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


	16.03		0.60			14,887		1.74			(0.61	)		1.77			19
	18.01		52.22			13,468		1.73			(0.56	)		1.78			48
	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


	33.02		0.95			374,887		0.99			0.14			1.02			19
	34.81		53.39			344,974		0.99			0.13			1.02			48
	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


	33.14		1.09			588,951		0.74			0.40			0.76			19
	34.96		53.76			495,948		0.74			0.37			0.77			48
	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, 2021	J.P. MORGAN SMALL CAP FUNDS	65

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, 2021 (Unaudited)	$	65.04	$	(0.01	)	$	2.20		$	2.19		$	—		$	(12.48	)	$	(12.48	)
Year Ended June 30, 2021		45.69		(0.02	)		21.07			21.05			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		45.39		(0.12	)		1.39			1.27			—			(12.48	)		(12.48	)
Year Ended June 30, 2021		32.42		(0.20	)		14.84			14.64			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		76.84		0.09			2.70			2.79			(0.06	)		(12.48	)		(12.54	)
Year Ended June 30, 2021		53.70		0.17			24.81			24.98			(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		63.47		(0.08	)		2.14			2.06			—			(12.48	)		(12.48	)
Year Ended June 30, 2021		44.70		(0.15	)		20.59			20.44			(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		—	(f)		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		—	(f)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		64.53		—	(f)		2.18			2.18			—			(12.48	)		(12.48	)
Year Ended June 30, 2021		45.38		—	(f)		20.92			20.92			(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 (h) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		76.73		0.09			2.68			2.77			(0.08	)		(12.48	)		(12.56	)
Year Ended June 30, 2021		53.63		0.17			24.78			24.95			(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 (h) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)

(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.



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


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	54.75		4.09	%	$	783,211		1.27	%		(0.04	)%		1.27	%		6	%
	65.04		46.60			846,460		1.26			(0.03	)		1.27			29
	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


	34.18		3.83			79,349		1.75			(0.52	)		1.75			6
	45.39		45.91			87,848		1.74			(0.50	)		1.74			29
	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


	67.09		4.25			3,790,682		0.99			0.23			0.99			6
	76.84		47.01			4,239,905		0.98			0.25			0.99			29
	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


	53.05		3.99			7,688		1.49			(0.26	)		1.52			6
	63.47		46.28			7,744		1.48			(0.26	)		1.51			29
	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(g)		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	(g)		1.73			21


	54.23		4.11			5,902		1.24			(0.01	)		1.24			6
	64.53		46.66			5,829		1.23			0.00	(g)		1.24			29
	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


	66.94		4.24			852		0.99			0.24			1.00			6
	76.73		47.01			834		0.98			0.25			1.00			29
	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

SEE NOTES TO FINANCIAL STATEMENTS.



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

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 R5
Six Months Ended December 31, 2021 (Unaudited)	$	77.14	$	0.17	$	2.70		$	2.87		$	(0.20	)	$	(12.48	)	$	(12.68	)
Year Ended June 30, 2021		53.88		0.30		24.90			25.20			(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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		77.14		0.19		2.69			2.88			(0.24	)		(12.48	)		(12.72	)
Year Ended June 30, 2021		53.87		0.34		24.90			25.24			(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	)

(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.



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


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	67.33		4.35	%	$	1,094,510		0.80	%		0.44	%		0.84	%		6	%
	77.14		47.29			1,309,013		0.79			0.44			0.84			29
	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


	67.30		4.37			2,380,688		0.74			0.50			0.74			6
	77.14		47.39			2,069,498		0.73			0.50			0.74			29
	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

SEE NOTES TO FINANCIAL STATEMENTS.



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

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, 2021 (Unaudited)	$	25.86	$	(0.12	)	$	(1.75	)	$	(1.87	)	$	—		$	(3.28	)	$	(3.28	)
Year Ended June 30, 2021		18.70		(0.23	)		9.22			8.99			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		16.62		(0.12	)		(1.15	)		(1.27	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		12.53		(0.23	)		6.14			5.91			—			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		29.53		(0.10	)		(1.99	)		(2.09	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		21.14		(0.20	)		10.46			10.26			(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	)

Class L
Six Months Ended December 31, 2021 (Unaudited)		30.73		(0.09	)		(2.05	)		(2.14	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		21.93		(0.16	)		10.85			10.69			(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		24.55		(0.14	)		(1.67	)		(1.81	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		17.85		(0.27	)		8.79			8.52			—			(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	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		25.79		(0.12	)		(1.74	)		(1.86	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		18.66		(0.23	)		9.21			8.98			(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	)

(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.



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


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	20.71		(6.86	)%	$	634,105		1.24	%		(0.99	)%		1.26	%		16	%
	25.86		48.64			760,153		1.23			(0.95	)		1.25			52
	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


	12.07		(7.07	)		72,342		1.74			(1.49	)		1.76			16
	16.62		47.95			90,880		1.73			(1.44	)		1.74			52
	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


	24.16		(6.75	)		861,106		0.99			(0.74	)		1.00			16
	29.53		49.03			1,013,916		0.98			(0.70	)		0.99			52
	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


	25.31		(6.65	)		902,328		0.84			(0.59	)		0.85			16
	30.73		49.21			1,096,814		0.84			(0.55	)		0.84			52
	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


	19.46		(6.99	)		25,922		1.49			(1.24	)		1.52			16
	24.55		48.29			31,503		1.49			(1.19	)		1.51			52
	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


	20.65		(6.84	)		8,884		1.24			(0.98	)		1.27			16
	25.79		48.67			9,313		1.24			(0.95	)		1.27			52
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	71

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 R4
Six Months Ended December 31, 2021 (Unaudited)	$	26.08	$	(0.09	)	$	(1.76	)	$	(1.85	)	$	—		$	(3.28	)	$	(3.28	)
Year Ended June 30, 2021		18.83		(0.17	)		9.29			9.12			(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, 2021 (Unaudited)		30.76		(0.09	)		(2.05	)		(2.14	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		21.95		(0.16	)		10.86			10.70			(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, 2021 (Unaudited)		31.17		(0.07	)		(2.09	)		(2.16	)		—			(3.28	)		(3.28	)
Year Ended June 30, 2021		22.21		(0.13	)		10.99			10.86			(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	)

(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.



72	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)



$	20.95		(6.73	)%	$	5,532		0.99	%		(0.73	)%		1.00	%		16	%
	26.08		49.01			5,878		0.98			(0.69	)		0.99			52
	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


	25.34		(6.64	)		36,296		0.84			(0.59	)		0.85			16
	30.76		49.22			40,613		0.84			(0.55	)		0.85			52
	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


	25.73		(6.62	)		3,405,211		0.74			(0.49	)		0.75			16
	31.17		49.40			3,794,115		0.74			(0.45	)		0.74			52
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	73

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 Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund)
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	69.13	$	(0.15	)	$	(4.50	)	$	(4.65	)	$	—		$	(19.89	)	$	(19.89	)
Year Ended June 30, 2021		42.12		(0.01	)		27.38			27.37			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		67.97		(0.31	)		(4.42	)		(4.73	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		41.41		(0.28	)		26.91			26.63			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		69.56		(0.08	)		(4.51	)		(4.59	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.35		0.10			27.58			27.68			(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, 2021 (Unaudited)		68.98		(0.24	)		(4.48	)		(4.72	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.07		(0.16	)		27.35			27.19			(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, 2021 (Unaudited)		69.34		(0.16	)		(4.49	)		(4.65	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.23		—	(h)		27.45			27.45			(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, 2021 (Unaudited)		69.59		(0.07	)		(4.52	)		(4.59	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.37		0.14			27.55			27.69			(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.



74	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	44.59		(5.95	)%	$	6,537		1.14	%		(0.48	)%		1.35	%		110	%
	69.13		65.16			7,279		1.23			(0.03	)		1.32			83
	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


	43.35		(6.17	)		1,583		1.64			(0.99	)		1.85			110
	67.97		64.35			1,944		1.73			(0.50	)		1.81			83
	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


	45.08		(5.82	)		16,286		0.89			(0.25	)		1.07			110
	69.56		65.58			34,171		0.99			0.17			1.03			83
	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


	44.37		(6.06	)		358		1.39			(0.74	)		1.67			110
	68.98		64.76			481		1.48			(0.28	)		1.68			83
	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


	44.80		(5.93	)		4,214		1.14			(0.49	)		1.32			110
	69.34		65.16			5,418		1.23			(0.01	)		1.28			83
	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


	45.11		(5.82	)		2,444		0.89			(0.22	)		1.08			110
	69.59		65.58			2,557		0.99			0.25			1.04			83
	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, 2021	J.P. MORGAN SMALL CAP FUNDS	75

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 Sustainable Leaders Fund (formerly known as JPMorgan Small Cap Core Fund) (continued)
Class R5
Six Months Ended December 31, 2021 (Unaudited)	$	69.85	$	(0.01	)	$	(4.53	)	$	(4.54	)	$	—		$	(19.89	)	$	(19.89	)
Year Ended June 30, 2021		42.51		0.25			27.65			27.90			(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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		69.75		—	(g)		(4.52	)		(4.52	)		—			(19.89	)		(19.89	)
Year Ended June 30, 2021		42.45		0.28			27.61			27.89			(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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	45.42		(5.72	)%	$	136,688		0.70	%		(0.04	)%		0.92	%		110	%
	69.85		65.89			165,829		0.80			0.44			0.89			83
	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


	45.34		(5.70	)		130,738		0.65			0.01			0.82			110
	69.75		65.98			148,507		0.74			0.49			0.78			83
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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 Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	32.06	$	0.07		$	0.76		$	0.83		$	(0.08	)	$	(4.87	)	$	(4.95	)
Year Ended June 30, 2021		18.48		0.12			13.59			13.71			(0.13	)		—			(0.13	)
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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		25.08		—	(g)		0.56			0.56			(0.04	)		(4.87	)		(4.91	)
Year Ended June 30, 2021		14.52		0.01			10.64			10.65			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		34.53		0.13			0.82			0.95			(0.12	)		(4.87	)		(4.99	)
Year Ended June 30, 2021		19.88		0.21			14.62			14.83			(0.18	)		—			(0.18	)
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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		31.62		0.04			0.74			0.78			(0.05	)		(4.87	)		(4.92	)
Year Ended June 30, 2021		18.25		0.06			13.41			13.47			(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	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		32.00		0.08			0.76			0.84			(0.09	)		(4.87	)		(4.96	)
Year Ended June 30, 2021		18.45		0.13			13.56			13.69			(0.14	)		—			(0.14	)
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 (h) 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)	Amount rounds to less than $0.005.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	27.94		3.14	%	$	199,187		1.27	%		0.46	%		1.27	%		22	%
	32.06		74.48			200,857		1.26			0.48			1.26			78
	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


	20.73		2.93			7,334		1.74			(0.03	)		1.78			22
	25.08		73.59			8,518		1.73			0.04			1.78			78
	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


	30.49		3.27			265,482		0.99			0.77			1.01			22
	34.53		74.94			232,544		0.99			0.76			1.01			78
	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


	27.48		3.01			33,559		1.49			0.24			1.57			22
	31.62		74.05			34,800		1.48			0.26			1.58			78
	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


	27.88		3.16			18,251		1.24			0.50			1.28			22
	32.00		74.49			17,272		1.23			0.50			1.28			78
	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, 2021	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 Value Fund (continued)
Class R4
Six Months Ended December 31, 2021 (Unaudited)	$	34.52	$	0.13		$	0.83		$	0.96			$	(0.12	)	$	(4.87	)	$	(4.99	)
Year Ended June 30, 2021		19.88		0.22			14.61			14.83				(0.19	)		—			(0.19	)
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 (i) 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, 2021 (Unaudited)		34.56		0.15			0.84			0.99				(0.14	)		(4.87	)		(5.01	)
Year Ended June 30, 2021		19.89		0.24			14.64			14.88				(0.21	)		—			(0.21	)
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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		34.62		0.17			0.83			1.00				(0.16	)		(4.87	)		(5.03	)
Year Ended June 30, 2021		19.92		0.27			14.66			14.93				(0.23	)		—			(0.23	)
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	)

(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.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	30.49		3.30	%	$	28,152		0.99	%		0.74	%		1.01	%		22	%
	34.52		74.92			28,524		0.98			0.69			1.00			78
	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


	30.54		3.39			51,361		0.86			0.85			0.86			22
	34.56		75.16			58,262		0.86			0.87			0.86			78
	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


	30.59		3.41			947,414		0.76			0.98			0.76			22
	34.62		75.36			929,661		0.76			0.98			0.76			78
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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 SMID Cap Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	21.12	$	(0.02	)	$	1.82		$	1.80		$	—		$	(4.20	)	$	(4.20	)
Year Ended June 30, 2021		15.52		0.01			6.32			6.33			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		16.25		(0.06	)		1.36			1.30			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		12.08		(0.06	)		4.89			4.83			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		22.81		—	(f)		1.98			1.98			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		16.71		0.06			6.82			6.88			(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	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		21.08		(0.03	)		1.82			1.79			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		15.41		0.03			6.27			6.30			—			(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, 2021 (Unaudited)		22.70		—	(f)		1.98			1.98			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		16.64		0.05			6.79			6.84			(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, 2021 (Unaudited)		22.83		0.03			1.99			2.02			—			(4.20	)		(4.20	)
Year Ended June 30, 2021		16.73		0.11			6.82			6.93			(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	)

(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.



82	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	18.72		9.23	%	$	176,339		1.14	%		(0.23	)%		1.21	%		8	%
	21.12		41.59			171,962		1.11			0.06			1.20			122
	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


	13.35		8.90			21,400		1.64			(0.73	)		1.70			8
	16.25		40.87			22,348		1.60			(0.42	)		1.69			122
	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


	20.59		9.33			146,899		0.89			0.02			0.95			8
	22.81		41.95			148,567		0.86			0.29			0.94			122
	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


	18.67		9.19			2,247		1.14			(0.23	)		1.20			8
	21.08		41.57			2,223		1.08			0.20			1.18			122
	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


	20.48		9.38			1,102		0.89			0.02			0.94			8
	22.70		41.87			1,146		0.86			0.26			0.93			122
	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


	20.65		9.50			52,889		0.64			0.26			0.69			8
	22.83		42.21			73,530		0.60			0.57			0.68			122
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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 U.S. Small Company Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	23.54	$	(0.02	)	$	0.50		$	0.48		$	—		$	(5.32	)	$	(5.32	)
Year Ended June 30, 2021		14.84		(0.01	)		9.26			9.25			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		22.04		(0.07	)		0.45			0.38			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		13.96		(0.10	)		8.69			8.59			—			(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)

Class I
Six Months Ended December 31, 2021 (Unaudited)		24.21		0.01			0.52			0.53			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		15.25		0.04			9.51			9.55			(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	)

Class L
Six Months Ended December 31, 2021 (Unaudited)		24.18		0.03			0.52			0.55			(0.02	)		(5.32	)		(5.34	)
Year Ended June 30, 2021		15.23		0.07			9.51			9.58			(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		22.92		(0.04	)		0.47			0.43			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		14.48		(0.06	)		9.02			8.96			(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)

(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.



84	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (excluding securities sold short) (c)


$	18.70		2.83	%	$	132,676		1.22	%		(0.13	)%		1.22	%		28	%
	23.54		63.19			135,165		1.22			(0.03	)		1.22			94
	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


	17.10		2.55			20,101		1.73			(0.65	)		1.73			28
	22.04		62.34			22,386		1.73			(0.56	)		1.73			94
	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


	19.42		2.96			224,415		0.97			0.12			0.97			28
	24.21		63.52			216,248		0.96			0.21			0.97			94
	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


	19.39		3.04			302,238		0.81			0.27			0.81			28
	24.18		63.78			317,162		0.81			0.37			0.81			94
	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


	18.03		2.67			43,799		1.48			(0.39	)		1.48			28
	22.92		62.71			43,496		1.48			(0.31	)		1.48			94
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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 U.S. Small Company Fund (continued)
Class R3
Six Months Ended December 31, 2021 (Unaudited)	$	23.36	$	(0.01	)	$	0.48		$	0.47		$	—		$	(5.32	)	$	(5.32	)
Year Ended June 30, 2021		14.74		(0.01	)		9.20			9.19			(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, 2021 (Unaudited)		24.05		0.01			0.52			0.53			—			(5.32	)		(5.32	)
Year Ended June 30, 2021		15.16		0.04			9.46			9.50			(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, 2021 (Unaudited)		24.13		0.03			0.51			0.54			(0.02	)		(5.32	)		(5.34	)
Year Ended June 30, 2021		15.20		0.07			9.49			9.56			(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, 2021 (Unaudited)		24.20		0.04			0.52			0.56			(0.04	)		(5.32	)		(5.36	)
Year Ended June 30, 2021		15.25		0.09			9.51			9.60			(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	)

(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.



86	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (excluding securities sold short) (c)

$	18.51		2.80	%	$	38,408		1.21	%		(0.12	)%		1.21	%		28	%
	23.36		63.20			36,745		1.21			(0.04	)		1.21			94
	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


	19.26		2.98			11,603		0.96			0.12			0.97			28
	24.05		63.52			11,590		0.97			0.20			0.98			94
	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

	19.33		3.03			10,379		0.81			0.28			0.81			28
	24.13		63.83			9,804		0.81			0.35			0.81			94
	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


	19.40		3.09			335,750		0.71			0.37			0.72			28
	24.20		63.87			349,316		0.71			0.46			0.72			94
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	87

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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 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 Sustainable Leaders Fund⁽¹⁾	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	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	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 July 1, 2021, JPMorgan Small Cap Core Fund changed its name to JPMorgan Small Cap Sustainable Leaders Fund.

The investment objective of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”), JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) and JPMorgan Small Cap Sustainable Leaders Fund (“Small Cap Sustainable Leaders 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’ prospectus.

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



88	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

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 (“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”):

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	$	1,270,904	$	—	$	—		$	1,270,904
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		18,585		—		—			18,585
Investment of Cash Collateral from Securities Loaned		54,649		—		—			54,649

Total Short-Term Investments		73,234		—		—			73,234

Total Investments in Securities	$	1,344,138	$	—	$	—	(a)	$	1,344,138

(a)	Amount rounds to less than one thousand.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	89

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Small Cap Equity Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	8,313,224	$	—	$	—	$	8,313,224

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

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	$	5,902,621	$	—	$	—		$	5,902,621
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		66,211		—		—			66,211
Investment of Cash Collateral from Securities Loaned		317,688		—		—			317,688

Total Short-Term Investments		383,899		—		—			383,899

Total Investments in Securities	$	6,286,520	$	—	$	—	(a)	$	6,286,520

(a)	Amount rounds to less than one thousand.

Small Cap Sustainable Leaders Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	296,070	$	—	$	—		$	296,070
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		2,753		—		—			2,753
Investment of Cash Collateral from Securities Loaned		15,506		—		—			15,506

Total Short-Term Investments		18,259		—		—			18,259

Total Investments in Securities	$	314,329	$	—	$	—	(a)	$	314,329

(a)	Amount rounds to less than one thousand.

Small Cap Value Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,629,373	$	—	$	—	$	1,629,373

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	563	$	—	$	—	$	563

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



90	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

SMID Cap Equity Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	399,742	$	—	$	—	$	399,742

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

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	$	1,083,385	$	—	$	—	$	1,083,385
Rights		—		—		165		165
Short-Term Investments
Investment Companies		39,305		—		—		39,305
Investment of Cash Collateral from Securities Loaned		70,018		—		—		70,018

Total Short-Term Investments		109,323		—		—		109,323

Total Investments in Securities	$	1,192,708	$	—	$	165	$	1,192,873

Appreciation in Other Financial Instruments
Futures Contracts	$	648	$	—	$	—	$	648

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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

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

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



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	91

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2021.


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Small Cap Blend Fund	$	53,036	$	(53,036	)	$	—
Small Cap Equity Fund		158,685		(158,685	)		—
Small Cap Growth Fund		311,873		(311,873	)		—
Small Cap Sustainable Leaders Fund		14,883		(14,883	)		—
Small Cap Value Fund		75,613		(75,613	)		—
SMID Cap Equity Fund		160		(159	)**		1
U.S. Small Company Fund		67,297		(67,297	)		—

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

**	Subsequent to December 31, 2021, additional collateral was received from borrowers.

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%. For the six months ended December 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:


Small Cap Blend Fund	$	2
Small Cap Equity Fund		3
Small Cap Growth Fund		16
Small Cap Sustainable Leaders Fund		1
Small Cap Value Fund		3
SMID Cap Equity Fund		—	(a)
U.S. Small Company Fund		3

(a)	Amount rounds to less than one thousand.

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

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

Small Cap Blend Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	36,638	$	155,101	$	173,151	$	(2	)	$	(1	)	$	18,585		18,578	$	9		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		55,003		119,000		128,001		(9	)*		—	(c)		45,993		46,002		24	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		7,059		61,092		59,495		—			—			8,656		8,656		1	*		—

Total	$	98,700	$	335,193	$	360,647	$	(11	)	$	(1	)	$	73,234			$	34		$	—

(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.



92	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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

Small Cap Equity Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	206,013	$	819,095	$	786,840	$	(18	)	$	(8	)	$	238,242		238,147	$	74		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		102,028		337,000		307,000		(13	)*		(3	)		132,012		132,038		37	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		11,448		143,894		126,188		—			—			29,154		29,154		2	*		—

Total	$	319,489	$	1,299,989	$	1,220,028	$	(31	)	$	(11	)	$	399,408			$	113		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

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

Small Cap Growth Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	176,586	$	697,024	$	807,396	$	16		$	(19	)	$	66,211		66,184	$	21		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		467,313		824,000		1,044,001		(101	)*		23			247,234		247,284		170	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		54,843		371,332		355,721		—			—			70,454		70,454		6	*		—

Total	$	698,742	$	1,892,356	$	2,207,118	$	(85	)	$	4		$	383,899			$	197		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

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



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	93

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Small Cap Sustainable Leaders Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	3,128	$	40,608	$	40,983	$	—	(c)	$	—	(c)	$	2,753		2,751	$	1		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		37,097		86,000		111,001		(6	)*		3			12,093		12,096		7	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		5,704		43,176		45,467		—			—			3,413		3,413		—	*(c)		—

Total	$	45,929	$	169,784	$	197,451	$	(6	)	$	3		$	18,259			$	8		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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

Small Cap Value Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	52,749	$	185,947	$	200,583	$	(5	)	$	—	(c)	$	38,108		38,093	$	12		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		89,300		128,001		156,699		(12	)*		(2	)		60,588		60,600		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,507		96,417		86,587		—			—			18,337		18,337		1	*		—

Total	$	150,556	$	410,365	$	443,869	$	(17	)	$	(2	)	$	117,033			$	42		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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

SMID Cap Equity Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	5,812	$	48,412	$	46,414	$	(1	)	$	—	(c)	$	7,809		7,806	$	3		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		6,858		6,699		—			—			159		159		—	*(c)		—

Total	$	5,812	$	55,270	$	53,113	$	(1	)	$	—	(c)	$	7,968			$	3		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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



94	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

U.S. Small Company Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	30,588	$	173,371	$	164,653	$	(1	)	$	—	(c)	$	39,305		39,289	$	8		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		84,603		123,001		148,999		(14	)*		(1	)		58,590		58,602		31	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		10,743		70,441		69,756		—			—			11,428		11,428		1	*		—

Total	$	125,934	$	366,813	$	383,408	$	(15	)	$	(1	)	$	109,323			$	40		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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

D. Futures Contracts — Small Cap Sustainable Leaders Fund, Small Cap Value 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.

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2021:


	Small Cap Sustainable Leaders Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts:
Average Notional Balance Long	$	1,318	$	38,549	$	23,822
Ending Notional Balance Long		—		37,676		36,330

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. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	95

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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, 2021 are as follows:


	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	$	9	$	1		$	3		n/a		n/a			n/a			n/a			n/a		$	1	$	14
Small Cap Equity Fund
Transfer agency fees		112		2			26		n/a	$	1		$	—	(a)	$	—	(a)	$	6			12		159
Small Cap Growth Fund
Transfer agency fees		24		2			11	$	4		2			1			—	(a)		1			47		92
Small Cap Sustainable Leaders Fund
Transfer agency fees		1		—	(a)		1		n/a		—	(a)		—	(a)		—	(a)		3			2		7
Small Cap Value Fund
Transfer agency fees		15		1			6		n/a		11			2			—	(a)		1			16		52
SMID Cap Equity Fund
Transfer agency fees		14		1			6		n/a		n/a			—	(a)		—	(a)		n/a			1		22
U.S. Small Company Fund
Transfer agency fees		5		2			6		3		4			—	(a)		—	(a)		—	(a)		8		28

(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, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years 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 permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate 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 Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Sustainable Leaders 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.



96	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

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 Equity Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Growth Fund		0.25			0.75			0.50			0.25
Small Cap Sustainable Leaders 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

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2021, JPMDS retained the following:


	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	41	$	—
Small Cap Equity Fund		2		—
Small Cap Growth Fund		13		—
Small Cap Sustainable Leaders Fund		2		—	(a)
Small Cap Value Fund		7		—
SMID Cap Equity Fund		3		—
U.S. Small Company Fund		8		—	(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 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 Sustainable Leaders Fund		0.25			0.25			0.25			n/a			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.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	97

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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 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 Sustainable Leaders Fund		1.14	⁽¹⁾		1.64	⁽¹⁾		0.89	⁽¹⁾		n/a		1.39	⁽¹⁾		1.14	⁽¹⁾		0.89	⁽¹⁾		0.70	⁽¹⁾		0.65	⁽¹⁾
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			1.64			0.89			n/a		n/a			1.14			0.89			n/a			0.64
U.S. Small Company Fund		n/a			n/a			n/a			n/a		n/a			n/a			n/a			n/a			n/a

⁽¹⁾	The contractual expense limitation percentages are in place until at least June 30, 2023.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.

For the six months ended December 31, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	79	$	52	$	12	$	143	$	—
Small Cap Equity Fund		—		—		280		280		—
Small Cap Growth Fund		104		69		41		214		47
Small Cap Sustainable Leaders Fund		165		106		41		312		—
Small Cap Value Fund		1		—		38		39		—
SMID Cap Equity Fund		60		40		19		119		1

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, 2021 were as follows:


Small Cap Blend Fund	$	12
Small Cap Equity Fund		98
Small Cap Growth Fund		32
Small Cap Sustainable Leaders Fund		2
Small Cap Value Fund		14
SMID Cap Equity Fund		4
U.S. Small Company Fund		9

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.



98	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

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

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

During the six months ended December 31, 2021, Small Cap Equity Fund, Small Cap Growth Fund, Small Cap Sustainable Leaders Fund, SMID Cap Equity Fund and U.S. Small Company Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	396,238	$	227,759
Small Cap Equity Fund		480,851		1,256,974
Small Cap Growth Fund		999,590		1,356,558
Small Cap Sustainable Leaders Fund		354,769		394,072
Small Cap Value Fund		329,520		318,205
SMID Cap Equity Fund		33,799		93,286
U.S. Small Company Fund		303,385		357,500

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	1,088,046	$	304,903	$	48,811	$	256,092
Small Cap Equity Fund		5,245,471		3,182,716		114,963		3,067,753
Small Cap Growth Fund		4,785,278		1,960,646		459,404		1,501,242
Small Cap Sustainable Leaders Fund		321,240		34,278		41,189		(6,911	)
Small Cap Value Fund		1,255,951		427,982		53,997		373,985
SMID Cap Equity Fund		296,014		107,529		3,801		103,728
U.S. Small Company Fund		961,326		292,679		60,484		232,195

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


	Late Year Ordinary Loss Deferral		Specified Ordinary Losses
Small Cap Growth Fund	$	21,161	$	—
Small Cap Sustainable Leaders Fund		—		574
SMID Cap Equity Fund		95		—
U.S. Small Company Fund		21		—



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	99

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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


	Capital Loss Utilized
	Short-Term
Small Cap Sustainable Leaders Fund	$	2,830
Small Cap Value Fund		31,422
U.S. Small Company Fund		40

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, 2021.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

7. Risks, Concentrations and Indemnifications

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



100	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

As of December 31, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:


	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Small Cap Blend Fund		—		—			2		65.5	%
Small Cap Equity Fund		—		—			3		46.0
Small Cap Growth Fund		—		—			1		16.7
Small Cap Sustainable Leaders Fund		—		—			2		50.9
Small Cap Value Fund		—		—			1		10.7
SMID Cap Equity Fund		1		24.9	%		1		13.7
U.S. Small Company Fund		—		—			3		43.1

As of December 31, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Value Fund		19.2	%		12.7	%

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

Because Small Cap Value Fund invests 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	101

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

8. Redemption in-kind

On June 15, 2021, certain shareholders sold Class R6 Shares of Small Cap Sustainable Leaders Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below:


	Value			Realized Gains (Losses)		Type
Small Cap Sustainable Leaders Fund	$	121,250	*	$	48,077		Redemption in-kind

*	This amount includes cash of $3,182 associated with the redemption in-kind.



102	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2021, and continued to hold your shares at the end of the reporting period, December 31, 2021.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of 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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	1,008.30	$	6.28		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,006.00		8.80		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,009.50		5.01		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R6
Actual		1,000.00		1,010.90		3.75		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74

JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		1,040.90		6.53		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,038.30		8.99		1.75
Hypothetical		1,000.00		1,016.38		8.89		1.75
Class I
Actual		1,000.00		1,042.50		5.10		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R2
Actual		1,000.00		1,039.90		7.66		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		1,041.10		6.38		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	103

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Equity Fund (continued)
Class R4
Actual	$	1,000.00	$	1,042.40	$	5.10		0.99	%
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		1,043.50		4.12		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Class R6
Actual		1,000.00		1,043.70		3.81		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74

JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		931.40		6.04		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		929.30		8.46		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		932.50		4.82		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class L
Actual		1,000.00		933.50		4.09		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R2
Actual		1,000.00		930.10		7.25		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		931.60		6.04		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		932.70		4.82		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		933.60		4.09		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R6
Actual		1,000.00		933.80		3.61		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74

JPMorgan Small Cap Sustainable Leaders Fund
Class A
Actual		1,000.00		940.50		5.58		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		938.30		8.01		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		941.80		4.36		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R2
Actual		1,000.00		939.40		6.79		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R3
Actual		1,000.00		940.70		5.58		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14



104	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Sustainable Leaders Fund (continued)
Class R4
Actual	$	1,000.00	$	941.80	$	4.36		0.89	%
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R5
Actual		1,000.00		942.80		3.43		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R6
Actual		1,000.00		943.00		3.18		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65

JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		1,031.40		6.50		1.27
Hypothetical		1,000.00		1,018.80		6.46		1.27
Class C
Actual		1,000.00		1,029.30		8.90		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,032.70		5.07		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R2
Actual		1,000.00		1,030.10		7.62		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		1,031.60		6.35		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		1,033.00		5.07		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		1,033.90		4.41		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class R6
Actual		1,000.00		1,034.10		3.90		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76

JPMorgan SMID Cap Equity Fund
Class A
Actual		1,000.00		1,092.30		6.01		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		1,089.00		8.64		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		1,093.30		4.70		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R3
Actual		1,000.00		1,091.90		6.01		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class R4
Actual		1,000.00		1,093.80		4.70		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R6
Actual		1,000.00		1,095.00		3.38		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	105

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021			Expenses Paid During the Period*		Annualized Expense Ratio

JPMorgan U.S. Small Company Fund
Class A
Actual	$	1,000.00	$	1,028.30		$	6.24		1.22	%
Hypothetical		1,000.00		1,019.06			6.21		1.22
Class C
Actual		1,000.00		1,025.50			8.83		1.73
Hypothetical		1,000.00		1,016.48			8.79		1.73
Class I
Actual		1,000.00		1,029.60			4.96		0.97
Hypothetical		1,000.00		1,020.32			4.94		0.97
Class L
Actual		1,000.00		1,030.40			4.15		0.81
Hypothetical		1,000.00		1,021.12			4.13		0.81
Class R2					��
Actual		1,000.00		1,026.70			7.56		1.48
Hypothetical		1,000.00		1,017.74			7.53		1.48
Class R3
Actual		1,000.00		1,028.00			6.19		1.21
Hypothetical		1,000.00		1,019.11			6.16		1.21
Class R4
Actual		1,000.00		1,029.80			4.91		0.96
Hypothetical		1,000.00		1,020.37			4.89		0.96
Class R5
Actual		1,000.00		1,030.30			4.15		0.81
Hypothetical		1,000.00		1,021.12			4.13		0.81
Class R6
Actual		1,000.00		1,030.90			3.63		0.71
Hypothetical		1,000.00		1,021.63			3.62		0.71

*	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).



106	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory 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, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their

consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund 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.



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	107

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale

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



108	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the 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.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Small Cap Blend Fund’s performance for Class A shares was in the fifth, third and second quintiles based upon the Peer Group, and in the fifth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the fifth, third and third quintiles based upon the Peer Group, and in the fifth, fourth and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based 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 Sustainable Leaders Fund’s performance for Class A shares was in the second quintile based upon the Peer Group, and in the third quintile based upon the Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees noted that the performance for Class R5 shares was in the first, second and second quintiles based upon the Peer Group for the one-,



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	109

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis 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 first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees 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, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis 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 Growth Fund’s performance for Class A, Class I and Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Value Fund’s performance for Class A shares was in the second, third and third quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, second 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, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first, second and second 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, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the SMID Cap Equity Fund’s performance for Class A shares was in the third, fourth and third quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the second, fourth and third quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third and fourth quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the third, fourth and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees 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 second, third and fifth 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, 2020, respectively. The Trustees noted that the performance for Class I 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, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the second, third and third quintiles based upon the Peer Group, and in the second, second and



110	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

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 for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the 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 second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second 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 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 Sustainable Leaders Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R5 shares was in the second quintile based upon both the Peer Group and Universe, 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 third quintile, based upon both the Peer Group and Universe, 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 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 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 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 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 third and second quintiles based upon the Peer Group and Universe, respectively, 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



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	111

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 third quintile based upon both the Peer Group and Universe, 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 second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the 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 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 SMID Cap Equity Fund’s net advisory fee and actual total expenses for Class A shares were both in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were 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 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 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 for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the 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 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.



112	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust I (“JPM I”)

JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Small Cap Blend Fund, Small Cap Equity Fund, Small Cap Sustainable Leaders Fund and U.S. Small Company Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560

Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167

Gary L. French
In Favor		219,573,994
Withheld		2,385,642

Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735

Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510

Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677

Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633


	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353

Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634

Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125

Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330

Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062

Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799

Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497



DECEMBER 31, 2021	J.P. MORGAN SMALL CAP FUNDS	113

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust II (“JPM II”)

JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Small Cap Growth Fund, Small Cap Value Fund and SMID Cap Equity Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052

Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973

Gary L. French
In Favor		289,542,085
Withheld		6,173,474

Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887

Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229

Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386

Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535
Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692

Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947


	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165

Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520

Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543

Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575

Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163

Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld

Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803



114	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2021

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2021. All rights reserved. December 2021.		SAN-SC-1221

Semi-Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2021 (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			54

Schedule of Shareholder Expenses			65

Board Approval of Investment Advisory Agreements			68

Special Shareholder Meeting Results			73

LETTER TO SHAREHOLDERS

February 8, 2022 (Unaudited)

Dear Shareholders,

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

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Within mid cap equity, value stocks outperformed growth stocks. For the six months ended December 31, 2021, the S&P 500 Index returned 11.67% and the Russell Mid Cap Index returned 5.45%, the Russell Mid Cap Value Index returned 7.44% and the Russell Mid Cap Growth Index returned 2.07.



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		9.22%
Russell 3000 Growth Index		11.66%

Net Assets as of 12/31/2021 (In Thousands)	$	16,506,643

INVESTMENT OBJECTIVE**

The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

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

Leading individual detractors from relative performance included the Funds overweight position in Roku Inc., its underweight position in Apple Inc. and its out-of-Benchmark position in Global Payments Inc. Shares of Roku, a television streaming platform, fell amid investor concerns about user growth trends and the company’s weaker-than-expected forecast for the fourth quarter of 2021. Shares of Apple, a provider of computers, mobile devices and related services, rose amid consecutive quarter of record earnings and strong demand for mobile devices. Shares of Global Payments, a digital payments platform provider, fell amid a general pullback in financial technology subsector stocks during the period and the company’s lower-than-expected forecast for full year 2021 results.

Leading individual contributors to relative performance included the Fund’s underweight position in Visa Inc. and its overweight positions in Advanced Micro Devices Inc. and Blackstone Inc. Shares of Visa, a credit card and digital payments processor not held in the Fund, fell late in the period after the company issued a weaker-than-expected forecast and amid investor concerns about the impact on consumer spending from the emergence of the omicron variant of COVID-19. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021. Shares of Blackstone, an investment management company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, 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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		7.8	%
	2.	Microsoft Corp.		7.3
	3.	Alphabet, Inc., Class C		5.1
	4.	Amazon.com, Inc.		4.5
	5.	Tesla, Inc.		3.8
	6.	NVIDIA Corp.		2.8
	7.	Meta Platforms, Inc., Class A		2.1
	8.	Home Depot, Inc. (The)		2.0
	9.	Mastercard, Inc., Class A		1.9
	10.	QUALCOMM, Inc.		1.7


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		38.0	%
Consumer Discretionary		16.6
Health Care		12.0
Industrials		11.0
Communication Services		9.7
Financials		6.9
Consumer Staples		1.9
Others (each less than 1.0%)		1.5
Short-Term Investments		2.4

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**		3.47%	15.50%	26.17%	20.45%
Without Sales Charge		9.22	21.89	27.53	21.10
CLASS C SHARES	May 1, 2006
With CDSC***		7.99	20.28	26.89	20.61
Without CDSC		8.99	21.28	26.89	20.61
CLASS I SHARES	May 1, 2006	9.36	22.16	27.84	21.36
CLASS R2 SHARES	July 31, 2017	9.09	21.56	27.20	20.79
CLASS R3 SHARES	May 31, 2017	9.23	21.89	27.54	21.10
CLASS R4 SHARES	May 31, 2017	9.38	22.19	27.84	21.39
CLASS R5 SHARES	January 8, 2009	9.46	22.35	28.03	21.57
CLASS R6 SHARES	December 23, 2013	9.51	22.50	28.17	21.67

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R2 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 than 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. 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, 2011 to December 31, 2021. The performance of the

Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 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, 2021

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		4.58%
Russell Midcap Index		5.45%

Net Assets as of 12/31/2021 (In Thousands)	$	3,165,209

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, 2021.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Roku Inc., Gap Inc. and Zynga Inc. Shares of Roku, a television streaming platform provider, fell amid investor concerns about user growth trends and the company’s weaker-than-expected forecast for the fourth quarter of 2021. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Zynga, a video game developer, fell after the company issued a weaker-than-expected forecast amid slowing user growth.

Leading individual contributors to relative performance included the Fund’s underweight positions in Peloton Interactive Inc. and Twitter Inc., and its overweight position in AutoZone Inc. Shares of Peloton Interactive, an online exercise and stationary bicycles provider not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a weaker-than-expected forecast for the full year 2021. Shares of Twitter, a social media platform provider not held in the Fund, fell amid investor concerns about slowing user growth in the U.S. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Fortune Brands Home & Security, Inc.		1.2	%
	2.	Ameriprise Financial, Inc.		1.1
	3.	ITT, Inc.		1.0
	4.	AMETEK, Inc.		1.0
	5.	Constellation Brands, Inc., Class A		1.0
	6.	AutoZone, Inc.		0.9
	7.	Motorola Solutions, Inc.		0.9
	8.	Huntington Bancshares, Inc.		0.9
	9.	M&T Bank Corp.		0.9
	10.	Discover Financial Services		0.9


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		17.3	%
Financials		16.3
Industrials		15.2
Health Care		12.3
Consumer Discretionary		11.9
Real Estate		6.8
Utilities		4.6
Communication Services		4.2
Materials		3.1
Consumer Staples		2.8
Energy		2.6
Short-Term Investments		2.9

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**		(1.03)%	13.48%	15.29%	14.64%
Without Sales Charge		4.45	19.76	16.54	15.26
CLASS C SHARES	November 2, 2009
With CDSC***		3.19	18.16	15.95	14.80
Without CDSC		4.19	19.16	15.95	14.80
CLASS I SHARES	January 1, 1997	4.58	20.06	16.84	15.62
CLASS R2 SHARES	March 14, 2014	4.30	19.46	16.24	15.04
CLASS R5 SHARES	March 14, 2014	4.66	20.23	17.01	15.73
CLASS R6 SHARES	March 14, 2014	4.70	20.34	17.12	15.80

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

Returns for Class 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 $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 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, 2021

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.02%
Russell Midcap Growth Index		2.07%

Net Assets as of 12/31/2021 (In Thousands)	$	9,587,690

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

The Fund’s overweight position in the communication services sector and its security selection in the health care sector were leading detractors 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 Roku Inc. and its underweight positions in Datadog Inc. and Fortinet Inc. Shares of Roku, a television streaming platform, fell amid investor concerns about user growth trends and the company’s weaker-than-expected forecast for the fourth quarter of 2021. Shares of Datadog, a provider of information technology monitoring and analytics systems not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Fortinet, a cybersecurity provider not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s underweight positions in Peloton Interactive Inc. and NovoCure Ltd. and its out-of-Benchmark position in Advanced Micro Devices Inc. Shares of Peloton Interactive, an online exercise and stationary bicycles provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a weaker-than-expected forecast for the full year 2021. Shares of NovoCure, a developer of treatments for cancerous tumors, fell after the company reported lower-than-expected earnings for both the second and third quarters of 2021. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose after the company reported better-than-expected earnings and sales for the third quarter of 2021 and issued a better-than-expected forecast for the fourth quarter of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Palo Alto Networks, Inc.		2.0	%
	2.	Trane Technologies plc		2.0
	3.	Dexcom, Inc.		1.9
	4.	Agilent Technologies, Inc.		1.7
	5.	Copart, Inc.		1.6
	6.	Old Dominion Freight Line, Inc.		1.6
	7.	SolarEdge Technologies, Inc.		1.5
	8.	Teradyne, Inc.		1.5
	9.	Zebra Technologies Corp., Class A		1.5
	10.	Synopsys, Inc.		1.4


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		31.1	%
Health Care		20.0
Industrials		17.4
Consumer Discretionary		13.2
Financials		8.2
Communication Services		4.4
Consumer Staples		1.1
Others (each less than 1.0%)		1.6
Short-Term Investments		3.0

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(3.49	)%		4.65	%		21.32	%		17.19	%
Without Sales Charge			1.86			10.45			22.63			17.82
CLASS C SHARES	November 4, 1997
With CDSC***			0.59			8.89			22.01			17.35
Without CDSC			1.59			9.89			22.01			17.35
CLASS I SHARES	March 2, 1989		2.02			10.77			23.02			18.18
CLASS R2 SHARES	June 19, 2009		1.72			10.16			22.33			17.58
CLASS R3 SHARES	September 9, 2016		1.86			10.44			22.63			17.82
CLASS R4 SHARES	September 9, 2016		1.99			10.71			22.94			18.11
CLASS R5 SHARES	November 1, 2011		2.07			10.93			23.19			18.35
CLASS R6 SHARES	November 1, 2011		2.11			10.99			23.25			18.41

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for the Class R3 and Class R4 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 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 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, 2021

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		6.83%
Russell Midcap Value Index		7.44%

Net Assets as of 12/31/2021 (In Thousands)	$	17,100,152

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, 2021.

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 industrials and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc. and Zynga Inc., and its underweight position in Marvell Technology Inc.

Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter amid supply chain bottlenecks. Shares of Zynga, a video game developer, fell after the company issued a weaker-than-expected forecast amid slowing user growth. Shares of Marvell Technology, a semiconductor manufacturer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 amid increased demand across the semiconductor industry.

Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Carlisle Cos. and Liberty Media Corp. - Liberty SiriusXM. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Carlisle, a construction and engineered materials manufacturer, rose after reporting better-than-expected earnings for both the second and third quarters of 2021. Shares of Liberty Media -SiriusXM, an operator of satellite radio platforms, rose after the company reported better-than-expected revenue for both the second and third quarters of 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	AutoZone, Inc.	1.7%
	2.	Ameriprise Financial, Inc.	1.6
	3.	Huntington Bancshares, Inc.	1.6
	4.	M&T Bank Corp.	1.6
	5.	Laboratory Corp. of America Holdings	1.6
	6.	Loews Corp.	1.6
	7.	Motorola Solutions, Inc.	1.6
	8.	Xcel Energy, Inc.	1.5
	9.	Fifth Third Bancorp	1.5
	10.	Carlisle Cos., Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		22.8	%
Industrials		14.0
Real Estate		11.7
Consumer Discretionary		11.4
Utilities		8.1
Information Technology		7.3
Health Care		6.9
Materials		4.8
Consumer Staples		4.2
Communication Services		4.1
Energy		3.8
Short-Term Investments		0.9

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**		0.98%		22.70	%		8.97	%		11.88	%
Without Sales Charge		6.58		29.49			10.15			12.48
CLASS C SHARES	April 30, 2001
With CDSC***		5.31		27.82			9.59			12.03
Without CDSC		6.31		28.82			9.59			12.03
CLASS I SHARES	October 31, 2001	6.71		29.80			10.43			12.76
CLASS L SHARES	November 13, 1997	6.83		30.08			10.68			13.03
CLASS R2 SHARES	November 3, 2008	6.43		29.12			9.87			12.19
CLASS R3 SHARES	September 9, 2016	6.56		29.46			10.15			12.48
CLASS R4 SHARES	September 9, 2016	6.71		29.80			10.42			12.76
CLASS R5 SHARES	September 9, 2016	6.79		29.98			10.59			12.98
CLASS R6 SHARES	September 9, 2016	6.85		30.11			10.70			13.04

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 (12/31/11 TO 12/31/21)

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 different than those shown because 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 Mid Cap Value Fund and the Russell Midcap Value Index from December 31, 2011 to December 31, 2021. The performance of

the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 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, 2021

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		6.02%
Russell 3000 Value Index		6.54%

Net Assets as of 12/31/2021 (In Thousands)	$	10,787,894

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, 2021.

The Fund’s security selection in the health care and information technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the real estate sector and its security selection in the communication services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Gap Inc., its underweight position in Pfizer Inc. and its out-of-Benchmark position in CommScope Holding Co. Shares of Gap, a retailer of brand name apparel, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 amid supply chain bottlenecks. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval of the company’s COVID-19 pill. Shares of CommScope Holding, a communications infrastructure provider, fell after the company reported lower-than-expected earnings and revenue for the second and third quarter of 2021.

Leading individual contributors to relative performance included the Fund’s overweight position in AutoZone Inc. and its out-of-Benchmark positions in Murphy USA Inc. and AbbVie Inc. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, as well as large share repurchase programs during the period. Shares of Murphy USA, a gas station convenience store chain, rose after the company reported better-than-expected earnings and revenue for both the second and third quarters of 2021, raised its quarterly dividend and unveiled a $1 billion share repurchase plan. Shares of AbbVie, a biopharmaceutical development company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and raised its forecast for the full year 2021.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Bank of America Corp.		3.8	%
	2.	Berkshire Hathaway, Inc., Class B		2.5
	3.	AbbVie, Inc.		2.2
	4.	Wells Fargo & Co.		1.8
	5.	Bristol-Myers Squibb Co.		1.7
	6.	Capital One Financial Corp.		1.7
	7.	Loews Corp.		1.7
	8.	Travelers Cos., Inc. (The)		1.7
	9.	Verizon Communications, Inc.		1.6
	10.	M&T Bank Corp.		1.6


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		29.1	%
Health Care		12.9
Consumer Discretionary		9.3
Industrials		9.0
Real Estate		7.9
Communication Services		6.0
Energy		5.8
Consumer Staples		5.0
Information Technology		4.8
Utilities		3.9
Materials		3.0
Short-Term Investments		3.3

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Value Advantage Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge**			0.24%		21.59	%		9.22	%		11.77	%
Without Sales Charge			5.80		28.33			10.41			12.38
CLASS C SHARES	February 28, 2005
With CDSC***			4.52		26.66			9.86			11.92
Without CDSC			5.52		27.66			9.86			11.92
CLASS I SHARES	February 28, 2005		5.92		28.64			10.68			12.66
CLASS L SHARES	February 28, 2005		6.02		28.83			10.87			12.89
CLASS R2 SHARES	July 31, 2017		5.67		28.01			10.13			12.09
CLASS R3 SHARES	September 9, 2016		5.79		28.29			10.40			12.37
CLASS R4 SHARES	September 9, 2016		5.94		28.62			10.68			12.66
CLASS R5 SHARES	September 9, 2016		5.99		28.81			10.85			12.88
CLASS R6 SHARES	September 9, 2016		6.08		28.96			10.96			12.94

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class R2 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 than 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 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, 2021

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%

Automobiles — 4.1%

Rivian Automotive, Inc., Class A * (a)		389		40,319

Tesla, Inc. *		603		637,088


				677,407


Banks — 2.0%

First Republic Bank		623		128,630

Signature Bank		314		101,682

SVB Financial Group *		141		95,904


				326,216


Beverages — 1.0%

Constellation Brands, Inc., Class A		677		169,865


Biotechnology — 3.9%

Alnylam Pharmaceuticals, Inc. *		647		109,683

Exact Sciences Corp. *		735		57,215

Exelixis, Inc. *		3,069		56,094

Horizon Therapeutics plc *		1,452		156,483

Natera, Inc. *		775		72,378

Regeneron Pharmaceuticals, Inc. *		292		184,345


				636,198


Building Products — 2.1%

Fortune Brands Home & Security, Inc.		1,239		132,402

Trane Technologies plc		1,037		209,442


				341,844


Capital Markets — 4.0%

BlackRock, Inc.		141		128,814

Blackstone, Inc.		1,610		208,292

Charles Schwab Corp. (The)		2,445		205,603

S&P Global, Inc.		247		116,801


				659,510


Commercial Services & Supplies — 1.0%

Copart, Inc. *		1,041		157,911


Communications Equipment — 0.6%

Arista Networks, Inc. *		646		92,878


Construction & Engineering — 1.1%

Quanta Services, Inc.		1,568		179,819


Consumer Finance — 0.4%

Discover Financial Services		565		65,241


Diversified Consumer Services — 0.6%

Bright Horizons Family Solutions, Inc. * (a)		765		96,293


Electrical Equipment — 1.7%

AMETEK, Inc.		955		140,421

Generac Holdings, Inc. *		417		146,732


				287,153


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — 1.8%

Keysight Technologies, Inc. *		768		158,674

Zebra Technologies Corp., Class A *		239		142,318


				300,992


Entertainment — 1.1%

ROBLOX Corp., Class A *		665		68,571

Roku, Inc. *		466		106,337


				174,908


Health Care Equipment & Supplies — 3.0%

Cooper Cos., Inc. (The)		282		118,283

Dexcom, Inc. *		278		149,242

Insulet Corp. *		195		51,897

Intuitive Surgical, Inc. *		494		177,668


				497,090


Health Care Providers & Services — 2.0%

McKesson Corp.		531		131,990

UnitedHealth Group, Inc.		383		192,154


				324,144


Hotels, Restaurants & Leisure — 2.3%

Airbnb, Inc., Class A *		246		41,027

Booking Holdings, Inc. *		69		164,933

DraftKings, Inc., Class A * (a)		1,957		53,761

Royal Caribbean Cruises Ltd. * (a)		1,504		115,657


				375,378


Household Durables — 0.6%

Garmin Ltd.		723		98,390


Insurance — 0.6%

Progressive Corp. (The)		1,000		102,636


Interactive Media & Services — 8.8%

Alphabet, Inc., Class C *		297		859,385

Bumble, Inc., Class A * (a)		1,789		60,588

Match Group, Inc. *		639		84,512

Meta Platforms, Inc., Class A *		1,064		357,875

Snap, Inc., Class A *		1,842		86,646


				1,449,006


Internet & Direct Marketing Retail — 4.6%

Amazon.com, Inc. *		227		758,426


IT Services — 4.3%

Global Payments, Inc.		799		108,075

Mastercard, Inc., Class A		891		320,073

MongoDB, Inc. *		229		121,167

PayPal Holdings, Inc. *		854		161,129


				710,444

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Life Sciences Tools & Services — 1.6%

Mettler-Toledo International, Inc. *		72		121,962

Thermo Fisher Scientific, Inc.		224		149,366


				271,328


Machinery — 2.1%

Deere & Co.		557		190,891

Ingersoll Rand, Inc.		2,645		163,624


				354,515


Metals & Mining — 0.7%

Freeport-McMoRan, Inc.		2,949		123,046


Oil, Gas & Consumable Fuels — 0.8%

EOG Resources, Inc.		1,563		138,797


Personal Products — 0.9%

Estee Lauder Cos., Inc. (The), Class A		399		147,608


Pharmaceuticals — 1.7%

Catalent, Inc. *		987		126,387

Jazz Pharmaceuticals plc *		698		88,901

Royalty Pharma plc, Class A		1,485		59,174


				274,462


Professional Services — 1.6%

Equifax, Inc.		522		152,892

IHS Markit Ltd.		896		119,051


				271,943


Road & Rail — 1.5%

Lyft, Inc., Class A *		2,439		104,207

Old Dominion Freight Line, Inc.		397		142,159


				246,366


Semiconductors & Semiconductor Equipment — 10.8%

Advanced Micro Devices, Inc. *		1,711		246,195

Entegris, Inc.		1,187		164,546

Lam Research Corp.		348		250,010

NVIDIA Corp.		1,568		461,226

QUALCOMM, Inc.		1,592		291,130

SolarEdge Technologies, Inc. *		601		168,579

Teradyne, Inc.		675		110,340

Wolfspeed, Inc. * (a)		785		87,760


				1,779,786


Software — 13.1%

Confluent, Inc., Class A * (a)		1,126		85,880

Crowdstrike Holdings, Inc., Class A *		357		73,131

HubSpot, Inc. *		220		145,018

Intuit, Inc.		175		112,273

Microsoft Corp.		3,616		1,216,244

Palo Alto Networks, Inc. *		277		154,411


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

ServiceNow, Inc. *		210		136,218

Synopsys, Inc. *		402		148,225

Zscaler, Inc. * (a)		317		101,728


				2,173,128


Specialty Retail — 3.5%

Burlington Stores, Inc. *		335		97,567

CarMax, Inc. *		630		82,057

Home Depot, Inc. (The)		818		339,289

National Vision Holdings, Inc. *		1,286		61,693


				580,606


Technology Hardware, Storage & Peripherals — 7.9%

Apple, Inc.		7,318		1,299,518


Textiles, Apparel & Luxury Goods — 1.2%

NIKE, Inc., Class B		1,193		198,765


Total Common Stocks (Cost $7,909,340)				16,341,617

Short-Term Investments — 2.5%

Investment Companies — 1.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $161,958)		161,908		161,973


Investment of Cash Collateral from Securities Loaned — 1.5%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		209,213		209,170

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		39,001		39,001


Total Investment of Cash Collateral from Securities Loaned (Cost $248,176)				248,171


Total Short-Term Investments (Cost $410,134)				410,144

Total Investments — 101.5% (Cost $8,319,474)				16,751,761
Liabilities in Excess of Other Assets — (1.5)%				(245,118	)

NET ASSETS — 100.0%				16,506,643

Percentages indicated are based on net assets.



(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $241,385.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 0.2%

HEICO Corp., Class A		47		6,096


Airlines — 0.7%

Delta Air Lines, Inc. *		264		10,305

Frontier Group Holdings, Inc. *		306		4,146

Southwest Airlines Co. *		193		8,274


				22,725


Banks — 5.5%

Citizens Financial Group, Inc.		446		21,076

Fifth Third Bancorp		625		27,231

First Republic Bank		57		11,725

Huntington Bancshares, Inc.		1,860		28,677

M&T Bank Corp.		186		28,625

Regions Financial Corp.		1,020		22,238

Signature Bank		33		10,567

SVB Financial Group *		16		11,133

Zions Bancorp NA		228		14,399


				175,671


Beverages — 1.3%

Constellation Brands, Inc., Class A		122		30,506

Keurig Dr Pepper, Inc.		285		10,518


				41,024


Biotechnology — 2.4%

Agios Pharmaceuticals, Inc. * (a)		158		5,195

Alnylam Pharmaceuticals, Inc. *		85		14,419

Exact Sciences Corp. * (a)		129		10,054

Exelixis, Inc. *		339		6,188

Horizon Therapeutics plc *		163		17,511

Natera, Inc. *		91		8,537

Neurocrine Biosciences, Inc. *		71		6,004

Seagen, Inc. *		43		6,601


				74,509


Building Products — 3.5%

Advanced Drainage Systems, Inc.		49		6,657

Carlisle Cos., Inc.		108		26,914

Fortune Brands Home & Security, Inc.		367		39,241

Trane Technologies plc		132		26,711

Trex Co., Inc. *		75		10,127


				109,650


Capital Markets — 5.6%

Affiliated Managers Group, Inc.		52		8,538

Ameriprise Financial, Inc.		114		34,333

Ares Management Corp.		98		7,948


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

Evercore, Inc., Class A		43		5,855

LPL Financial Holdings, Inc.		78		12,519

MarketAxess Holdings, Inc.		18		7,362

Morningstar, Inc.		16		5,609

MSCI, Inc.		20		12,414

Northern Trust Corp.		181		21,636

Raymond James Financial, Inc.		227		22,832

State Street Corp.		230		21,370

T. Rowe Price Group, Inc.		95		18,769


				179,185


Chemicals — 0.8%

Celanese Corp.		98		16,517

RPM International, Inc.		88		8,918


				25,435


Commercial Services & Supplies — 0.8%

ACV Auctions, Inc., Class A * (a)		101		1,894

Copart, Inc. *		146		22,135


				24,029


Communications Equipment — 1.3%

Arista Networks, Inc. *		81		11,687

Motorola Solutions, Inc.		106		28,825


				40,512


Construction & Engineering — 0.5%

Quanta Services, Inc.		125		14,382


Construction Materials — 0.6%

Martin Marietta Materials, Inc.		41		18,266


Consumer Finance — 0.9%

Discover Financial Services		245		28,277


Containers & Packaging — 0.9%

Packaging Corp. of America		93		12,624

Silgan Holdings, Inc.		367		15,724


				28,348


Distributors — 1.1%

Genuine Parts Co.		82		11,450

LKQ Corp.		381		22,841


				34,291


Diversified Consumer Services — 0.3%

Bright Horizons Family Solutions, Inc. *		78		9,793


Diversified Financial Services — 0.3%

Voya Financial, Inc. (a)		151		10,008

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Electric Utilities — 2.0%

Edison International		237		16,158

Entergy Corp.		190		21,351

Xcel Energy, Inc.		398		26,972


				64,481


Electrical Equipment — 3.1%

Acuity Brands, Inc. (a)		112		23,741

AMETEK, Inc.		210		30,879

Generac Holdings, Inc. *		51		17,888

Hubbell, Inc.		119		24,741


				97,249


Electronic Equipment, Instruments & Components — 3.6%

Amphenol Corp., Class A		229		20,059

CDW Corp.		77		15,786

Keysight Technologies, Inc. *		86		17,666

Littelfuse, Inc.		38		11,926

TD SYNNEX Corp.		185		21,167

Trimble, Inc. *		97		8,484

Zebra Technologies Corp., Class A *		33		19,900


				114,988


Entertainment — 1.7%

ROBLOX Corp., Class A *		73		7,489

Roku, Inc. *		72		16,522

Spotify Technology SA * (a)		22		5,040

Take-Two Interactive Software, Inc. *		48		8,563

Zynga, Inc., Class A *		2,368		15,152


				52,766


Equity Real Estate Investment Trusts (REITs) — 6.2%

American Homes 4 Rent, Class A		391		17,038

AvalonBay Communities, Inc.		67		16,981

Boston Properties, Inc.		129		14,870

Brixmor Property Group, Inc.		449		11,397

Essex Property Trust, Inc.		32		11,119

Federal Realty Investment Trust		65		8,875

Host Hotels & Resorts, Inc. *		329		5,718

JBG SMITH Properties		230		6,591

Kimco Realty Corp.		538		13,272

Mid-America Apartment Communities, Inc.		46		10,664

Rayonier, Inc.		414		16,706

Regency Centers Corp.		124		9,345

Rexford Industrial Realty, Inc.		127		10,331

Sun Communities, Inc.		45		9,415

Ventas, Inc.		129		6,598

Weyerhaeuser Co.		443		18,245


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued

WP Carey, Inc.		142		11,660


				198,825


Food & Staples Retailing — 0.8%

Kroger Co. (The)		291		13,181

US Foods Holding Corp. *		309		10,761


				23,942


Food Products — 0.5%

Post Holdings, Inc. *		139		15,657


Gas Utilities — 0.8%

National Fuel Gas Co.		387		24,724


Health Care Equipment & Supplies — 2.8%

Align Technology, Inc. *		8		5,323

Cooper Cos., Inc. (The)		28		11,626

Dexcom, Inc. *		47		25,054

Hologic, Inc. *		105		8,046

Insulet Corp. *		43		11,369

ResMed, Inc.		35		8,997

Zimmer Biomet Holdings, Inc.		146		18,548


				88,963


Health Care Providers & Services — 4.4%

Acadia Healthcare Co., Inc. *		114		6,909

Amedisys, Inc. *		34		5,536

AmerisourceBergen Corp.		163		21,685

Centene Corp. *		217		17,873

Henry Schein, Inc. *		208		16,158

Humana, Inc.		21		9,823

Laboratory Corp. of America Holdings *		88		27,772

McKesson Corp.		58		14,342

Universal Health Services, Inc., Class B		147		19,062


				139,160


Health Care Technology — 0.2%

Teladoc Health, Inc. * (a)		62		5,660


Hotels, Restaurants & Leisure — 2.3%

Aramark (a)		239		8,818

Booking Holdings, Inc. *		2		4,798

Chipotle Mexican Grill, Inc. *		7		11,788

Darden Restaurants, Inc.		66		9,932

DraftKings, Inc., Class A * (a)		234		6,422

Expedia Group, Inc. *		46		8,326

Hilton Worldwide Holdings, Inc. *		86		13,354

Royal Caribbean Cruises Ltd. *		137		10,497


				73,935

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


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

Household Durables — 1.8%

Garmin Ltd.		62		8,458

Helen of Troy Ltd. *		52		12,810

Mohawk Industries, Inc. *		95		17,336

Newell Brands, Inc.		868		18,961


				57,565


Household Products — 0.3%

Energizer Holdings, Inc. (a)		209		8,395


Insurance — 3.8%

Alleghany Corp. *		14		9,235

Arch Capital Group Ltd. *		204		9,049

Hartford Financial Services Group, Inc. (The)		253		17,472

Lincoln National Corp.		204		13,912

Loews Corp.		480		27,705

Progressive Corp. (The)		181		18,570

RenaissanceRe Holdings Ltd. (Bermuda)		58		9,789

WR Berkley Corp.		165		13,624


				119,356


Interactive Media & Services — 1.2%

Bumble, Inc., Class A *		190		6,449

InterActiveCorp. *		128		16,729

Match Group, Inc. *		113		14,946


				38,124


Internet & Direct Marketing Retail — 0.3%

Chewy, Inc., Class A * (a)		83		4,906

Etsy, Inc. *		19		4,204


				9,110


IT Services — 2.3%

Affirm Holdings, Inc. *		46		4,632

FleetCor Technologies, Inc. *		86		19,144

Global Payments, Inc.		70		9,503

Globant SA *		19		6,059

MongoDB, Inc. *		36		18,898

Okta, Inc. *		51		11,325

Remitly Global, Inc. * (a)		164		3,384


				72,945


Leisure Products — 0.2%

Brunswick Corp.		51		5,087


Life Sciences Tools & Services — 1.6%

Agilent Technologies, Inc.		144		22,974

Maravai LifeSciences Holdings, Inc., Class A *		190		7,949

Mettler-Toledo International, Inc. *		11		18,669


				49,592


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — 4.3%

IDEX Corp.		60		14,067

Ingersoll Rand, Inc.		246		15,246

ITT, Inc.		328		33,546

Lincoln Electric Holdings, Inc.		136		18,946

Middleby Corp. (The) *		99		19,555

Snap-on, Inc.		92		19,802

Timken Co. (The)		211		14,642


				135,804


Media — 1.4%

Liberty Broadband Corp., Class C *		154		24,780

Liberty Media Corp.-Liberty SiriusXM, Class C *		365		18,565


				43,345


Metals & Mining — 0.8%

Freeport-McMoRan, Inc.		624		26,033


Multiline Retail — 0.4%

Kohl’s Corp. (a)		269		13,282


Multi-Utilities — 1.8%

CMS Energy Corp.		371		24,116

Sempra Energy		71		9,332

WEC Energy Group, Inc.		250		24,245


				57,693


Oil, Gas & Consumable Fuels — 2.6%

Coterra Energy, Inc.		1,232		23,404

Diamondback Energy, Inc.		232		24,967

EOG Resources, Inc.		132		11,690

Williams Cos., Inc. (The)		888		23,112


				83,173


Pharmaceuticals — 1.1%

Catalent, Inc. *		86		11,030

Jazz Pharmaceuticals plc *		139		17,657

Royalty Pharma plc, Class A		174		6,918


				35,605


Professional Services — 1.5%

Equifax, Inc.		62		18,153

IHS Markit Ltd.		101		13,419

Leidos Holdings, Inc.		167		14,809


				46,381


Real Estate Management & Development — 0.6%

CBRE Group, Inc., Class A *		174		18,852

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Road & Rail — 1.0%

Lyft, Inc., Class A *		252		10,786

Old Dominion Freight Line, Inc.		58		20,789


				31,575


Semiconductors & Semiconductor Equipment — 4.4%

Advanced Micro Devices, Inc. *		102		14,729

Analog Devices, Inc.		63		11,016

Entegris, Inc.		139		19,193

Lam Research Corp.		19		13,662

Marvell Technology, Inc.		159		13,867

Microchip Technology, Inc.		143		12,457

SolarEdge Technologies, Inc. *		71		19,920

Teradyne, Inc.		122		19,935

Wolfspeed, Inc. * (a)		70		7,824

Xilinx, Inc.		37		7,845


				140,448


Software — 5.7%

Bill.com Holdings, Inc. *		35		8,820

Cadence Design Systems, Inc. *		95		17,629

Confluent, Inc., Class A * (a)		99		7,571

Crowdstrike Holdings, Inc., Class A *		74		15,053

Five9, Inc. *		58		7,992

Gitlab, Inc., Class A * (a)		22		1,878

HashiCorp, Inc., Class A *		17		1,518

HubSpot, Inc. *		27		17,929

NortonLifeLock, Inc.		636		16,514

Palo Alto Networks, Inc. *		48		26,612

Synopsys, Inc. *		53		19,410

Trade Desk, Inc. (The), Class A *		201		18,440

UiPath, Inc., Class A * (a)		48		2,053

Unity Software, Inc. *		48		6,892

Zscaler, Inc. *		46		14,768


				183,079


Specialty Retail — 4.0%

AutoZone, Inc. *		14		29,598

Best Buy Co., Inc.		161		16,314

Burlington Stores, Inc. *		47		13,718

CarMax, Inc. *		55		7,202

Gap, Inc. (The)		637		11,243

National Vision Holdings, Inc. *		134		6,427

O’Reilly Automotive, Inc. *		18		12,499

Tractor Supply Co.		66		15,675

Ulta Beauty, Inc. *		33		13,401


				126,077


INVESTMENTS	SHARES (000)		VALUE ($000)


Textiles, Apparel & Luxury Goods — 1.6%

Carter’s, Inc.		152		15,407

Lululemon Athletica, Inc. *		20		7,762

Ralph Lauren Corp.		130		15,496

Tapestry, Inc.		333		13,507


				52,172


Thrifts & Mortgage Finance — 0.3%

MGIC Investment Corp.		566		8,168


Total Common Stocks (Cost $2,011,607)				3,104,412

Short-Term Investments — 2.9%

Investment Companies — 1.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $60,262)		60,245		60,270


Investment of Cash Collateral from Securities Loaned — 1.0%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		25,988		25,983

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		5,804		5,804


Total Investment of Cash Collateral from Securities Loaned (Cost $31,787)				31,787


Total Short-Term Investments (Cost $92,049)				92,057

Total Investments — 101.0% (Cost $2,103,656)				3,196,469
Liabilities in Excess of Other Assets —(1.0)%				(31,260	)

NET ASSETS — 100.0%				3,165,209

Percentages indicated are based on net assets.



(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $30,611.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 0.5%

HEICO Corp., Class A		342		44,016


Airlines — 1.1%

Delta Air Lines, Inc. *		1,915		74,823

Frontier Group Holdings, Inc. * (a)		2,182		29,608


				104,431


Banks — 2.5%

First Republic Bank		410		84,586

Signature Bank		236		76,230

SVB Financial Group *		119		80,386


				241,202


Beverages — 1.2%

Constellation Brands, Inc., Class A		443		111,280


Biotechnology — 5.6%

Agios Pharmaceuticals, Inc. * (a)		1,140		37,475

Alnylam Pharmaceuticals, Inc. *		622		105,427

Exact Sciences Corp. *		942		73,324

Exelixis, Inc. *		2,443		44,651

Horizon Therapeutics plc *		1,173		126,358

Natera, Inc. *		660		61,608

Neurocrine Biosciences, Inc. * (a)		509		43,326

Seagen, Inc. *		308		47,663


				539,832


Building Products — 4.2%

Advanced Drainage Systems, Inc. (a)		357		48,547

Fortune Brands Home & Security, Inc.		807		86,258

Trane Technologies plc		954		192,696

Trex Co., Inc. *		541		73,078


				400,579


Capital Markets — 4.6%

Affiliated Managers Group, Inc.		375		61,625

Ares Management Corp.		714		57,986

Evercore, Inc., Class A		314		42,670

LPL Financial Holdings, Inc.		570		91,251

MarketAxess Holdings, Inc.		129		53,177

Morningstar, Inc.		120		40,868

MSCI, Inc.		146		89,637


				437,214


Commercial Services & Supplies — 1.8%

ACV Auctions, Inc., Class A * (a)		726		13,679

Copart, Inc. *		1,053		159,641


				173,320


INVESTMENTS	SHARES (000)		VALUE ($000)


Communications Equipment — 0.9%

Arista Networks, Inc. *		593		85,201


Construction & Engineering — 1.1%

Quanta Services, Inc.		915		104,891


Consumer Finance — 0.7%

Discover Financial Services		604		69,787


Diversified Consumer Services — 0.7%

Bright Horizons Family Solutions, Inc. *		559		70,380


Electrical Equipment — 2.3%

AMETEK, Inc.		590		86,783

Generac Holdings, Inc. *		368		129,619


				216,402


Electronic Equipment, Instruments & Components — 4.4%

Keysight Technologies, Inc. *		617		127,458

Littelfuse, Inc.		273		86,034

Trimble, Inc. *		702		61,199

Zebra Technologies Corp., Class A *		242		143,740


				418,431


Entertainment — 2.8%

ROBLOX Corp., Class A *		526		54,252

Roku, Inc. *		523		119,280

Spotify Technology SA *		156		36,509

Take-Two Interactive Software, Inc. *		347		61,740


				271,781


Health Care Equipment & Supplies — 5.3%

Align Technology, Inc. *		59		38,642

Cooper Cos., Inc. (The)		200		83,914

Dexcom, Inc. *		337		181,112

Hologic, Inc. *		767		58,683

Insulet Corp. * (a)		308		81,950

ResMed, Inc.		249		64,912


				509,213


Health Care Providers & Services — 3.4%

Acadia Healthcare Co., Inc. *		821		49,831

Amedisys, Inc. *		249		40,357

Centene Corp. *		1,582		130,382

McKesson Corp.		416		103,455


				324,025


Health Care Technology — 0.4%

Teladoc Health, Inc. * (a)		445		40,853


Hotels, Restaurants & Leisure — 4.2%

Aramark (a)		1,745		64,314

Booking Holdings, Inc. *		15		34,789

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Hotels, Restaurants & Leisure — continued

Chipotle Mexican Grill, Inc. *		49		85,140

DraftKings, Inc., Class A * (a)		1,687		46,336

Hilton Worldwide Holdings, Inc. *		625		97,432

Royal Caribbean Cruises Ltd. * (a)		986		75,823


				403,834


Household Durables — 1.6%

Garmin Ltd.		448		61,022

Helen of Troy Ltd. * (a)		384		93,755


				154,777


Insurance — 0.5%

Progressive Corp. (The)		483		49,529


Interactive Media & Services — 1.6%

Bumble, Inc., Class A *		1,374		46,539

Match Group, Inc. *		815		107,780


				154,319


Internet & Direct Marketing Retail — 0.7%

Chewy, Inc., Class A * (a)		600		35,406

Etsy, Inc. *		139		30,476


				65,882


IT Services — 4.1%

Affirm Holdings, Inc. *		334		33,560

Global Payments, Inc.		508		68,617

Globant SA *		141		44,307

MongoDB, Inc. *		258		136,309

Okta, Inc. *		364		81,665

Remitly Global, Inc. * (a)		1,183		24,398


				388,856


Leisure Products — 0.4%

Brunswick Corp.		365		36,736


Life Sciences Tools & Services — 3.7%

Agilent Technologies, Inc.		1,038		165,733

Maravai LifeSciences Holdings, Inc., Class A *		1,384		57,970

Mettler-Toledo International, Inc. *		79		134,758


				358,461


Machinery — 2.0%

Ingersoll Rand, Inc.		1,778		110,007

ITT, Inc.		802		81,997


				192,004


Metals & Mining — 0.7%

Freeport-McMoRan, Inc.		1,688		70,428


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — 0.9%

EOG Resources, Inc.		949		84,326


Pharmaceuticals — 1.9%

Catalent, Inc. *		621		79,545

Jazz Pharmaceuticals plc *		423		53,848

Royalty Pharma plc, Class A		1,253		49,924


				183,317


Professional Services — 2.4%

Equifax, Inc.		448		131,082

IHS Markit Ltd.		729		96,846


				227,928


Road & Rail — 2.4%

Lyft, Inc., Class A * (a)		1,828		78,096

Old Dominion Freight Line, Inc.		423		151,685


				229,781


Semiconductors & Semiconductor Equipment — 9.7%

Advanced Micro Devices, Inc. *		738		106,213

Entegris, Inc.		999		138,455

Lam Research Corp.		137		98,484

Marvell Technology, Inc.		1,143		100,036

Microchip Technology, Inc.		1,032		89,882

SolarEdge Technologies, Inc. *		518		145,250

Teradyne, Inc.		880		143,873

Wolfspeed, Inc. * (a)		505		56,444

Xilinx, Inc.		267		56,591


				935,228


Software — 12.5%

Bill.com Holdings, Inc. *		256		63,658

Cadence Design Systems, Inc. *		682		127,147

Confluent, Inc., Class A * (a)		716		54,608

Crowdstrike Holdings, Inc., Class A *		531		108,661

Five9, Inc. *		420		57,619

Gitlab, Inc., Class A * (a)		156		13,550

HashiCorp, Inc., Class A * (a)		122		11,075

HubSpot, Inc. *		199		131,039

Palo Alto Networks, Inc. *		349		194,141

Synopsys, Inc. *		380		140,140

Trade Desk, Inc. (The), Class A *		1,452		133,061

UiPath, Inc., Class A * (a)		343		14,806

Unity Software, Inc. *		349		49,861

Zscaler, Inc. *		336		107,806


				1,207,172

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


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

Specialty Retail — 5.2%

Burlington Stores, Inc. *		339		98,879

CarMax, Inc. *		403		52,522

National Vision Holdings, Inc. *		957		45,912

O’Reilly Automotive, Inc. *		127		89,974

Tractor Supply Co.		474		113,072

Ulta Beauty, Inc. *		237		97,890


				498,249


Textiles, Apparel & Luxury Goods — 0.6%

Lululemon Athletica, Inc. *		143		56,095


Total Common Stocks (Cost $6,247,872)				9,459,760

Short-Term Investments — 3.1%

Investment Companies — 1.7%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $160,999)		160,949		161,013


Investment of Cash Collateral from Securities Loaned —1.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		110,977		110,955

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		21,485		21,485


Total Investment of Cash Collateral from Securities Loaned (Cost $132,443)				132,440


Total Short-Term Investments (Cost $293,442)				293,453

Total Investments — 101.7% (Cost $6,541,314)				9,753,213
Liabilities in Excess of Other Assets — (1.7)%				(165,523	)

NET ASSETS — 100.0%				9,587,690

Percentages indicated are based on net assets.



(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $127,353.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Airlines — 0.5%

Southwest Airlines Co. *		1,865		79,892


Banks — 8.0%

Citizens Financial Group, Inc.		4,305		203,388

Fifth Third Bancorp		5,925		258,017

Huntington Bancshares, Inc.		17,946		276,721

M&T Bank Corp.		1,766		271,211

Regions Financial Corp.		9,844		214,592

Zions Bancorp NA		2,200		138,978


				1,362,907


Beverages — 1.5%

Constellation Brands, Inc., Class A		587		147,194

Keurig Dr Pepper, Inc.		2,755		101,555


				248,749


Building Products — 2.9%

Carlisle Cos., Inc.		1,001		248,252

Fortune Brands Home & Security, Inc.		2,314		247,401


				495,653


Capital Markets — 6.4%

Ameriprise Financial, Inc.		934		281,856

Northern Trust Corp.		1,746		208,792

Raymond James Financial, Inc.		2,194		220,326

State Street Corp.		2,218		206,230

T. Rowe Price Group, Inc.		909		178,789


				1,095,993


Chemicals — 1.4%

Celanese Corp.		949		159,412

RPM International, Inc.		837		84,499


				243,911


Communications Equipment — 1.6%

Motorola Solutions, Inc.		984		267,289


Construction Materials — 1.0%

Martin Marietta Materials, Inc.		393		173,105


Consumer Finance — 1.0%

Discover Financial Services		1,554		179,546


Containers & Packaging — 1.6%

Packaging Corp. of America		895		121,866

Silgan Holdings, Inc.		3,543		151,775


				273,641


Distributors — 1.9%

Genuine Parts Co.		788		110,540

LKQ Corp.		3,672		220,429


				330,969


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Financial Services — 0.6%

Voya Financial, Inc.		1,457		96,629


Electric Utilities — 3.4%

Edison International		1,736		118,455

Entergy Corp.		1,829		206,047

Xcel Energy, Inc.		3,844		260,271


				584,773


Electrical Equipment — 3.8%

Acuity Brands, Inc. (a)		1,082		229,103

AMETEK, Inc.		1,238		181,978

Hubbell, Inc.		1,146		238,752


				649,833


Electronic Equipment, Instruments & Components — 3.1%

Amphenol Corp., Class A		2,171		189,833

CDW Corp.		744		152,369

TD SYNNEX Corp.		1,713		195,953


				538,155


Entertainment — 0.8%

Zynga, Inc., Class A *		21,937		140,399


Equity Real Estate Investment Trusts (REITs) — 10.6%

American Homes 4 Rent, Class A		3,532		154,037

AvalonBay Communities, Inc.		619		156,373

Boston Properties, Inc.		1,167		134,372

Brixmor Property Group, Inc.		3,933		99,938

Essex Property Trust, Inc. (a)		275		96,839

Federal Realty Investment Trust		629		85,709

Host Hotels & Resorts, Inc. *		3,124		54,330

JBG SMITH Properties		2,160		62,026

Kimco Realty Corp.		4,800		118,327

Mid-America Apartment Communities, Inc.		409		93,844

Rayonier, Inc.		3,995		161,251

Regency Centers Corp.		1,078		81,258

Rexford Industrial Realty, Inc.		1,111		90,093

Sun Communities, Inc.		433		90,907

Ventas, Inc.		1,247		63,729

Weyerhaeuser Co.		4,276		176,084

WP Carey, Inc.		1,340		109,916


				1,829,033


Food & Staples Retailing — 1.4%

Kroger Co. (The)		2,811		127,246

US Foods Holding Corp. *		2,983		103,894


				231,140

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


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

Food Products — 0.9%

Post Holdings, Inc. *		1,341		151,122


Gas Utilities — 1.4%

National Fuel Gas Co.		3,731		238,591


Health Care Equipment & Supplies — 1.0%

Zimmer Biomet Holdings, Inc.		1,409		178,990


Health Care Providers & Services — 5.3%

AmerisourceBergen Corp.		1,575		209,280

Henry Schein, Inc. *		1,975		153,099

Humana, Inc.		204		94,832

Laboratory Corp. of America Holdings *		853		267,984

Universal Health Services, Inc., Class B		1,394		180,726


				905,921


Hotels, Restaurants & Leisure — 1.0%

Darden Restaurants, Inc.		611		92,002

Expedia Group, Inc. *		447		80,823


				172,825


Household Durables — 2.0%

Mohawk Industries, Inc. *		904		164,773

Newell Brands, Inc.		8,269		180,603


				345,376


Household Products — 0.5%

Energizer Holdings, Inc.		2,022		81,079


Insurance — 6.3%

Alleghany Corp. *		134		89,163

Arch Capital Group Ltd. *		1,966		87,380

Hartford Financial Services Group, Inc. (The)		2,442		168,629

Lincoln National Corp.		1,967		134,282

Loews Corp.		4,628		267,329

Progressive Corp. (The)		1,101		113,035

RenaissanceRe Holdings Ltd. (Bermuda)		543		91,980

WR Berkley Corp.		1,596		131,512


				1,083,310


Interactive Media & Services — 0.9%

InterActiveCorp. *		1,211		158,336


IT Services — 1.1%

FleetCor Technologies, Inc. *		810		181,369


Machinery — 6.1%

IDEX Corp.		525		124,042

ITT, Inc.		2,095		214,092

Lincoln Electric Holdings, Inc.		1,311		182,847

Middleby Corp. (The) *		944		185,753


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — continued

Snap-on, Inc.		873		187,964

Timken Co. (The)		2,040		141,327


				1,036,025


Media — 2.4%

Liberty Broadband Corp., Class C *		1,462		235,509

Liberty Media Corp.-Liberty SiriusXM, Class C *		3,395		172,645


				408,154


Metals & Mining — 0.8%

Freeport-McMoRan, Inc.		3,305		137,917


Multiline Retail — 0.7%

Kohl’s Corp.(a)		2,596		128,211


Multi-Utilities — 3.3%

CMS Energy Corp.		3,578		232,726

Sempra Energy		681		90,118

WEC Energy Group, Inc.		2,410		233,969


				556,813


Oil, Gas & Consumable Fuels — 3.8%

Coterra Energy, Inc.		10,942		207,892

Diamondback Energy, Inc.		2,022		218,080

Williams Cos., Inc. (The)		8,565		223,021


				648,993


Pharmaceuticals — 0.6%

Jazz Pharmaceuticals plc *		756		96,351


Professional Services — 0.8%

Leidos Holdings, Inc.		1,608		142,931


Real Estate Management & Development — 1.0%

CBRE Group, Inc., Class A *		1,597		173,318


Semiconductors & Semiconductor Equipment — 0.6%

Analog Devices, Inc.		596		104,693


Software — 0.9%

NortonLifeLock, Inc.		6,135		159,390


Specialty Retail — 3.2%

AutoZone, Inc. *		135		283,218

Best Buy Co., Inc.		1,523		154,729

Gap, Inc. (The)		6,066		107,068


				545,015


Textiles, Apparel & Luxury Goods — 2.5%

Carter’s, Inc.		1,469		148,709

Ralph Lauren Corp.		1,258		149,560

Tapestry, Inc.		3,112		126,328


				424,597

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Thrifts & Mortgage Finance — 0.5%

MGIC Investment Corp.		5,470		78,874


Total Common Stocks (Cost $9,675,091)				16,959,818

Short-Term Investments — 0.9%

Investment Companies — 0.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $146,037)		145,978		146,037


Investment of Cash Collateral from Securities Loaned —0.0% (d)

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		1,234		1,234

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		1,118		1,118


Total Investment of Cash Collateral from Securities Loaned (Cost $2,352)				2,352


Total Short-Term Investments (Cost $148,389)				148,389

Total Investments — 100.0% (Cost $9,823,480)				17,108,207
Liabilities in Excess of Other Assets — 0.0% (d)				(8,055	)

NET ASSETS — 100.0%				17,100,152

Percentages indicated are based on net assets.



(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $2,227.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
(d)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%

Aerospace & Defense — 2.6%

General Dynamics Corp.		392		81,741

Northrop Grumman Corp.		215		83,375

Raytheon Technologies Corp.		1,375		118,295


				283,411


Air Freight & Logistics — 0.9%

FedEx Corp.		386		99,861


Banks — 12.6%

Bank of America Corp.		9,142		406,709

Citigroup, Inc.		1,309		79,040

Citizens Financial Group, Inc.		2,886		136,369

M&T Bank Corp.		1,103		169,355

PNC Financial Services Group, Inc. (The)		698		139,879

Truist Financial Corp.		2,326		136,201

US Bancorp		1,676		94,152

Wells Fargo & Co.		3,964		190,199


				1,351,904


Beverages — 0.5%

Keurig Dr Pepper, Inc.		1,581		58,264


Biotechnology — 3.3%

AbbVie, Inc.		1,745		236,299

Biogen, Inc. *		101		24,184

Regeneron Pharmaceuticals, Inc. *		78		49,195

Vertex Pharmaceuticals, Inc. *		202		44,271


				353,949


Building Products — 1.2%

Carlisle Cos., Inc.		288		71,486

Fortune Brands Home & Security, Inc.		563		60,153


				131,639


Capital Markets — 3.6%

Charles Schwab Corp. (The)		1,254		105,437

Invesco Ltd.		2,396		55,148

Morgan Stanley		808		79,267

Northern Trust Corp.		696		83,231

T. Rowe Price Group, Inc.		321		63,207


				386,290


Chemicals — 0.7%

Axalta Coating Systems Ltd. *		1,181		39,108

Celanese Corp.		194		32,553


				71,661


Communications Equipment — 0.9%

Cisco Systems, Inc.		1,058		67,026


INVESTMENTS	SHARES (000)		VALUE ($000)


Communications Equipment — continued

CommScope Holding Co., Inc. *		2,329		25,707


				92,733


Construction Materials — 0.9%

Martin Marietta Materials, Inc.		215		94,658


Consumer Finance — 2.5%

American Express Co.		547		89,506

Capital One Financial Corp.		1,259		182,652


				272,158


Containers & Packaging — 1.5%

Packaging Corp. of America		775		105,544

Westrock Co.		1,159		51,434


				156,978


Diversified Financial Services — 2.5%

Berkshire Hathaway, Inc., Class B *		910		272,029


Diversified Telecommunication Services — 1.7%

Verizon Communications, Inc.		3,428		178,113


Electric Utilities — 3.9%

American Electric Power Co., Inc.		770		68,517

Edison International		837		57,133

Entergy Corp.		513		57,767

NextEra Energy, Inc.		915		85,412

PG&E Corp. *		2,678		32,513

Xcel Energy, Inc.		1,711		115,832


				417,174


Electronic Equipment, Instruments & Components — 0.8%

TD SYNNEX Corp.		712		81,382


Entertainment — 0.3%

Walt Disney Co. (The) *		242		37,483


Equity Real Estate Investment Trusts (REITs) — 7.4%

American Homes 4 Rent, Class A		1,371		59,801

Apple Hospitality REIT, Inc.		2,175		35,118

Brixmor Property Group, Inc.		3,423		86,966

Federal Realty Investment Trust		395		53,901

JBG SMITH Properties		1,096		31,466

Kimco Realty Corp. (a)		4,053		99,900

Lamar Advertising Co., Class A		173		20,985

Mid-America Apartment Communities, Inc.		310		71,114

Public Storage		189		70,717

Rayonier, Inc. (a)		2,307		93,126

Welltower, Inc. (a)		366		31,349

Weyerhaeuser Co.		3,318		136,632


				791,075

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP��FUNDS	25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Food & Staples Retailing — 0.6%

Sysco Corp.		876		68,833


Food Products — 1.6%

Kraft Heinz Co. (The)		2,214		79,472

Post Holdings, Inc. * (a)		863		97,247


				176,719


Health Care Equipment & Supplies — 0.9%

Medtronic plc		533		55,187

Zimmer Biomet Holdings, Inc.		371		47,183


				102,370


Health Care Providers & Services — 4.4%

AmerisourceBergen Corp.		757		100,611

Cigna Corp.		229		52,516

CVS Health Corp.		1,171		120,749

HCA Healthcare, Inc.		140		35,979

UnitedHealth Group, Inc.		335		167,984


				477,839


Hotels, Restaurants & Leisure — 1.1%

Booking Holdings, Inc. *		26		61,420

Cracker Barrel Old Country Store, Inc. (a)		146		18,820

Las Vegas Sands Corp. *		1,063		40,000


				120,240


Household Durables — 1.4%

Mohawk Industries, Inc. *		470		85,679

Newell Brands, Inc.		3,114		68,010


				153,689


Household Products — 1.6%

Energizer Holdings, Inc. (a)		1,409		56,516

Procter & Gamble Co. (The)		701		114,659


				171,175


Industrial Conglomerates — 0.8%

Honeywell International, Inc.		418		87,141


Insurance — 8.1%

Alleghany Corp. *		86		57,677

American International Group, Inc.		759		43,128

Chubb Ltd.		437		84,543

CNA Financial Corp.		744		32,791

Fairfax Financial Holdings Ltd. (Canada)		142		69,796

Hartford Financial Services Group, Inc. (The)		1,414		97,649

Loews Corp. (a)		3,156		182,280

Marsh & McLennan Cos., Inc.		290		50,328

Progressive Corp. (The)		640		65,706


INVESTMENTS	SHARES (000)		VALUE ($000)


Insurance — continued

Travelers Cos., Inc. (The)		1,147		179,405


				863,303


Interactive Media & Services — 0.9%

Alphabet, Inc., Class C *		17		50,349

InterActiveCorp. *		337		44,036


				94,385


IT Services — 1.4%

FleetCor Technologies, Inc. *		248		55,468

International Business Machines Corp.		474		63,328

Kyndryl Holdings, Inc. *		1,700		30,764


				149,560


Machinery — 2.9%

Dover Corp.		708		128,483

ITT, Inc.		660		67,415

Stanley Black & Decker, Inc.		392		73,864

Timken Co. (The)		567		39,253


				309,015


Media — 2.6%

DISH Network Corp., Class A * (a)		1,596		51,788

Liberty Broadband Corp., Class C *		568		91,424

Liberty Media Corp.-Liberty SiriusXM, Class C * (a)		1,571		79,906

Nexstar Media Group, Inc., Class A		374		56,514


				279,632


Multiline Retail — 1.1%

Dollar General Corp.		265		62,566

Kohl’s Corp. (a)		1,227		60,612


				123,178


Oil, Gas & Consumable Fuels — 5.8%

Chevron Corp.		848		99,454

ConocoPhillips		2,277		164,365

Coterra Energy, Inc.		3,525		66,966

Diamondback Energy, Inc.		288		31,082

Kinder Morgan, Inc.		4,577		72,596

Marathon Petroleum Corp.		993		63,530

Phillips 66		878		63,633

Williams Cos., Inc. (The)		2,626		68,389


				630,015


Pharmaceuticals — 4.2%

Bristol-Myers Squibb Co.		3,008		187,554

Johnson & Johnson		790		135,149

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


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

Pharmaceuticals — continued

Merck & Co., Inc.		725		55,529

Organon & Co.		1,193		36,317

Viatris, Inc.		3,202		43,325


				457,874


Professional Services — 0.6%

Leidos Holdings, Inc.		751		66,764


Real Estate Management & Development — 0.5%

CBRE Group, Inc., Class A *		546		59,300


Semiconductors & Semiconductor Equipment — 1.8%

Analog Devices, Inc.		573		100,751

Texas Instruments, Inc.		502		94,587


				195,338


Specialty Retail — 4.7%

AutoZone, Inc. *		74		154,618

Best Buy Co., Inc.		686		69,685

Dick’s Sporting Goods, Inc. (a)		370		42,592

Gap, Inc. (The) (a)		3,365		59,385

Lowe’s Cos., Inc.		355		91,657

Murphy USA, Inc.		460		91,694


				509,631


Textiles, Apparel & Luxury Goods — 1.0%

Columbia Sportswear Co.		469		45,680

Ralph Lauren Corp.		501		59,549


				105,229


Tobacco — 0.6%

Philip Morris International, Inc.		679		64,477


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		554		64,299


Total Common Stocks (Cost $6,493,503)				10,460,768

Short-Term Investments — 3.3%

Investment Companies — 3.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $340,069)		339,933		340,069


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 0.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		14,076		14,074

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		3,394		3,394


Total Investment of Cash Collateral from Securities Loaned (Cost $17,468)				17,468


Total Short-Term Investments (Cost $357,537)				357,537

Total Investments — 100.3% (Cost $6,851,040)				10,818,305
Liabilities in Excess of Other Assets — (0.3)%				(30,411	)

NET ASSETS — 100.0%				10,787,894

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, 2021. The total value of securities on loan at December 31, 2021 is $16,771.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	16,341,617		$	3,104,412		$	9,459,760
Investments in affiliates, at value		161,973			60,270			161,013
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		248,171			31,787			132,440
Cash		49			—			13
Receivables:
Fund shares sold		21,159			3,245			7,634
Dividends from non-affiliates		1,424			3,052			400
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		22			6			27
Other assets		379			253			—

Total Assets		16,774,794			3,203,025			9,761,287


LIABILITIES:
Payables:
Due to custodian		—			16			—
Investment securities purchased		—			1,889			13,816
Collateral received on securities loaned (See Note 2.B.)		248,171			31,787			132,440
Fund shares redeemed		8,701			1,963			20,511
Accrued liabilities:
Investment advisory fees		6,974			1,527			4,998
Administration fees		469			81			465
Distribution fees		1,490			145			458
Service fees		1,905			354			673
Custodian and accounting fees		191			42			111
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		—	(a)
Other		250			12			125

Total Liabilities		268,151			37,816			173,597

Net Assets	$	16,506,643		$	3,165,209		$	9,587,690

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	8,104,834		$	2,073,259		$	6,325,777
Total distributable earnings (loss)		8,401,809			1,091,950			3,261,913

Total Net Assets	$	16,506,643		$	3,165,209		$	9,587,690


Net Assets:
Class A	$	3,337,143		$	640,121		$	1,651,602
Class C		1,241,302			18,841			107,958
Class I		4,824,484			1,049,626			2,008,915
Class R2		760			643			60,431
Class R3		6,175			—			79,849
Class R4		21,307			—			23,332
Class R5		149,779			83			711,371
Class R6		6,925,693			1,455,895			4,944,232

Total	$	16,506,643		$	3,165,209		$	9,587,690


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		105,098			10,638			39,029
Class C		49,030			335			3,791
Class I		144,081			17,064			38,388
Class R2		24			11			1,281
Class R3		195			—			1,559
Class R4		636			—			448
Class R5		4,330			1			13,310
Class R6		197,980			23,634			91,809

Net Asset Value (a):
Class A — Redemption price per share	$	31.75		$	60.17		$	42.32
Class C — Offering price per share (b)		25.32			56.33			28.48
Class I — Offering and redemption price per share		33.48			61.51			52.33
Class R2 — Offering and redemption price per share		31.26			59.15			47.19
Class R3 — Offering and redemption price per share		31.70			—			51.23
Class R4 — Offering and redemption price per share		33.50			—			52.12
Class R5 — Offering and redemption price per share		34.59			61.75			53.44
Class R6 — Offering and redemption price per share		34.98			61.60			53.85
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)]	$	33.51		$	63.50		$	44.66


Cost of investments in non-affiliates	$	7,909,340		$	2,011,607		$	6,247,872
Cost of investments in affiliates		161,958			60,262			160,999
Investment securities on loan, at value (See Note 2.B.)		241,385			30,611			127,353
Cost of investment of cash collateral (See Note 2.B.)		248,176			31,787			132,443

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	16,959,818		$	10,460,768
Investments in affiliates, at value		146,037			340,069
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		2,352			17,468
Cash		5			13
Receivables:
Investment securities sold		—			1,853
Fund shares sold		8,650			7,513
Dividends from non-affiliates		28,198			8,028
Dividends from affiliates		—	(a)		1
Securities lending income (See Note 2.B.)		1			2

Total Assets		17,145,061			10,835,715


LIABILITIES:
Payables:
Investment securities purchased		—			17,979
Collateral received on securities loaned (See Note 2.B.)		2,352			17,468
Fund shares redeemed		30,884			5,927
Accrued liabilities:
Investment advisory fees		8,659			4,464
Administration fees		500			353
Distribution fees		442			443
Service fees		1,627			920
Custodian and accounting fees		199			131
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Other		246			136

Total Liabilities		44,909			47,821

Net Assets	$	17,100,152		$	10,787,894

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	9,438,323		$	6,598,593
Total distributable earnings (loss)		7,661,829			4,189,301

Total Net Assets	$	17,100,152		$	10,787,894


Net Assets:
Class A	$	1,656,299		$	1,117,171
Class C		76,270			333,784
Class I		2,810,923			2,407,948
Class L		7,973,997			1,859,802
Class R2		74,034			277
Class R3		86,456			3,361
Class R4		19,587			1,717
Class R5		97,615			1,390
Class R6		4,304,971			5,062,444

Total	$	17,100,152		$	10,787,894


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		41,091			28,184
Class C		1,990			8,435
Class I		68,676			60,392
Class L		191,648			46,615
Class R2		1,949			7
Class R3		2,170			86
Class R4		481			43
Class R5		2,351			35
Class R6		103,536			127,082

Net Asset Value (a):
Class A — Redemption price per share	$	40.31		$	39.64
Class C — Offering price per share (b)		38.33			39.57
Class I — Offering and redemption price per share		40.93			39.87
Class L — Offering and redemption price per share		41.61			39.90
Class R2 — Offering and redemption price per share		37.98			39.15
Class R3 — Offering and redemption price per share		39.84			39.04
Class R4 — Offering and redemption price per share		40.71			39.86
Class R5 — Offering and redemption price per share		41.53			39.83
Class R6 — Offering and redemption price per share		41.58			39.84
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)]	$	42.54		$	41.84

Cost of investments in non-affiliates	$	9,675,091		$	6,493,503
Cost of investments in affiliates		146,037			340,069
Investment securities on loan, at value (See Note 2.B.)		2,227			16,771
Cost of investment of cash collateral (See Note 2.B.)		2,352			17,468

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	31

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)



	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—		$	1
Dividend income from non-affiliates		37,877			16,504			16,852
Dividend income from affiliates		89			26			83
Income from securities lending (net) (See Note 2.B.)		213			41			233

Total investment income		38,179			16,571			17,169


EXPENSES:
Investment advisory fees		43,760			9,930			30,932
Administration fees		5,276			1,146			3,568
Distribution fees:
Class A		4,035			780			2,110
Class C		4,709			77			412
Class R2		2			2			144
Class R3		7			—			93
Service fees:
Class A		4,035			780			2,110
Class C		1,570			26			137
Class I		6,038			1,258			2,551
Class R2		1			1			72
Class R3		7			—			93
Class R4		28			—			32
Class R5		74			—	(a)		366
Custodian and accounting fees		225			52			136
Professional fees		78			34			55
Trustees’ and Chief Compliance Officer’s fees		30			17			24
Printing and mailing costs		386			170			172
Registration and filing fees		258			109			288
Transfer agency fees (See Note 2.F.)		173			30			218
Other		312			77			120

Total expenses		71,004			14,489			43,633

Less fees waived		(2,520	)		(1,766	)		(1,872	)
Less expense reimbursements		—	(a)		(3	)		(30	)

Net expenses		68,484			12,720			41,731

Net investment income (loss)		(30,305	)		3,851			(24,562	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		319,987			75,142			222,366
Investments in affiliates		(12	)		(6	)		(27	)
Foreign currency transactions		—	(a)		—	(a)		—	(a)

Net realized gain (loss)		319,975			75,136			222,339

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,105,842			58,128			(13,073	)
Investments in affiliates		(11	)		2			12

Change in net unrealized appreciation/depreciation		1,105,831			58,130			(13,061	)

Net realized/unrealized gains (losses)		1,425,806			133,266			209,278

Change in net assets resulting from operations	$	1,395,501		$	137,117		$	184,716

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	134,342		$	101,664
Dividend income from affiliates		55			100
Income from securities lending (net) (See Note 2.B.)		9			11

Total investment income		134,406			101,775


EXPENSES:
Investment advisory fees		56,068			30,389
Administration fees		5,564			4,007
Distribution fees:
Class A		2,048			1,363
Class C		288			1,285
Class R2		183			1
Class R3		110			4
Service fees:
Class A		2,048			1,363
Class C		96			428
Class I		3,781			3,008
Class L		3,980			948
Class R2		92			—	(a)
Class R3		110			4
Class R4		40			2
Class R5		45			1
Custodian and accounting fees		260			171
Professional fees		82			61
Trustees’ and Chief Compliance Officer’s fees		33			26
Printing and mailing costs		522			313
Registration and filing fees		170			147
Transfer agency fees (See Note 2.F.)		129			98
Other		392			185

Total expenses		76,041			43,804

Less fees waived		(4,535	)		(1,777	)
Less expense reimbursements		(30	)		(7	)

Net expenses		71,476			42,020

Net investment income (loss)		62,930			59,755


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		961,782			662,064
Investments in affiliates		(16	)		(5	)

Net realized gain (loss)		961,766			662,059

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		91,474			(90,619	)
Investments in affiliates		2			3

Change in net unrealized appreciation/depreciation		91,476			(90,616	)

Net realized/unrealized gains (losses)		1,053,242			571,443

Change in net assets resulting from operations	$	1,116,172		$	631,198

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(30,305	)	$	(38,687	)	$	3,851		$	5,871
Net realized gain (loss)		319,975			2,615,524			75,136			236,501
Change in net unrealized appreciation/depreciation		1,105,831			2,518,044			58,130			551,887

Change in net assets resulting from operations		1,395,501			5,094,881			137,117			794,259


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(450,846	)		(248,914	)		(45,467	)		(51,016	)
Class C		(205,934	)		(129,471	)		(1,466	)		(2,405	)
Class I		(627,636	)		(360,812	)		(74,927	)		(43,367	)
Class R2		(97	)		(32	)		(46	)		(76	)
Class R3		(738	)		(192	)		—			—
Class R4		(2,743	)		(1,887	)		—			—
Class R5		(18,769	)		(12,763	)		(6	)		(111	)
Class R6		(865,471	)		(579,464	)		(105,308	)		(120,036	)

Total distributions to shareholders		(2,172,234	)		(1,333,535	)		(227,220	)		(217,011	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,504,539			207,286			429,770			611,112


NET ASSETS:
Change in net assets		1,727,806			3,968,632			339,667			1,188,360
Beginning of period		14,778,837			10,810,205			2,825,542			1,637,182

End of period	$	16,506,643		$	14,778,837		$	3,165,209		$	2,825,542

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(24,562	)	$	(38,812	)	$	62,930		$	127,797
Net realized gain (loss)		222,339			977,630			961,766			1,768,173
Change in net unrealized appreciation/depreciation		(13,061	)		1,605,407			91,476			4,261,488

Change in net assets resulting from operations		184,716			2,544,225			1,116,172			6,157,458


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(164,928	)		(173,779	)		(219,981	)		(92,478	)
Class C		(15,295	)		(16,088	)		(10,363	)		(5,006	)
Class I		(164,559	)		(173,836	)		(392,787	)		(197,658	)
Class L		—			—			(1,064,675	)		(492,109	)
Class R2		(5,456	)		(5,377	)		(10,249	)		(4,986	)
Class R3		(6,561	)		(5,883	)		(11,581	)		(5,364	)
Class R4		(1,915	)		(1,774	)		(4,055	)		(2,242	)
Class R5		(56,755	)		(63,349	)		(11,564	)		(5,676	)
Class R6		(391,225	)		(329,350	)		(571,247	)		(264,623	)

Total distributions to shareholders		(806,694	)		(769,436	)		(2,296,502	)		(1,070,142	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,136,904			1,816,908			1,229,845			(751,266	)


NET ASSETS:
Change in net assets		514,926			3,591,697			49,515			4,336,050
Beginning of period		9,072,764			5,481,067			17,050,637			12,714,587

End of period	$	9,587,690		$	9,072,764		$	17,100,152		$	17,050,637

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	59,755		$	124,916
Net realized gain (loss)		662,059			961,470
Change in net unrealized appreciation/depreciation		(90,616	)		2,800,518

Change in net assets resulting from operations		631,198			3,886,904


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(139,510	)		(23,476	)
Class C		(40,783	)		(7,055	)
Class I		(309,038	)		(72,893	)
Class L		(243,763	)		(53,516	)
Class R2		(32	)		(7	)
Class R3		(427	)		(63	)
Class R4		(206	)		(1,188	)
Class R5		(180	)		(145	)
Class R6		(643,793	)		(133,423	)

Total distributions to shareholders		(1,377,732	)		(291,766	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		383,112			(1,143,741	)


NET ASSETS:
Change in net assets		(363,422	)		2,451,397
Beginning of period		11,151,316			8,699,919

End of period	$	10,787,894		$	11,151,316

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	295,282		$	617,307		$	57,791		$	108,793
Distributions reinvested		434,059			240,271			45,434			50,959
Cost of shares redeemed		(235,767	)		(591,206	)		(39,852	)		(103,045	)

Change in net assets resulting from Class A capital transactions		493,574			266,372			63,373			56,707

Class C
Proceeds from shares issued		73,779			163,112			771			1,523
Distributions reinvested		200,976			125,552			1,462			2,405
Cost of shares redeemed		(151,993	)		(301,892	)		(4,592	)		(8,655	)

Change in net assets resulting from Class C capital transactions		122,762			(13,228	)		(2,359	)		(4,727	)

Class I
Proceeds from shares issued		543,458			1,479,235			255,657			599,516
Distributions reinvested		592,526			337,895			74,821			43,123
Cost of shares redeemed		(733,316	)		(1,078,748	)		(137,029	)		(236,107	)

Change in net assets resulting from Class I capital transactions		402,668			738,382			193,449			406,532

Class R2
Proceeds from shares issued		224			300			71			191
Distributions reinvested		96			32			43			73
Cost of shares redeemed		(26	)		(154	)		(6	)		(535	)

Change in net assets resulting from Class R2 capital transactions		294			178			108			(271	)

Class R3
Proceeds from shares issued		2,616			3,643			—			—
Distributions reinvested		628			163			—			—
Cost of shares redeemed		(1,914	)		(434	)		—			—

Change in net assets resulting from Class R3 capital transactions		1,330			3,372			—			—

Class R4
Proceeds from shares issued		1,017			2,600			—			—
Distributions reinvested		2,743			1,886			—			—
Cost of shares redeemed		(4,301	)		(5,512	)		—			—

Change in net assets resulting from Class R4 capital transactions		(541	)		(1,026	)		—			—

Class R5
Proceeds from shares issued		11,948			22,343			6			272
Distributions reinvested		18,390			12,555			6			111
Cost of shares redeemed		(16,426	)		(70,249	)		—	(a)		(1,462	)

Change in net assets resulting from Class R5 capital transactions		13,912			(35,351	)		12			(1,079	)

Class R6
Proceeds from shares issued		1,266,705			1,205,957			192,249			334,403
Distributions reinvested		863,104			578,133			105,241			119,998
Cost of shares redeemed		(659,269	)		(2,535,503	)		(122,303	)		(300,451	)

Change in net assets resulting from Class R6 capital transactions		1,470,540			(751,413	)		175,187			153,950

Total change in net assets resulting from capital transactions	$	2,504,539		$	207,286		$	429,770		$	611,112

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		8,558			20,460			921			1,925
Reinvested		13,886			8,308			775			961
Redeemed		(6,889	)		(19,686	)		(639	)		(1,903	)

Change in Class A Shares		15,555			9,082			1,057			983

Class C
Issued		2,604			6,449			13			28
Reinvested		8,062			5,236			27			48
Redeemed		(5,397	)		(11,926	)		(78	)		(165	)

Change in Class C Shares		5,269			(241	)		(38	)		(89	)

Class I
Issued		15,091			46,557			3,957			10,207
Reinvested		17,977			11,160			1,248			795
Redeemed		(20,320	)		(33,943	)		(2,121	)		(4,122	)

Change in Class I Shares		12,748			23,774			3,084			6,880

Class R2
Issued		7			9			1			3
Reinvested		3			1			1			2
Redeemed		(1	)		(5	)		—	(a)		(9	)

Change in Class R2 Shares		9			5			2			(4	)

Class R3
Issued		79			116			—			—
Reinvested		20			6			—			—
Redeemed		(55	)		(14	)		—			—

Change in Class R3 Shares		44			108			—			—

Class R4
Issued		28			81			—			—
Reinvested		83			62			—			—
Redeemed		(116	)		(177	)		—			—

Change in Class R4 Shares		(5	)		(34	)		—			—

Class R5
Issued		319			696			—	(a)		5
Reinvested		540			403			—	(a)		2
Redeemed		(437	)		(2,158	)		—	(a)		(24	)

Change in Class R5 Shares		422			(1,059	)		—	(a)		(17	)

Class R6
Issued		32,958			36,597			3,000			5,844
Reinvested		25,068			18,399			1,751			2,206
Redeemed		(17,622	)		(76,164	)		(1,897	)		(5,296	)

Change in Class R6 Shares		40,404			(21,168	)		2,854			2,754

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


		JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
		Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued		$	110,119		$	269,885		$	118,359		$	312,241
Distributions reinvested			159,203			168,194			205,806			84,258
Cost of shares redeemed			(125,519	)		(265,651	)		(160,660	)		(421,860	)

Change in net assets resulting from Class A capital transactions			143,803			172,428			163,505			(25,361	)

Class C
Proceeds from shares issued			11,082			18,817			5,413			11,152
Distributions reinvested			15,070			15,598			10,091			4,875
Cost of shares redeemed			(14,375	)		(29,254	)		(9,602	)		(50,512	)

Change in net assets resulting from Class C capital transactions			11,777			5,161			5,902			(34,485	)

Class I
Proceeds from shares issued			252,496			807,758			215,808			944,499
Distributions reinvested			155,839			163,157			372,132			187,286
Cost of shares redeemed			(278,506	)		(572,464	)		(633,884	)		(1,167,802	)

Change in net assets resulting from Class I capital transactions			129,829			398,451			(45,944	)		(36,017	)

Class L
Proceeds from shares issued			—			—			455,340			1,079,544
Distributions reinvested			—			—			1,015,481			466,015
Cost of shares redeemed			—			—			(791,650	)		(2,003,837	)

Change in net assets resulting from Class L capital transactions			—			—			679,171			(458,278	)

Class R2
Proceeds from shares issued			12,269			19,596			5,006			11,087
Distributions reinvested			5,445			5,366			10,195			4,944
Cost of shares redeemed			(9,749	)		(18,633	)		(6,584	)		(26,032	)

Change in net assets resulting from Class R2 capital transactions			7,965			6,329			8,617			(10,001	)

Class R3
Proceeds from shares issued			15,972			27,679			4,126			10,318
Distributions reinvested			6,481			5,811			10,954			5,120
Cost of shares redeemed			(7,614	)		(19,436	)		(10,650	)		(16,546	)

Change in net assets resulting from Class R3 capital transactions	��		14,839			14,054			4,430			(1,108	)

Class R4
Proceeds from shares issued			7,179			15,324			2,908			29,189
Distributions reinvested			1,915			1,774			4,055			2,242
Cost of shares redeemed			(7,452	)		(9,549	)		(17,006	)		(36,170	)

Change in net assets resulting from Class R4 capital transactions			1,642			7,549			(10,043	)		(4,739	)

Class R5
Proceeds from shares issued			58,001			169,023			18,321			15,455
Distributions reinvested			53,207			59,609			11,552			5,671
Cost of shares redeemed			(88,695	)		(178,446	)		(15,873	)		(28,691	)

Change in net assets resulting from Class R5 capital transactions			22,513			50,186			14,000			(7,565	)

Class R6
Proceeds from shares issued			866,924			1,731,741			330,287			880,233
Distributions reinvested			387,715			326,519			531,604			243,857
Cost of shares redeemed			(450,103	)		(895,510	)		(451,684	)		(1,297,802	)

Change in net assets resulting from Class R6 capital transactions			804,536			1,162,750			410,207			(173,712	)

Total change in net assets resulting from capital transactions		$	1,136,904		$	1,816,908		$	1,229,845		$	(751,266	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		2,392			6,348			2,735			8,294
Reinvested		3,841			4,077			5,251			2,357
Redeemed		(2,752	)		(6,207	)		(3,721	)		(11,461	)

Change in Class A Shares		3,481			4,218			4,265			(810	)

Class C
Issued		341			609			131			302
Reinvested		540			533			272			143
Redeemed		(450	)		(951	)		(234	)		(1,473	)

Change in Class C Shares		431			191			169			(1,028	)

Class I
Issued		4,515			15,656			4,955			26,465
Reinvested		3,041			3,271			9,337			5,165
Redeemed		(4,984	)		(11,073	)		(14,717	)		(31,205	)

Change in Class I Shares		2,572			7,854			(425	)		425

Class L
Issued		—			—			10,217			27,115
Reinvested		—			—			25,025			12,656
Redeemed		—			—			(17,893	)		(52,480	)

Change in Class L Shares		—			—			17,349			(12,709	)

Class R2
Issued		231			411			120			308
Reinvested		118			118			277			146
Redeemed		(190	)		(395	)		(162	)		(735	)

Change in Class R2 Shares		159			134			235			(281	)

Class R3
Issued		281			550			96			273
Reinvested		129			118			283			145
Redeemed		(136	)		(384	)		(247	)		(451	)

Change in Class R3 Shares		274			284			132			(33	)

Class R4
Issued		129			299			64			772
Reinvested		37			36			103			62
Redeemed		(130	)		(183	)		(412	)		(892	)

Change in Class R4 Shares		36			152			(245	)		(58	)

Class R5
Issued		1,016			3,227			434			389
Reinvested		1,017			1,172			285			154
Redeemed		(1,534	)		(3,436	)		(354	)		(723	)

Change in Class R5 Shares		499			963			365			(180	)

Class R6
Issued		14,962			32,743			7,344			22,671
Reinvested		7,351			6,379			13,105			6,625
Redeemed		(7,799	)		(17,096	)		(9,993	)		(33,322	)

Change in Class R6 Shares		14,514			22,026			10,456			(4,026	)

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	117,432		$	228,457
Distributions reinvested		131,124			21,985
Cost of shares redeemed		(103,673	)		(256,183	)

Change in net assets resulting from Class A capital transactions		144,883			(5,741	)

Class C
Proceeds from shares issued		20,094			42,809
Distributions reinvested		40,129			6,902
Cost of shares redeemed		(53,063	)		(152,617	)

Change in net assets resulting from Class C capital transactions		7,160			(102,906	)

Class I
Proceeds from shares issued		329,211			632,458
Distributions reinvested		281,851			67,804
Cost of shares redeemed		(357,272	)		(1,288,594	)

Change in net assets resulting from Class I capital transactions		253,790			(588,332	)

Class L
Proceeds from shares issued		133,376			329,055
Distributions reinvested		234,993			51,517
Cost of shares redeemed		(228,419	)		(753,164	)

Change in net assets resulting from Class L capital transactions		139,950			(372,592	)

Class R2
Proceeds from shares issued		73			81
Distributions reinvested		32			7
Cost of shares redeemed		(1	)		(144	)

Change in net assets resulting from Class R2 capital transactions		104			(56	)

Class R3
Proceeds from shares issued		912			1,146
Distributions reinvested		339			51
Cost of shares redeemed		(635	)		(488	)

Change in net assets resulting from Class R3 capital transactions		616			709

Class R4
Proceeds from shares issued		121			3,069
Distributions reinvested		205			1,187
Cost of shares redeemed		(221	)		(42,655	)

Change in net assets resulting from Class R4 capital transactions		105			(38,399	)

Class R5
Proceeds from shares issued		84			839
Distributions reinvested		142			137
Cost of shares redeemed		(103	)		(6,702	)

Change in net assets resulting from Class R5 capital transactions		123			(5,726	)

Class R6
Proceeds from shares issued		302,491			1,674,385
Distributions reinvested		643,064			133,248
Cost of shares redeemed		(1,109,174	)		(1,838,331	)

Change in net assets resulting from Class R6 capital transactions		(163,619	)		(30,698	)

Total change in net assets resulting from capital transactions	$	383,112		$	(1,143,741	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		2,754			6,264
Reinvested		3,380			627
Redeemed		(2,438	)		(7,354	)

Change in Class A Shares		3,696			(463	)

Class C
Issued		472			1,112
Reinvested		1,040			198
Redeemed		(1,250	)		(4,444	)

Change in Class C Shares		262			(3,134	)

Class I
Issued		7,741			17,384
Reinvested		7,212			1,924
Redeemed		(8,488	)		(34,308	)

Change in Class I Shares		6,465			(15,000	)

Class L
Issued		3,075			9,182
Reinvested		6,003			1,461
Redeemed		(5,419	)		(21,293	)

Change in Class L Shares		3,659			(10,650	)

Class R2
Issued		2			2
Reinvested		1			—	(a)
Redeemed		—	(a)		(4	)

Change in Class R2 Shares		3			(2	)

Class R3
Issued		21			32
Reinvested		9			1
Redeemed		(15	)		(14	)

Change in Class R3 Shares		15			19

Class R4
Issued		3			89
Reinvested		5			34
Redeemed		(5	)		(1,184	)

Change in Class R4 Shares		3			(1,061	)

Class R5
Issued		2			26
Reinvested		4			4
Redeemed		(3	)		(184	)

Change in Class R5 Shares		3			(154	)

Class R6
Issued		6,964			43,621
Reinvested		16,442			3,783
Redeemed		(25,206	)		(51,458	)

Change in Class R6 Shares		(1,800	)		(4,054	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2021	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, 2021 (Unaudited)	$	33.66	$	(0.11	)	$	3.14	$	3.03	$	—		$	(4.94	)	$	(4.94	)
Year Ended June 30, 2021		25.27		(0.16	)		11.67		11.51		—			(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		—			—			—

Class C
Six Months Ended December 31, 2021 (Unaudited)		27.83		(0.16	)		2.59		2.43		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		21.42		(0.26	)		9.79		9.53		—			(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		—			—			—

Class I
Six Months Ended December 31, 2021 (Unaudited)		35.20		(0.07	)		3.29		3.22		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		26.29		(0.09	)		12.18		12.09		(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		—			—			—

Class R2
Six Months Ended December 31, 2021 (Unaudited)		33.24		(0.15	)		3.11		2.96		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		25.05		(0.24	)		11.56		11.32		(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, 2021 (Unaudited)		33.61		(0.11	)		3.14		3.03		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		25.27		(0.17	)		11.68		11.51		(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, 2021 (Unaudited)		35.21		(0.07	)		3.30		3.23		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		26.29		(0.09	)		12.17		12.08		(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		—			—			—

Class R5
Six Months Ended December 31, 2021 (Unaudited)		36.18		(0.04	)		3.39		3.35		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		26.93		(0.05	)		12.50		12.45		(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		—			—			—

Class R6
Six Months Ended December 31, 2021 (Unaudited)		36.52		(0.02	)		3.42		3.40		—			(4.94	)		(4.94	)
Year Ended June 30, 2021		27.16		(0.01	)		12.59		12.58		(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		—			—			—

(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, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	31.75		9.22	%	$	3,337,143		1.10	%		(0.62	)%		1.14	%		17	%
	33.66		47.55			3,013,691		1.13			(0.54	)		1.14			43
	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


	25.32		8.99			1,241,302		1.60			(1.13	)		1.64			17
	27.83		46.80			1,218,051		1.63			(1.04	)		1.63			43
	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


	33.48		9.36			4,824,484		0.85			(0.38	)		0.88			17
	35.20		47.95			4,622,602		0.88			(0.29	)		0.88			43
	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


	31.26		9.12			760		1.36			(0.87	)		1.63			17
	33.24		47.18			510		1.39			(0.79	)		1.66			43
	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


	31.70		9.23			6,175		1.11			(0.64	)		1.16			17
	33.61		47.60			5,089		1.14			(0.54	)		1.17			43
	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


	33.50		9.38			21,307		0.86			(0.38	)		0.88			17
	35.21		47.91			22,559		0.88			(0.29	)		0.88			43
	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


	34.59		9.46			149,779		0.71			(0.23	)		0.74			17
	36.18		48.16			141,386		0.73			(0.14	)		0.73			43
	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


	34.98		9.51			6,925,693		0.60			(0.12	)		0.63			17
	36.52		48.28			5,754,949		0.63			(0.03	)		0.63			43
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	62.14	$	(0.02	)	$	2.65	$	2.63	$	—		$	(4.60	)	$	(4.60	)
Year Ended June 30, 2021		47.20		(0.03	)		21.27		21.24		(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		58.61		(0.17	)		2.49		2.32		—			(4.60	)		(4.60	)
Year Ended June 30, 2021		44.95		(0.29	)		20.17		19.88		—			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		63.43		0.06			2.71		2.77		(0.09	)		(4.60	)		(4.69	)
Year Ended June 30, 2021		48.07		0.13			21.66		21.79		(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		61.24		(0.10	)		2.61		2.51		—			(4.60	)		(4.60	)
Year Ended June 30, 2021		46.64		(0.18	)		21.00		20.82		—			(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	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		63.52		0.11			2.72		2.83		—			(4.60	)		(4.60	)
Year Ended June 30, 2021		48.11		0.16			21.74		21.90		(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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		63.57		0.14			2.71		2.85		(0.22	)		(4.60	)		(4.82	)
Year Ended June 30, 2021		48.14		0.26			21.71		21.97		(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	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	60.17		4.44	%	$	640,121		1.14	%		(0.06	)%		1.26	%		13	%
	62.14		47.31			595,304		1.14			(0.05	)		1.26			54
	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


	56.33		4.17			18,841		1.64			(0.58	)		1.76			13
	58.61		46.59			21,836		1.63			(0.56	)		1.75			54
	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


	61.51		4.58			1,049,626		0.89			0.20			1.01			13
	63.43		47.67			886,782		0.89			0.23			1.00			54
	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


	59.15		4.30			643		1.39			(0.30	)		1.67			13
	61.24		46.94			555		1.38			(0.33	)		1.59			54
	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


	61.75		4.66			83		0.74			0.34			0.93			13
	63.52		47.89			74		0.74			0.29			0.87			54
	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


	61.60		4.70			1,455,895		0.64			0.44			0.76			13
	63.57		48.03			1,320,991		0.64			0.45			0.75			54
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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 Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	46.20	$	(0.20	)	$	0.96	$	0.76	$	—		$	(4.64	)	$	(4.64	)
Year Ended June 30, 2021		36.43		(0.36	)		15.58		15.22		—			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		32.69		(0.22	)		0.65		0.43		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		27.15		(0.42	)		11.41		10.99		—			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		55.95		(0.16	)		1.18		1.02		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		43.11		(0.28	)		18.58		18.30		(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		51.05		(0.29	)		1.07		0.78		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		39.90		(0.52	)		17.12		16.60		—			(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	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		54.95		(0.24	)		1.16		0.92		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		42.53		(0.43	)		18.30		17.87		—			(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, 2021 (Unaudited)		55.76		(0.18	)		1.18		1.00		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		43.00		(0.31	)		18.53		18.22		(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	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		57.00		(0.12	)		1.20		1.08		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		43.81		(0.21	)		18.90		18.69		(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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		57.39		(0.11	)		1.21		1.10		—			(4.64	)		(4.64	)
Year Ended June 30, 2021		44.07		(0.19	)		19.03		18.84		(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	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	42.32		1.86	%	$	1,651,602		1.21	%		(0.85	)%		1.26	%		18	%
	46.20		43.59			1,642,278		1.24			(0.85	)		1.26			42
	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


	28.48		1.62			107,958		1.71			(1.35	)		1.75			18
	32.69		42.84			109,845		1.74			(1.36	)		1.75			42
	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


	52.33		2.00			2,008,915		0.92			(0.56	)		0.99			18
	55.95		44.02			2,003,878		0.93			(0.54	)		0.99			42
	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


	47.19		1.72			60,431		1.48			(1.11	)		1.53			18
	51.05		43.24			57,273		1.49			(1.10	)		1.53			42
	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


	51.23		1.86			79,849		1.23			(0.86	)		1.25			18
	54.95		43.57			70,608		1.24			(0.86	)		1.24			42
	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


	52.12		1.97			23,332		0.98			(0.62	)		0.99			18
	55.76		43.92			22,947		0.99			(0.60	)		0.99			42
	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


	53.44		2.07			711,371		0.79			(0.43	)		0.84			18
	57.00		44.22			730,273		0.79			(0.40	)		0.84			42
	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


	53.85		2.09			4,944,232		0.73			(0.36	)		0.74			18
	57.39		44.30			4,435,662		0.74			(0.35	)		0.74			42
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	43.69	$	0.08		$	2.60		$	2.68		$	(0.16	)	$	(5.90	)	$	(6.06	)
Year Ended June 30, 2021		31.12		0.17			15.09			15.26			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		41.77		(0.03	)		2.49			2.46			—			(5.90	)		(5.90	)
Year Ended June 30, 2021		29.77		(0.02	)		14.44			14.42			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		44.30		0.13			2.64			2.77			(0.24	)		(5.90	)		(6.14	)
Year Ended June 30, 2021		31.51		0.27			15.30			15.57			(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	)

Class L
Six Months Ended December 31, 2021 (Unaudited)		44.98		0.18			2.68			2.86			(0.33	)		(5.90	)		(6.23	)
Year Ended June 30, 2021		31.96		0.36			15.51			15.87			(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		41.48		0.02			2.46			2.48			(0.08	)		(5.90	)		(5.98	)
Year Ended June 30, 2021		29.67		0.07			14.36			14.43			(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	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		43.25		0.08			2.56			2.64			(0.15	)		(5.90	)		(6.05	)
Year Ended June 30, 2021		30.83		0.17			14.95			15.12			(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 (f) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		44.02		0.13			2.63			2.76			(0.17	)		(5.90	)		(6.07	)
Year Ended June 30, 2021		31.34		0.27			15.20			15.47			(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, 2021 (Unaudited)		44.90		0.17			2.67			2.84			(0.31	)		(5.90	)		(6.21	)
Year Ended June 30, 2021		31.90		0.33			15.49			15.82			(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, 2021 (Unaudited)		44.96		0.20			2.67			2.87			(0.35	)		(5.90	)		(6.25	)
Year Ended June 30, 2021		31.94		0.37			15.51			15.88			(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.



50	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	40.31		6.58	%	$	1,656,299		1.20	%		0.36	%		1.24	%		8	%
	43.69		51.06			1,608,828		1.22			0.46			1.23			21
	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


	38.33		6.34			76,270		1.70			(0.15	)		1.74			8
	41.77		50.32			76,078		1.72			(0.05	)		1.73			21
	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


	40.93		6.71			2,810,923		0.95			0.59			0.98			8
	44.30		51.46			3,061,126		0.97			0.72			0.98			21
	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


	41.61		6.83			7,973,997		0.75			0.81			0.83			8
	44.98		51.76			7,839,627		0.75			0.94			0.83			21
	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


	37.98		6.43			74,034		1.46			0.10			1.49			8
	41.48		50.69			71,087		1.48			0.21			1.49			21
	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


	39.84		6.56			86,456		1.21			0.35			1.23			8
	43.25		51.07			88,116		1.22			0.47			1.23			21
	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


	40.71		6.71			19,587		0.96			0.57			0.98			8
	44.02		51.47			31,938		0.97			0.70			0.98			21
	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


	41.53		6.79			97,615		0.81			0.76			0.83			8
	44.90		51.69			89,178		0.82			0.87			0.83			21
	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


	41.58		6.85			4,304,971		0.71			0.86			0.73			8
	44.96		51.83			4,184,659		0.72			0.97			0.73			21
	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, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	42.90	$	0.16		$	2.17		$	2.33		$	(0.32	)	$	(5.27	)	$	(5.59	)
Year Ended June 30, 2021		29.53		0.34			14.04			14.38			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		42.73		0.05			2.16			2.21			(0.10	)		(5.27	)		(5.37	)
Year Ended June 30, 2021		29.38		0.16			13.99			14.15			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		43.15		0.22			2.17			2.39			(0.40	)		(5.27	)		(5.67	)
Year Ended June 30, 2021		29.71		0.43			14.13			14.56			(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	)

Class L
Six Months Ended December 31, 2021 (Unaudited)		43.20		0.25			2.18			2.43			(0.46	)		(5.27	)		(5.73	)
Year Ended June 30, 2021		29.73		0.49			14.14			14.63			(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		42.46		0.11			2.14			2.25			(0.29	)		(5.27	)		(5.56	)
Year Ended June 30, 2021		29.31		0.26			13.90			14.16			(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, 2021 (Unaudited)		42.36		0.16			2.13			2.29			(0.34	)		(5.27	)		(5.61	)
Year Ended June 30, 2021		29.21		0.33			13.88			14.21			(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	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		42.92		0.21			2.18			2.39			(0.18	)		(5.27	)		(5.45	)
Year Ended June 30, 2021		29.56		0.42			14.06			14.48			(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, 2021 (Unaudited)		43.12		0.25			2.16			2.41			(0.43	)		(5.27	)		(5.70	)
Year Ended June 30, 2021		29.67		0.49			14.11			14.60			(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, 2021 (Unaudited)		43.16		0.27			2.18			2.45			(0.50	)		(5.27	)		(5.77	)
Year Ended June 30, 2021		29.71		0.52			14.13			14.65			(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.



52	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	39.64		5.80	%	$	1,117,171		1.11	%		0.74	%		1.14	%		11	%
	42.90		49.47			1,050,569		1.13			0.94			1.14			34
	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


	39.57		5.52			333,784		1.61			0.24			1.65			11
	42.73		48.75			349,246		1.63			0.45			1.64			34
	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


	39.87		5.92			2,407,948		0.86			0.99			0.89			11
	43.15		49.86			2,326,829		0.88			1.20			0.89			34
	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


	39.90		6.02			1,859,802		0.71			1.13			0.74			11
	43.20		50.10			1,855,713		0.73			1.35			0.74			34
	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


	39.15		5.67			277		1.36			0.49			1.51			11
	42.46		49.10			194		1.38			0.73			1.54			34
	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


	39.04		5.79			3,361		1.11			0.74			1.17			11
	42.36		49.46			3,020		1.13			0.92			1.17			34
	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


	39.86		5.94			1,717		0.86			0.98			0.89			11
	42.92		49.86			1,724		0.88			1.26			0.89			34
	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


	39.83		5.99			1,390		0.71			1.13			0.75			11
	43.12		50.12			1,365		0.73			1.41			0.74			34
	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


	39.84		6.08			5,062,444		0.61			1.23			0.64			11
	43.16		50.23			5,562,656		0.63			1.44			0.64			34
	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, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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 Fund 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’ prospectus.

2. Significant Accounting Policies



54	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

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.

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”):

Growth Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	16,751,761	$	—	$	—	$	16,751,761

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

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)	$	3,196,469	$	—	$	—	$	3,196,469

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

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)	$	9,753,213	$	—	$	—	$	9,753,213

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

Mid Cap Value Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	17,108,207	$	—	$	—	$	17,108,207

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Value Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	10,818,305	$	—	$	—	$	10,818,305

(a)	Please refer to the SOI’s 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.


	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	$	241,385	$	(241,385	)	$	—
Mid Cap Equity Fund		30,611		(30,611	)		—
Mid Cap Growth Fund		127,353		(127,353	)		—
Mid Cap Value Fund		2,227		(2,227	)		—
Value Advantage Fund		16,771		(16,771	)		—

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


Growth Advantage Fund	$	6
Mid Cap Equity Fund		2
Mid Cap Growth Fund		10
Mid Cap Value Fund		1
Value Advantage Fund		1



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

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

Growth Advantage Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	159,510	$	2,218,399	$	2,215,907	$	(12	)	$	(17	)	$	161,973		161,908	$	89		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		133,201		856,000		780,001		(36	)*		6			209,170		209,213		59	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		16,751		281,355		259,105		—			—			39,001		39,001		3	*		—

Total	$	309,462	$	3,355,754	$	3,255,013	$	(48	)	$	(11	)	$	410,144			$	151		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

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

Mid Cap Equity Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	64,465	$	395,644	$	399,832	$	(6	)	$	(1	)	$	60,270		60,245	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		52,990		179,000		206,000		(10	)*		3			25,983		25,988		18	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		6,929		64,576		65,701		—			—			5,804		5,804		1	*		—

Total	$	124,384	$	639,220	$	671,533	$	(16	)	$	2		$	92,057			$	45		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Mid Cap Growth Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	190,144	$	952,188	$	981,289	$	(27	)	$	(3	)	$	161,013		160,949	$	83		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		238,992		835,000		963,000		(52	)*		15			110,955		110,977		93	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		26,765		399,080		404,360		—			—			21,485		21,485		4	*		—

Total	$	455,901	$	2,186,268	$	2,348,649	$	(79	)	$	12		$	293,453			$	180		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

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

Mid Cap Value Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	334,195	$	1,006,134	$	1,194,276	$	(16	)	$	—	(c)	$	146,037		145,978	$	55		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		18,535		156,000		173,300		(3	)*		2			1,234		1,234		6	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		3,666		64,152		66,700		—			—			1,118		1,118		—	*(c)		—

Total	$	356,396	$	1,226,286	$	1,434,276	$	(19	)	$	2		$	148,389			$	61		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

Value Advantage Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	360,095	$	2,429,217	$	2,449,238	$	(5	)	$	—	(c)	$	340,069		339,933	$	100		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		41,074		187,000		214,000		(3	)*		3			14,074		14,076		10	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%, 0.03% (a) (b)		5,968		110,724		113,298		—			—			3,394		3,394		1	*		—

Total	$	407,137	$	2,726,941	$	2,776,536	$	(8	)	$	3		$	357,537			$	111		$	—

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

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

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

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	59

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2021 are as follows:


	Class A		Class C			Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	58	$	27		$	43		n/a	$	1		$	1		$	—	(a)	$	2		$	41	$	173
Mid Cap Equity Fund
Transfer agency fees		4		–	(a)		17		n/a		–	(a)		n/a			n/a			–	(a)		9		30
Mid Cap Growth Fund
Transfer agency fees		127		3			22		n/a		11			1			—	(a)		5			49		218
Mid Cap Value Fund
Transfer agency fees		43		2			20	$	17		3			1			—	(a)		1			42		129
Value Advantage Fund
Transfer agency fees		23		14			26		13		–	(a)		–	(a)		–	(a)		–	(a)		22		98

(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, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years 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 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.

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:


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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2021, the effective annualized rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.07%, 0.08%, 0.08%, 0.06% 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.

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.



60	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:


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


	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	291	$	1
Mid Cap Equity Fund		52		—
Mid Cap Growth Fund		62		—	(a)
Mid Cap Value Fund		34		—
Value Advantage Fund		82		—	(a)

(a)	Amount rounds to less than one thousand.

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


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

JPMDS 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
Growth Advantage Fund		1.04	%⁽¹⁾		1.54	%⁽¹⁾		0.79	%⁽¹⁾		n/a			1.30	%⁽¹⁾		1.05	%⁽¹⁾		0.80	%⁽¹⁾		0.65	%⁽¹⁾		0.55	%⁽¹⁾
Mid Cap Equity Fund		1.14			1.64			0.89			n/a			1.39			n/a			n/a			0.74			0.64
Mid Cap Growth Fund		1.14	⁽²⁾		1.64	⁽²⁾		0.89	⁽²⁾		n/a			1.45	⁽²⁾		1.20	⁽²⁾		0.95	⁽²⁾		0.79			0.70	⁽²⁾
Mid Cap Value Fund		1.14	⁽³⁾		1.64	⁽³⁾		0.89	⁽³⁾		0.75	%		1.40	⁽³⁾		1.15	⁽³⁾		0.90	⁽³⁾		0.75	⁽³⁾		0.65	⁽³⁾
Value Advantage Fund		1.04	⁽⁴⁾		1.54	⁽⁴⁾		0.79	⁽⁴⁾		0.75			1.30	⁽⁴⁾		1.05	⁽⁴⁾		0.80	⁽⁴⁾		0.65	⁽⁴⁾		0.55	⁽⁴⁾

⁽¹⁾	Prior to November 1, 2021, the contractual expense limitation was 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, n/a, n/a and n/a for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	61

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

⁽²⁾	Prior to November 1, 2021, the contractual expense limitation was 1.24%, n/a, 0.93%, 1.49%, n/a, 0.99% and 0.74% for Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 Shares, respectively.

⁽³⁾	Prior to November 1, 2021, the contractual expense limitation was 1.24%, 1.75%, 0.99%, 1.50%, 1.25%, 1.00%, 0.85% and 0.73% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

⁽⁴⁾	Prior to November 1, 2021, the contractual expense limitation was 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, 0.89%, 0.74% and 0.64% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

The expense limitation agreements were in effect for the six months ended December 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2022.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	1,334	$	888	$	183	$	2,405	$	—	(a)
Mid Cap Equity Fund		1,028		686		14		1,728		3
Mid Cap Growth Fund		414		277		1,076		1,767		30
Mid Cap Value Fund		1,340		892		2,209		4,441		30
Value Advantage Fund		924		616		95		1,635		7

(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, 2021 were as follows:


Growth Advantage Fund	$	115
Mid Cap Equity Fund		38
Mid Cap Growth Fund		105
Mid Cap Value Fund		94
Value Advantage Fund		142

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.

During the six months ended December 31, 2021, Growth Advantage Fund, Mid Cap Equity Fund and Mid Cap Growth Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	2,887,636	$	2,666,045
Mid Cap Equity Fund		605,705		387,694
Mid Cap Growth Fund		1,994,131		1,618,372
Mid Cap Value Fund		1,281,698		2,138,858
Value Advantage Fund		1,176,341		1,993,845



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	8,319,474	$	8,735,747	$	303,460	$	8,432,287
Mid Cap Equity Fund		2,103,656		1,144,670		51,857		1,092,813
Mid Cap Growth Fund		6,541,314		3,496,824		284,925		3,211,899
Mid Cap Value Fund		9,823,480		7,471,619		186,892		7,284,727
Value Advantage Fund		6,851,040		4,047,929		80,664		3,967,265

At June 30, 2021, the Funds did not have any net capital loss carryforwards.

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


	Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	19,685
Mid Cap Growth Fund		21,652

6. Borrowings

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

7. Risks, Concentrations and Indemnifications

As of December 31, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:


	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		14.0	%		1		23.9	%
Mid Cap Equity Fund		—		—			2		66.9
Mid Cap Growth Fund		1		10.2			2		28.3
Mid Cap Value Fund		—		—			2		34.5
Value Advantage Fund		—		—			2		25.2

As of December 31, 2021, JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	JPMorgan SmartRetirement Funds
Growth Advantage Fund		13.0	%
Value Advantage Fund		20.3

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

Because Mid Cap Value Fund invests in Real Estate Investment Trusts (“REITs”), the Fund 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,092.20	$	5.80		1.10	%
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class C
Actual		1,000.00		1,089.90		8.43		1.60
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class I
Actual		1,000.00		1,093.60		4.49		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R2
Actual		1,000.00		1,091.20		7.17		1.36
Hypothetical		1,000.00		1,018.35		6.92		1.36
Class R3
Actual		1,000.00		1,092.30		5.85		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11
Class R4
Actual		1,000.00		1,093.80		4.54		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class R5
Actual		1,000.00		1,094.60		3.75		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Class R6
Actual		1,000.00		1,095.10		3.17		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60

JPMorgan Mid Cap Equity Fund
Class A
Actual		1,000.00		1,044.40		5.87		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio

JPMorgan Mid Cap Equity Fund (continued)
Class C
Actual	$	1,000.00	$	1,041.70	$	8.44		1.64	%
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		1,045.80		4.59		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R2
Actual		1,000.00		1,043.00		7.16		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R5
Actual		1,000.00		1,046.60		3.82		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		1,047.00		3.30		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64

JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,018.60		6.16		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class C
Actual		1,000.00		1,016.20		8.69		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Class I
Actual		1,000.00		1,020.00		4.68		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Class R2
Actual		1,000.00		1,017.20		7.52		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		1,018.60		6.26		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		1,019.70		4.99		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		1,020.70		4.02		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R6
Actual		1,000.00		1,020.90		3.72		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73

JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		1,065.80		6.25		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class C
Actual		1,000.00		1,063.40		8.84		1.70
Hypothetical		1,000.00		1,016.64		8.64		1.70
Class I
Actual		1,000.00		1,067.10		4.95		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class L
Actual		1,000.00		1,068.30		3.91		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio

JPMorgan Mid Cap Value Fund (continued)
Class R2
Actual	$	1,000.00	$	1,064.30	$	7.60		1.46	%
Hypothetical		1,000.00		1,017.85		7.43		1.46
Class R3
Actual		1,000.00		1,065.60		6.30		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class R4
Actual		1,000.00		1,067.10		5.00		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Class R5
Actual		1,000.00		1,067.90		4.22		0.81
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class R6
Actual		1,000.00		1,068.50		3.70		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71

JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		1,058.00		5.76		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11
Class C
Actual		1,000.00		1,055.20		8.34		1.61
Hypothetical		1,000.00		1,017.09		8.19		1.61
Class I
Actual		1,000.00		1,059.20		4.46		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class L
Actual		1,000.00		1,060.20		3.69		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Class R2
Actual		1,000.00		1,056.70		7.05		1.36
Hypothetical		1,000.00		1,018.35		6.92		1.36
Class R3
Actual		1,000.00		1,057.90		5.76		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11
Class R4
Actual		1,000.00		1,059.40		4.46		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class R5
Actual		1,000.00		1,059.90		3.69		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Class R6
Actual		1,000.00		1,060.80		3.17		0.61
Hypothetical		1,000.00		1,022.13		3.11		0.61

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



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

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, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	69

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 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.

Fees Relative to Adviser’s Other Clients

Investment Performance

Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s performance for Class A shares was in the third, third and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the second, second and first quintiles based upon the Peer Group for the one, three and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the third, third and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Equity Fund’s performance for Class A, Class I and Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020.



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Growth Fund’s performance for Class A shares was in the 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, 2020. The Trustees noted that the performance for Class I shares was in the third, second and second quintiles based upon the Peer Group, and in the second, first and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the second, third and first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Value Fund’s performance for Class A shares was in the fourth, fourth and fifth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the fourth, fourth and fifth 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, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and fifth 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, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Value Advantage Fund’s performance for Class A shares was in the fifth, fourth and fifth quintiles based upon the Peer Group, and in the fifth, fourth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares

was in the fifth, fourth and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth and fourth quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group 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:

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 third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the 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 third and first quintiles based upon



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 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 third 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 both 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 Mid Cap Growth Fund’s net advisory fee and actual total expenses for Class A shares were both 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 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 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 Mid Cap Value Fund’s net advisory fee for Class A shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth quintile based upon both the Peer Group and Universe. 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 second and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the 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 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 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 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 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 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 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.



72	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”)

JPMMFIT held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPMMFIT, including Growth Advantage Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		284,990
Withheld		7,594

Steven P. Fisher
In Favor		284,800
Withheld		7,785

Gary L. French
In Favor		285,248
Withheld		7,336

Kathleen M. Gallagher
In Favor		285,176
Withheld		7,408

Robert J. Grassi
In Favor		285,531
Withheld		7,053

Frankie D. Hughes
In Favor		284,920
Withheld		7,664

Raymond Kanner
In Favor		285,459
Withheld		7,125

Thomas P. Lemke
In Favor		284,658
Withheld		7,926

Lawrence R. Maffia
In Favor		285,045
Withheld		7,539


	Votes Received (Amounts in thousands)

Mary E. Martinez
In Favor		284,940
Withheld		7,644

Marilyn McCoy
In Favor		285,111
Withheld		7,473

Dr. Robert A. Oden, Jr.
In Favor		284,168
Withheld		8,416

Marian U. Pardo
In Favor		285,133
Withheld		7,451

Emily A. Youssouf
In Favor		284,612
Withheld		7,973

Interested Nominee
Robert F. Deutsch
In Favor		285,233
Withheld		7,351

Nina O. Shenker
In Favor		285,195
Withheld		7,390



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	73

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust I (“JPM I”)

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Mid Cap Equity Fund and Value Advantage Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560

Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167

Gary L. French
In Favor		219,573,994
Withheld		2,385,642

Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735

Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510

Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677

Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463

Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633


	Votes Received (Amounts in thousands)

Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353

Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634

Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125

Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330

Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528

Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062

Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799

Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497



74	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

JPMorgan Trust II (“JPM II”)

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Mid Cap Growth Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052

Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973

Gary L. French
In Favor		289,542,085
Withheld		6,173,474

Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887

Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229

Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386

Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535

Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692


	Votes Received (Amounts in thousands)

Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947

Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165

Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520

Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543

Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575

Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163

Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld

Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803



DECEMBER 31, 2021	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	75

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”)

JPMFMFG held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPMFMFG, including Mid Cap Value Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		219,371
Withheld		4,592

Steven P. Fisher
In Favor		219,633
Withheld		4,330

Gary L. French
In Favor		219,771
Withheld		4,192

Kathleen M. Gallagher
In Favor		219,907
Withheld		4,056

Robert J. Grassi
In Favor		219,535
Withheld		4,428

Frankie D. Hughes
In Favor		219,818
Withheld		4,145

Raymond Kanner
In Favor		219,857
Withheld		4,106

Thomas P. Lemke
In Favor		219,749
Withheld		4,214


	Votes Received (Amounts in thousands)

Lawrence R. Maffia
In Favor		219,478
Withheld		4,485

Mary E. Martinez
In Favor		219,940
Withheld		4,023

Marilyn McCoy
In Favor		219,814
Withheld		4,149

Dr. Robert A. Oden, Jr.
In Favor		219,382
Withheld		4,581

Marian U. Pardo
In Favor		219,870
Withheld		4,093

Emily A. Youssouf
In Favor		219,846
Withheld		4,117

Interested Nominee
Robert F. Deutsch
In Favor		219,730
Withheld		4,233

Nina O. Shenker
In Favor		219,764
Withheld		4,199



76	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2021

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2021. All rights reserved. December 2021.		SAN-MC-1221

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2021 (Unaudited)

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Hedged Equity 2 Fund

JPMorgan Hedged Equity 3 Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

JPMorgan U.S. Equity Fund

JPMorgan U.S. GARP Equity Fund

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan U.S. Sustainable Leaders Fund

JPMorgan U.S. Value Fund

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Equity Focus Fund			3

JPMorgan Equity Income Fund			5

JPMorgan Equity Premium Income Fund			7

JPMorgan Hedged Equity Fund			10

JPMorgan Hedged Equity 2 Fund			12

JPMorgan Hedged Equity 3 Fund			14

JPMorgan Large Cap Growth Fund			16

JPMorgan Large Cap Value Fund			18

JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			20

JPMorgan U.S. Equity Fund			22

JPMorgan U.S. GARP Equity Fund			24

JPMorgan U.S. Large Cap Core Plus Fund			26

JPMorgan U.S. Research Enhanced Equity Fund			29

JPMorgan U.S. Sustainable Leaders Fund			31

JPMorgan U.S. Value Fund			33

Schedules of Portfolio Investments			35

Financial Statements			82

Financial Highlights			120

Notes to Financial Statements			150

Schedule of Shareholder Expenses			172

Board Approval of Investment Advisory Agreements			178

Special Shareholder Meeting Results			185

LETTER TO SHAREHOLDERS

FEBRUARY 8, 2022 (UNAUDITED)

Dear Shareholders,

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

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



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

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

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



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

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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


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

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

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



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

JPMorgan Equity Focus Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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

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



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

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

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

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at

attractive valuations had the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.


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

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


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

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

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



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

JPMorgan Equity Income Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value

Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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



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

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

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


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


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

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

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

***

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

ELN

Equity-Linked Note



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

LOGO

The Fund commenced operations on August 31, 2018.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from August 31, 2018 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the

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

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

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

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



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

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021. The Fund’s security selection in the pharmaceutical/medical technology and telecommunications sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

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

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

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The option overlay is known as a Put/Spread Collar strategy. The combination of the diversified portfolio of equity securities,

downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.


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

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


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

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

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from December 13, 2013 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the

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

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



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

JPMorgan Hedged Equity 2 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 2 Fund (the “Fund”) seeks to provide capital appreciation.

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

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

The Fund’s security selection in the pharmaceutical/medical technology and telecommunications sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and media sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.


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

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


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

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

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



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


TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund and the S&P 500 Index from February 26, 2021 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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



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

JPMorgan Hedged Equity 3 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity 3 Fund (the “Fund”) seeks to provide capital appreciation.

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

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

HOW WAS THE FUND POSITIONED?


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

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


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

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

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



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


TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund and the S&P 500 Index from February 26, 2021 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

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



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

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

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

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

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

HOW WAS THE FUND POSITIONED?

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


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

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


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

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

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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



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

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

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

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

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

HOW WAS THE FUND POSITIONED?

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


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

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


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

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

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000 Value Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge asso-

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

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



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	19

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Applied Data Science Value Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

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

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

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

HOW WAS THE FUND POSITIONED?

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

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


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

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


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

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

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Applied Data Science Value Fund and the Russell 1000 Value Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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


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

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


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

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

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a

mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. GARP Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2021.

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

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s managers sought growth companies that they believed had attractive relative valuations, high quality characteristics and strong momentum.


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

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


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

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

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



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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting period was 123% to 23%.

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



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


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

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


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

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


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

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


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

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



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

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark,

if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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


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

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


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

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

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



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

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

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

LOGO

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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



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

JPMorgan U.S. Sustainable Leaders Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2021. The Fund’s security selection in the industrials and consumer staples sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from relative performance.

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

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

HOW WAS THE FUND POSITIONED?

During the period, the Fund employed a proprietary scoring methodology to invest in companies that the Fund’s portfolio

managers believed have attractive environmental, social and governance characteristics and potential for long-term capital appreciation. The Fund’s positioning during the period was a result of that process.


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

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


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

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

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



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

JPMorgan U.S. Sustainable Leaders Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

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



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

JPMorgan U.S. Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


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

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2021.

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

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

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

HOW WAS THE FUND POSIIONED?

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


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

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


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

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

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



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

JPMorgan U.S. Value Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

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

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

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

Returns for Class 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.

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

December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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



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

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Air Freight & Logistics — 2.1%

FedEx Corp.		12		2,986


Automobiles — 2.4%

Tesla, Inc.*		3		3,525


Banks — 3.1%

Bank of America Corp.		100		4,460


Biotechnology — 4.6%

AbbVie, Inc.		31		4,132

Regeneron Pharmaceuticals, Inc. *		4		2,476


				6,608


Building Products — 1.6%

Trane Technologies plc		11		2,306


Capital Markets — 2.2%

Charles Schwab Corp. (The)		38		3,155


Construction Materials — 1.4%

Martin Marietta Materials, Inc.		5		2,066


Consumer Finance — 2.8%

Capital One Financial Corp.		28		4,014


Containers & Packaging — 2.6%

Packaging Corp. of America		28		3,799


Diversified Financial Services — 3.1%

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


Electric Utilities — 2.0%

Xcel Energy, Inc.		42		2,845


Electronic Equipment, Instruments & Components — 1.8%

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


Equity Real Estate Investment Trusts (REITs) — 4.9%

Public Storage		6		2,305

Weyerhaeuser Co.		117		4,820


				7,125


Health Care Equipment & Supplies — 3.1%

Dexcom, Inc. *		3		1,833

Intuitive Surgical, Inc. *		7		2,678


				4,511


Health Care Providers & Services — 3.0%

UnitedHealth Group, Inc.		9		4,386


Hotels, Restaurants & Leisure — 2.1%

Booking Holdings, Inc. *		1		3,059


Household Products — 2.7%

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


INVESTMENTS	SHARES (000)		VALUE ($000)


Insurance — 3.3%

Loews Corp.		82		4,736


Interactive Media & Services — 4.8%

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


Internet & Direct Marketing Retail — 3.6%

Amazon.com, Inc. *		2		5,225


IT Services — 5.0%

Global Payments, Inc.		13		1,802

Mastercard, Inc., Class A		10		3,750

PayPal Holdings, Inc. *		9		1,718


				7,270


Machinery — 3.2%

Deere & Co.		7		2,387

Ingersoll Rand, Inc.		36		2,199


				4,586


Media — 1.7%

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


Oil, Gas & Consumable Fuels — 3.8%

ConocoPhillips		40		2,906

Kinder Morgan, Inc.		164		2,598


				5,504


Pharmaceuticals — 2.1%

Bristol-Myers Squibb Co.		49		3,044


Semiconductors & Semiconductor Equipment — 6.4%

Advanced Micro Devices, Inc. *		23		3,266

Lam Research Corp.		4		2,526

QUALCOMM, Inc.		18		3,331


				9,123


Software — 6.0%

Microsoft Corp.		26		8,614


Specialty Retail — 4.0%

AutoZone, Inc. *		2		4,199

Gap, Inc. (The)		92		1,628


				5,827


Technology Hardware, Storage & Peripherals — 6.3%

Apple, Inc.		51		9,044


Wireless Telecommunication Services — 1.6%

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


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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Investment Companies — 2.8%

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

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

NET ASSETS — 100.0%				144,338

Percentages indicated are based on net assets.


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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 4.9%

General Dynamics Corp.		4,043		842,945

Northrop Grumman Corp.		1,757		680,026

Raytheon Technologies Corp.		11,595		997,831


				2,520,802


Air Freight & Logistics — 1.4%

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


Banks — 7.4%

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

Citigroup, Inc.		8,841		533,890

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

Truist Financial Corp.		7,966		466,386

US Bancorp		8,478		476,189


				3,760,375


Beverages — 1.8%

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

PepsiCo, Inc.		2,753		478,156


				904,213


Biotechnology — 1.7%

AbbVie, Inc.		4,493		608,293

Amgen, Inc.		1,114		250,699


				858,992


Building Products — 0.3%

Trane Technologies plc		849		171,477


Capital Markets — 8.7%

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

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

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

Morgan Stanley		9,717		953,786

Northern Trust Corp.		1,907		228,073

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


				4,422,552


Chemicals — 3.2%

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

PPG Industries, Inc.		4,883		842,097


				1,614,202


Commercial Services & Supplies — 0.6%

Republic Services, Inc.		2,318		323,247


Consumer Finance — 2.4%

American Express Co.		4,836		791,209

Capital One Financial Corp.		2,931		425,249


				1,216,458


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Telecommunication Services — 0.8%

Verizon Communications, Inc.		7,991		415,226


Electric Utilities — 2.8%

Entergy Corp.		572		64,442

NextEra Energy, Inc.		9,549		891,523

Xcel Energy, Inc.		7,050		477,293


				1,433,258


Electrical Equipment — 1.5%

Eaton Corp. plc		4,402		760,722


Electronic Equipment, Instruments & Components — 0.5%

Corning, Inc.		7,070		263,226


Equity Real Estate Investment Trusts (REITs) — 2.8%

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

AvalonBay Communities, Inc.		1,176		297,012

Boston Properties, Inc.		1,505		173,333

Prologis, Inc.		2,799		471,188

Realty Income Corp.		597		42,712

Ventas, Inc.		4,055		207,305


				1,440,939


Food & Staples Retailing — 2.8%

Sysco Corp.		9,809		770,463

Walmart, Inc.		4,595		664,795


				1,435,258


Food Products — 1.2%

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


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		1,520		213,860

Becton Dickinson and Co.		1,990		500,347

Medtronic plc		6,942		718,151


				1,432,358


Health Care Providers & Services — 6.0%

AmerisourceBergen Corp.		3,070		408,014

Cigna Corp.		1,409		323,622

CVS Health Corp.		8,095		835,051

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


				3,091,449


Hotels, Restaurants & Leisure — 1.9%

McDonald’s Corp.		2,520		675,652

Starbucks Corp.		2,621		306,561


				982,213


Household Products — 1.3%

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Insurance — 4.4%

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

Chubb Ltd.		2,899		560,403

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

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

MetLife, Inc.		6,768		422,934

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


				2,266,570


IT Services — 2.2%

Accenture plc, Class A		754		312,372

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

International Business Machines Corp.		2,605		348,124


				1,108,794


Leisure Products — 0.5%

Hasbro, Inc.		2,676		272,313


Machinery — 4.3%

Deere & Co.		1,449		496,845

Dover Corp.		5,271		957,273

Parker-Hannifin Corp.		2,270		722,057


				2,176,175


Media — 2.1%

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


Multi-Utilities — 1.2%

CMS Energy Corp.		5,324		346,355

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


				608,992


Oil, Gas & Consumable Fuels — 5.7%

Chevron Corp.		6,531		766,411

ConocoPhillips		17,508		1,263,707

EOG Resources, Inc.		7,968		707,798

Valero Energy Corp.		2,185		164,080


				2,901,996


Pharmaceuticals — 6.0%

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

Eli Lilly & Co.		2,055		567,503

Johnson & Johnson		5,441		930,711

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

Pfizer, Inc.		6,240		368,501


				3,088,208


Road & Rail — 1.6%

Norfolk Southern Corp.		2,711		807,075


INVESTMENTS	SHARES (000)		VALUE ($000)


Semiconductors & Semiconductor Equipment — 3.9%

Analog Devices, Inc.		5,625		988,760

Intel Corp.		1,384		71,298

Texas Instruments, Inc.		4,916		926,520


				1,986,578


Software — 1.5%

Microsoft Corp.		2,266		762,006


Specialty Retail — 4.6%

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

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

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

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

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


				2,339,846


Technology Hardware, Storage & Peripherals — 1.1%

Apple, Inc.		1,335		237,108

Seagate Technology Holdings plc		2,682		303,038


				540,146


Textiles, Apparel & Luxury Goods — 0.4%

VF Corp.		3,065		224,432


Tobacco — 1.8%

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


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

Short-Term Investments — 2.0%

Investment Companies — 2.0%

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

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

NET ASSETS — 100.0%				51,111,026

Percentages indicated are based on net assets.


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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 0.4%

Northrop Grumman Corp.		21		8,206


Air Freight & Logistics — 1.3%

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


Banks — 1.6%

US Bancorp		398		22,358

Wells Fargo & Co.		240		11,524


				33,882


Beverages — 3.1%

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

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

PepsiCo, Inc.		160		27,868


				66,893


Biotechnology — 2.7%

AbbVie, Inc.		225		30,473

Regeneron Pharmaceuticals, Inc. *		20		12,372

Vertex Pharmaceuticals, Inc. *		67		14,696


				57,541


Building Products — 1.4%

Trane Technologies plc		146		29,476


Capital Markets — 2.1%

Intercontinental Exchange, Inc.		145		19,816

S&P Global, Inc.		55		26,094


				45,910


Chemicals — 2.7%

Air Products and Chemicals, Inc.		38		11,650

Corteva, Inc.		272		12,847

Linde plc (United Kingdom)		43		14,769

PPG Industries, Inc.		106		18,354


				57,620


Containers & Packaging — 0.6%

Avery Dennison Corp.		63		13,581


Diversified Financial Services — 0.9%

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


Diversified Telecommunication Services — 1.1%

Verizon Communications, Inc.		449		23,320


Electric Utilities — 4.2%

Alliant Energy Corp.		273		16,802

Duke Energy Corp.		162		16,959

Evergy, Inc.		184		12,609

FirstEnergy Corp.		260		10,818


INVESTMENTS	SHARES (000)		VALUE ($000)

Electric Utilities — continued

NextEra Energy, Inc.		296		27,674

Xcel Energy, Inc.		68		4,629


				89,491


Electrical Equipment — 1.0%

Eaton Corp. plc		124		21,372


Entertainment — 0.4%

Netflix, Inc. *		15		9,250


Equity Real Estate Investment Trusts (REITs) — 3.0%

Camden Property Trust		21		3,745

Equinix, Inc.		17		14,190

Prologis, Inc.		111		18,751

Public Storage		42		15,547

Sun Communities, Inc.		59		12,396


				64,629


Food & Staples Retailing — 1.6%

Costco Wholesale Corp.		31		17,557

Walmart, Inc.		123		17,780


				35,337


Food Products — 2.5%

Hershey Co. (The)		136		26,348

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


				53,176


Health Care Equipment & Supplies — 1.2%

Abbott Laboratories		63		8,894

Boston Scientific Corp. *		129		5,467

Medtronic plc		105		10,884


				25,245


Health Care Providers & Services — 1.9%

Anthem, Inc.		25		11,587

UnitedHealth Group, Inc.		59		29,700


				41,287


Hotels, Restaurants & Leisure — 0.8%

McDonald’s Corp.		63		16,782


Household Products — 2.4%

Kimberly-Clark Corp.		159		22,733

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


				51,337


Insurance — 4.0%

Arthur J Gallagher & Co.		144		24,481

Chubb Ltd.		123		23,722

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Insurance — continued

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

Progressive Corp. (The)		282			28,962


					85,523


Interactive Media & Services — 1.5%

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


Internet & Direct Marketing Retail — 1.2%

Amazon.com, Inc. *		8			26,721


IT Services — 6.1%

Accenture plc, Class A		87			35,861

Automatic Data Processing, Inc.		39			9,563

International Business Machines Corp.		105			13,979

Jack Henry & Associates, Inc.		98			16,323

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

Mastercard, Inc., Class A		80			28,805

Visa, Inc., Class A		111			24,042


					128,573


Life Sciences Tools & Services — 1.5%

Thermo Fisher Scientific, Inc.		47			31,669


Machinery — 2.8%

Deere & Co.		61			20,988

Otis Worldwide Corp.		160			13,902

Stanley Black & Decker, Inc.		130			24,443


					59,333


Media — 1.9%

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

Comcast Corp., Class A		563			28,358


					41,697


Multiline Retail — 1.3%

Target Corp.		122			28,212


Multi-Utilities — 2.9%

CenterPoint Energy, Inc.		501			13,975

DTE Energy Co.		274			32,749

WEC Energy Group, Inc.		163			15,815


					62,539


Oil, Gas & Consumable Fuels — 0.7%

TC Energy Corp. (Canada)		313			14,583


Personal Products — 0.1%

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


Pharmaceuticals — 4.7%

Bristol-Myers Squibb Co.		440			27,449


INVESTMENTS	SHARES (000)		VALUE ($000)



Pharmaceuticals — continued

Eli Lilly & Co.		118		32,532

Johnson & Johnson		122		20,808

Merck & Co., Inc.		236		18,097


				98,886


Professional Services — 0.5%

Booz Allen Hamilton Holding Corp.		132		11,224


Road & Rail — 4.3%

Norfolk Southern Corp.		99		29,414

Old Dominion Freight Line, Inc.		95		34,188

Union Pacific Corp.		107		27,004


				90,606


Semiconductors & Semiconductor Equipment — 1.7%

Analog Devices, Inc.		59		10,434

Texas Instruments, Inc.		138		25,964


				36,398


Software — 3.1%

Intuit, Inc.		50		32,211

Microsoft Corp.		101		33,914


				66,125


Specialty Retail — 3.1%

Best Buy Co., Inc.		72		7,299

Lowe’s Cos., Inc.		118		30,448

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


				66,945


Technology Hardware, Storage & Peripherals — 1.0%

Apple, Inc.		61		10,795

Seagate Technology Holdings plc		89		10,109


				20,904


Textiles, Apparel & Luxury Goods — 1.0%

NIKE, Inc., Class B		128		21,261


Tobacco — 0.8%

Altria Group, Inc.		172		8,134

Philip Morris International, Inc.		102		9,685


				17,819


Wireless Telecommunication Services — 0.9%

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


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

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

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

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

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

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

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

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

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

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

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

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


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


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

Investment Companies — 0.3%

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

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

NET ASSETS — 100.0%				2,141,945

Percentages indicated are based on net assets.

Abbreviations



ELN		Equity-Linked Note

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

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

03/2022

USD

17,368

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		167		64,453

Raytheon Technologies Corp.		1,042		89,703


				154,156


Air Freight & Logistics — 1.1%

FedEx Corp.		253		65,480

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


				211,354


Airlines — 0.2%

Southwest Airlines Co. *		933		39,983


Auto Components — 0.3%

Aptiv plc *		117		19,356

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


				53,420


Automobiles — 2.3%

General Motors Co. *		755		44,253

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

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


				456,187


Banks — 3.7%

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

Citigroup, Inc.		1,781		107,565

Fifth Third Bancorp		1,041		45,340

Regions Financial Corp.		2,520		54,936

SVB Financial Group *		47		31,715

Truist Financial Corp.		1,172		68,614

US Bancorp		2,066		116,027

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


				727,704


Beverages — 1.2%

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

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


				238,213


Biotechnology — 2.3%

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

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

BioMarin Pharmaceutical, Inc. *		111		9,816

Moderna, Inc. *		71		17,982

Neurocrine Biosciences, Inc. *		113		9,616

Regeneron Pharmaceuticals, Inc. *		129		81,399

Vertex Pharmaceuticals, Inc. *		339		74,529


				450,926


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		729		59,314

Masco Corp.		600		42,156

Trane Technologies plc		635		128,258


				229,728


Capital Markets — 3.2%

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

Intercontinental Exchange, Inc.		438		59,923

Morgan Stanley		906		88,897

S&P Global, Inc.		350		165,131

State Street Corp.		1,187		110,420

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


				620,529


Chemicals — 1.9%

Air Products and Chemicals, Inc.		93		28,390

Celanese Corp.		163		27,379

DuPont de Nemours, Inc.		719		58,109

Eastman Chemical Co.		753		91,093

Linde plc (United Kingdom)		176		60,982

PPG Industries, Inc.		576		99,304


				365,257


Commercial Services & Supplies — 0.1%

Cintas Corp. (a)		49		21,675


Communications Equipment — 0.1%

Motorola Solutions, Inc.		67		18,184


Consumer Finance — 0.3%

Capital One Financial Corp.		397		57,632


Containers & Packaging — 0.3%

Avery Dennison Corp.		157		34,023

Westrock Co.		495		21,975


				55,998


Diversified Financial Services — 1.4%

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

Voya Financial, Inc.		231		15,303


				270,660


Diversified Telecommunication Services — 0.3%

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


Electric Utilities — 1.9%

Edison International		534		36,473

Evergy, Inc.		658		45,130

Exelon Corp.		667		38,549

FirstEnergy Corp.		1,639		68,149

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


				364,532

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Electrical Equipment — 0.6%

Eaton Corp. plc		671		115,950


Entertainment — 0.9%

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

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


				179,722


Equity Real Estate Investment Trusts (REITs) — 2.5%

Camden Property Trust		331		59,131

Equinix, Inc.		72		60,494

Equity LifeStyle Properties, Inc.		442		38,741

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

Kimco Realty Corp.		1,229		30,285

Prologis, Inc.		861		144,890

SBA Communications Corp.		93		36,023

Sun Communities, Inc.		237		49,838

UDR, Inc.		137		8,208

Ventas, Inc.		947		48,392


				491,850


Food Products — 0.5%

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


Health Care Equipment & Supplies — 2.7%

Abbott Laboratories		934		131,406

ABIOMED, Inc. *		21		7,483

Baxter International, Inc.		284		24,336

Becton Dickinson and Co.		202		50,839

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

Dexcom, Inc. *		44		23,495

Intuitive Surgical, Inc. *		94		33,719

Medtronic plc (a)		1,174		121,452

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


				534,950


Health Care Providers & Services — 2.8%

Anthem, Inc. (a)		288		133,580

Centene Corp. *		1,005		82,792

Humana, Inc.		83		38,500

McKesson Corp.		94		23,241

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


				553,784


Hotels, Restaurants & Leisure — 1.7%

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

Hilton Worldwide Holdings, Inc. *		354		55,200

McDonald’s Corp.		685		183,656

Royal Caribbean Cruises Ltd. *		102		7,839


				323,151


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Durables — 0.6%

DR Horton, Inc.		65		7,049

Lennar Corp., Class A		766		89,016

Toll Brothers, Inc.		368		26,618


				122,683


Household Products — 1.5%

Kimberly-Clark Corp.		419		59,825

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


				293,738


Industrial Conglomerates — 0.3%

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


Insurance — 1.8%

Chubb Ltd.		467		90,199

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

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

Prudential Financial, Inc.		357		38,695

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


				352,980


Interactive Media & Services — 6.8%

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

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

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

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


				1,338,528


Internet & Direct Marketing Retail — 3.9%

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


IT Services — 4.6%

Accenture plc, Class A		532		220,386

FleetCor Technologies, Inc. *		211		47,170

International Business Machines Corp.		704		94,099

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

PayPal Holdings, Inc. *		200		37,774

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

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


				905,265


Life Sciences Tools & Services — 1.7%

Danaher Corp.		183		60,140

Illumina, Inc. *		68		25,874

PerkinElmer, Inc.		72		14,436

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


				325,415

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Machinery — 2.4%

Deere & Co.		456		156,409

Ingersoll Rand, Inc.		524		32,432

Otis Worldwide Corp.		1,160		101,019

Parker-Hannifin Corp.		219		69,517

Stanley Black & Decker, Inc.		559		105,404


				464,781


Media — 1.1%

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

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

Fox Corp., Class A		109		4,024


				210,303


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		577		24,097


Multiline Retail — 0.6%

Dollar General Corp.		70		16,625

Dollar Tree, Inc. *		156		21,973

Target Corp.		375		86,729


				125,327


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		2,668		74,464

DTE Energy Co.		316		37,799


				112,263


Oil, Gas & Consumable Fuels — 2.6%

Cheniere Energy, Inc.		223		22,637

Chevron Corp. (a)		974		114,309

ConocoPhillips		1,923		138,779

Coterra Energy, Inc.		222		4,211

Diamondback Energy, Inc.		726		78,331

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

Phillips 66		102		7,402

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

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


				513,235


Personal Products — 0.3%

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


Pharmaceuticals — 3.4%

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

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

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

Merck & Co., Inc.		949		72,764

Pfizer, Inc.		1,055		62,312


				664,708


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		258		21,843

Leidos Holdings, Inc.		543		48,246


				70,089


Road & Rail — 1.0%

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

Norfolk Southern Corp. (a)		354		105,503

Union Pacific Corp.		276		69,538


				196,485


Semiconductors & Semiconductor Equipment — 6.9%

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

Analog Devices, Inc.		712		125,134

Applied Materials, Inc.		925		145,485

Intel Corp.		279		14,393

KLA Corp.		70		30,237

Lam Research Corp.		228		163,766

Microchip Technology, Inc.		446		38,809

Micron Technology, Inc.		208		19,348

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

NXP Semiconductors NV (China)		499		113,726

QUALCOMM, Inc.		331		60,507

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


				1,356,579


Software — 9.2%

Ceridian HCM Holding, Inc. *		84		8,816

Fortinet, Inc. *		66		23,816

Intuit, Inc. (a)		285		183,614

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

Oracle Corp.		774		67,509

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

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


				1,786,491


Specialty Retail — 3.4%

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

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

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

Lowe’s Cos., Inc. (a)		819		211,751

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

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


				668,439


Technology Hardware, Storage & Peripherals — 7.3%

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

Seagate Technology Holdings plc		897		101,378


				1,425,918

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		885		147,477


Tobacco — 0.9%

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

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


				177,944


Wireless Telecommunication Services — 0.6%

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


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


	NO. OF CONTRACTS
Options Purchased — 1.8%

Put Options Purchased — 1.8%

Index Funds — 1.8%

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


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

Investment Companies — 6.6%

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

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

NET ASSETS — 100.0%				19,555,808

Percentages indicated are based on net assets.

Abbreviations



USD		United States Dollar

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

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

2,188

03/2022

USD

520,553

5,808

Abbreviations


USD		United States Dollar

Written Call Options Contracts as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

40,728

USD 19,411,698

USD 4,920.00

3/31/2022

(254,958

)

Written Put Options Contracts as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

40,728

USD 19,411,698

USD 3,810.00

3/31/2022

(89,805

)

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

(344,763

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


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

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		35		13,479

Raytheon Technologies Corp.		216		18,570


				32,049


Air Freight & Logistics — 1.1%

FedEx Corp.		52		13,467

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


				43,399


Airlines — 0.2%

Southwest Airlines Co. *		196		8,414


Auto Components — 0.3%

Aptiv plc *		24		3,985

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


				11,177


Automobiles — 2.4%

General Motors Co. *		158		9,291

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

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


				94,301


Banks — 3.9%

Bank of America Corp.		459		20,440

Citigroup, Inc.		365		22,027

Fifth Third Bancorp		216		9,388

Regions Financial Corp.		523		11,409

SVB Financial Group *		10		6,655

Truist Financial Corp.		242		14,140

US Bancorp		425		23,871

Wells Fargo & Co.		879		42,175


				150,105


Beverages — 1.3%

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

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


				49,513


Biotechnology — 2.4%

AbbVie, Inc.		338		45,755

Biogen, Inc. *		31		7,325

BioMarin Pharmaceutical, Inc. *		22		1,943

Moderna, Inc. *		14		3,636

Neurocrine Biosciences, Inc. *		23		1,993

Regeneron Pharmaceuticals, Inc. *		27		16,928

Vertex Pharmaceuticals, Inc. *		71		15,510


				93,090


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		151		12,272

Masco Corp.		124		8,674

Trane Technologies plc		130		26,357


				47,303


Capital Markets — 3.3%

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

Intercontinental Exchange, Inc.		89		12,182

Morgan Stanley		188		18,426

S&P Global, Inc.		72		34,116

State Street Corp.		244		22,678

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


				128,123


Chemicals — 1.9%

Air Products and Chemicals, Inc.		19		5,893

Celanese Corp.		33		5,553

DuPont de Nemours, Inc.		147		11,858

Eastman Chemical Co.		154		18,632

Linde plc (United Kingdom)		37		12,656

PPG Industries, Inc.		120		20,651


				75,243


Commercial Services & Supplies — 0.1%

Cintas Corp.		10		4,320


Communications Equipment — 0.1%

Motorola Solutions, Inc.		14		3,928


Consumer Finance — 0.3%

Capital One Financial Corp.		81		11,789


Containers & Packaging — 0.3%

Avery Dennison Corp.		33		7,080

Westrock Co.		98		4,345


				11,425


Diversified Financial Services — 1.4%

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

Voya Financial, Inc.		47		3,147


				55,905


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc.		233		12,131


Electric Utilities — 1.9%

Edison International		109		7,471

Evergy, Inc.		138		9,478

Exelon Corp.		139		8,041

FirstEnergy Corp.		335		13,939

NextEra Energy, Inc.		390		36,417


				75,346

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Electrical Equipment — 0.6%

Eaton Corp. plc		138		23,812


Entertainment — 1.0%

Netflix, Inc. *		49		29,571

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


				37,064


Equity Real Estate Investment Trusts (REITs) — 2.6%

Camden Property Trust		69		12,294

Equinix, Inc.		15		12,676

Equity LifeStyle Properties, Inc.		90		7,903

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

Kimco Realty Corp.		260		6,413

Prologis, Inc.		179		30,090

SBA Communications Corp.		19		7,571

Sun Communities, Inc.		49		10,231

UDR, Inc.		26		1,582

Ventas, Inc.		195		9,946


				101,844


Food Products — 0.5%

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


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		193		27,120

ABIOMED, Inc. *		4		1,566

Baxter International, Inc.		59		5,047

Becton Dickinson and Co.		42		10,592

Boston Scientific Corp. *		338		14,357

Dexcom, Inc. *		9		4,746

Intuitive Surgical, Inc. *		19		6,982

Medtronic plc		243		25,115

Zimmer Biomet Holdings, Inc.		117		14,845


				110,370


Health Care Providers & Services — 2.9%

Anthem, Inc.		60		27,750

Centene Corp. *		206		16,975

Humana, Inc.		17		7,800

McKesson Corp.		19		4,734

UnitedHealth Group, Inc.		113		56,787


				114,046


Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		7		15,869

Hilton Worldwide Holdings, Inc. *		74		11,481

McDonald’s Corp.		141		37,795

Royal Caribbean Cruises Ltd. *		20		1,551


				66,696


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Durables — 0.7%

DR Horton, Inc.		15		1,579

Lennar Corp., Class A		160		18,542

Toll Brothers, Inc.		76		5,526


				25,647


Household Products — 1.6%

Kimberly-Clark Corp.		87		12,384

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


				60,706


Industrial Conglomerates — 0.4%

Honeywell International, Inc.		67		13,867


Insurance — 1.9%

Chubb Ltd.		95		18,433

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

Progressive Corp. (The)		258		26,474

Prudential Financial, Inc.		72		7,826

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


				72,693


Interactive Media & Services — 7.1%

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

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

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

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


				276,000


Internet & Direct Marketing Retail — 4.0%

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


IT Services — 4.8%

Accenture plc, Class A		110		45,645

FleetCor Technologies, Inc. *		44		9,772

International Business Machines Corp.		145		19,367

Mastercard, Inc., Class A		154		55,295

PayPal Holdings, Inc. *		42		7,829

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

Visa, Inc., Class A		202		43,869


				187,240


Life Sciences Tools & Services — 1.7%

Danaher Corp.		37		12,315

Illumina, Inc. *		14		5,161

PerkinElmer, Inc.		14		2,810

Thermo Fisher Scientific, Inc.		70		46,450


				66,736

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


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

Machinery — 2.5%

Deere & Co.		95		32,462

Ingersoll Rand, Inc.		109		6,755

Otis Worldwide Corp.		241		20,959

Parker-Hannifin Corp.		45		14,174

Stanley Black & Decker, Inc.		116		21,851


				96,201


Media — 1.1%

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

Comcast Corp., Class A		569		28,637

Fox Corp., Class A		21		785


				43,524


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		122		5,096


Multiline Retail — 0.7%

Dollar General Corp.		15		3,583

Dollar Tree, Inc. *		31		4,344

Target Corp.		78		18,019


				25,946


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		550		15,357

DTE Energy Co.		66		7,897


				23,254


Oil, Gas & Consumable Fuels — 2.7%

Cheniere Energy, Inc.		46		4,639

Chevron Corp.		201		23,539

ConocoPhillips		395		28,494

Coterra Energy, Inc.		39		749

Diamondback Energy, Inc.		149		16,039

EOG Resources, Inc.		105		9,356

Phillips 66		22		1,569

Pioneer Natural Resources Co.		99		17,973

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


				105,118


Personal Products — 0.4%

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


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		519		32,366

Eli Lilly & Co.		137		37,947

Johnson & Johnson		230		39,322

Merck & Co., Inc.		195		14,924

Pfizer, Inc.		219		12,940


				137,499


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		51		4,318

Leidos Holdings, Inc.		112		9,918


				14,236


Road & Rail — 1.0%

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

Norfolk Southern Corp.		73		21,832

Union Pacific Corp.		57		14,246


				40,364


Semiconductors & Semiconductor Equipment — 7.2%

Advanced Micro Devices, Inc. *		229		32,914

Analog Devices, Inc.		146		25,668

Applied Materials, Inc.		191		30,066

Intel Corp.		61		3,134

KLA Corp.		15		6,237

Lam Research Corp.		47		33,947

Microchip Technology, Inc.		94		8,170

Micron Technology, Inc.		41		3,819

NVIDIA Corp.		218		64,171

NXP Semiconductors NV (China)		103		23,378

QUALCOMM, Inc.		68		12,393

Texas Instruments, Inc.		192		36,222


				280,119


Software — 9.4%

Ceridian HCM Holding, Inc. *		19		1,958

Fortinet, Inc. *		14		5,024

Intuit, Inc.		59		37,966

Microsoft Corp. (a)		838		281,953

Oracle Corp.		161		14,035

salesforce.com, Inc. *		57		14,566

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


				368,784


Specialty Retail — 3.5%

AutoZone, Inc. *		4		7,465

Best Buy Co., Inc.		145		14,697

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

Lowe’s Cos., Inc.		168		43,529

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

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


				137,769


Technology Hardware, Storage & Peripherals — 7.6%

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

Seagate Technology Holdings plc		185		20,920


				294,161

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		182		30,373


Tobacco — 0.9%

Altria Group, Inc.		349		16,558

Philip Morris International, Inc.		209		19,862


				36,420


Wireless Telecommunication Services — 0.6%

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


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


	NO. OF CONTRACTS
Options Purchased — 0.3%

Put Options Purchased — 0.3%

Index Funds — 0.3%

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


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.7%

Investment Companies — 3.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $143,550)		143,550		143,550

Total Investments — 104.5% (Cost $3,784,843)				4,069,681
Liabilities in Excess of Other Assets — (4.5)%				(176,453	)

NET ASSETS — 100.0%				3,893,228

Percentages indicated are based on net assets.

Abbreviations



USD		United States Dollar

(a)		All or a portion of the security is segregated for options written.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

131

03/2022

USD

31,167

698

Abbreviations


USD		United States Dollar

Written Call Options Contracts as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

8,281

USD 3,946,873

USD 4,755.00

1/31/2022

(64,012

)

Written Put Options Contracts as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

8,281

USD 3,946,874

USD 3,675.00

1/31/2022

(2,195

)

Total Written Options Contracts (Premiums Received $65,775)

(66,207

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	49

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.8%

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		21		8,024

Raytheon Technologies Corp.		128		11,046


				19,070


Air Freight & Logistics — 1.1%

FedEx Corp.		31		8,056

United Parcel Service, Inc., Class B		84		18,060


				26,116


Airlines — 0.2%

Southwest Airlines Co. *		117		4,998


Auto Components — 0.3%

Aptiv plc *		14		2,383

Magna International, Inc. (Canada)		53		4,287


				6,670


Automobiles — 2.4%

General Motors Co. *		95		5,547

Rivian Automotive, Inc., Class A *		18		1,894

Tesla, Inc.* (a)		46		48,810


				56,251


Banks — 3.9%

Bank of America Corp.		273		12,159

Citigroup, Inc.		221		13,340

Fifth Third Bancorp		129		5,608

Regions Financial Corp.		312		6,797

SVB Financial Group *		6		3,977

Truist Financial Corp.		144		8,436

US Bancorp		253		14,184

Wells Fargo & Co.		524		25,141


				89,642


Beverages — 1.3%

Coca-Cola Co. (The)		355		21,026

Constellation Brands, Inc., Class A		34		8,524


				29,550


Biotechnology — 2.4%

AbbVie, Inc.		201		27,219

Biogen, Inc. *		18		4,299

BioMarin Pharmaceutical, Inc. *		13		1,160

Moderna, Inc. *		9		2,224

Neurocrine Biosciences, Inc. *		14		1,181

Regeneron Pharmaceuticals, Inc. *		16		9,992

Vertex Pharmaceuticals, Inc. *		41		9,066


				55,141


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		91		7,366

Masco Corp.		74		5,217

Trane Technologies plc		78		15,783


				28,366


Capital Markets — 3.3%

Goldman Sachs Group, Inc. (The)		32		12,288

Intercontinental Exchange, Inc.		55		7,471

Morgan Stanley		110		10,841

S&P Global, Inc.		43		20,301

State Street Corp.		145		13,524

T. Rowe Price Group, Inc.		60		11,815


				76,240


Chemicals — 1.9%

Air Products and Chemicals, Inc.		12		3,527

Celanese Corp.		20		3,340

DuPont de Nemours, Inc.		88		7,077

Eastman Chemical Co.		92		11,144

Linde plc (United Kingdom)		22		7,575

PPG Industries, Inc.		71		12,305


				44,968


Commercial Services & Supplies — 0.1%

Cintas Corp.		6		2,579


Communications Equipment — 0.1%

Motorola Solutions, Inc.		8		2,129


Consumer Finance — 0.3%

Capital One Financial Corp.		48		6,994


Containers & Packaging — 0.3%

Avery Dennison Corp.		20		4,264

Westrock Co.		58		2,594


				6,858


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		106		31,555

Voya Financial, Inc.		28		1,866


				33,421


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc.		138		7,178


Electric Utilities — 1.9%

Edison International		65		4,467

Evergy, Inc.		83		5,660

Exelon Corp.		80		4,636

FirstEnergy Corp.		201		8,343

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — continued

NextEra Energy, Inc.		233		21,722


				44,828


Electrical Equipment — 0.6%

Eaton Corp. plc		82		14,229


Entertainment — 1.0%

Netflix, Inc. *		29		17,612

Walt Disney Co. (The) *		29		4,455


				22,067


Equity Real Estate Investment Trusts (REITs) — 2.6%

Camden Property Trust		41		7,361

Equinix, Inc.		9		7,350

Equity LifeStyle Properties, Inc.		54		4,749

Host Hotels & Resorts, Inc. *		108		1,870

Kimco Realty Corp.		156		3,845

Prologis, Inc.		106		17,893

SBA Communications Corp.		12		4,513

Sun Communities, Inc.		29		6,151

UDR, Inc.		16		948

Ventas, Inc.		117		5,990


				60,670


Food Products — 0.5%

Mondelez International, Inc., Class A		178		11,800


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		115		16,240

ABIOMED, Inc. *		3		944

Baxter International, Inc.		35		3,022

Becton Dickinson and Co.		25		6,375

Boston Scientific Corp. *		201		8,539

Dexcom, Inc. *		5		2,859

Intuitive Surgical, Inc. *		12		4,168

Medtronic plc		144		14,880

Zimmer Biomet Holdings, Inc.		70		8,846


				65,873


Health Care Providers & Services — 2.9%

Anthem, Inc.		35		16,421

Centene Corp. *		122		10,086

Humana, Inc.		10		4,672

McKesson Corp.		11		2,843

UnitedHealth Group, Inc. (a)		68		34,009


				68,031


INVESTMENTS	SHARES (000)		VALUE ($000)


Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		4		9,446

Hilton Worldwide Holdings, Inc. *		44		6,855

McDonald’s Corp.		84		22,569

Royal Caribbean Cruises Ltd. *		12		923


				39,793


Household Durables — 0.7%

DR Horton, Inc.		9		953

Lennar Corp., Class A		94		10,962

Toll Brothers, Inc.		46		3,328


				15,243


Household Products — 1.6%

Kimberly-Clark Corp.		52		7,446

Procter & Gamble Co. (The)		176		28,790


				36,236


Industrial Conglomerates — 0.4%

Honeywell International, Inc.		40		8,280


Insurance — 1.9%

Chubb Ltd.		57		11,035

Hartford Financial Services Group, Inc. (The)		139		9,618

Progressive Corp. (The)		155		15,866

Prudential Financial, Inc.		43		4,663

Travelers Cos., Inc. (The)		15		2,339


				43,521


Interactive Media & Services — 7.1%

Alphabet, Inc., Class A * (a)		22		64,723

Alphabet, Inc., Class C * (a)		17		49,434

Meta Platforms, Inc., Class A * (a)		140		47,243

ZoomInfo Technologies, Inc., Class A *		54		3,495


				164,895


Internet & Direct Marketing Retail — 4.0%

Amazon.com, Inc. * (a)		28		93,405


IT Services — 4.8%

Accenture plc, Class A		65		27,101

FleetCor Technologies, Inc. *		26		5,848

International Business Machines Corp.		87		11,601

Mastercard, Inc., Class A		92		32,989

PayPal Holdings, Inc. *		25		4,661

Shopify, Inc., Class A (Canada) *		2		3,058

Visa, Inc., Class A		121		26,150


				111,408

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	51

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Life Sciences Tools & Services — 1.7%

Danaher Corp.		23		7,408

Illumina, Inc. *		9		3,292

PerkinElmer, Inc.		8		1,693

Thermo Fisher Scientific, Inc.		42		27,743


				40,136


Machinery — 2.5%

Deere & Co.		56		19,345

Ingersoll Rand, Inc.		65		4,026

Otis Worldwide Corp.		144		12,539

Parker-Hannifin Corp.		27		8,476

Stanley Black & Decker, Inc.		69		13,067


				57,453


Media — 1.1%

Charter Communications, Inc., Class A *		13		8,408

Comcast Corp., Class A		340		17,089

Fox Corp., Class A		13		462


				25,959


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		73		3,035


Multiline Retail — 0.7%

Dollar General Corp.		8		1,941

Dollar Tree, Inc. *		19		2,607

Target Corp.		46		10,637


				15,185


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		329		9,181

DTE Energy Co.		40		4,731


				13,912


Oil, Gas & Consumable Fuels — 2.7%

Cheniere Energy, Inc.		27		2,754

Chevron Corp.		121		14,184

ConocoPhillips		238		17,161

Coterra Energy, Inc.		24		447

Diamondback Energy, Inc.		90		9,660

EOG Resources, Inc.		62		5,551

Phillips 66		13		921

Pioneer Natural Resources Co.		59		10,693

Williams Cos., Inc. (The)		72		1,871


				63,242


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		22		8,276


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		309		19,264

Eli Lilly & Co.		82		22,770

Johnson & Johnson (a)		137		23,356

Merck & Co., Inc.		116		8,907

Pfizer, Inc.		130		7,652


				81,949


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		31		2,588

Leidos Holdings, Inc.		67		5,915


				8,503


Road & Rail — 1.0%

Lyft, Inc., Class A *		59		2,537

Norfolk Southern Corp.		44		13,115

Union Pacific Corp.		34		8,549


				24,201


Semiconductors & Semiconductor Equipment — 7.2%

Advanced Micro Devices, Inc. *		137		19,645

Analog Devices, Inc.		88		15,392

Applied Materials, Inc.		113		17,831

Intel Corp.		36		1,870

KLA Corp.		9		3,741

Lam Research Corp.		28		20,053

Microchip Technology, Inc.		56		4,879

Micron Technology, Inc.		25		2,355

NVIDIA Corp. (a)		130		38,281

NXP Semiconductors NV (China)		61		13,898

QUALCOMM, Inc.		41		7,438

Texas Instruments, Inc.		114		21,547


				166,930


Software — 9.6%

Ceridian HCM Holding, Inc. *		11		1,166

Fortinet, Inc. *		8		2,999

Intuit, Inc.		35		22,558

Microsoft Corp. (a)		500		168,320

Oracle Corp.		95		8,320

salesforce.com, Inc. *		35		8,881

Workday, Inc., Class A *		29		7,912


				220,156


Specialty Retail — 3.5%

AutoZone, Inc. *		2		4,543

Best Buy Co., Inc.		85		8,634

Home Depot, Inc. (The)		42		17,281

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Specialty Retail — continued

Lowe’s Cos., Inc.		101		26,055

O’Reilly Automotive, Inc. *		23		16,428

TJX Cos., Inc. (The)		123		9,303


				82,244


Technology Hardware, Storage & Peripherals — 7.7%

Apple, Inc. (a)		919		163,101

Seagate Technology Holdings plc		111		12,590


				175,691


Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		109		18,116


Tobacco — 0.9%

Altria Group, Inc.		208		9,869

Philip Morris International, Inc.		125		11,889


				21,758


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		115		13,374


Total Common Stocks (Cost $2,137,943)				2,336,570


	NO. OF CONTRACTS
Options Purchased — 0.7%

Put Options Purchased — 0.7%

Index Funds — 0.7%

S&P 500 Index 2/28/2022 at USD 4,325.00, European Style Notional Amount: USD 2,354,016 Counterparty: , European Style * (Cost $54,814)		4,939		15,607


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.7%

Investment Companies — 0.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $16,682)		16,682		16,682

Total Investments — 102.2% (Cost $2,209,439)				2,368,859
Liabilities in Excess of Other Assets — (2.2)%				(51,779	)

NET ASSETS — 100.0%				2,317,080

Percentages indicated are based on net assets.

Abbreviations



USD		United States Dollar

(a)		All or a portion of the security is segregated for options written.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

03/2022

USD

17,368

433

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	53

JPMorgan Hedged Equity 3 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Written Call Options Contracts as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

4,939

USD 2,354,017

USD 4,755.00

2/28/2022

(55,687

)

Written Put Options Contracts as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE ($)

S&P 500 Index

Exchange-Traded

4,939

USD 2,354,016

USD 3,640.00

2/28/2022

(3,704

)

Total Written Options Contracts (Premiums Received $58,130)

(59,391

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%

Automobiles — 4.7%

Rivian Automotive, Inc., Class A * (a)		784		81,273

Tesla, Inc. *		1,749		1,848,414


				1,929,687


Banks — 1.5%

SVB Financial Group *		902		611,707


Beverages — 1.1%

Monster Beverage Corp. *		4,809		461,842


Biotechnology — 2.5%

Alnylam Pharmaceuticals, Inc. *		132		22,334

Biogen, Inc. *		602		144,456

Exact Sciences Corp. * (a)		794		61,774

Moderna, Inc. *		314		79,826

Regeneron Pharmaceuticals, Inc. *		547		345,252

Seagen, Inc. *		2,297		355,100


				1,008,742


Building Products — 1.3%

Trane Technologies plc		2,705		546,477


Capital Markets — 7.2%

Blackstone, Inc.		8,820		1,141,195

Charles Schwab Corp. (The)		9,739		819,034

Morgan Stanley		8,124		797,471

MSCI, Inc.		314		192,078


				2,949,778


Chemicals — 1.2%

Sherwin-Williams Co. (The)		1,443		507,991


Consumer Finance — 0.6%

Capital One Financial Corp.		1,743		252,935


Electrical Equipment — 1.5%

Rockwell Automation, Inc.		1,768		616,907


Electronic Equipment, Instruments & Components — 1.1%

Amphenol Corp., Class A		5,088		444,966


Entertainment — 1.8%

Netflix, Inc. *		1,167		703,168

Roku, Inc. *		157		35,759


				738,927


Health Care Equipment & Supplies — 3.9%

ABIOMED, Inc. *		283		101,537

Align Technology, Inc. *		1,055		693,043

Dexcom, Inc. *		631		338,654

Intuitive Surgical, Inc. *		1,305		469,003


				1,602,237


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 3.3%

HCA Healthcare, Inc.		2,945		756,707

McKesson Corp.		2,293		569,973


				1,326,680


Hotels, Restaurants & Leisure — 2.8%

Airbnb, Inc., Class A *		75		12,414

Booking Holdings, Inc. *		165		396,593

Chipotle Mexican Grill, Inc. *		423		739,684


				1,148,691


Interactive Media & Services — 11.7%

Alphabet, Inc., Class C *		1,056		3,054,941

Match Group, Inc. *		1,862		246,239

Meta Platforms, Inc., Class A *		3,307		1,112,418

Snap, Inc., Class A *		7,649		359,747


				4,773,345


Internet & Direct Marketing Retail — 4.2%

Amazon.com, Inc. *		401		1,336,421

Etsy, Inc. *		1,523		333,533

MercadoLibre, Inc. (Argentina) *		34		45,448

Wayfair, Inc., Class A * (a)		85		16,128


				1,731,530


IT Services — 1.8%

Affirm Holdings, Inc. *		862		86,723

Block, Inc., Class A *		1,341		216,568

MongoDB, Inc. * (a)		373		197,183

PayPal Holdings, Inc. *		963		181,631

Shopify, Inc., Class A (Canada) *		7		9,504

Twilio, Inc., Class A *		120		31,654


				723,263


Life Sciences Tools & Services — 0.4%

Thermo Fisher Scientific, Inc.		231		153,839


Machinery — 2.3%

Deere & Co.		2,741		940,005


Metals & Mining — 1.4%

Freeport-McMoRan, Inc.		13,328		556,181


Personal Products — 1.4%

Estee Lauder Cos., Inc. (The), Class A		1,504		556,846


Professional Services — 1.7%

Equifax, Inc.		1,091		319,522

Verisk Analytics, Inc.		1,570		359,152


				678,674

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	55

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Semiconductors & Semiconductor Equipment — 10.1%

Advanced Micro Devices, Inc. *		8,664		1,246,706

ASML Holding NV (Registered), NYRS (Netherlands)		842		670,111

Enphase Energy, Inc. *		456		83,402

Lam Research Corp.		626		449,828

NVIDIA Corp.		4,130		1,214,723

Texas Instruments, Inc.		2,432		458,284


				4,123,054


Software — 15.2%

HubSpot, Inc. *		328		216,333

Intuit, Inc.		1,248		802,739

Microsoft Corp.		11,103		3,734,025

Oracle Corp.		9,134		796,550

Synopsys, Inc. *		1,401		516,416

Trade Desk, Inc. (The), Class A *		302		27,693

Workday, Inc., Class A *		328		89,630


				6,183,386


Specialty Retail — 4.6%

AutoZone, Inc. *		341		714,689

Carvana Co. * (a)		1,127		261,274

Lowe’s Cos., Inc.		3,489		901,940


				1,877,903


Technology Hardware, Storage & Peripherals — 9.3%

Apple, Inc.		21,337		3,788,804


Textiles, Apparel & Luxury Goods — 1.0%

Tapestry, Inc.		10,066		408,688


Total Common Stocks (Cost $24,052,214)				40,643,085

Short-Term Investments — 1.1%

Investment Companies — 0.8%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $292,240)		292,134		292,250


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		116,932		116,909

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		20,701		20,701


Total Investment of Cash Collateral from Securities Loaned (Cost $137,610)				137,610


Total Short-Term Investments (Cost $429,850)				429,860

Total Investments — 100.7% (Cost $24,482,064)				41,072,945
Liabilities in Excess of Other Assets — (0.7)%				(267,851	)

NET ASSETS — 100.0%				40,805,094

Percentages indicated are based on net assets.

Abbreviations



NYRS		New York Registry Shares

(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $134,368.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.2%

Aerospace & Defense — 2.8%

Boeing Co. (The) *		182		36,580

Raytheon Technologies Corp.		592		50,930


				87,510


Air Freight & Logistics — 1.5%

FedEx Corp.		185		47,848


Airlines — 1.1%

Delta Air Lines, Inc. *		429		16,746

Southwest Airlines Co. *		392		16,776


				33,522


Auto Components — 0.8%

Lear Corp.		130		23,710


Automobiles — 2.2%

General Motors Co. *		1,150		67,402


Banks — 12.8%

Bank of America Corp.		2,724		121,170

Citigroup, Inc.		517		31,205

People’s United Financial, Inc.		3,419		60,927

Truist Financial Corp.		1,073		62,824

Wells Fargo & Co.		2,495		119,710


				395,836


Beverages — 2.1%

Coca-Cola Co. (The)		1,088		64,415


Biotechnology — 7.1%

AbbVie, Inc.		415		56,191

Biogen, Inc. *		66		15,883

BioMarin Pharmaceutical, Inc. *		106		9,330

Neurocrine Biosciences, Inc. * (a)		207		17,647

Regeneron Pharmaceuticals, Inc. *		99		62,331

Vertex Pharmaceuticals, Inc. *		275		60,456


				221,838


Capital Markets — 4.2%

Intercontinental Exchange, Inc.		309		42,262

State Street Corp.		939		87,299


				129,561


Chemicals — 3.9%

Celanese Corp.		229		38,553

Eastman Chemical Co.		264		31,866

FMC Corp.		468		51,417


				121,836


Containers & Packaging — 0.4%

Sealed Air Corp.		186		12,549


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Financial Services — 0.5%

Berkshire Hathaway, Inc., Class B *		53		15,787


Electric Utilities — 1.7%

Edison International		575		39,230

FirstEnergy Corp.		337		14,012


				53,242


Electrical Equipment — 1.0%

Eaton Corp. plc		179		30,917


Entertainment — 2.5%

Activision Blizzard, Inc.		776		51,654

Electronic Arts, Inc.		191		25,246


				76,900


Equity Real Estate Investment Trusts (REITs) — 2.5%

Host Hotels & Resorts, Inc. *		3,128		54,395

Vornado Realty Trust		360		15,061

Weyerhaeuser Co.		194		7,968


				77,424


Food & Staples Retailing — 4.4%

BJ’s Wholesale Club Holdings, Inc. *		308		20,627

Performance Food Group Co. *		214		9,820

US Foods Holding Corp. *		3,075		107,110


				137,557


Food Products — 3.0%

Bunge Ltd.		68		6,320

Lamb Weston Holdings, Inc.		1,396		88,447


				94,767


Health Care Equipment & Supplies — 2.1%

Zimmer Biomet Holdings, Inc. (a)		515		65,464


Health Care Providers & Services — 6.6%

Centene Corp. *		1,366		112,525

Cigna Corp.		254		58,303

McKesson Corp.		143		35,546


				206,374


Hotels, Restaurants & Leisure — 4.7%

Booking Holdings, Inc. *		18		43,666

Royal Caribbean Cruises Ltd. * (a)		1,315		101,100


				144,766


Household Durables — 0.7%

Newell Brands, Inc.		994		21,705


Household Products — 0.2%

Kimberly-Clark Corp.		53		7,632

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	57

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Industrial Conglomerates — 1.0%

Honeywell International, Inc.		147		30,609


Insurance — 4.0%

Allstate Corp. (The)		163		19,189

American International Group, Inc.		877		49,866

Chubb Ltd.		81		15,619

Prudential Financial, Inc.		132		14,288

Travelers Cos., Inc. (The)		173		27,031


				125,993


IT Services — 0.2%

WEX, Inc. *		55		7,767


Machinery — 2.3%

Parker-Hannifin Corp.		169		53,666

Terex Corp.		136		5,982

Timken Co. (The)		168		11,662


				71,310


Media — 1.0%

Comcast Corp., Class A		607		30,535


Metals & Mining — 4.5%

Alcoa Corp.		855		50,940

Freeport-McMoRan, Inc.		1,965		81,995

Rio Tinto plc, ADR (Australia) (a)		119		7,946


				140,881


Multiline Retail — 0.5%

Kohl’s Corp. (a)		344		17,005


Multi-Utilities — 1.0%

CenterPoint Energy, Inc.		1,099		30,665


Oil, Gas & Consumable Fuels — 7.5%

Chevron Corp.		791		92,777

Diamondback Energy, Inc.		287		30,953

Hess Corp.		386		28,546

Occidental Petroleum Corp.		986		28,578

Pioneer Natural Resources Co.		297		54,005


				234,859


Pharmaceuticals — 4.2%

Bristol-Myers Squibb Co.		1,475		91,973

Johnson & Johnson		167		28,500

Organon & Co.		340		10,356


				130,829


Road & Rail — 1.3%

Norfolk Southern Corp.		111		33,165

Union Pacific Corp.		33		8,288


				41,453


INVESTMENTS	SHARES (000)		VALUE ($000)


Technology Hardware, Storage & Peripherals — 2.7%

Seagate Technology Holdings plc		740		83,560


Textiles, Apparel & Luxury Goods — 1.2%

Kontoor Brands, Inc.		220		11,295

Tapestry, Inc.		614		24,916


				36,211


Total Common Stocks (Cost $2,622,002)				3,120,239

Short-Term Investments — 1.3%

Investment Companies — 0.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $3,146)		3,145		3,146


Investment of Cash Collateral from Securities Loaned — 1.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		29,901		29,894

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		7,894		7,894


Total Investment of Cash Collateral from Securities Loaned (Cost $37,788)				37,788


Total Short-Term Investments (Cost $40,934)				40,934

Total Investments — 101.5% (Cost $2,662,936)				3,161,173
Liabilities in Excess of Other Assets — (1.5)%				(48,001	)

Net Assets — 100.0%				3,113,172

Percentages indicated are based on net assets.

Abbreviations



ADR		American Depositary Receipt

(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $36,685.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%

Aerospace & Defense — 1.2%

Northrop Grumman Corp.		8		2,969


Auto Components — 0.7%

Lear Corp.		9		1,635


Banks — 9.8%

Bank of America Corp.		144		6,391

Citigroup, Inc.		57		3,451

Citizens Financial Group, Inc.		43		2,021

M&T Bank Corp.		16		2,445

PNC Financial Services Group, Inc. (The)		20		3,987

Wells Fargo & Co.		111		5,342

Western Alliance Bancorp		4		378


				24,015


Beverages — 2.2%

Coca-Cola Co. (The)		91		5,374


Biotechnology — 1.9%

AbbVie, Inc.		22		2,998

Vertex Pharmaceuticals, Inc. *		8		1,764


				4,762


Building Products — 2.1%

Johnson Controls International plc		32		2,578

Trane Technologies plc		13		2,666


				5,244


Capital Markets — 6.2%

BlackRock, Inc.		6		5,708

CME Group, Inc.		6		1,461

Morgan Stanley		53		5,248

T. Rowe Price Group, Inc.		15		2,976


				15,393


Chemicals — 2.3%

Axalta Coating Systems Ltd. *		90		2,994

DuPont de Nemours, Inc.		32		2,571


				5,565


Consumer Finance — 1.7%

Ally Financial, Inc.		32		1,520

Capital One Financial Corp.		7		1,065

Synchrony Financial		33		1,538


				4,123


Containers & Packaging — 0.6%

Berry Global Group, Inc. *		21		1,565


Diversified Financial Services — 1.1%

Berkshire Hathaway, Inc., Class B *		9		2,660


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Telecommunication Services — 2.1%

Verizon Communications, Inc.		98		5,103


Electric Utilities — 4.2%

Exelon Corp.		56		3,245

NextEra Energy, Inc.		76		7,101


				10,346


Electrical Equipment — 2.3%

Eaton Corp. plc		32		5,563


Equity Real Estate Investment Trusts (REITs) — 3.7%

Host Hotels & Resorts, Inc. *		54		946

Prologis, Inc.		43		7,177

Ventas, Inc.		21		1,065


				9,188


Food & Staples Retailing — 0.6%

Sysco Corp.		18		1,448


Food Products — 1.7%

Mondelez International, Inc., Class A		43		2,846

Tyson Foods, Inc., Class A		15		1,345


				4,191


Health Care Equipment & Supplies — 2.3%

Becton Dickinson and Co.		6		1,404

Medtronic plc		41		4,202


				5,606


Health Care Providers & Services — 6.2%

Anthem, Inc.		7		3,470

Centene Corp. *		26		2,119

Cigna Corp.		16		3,690

UnitedHealth Group, Inc.		12		6,124


				15,403


Hotels, Restaurants & Leisure — 1.2%

Expedia Group, Inc. *		7		1,321

Royal Caribbean Cruises Ltd. *		5		417

Travel + Leisure Co.		21		1,188


				2,926


Household Durables — 0.6%

Whirlpool Corp.		7		1,570


Household Products — 1.5%

Procter & Gamble Co. (The)		13		2,184

Spectrum Brands Holdings, Inc.		15		1,487


				3,671

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	59

JPMorgan U.S. Applied Data Science Value Fund

(formerly known as JPMorgan Intrepid Value Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — 2.6%

Loews Corp.		53		3,035

Travelers Cos., Inc. (The)		21		3,279


				6,314


Interactive Media & Services — 3.0%

Alphabet, Inc., Class C *		2		5,952

Meta Platforms, Inc., Class A *		4		1,342


				7,294


IT Services — 2.0%

Amdocs Ltd.		14		1,070

Fidelity National Information Services, Inc.		14		1,552

Fiserv, Inc. *		8		845

Mastercard, Inc., Class A		4		1,404


				4,871


Life Sciences Tools & Services — 0.7%

Agilent Technologies, Inc.		11		1,833


Machinery — 3.7%

Deere & Co.		4		1,343

Dover Corp.		23		4,090

Parker-Hannifin Corp.		11		3,645


				9,078


Media — 1.4%

Charter Communications, Inc., Class A *		3		1,955

Comcast Corp., Class A		30		1,523


				3,478


Multiline Retail — 0.9%

Target Corp.		10		2,212


Multi-Utilities — 2.2%

CMS Energy Corp.		23		1,509

Dominion Energy, Inc.		35		2,754

WEC Energy Group, Inc.		12		1,126


				5,389


Oil, Gas & Consumable Fuels — 5.6%

Cheniere Energy, Inc.		15		1,500

Chevron Corp.		17		2,004

ConocoPhillips		71		5,141

Coterra Energy, Inc.		84		1,603

EOG Resources, Inc.		34		2,984

Phillips 66		8		569


				13,801


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — 4.5%

Bristol-Myers Squibb Co.		82		5,125

Eli Lilly & Co.		11		3,027

Jazz Pharmaceuticals plc *		10		1,335

Merck & Co., Inc.		21		1,587


				11,074


Professional Services — 0.3%

Booz Allen Hamilton Holding Corp.		9		763


Real Estate Management & Development — 0.8%

CBRE Group, Inc., Class A *		19		2,024


Road & Rail — 3.4%

CSX Corp.		77		2,905

Norfolk Southern Corp.		18		5,504


				8,409


Semiconductors & Semiconductor Equipment — 3.8%

Analog Devices, Inc.		17		3,034

NXP Semiconductors NV (China)		5		1,153

QUALCOMM, Inc.		9		1,569

Texas Instruments, Inc.		20		3,693


				9,449


Software — 1.5%

Microsoft Corp.		9		2,909

SS&C Technologies Holdings, Inc.		9		771


				3,680


Specialty Retail — 3.9%

AutoZone, Inc. *		2		4,141

Lowe’s Cos., Inc.		7		1,833

O’Reilly Automotive, Inc. *		5		3,677


				9,651


Technology Hardware, Storage & Peripherals — 0.3%

Xerox Holdings Corp.		34		759


Tobacco — 1.0%

Altria Group, Inc.		52		2,472


Total Common Stocks (Cost $188,731)				240,871

Short-Term Investments — 2.1%

Investment Companies — 2.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $5,269)		5,267		5,269

Total Investments — 99.9% (Cost $194,000)				246,140
Other Assets Less Liabilities — 0.1%				312

NET ASSETS — 100.0%				246,452

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

03/2022

USD

5,234

100

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	61

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%

Aerospace & Defense — 1.4%

Northrop Grumman Corp.		811		313,743


Automobiles — 2.0%

Rivian Automotive, Inc., Class A * (a)		772		80,051

Tesla, Inc. *		356		375,858


				455,909


Banks — 6.3%

Truist Financial Corp.		8,364		489,729

US Bancorp		7,660		430,253

Wells Fargo & Co.		10,528		505,126


				1,425,108


Beverages — 1.2%

Coca-Cola Co. (The)		4,732		280,166


Biotechnology — 5.1%

AbbVie, Inc.		4,667		631,859

Biogen, Inc. *		670		160,643

Regeneron Pharmaceuticals, Inc. *		565		356,527


				1,149,029


Building Products — 0.7%

Trane Technologies plc		820		165,625


Capital Markets — 4.3%

Ameriprise Financial, Inc.		990		298,640

Morgan Stanley		2,496		244,983

S&P Global, Inc.		879		414,861


				958,484


Chemicals — 2.8%

Eastman Chemical Co.		1,587		191,912

PPG Industries, Inc.		2,548		439,354


				631,266


Construction Materials — 0.4%

Vulcan Materials Co.		471		97,798


Electric Utilities — 3.9%

NextEra Energy, Inc.		6,641		620,007

Xcel Energy, Inc.		3,761		254,608


				874,615


Electrical Equipment — 3.0%

Eaton Corp. plc		3,968		685,774


Equity Real Estate Investment Trusts (REITs) — 3.4%

Prologis, Inc.		4,545		765,183


Health Care Equipment & Supplies — 2.7%

Boston Scientific Corp. *		8,493		360,792

Intuitive Surgical, Inc. *		696		250,203


				610,995


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 1.5%

Centene Corp. *		4,036		332,600


Hotels, Restaurants & Leisure — 4.7%

Marriott International, Inc., Class A *		2,697		445,726

McDonald’s Corp.		1,494		400,369

Yum! Brands, Inc.		1,505		208,958


				1,055,053


Insurance — 0.6%

Progressive Corp. (The)		1,393		142,992


Interactive Media & Services — 7.6%

Alphabet, Inc., Class A *		508		1,472,829

Meta Platforms, Inc., Class A *		349		117,291

Snap, Inc., Class A *		2,502		117,686


				1,707,806


Internet & Direct Marketing Retail — 5.9%

Amazon.com, Inc. *		397		1,322,132


IT Services — 4.9%

Affirm Holdings, Inc. *		579		58,219

FleetCor Technologies, Inc. *		447		99,996

Mastercard, Inc., Class A		2,086		749,641

Shopify, Inc., Class A (Canada) *		136		187,822


				1,095,678


Machinery — 3.0%

Deere & Co.		1,365		468,046

Stanley Black & Decker, Inc.		1,115		210,275


				678,321


Pharmaceuticals — 3.8%

Bristol-Myers Squibb Co.		6,964		434,178

Eli Lilly & Co.		1,524		420,976


				855,154


Professional Services — 0.8%

Leidos Holdings, Inc.		1,906		169,420


Road & Rail — 2.5%

Norfolk Southern Corp.		1,863		554,590


Semiconductors & Semiconductor Equipment — 7.7%

Advanced Micro Devices, Inc. *		3,202		460,727

Analog Devices, Inc.		3,176		558,330

NXP Semiconductors NV (China)		3,163		720,448


				1,739,505


Software — 9.0%

Ceridian HCM Holding, Inc. *		916		95,638

Microsoft Corp.		5,671		1,907,117


				2,002,755

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Specialty Retail — 3.3%

Lowe’s Cos., Inc.		1,227		317,090

O’Reilly Automotive, Inc. *		265		186,989

Ross Stores, Inc.		2,122		242,471


				746,550


Technology Hardware, Storage & Peripherals — 5.3%

Apple, Inc.		6,707		1,190,924


Textiles, Apparel & Luxury Goods — 1.3%

NIKE, Inc., Class B		1,759		293,201


Total Common Stocks (Cost $12,546,854)				22,300,376

Short-Term Investments — 1.6%

Investment Companies — 1.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $305,526)		305,404		305,526


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b) (c)		55,006		54,995


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — continued

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		10,209		10,209


Total Investment of Cash Collateral from Securities Loaned (Cost $65,204)				65,204


Total Short-Term Investments (Cost $370,730)				370,730

Total Investments — 100.7% (Cost $12,917,584)				22,671,106
Liabilities in Excess of Other Assets — (0.7)%				(156,541	)

NET ASSETS — 100.0%				22,514,565

Percentages indicated are based on net assets.

Abbreviations


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $64,031.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

813

03/2022

USD

193,423

5,467

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	63

JPMorgan U.S. GARP Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%

Aerospace & Defense — 0.5%

Textron, Inc.		86		6,639


Air Freight & Logistics — 0.3%

United Parcel Service, Inc., Class B		19		3,987


Automobiles — 3.6%

Rivian Automotive, Inc., Class A * (a)		43		4,452

Tesla, Inc. *		42		44,173


				48,625


Beverages — 2.0%

Coca-Cola Co. (The)		173		10,220

Monster Beverage Corp. *		72		6,934

PepsiCo, Inc.		53		9,189


				26,343


Biotechnology — 3.0%

AbbVie, Inc.		186		25,232

Regeneron Pharmaceuticals, Inc. *		8		5,242

Seagen, Inc. *		17		2,566

Vertex Pharmaceuticals, Inc. *		36		7,928


				40,968


Building Products — 1.3%

Allegion plc		45		5,894

Trane Technologies plc		56		11,333


				17,227


Capital Markets — 0.7%

S&P Global, Inc.		19		8,778


Commercial Services & Supplies — 0.5%

Waste Management, Inc.		39		6,476


Construction & Engineering — 0.2%

Quanta Services, Inc.		21		2,431


Consumer Finance — 0.4%

Capital One Financial Corp.		36		5,194


Electronic Equipment, Instruments & Components — 0.6%

Keysight Technologies, Inc. *		39		8,116


Entertainment — 2.0%

Electronic Arts, Inc.		61		8,006

Netflix, Inc.*		30		18,254


				26,260


Equity Real Estate Investment Trusts (REITs) — 2.1%

Equinix, Inc.		6		4,990

Host Hotels & Resorts, Inc.*		285		4,953

Prologis, Inc.		74		12,510

Sun Communities, Inc.		26		5,354


				27,807


INVESTMENTS	SHARES (000)		VALUE ($000)


Food & Staples Retailing — 0.5%

Costco Wholesale Corp.		12		6,812


Food Products — 0.2%

Hershey Co. (The)		16		3,115


Health Care Equipment & Supplies — 2.3%

Align Technology, Inc. *		17		11,106

Boston Scientific Corp. *		281		11,937

Medtronic plc		75		7,800


				30,843


Health Care Providers & Services — 1.6%

Anthem, Inc.		15		6,999

Humana, Inc.		13		5,984

UnitedHealth Group, Inc.		17		8,336


				21,319


Hotels, Restaurants & Leisure — 3.2%

Airbnb, Inc., Class A *		35		5,757

Booking Holdings, Inc. *		2		5,278

Darden Restaurants, Inc.		34		5,062

Domino’s Pizza, Inc.		9		5,079

Expedia Group, Inc. *		51		9,234

Las Vegas Sands Corp. *		99		3,738

McDonald’s Corp.		32		8,605


				42,753


Household Durables — 1.3%

PulteGroup, Inc.		102		5,813

Toll Brothers, Inc.		154		11,148


				16,961


Insurance — 0.3%

Arch Capital Group Ltd. *		87		3,885


Interactive Media & Services — 9.3%

Alphabet, Inc., Class A *		13		36,792

Alphabet, Inc., Class C *		12		35,881

Meta Platforms, Inc., Class A *		160		53,883


				126,556


Internet & Direct Marketing Retail — 5.9%

Amazon.com, Inc. *		24		79,357


IT Services — 4.7%

Accenture plc, Class A		32		13,307

Mastercard, Inc., Class A		102		36,759

PayPal Holdings, Inc. *		16		3,036

Visa, Inc., Class A		46		10,055


				63,157

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Life Sciences Tools & Services — 2.4%

Agilent Technologies, Inc.		74		11,734

Thermo Fisher Scientific, Inc.		22		14,480

Waters Corp. *		14		5,365


				31,579


Machinery — 1.6%

Deere & Co.		18		6,172

Ingersoll Rand, Inc.		102		6,305

Otis Worldwide Corp.		53		4,641

Parker-Hannifin Corp.		16		4,994


				22,112


Media — 0.4%

Charter Communications, Inc., Class A *		8		4,955


Metals & Mining — 0.8%

Freeport-McMoRan, Inc.		136		5,666

Steel Dynamics, Inc.		76		4,724


				10,390


Oil, Gas & Consumable Fuels — 0.7%

Cheniere Energy, Inc.		87		8,803


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		15		5,479


Pharmaceuticals — 0.3%

Bristol-Myers Squibb Co.		58		3,635


Road & Rail — 2.4%

CSX Corp.		255		9,599

Lyft, Inc., Class A *		238		10,171

Norfolk Southern Corp.		15		4,495

Old Dominion Freight Line, Inc.		23		8,386


				32,651


Semiconductors & Semiconductor Equipment — 7.1%

Applied Materials, Inc.		31		4,878

Lam Research Corp.		35		24,955

NVIDIA Corp.		84		24,676

NXP Semiconductors NV (China)		59		13,325

Qorvo, Inc. *		22		3,425

QUALCOMM, Inc.		65		11,795

Texas Instruments, Inc.		63		11,892


				94,946


Software — 18.5%

Adobe, Inc. *		22		12,193

Cadence Design Systems, Inc. *		67		12,541

Ceridian HCM Holding, Inc. *		95		9,882

Dropbox, Inc., Class A *		320		7,841

Fortinet, Inc. *		23		8,374


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

HubSpot, Inc. *		3		2,241

Intuit, Inc.		43		27,755

Microsoft Corp.		413		139,001

Palo Alto Networks, Inc. *		25		13,752

PTC, Inc. *		27		3,210

VMware, Inc., Class A		20		2,260

Workday, Inc., Class A *		39		10,627


				249,677


Specialty Retail — 5.4%

Bath & Body Works, Inc.		95		6,595

Best Buy Co., Inc.		58		5,872

Burlington Stores, Inc. *		27		7,987

Lowe’s Cos., Inc.		114		29,545

O’Reilly Automotive, Inc. *		26		18,221

TJX Cos., Inc. (The)		56		4,267


				72,487


Technology Hardware, Storage & Peripherals — 10.4%

Apple, Inc.		720		127,922

Hewlett Packard Enterprise Co.		335		5,281

Seagate Technology Holdings plc		71		8,067


				141,270


Textiles, Apparel & Luxury Goods — 1.3%

NIKE, Inc., Class B		107		17,751


Tobacco — 0.5%

Philip Morris International, Inc.		68		6,441


Total Common Stocks (Cost $713,220)				1,325,785

Short-Term Investments — 1.5%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $17,033)		17,029		17,035


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $3,659)		3,659		3,659


Total Short-Term Investments (Cost $20,692)				20,694

Total Investments — 100.2% (Cost $733,912)				1,346,479
Liabilities in Excess of Other Assets — (0.2)%				(2,935	)

NET ASSETS — 100.0%				1,343,544

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	65

JPMorgan U.S. GARP Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

Abbreviations


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $3,562.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

03/2022

USD

16,654

513

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)

Long Positions — 121.7%

Common Stocks — 121.0%

Aerospace & Defense — 1.3%

Howmet Aerospace, Inc.		119		3,775

Northrop Grumman Corp. (a)		31		11,957

Raytheon Technologies Corp.		167		14,376

TransDigm Group, Inc. *		9		5,466


				35,574


Air Freight & Logistics — 0.5%

United Parcel Service, Inc., Class B		65		13,915


Auto Components — 0.3%

Aptiv plc *		16		2,691

Lear Corp.		14		2,573

Magna International, Inc. (Canada)		31		2,506


				7,770


Automobiles — 0.9%

General Motors Co. *		105		6,142

Rivian Automotive, Inc., Class A *		173		17,979


				24,121


Banks — 5.3%

Bank of America Corp. (a)		603		26,849

Fifth Third Bancorp		292		12,735

SVB Financial Group *		44		29,705

Truist Financial Corp.		375		21,946

Wells Fargo & Co. (a)		1,026		49,218


				140,453


Beverages — 1.8%

Coca-Cola Co. (The) (a)		366		21,672

PepsiCo, Inc. (a)		153		26,508


				48,180


Biotechnology — 4.3%

AbbVie, Inc. (a)		325		43,952

Alnylam Pharmaceuticals, Inc. *		15		2,540

Biogen, Inc. * (a)		55		13,091

BioMarin Pharmaceutical, Inc. *		97		8,574

Neurocrine Biosciences, Inc. *		101		8,639

Regeneron Pharmaceuticals, Inc. *		31		19,529

Vertex Pharmaceuticals, Inc. *		75		16,425


				112,750


Building Products — 1.0%

Trane Technologies plc		136		27,407


Capital Markets — 2.7%

Ameriprise Financial, Inc.		9		2,695


INVESTMENTS	SHARES (000)		VALUE ($000)



Capital Markets — continued

Charles Schwab Corp. (The)		214		17,961

CME Group, Inc.		45		10,360

Intercontinental Exchange, Inc.		79		10,840

Morgan Stanley (a)		248		24,312

S&P Global, Inc.		9		4,452


				70,620


Chemicals — 4.1%

Air Products and Chemicals, Inc.		59		17,861

Celanese Corp.		116		19,544

DuPont de Nemours, Inc.		229		18,508

Eastman Chemical Co.		30		3,648

Linde plc (United Kingdom)		86		29,706

PPG Industries, Inc.		106		18,243


				107,510


Commercial Services & Supplies — 0.1%

Waste Connections, Inc.		19		2,579


Communications Equipment — 0.1%

Juniper Networks, Inc.		40		1,428


Construction Materials — 0.2%

Vulcan Materials Co.		20		4,069


Diversified Financial Services — 0.2%

Voya Financial, Inc.		67		4,449


Electric Utilities — 2.4%

Alliant Energy Corp.		41		2,515

Edison International		185		12,593

FirstEnergy Corp.		340		14,145

NextEra Energy, Inc.		378		35,313


				64,566


Electrical Equipment — 1.1%

Eaton Corp. plc		171		29,479


Electronic Equipment, Instruments & Components — 0.4%

Corning, Inc.		148		5,518

Keysight Technologies, Inc. *		26		5,447


				10,965


Energy Equipment & Services — 0.2%

Baker Hughes Co. (a)		179		4,309


Entertainment — 1.2%

Endeavor Group Holdings, Inc., Class A *		570		19,891

Netflix, Inc. * (a)		18		10,883


				30,774

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	67

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — 3.5%

American Homes 4 Rent, Class A		148		6,456

Camden Property Trust		18		3,259

Cousins Properties, Inc.		121		4,876

Equinix, Inc.		15		12,404

Host Hotels & Resorts, Inc. *		210		3,647

Invitation Homes, Inc.		118		5,354

Kimco Realty Corp.		363		8,959

Prologis, Inc.		138		23,208

Sun Communities, Inc.		82		17,193

UDR, Inc.		109		6,511


				91,867


Food & Staples Retailing — 0.5%

Costco Wholesale Corp.		23		13,234


Food Products — 1.0%

Hershey Co. (The)		35		6,675

Mondelez International, Inc., Class A (a)		287		18,998


				25,673


Health Care Equipment & Supplies — 2.3%

Abbott Laboratories		76		10,764

Boston Scientific Corp. * (a)		586		24,901

Intuitive Surgical, Inc. *		31		11,113

Zimmer Biomet Holdings, Inc. (a)		110		14,002


				60,780


Health Care Providers & Services — 3.8%

Centene Corp. *		275		22,643

CVS Health Corp. (a)		111		11,478

Humana, Inc.		8		3,818

UnitedHealth Group, Inc. (a)		127		63,649


				101,588


Hotels, Restaurants & Leisure — 3.3%

Booking Holdings, Inc. *		11		27,220

Domino’s Pizza, Inc.		10		5,686

Expedia Group, Inc. *		14		2,596

Hilton Worldwide Holdings, Inc. *		54		8,450

McDonald’s Corp.		126		33,663

Yum! Brands, Inc.		61		8,436


				86,051


Household Durables — 0.7%

KB Home		90		4,033

Mohawk Industries, Inc. *		16		2,829

Toll Brothers, Inc.		158		11,410


				18,272


INVESTMENTS	SHARES (000)		VALUE ($000)



Household Products — 1.3%

Procter & Gamble Co. (The)		215		35,148


Insurance — 1.5%

Arthur J Gallagher & Co.		64		10,893

Hartford Financial Services Group, Inc. (The) (a)		145		9,994

Progressive Corp. (The)		107		11,021

Prudential Financial, Inc.		65		7,065

Ryan Specialty Group Holdings, Inc., Class A *		11		426


				39,399


Interactive Media & Services — 7.6%

Alphabet, Inc., Class A * (a)		37		108,497

Alphabet, Inc., Class C * (a)		10		28,204

Meta Platforms, Inc., Class A *		112		37,574

Snap, Inc., Class A *		373		17,558

ZoomInfo Technologies, Inc., Class A * (a)		178		11,408


				203,241


Internet & Direct Marketing Retail — 5.7%

Amazon.com, Inc. * (a)		45		149,932


IT Services — 4.7%

Affirm Holdings, Inc. *		26		2,584

International Business Machines Corp.		60		8,013

Mastercard, Inc., Class A (a)		181		64,973

PayPal Holdings, Inc. * (a)		41		7,771

Shopify, Inc., Class A (Canada) *		19		25,727

WEX, Inc. *		113		15,823


				124,891


Life Sciences Tools & Services — 2.5%

Danaher Corp.		22		7,114

PerkinElmer, Inc.		44		8,868

Thermo Fisher Scientific, Inc. (a)		76		50,581


				66,563


Machinery — 5.2%

Deere & Co.		97		33,106

Dover Corp.		154		27,948

Ingersoll Rand, Inc.		653		40,411

Otis Worldwide Corp.		67		5,827

Parker-Hannifin Corp.		4		1,308

Stanley Black & Decker, Inc.		157		29,607


				138,207


Media — 1.7%

Charter Communications, Inc., Class A * (a)		28		18,157

Comcast Corp., Class A (a)		441		22,201

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued

Media — continued

Liberty Media Corp.-Liberty SiriusXM, Class A *		76		3,876


				44,234


Metals & Mining — 0.5%

Freeport-McMoRan, Inc.		287		11,976


Multiline Retail — 0.7%

Dollar General Corp.		37		8,667

Dollar Tree, Inc. *		64		8,926


				17,593


Multi-Utilities — 1.3%

Ameren Corp.		85		7,540

CenterPoint Energy, Inc.		631		17,604

DTE Energy Co.		21		2,481

Public Service Enterprise Group, Inc.		98		6,558


				34,183


Oil, Gas & Consumable Fuels — 4.4%

Cheniere Energy, Inc.		37		3,791

Chevron Corp.		213		25,038

ConocoPhillips		410		29,610

Coterra Energy, Inc.		326		6,198

Diamondback Energy, Inc.		200		21,580

EOG Resources, Inc.		44		3,886

ONEOK, Inc.		44		2,593

Phillips 66		76		5,518

Pioneer Natural Resources Co. (a)		100		18,241


				116,455


Personal Products — 1.0%

Estee Lauder Cos., Inc. (The), Class A		70		26,032


Pharmaceuticals — 2.3%

Bristol-Myers Squibb Co. (a)		357		22,261

Eli Lilly & Co.		143		39,476


				61,737


Professional Services — 1.1%

Booz Allen Hamilton Holding Corp.		110		9,365

IHS Markit Ltd.		41		5,401

Leidos Holdings, Inc.		151		13,389


				28,155


Road & Rail — 4.2%

Canadian National Railway Co. (Canada)		43		5,341

CSX Corp.		205		7,714

Knight-Swift Transportation Holdings, Inc.		64		3,887


INVESTMENTS	SHARES (000)		VALUE ($000)



Road & Rail — continued

Lyft, Inc., Class A *		548		23,414

Norfolk Southern Corp. (a)		152		45,172

Old Dominion Freight Line, Inc.		36		13,028

Union Pacific Corp. (a)		48		12,070


				110,626


Semiconductors & Semiconductor Equipment — 8.6%

Advanced Micro Devices, Inc. *		242		34,885

Analog Devices, Inc. (a)		86		15,130

Lam Research Corp.		31		22,609

Microchip Technology, Inc.		15		1,323

NVIDIA Corp. (a)		146		43,032

NXP Semiconductors NV (China)		370		84,242

ON Semiconductor Corp. *		52		3,554

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		10		1,236

Teradyne, Inc.		8		1,358

Texas Instruments, Inc. (a)		127		23,921


				231,290


Software — 10.5%

Ceridian HCM Holding, Inc. *		240		25,043

HashiCorp, Inc., Class A *		45		4,094

Intuit, Inc.		32		20,557

Microsoft Corp.(a)		580		195,031

salesforce.com, Inc. * (a)		24		6,210

Workday, Inc., Class A *		103		28,205


				279,140


Specialty Retail — 4.7%

AutoZone, Inc. * (a)		3		6,652

Best Buy Co., Inc.		25		2,574

Burlington Stores, Inc. *		56		16,304

Home Depot, Inc. (The) (a)		30		12,638

Lowe’s Cos., Inc.		170		43,906

O’Reilly Automotive, Inc. *		60		42,387


				124,461


Technology Hardware, Storage & Peripherals — 6.4%

Apple, Inc. (a)		843		149,757

Hewlett Packard Enterprise Co.		383		6,042

Seagate Technology Holdings plc		133		15,070


				170,869


Textiles, Apparel & Luxury Goods — 1.3%

NIKE, Inc., Class B		203		33,879

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	69

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued

Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		137			15,933


Total Common Stocks (Cost $1,601,517)					3,202,327

Short-Term Investments — 0.7%

Investment Companies — 0.7%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $18,556)		18,549			18,556


Total Long Positions (Cost $1,620,073)					3,220,883

Short Positions — (21.6)%
Common Stocks — (21.6)%

Aerospace & Defense — (0.4)%

Boeing Co. (The) *		(12	)		(2,394	)

Hexcel Corp. *		(38	)		(1,950	)

Huntington Ingalls Industries, Inc.		(34	)		(6,300	)

L3Harris Technologies, Inc.		(5	)		(1,098	)


					(11,742	)


Air Freight & Logistics — (0.6)%

CH Robinson Worldwide, Inc.		(83	)		(8,893	)

Expeditors International of Washington, Inc.		(55	)		(7,389	)


					(16,282	)


Auto Components — (0.3)%

BorgWarner, Inc.		(200	)		(9,035	)


Automobiles — (0.1)%

Ford Motor Co.		(64	)		(1,332	)


Biotechnology — (0.5)%

Gilead Sciences, Inc.		(31	)		(2,215	)

Moderna, Inc. *		(39	)		(9,816	)


					(12,031	)


Building Products — (0.1)%

Lennox International, Inc.		(7	)		(2,247	)


Capital Markets — (0.8)%

Franklin Resources, Inc.		(77	)		(2,594	)

Goldman Sachs Group, Inc. (The)		(13	)		(4,888	)

Moody’s Corp.		(10	)		(3,737	)

MSCI, Inc.		(9	)		(5,629	)

Northern Trust Corp.		(31	)		(3,655	)


					(20,503	)


Chemicals — (0.2)%

Dow, Inc.		(38	)		(2,150	)

Ecolab, Inc.		(12	)		(2,851	)


					(5,001	)


INVESTMENTS	SHARES (000)			VALUE ($000)



Commercial Services & Supplies — (0.2)%

Republic Services, Inc.		(34	)		(4,753	)


Communications Equipment — (0.3)%

Cisco Systems, Inc.		(145	)		(9,176	)


Consumer Finance — (0.2)%

Discover Financial Services		(55	)		(6,401	)


Containers & Packaging — (0.9)%

AptarGroup, Inc.		(15	)		(1,823	)

Ball Corp.		(28	)		(2,692	)

Crown Holdings, Inc.		(34	)		(3,792	)

International Paper Co.		(116	)		(5,459	)

Packaging Corp. of America		(10	)		(1,351	)

Silgan Holdings, Inc.		(146	)		(6,249	)

Sonoco Products Co.		(60	)		(3,475	)


					(24,841	)


Diversified Telecommunication Services — (0.8)%

AT&T, Inc.		(333	)		(8,197	)

Lumen Technologies, Inc.		(509	)		(6,389	)

Verizon Communications, Inc.		(130	)		(6,776	)


					(21,362	)


Electric Utilities — (1.1)%

American Electric Power Co., Inc.		(93	)		(8,231	)

Eversource Energy		(74	)		(6,763	)

Pinnacle West Capital Corp.		(49	)		(3,481	)

Southern Co. (The)		(141	)		(9,642	)


					(28,117	)


Electrical Equipment — (0.4)%

Acuity Brands, Inc.		(18	)		(3,859	)

Hubbell, Inc.		(21	)		(4,353	)

Sensata Technologies Holding plc *		(23	)		(1,393	)


					(9,605	)


Electronic Equipment, Instruments & Components — (0.2)%

Cognex Corp.		(57	)		(4,410	)


Energy Equipment & Services — (0.2)%

Halliburton Co.		(147	)		(3,363	)

Schlumberger NV		(86	)		(2,578	)


					(5,941	)


Entertainment — (0.2)%

AMC Entertainment Holdings, Inc., Class A *		(157	)		(4,280	)


Equity Real Estate Investment Trusts (REITs) — (1.2)%

AvalonBay Communities, Inc.		(12	)		(3,023	)

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Equity Residential		(48	)		(4,378	)

Iron Mountain, Inc.		(115	)		(6,001	)

National Retail Properties, Inc.		(149	)		(7,142	)

Orion Office REIT, Inc. *		(4	)		(74	)

Realty Income Corp.		(36	)		(2,610	)

Simon Property Group, Inc.		(23	)		(3,720	)

SL Green Realty Corp.		(48	)		(3,409	)

Welltower, Inc.		(31	)		(2,632	)


					(32,989	)


Food & Staples Retailing — (1.6)%

Kroger Co. (The)		(450	)		(20,381	)

Walgreens Boots Alliance, Inc.		(249	)		(12,979	)

Walmart, Inc.		(63	)		(9,097	)


					(42,457	)


Food Products — (0.6)%

Campbell Soup Co.		(132	)		(5,716	)

Conagra Brands, Inc.		(103	)		(3,519	)

General Mills, Inc.		(19	)		(1,250	)

Kellogg Co.		(70	)		(4,499	)


					(14,984	)


Gas Utilities — (0.1)%

National Fuel Gas Co.		(47	)		(2,974	)


Health Care Equipment & Supplies — (0.6)%

Baxter International, Inc.		(60	)		(5,168	)

Stryker Corp.		(44	)		(11,665	)


					(16,833	)


Health Care Providers & Services — (0.1)%

Henry Schein, Inc. *		(46	)		(3,534	)


Hotels, Restaurants & Leisure — (0.4)%

Starbucks Corp.		(86	)		(10,075	)


Household Products — (0.6)%

Clorox Co. (The)		(68	)		(11,851	)

Colgate-Palmolive Co.		(48	)		(4,097	)


					(15,948	)


Industrial Conglomerates — (0.8)%

3M Co.		(74	)		(13,115	)

General Electric Co.		(75	)		(7,131	)


					(20,246	)


Insurance — (0.1)%

Aon plc, Class A		(8	)		(2,340	)


INVESTMENTS	SHARES (000)			VALUE ($000)



Internet & Direct Marketing Retail — (0.2)%

eBay, Inc.		(83	)		(5,551	)


IT Services — (0.8)%

Cognizant Technology Solutions Corp., Class A		(50	)		(4,450	)

DXC Technology Co. *		(37	)		(1,183	)

Jack Henry & Associates, Inc.		(23	)		(3,759	)

Paychex, Inc.		(43	)		(5,862	)

Western Union Co. (The)		(356	)		(6,360	)


					(21,614	)


Life Sciences Tools & Services — (0.2)%

Waters Corp. *		(17	)		(6,157	)


Machinery — (0.8)%

Caterpillar, Inc.		(31	)		(6,364	)

Illinois Tool Works, Inc.		(43	)		(10,594	)

PACCAR, Inc.		(56	)		(4,908	)


					(21,866	)


Media — (0.9)%

Interpublic Group of Cos., Inc. (The)		(197	)		(7,381	)

Omnicom Group, Inc.		(223	)		(16,306	)

ViacomCBS, Inc.		(44	)		(1,335	)


					(25,022	)


Multiline Retail — (0.3)%

Kohl’s Corp.		(30	)		(1,460	)

Macy’s, Inc.		(53	)		(1,381	)

Target Corp.		(19	)		(4,381	)


					(7,222	)


Multi-Utilities — (0.5)%

CMS Energy Corp.		(39	)		(2,535	)

Consolidated Edison, Inc.		(89	)		(7,593	)

Dominion Energy, Inc.		(34	)		(2,661	)


					(12,789	)


Oil, Gas & Consumable Fuels — (1.5)%

Enbridge, Inc. (Canada)		(282	)		(11,040	)

Exxon Mobil Corp.		(205	)		(12,572	)

Hess Corp.		(87	)		(6,467	)

HollyFrontier Corp.		(53	)		(1,747	)

Kinder Morgan, Inc.		(66	)		(1,043	)

Marathon Oil Corp.		(357	)		(5,858	)


					(38,727	)


Pharmaceuticals — (0.3)%

Merck & Co., Inc.		(60	)		(4,636	)

Pfizer, Inc.		(47	)		(2,755	)


					(7,391	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	71

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued

Professional Services — (0.2)%

TransUnion		(38	)		(4,490	)


Road & Rail — (0.3)%

Canadian Pacific Railway Ltd. (Canada)		(18	)		(1,280	)

JB Hunt Transport Services, Inc.		(6	)		(1,178	)

Werner Enterprises, Inc.		(104	)		(4,947	)


					(7,405	)


Semiconductors & Semiconductor Equipment — (0.8)%

Broadcom, Inc.		(12	)		(7,845	)

Intel Corp.		(106	)		(5,434	)

QUALCOMM, Inc.		(45	)		(8,203	)


					(21,482	)


Software — (0.6)%

Citrix Systems, Inc.		(25	)		(2,335	)

Oracle Corp.		(66	)		(5,732	)

Palantir Technologies, Inc., Class A *		(57	)		(1,034	)

Splunk, Inc. *		(35	)		(4,002	)

VMware, Inc., Class A		(21	)		(2,407	)


					(15,510	)


Specialty Retail — 0.0% (d)

CarMax, Inc. *		(10	)		(1,255	)


Technology Hardware, Storage & Peripherals — (0.3)%

NetApp, Inc.		(53	)		(4,855	)

Xerox Holdings Corp.		(84	)		(1,905	)


					(6,760	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Textiles, Apparel & Luxury Goods — 0.0% (d)

VF Corp.		(17	)		(1,276	)


Trading Companies & Distributors — (0.2)%

Fastenal Co.		(91	)		(5,821	)


Water Utilities — (0.1)%

Essential Utilities, Inc.		(51	)		(2,733	)


Total Common Stocks (Proceeds $(553,216))					(572,510	)


Total Short Positions (Proceeds $(553,216))					(572,510	)
					��
Total Investments — 100.1% (Cost $1,066,857)					2,648,373
Liabilities in Excess of Other Assets — (0.1)%					(2,571	)

NET ASSETS — 100.0%					2,645,802

Percentages indicated are based on net assets.


Abbreviations
ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

(a)		All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $787,357.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
(d)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		52		20,091

Raytheon Technologies Corp.		325		27,927


				48,018


Air Freight & Logistics — 1.1%

FedEx Corp.		79		20,366

United Parcel Service, Inc., Class B		212		45,434


				65,800


Airlines — 0.2%

Southwest Airlines Co. *		291		12,449


Auto Components — 0.3%

Aptiv plc *		37		6,029

Magna International, Inc. (Canada)		131		10,600


				16,629


Automobiles — 2.4%

General Motors Co. *		235		13,773

Rivian Automotive, Inc., Class A *		44		4,539

Tesla, Inc. *		117		123,381


				141,693


Banks — 3.8%

Bank of America Corp.		697		31,004

Citigroup, Inc.		554		33,482

Fifth Third Bancorp		324		14,115

Regions Financial Corp.		785		17,103

SVB Financial Group *		15		9,898

Truist Financial Corp.	��	365		21,365

US Bancorp		643		36,126

Wells Fargo & Co.		1,323		63,484


				226,577


Beverages — 1.2%

Coca-Cola Co. (The)		894		52,910

Constellation Brands, Inc., Class A		85		21,212


				74,122


Biotechnology — 2.3%

AbbVie, Inc.		510		69,070

Biogen, Inc. *		46		11,111

BioMarin Pharmaceutical, Inc. *		35		3,057

Moderna, Inc. *		22		5,588

Neurocrine Biosciences, Inc. *		35		2,998

Regeneron Pharmaceuticals, Inc. *		40		25,463

Vertex Pharmaceuticals, Inc. *		106		23,248


				140,535


INVESTMENTS	SHARES (000)		VALUE ($000)


Building Products — 1.2%

Johnson Controls International plc		228		18,563

Masco Corp.		187		13,127

Trane Technologies plc		198		39,945


				71,635


Capital Markets — 3.2%

Goldman Sachs Group, Inc. (The)		81		30,943

Intercontinental Exchange, Inc.		136		18,666

Morgan Stanley		277		27,167

S&P Global, Inc.		109		51,375

State Street Corp.		370		34,374

T. Rowe Price Group, Inc.		153		30,113


				192,638


Chemicals — 1.9%

Air Products and Chemicals, Inc.		29		8,856

Celanese Corp.		51		8,527

DuPont de Nemours, Inc.		224		18,089

Eastman Chemical Co.		235		28,372

Linde plc (United Kingdom)		55		18,993

PPG Industries, Inc.		179		30,916


				113,753


Commercial Services & Supplies — 0.1%

Cintas Corp.		15		6,741


Communications Equipment — 0.1%

Motorola Solutions, Inc.		21		5,660


Consumer Finance — 0.3%

Capital One Financial Corp.		123		17,910


Containers & Packaging — 0.3%

Avery Dennison Corp.		49		10,612

Westrock Co.		154		6,840


				17,452


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		266		79,480

Voya Financial, Inc.		72		4,755


				84,235


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc.		348		18,095


Electric Utilities — 1.9%

Edison International		166		11,357

Evergy, Inc.		205		14,044

Exelon Corp.		209		12,095

FirstEnergy Corp.		510		21,228

NextEra Energy, Inc.		588		54,859


				113,583

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	73

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electrical Equipment �� 0.6%

Eaton Corp. plc		209		36,084


Entertainment — 0.9%

Netflix, Inc. *		74		44,862

Walt Disney Co. (The) *		72		11,128


				55,990


Equity Real Estate Investment Trusts (REITs) — 2.6%

Camden Property Trust		103		18,403

Equinix, Inc.		22		18,866

Equity LifeStyle Properties, Inc.		138		12,054

Host Hotels & Resorts, Inc. *		284		4,939

Kimco Realty Corp.		382		9,416

Prologis, Inc.		268		45,108

SBA Communications Corp.		29		11,243

Sun Communities, Inc.		74		15,512

UDR, Inc.		43		2,556

Ventas, Inc.		295		15,063


				153,160


Food Products — 0.5%

Mondelez International, Inc., Class A		451		29,911


Health Care Equipment & Supplies — 2.8%

Abbott Laboratories		291		40,933

ABIOMED, Inc. *		6		2,323

Baxter International, Inc.		88		7,571

Becton Dickinson and Co.		63		15,816

Boston Scientific Corp. *		509		21,642

Dexcom, Inc. *		14		7,292

Intuitive Surgical, Inc. *		29		10,474

Medtronic plc		365		37,806

Zimmer Biomet Holdings, Inc.		178		22,629


				166,486


Health Care Providers & Services — 2.9%

Anthem, Inc.		90		41,606

Centene Corp. *		313		25,790

Humana, Inc.		26		12,014

McKesson Corp.		29		7,258

UnitedHealth Group, Inc.		171		85,821


				172,489


Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		10		24,031

Hilton Worldwide Holdings, Inc. *		110		17,167

McDonald’s Corp.		213		57,153

Royal Caribbean Cruises Ltd. *		32		2,448


				100,799


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Durables — 0.6%

DR Horton, Inc.		20		2,189

Lennar Corp., Class A		239		27,718

Toll Brothers, Inc.		115		8,289


				38,196


Household Products — 1.5%

Kimberly-Clark Corp.		130		18,633

Procter & Gamble Co. (The)		445		72,852


				91,485


Industrial Conglomerates — 0.4%

Honeywell International, Inc.		100		20,941


Insurance — 1.8%

Chubb Ltd.		146		28,207

Hartford Financial Services Group, Inc. (The)		350		24,141

Progressive Corp. (The)		389		39,958

Prudential Financial, Inc.		111		12,034

Travelers Cos., Inc. (The)		36		5,639


				109,979


Interactive Media & Services — 7.0%

Alphabet, Inc., Class A *		57		163,907

Alphabet, Inc., Class C *		43		124,647

Meta Platforms, Inc., Class A *		355		119,277

ZoomInfo Technologies, Inc., Class A*		142		9,129


				416,960


Internet & Direct Marketing Retail — 4.0%

Amazon.com, Inc. *		71		236,585


IT Services — 4.7%

Accenture plc, Class A		165		68,575

FleetCor Technologies, Inc. *		66		14,679

International Business Machines Corp.		220		29,392

Mastercard, Inc., Class A		232		83,540

PayPal Holdings, Inc. *		62		11,746

Shopify, Inc., Class A (Canada)*		6		7,989

Visa, Inc., Class A		304		65,946


				281,867


Life Sciences Tools & Services — 1.7%

Danaher Corp.		57		18,721

Illumina, Inc. *		21		8,049

PerkinElmer, Inc.		22		4,504

Thermo Fisher Scientific, Inc.		105		69,980


				101,254


Machinery — 2.4%

Deere & Co.		142		48,686

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Machinery — continued

Ingersoll Rand, Inc.		163		10,094

Otis Worldwide Corp.		362		31,493

Parker-Hannifin Corp.		68		21,624

Stanley Black & Decker, Inc.		174		32,811


				144,708


Media — 1.1%

Charter Communications, Inc., Class A *		32		21,186

Comcast Corp., Class A		856		43,063

Fox Corp., Class A		34		1,258


				65,507


Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		180		7,500


Multiline Retail — 0.7%

Dollar General Corp.		22		5,193

Dollar Tree, Inc. *		49		6,851

Target Corp.		117		26,970


				39,014


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		832		23,218

DTE Energy Co.		98		11,763


				34,981


Oil, Gas & Consumable Fuels — 2.7%

Cheniere Energy, Inc.		70		7,049

Chevron Corp.		303		35,590

ConocoPhillips		599		43,205

Coterra Energy, Inc.		69		1,310

Diamondback Energy, Inc.		226		24,389

EOG Resources, Inc.		161		14,262

Phillips 66		29		2,137

Pioneer Natural Resources Co.		150		27,232

Williams Cos., Inc. (The)		171		4,443


				159,617


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		57		21,212


Pharmaceuticals — 3.5%

Bristol-Myers Squibb Co.		779		48,543

Eli Lilly & Co.		207		57,278

Johnson & Johnson		345		59,035

Merck & Co., Inc.		296		22,661

Pfizer, Inc.		328		19,396


				206,913


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 0.4%

Booz Allen Hamilton Holding Corp.		80		6,813

Leidos Holdings, Inc.		169		15,024


				21,837


Road & Rail — 1.0%

Lyft, Inc., Class A *		156		6,675

Norfolk Southern Corp.		110		32,851

Union Pacific Corp.		86		21,644


				61,170


Semiconductors & Semiconductor Equipment — 7.1%

Advanced Micro Devices, Inc. *		343		49,417

Analog Devices, Inc.		222		38,960

Applied Materials, Inc.		288		45,282

Intel Corp.		87		4,478

KLA Corp.		22		9,419

Lam Research Corp.		71		51,040

Microchip Technology, Inc.		139		12,071

Micron Technology, Inc.		65		6,023

NVIDIA Corp.		329		96,697

NXP Semiconductors NV (China)		155		35,389

QUALCOMM, Inc.		103		18,864

Texas Instruments, Inc.		290		54,710


				422,350


Software — 9.2%

Ceridian HCM Holding, Inc. *		26		2,747

Fortinet, Inc. *		21		7,394

Intuit, Inc.		89		57,281

Microsoft Corp.		1,265		425,449

Oracle Corp.		241		21,024

salesforce.com, Inc. *		88		22,246

Workday, Inc., Class A *		74		20,098


				556,239


Specialty Retail — 3.5%

AutoZone, Inc. *		5		11,430

Best Buy Co., Inc.		216		21,979

Home Depot, Inc. (The)		105		43,727

Lowe’s Cos., Inc.		255		65,944

O’Reilly Automotive, Inc. *		59		41,795

TJX Cos., Inc. (The)		309		23,491


				208,366


Technology Hardware, Storage & Peripherals — 7.3%

Apple, Inc.		2,322		412,377

Seagate Technology Holdings plc		279		31,547


				443,924

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	75

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Textiles, Apparel & Luxury Goods — 0.8%

NIKE, Inc., Class B		276		45,926


Tobacco — 0.9%

Altria Group, Inc.		532		25,209

Philip Morris International, Inc.		318		30,199


				55,408


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc.*		290		33,606


Total Common Stocks (Cost $3,007,759)				5,907,989

Short-Term Investments — 1.2%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $73,488)		73,464		73,494

Total Investments — 100.0% (Cost $3,081,247)				5,981,483
Other Assets Less Liabilities — 0.0% (c)				329

NET ASSETS — 100.0%				5,981,812

Percentages indicated are based on net assets.

Abbreviations


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
(c)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

288

03/2022

USD

68,519

1,105

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.1%

Auto Components — 1.8%

Aptiv plc *		22		3,606


Automobiles — 0.4%

Rivian Automotive, Inc., Class A * (a)		7		723


Banks — 5.9%

Bank of America Corp.		128		5,709

Citigroup, Inc.		44		2,657

Fifth Third Bancorp		35		1,536

SVB Financial Group *		2		1,682


				11,584


Biotechnology — 1.0%

Amgen, Inc.		9		1,939


Building Products — 2.7%

Trane Technologies plc		21		4,228

Trex Co., Inc. *		9		1,187


				5,415


Capital Markets — 3.7%

Morgan Stanley		26		2,503

S&P Global, Inc.		5		2,289

State Street Corp.		27		2,544


				7,336


Containers & Packaging — 1.5%

Ball Corp.		31		2,959


Diversified Financial Services — 1.6%

Voya Financial, Inc.		49		3,237


Diversified Telecommunication Services — 1.5%

Verizon Communications, Inc.		56		2,928


Electric Utilities — 2.5%

NextEra Energy, Inc.		42		3,896

Xcel Energy, Inc.		14		967


				4,863


Electrical Equipment — 2.4%

Eaton Corp. plc		28		4,842


Electronic Equipment, Instruments & Components — 0.6%

Itron, Inc. *		19		1,277


Entertainment — 1.9%

Walt Disney Co. (The) *		25		3,840


Equity Real Estate Investment Trusts (REITs) — 4.2%

American Tower Corp.		7		1,971

Boston Properties, Inc.		15		1,773

Equinix, Inc.		2		2,072

Prologis, Inc.		15		2,536


				8,352


Food & Staples Retailing — 2.7%

Costco Wholesale Corp.		10		5,393


INVESTMENTS	SHARES (000)		VALUE ($000)


Food Products — 0.4%

General Mills, Inc.		13		891


Health Care Equipment & Supplies — 1.9%

Boston Scientific Corp. *		54		2,278

Hologic, Inc. *		21		1,578


				3,856


Health Care Providers & Services — 1.9%

UnitedHealth Group, Inc.		8		3,861


Insurance — 1.8%

MetLife, Inc.		24		1,507

Progressive Corp. (The)		21		2,151


				3,658


Interactive Media & Services — 3.2%

Alphabet, Inc., Class A *		2		6,373


Internet & Direct Marketing Retail — 0.7%

Etsy, Inc. *		6		1,344


IT Services — 4.8%

Accenture plc, Class A		4		1,849

Affirm Holdings, Inc. *		4		395

Mastercard, Inc., Class A		18		6,368

Shopify, Inc., Class A (Canada) *		1		826


				9,438


Life Sciences Tools & Services — 6.5%

Agilent Technologies, Inc.		17		2,776

Illumina, Inc. *		3		1,065

IQVIA Holdings, Inc. *		15		4,226

Thermo Fisher Scientific, Inc.		7		4,658


				12,725


Machinery — 4.9%

Deere & Co.		11		3,741

Ingersoll Rand, Inc.		69		4,246

Xylem, Inc.		14		1,652


				9,639


Multiline Retail — 1.0%

Target Corp.		9		2,061


Personal Products — 1.3%

Estee Lauder Cos., Inc. (The), Class A		7		2,625


Pharmaceuticals — 3.6%

Bristol-Myers Squibb Co.		56		3,479

Merck & Co., Inc.		49		3,746


				7,225


Road & Rail — 1.1%

Norfolk Southern Corp.		8		2,272

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	77

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Semiconductors & Semiconductor Equipment — 6.8%

Lam Research Corp.		5		3,262

NVIDIA Corp.		10		3,032

NXP Semiconductors NV (China)		13		3,057

SolarEdge Technologies, Inc. *		4		1,117

Texas Instruments, Inc.		15		2,744


				13,212


Software — 12.9%

Adobe, Inc. *		1		641

Autodesk, Inc. *		4		1,130

Cadence Design Systems, Inc. *		13		2,380

Ceridian HCM Holding, Inc. *		20		2,057

Intuit, Inc.		5		3,274

Microsoft Corp.		47		15,877


				25,359


Specialty Retail — 4.8%

Best Buy Co., Inc.		23		2,336

Home Depot, Inc. (The)		13		5,390

TJX Cos., Inc. (The)		24		1,840


				9,566


Technology Hardware, Storage & Peripherals — 5.0%

Apple, Inc.		56		9,956


Textiles, Apparel & Luxury Goods — 1.1%

VF Corp.		29		2,116


Total Common Stocks (Cost $153,421)				194,471


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.6%

Investment Companies — 1.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) (Cost $2,574)		2,573		2,574


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) ( c) (Cost $544)		544		544


Total Short-Term Investments (Cost $3,118)				3,118

Total Investments — 99.7% (Cost $156,539)				197,589
Other Assets Less Liabilities — 0.3%				513

NET ASSETS — 100.0%				198,102

Percentages indicated are based on net assets.

Abbreviations


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $532.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

E-Mini S&P 500 ESG Index

03/2022

USD

2,899

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%

Aerospace & Defense — 4.0%

General Dynamics Corp.		141		29,329

Northrop Grumman Corp.		65		25,245

Raytheon Technologies Corp.		369		31,723


				86,297


Air Freight & Logistics — 1.0%

United Parcel Service, Inc., Class B		96		20,577


Airlines — 0.8%

Southwest Airlines Co. *		390		16,706


Banks — 10.8%

Bank of America Corp.		1,025		45,606

Citigroup, Inc.		605		36,506

Citizens Financial Group, Inc.		201		9,501

M&T Bank Corp.		79		12,197

PNC Financial Services Group, Inc. (The)		144		28,815

Truist Financial Corp.		541		31,689

US Bancorp		264		14,813

Wells Fargo & Co.		1,102		52,857


				231,984


Beverages — 0.5%

PepsiCo, Inc.		65		11,371


Biotechnology — 2.3%

AbbVie, Inc.		180		24,322

Amgen, Inc.		46		10,397

Biogen, Inc. *		13		3,001

Vertex Pharmaceuticals, Inc. *		55		12,056


				49,776


Building Products — 0.7%

Trane Technologies plc		70		14,138


Capital Markets — 8.5%

BlackRock, Inc.		55		50,240

Charles Schwab Corp. (The)		284		23,921

Goldman Sachs Group, Inc. (The)		64		24,668

Morgan Stanley		415		40,752

S&P Global, Inc.		34		15,810

T. Rowe Price Group, Inc.		137		27,031


				182,422


Chemicals — 3.1%

Air Products and Chemicals, Inc.		89		26,942

Axalta Coating Systems Ltd. *		977		32,365

DuPont de Nemours, Inc.		82		6,648


				65,955


INVESTMENTS	SHARES (000)		VALUE ($000)


Commercial Services & Supplies — 0.6%

Republic Services, Inc.		99		13,765


Construction Materials — 1.1%

Vulcan Materials Co.		112		23,350


Consumer Finance — 2.1%

American Express Co.		138		22,573

Capital One Financial Corp.		154		22,292


				44,865


Containers & Packaging — 0.3%

Ball Corp.		65		6,258


Diversified Financial Services — 2.0%

Berkshire Hathaway, Inc., Class B *		142		42,547


Electric Utilities — 1.7%

Entergy Corp.		60		6,709

NextEra Energy, Inc.		214		20,000

Xcel Energy, Inc.		158		10,718


				37,427


Electrical Equipment — 1.2%

Eaton Corp. plc		155		26,705


Entertainment — 0.6%

Walt Disney Co. (The) *		81		12,578


Equity Real Estate Investment Trusts (REITs) — 1.6%

AvalonBay Communities, Inc.		33		8,375

Host Hotels & Resorts, Inc. *		694		12,060

Ventas, Inc.		175		8,925

Vornado Realty Trust		110		4,619


				33,979


Food & Staples Retailing — 1.0%

Walmart, Inc.		156		22,579


Food Products — 0.8%

Mondelez International, Inc., Class A		264		17,503


Health Care Equipment & Supplies — 3.1%

Becton Dickinson and Co.		85		21,322

Boston Scientific Corp. *		127		5,399

Medtronic plc		247		25,567

Zimmer Biomet Holdings, Inc.		122		15,499


				67,787


Health Care Providers & Services — 4.8%

Anthem, Inc.		30		13,785

Cigna Corp.		109		25,086

Humana, Inc.		34		15,757

UnitedHealth Group, Inc.		99		49,807


				104,435

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	79

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Hotels, Restaurants & Leisure — 1.7%

Booking Holdings, Inc. *		7		16,168

McDonald’s Corp.		76		20,325


				36,493


Household Durables — 0.4%

Newell Brands, Inc.		359		7,832


Household Products — 1.1%

Procter & Gamble Co. (The)		151		24,620


Insurance — 3.9%

Chubb Ltd.		108		20,833

Hartford Financial Services Group, Inc. (The)		284		19,582

Loews Corp.		151		8,728

Marsh & McLennan Cos., Inc.		58		10,020

MetLife, Inc.		245		15,310

Prudential Financial, Inc.		87		9,415


				83,888


Interactive Media & Services — 1.7%

Alphabet, Inc., Class C *		13		36,508


IT Services — 1.0%

Fidelity National Information Services, Inc.		90		9,862

International Business Machines Corp.		93		12,447


				22,309


Machinery — 3.5%

Dover Corp.		193		35,021

Parker-Hannifin Corp.		106		33,716

Stanley Black & Decker, Inc.		31		5,931


				74,668


Media — 1.6%

Comcast Corp., Class A		683		34,362


Multiline Retail — 0.9%

Dollar General Corp.		80		18,843


Multi-Utilities — 1.4%

CMS Energy Corp.		348		22,638

Public Service Enterprise Group, Inc.		106		7,092


				29,730


Oil, Gas & Consumable Fuels — 5.5%

Chevron Corp.		260		30,513

ConocoPhillips		713		51,498

EOG Resources, Inc.		326		28,960

Valero Energy Corp.		112		8,421


				119,392


Pharmaceuticals — 5.3%

Bristol-Myers Squibb Co.		613		38,229

Eli Lilly & Co.		91		25,151

Johnson & Johnson		169		28,865

Merck & Co., Inc.		93		7,135


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — continued

Pfizer, Inc.		256		15,100


				114,480


Road & Rail — 1.1%

CSX Corp.		640		24,053


Semiconductors & Semiconductor Equipment — 4.9%

Analog Devices, Inc.		196		34,502

Lam Research Corp.		13		9,220

NXP Semiconductors NV (China)		116		26,516

Texas Instruments, Inc.		192		36,105


				106,343


Software — 1.6%

Microsoft Corp.		102		34,414


Specialty Retail — 5.8%

AutoZone, Inc. *		12		26,201

Gap, Inc. (The)		442		7,800

Home Depot, Inc. (The)		71		29,616

Lowe’s Cos., Inc.		98		25,354

O’Reilly Automotive, Inc. *		15		10,876

TJX Cos., Inc. (The)		330		25,043


				124,890


Technology Hardware, Storage & Peripherals — 0.6%

Apple, Inc.		70		12,467


Textiles, Apparel & Luxury Goods — 1.2%

NIKE, Inc., Class B		160		26,690


Tobacco — 1.2%

Philip Morris International, Inc.		281		26,709


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		119		13,790


Total Common Stocks (Cost $1,479,194)				2,105,485

Short-Term Investments — 3.1%

Investment Companies — 3.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $66,004)		65,978		66,004

Total Investments — 100.7% (Cost $1,545,198)				2,171,489
Liabilities in Excess of Other Assets — (0.7)%				(14,709	)

NET ASSETS — 100.0%				2,156,780

Percentages indicated are based on net assets.

Abbreviations


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)



	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	140,479		$	50,133,261		$	2,100,783		$	18,974,713
Investments in affiliates, at value		3,975			1,034,986			7,184			1,296,982
Options purchased, at value		—			—			—			354,537
Cash		—	(a)		8			34,762			—
Deposits at broker for futures contracts		—			—			—			90,446
Receivables:
Investment securities sold		—			—			35,586			1,521,847
Fund shares sold		5			30,340			4,157			66,266
Interest from non-affiliates		—			—			7,533			—
Dividends from non-affiliates		68			75,664			2,188			15,225
Dividends from affiliates		—	(a)		2			—	(a)		2
Securities lending income (See Note 2.C.)		—			—	(a)		—			—
Variation margin on futures contracts		—			—			709			—
Other assets		—			—			84			—

Total Assets		144,527			51,274,261			2,192,986			22,320,018

LIABILITIES:
Payables:
Distributions		—			—	(a)		489			—
Investment securities purchased		—			—			42,999			2,389,608
Fund shares redeemed		19			135,776			6,215			14,335
Variation margin on futures contracts		—			—			—			5,683
Outstanding options written, at fair value		—			—			—			344,763
Accrued liabilities:
Investment advisory fees		53			16,867			413			4,095
Administration fees		5			1,365			124			1,035
Distribution fees		5			2,071			371			730
Service fees		22			5,688			405			3,719
Custodian and accounting fees		11			517			20			223
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		4			—
Other		74			951			1			19

Total Liabilities		189			163,235			51,041			2,764,210

Net Assets	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	89,018		$	34,147,475		$	2,033,006		$	15,670,227
Total distributable earnings (loss)		55,320			16,963,551			108,939			3,885,581

Total Net Assets	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808

Net Assets:
Class A	$	11,819		$	5,069,630		$	516,483		$	1,913,441
Class C		4,742			1,484,655			454,267			515,143
Class I		91,261			19,638,384			1,115,036			15,257,745
Class R2		—			76,797			—			—
Class R3		—			262,607			—			—
Class R4		—			228,730			—			—
Class R5		—			1,640,250			76			6,393
Class R6		36,516			22,709,973			56,083			1,863,086

Total	$	144,338		$	51,111,026		$	2,141,945		$	19,555,808

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		347			216,609			32,371			71,197
Class C		149			64,862			28,471			19,299
Class I		2,615			823,214			69,869			565,894
Class R2		—			3,298			—			—
Class R3		—			11,230			—			—
Class R4		—			9,595			—			—
Class R5		—			68,700			5			237
Class R6		1,053			951,998			3,515			68,941
Net Asset Value (a):
Class A — Redemption price per share	$	34.05		$	23.40		$	15.96		$	26.88
Class C — Offering price per share (b)		31.91			22.89			15.96			26.69
Class I — Offering and redemption price per share		34.90			23.86			15.96			26.96
Class R2 — Offering and redemption price per share		—			23.28			—			—
Class R3 — Offering and redemption price per share		—			23.39			—			—
Class R4 — Offering and redemption price per share		—			23.84			—			—
Class R5 — Offering and redemption price per share		—			23.88			15.96			27.01
Class R6 — Offering and redemption price per share		34.67			23.86			15.96			27.02
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	35.94		$	24.70		$	16.84		$	28.37

Cost of investments in non-affiliates	$	84,749		$	33,181,428		$	1,909,394		$	11,725,472
Cost of investments in affiliates		3,975			1,035,032			7,184			1,296,982
Cost of options purchased		—			—			—			347,125
Premiums received from options written		—			—			—			342,970

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)



	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
ASSETS:
Investments in non-affiliates, at value	$	3,915,780		$	2,336,570		$	40,643,085		$	3,120,239
Investments in affiliates, at value		143,550			16,682			292,250			3,146
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			—			137,610			37,788
Options purchased, at value		10,351			15,607			—			—
Cash		809			419			24			85
Foreign currency, at value		2			1			—			—
Deposits at broker for futures contracts		1,005			752			—			—
Deferred offering costs (See Note 2.J.)		18			18			—			—
Receivables:
Investment securities sold		3,180			2,358			—			—
Fund shares sold		14,760			8,647			22,832			1,416
Dividends from non-affiliates		2,802			1,709			5,979			2,408
Dividends from affiliates		—	(a)		—	(a)		1			—	(a)
Securities lending income (See Note 2.C.)		—			—			21			2
Other assets		391			635			—			95

Total Assets		4,092,648			2,383,398			41,101,802			3,165,179


LIABILITIES:
Payables:
Investment securities purchased		117,841			3,055			—			—
Collateral received on securities loaned (See Note 2.C.)		—			—			137,610			37,788
Fund shares redeemed		13,471			2,337			137,855			12,659
Variation margin on futures contracts		73			49			—			—
Outstanding options written, at fair value		66,207			59,391			—			—
Accrued liabilities:
Investment advisory fees		745			455			14,261			934
Administration fees		225			141			456			130
Distribution fees		154			64			1,767			88
Service fees		661			374			3,966			301
Custodian and accounting fees		41			25			440			27
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		2			427			353			80

Total Liabilities		199,420			66,318			296,708			52,007

Net Assets	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
NET ASSETS:
Paid-in-Capital	$	3,683,067		$	2,204,171		$	23,647,490		$	2,627,814
Total distributable earnings (loss)		210,161			112,909			17,157,604			485,358

Total Net Assets	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172

Net Assets:
Class A	$	233,103		$	94,246		$	5,267,927		$	212,700
Class C		180,578			78,261			829,593			62,881
Class I		2,970,051			1,730,595			11,651,360			1,262,516
Class R2		—			—			137,088			11,922
Class R3		—			—			294,369			6,182
Class R4		—			—			245,696			191
Class R5		582			20			931,637			24,769
Class R6		508,914			413,958			21,447,424			1,532,011

Total	$	3,893,228		$	2,317,080		$	40,805,094		$	3,113,172

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		13,652			5,582			87,270			11,012
Class C		10,591			4,643			20,388			3,424
Class I		173,771			102,347			188,135			66,722
Class R2		—			—			2,412			623
Class R3		—			—			4,841			328
Class R4		—			—			3,975			10
Class R5		34			1			14,544			1,293
Class R6		29,750			24,462			330,764			80,611
Net Asset Value (a):
Class A — Redemption price per share	$	17.07		$	16.88		$	60.36		$	19.32
Class C — Offering price per share (b)		17.05			16.85			40.69			18.37
Class I — Offering and redemption price per share		17.09			16.91			61.93			18.92
Class R2 — Offering and redemption price per share		—			—			56.84			19.12
Class R3 — Offering and redemption price per share		—			—			60.81			18.88
Class R4 — Offering and redemption price per share		—			—			61.80			19.34
Class R5 — Offering and redemption price per share		17.10			16.92			64.06			19.15
Class R6 — Offering and redemption price per share		17.11			16.92			64.84			19.00
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.02		$	17.82		$	63.70		$	20.39

Cost of investments in non-affiliates	$	3,577,277		$	2,137,943		$	24,052,214		$	2,622,002
Cost of investments in affiliates		143,550			16,682			292,240			3,146
Cost of options purchased		64,016			54,814			—			—
Cost of foreign currency		2			1			—			—
Investment securities on loan, at value (See Note 2.C.)		—			—			134,368			36,685
Cost of investment of cash collateral (See Note 2.C.)		—			—			137,610			37,788
Premiums received from options written		65,775			58,130			—			—

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)



	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund		JPMorgan U.S. GARP Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	240,871		$	22,300,376	$	1,325,785		$	3,202,327
Investments in affiliates, at value		5,269			305,526		17,035			18,556
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			65,204		3,659			—
Cash		4			10		819			4
Deposits at broker for futures contracts		297			7,042		1,005			—
Receivables:
Investment securities sold		—			19,452		584			16,151
Fund shares sold		95			45,147		127			1,135
Dividends from non-affiliates		178			9,099		492			1,668
Dividends from affiliates		—	(a)		1		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—	(a)		8		—	(a)		—
Other assets		95			—		—			—

Total Assets		246,809			22,751,865		1,349,506			3,239,841


LIABILITIES:
Payables:
Securities sold short, at value		—			—		—			572,510
Dividend expense to non-affiliates on securities sold short		—			—		—			948
Investment securities purchased		—			27,491		1,553			16,118
Interest expense to non-affiliates on securities sold short		—			—		—			276
Collateral received on securities loaned (See Note 2.C.)		—			65,204		3,659			—
Fund shares redeemed		12			133,507		120			2,028
Variation margin on futures contracts		15			466		49			—
Accrued liabilities:
Investment advisory fees		47			7,179		296			1,436
Administration fees		6			903		59			141
Distribution fees		20			830		68			102
Service fees		24			1,292		91			269
Custodian and accounting fees		13			258		19			51
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—			—
Other		220			169		48			160

Total Liabilities		357			237,300		5,962			594,039

Net Assets	$	246,452		$	22,514,565	$	1,343,544		$	2,645,802

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund			JPMorgan U.S. GARP Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	190,358		$	12,408,226		$	709,575		$	1,000,711
Total distributable earnings (loss)		56,094			10,106,339			633,969			1,645,091

Total Net Assets	$	246,452		$	22,514,565		$	1,343,544		$	2,645,802

Net Assets:
Class A	$	60,402		$	1,919,539		$	130,083		$	353,418
Class C		10,260			434,291			31,372			39,493
Class I		124,275			2,089,254			179,611			1,713,370
Class L		—			2,028,197			—			—
Class R2		2,978			283,095			49,184			6,199
Class R3		—			192,664			—			—
Class R4		—			67,096			—			—
Class R5		4,479			1,166,317			149,622			36,903
Class R6		44,058			14,334,112			803,672			496,419

Total	$	246,452		$	22,514,565		$	1,343,544		$	2,645,802


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,998			87,332			1,915			15,173
Class C		348			20,740			478			1,970
Class I		4,062			94,662			2,573			71,065
Class L		—			91,686			—			—
Class R2		100			13,051			753			289
Class R3		—			8,808			—			—
Class R4		—			3,046			—			—
Class R5		146			52,703			2,190			1,513
Class R6		1,436			646,054			11,767			20,364
Net Asset Value (a):
Class A — Redemption price per share	$	30.23		$	21.98		$	67.92		$	23.29
Class C — Offering price per share (b)		29.50			20.94			65.62			20.05
Class I — Offering and redemption price per share		30.60			22.07			69.80			24.11
Class L — Offering and redemption price per share		—			22.12			—			—
Class R2 — Offering and redemption price per share		29.80			21.69			65.31			21.48
Class R3 — Offering and redemption price per share		—			21.87			—			—
Class R4 — Offering and redemption price per share		—			22.03			—			—
Class R5 — Offering and redemption price per share		30.67			22.13			68.34			24.40
Class R6 — Offering and redemption price per share		30.67			22.19			68.30			24.38
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.91		$	23.20		$	71.68		$	24.58

Cost of investments in non-affiliates	$	188,731		$	12,546,854		$	713,220		$	1,601,517
Cost of investments in affiliates		5,269			305,526			17,033			18,556
Investment securities on loan, at value (See Note 2.C.)		—			64,031			3,562			—
Cost of investment of cash collateral (See Note 2.C.)		—			65,204			3,659			—
Proceeds from securities sold short		—			—			—			553,216

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)



	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
ASSETS:
Investments in non-affiliates, at value	$	5,907,989		$	194,471		$	2,105,485
Investments in affiliates, at value		73,494			2,574			66,004
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			544			—
Cash		2			—	(a)		4
Deposits at broker for futures contracts		3,474			276			—
Receivables:
Investment securities sold		7,914			1,465			—
Fund shares sold		3,153			404			8,327
Dividends from non-affiliates		4,489			128			1,724
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.C.)		—			—	(a)		—
Other assets		—			—			113

Total Assets		6,000,515			199,862			2,181,657


LIABILITIES:
Payables:
Investment securities purchased		7,949			977			22,860
Collateral received on securities loaned (See Note 2.C.)		—			544			—
Fund shares redeemed		9,046			119			720
Variation margin on futures contracts		212			6			—
Accrued liabilities:
Investment advisory fees		993			32			618
Administration fees		208			2			85
Distribution fees		36			10			159
Service fees		77			6			346
Custodian and accounting fees		75			13			21
Trustees’ and Chief Compliance Officer’s fees		—			2			1
Other		107			49			67

Total Liabilities		18,703			1,760			24,877

Net Assets	$	5,981,812		$	198,102		$	2,156,780

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
NET ASSETS:
Paid-in-Capital	$	3,073,239		$	157,085		$	1,536,875
Total distributable earnings (loss)		2,908,573			41,017			619,905

Total Net Assets	$	5,981,812		$	198,102		$	2,156,780

Net Assets:
Class A	$	174,486		$	37,610		$	616,087
Class C		—			5,257			51,032
Class I		777,828			118,558			1,109,734
Class R2		—			—			3,434
Class R3		—			—			9,769
Class R4		—			—			297
Class R5		—			—			3,660
Class R6		5,029,498			36,677			362,767

Total	$	5,981,812		$	198,102		$	2,156,780

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,821			589			9,145
Class C		—			84			857
Class I		21,210			1,843			15,500
Class R2		—			—			51
Class R3		—			—			137
Class R4		—			—			4
Class R5		—			—			51
Class R6		137,369			570			5,026
Net Asset Value (a):
Class A — Redemption price per share	$	36.20		$	63.82		$	67.37
Class C — Offering price per share (b)		—			62.40			59.55
Class I — Offering and redemption price per share		36.67			64.35			71.60
Class R2 — Offering and redemption price per share		—			—			67.46
Class R3 — Offering and redemption price per share		—			—			71.38
Class R4 — Offering and redemption price per share		—			—			71.62
Class R5 — Offering and redemption price per share		—			—			72.15
Class R6 — Offering and redemption price per share		36.61			64.33			72.18
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	38.21		$	67.36		$	71.10

Cost of investments in non-affiliates	$	3,007,759		$	153,421		$	1,479,194
Cost of investments in affiliates		73,488			2,574			66,004
Investment securities on loan, at value (See Note 2.C.)		—			532			—
Cost of investment of cash collateral (See Note 2.C.)		—			544			—

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	89

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)



	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund			JPMorgan Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	49,743		$	—
Interest income from affiliates		—			—			1			—
Dividend income from non-affiliates		626			561,939			10,692			125,012
Dividend income from affiliates		1			398			12			11
Income from securities lending (net) (See Note 2.C.)		—			—	(a)		—			—

Total investment income		627			562,337			60,448			125,023


EXPENSES:
Investment advisory fees		344			98,054			1,864			23,874
Administration fees		52			8,201			559			6,053
Distribution fees:
Class A		13			6,159			420			2,320
Class C		17			5,614			1,147			1,922
Class R2		—			194			—			—
Class R3		—			358			—			—
Service fees:
Class A		13			6,159			420			2,320
Class C		6			1,871			382			641
Class I		109			23,726			997			18,695
Class R2		—			97			—			—
Class R3		—			358			—			—
Class R4		—			303			—			—
Class R5		—			827			—	(a)		3
Custodian and accounting fees		12			699			30			290
Interest expense to affiliates		—			—			—	(a)		—	(a)
Professional fees		26			171			54			96
Trustees’ and Chief Compliance Officer’s fees		13			69			18			34
Printing and mailing costs		3			915			13			426
Registration and filing fees		26			752			151			477
Transfer agency fees (See Note 2.M.)		2			452			28			125
Other		5			577			14			268

Total expenses		641			155,556			6,097			57,544

Less fees waived		(71	)		(528	)		(136	)		(96	)
Less expense reimbursements		—			—			—	(a)		—

Net expenses		570			155,028			5,961			57,448

Net investment income (loss)		57			407,309			54,487			67,575


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,037			904,553			(46,683	)		709,979
Investments in affiliates		—	(a)		61			(2	)		—
Options purchased		—			—			—			(801,315	)
Futures contracts		—			—			884			45,570
Foreign currency transactions		—			—			—			—	(a)
Options written		—			—			—			(618,134	)

Net realized gain (loss)		2,037			904,614			(45,801	)		(663,900	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		9,486			2,323,362			121,875			1,385,488
Investments in affiliates		—	(a)		(183	)		—	(a)		—
Options purchased		—			—			—			1,910
Futures contracts		—			—			12			497
Options written		—			—			—			(9,640	)

Change in net unrealized appreciation/depreciation		9,486			2,323,179			121,887			1,378,255

Net realized/unrealized gains (losses)		11,523			3,227,793			76,086			714,355

Change in net assets resulting from operations	$	11,580		$	3,635,102		$	130,573		$	781,930

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan Hedged Equity 2 Fund			JPMorgan Hedged Equity 3 Fund			JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	8		$	—
Interest income from affiliates		—			1			—			—
Dividend income from non-affiliates		16,449			9,023			109,228			30,481
Dividend income from affiliates		10			6			418			16
Income from securities lending (net) (See Note 2.C.)		—			—			111			19

Total investment income		16,459			9,030			109,765			30,516


EXPENSES:
Investment advisory fees		3,145			1,725			90,461			7,035
Administration fees		943			518			7,829			1,319
Distribution fees:
Class A		165			66			6,568			264
Class C		451			169			3,089			233
Class R2		—			—			348			27
Class R3		—			—			360			1
Service fees:
Class A		165			66			6,568			264
Class C		150			56			1,030			78
Class I		2,461			1,370			14,565			1,628
Class R2		—			—			174			14
Class R3		—			—			360			1
Class R4		—			—			283			—	(a)
Class R5		—	(a)		—	(a)		484			12
Custodian and accounting fees		51			28			556			50
Interest expense to affiliates		—			—			—			1
Professional fees		47			43			147			32
Trustees’ and Chief Compliance Officer’s fees		15			14			58			16
Printing and mailing costs		20			10			532			31
Registration and filing fees		220			135			771			153
Transfer agency fees (See Note 2.M.)		13			6			379			153
Offering costs (See Note 2.K.)		52			52			—			—
Other		14			6			389			37

Total expenses		7,912			4,264			134,951			11,349

Less fees waived		(69	)		(74	)		(13,073	)		(1,101	)
Less expense reimbursements		(54	)		(52	)		—			(6	)

Net expenses		7,789			4,138			121,878			10,242

Net investment income (loss)		8,670			4,892			(12,113	)		20,274


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,479	)		(414	)		1,202,422			51,892
Investments in affiliates		—			—			133			(3	)
Options purchased		(63,734	)		(44,158	)		—			—
Futures contracts		6,114			3,077			—			—
Foreign currency transactions		—	(a)		—	(a)		—			—
Options written		(5,652	)		3,903			—			—

Net realized gain (loss)		(64,751	)		(37,592	)		1,202,555			51,889

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		286,096			173,749			2,098,934			(31,379	)
Investments in affiliates		—			—			(172	)		—	(a)
Options purchased		(34,954	)		(34,695	)		—			—
Futures contracts		653			401			—			—
Foreign currency translations		—	(a)		—	(a)		—			—
Options written		(8,453	)		(1,581	)		—			—

Change in net unrealized appreciation/depreciation		243,342			137,874			2,098,762			(31,379	)

Net realized/unrealized gains (losses)		178,591			100,282			3,301,317			20,510

Change in net assets resulting from operations	$	187,261		$	105,174		$	3,289,204		$	40,784

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	91

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

(Amounts in thousands)



	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)			JPMorgan U.S. Equity Fund			JPMorgan U.S. GARP Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—		$	—	(a)
Dividend income from non-affiliates		2,450			124,933			5,394			19,880
Dividend income from affiliates		2			82			9			10
Income from securities lending (net) (See Note 2.C.)		—	(a)		21			27			—

Total investment income		2,452			125,036			5,430			19,890


EXPENSES:
Investment advisory fees		374			42,690			2,013			8,901
Administration fees		93			6,539			503			1,027
Distribution fees:
Class A		76			2,242			157			436
Class C		41			1,514			117			143
Class R2		7			699			119			15
Class R3		—			232			—			—
Service fees:
Class A		76			2,242			157			436
Class C		14			505			39			48
Class I		161			2,422			215			2,185
Class L		—			997			—			—
Class R2		4			349			59			8
Class R3		—			232			—			—
Class R4		—			69			—			—
Class R5		2			567			82			18
Custodian and accounting fees		13			316			23			47
Interest expense to affiliates		—			—			—			—	(a)
Professional fees		36			98			31			37
Trustees’ and Chief Compliance Officer’s fees		13			37			14			16
Printing and mailing costs		8			210			22			55
Registration and filing fees		36			258			46			37
Transfer agency fees (See Note 2.M.)		7			166			25			35
Dividend expense to non-affiliates on securities sold short		—			—			—			8,613
Interest expense to non-affiliates on securities sold short		—			—			—			1,823
Other		10			201			19			46

Total expenses		971			62,585			3,641			23,926

Less fees waived		(269	)		(3,487	)		(420	)		(1,667	)
Less expense reimbursements		(1	)		(58	)		—			(2	)

Net expenses		701			59,040			3,221			22,257

Net investment income (loss)		1,751			65,996			2,209			(2,367	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		38,416			1,178,407			108,626			365,988
Investments in affiliates		—	(a)		(26	)		(2	)		(1	)
Futures contracts		590			23,662			3,177			(382	)
Securities sold short		—			—			—			(35,260	)
Foreign currency transactions		—			—			—	(a)		—	(a)

Net realized gain (loss)		39,006			1,202,043			111,801			330,345

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(20,409	)		1,337,715			49,779			(26,906	)
Investments in affiliates		—	(a)		3			(1	)		—	(a)
Futures contracts		(7	)		3,527			1			—
Securities sold short		—			—			—			22,487

Change in net unrealized appreciation/depreciation		(20,416	)		1,341,245			49,779			(4,419	)

Net realized/unrealized gains (losses)		18,590			2,543,288			161,580			325,926

Change in net assets resulting from operations	$	20,341		$	2,609,284		$	163,789		$	323,559

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



	JPMorgan U.S. Research Enhanced Equity Fund			JPMorgan U.S. Sustainable Leaders Fund			JPMorgan U.S. Value Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	35,495		$	907		$	17,583
Dividend income from affiliates		20			1			17
Income from securities lending (net) (See Note 2.C.)		—			—	(a)		—

Total investment income		35,515			908			17,600


EXPENSES:
Investment advisory fees		6,910			225			3,616
Administration fees		2,073			56			678
Distribution fees:
Class A		222			37			694
Class C		—			16			161
Class R2		—			—			6
Class R3		—			—			6
Service fees:
Class A		222			37			694
Class C		—			5			54
Class I		912			106			1,110
Class R2		—			—			3
Class R3		—			—			6
Class R4		—			—			—	(a)
Class R5		—			—			—	(a)
Custodian and accounting fees		94			16			26
Professional fees		47			31			32
Trustees’ and Chief Compliance Officer’s fees		19			14			15
Printing and mailing costs		35			11			46
Registration and filing fees		47			49			108
Transfer agency fees (See Note 2.M.)		33			3			79
Other		51			6			28

Total expenses		10,665			612			7,362

Less fees waived		(3,087	)		(276	)		(656	)
Less expense reimbursements		—			—	(a)		(1	)

Net expenses		7,578			336			6,705

Net investment income (loss)		27,937			572			10,895


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		187,880			2,239			(2,088	)
Investments in affiliates		(2	)		—	(a)		(5	)
Futures contracts		4,743			283			—
Foreign currency transactions		—	(a)		—	(a)		—

Net realized gain (loss)		192,621			2,522			(2,093	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		419,914			14,154			107,915
Investments in affiliates		—	(a)		(1	)		—	(a)
Futures contracts		140			(29	)		—

Change in net unrealized appreciation/depreciation		420,054			14,124			107,915

Net realized/unrealized gains (losses)		612,675			16,646			105,822

Change in net assets resulting from operations	$	640,612		$	17,218		$	116,717

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	57		$	348		$	407,309		$	665,372
Net realized gain (loss)		2,037			17,317			904,614			933,009
Change in net unrealized appreciation/depreciation		9,486			22,946			2,323,179			10,722,892

Change in net assets resulting from operations		11,580			40,611			3,635,102			12,321,273


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,192	)		(862	)		(127,700	)		(59,104	)
Class C		(513	)		(403	)		(35,105	)		(14,553	)
Class I		(9,277	)		(7,180	)		(507,175	)		(245,584	)
Class R2		—			—			(1,883	)		(921	)
Class R3		—			—			(6,802	)		(3,447	)
Class R4		—			—			(6,222	)		(3,022	)
Class R5		—			—			(44,534	)		(26,918	)
Class R6		(3,810	)		(3,356	)		(608,517	)		(310,281	)

Total distributions to shareholders		(14,792	)		(11,801	)		(1,337,938	)		(663,830	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,656			18,030			2,408,205			5,193,277


NET ASSETS:
Change in net assets		12,444			46,840			4,705,369			16,850,720
Beginning of period		131,894			85,054			46,405,657			29,554,937

End of period	$	144,338		$	131,894		$	51,111,026		$	46,405,657

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)				Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	54,487		$	34,890		$	67,575			$	124,937
Net realized gain (loss)		(45,801	)		(4,048	)		(663,900	)			(1,966,393	)
Change in net unrealized appreciation/depreciation		121,887			61,774			1,378,255				4,396,300

Change in net assets resulting from operations		130,573			92,616			781,930		��		2,554,844


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(12,290	)		(3,484	)		(5,369	)			(7,417	)
Class C		(10,408	)		(2,300	)		(218	)			(1,096	)
Class I		(29,879	)		(25,702	)		(61,180	)			(115,685	)
Class R5		(3	)		(5	)		(30	)			(47	)
Class R6		(1,947	)		(3,425	)		(9,554	)			(15,731	)

Total distributions to shareholders		(54,527	)		(34,916	)		(76,351	)			(139,976	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,165,095			651,374			555,306				7,138,463


NET ASSETS:
Change in net assets		1,241,141			709,074			1,260,885				9,553,331
Beginning of period		900,804			191,730			18,294,923				8,741,592

End of period	$	2,141,945		$	900,804		$	19,555,808			$	18,294,923

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


		JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
		Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)		$	8,670		$	1,623		$	4,892		$	641
Net realized gain (loss)			(64,751	)		(9,789	)		(37,592	)		(7,884	)
Change in net unrealized appreciation/depreciation			243,342			41,762			137,874			20,718

Change in net assets resulting from operations			187,261			33,596			105,174			13,475


DISTRIBUTIONS TO SHAREHOLDERS:
Class A	��		(390	)		(25	)		(152	)		(15	)
Class C			(39	)		(1	)		(24	)		(3	)
Class I			(7,580	)		(785	)		(4,155	)		(417	)
Class R5			(2	)		(1	)		—	(b)		—	(b)
Class R6			(1,606	)		(305	)		(977	)		(2	)

Total distributions to shareholders			(9,617	)		(1,117	)		(5,308	)		(437	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions			2,323,716			1,359,389			1,650,648			553,528


NET ASSETS:
Change in net assets			2,501,360			1,391,868			1,750,514			566,566
Beginning of period			1,391,868			—			566,566			—

End of period		$	3,893,228		$	1,391,868		$	2,317,080		$	566,566

(a)	Commencement of operations was February 26, 2021.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,113	)	$	(41,950	)	$	20,274		$	19,708
Net realized gain (loss)		1,202,555			5,959,007			51,889			227,272
Change in net unrealized appreciation/depreciation		2,098,762			4,245,115			(31,379	)		529,855

Change in net assets resulting from operations		3,289,204			10,162,172			40,784			776,835


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(708,158	)		(229,243	)		(15,263	)		(755	)
Class C		(155,323	)		(49,805	)		(4,600	)		(69	)
Class I		(1,544,842	)		(484,046	)		(97,744	)		(4,846	)
Class R2		(20,184	)		(7,546	)		(847	)		(42	)
Class R3		(39,213	)		(8,542	)		(9	)		—	(a)
Class R4		(31,893	)		(6,602	)		(13	)		—	(a)
Class R5		(117,247	)		(48,291	)		(1,834	)		(193	)
Class R6		(2,685,495	)		(774,029	)		(115,746	)		(12,971	)

Total distributions to shareholders		(5,302,355	)		(1,608,104	)		(236,056	)		(18,876	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,401,865			5,597,146			(1,033,026	)		2,323,514


NET ASSETS:
Change in net assets		3,388,714			14,151,214			(1,228,298	)		3,081,473
Beginning of period		37,416,380			23,265,166			4,341,470			1,259,997

End of period	$	40,805,094		$	37,416,380		$	3,113,172		$	4,341,470

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,751		$	4,072		$	65,996		$	151,578
Net realized gain (loss)		39,006			30,613			1,202,043			2,016,851
Change in net unrealized appreciation/depreciation		(20,416	)		61,725			1,341,245			4,026,205

Change in net assets resulting from operations		20,341			96,410			2,609,284			6,194,634


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(14,209	)		(1,695	)		(177,827	)		(83,977	)
Class C		(2,489	)		(287	)		(41,808	)		(17,652	)
Class I		(29,786	)		(4,082	)		(195,163	)		(87,780	)
Class L		—			—			(194,971	)		(164,969	)
Class R2		(674	)		(85	)		(26,715	)		(14,883	)
Class R3		—			—			(18,294	)		(8,862	)
Class R4		—			—			(6,300	)		(1,911	)
Class R5		(1,000	)		(141	)		(111,370	)		(60,489	)
Class R6		(10,019	)		(2,355	)		(1,346,202	)		(727,732	)

Total distributions to shareholders		(58,177	)		(8,645	)		(2,118,650	)		(1,168,255	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,009			(67,252	)		2,180,280			(121,490	)


NET ASSETS:
Change in net assets		(29,827	)		20,513			2,670,914			4,904,889
Beginning of period		276,279			255,766			19,843,651			14,938,762

End of period	$	246,452		$	276,279		$	22,514,565		$	19,843,651

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,209		$	4,455		$	(2,367	)	$	(4,044	)
Net realized gain (loss)		111,801			196,953			330,345			1,008,393
Change in net unrealized appreciation/depreciation		49,779			220,654			(4,419	)		54,134

Change in net assets resulting from operations		163,789			422,062			323,559			1,058,483


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(23,478	)		(9,875	)		(81,344	)		(77,084	)
Class C		(5,967	)		(2,514	)		(10,063	)		(9,299	)
Class I		(31,685	)		(13,950	)		(393,194	)		(515,371	)
Class R2		(9,121	)		(4,145	)		(1,484	)		(1,244	)
Class R5		(26,874	)		(20,231	)		(7,963	)		(9,627	)
Class R6		(145,336	)		(67,081	)		(131,817	)		(147,178	)

Total distributions to shareholders		(242,461	)		(117,796	)		(625,865	)		(759,803	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		114,628			(111,060	)		296,862			(697,740	)


NET ASSETS:
Change in net assets		35,956			193,206			(5,444	)		(399,060	)
Beginning of period		1,307,588			1,114,382			2,651,246			3,050,306

End of period	$	1,343,544		$	1,307,588		$	2,645,802		$	2,651,246

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,937		$	58,068		$	572		$	719
Net realized gain (loss)		192,621			562,881			2,522			4,226
Change in net unrealized appreciation/depreciation		420,054			1,148,187			14,124			19,592

Change in net assets resulting from operations		640,612			1,769,136			17,218			24,537


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(19,855	)		(7,423	)		(1,320	)		(235	)
Class C		—			—			(170	)		(30	)
Class I		(86,246	)		(25,017	)		(4,168	)		(711	)
Class R6 (a)		(563,649	)		(159,941	)		(1,394	)		(247	)

Total distributions to shareholders		(669,750	)		(192,381	)		(7,052	)		(1,223	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		958,908			(889,477	)		72,386			51,536


NET ASSETS:
Change in net assets		929,770			687,278			82,552			74,850
Beginning of period		5,052,042			4,364,764			115,550			40,700

End of period	$	5,981,812		$	5,052,042		$	198,102		$	115,550

(a)	Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,895		$	14,952
Net realized gain (loss)		(2,093	)		44,116
Change in net unrealized appreciation/depreciation		107,915			351,990

Change in net assets resulting from operations		116,717			411,058


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(13,968	)		(10,335	)
Class C		(1,192	)		(611	)
Class I		(23,164	)		(11,089	)
Class R2		(61	)		(33	)
Class R3		(206	)		(16	)
Class R4		(7	)		(24	)
Class R5		(74	)		(3	)
Class R6		(8,355	)		(4,026	)

Total distributions to shareholders		(47,027	)		(26,137	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		380,105			595,210


NET ASSETS:
Change in net assets		449,795			980,131
Beginning of period		1,706,985			726,854

End of period	$	2,156,780		$	1,706,985

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,368		$	3,527		$	394,289		$	1,280,565
Distributions reinvested		1,192			862			118,722			55,042
Cost of shares redeemed		(1,379	)		(2,169	)		(387,968	)		(1,092,878	)

Change in net assets resulting from Class A capital transactions		2,181			2,220			125,043			242,729

Class C
Proceeds from shares issued		152			419			76,549			243,967
Distributions reinvested		513			403			32,304			13,343
Cost of shares redeemed		(66	)		(612	)		(186,193	)		(552,490	)

Change in net assets resulting from Class C capital transactions		599			210			(77,340	)		(295,180	)

Class I
Proceeds from shares issued		2,785			9,125			2,100,796			5,967,956
Distributions reinvested		9,276			7,180			463,572			221,627
Cost of shares redeemed		(2,454	)		(3,056	)		(1,797,333	)		(3,358,152	)

Change in net assets resulting from Class I capital transactions		9,607			13,249			767,035			2,831,431

Class R2
Proceeds from shares issued		—			—			5,576			18,279
Distributions reinvested		—			—			1,846			901
Cost of shares redeemed		—			—			(12,024	)		(37,123	)

Change in net assets resulting from Class R2 capital transactions		—			—			(4,602	)		(17,943	)

Class R3
Proceeds from shares issued		—			—			31,266			94,161
Distributions reinvested		—			—			5,240			2,770
Cost of shares redeemed		—			—			(68,390	)		(57,502	)

Change in net assets resulting from Class R3 capital transactions		—			—			(31,884	)		39,429

Class R4
Proceeds from shares issued		—			—			29,312			153,736
Distributions reinvested		—			—			6,222			3,022
Cost of shares redeemed		—			—			(67,283	)		(68,895	)

Change in net assets resulting from Class R4 capital transactions		—			—			(31,749	)		87,863

Class R5
Proceeds from shares issued		—			—			127,752			365,652
Distributions reinvested		—			—			42,782			25,988
Cost of shares redeemed		—			—			(263,871	)		(420,221	)

Change in net assets resulting from Class R5 capital transactions		—			—			(93,337	)		(28,581	)

Class R6
Proceeds from shares issued		1,138			2,422			3,065,865			6,385,588
Distributions reinvested		3,808			3,353			586,527			296,277
Cost of shares redeemed		(1,677	)		(3,424	)		(1,897,353	)		(4,348,336	)

Change in net assets resulting from Class R6 capital transactions		3,269			2,351			1,755,039			2,333,529

Total change in net assets resulting from capital transactions	$	15,656		$	18,030		$	2,408,205		$	5,193,277

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		66			112			17,324			66,002
Reinvested		36			29			5,191			2,827
Redeemed		(39	)		(70	)		(16,967	)		(57,193	)

Change in Class A Shares		63			71			5,548			11,636

Class C
Issued		4			13			3,448			12,513
Reinvested		17			15			1,445			703
Redeemed		(2	)		(21	)		(8,331	)		(29,946	)

Change in Class C Shares		19			7			(3,438	)		(16,730	)

Class I
Issued		78			283			90,565			299,334
Reinvested		272			239			19,889			11,118
Redeemed		(70	)		(97	)		(77,151	)		(169,937	)

Change in Class I Shares		280			425			33,303			140,515

Class R2
Issued		—			—			245			934
Reinvested		—			—			81			47
Redeemed		—			—			(530	)		(1,951	)

Change in Class R2 Shares		—			—			(204	)		(970	)

Class R3
Issued		—			—			1,370			4,910
Reinvested		—			—			229			142
Redeemed		—			—			(2,956	)		(2,969	)

Change in Class R3 Shares		—			—			(1,357	)		2,083

Class R4
Issued		—			—			1,251			7,771
Reinvested		—			—			267			150
Redeemed		—			—			(2,893	)		(3,389	)

Change in Class R4 Shares		—			—			(1,375	)		4,532

Class R5
Issued		—			—			5,489			18,235
Reinvested		—			—			1,834			1,312
Redeemed		—			—			(11,295	)		(21,287	)

Change in Class R5 Shares		—			—			(3,972	)		(1,740	)

Class R6
Issued		31			76			131,502			319,793
Reinvested		112			112			25,162			14,863
Redeemed		(46	)		(109	)		(81,230	)		(224,750	)

Change in Class R6 Shares		97			79			75,434			109,906

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	349,786		$	177,480		$	234,439		$	1,460,355
Distributions reinvested		12,240			3,413			5,340			7,380
Cost of shares redeemed		(37,597	)		(25,791	)		(173,011	)		(340,811	)

Change in net assets resulting from Class A capital transactions		324,429			155,102			66,768			1,126,924

Class C
Proceeds from shares issued		295,047			155,434			25,224			242,865
Distributions reinvested		10,356			2,275			218			1,095
Cost of shares redeemed		(25,069	)		(8,379	)		(31,312	)		(53,065	)

Change in net assets resulting from Class C capital transactions		280,334			149,330			(5,870	)		190,895

Class I
Proceeds from shares issued		638,328			413,338			1,747,871			8,854,409
Distributions reinvested		29,442			25,319			59,339			111,688
Cost of shares redeemed		(112,742	)		(135,112	)		(1,518,700	)		(3,681,719	)

Change in net assets resulting from Class I capital transactions		555,028			303,545			288,510			5,284,378

Class R5
Proceeds from shares issued		1			54			708			3,519
Distributions reinvested		3			5			30			47
Cost of shares redeemed		(21	)		—	(a)		(601	)		(1,189	)

Change in net assets resulting from Class R5 capital transactions		(17	)		59			137			2,377

Class R6
Proceeds from shares issued		8,273			47,093			440,902			1,000,413
Distributions reinvested		255			126			4,415			7,536
Cost of shares redeemed		(3,207	)		(3,881	)		(239,556	)		(474,060	)

Change in net assets resulting from Class R6 capital transactions		5,321			43,338			205,761			533,889

Total change in net assets resulting from capital transactions	$	1,165,095		$	651,374		$	555,306		$	7,138,463

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Premium Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		22,578			11,996			8,870			60,745
Reinvested		790			234			202			303
Redeemed		(2,428	)		(1,795	)		(6,553	)		(14,054	)

Change in Class A Shares		20,940			10,435			2,519			46,994

Class C
Issued		19,025			10,447			962			10,337
Reinvested		669			154			8			48
Redeemed		(1,619	)		(568	)		(1,194	)		(2,234	)

Change in Class C Shares		18,075			10,033			(224	)		8,151

Class I
Issued		41,110			28,524			65,912			374,344
Reinvested		1,901			1,777			2,237			4,623
Redeemed		(7,276	)		(9,545	)		(57,263	)		(151,283	)

Change in Class I Shares		35,735			20,756			10,886			227,684

Class R5
Issued		—	(a)		4			27			144
Reinvested		—	(a)		—	(a)		1			2
Redeemed		(1	)		—	(a)		(23	)		(49	)

Change in Class R5 Shares		(1	)		4			5			97

Class R6
Issued		534			3,379			16,623			41,538
Reinvested		16			9			166			308

Redeemed		(207	)		(269	)		(8,981	)		(19,494	)

Change in Class R6 Shares		343			3,119			7,808			22,352

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	184,145		$	54,055		$	77,126		$	22,160
Distributions reinvested		390			25			152			15
Cost of shares redeemed		(13,628	)		(2,233	)		(7,965	)		(998	)

Change in net assets resulting from Class A capital transactions		170,907			51,847			69,313			21,177

Class C
Proceeds from shares issued		120,214			57,384			57,914			19,425
Distributions reinvested		39			1			24			3
Cost of shares redeemed		(5,454	)		(1,122	)		(1,835	)		(464	)

Change in net assets resulting from Class C capital transactions		114,799			56,263			56,103			18,964

Class I
Proceeds from shares issued		1,984,302			1,069,346			1,283,989			575,746
Distributions reinvested		7,566			783			4,139			415
Cost of shares redeemed		(178,429	)		(75,413	)		(152,053	)		(64,565	)

Change in net assets resulting from Class I capital transactions		1,813,439			994,716			1,136,075			511,596

Class R5
Proceeds from shares issued		11			545			—	(b)		20
Distributions reinvested		2			1			—	(b)		—	(b)
Cost of shares redeemed		(3	)		(21	)		(3	)		—

Change in net assets resulting from Class R5 capital transactions		10			525			(3	)		20

Class R6
Proceeds from shares issued		402,427			261,104			406,633			1,769
Distributions reinvested		1,585			300			976			2
Cost of shares redeemed		(179,451	)		(5,366	)		(18,449	)		—	(b)

Change in net assets resulting from Class R6 capital transactions		224,561			256,038			389,160			1,771

Total change in net assets resulting from capital transactions	$	2,323,716		$	1,359,389		$	1,650,648		$	553,528

(a)	Commencement of operations was February 26, 2021.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Hedged Equity 2 Fund						JPMorgan Hedged Equity 3 Fund
	Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)			Six Months Ended December 31, 2021 (Unaudited)			Period Ended June 30, 2021 (a)
SHARE TRANSACTIONS:
Class A
Issued		11,139			3,452			4,712			1,406
Reinvested		24			2			9			1
Redeemed		(823	)		(142	)		(483	)		(63	)

Change in Class A Shares		10,340			3,312			4,238			1,344

Class C
Issued		7,321			3,672			3,549			1,235
Reinvested		2			—	(b)		1			—	(b)
Redeemed		(332	)		(72	)		(113	)		(29	)

Change in Class C Shares		6,991			3,600			3,437			1,206

Class I
Issued		120,321			68,491			78,534			36,861
Reinvested		458			49			253			26
Redeemed		(10,766	)		(4,782	)		(9,242	)		(4,085	)

Change in Class I Shares		110,013			63,758			69,545			32,802

Class R5
Issued		1			34			—			1
Reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Redeemed		—	(b)		(1	)		—	(b)		—

Change in Class R5 Shares		1			33			—	(b)		1

Class R6
Issued		24,280			16,725			25,399			112
Reinvested		96			19			59			—	(b)
Redeemed		(11,030	)		(340	)		(1,108	)		—	(b)

Change in Class R6 Shares		13,346			16,404			24,350			112

(a)	Commencement of operations was February 26, 2021.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	487,160		$	1,542,784		$	30,353		$	81,668
Distributions reinvested		647,833			209,959			14,899			737
Cost of shares redeemed		(552,523	)		(1,237,783	)		(39,298	)		(49,625	)

Change in net assets resulting from Class A capital transactions		582,470			514,960			5,954			32,780

Class C
Proceeds from shares issued		93,814			263,027			6,642			24,043
Distributions reinvested		142,887			45,342			4,596			68
Cost of shares redeemed		(95,947	)		(425,827	)		(7,124	)		(13,265	)

Change in net assets resulting from Class C capital transactions		140,754			(117,458	)		4,114			10,846

Class I
Proceeds from shares issued		1,412,270			3,946,027			300,908			1,171,550
Distributions reinvested		1,417,105			446,730			95,681			4,779
Cost of shares redeemed		(1,565,945	)		(3,034,183	)		(479,495	)		(229,227	)

Change in net assets resulting from Class I capital transactions		1,263,430			1,358,574			(82,906	)		947,102

Class R2
Proceeds from shares issued		19,157			43,616			2,355			3,822
Distributions reinvested		19,387			7,039			844			42
Cost of shares redeemed		(21,819	)		(76,963	)		(1,802	)		(18,227	)

Change in net assets resulting from Class R2 capital transactions		16,725			(26,308	)		1,397			(14,363	)

Class R3
Proceeds from shares issued		55,976			184,953			6,000			1
Distributions reinvested		25,509			5,581			9			—	(a)
Cost of shares redeemed		(35,028	)		(59,342	)		—	(a)		(9	)

Change in net assets resulting from Class R3 capital transactions		46,457			131,192			6,009			(8	)

Class R4
Proceeds from shares issued		52,455			134,173			51			291
Distributions reinvested		30,607			6,602			13			—	(a)
Cost of shares redeemed		(28,969	)		(35,061	)		—	(a)		(12,452	)

Change in net assets resulting from Class R4 capital transactions		54,093			105,714			64			(12,161	)

Class R5
Proceeds from shares issued		53,084			241,401			3,899			9,493
Distributions reinvested		114,077			46,287			1,817			191
Cost of shares redeemed		(156,620	)		(375,742	)		(4,233	)		(13,602	)

Change in net assets resulting from Class R5 capital transactions		10,541			(88,054	)		1,483			(3,918	)

Class R6
Proceeds from shares issued		2,496,420			6,503,315			143,413			1,547,366
Distributions reinvested		2,586,303			744,666			111,401			12,895
Cost of shares redeemed		(1,795,328	)		(3,529,455	)		(1,223,955	)		(197,025	)

Change in net assets resulting from Class R6 capital transactions		3,287,395			3,718,526			(969,141	)		1,363,236

Total change in net assets resulting from capital transactions	$	5,401,865		$	5,597,146		$	(1,033,026	)	$	2,323,514

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		7,466			26,713			1,535			4,245
Reinvested		10,841			3,666			799			46
Redeemed		(8,435	)		(21,267	)		(1,980	)		(3,017	)

Change in Class A Shares		9,872			9,112			354			1,274

Class C
Issued		2,033			6,214			347			1,298
Reinvested		3,546			1,097			260			5
Redeemed		(2,073	)		(10,236	)		(378	)		(883	)

Change in Class C Shares		3,506			(2,925	)		229			420

Class I
Issued		21,058			66,612			15,351			62,079
Reinvested		23,118			7,640			5,236			273
Redeemed		(23,502	)		(51,094	)		(24,455	)		(12,774	)

Change in Class I Shares		20,674			23,158			(3,868	)		49,578

Class R2
Issued		305			788			118			222
Reinvested		344			129			46			3
Redeemed		(359	)		(1,379	)		(92	)		(1,084	)

Change in Class R2 Shares		290			(462	)		72			(859	)

Class R3
Issued		856			3,136			327			1
Reinvested		424			97			—	(a)		—	(a)
Redeemed		(528	)		(1,008	)		—	(a)		(1	)

Change in Class R3 Shares		752			2,225			327			—	(a)

Class R4
Issued		780			2,275			2			20
Reinvested		500			113			1			—	(a)
Redeemed		(433	)		(586	)		—	(a)		(942	)

Change in Class R4 Shares		847			1,802			3			(922	)

Class R5
Issued		774			3,948			195			517
Reinvested		1,799			769			98			12
Redeemed		(2,199	)		(6,111	)		(214	)		(784	)

Change in Class R5 Shares		374			(1,394	)		79			(255	)

Class R6
Issued		35,544			104,867			7,285			76,592
Reinvested		40,298			12,253			6,060			760
Redeemed		(25,617	)		(57,075	)		(61,881	)		(11,736	)

Change in Class R6 Shares		50,225			60,045			(48,536	)		65,616

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,501		$	7,017		$	232,102		$	448,946
Distributions reinvested		13,644			1,624			165,784			78,212
Cost of shares redeemed		(7,569	)		(15,672	)		(157,273	)		(1,212,979	)

Change in net assets resulting from Class A capital transactions		8,576			(7,031	)		240,613			(685,821	)

Class C
Proceeds from shares issued		106			1,778			61,860			101,446
Distributions reinvested		2,482			283			40,795			17,249
Cost of shares redeemed		(1,887	)		(5,408	)		(41,922	)		(111,778	)

Change in net assets resulting from Class C capital transactions		701			(3,347	)		60,733			6,917

Class I
Proceeds from shares issued		4,017			12,129			350,391			676,639
Distributions reinvested		29,574			4,054			187,297			83,781
Cost of shares redeemed		(17,433	)		(43,512	)		(219,844	)		(445,901	)

Change in net assets resulting from Class I capital transactions		16,158			(27,329	)		317,844			314,519

Class L
Proceeds from shares issued		—			—			171,980			1,503,646
Distributions reinvested		—			—			181,677			156,873
Cost of shares redeemed		—			—			(280,890	)		(1,609,341	)

Change in net assets resulting from Class L capital transactions		—			—			72,767			51,178

Class R2
Proceeds from shares issued		220			546			16,917			43,197
Distributions reinvested		674			78			26,602			14,784
Cost of shares redeemed		(470	)		(1,206	)		(36,009	)		(74,678	)

Change in net assets resulting from Class R2 capital transactions		424			(582	)		7,510			(16,697	)

Class R3
Proceeds from shares issued		—			—			20,617			40,112
Distributions reinvested		—			—			16,641			7,878
Cost of shares redeemed		—			—			(23,358	)		(32,479	)

Change in net assets resulting from Class R3 capital transactions		—			—			13,900			15,511

Class R4
Proceeds from shares issued		—			—			18,853			19,615
Distributions reinvested		—			—			6,300			1,911
Cost of shares redeemed		—			—			(4,170	)		(6,093	)

Change in net assets resulting from Class R4 capital transactions		—			—			20,983			15,433

Class R5
Proceeds from shares issued		349			722			71,879			152,803
Distributions reinvested		998			141			104,742			56,125
Cost of shares redeemed		(272	)		(2,434	)		(126,629	)		(201,053	)

Change in net assets resulting from Class R5 capital transactions		1,075			(1,571	)		49,992			7,875

Class R6
Proceeds from shares issued		6,430			14,127			1,425,668			3,065,302
Distributions reinvested		10,014			2,353			1,329,726			720,789
Cost of shares redeemed		(35,369	)		(43,872	)		(1,359,456	)		(3,616,496	)

Change in net assets resulting from Class R6 capital transactions		(18,925	)		(27,392	)		1,395,938			169,595

Total change in net assets resulting from capital transactions	$	8,009		$	(67,252	)	$	2,180,280		$	(121,490	)

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)						JPMorgan U.S. Equity Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		72			230			10,336			23,673
Reinvested		460			56			7,666			4,247
Redeemed		(216	)		(535	)		(7,009	)		(66,851	)

Change in Class A Shares		316			(249	)		10,993			(38,931	)

Class C
Issued		3			57			2,863			5,407
Reinvested		86			10			1,980			981
Redeemed		(55	)		(188	)		(1,952	)		(6,150	)

Change in Class C Shares		34			(121	)		2,891			238

Class I
Issued		115			378			15,586			34,804
Reinvested		985			139			8,622			4,522
Redeemed		(512	)		(1,437	)		(9,750	)		(22,963	)

Change in Class I Shares		588			(920	)		14,458			16,363

Class L
Issued		—			—			7,583			82,220
Reinvested		—			—			8,340			8,466
Redeemed		—			—			(12,420	)		(82,827	)

Change in Class L Shares		—			—			3,503			7,859

Class R2
Issued		7			17			761			2,286
Reinvested		23			3			1,247			815
Redeemed		(13	)		(41	)		(1,624	)		(3,942	)
										��
Change in Class R2 Shares		17			(21	)		384			(841	)

Class R3
Issued		—			—			917			2,150
Reinvested		—			—			773			430
Redeemed		—			—			(1,043	)		(1,724	)

Change in Class R3 Shares		—			—			647			856

Class R4
Issued		—			—			834			984
Reinvested		—			—			290			103
Redeemed		—			—			(186	)		(311	)

Change in Class R4 Shares		—			—			938			776

Class R5
Issued		10			22			3,167			7,725
Reinvested		33			5			4,806			3,019
Redeemed		(7	)		(84	)		(5,635	)		(10,515	)

Change in Class R5 Shares		36			(57	)		2,338			229

Class R6
Issued		173			434			63,041			159,157
Reinvested		333			80			60,854			38,637
Redeemed		(954	)		(1,493	)		(59,418	)		(183,543	)

Change in Class R6 Shares		(448	)		(979	)		64,477			14,251

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	11,217		$	20,023		$	21,685		$	67,074
Distributions reinvested		17,212			7,327			75,295			71,308
Cost of shares redeemed		(9,939	)		(28,020	)		(38,421	)		(103,562	)

Change in net assets resulting from Class A capital transactions		18,490			(670	)		58,559			34,820

Class C
Proceeds from shares issued		745			1,789			4,619			5,606
Distributions reinvested		5,682			2,298			9,642			9,039
Cost of shares redeemed		(2,960	)		(12,341	)		(5,892	)		(43,234	)

Change in net assets resulting from Class C capital transactions		3,467			(8,254	)		8,369			(28,589	)

Class I
Proceeds from shares issued		13,449			13,566			114,064			241,025
Distributions reinvested		29,393			12,855			379,323			497,011
Cost of shares redeemed		(17,773	)		(41,096	)		(296,144	)		(946,028	)
Redemptions in-kind (See Note 8)		—			—			—			(487,288	)

Change in net assets resulting from Class I capital transactions		25,069			(14,675	)		197,243			(695,280	)

Class R2
Proceeds from shares issued		3,821			11,220			569			614
Distributions reinvested		9,090			4,130			1,468			1,205
Cost of shares redeemed		(5,974	)		(20,777	)		(892	)		(1,100	)

Change in net assets resulting from Class R2 capital transactions		6,937			(5,427	)		1,145			719

Class R5
Proceeds from shares issued		6,159			28,851			4,334			5,546
Distributions reinvested		26,832			20,215			7,761			9,489
Cost of shares redeemed		(43,427	)		(119,468	)		(5,611	)		(23,795	)

Change in net assets resulting from Class R5 capital transactions		(10,436	)		(70,402	)		6,484			(8,760	)

Class R6
Proceeds from shares issued		14,829			45,323			43,402			127,531
Distributions reinvested		140,885			61,717			95,950			112,990
Cost of shares redeemed		(84,613	)		(118,672	)		(114,290	)		(241,171	)

Change in net assets resulting from Class R6 capital transactions		71,101			(11,632	)		25,062			(650	)

Total change in net assets resulting from capital transactions	$	114,628		$	(111,060	)	$	296,862		$	(697,740	)

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. GARP Equity Fund						JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		158			314			845			2,537
Reinvested		258			119			3,292			3,151
Redeemed		(134	)		(431	)		(1,453	)		(4,090	)

Change in Class A Shares		282			2			2,684			1,598

Class C
Issued		11			28			198			242
Reinvested		88			38			490			446
Redeemed		(42	)		(200	)		(250	)		(1,763	)

Change in Class C Shares		57			(134	)		438			(1,075	)

Class I
Issued		185			202			4,212			9,169
Reinvested		427			204			16,025			21,400
Redeemed		(236	)		(615	)		(11,010	)		(36,191	)
Redemptions in-kind (See Note 8)		—			—			—			(19,946	)

Change in Class I Shares		376			(209	)		9,227			(25,568	)

Class R2
Issued		51			177			21			26
Reinvested		142			69			70			56
Redeemed		(81	)		(324	)		(33	)		(45	)

Change in Class R2 Shares		112			(78	)		58			37

Class R5
Issued		82			442			171			211
Reinvested		398			326			324			405
Redeemed		(546	)		(1,790	)		(213	)		(911	)

Change in Class R5 Shares		(66	)		(1,022	)		282			(295	)

Class R6
Issued		202			690			1,510			4,669
Reinvested		2,090			993			4,010			4,828
Redeemed		(1,099	)		(1,768	)		(4,495	)		(9,673	)

Change in Class R6 Shares		1,193			(85	)		1,025			(176	)
	��

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,398		$	52,721		$	12,425		$	9,507
Distributions reinvested		19,713			7,384			1,294			226
Cost of shares redeemed		(37,804	)		(123,854	)		(2,318	)		(1,965	)

Change in net assets resulting from Class A capital transactions		(5,693	)		(63,749	)		11,401			7,768


Class C
Proceeds from shares issued		—			—			1,742			1,229
Distributions reinvested		—			—			170			30
Cost of shares redeemed		—			—			(749	)		(1,166	)

Change in net assets resulting from Class C capital transactions		—			—			1,163			93


Class I
Proceeds from shares issued		107,853			127,129			52,115			51,880
Distributions reinvested		59,323			17,371			4,010			688
Cost of shares redeemed		(73,194	)		(230,638	)		(5,663	)		(30,906	)
Conversion from Class L Shares		—			368,073			—			—

Change in net assets resulting from Class I capital transactions		93,982			281,935			50,462			21,662


Class L (a)
Proceeds from shares issued		—			534			—			—
Cost of shares redeemed		—			(28,170	)		—			—
Conversion to Class I Shares		—			(368,073	)		—			—

Change in net assets resulting from Class L capital transactions		—			(395,709	)		—			—


Class R6 (b)
Proceeds from shares issued		533,428			738,779			10,232			23,682
Distributions reinvested		562,100			159,481			1,393			247
Cost of shares redeemed		(224,909	)		(1,610,214	)		(2,265	)		(1,916	)

Change in net assets resulting from Class R6 capital transactions		870,619			(711,954	)		9,360			22,013

Total change in net assets resulting from capital transactions	$	958,908		$	(889,477	)	$	72,386		$	51,536

(a)	On July 2, 2020, Class L Shares for JPMorgan U.S. Research Enhanced Equity Fund were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

(b)	Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Research Enhanced Equity Fund						JPMorgan U.S. Sustainable Leaders Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		329			1,755			197			180
Reinvested		554			240			21			4
Redeemed		(1,006	)		(3,944	)		(37	)		(37	)

Change in Class A Shares		(123	)		(1,949	)		181			147

Class C
Issued		—			—			27			23
Reinvested		—			—			3			1
Redeemed		—			—			(12	)		(24	)

Change in Class C Shares		—			—			18			—	(a)

Class I
Issued		2,873			4,149			824			1,006
Reinvested		1,646			556			63			14
Redeemed		(1,920	)		(7,272	)		(90	)		(595	)
Conversion from Class L Shares		—			13,572			—			—

Change in Class I Shares		2,599			11,005			797			425

Class L
Issued		—			20			—			—
Redeemed		—			(1,046	)		—			—
Conversion to Class I Shares		—			(13,599	)		—			—

Change in Class L Shares		—			(14,625	)		—			—

Class R6 (b)
Issued		14,035			22,714			163			451
Reinvested		15,619			5,100			22			5
Redeemed		(5,899	)		(47,943	)		(36	)		(35	)

Change in Class R6 Shares		23,755			(20,129	)		149			421

(a)	Amount rounds to less than one thousand.

(b)	Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Sustainable Leaders Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	115

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	84,175		$	43,922
Distributions reinvested		13,325			9,932
Cost of shares redeemed		(26,644	)		(188,211	)

Change in net assets resulting from Class A capital transactions		70,856			(134,357	)

Class C
Proceeds from shares issued		15,444			11,138
Distributions reinvested		1,067			525
Cost of shares redeemed		(4,607	)		(10,570	)

Change in net assets resulting from Class C capital transactions		11,904			1,093

Class I
Proceeds from shares issued		675,378			663,191
Distributions reinvested		20,711			10,612
Cost of shares redeemed		(486,142	)		(99,019	)

Change in net assets resulting from Class I capital transactions		209,947			574,784

Class R2
Proceeds from shares issued		1,362			1,007
Distributions reinvested		61			33
Cost of shares redeemed		(95	)		(694	)

Change in net assets resulting from Class R2 capital transactions		1,328			346

Class R3
Proceeds from shares issued		9,238			943
Distributions reinvested		182			10
Cost of shares redeemed		(1,112	)		(166	)

Change in net assets resulting from Class R3 capital transactions		8,308			787

Class R4
Proceeds from shares issued		190			133
Distributions reinvested		7			24
Cost of shares redeemed		(15	)		(1,482	)

Change in net assets resulting from Class R4 capital transactions		182			(1,325	)

Class R5
Proceeds from shares issued		3,493			78
Distributions reinvested		74			3
Cost of shares redeemed		(50	)		(23	)

Change in net assets resulting from Class R5 capital transactions		3,517			58

Class R6
Proceeds from shares issued		91,542			310,989
Distributions reinvested		8,080			3,841
Cost of shares redeemed		(25,559	)		(34,999	)
Redemptions in-kind (See Note 8)		—			(126,007	)

Change in net assets resulting from Class R6 capital transactions		74,063			153,824

Total change in net assets resulting from capital transactions	$	380,105		$	595,210

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	JPMorgan U.S. Value Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		1,262			799
Reinvested		203			184
Redeemed		(402	)		(3,804	)

Change in Class A Shares		1,063			(2,821	)

Class C
Issued		263			216
Reinvested		18			11
Redeemed		(79	)		(224	)

Change in Class C Shares		202			3

Class I
Issued		9,563			11,291
Reinvested		296			179
Redeemed		(7,025	)		(1,602	)

Change in Class I Shares		2,834			9,868

Class R2
Issued		20			19
Reinvested		1			1
Redeemed		(1	)		(13	)

Change in Class R2 Shares		20			7

Class R3
Issued		129			16
Reinvested		3			—	(a)
Redeemed		(16	)		(3	)

Change in Class R3 Shares		116			13

Class R4
Issued		2			3
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		(25	)

Change in Class R4 Shares		2			(22	)

Class R5
Issued		48			1
Reinvested		1			—	(a)
Redeemed		(1	)		—	(a)

Change in Class R5 Shares		48			1

Class R6
Issued		1,290			5,348
Reinvested		115			65
Redeemed		(361	)		(596	)
Redemptions in-kind (See Note 8)		—			(2,169	)

Change in Class R6 Shares		1,044			2,648

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	117

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED DECEMBER 31, 2021


	JPMorgan U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	323,559

Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(915,570	)
Proceeds from disposition of investment securities		1,346,796
Covers of investment securities sold short		(464,763	)
Proceeds from investment securities sold short		374,485
Purchases of short-term investments — affiliates, net		(6,977	)
Change in unrealized (appreciation)/depreciation on investments		26,906
Change in unrealized (appreciation)/depreciation on investment securities sold short		(22,487	)
Net realized (gain)/loss on investments in non-affiliates		(365,988	)
Net realized (gain)/loss on investments in affiliates		1
Net realized (gain)/loss on securities sold short		35,260
Decrease in dividends receivable from non-affiliates		229
Increase in dividend expense to non-affiliates on securities sold short		174
Decrease in interest expense to non-affiliates on securities sold short		(80	)
Decrease in due to broker for securities sold short		(20	)
Increase in investment advisory fees payable		73
Increase in administration fees payable		3
Increase in distribution fees payable		9
Increase in service fees payable		23
Increase in custodian and accounting fees payable		13
Decrease in other accrued expenses payable		(100	)

Net cash provided (used) by operating activities		331,546


Cash flows provided (used) by financing activities:
Due to custodian		(21	)
Proceeds from units issued		188,454
Payment for units redeemed		(463,569	)
Cash distributions paid to shareholders (net of reinvestments of $569,439)		(56,426	)

Net cash provided (used) by financing activities		(331,562	)


Cash:
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker		(16	)
Restricted and unrestricted cash and foreign currency at beginning of period		20

Restricted and unrestricted cash and foreign currency at end of period	$	4

Supplemental disclosure of cash flow information:

For the period ended December 31, 2021 the Fund paid $1,903 in interest expense.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

Reconciliation of restricted and unrestricted cash and foreign currency at the end of period to the Statements of Assets and Liabilities:


	June 30, 2021		December 31, 2021
Cash	$	—	$	4
Foreign currency, at value		20		—

	$	20	$	4



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	35.03	$	(0.03	)	$	2.96		$	2.93	$	—		$	(3.91	)	$	(3.91	)
Year Ended June 30, 2021		26.88		0.01			11.90			11.91		(0.11	)		(3.65	)		(3.76	)
Year Ended June 30, 2020		30.15		0.15			1.68			1.83		(0.12	)		(4.98	)		(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45		(0.41	)		(3.72	)		(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31		(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69		(0.01	)		(0.32	)		(0.33	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		33.15		(0.12	)		2.79			2.67		—			(3.91	)		(3.91	)
Year Ended June 30, 2021		25.63		(0.13	)		11.30			11.17		—			(3.65	)		(3.65	)
Year Ended June 30, 2020		29.01		0.01			1.60			1.61		(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22		(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03		—			(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42		—			(0.32	)		(0.32	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		35.80		0.01			3.03			3.04		(0.03	)		(3.91	)		(3.94	)
Year Ended June 30, 2021		27.38		0.10			12.13			12.23		(0.16	)		(3.65	)		(3.81	)
Year Ended June 30, 2020		30.60		0.23			1.70			1.93		(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56		(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43		(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81		(0.07	)		(0.32	)		(0.39	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		35.62		0.06			3.01			3.07		(0.11	)		(3.91	)		(4.02	)
Year Ended June 30, 2021		27.25		0.18			12.07			12.25		(0.23	)		(3.65	)		(3.88	)
Year Ended June 30, 2020		30.48		0.30			1.69			1.99		(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (f) through June 30, 2019		34.55		0.23			(0.05	)		0.18		(0.53	)		(3.72	)		(4.25	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	34.05		8.64	%	$	11,819		1.10	%		(0.19	)%		1.21	%		16	%
	35.03		47.07			9,949		1.09			0.05			1.24			58
	26.88		5.87			5,723		1.10			0.55			1.34			44
	30.15		9.22			5,511		1.09			0.42			1.41			45
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84


	31.91		8.34			4,742		1.60			(0.69	)		1.71			16
	33.15		46.37			4,293		1.59			(0.45	)		1.74			58
	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84


	34.90		8.77			91,261		0.85			0.06			0.95			16
	35.80		47.46			83,598		0.85			0.30			0.98			58
	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84


	34.67		8.91			36,516		0.60			0.31			0.70			16
	35.62		47.82			34,054		0.60			0.55			0.73			58
	27.25		6.39			23,881		0.60			1.06			0.83			44
	30.48		2.03			22,346		0.59			1.08			0.95			45

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	22.34	$	0.16	$	1.50		$	1.66		$	(0.16	)	$	(0.44	)	$	(0.60	)
Year Ended June 30, 2021		16.22		0.29		6.12			6.41			(0.29	)		—			(0.29	)
Year Ended June 30, 2020		17.83		0.32		(1.42	)		(1.10	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		21.87		0.09		1.48			1.57			(0.11	)		(0.44	)		(0.55	)
Year Ended June 30, 2021		15.88		0.19		6.00			6.19			(0.20	)		—			(0.20	)
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		22.76		0.19		1.54			1.73			(0.19	)		(0.44	)		(0.63	)
Year Ended June 30, 2021		16.52		0.35		6.23			6.58			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		22.23		0.12		1.50			1.62			(0.13	)		(0.44	)		(0.57	)
Year Ended June 30, 2021		16.14		0.23		6.10			6.33			(0.24	)		—			(0.24	)
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		22.32		0.15		1.52			1.67			(0.16	)		(0.44	)		(0.60	)
Year Ended June 30, 2021		16.21		0.29		6.11			6.40			(0.29	)		—			(0.29	)
Year Ended June 30, 2020		17.81		0.32		(1.41	)		(1.09	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.80		0.32		1.49			1.81			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2018		15.66		0.27		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19		1.71			1.90			(0.21	)		(0.09	)		(0.30	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		22.75		0.19		1.53			1.72			(0.19	)		(0.44	)		(0.63	)
Year Ended June 30, 2021		16.51		0.35		6.23			6.58			(0.34	)		—			(0.34	)
Year Ended June 30, 2020		18.13		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.09		0.36		1.52			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.32		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29		1.67			1.96			(0.23	)		(0.09	)		(0.32	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		22.78		0.20		1.55			1.75			(0.21	)		(0.44	)		(0.65	)
Year Ended June 30, 2021		16.53		0.37		6.25			6.62			(0.37	)		—			(0.37	)
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		22.76		0.22		1.54			1.76			(0.22	)		(0.44	)		(0.66	)
Year Ended June 30, 2021		16.52		0.39		6.24			6.63			(0.39	)		—			(0.39	)
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	23.40		7.55	%	$	5,069,630		0.95	%		1.35	%		0.95	%		5	%
	22.34		39.81			4,715,916		0.96			1.48			0.96			16
	16.22		(6.36	)		3,234,850		0.98			1.83			0.98			22
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14


	22.89		7.21			1,484,655		1.45			0.84			1.45			5
	21.87		39.19			1,493,408		1.45			0.99			1.46			16
	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14


	23.86		7.67			19,638,384		0.70			1.60			0.70			5
	22.76		40.16			17,980,353		0.70			1.73			0.71			16
	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14


	23.28		7.35			76,797		1.21			1.08			1.21			5
	22.23		39.47			77,859		1.22			1.22			1.22			16
	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14


	23.39		7.55			262,607		0.95			1.33			0.95			5
	22.32		39.79			280,991		0.95			1.49			0.96			16
	16.21		(6.29	)		170,246		0.97			1.86			0.97			22
	17.81		11.20			137,142		0.98			1.87			0.99			23
	16.80		9.90			91,267		0.99			1.61			0.99			20
	15.66		13.62			25,209		1.03			1.55			1.05			14


	23.84		7.63			228,730		0.70			1.59			0.70			5
	22.75		40.19			249,525		0.70			1.73			0.70			16
	16.51		(6.07	)		106,277		0.72			2.12			0.72			22
	18.13		11.46			66,602		0.73			2.08			0.74			23
	17.09		10.18			23,451		0.74			1.90			0.75			20
	15.92		13.85			1,340		0.78			2.28			0.83			14


	23.88		7.74			1,640,250		0.55			1.74			0.55			5
	22.78		40.41			1,655,531		0.55			1.88			0.56			16
	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14


	23.86		7.81			22,709,973		0.45			1.85			0.45			5
	22.76		40.51			19,952,074		0.45			1.98			0.46			16
	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Equity Premium Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.23	$	0.57	$	0.71		$	1.28		$	(0.55	)
Year Ended June 30, 2021		12.96		1.26		2.40			3.66			(1.39	)
Year Ended June 30, 2020		14.92		1.88		(2.42	)		(0.54	)		(1.42	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.53		0.71			1.24			(0.51	)
Year Ended June 30, 2021		12.96		1.15		2.44			3.59			(1.32	)
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.59		0.71			1.30			(0.57	)
Year Ended June 30, 2021		12.96		1.38		2.32			3.70			(1.43	)
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.58		0.73			1.31			(0.58	)
Year Ended June 30, 2021		12.96		1.37		2.35			3.72			(1.45	)
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.23		0.59		0.73			1.32			(0.59	)
Year Ended June 30, 2021		12.96		1.43		2.30			3.73			(1.46	)
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of operations.

(g)	Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	15.96		8.60	%	$	516,483		0.85	%		7.30	%		0.86	%		94	%
	15.23		29.67			174,085		0.85			8.61			0.91			217
	12.96		(3.78	)		12,904		0.85			14.21			1.11			236
	14.92		5.95			125		0.85	(g)		7.90	(g)		1.80	(g)		43


	15.96		8.33			454,267		1.35			6.80			1.36			94
	15.23		29.03			158,340		1.34			7.76			1.40			217
	12.96		(4.26	)		4,710		1.35			11.77			1.61			236
	14.92		5.50			21		1.35	(g)		7.14	(g)		2.26	(g)		43


	15.96		8.74			1,115,036		0.60			7.48			0.62			94
	15.23		29.97			519,976		0.60			9.62			0.69			217
	12.96		(3.57	)		173,409		0.60			11.40			0.91			236
	14.92		6.15			54,045		0.60	(g)		7.89	(g)		1.13	(g)		43


	15.96		8.82			76		0.45			7.43			0.50			94
	15.23		30.16			88		0.45			9.54			0.56			217
	12.96		(3.43	)		21		0.45			10.37			0.83			236
	14.92		6.28			21		0.45	(g)		8.04	(g)		1.36	(g)		43


	15.96		8.87			56,083		0.35			7.60			0.37			94
	15.23		30.29			48,315		0.35			9.99			0.44			217
	12.96		(3.33	)		686		0.35			13.60			0.59			236
	14.92		6.37			21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	25.90	$	0.06		$	1.00	$	1.06	$	(0.08	)
Year Ended June 30, 2021		21.83		0.15			4.11		4.26		(0.19	)
Year Ended June 30, 2020		20.23		0.28			1.51		1.79		(0.19	)
Year Ended June 30, 2019		19.43		0.20			0.79		0.99		(0.19	)
Year Ended June 30, 2018		18.24		0.18			1.15		1.33		(0.14	)
Year Ended June 30, 2017		16.23		0.19			2.01		2.20		(0.19	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		25.72		—	(f)		0.98		0.98		(0.01	)
Year Ended June 30, 2021		21.70		0.03			4.07		4.10		(0.08	)
Year Ended June 30, 2020		20.10		0.17			1.52		1.69		(0.09	)
Year Ended June 30, 2019		19.33		0.11			0.77		0.88		(0.11	)
Year Ended June 30, 2018		18.16		0.08			1.15		1.23		(0.06	)
Year Ended June 30, 2017		16.17		0.10			2.01		2.11		(0.12	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		25.98		0.10			0.99		1.09		(0.11	)
Year Ended June 30, 2021		21.90		0.21			4.11		4.32		(0.24	)
Year Ended June 30, 2020		20.28		0.33			1.53		1.86		(0.24	)
Year Ended June 30, 2019		19.47		0.26			0.78		1.04		(0.23	)
Year Ended June 30, 2018		18.27		0.23			1.16		1.39		(0.19	)
Year Ended June 30, 2017		16.26		0.23			2.01		2.24		(0.23	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		26.02		0.12			1.00		1.12		(0.13	)
Year Ended June 30, 2021		21.93		0.25			4.11		4.36		(0.27	)
Year Ended June 30, 2020		20.32		0.36			1.52		1.88		(0.27	)
Year Ended June 30, 2019		19.50		0.29			0.79		1.08		(0.26	)
Year Ended June 30, 2018		18.30		0.26			1.16		1.42		(0.22	)
Year Ended June 30, 2017		16.28		0.26			2.02		2.28		(0.26	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		26.04		0.13			0.99		1.12		(0.14	)
Year Ended June 30, 2021		21.95		0.28			4.11		4.39		(0.30	)
Year Ended June 30, 2020		20.32		0.39			1.53		1.92		(0.29	)
Year Ended June 30, 2019		19.49		0.31			0.79		1.10		(0.27	)
Year Ended June 30, 2018		18.29		0.27			1.16		1.43		(0.23	)
Year Ended June 30, 2017		16.28		0.25			2.03		2.28		(0.27	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	26.88		4.08	%	$	1,913,441		0.83	%		0.48	%		0.83	%		16	%
	25.90		19.58			1,778,457		0.83			0.61			0.84			39
	21.83		8.89			473,314		0.85			1.35			0.86			68
	20.23		5.12			296,242		0.85			1.02			0.87			48
	19.43		7.33			277,898		0.84			0.92			0.87			44
	18.24		13.60			133,789		0.84			1.06			1.05			31


	26.69		3.82			515,143		1.33			(0.02	)		1.33			16
	25.72		18.93			502,120		1.33			0.14			1.33			39
	21.70		8.40			246,741		1.35			0.84			1.36			68
	20.10		4.60			158,602		1.35			0.55			1.37			48
	19.33		6.79			81,030		1.34			0.42			1.38			44
	18.16		13.07			29,168		1.34			0.55			1.45			31


	26.96		4.20			15,257,745		0.58			0.73			0.58			16
	25.98		19.83			14,416,679		0.58			0.89			0.58			39
	21.90		9.21			7,167,488		0.59			1.59			0.60			68
	20.28		5.39			4,214,453		0.60			1.30			0.61			48
	19.47		7.63			1,947,444		0.59			1.17			0.62			44
	18.27		13.86			597,013		0.59			1.30			0.69			31


	27.01		4.31			6,393		0.43			0.88			0.43			16
	26.02		20.01			6,024		0.44			1.03			0.45			39
	21.93		9.30			2,964		0.45			1.74			0.59			68
	20.32		5.57			1,893		0.45			1.46			0.95			48
	19.50		7.81			123		0.39			1.37			0.67			44
	18.30		14.10			37		0.40			1.51			1.08			31


	27.02		4.32			1,863,086		0.33			0.98			0.33			16
	26.04		20.11			1,591,643		0.33			1.14			0.34			39
	21.95		9.50			851,085		0.35			1.87			0.35			68
	20.32		5.69			384,616		0.35			1.56			0.37			48
	19.49		7.87			121,897		0.34			1.42			0.42			44
	18.29		14.09			3,289		0.34			1.41			0.42			31

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 2 Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.97	$	0.04		$	1.10	$	1.14	$	(0.04	)
February 26, 2021 (f) through June 30, 2021		15.00		0.03			0.95		0.98		(0.01	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		15.95		—	(h)		1.10		1.10		—	(h)
February 26, 2021 (f) through June 30, 2021		15.00		—	(h)		0.95		0.95		—	(h)

Class I
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.06			1.10		1.16		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.07			1.11		1.18		(0.06	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.99		0.08			1.11		1.19		(0.07	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.96		1.01		(0.02	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of operations.

(g)	Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	17.07		7.13	%	$	233,103		0.85	%		0.48	%		0.86	%		13	%
	15.97		6.54			52,880		0.85	(g)		0.57	(g)		0.92	(g)		6


	17.05		6.92			180,578		1.35			(0.04	)		1.36			13
	15.95		6.36			57,423		1.35	(g)		0.05	(g)		1.43	(g)		6


	17.09		7.29			2,970,051		0.60			0.71			0.61			13
	15.98		6.63			1,018,781		0.60	(g)		0.80	(g)		0.70	(g)		6


	17.10		7.41			582		0.45			0.83			0.46			13
	15.98		6.66			536		0.45	(g)		0.99	(g)		0.88	(g)		6


	17.11		7.46			508,914		0.35			0.94			0.36			13
	15.99		6.75			262,248		0.35	(g)		1.04	(g)		0.43	(g)		6

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Hedged Equity 3 Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	15.96	$	0.04		$	0.91	$	0.95	$	(0.03	)
February 26, 2021 (f) through June 30, 2021		15.00		0.03			0.95		0.98		(0.02	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		15.95		—	(h)		0.91		0.91		(0.01	)
February 26, 2021 (f) through June 30, 2021		15.00		—	(h)		0.96		0.96		(0.01	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.06			0.92		0.98		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.04			0.96		1.00		(0.02	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.07			0.92		0.99		(0.05	)
February 26, 2021 (f) through June 30, 2021		15.00		0.05			0.95		1.00		(0.02	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		15.98		0.08			0.92		1.00		(0.06	)
February 26, 2021 (f) through June 30, 2021		15.00		0.06			0.94		1.00		(0.02	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of operations.

(g)	Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	16.88		5.97	%	$	94,246		0.85	%		0.47	%		0.86	%		12	%
	15.96		6.50			21,446		0.85	(g)		0.60	(g)		1.00	(g)		7


	16.85		5.68			78,261		1.35			(0.03	)		1.36			12
	15.95		6.37			19,229		1.35	(g)		0.09	(g)		1.51	(g)		7


	16.91		6.12			1,730,595		0.60			0.71			0.62			12
	15.98		6.64			524,074		0.60	(g)		0.81	(g)		0.80	(g)		7


	16.92		6.23			20		0.45			0.82			0.50			12
	15.98		6.64			21		0.45	(g)		0.96	(g)		3.22	(g)		7


	16.92		6.29			413,958		0.35			0.94			0.35			12
	15.98		6.68			1,796		0.35	(g)		1.10	(g)		0.64	(g)		7

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	64.22	$	(0.13	)	$	5.51	$	5.38	$	—		$	(9.24	)	$	(9.24	)
Year Ended June 30, 2021		48.04		(0.27	)		19.59		19.32		—			(3.14	)		(3.14	)
Year Ended June 30, 2020		41.87		(0.01	)		11.39		11.38		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80		4.71		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92		9.82		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51		8.44		—			(3.14	)		(3.14	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		46.21		(0.21	)		3.93		3.72		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		35.43		(0.41	)		14.33		13.92		—			(3.14	)		(3.14	)
Year Ended June 30, 2020		32.33		(0.17	)		8.48		8.31		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64		3.41		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11		7.86		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14		6.94		—			(3.14	)		(3.14	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		65.59		(0.05	)		5.63		5.58		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		48.91		(0.12	)		19.97		19.85		(0.03	)		(3.14	)		(3.17	)
Year Ended June 30, 2020		42.46		0.09			11.59		11.68		(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87		4.88		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01		10.00		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55		8.53		—			(3.14	)		(3.14	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		61.05		(0.20	)		5.23		5.03		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		45.90		(0.39	)		18.68		18.29		—			(3.14	)		(3.14	)
Year Ended June 30, 2020		40.32		(0.11	)		10.90		10.79		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61		4.43		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65		9.45		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32		8.16		—			(3.14	)		(3.14	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		64.64		(0.13	)		5.54		5.41		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		48.34		(0.27	)		19.72		19.45		(0.01	)		(3.14	)		(3.15	)
Year Ended June 30, 2020		42.10		(0.01	)		11.46		11.45		—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.64		(0.08	)		4.82		4.74		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94		9.86		—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		(0.06	)		7.62		7.56		—			(3.14	)		(3.14	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		65.47		(0.05	)		5.62		5.57		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		48.84		(0.12	)		19.94		19.82		(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		42.45		0.08			11.58		11.66		(0.06	)		(5.21	)		(5.27	)
Year Ended June 30, 2019		42.85		0.01			4.87		4.88		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98		9.99		—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		0.04			7.60		7.64		—			(3.14	)		(3.14	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		67.49		—	(g)		5.81		5.81		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		50.20		(0.04	)		20.52		20.48		(0.05	)		(3.14	)		(3.19	)
Year Ended June 30, 2020		43.44		0.16			11.88		12.04		(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00		5.07		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04		0.06			10.16		10.22		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67		8.72		—			(3.14	)		(3.14	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		68.18		0.04			5.86		5.90		—			(9.24	)		(9.24	)
Year Ended June 30, 2021		50.66		0.03			20.71		20.74		(0.08	)		(3.14	)		(3.22	)
Year Ended June 30, 2020		43.78		0.21			11.99		12.20		(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03		5.14		(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23		10.33		—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70		8.79		—			(3.14	)		(3.14	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of offering of class of shares.

(g)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	60.36		8.52	%	$	5,267,927		0.94	%		(0.39	)%		1.01	%		21	%
	64.22		41.00			4,970,767		0.93			(0.46	)		1.02			58
	48.04		30.09			3,280,463		0.94			(0.03	)		1.04			47
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22


	40.69		8.24			829,593		1.44			(0.89	)		1.51			21
	46.21		40.32			780,132		1.43			(0.96	)		1.51			58
	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22


	61.93		8.65			11,651,360		0.69			(0.14	)		0.75			21
	65.59		41.37			10,983,173		0.68			(0.21	)		0.76			58
	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22


	56.84		8.39			137,088		1.19			(0.64	)		1.26			21
	61.05		40.65			129,541		1.18			(0.71	)		1.26			58
	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22


	60.81		8.51			294,369		0.94			(0.39	)		1.00			21
	64.64		41.01			264,318		0.93			(0.45	)		1.01			58
	48.34		30.09			90,107		0.94			(0.02	)		1.03			47
	42.10		13.68			45,376		0.93			(0.21	)		1.08			50
	42.64		28.43			6,865		0.96			(0.21	)		1.10			24
	38.39		24.05			992		1.12			(0.20	)		1.20			22


	61.80		8.65			245,696		0.69			(0.14	)		0.75			21
	65.47		41.37			204,814		0.68			(0.20	)		0.76			58
	48.84		30.40			64,792		0.69			0.19			0.78			47
	42.45		13.96			10,740		0.68			0.02			0.83			50
	42.85		28.74			5,930		0.73			0.02			0.85			24
	38.47		24.31			440		0.89			0.12			1.07			22


	64.06		8.75			931,637		0.54			0.01			0.60			21
	67.49		41.57			956,386		0.53			(0.06	)		0.61			58
	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22


	64.84		8.79			21,447,424		0.44			0.11			0.50			21
	68.18		41.70			19,127,249		0.43			0.04			0.51			58
	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	20.48	$	0.08	$	0.24		$	0.32		$	(0.10	)	$	(1.38	)	$	(1.48	)
Year Ended June 30, 2021		12.72		0.11		7.73			7.84			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		14.11		0.18		(1.40	)		(1.22	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		19.55		0.03		0.22			0.25			(0.05	)		(1.38	)		(1.43	)
Year Ended June 30, 2021		12.17		0.02		7.39			7.41			(0.03	)		—			(0.03	)
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		20.10		0.10		0.22			0.32			(0.12	)		(1.38	)		(1.50	)
Year Ended June 30, 2021		12.49		0.15		7.59			7.74			(0.13	)		—			(0.13	)
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		20.30		0.06		0.22			0.28			(0.08	)		(1.38	)		(1.46	)
Year Ended June 30, 2021		12.61		0.06		7.67			7.73			(0.04	)		—			(0.04	)
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		20.09		0.08		0.23			0.31			(0.14	)		(1.38	)		(1.52	)
Year Ended June 30, 2021		12.48		0.10		7.59			7.69			(0.08	)		—			(0.08	)
Year Ended June 30, 2020		13.84		0.18		(1.36	)		(1.18	)		(0.18	)		—			(0.18	)
October 1, 2018 (g) through June 30, 2019		15.63		0.13		(0.88	)		(0.75	)		(0.13	)		(0.91	)		(1.04	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		20.50		0.11		0.24			0.35			(0.13	)		(1.38	)		(1.51	)
Year Ended June 30, 2021		12.73		0.12		7.77			7.89			(0.12	)		—			(0.12	)
Year Ended June 30, 2020		14.11		0.22		(1.39	)		(1.17	)		(0.21	)		—			(0.21	)
October 1, 2018 (g) through June 30, 2019		15.90		0.16		(0.89	)		(0.73	)		(0.15	)		(0.91	)		(1.06	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		20.32		0.12		0.23			0.35			(0.14	)		(1.38	)		(1.52	)
Year Ended June 30, 2021		12.62		0.17		7.68			7.85			(0.15	)		—			(0.15	)
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		20.18		0.13		0.22			0.35			(0.15	)		(1.38	)		(1.53	)
Year Ended June 30, 2021		12.53		0.19		7.63			7.82			(0.17	)		—			(0.17	)
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	19.32		1.88	%	$	212,700		0.93	%		0.81	%		1.01	%		44	%
	20.48		61.86			218,302		0.93			0.62			1.04			93
	12.72		(8.66	)		119,402		0.93			1.33			1.04			177
	14.11		1.07			153,809		0.93			1.19			1.04			162
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145


	18.37		1.62			62,881		1.44			0.31			1.50			44
	19.55		60.96			62,488		1.43			0.11			1.50			93
	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145


	18.92		1.94			1,262,516		0.69			1.06			0.76			44
	20.10		62.22			1,418,653		0.69			0.84			0.76			93
	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145


	19.12		1.68			11,922		1.19			0.56			1.27			44
	20.30		61.40			11,175		1.18			0.38			1.27			93
	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145


	18.88		1.86			6,182		0.94			0.80			1.00			44
	20.09		61.83			16		0.94			0.63			1.04			93
	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162


	19.34		2.02			191		0.69			1.06			0.76			44
	20.50		62.16			135		0.69			0.87			0.76			93
	12.73		(8.34	)		11,823		0.69			1.60			0.76			177
	14.11		(4.05	)		14,545		0.68			1.51			0.77			162


	19.15		2.04			24,769		0.54			1.21			0.60			44
	20.32		62.47			24,668		0.54			1.02			0.61			93
	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145


	19.00		2.06			1,532,011		0.44			1.29			0.49			44
	20.18		62.68			2,606,033		0.44			1.10			0.50			93
	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	135

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	36.38	$	0.23		$	2.60		$	2.83		$	(0.23	)	$	(8.75	)	$	(8.98	)
Year Ended June 30, 2021		25.83		0.42			11.10			11.52			(0.64	)		(0.33	)		(0.97	)
Year Ended June 30, 2020		31.42		0.55	(f)		(3.38	)		(2.83	)		(0.63	)		(2.13	)		(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)		(0.27	)		(0.79	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		35.72		0.13			2.54			2.67			(0.14	)		(8.75	)		(8.89	)
Year Ended June 30, 2021		25.36		0.28			10.90			11.18			(0.49	)		(0.33	)		(0.82	)
Year Ended June 30, 2020		30.90		0.40	(f)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)		(0.27	)		(0.63	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		36.72		0.27			2.63			2.90			(0.27	)		(8.75	)		(9.02	)
Year Ended June 30, 2021		25.79		0.50			11.48			11.98			(0.72	)		(0.33	)		(1.05	)
Year Ended June 30, 2020		31.62		0.62	(f)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)		(0.27	)		(0.85	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		35.99		0.16			2.57			2.73			(0.17	)		(8.75	)		(8.92	)
Year Ended June 30, 2021		25.55		0.33			11.01			11.34			(0.57	)		(0.33	)		(0.90	)
Year Ended June 30, 2020		31.12		0.47	(f)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)		(0.27	)		(0.71	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		36.78		0.28			2.64			2.92			(0.28	)		(8.75	)		(9.03	)
Year Ended June 30, 2021		25.66		0.59			11.63			12.22			(0.77	)		(0.33	)		(1.10	)
Year Ended June 30, 2020		31.73		0.67	(f)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)		(0.27	)		(0.92	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		36.78		0.31			2.62			2.93			(0.29	)		(8.75	)		(9.04	)
Year Ended June 30, 2021		26.06		0.57			11.28			11.85			(0.80	)		(0.33	)		(1.13	)
Year Ended June 30, 2020		31.74		0.70	(f)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)		(0.27	)		(0.94	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)

Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	30.23		8.43	%	$	60,402		0.73	%		1.23	%		0.97	%		47	%
	36.38		45.65			61,187		0.83			1.37			0.99			72
	25.83		(9.96	)		49,876		0.83			1.88	(f)		0.95			79
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81


	29.50		8.12			10,260		1.23			0.73			1.48			47
	35.72		45.02			11,211		1.33			0.91			1.50			72
	25.36		(10.46	)		11,038		1.33			1.37	(f)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81


	30.60		8.55			124,275		0.49			1.47			0.72			47
	36.72		47.54			127,530		0.59			1.62			0.74			72
	25.79		(10.69	)		113,316		0.59			2.01	(f)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81


	29.80		8.23			2,978		1.09			0.87			1.41			47
	35.99		45.36			3,000		1.09			1.08			1.34			72
	25.55		(10.24	)		2,664		1.09			1.62	(f)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81


	30.67		8.59			4,479		0.44			1.53			0.58			47
	36.78		48.74			4,053		0.44			1.91			0.59			72
	25.66		(11.16	)		4,269		0.44			2.16	(f)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81


	30.67		8.63			44,058	��	0.34			1.65			0.47			47
	36.78		46.60			69,298		0.34			1.82			0.49			72
	26.06		(9.68	)		74,603		0.34			2.37	(f)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	137

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	21.51	$	0.03		$	2.70	$	2.73	$	(0.03	)	$	(2.23	)	$	(2.26	)
Year Ended June 30, 2021		16.22		0.09			6.39		6.48		(0.08	)		(1.11	)		(1.19	)
Year Ended June 30, 2020		15.86		0.11			1.82		1.93		(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.48		0.12			1.17		1.29		(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11			1.94		2.05		(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11			2.57		2.68		(0.11	)		(0.53	)		(0.64	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		20.61		(0.03	)		2.59		2.56		—			(2.23	)		(2.23	)
Year Ended June 30, 2021		15.60		(0.01	)		6.14		6.13		(0.01	)		(1.11	)		(1.12	)
Year Ended June 30, 2020		15.31		0.03			1.75		1.78		(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04			1.13		1.17		(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03			1.89		1.92		(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04			2.49		2.53		(0.04	)		(0.53	)		(0.57	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		21.59		0.06			2.70		2.76		(0.05	)		(2.23	)		(2.28	)
Year Ended June 30, 2021		16.27		0.13			6.43		6.56		(0.13	)		(1.11	)		(1.24	)
Year Ended June 30, 2020		15.91		0.15			1.82		1.97		(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16			1.18		1.34		(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15			1.94		2.09		(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14			2.57		2.71		(0.14	)		(0.53	)		(0.67	)

Class L
Six Months Ended December 31, 2021 (Unaudited)		21.63		0.07			2.72		2.79		(0.07	)		(2.23	)		(2.30	)
Year Ended June 30, 2021		16.30		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
Year Ended June 30, 2020		15.93		0.17			1.83		2.00		(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18			1.18		1.36		(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17			1.94		2.11		(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16			2.58		2.74		(0.16	)		(0.53	)		(0.69	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		21.26		—	(f)		2.66		2.66		—	(f)		(2.23	)		(2.23	)
Year Ended June 30, 2021		16.04		0.04			6.33		6.37		(0.04	)		(1.11	)		(1.15	)
Year Ended June 30, 2020		15.70		0.07			1.80		1.87		(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08			1.16		1.24		(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07			1.92		1.99		(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07			2.55		2.62		(0.07	)		(0.53	)		(0.60	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		21.42		0.03			2.68		2.71		(0.03	)		(2.23	)		(2.26	)
Year Ended June 30, 2021		16.15		0.09			6.38		6.47		(0.09	)		(1.11	)		(1.20	)
Year Ended June 30, 2020		15.80		0.11			1.81		1.92		(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.43		0.12			1.16		1.28		(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.76		0.11			1.93		2.04		(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (g) through June 30, 2017		14.11		0.08			2.24		2.32		(0.14	)		(0.53	)		(0.67	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		21.55		0.06			2.70		2.76		(0.05	)		(2.23	)		(2.28	)
Year Ended June 30, 2021		16.25		0.13			6.41		6.54		(0.13	)		(1.11	)		(1.24	)
Year Ended June 30, 2020		15.89		0.15			1.82		1.97		(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.50		0.17			1.16		1.33		(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.82		0.16			1.93		2.09		(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (g) through June 30, 2017		14.15		0.13			2.22		2.35		(0.15	)		(0.53	)		(0.68	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		21.64		0.07			2.72		2.79		(0.07	)		(2.23	)		(2.30	)
Year Ended June 30, 2021		16.31		0.16			6.44		6.60		(0.16	)		(1.11	)		(1.27	)
Year Ended June 30, 2020		15.94		0.17			1.83		2.00		(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19			1.17		1.36		(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18			1.95		2.13		(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17			2.57		2.74		(0.17	)		(0.53	)		(0.70	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		21.69		0.08			2.73		2.81		(0.08	)		(2.23	)		(2.31	)
Year Ended June 30, 2021		16.34		0.18			6.46		6.64		(0.18	)		(1.11	)		(1.29	)
Year Ended June 30, 2020		15.97		0.19			1.83		2.02		(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20			1.19		1.39		(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19			1.95		2.14		(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18			2.58		2.76		(0.18	)		(0.53	)		(0.71	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	21.98		12.84	%	$	1,919,539		0.94	%		0.23	%		0.98	%		26	%
	21.51		41.18			1,642,046		0.94			0.46			0.98			60
	16.22		12.59			1,869,111		0.94			0.70			0.99			84
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86


	20.94		12.58			434,291		1.44			(0.27	)		1.47			26
	20.61		40.52			367,940		1.44			(0.05	)		1.47			60
	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86


	22.07		12.98			2,089,254		0.69			0.48			0.72			26
	21.59		41.64			1,731,572		0.69			0.69			0.72			60
	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86


	22.12		13.08			2,028,197		0.54			0.63			0.57			26
	21.63		41.81			1,907,620		0.54			0.83			0.58			60
	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86


	21.69		12.68			283,095		1.19			(0.02	)		1.22			26
	21.26		40.92			269,266		1.19			0.20			1.22			60
	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86


	21.87		12.80			192,664		0.94			0.23			0.97			26
	21.42		41.30			174,770		0.94			0.44			0.97			60
	16.15		12.57			117,991		0.94			0.70			0.98			84
	15.80		9.14			111,902		0.94			0.79			0.99			91
	16.43		13.18			61,413		0.95			0.69			1.00			97
	15.76		16.83			25,050		1.00			0.67			1.03			86


	22.03		13.00			67,096		0.69			0.48			0.72			26
	21.55		41.58			45,443		0.69			0.69			0.72			60
	16.25		12.84			21,651		0.69			0.95			0.73			84
	15.89		9.44			22,870		0.69			1.08			0.75			91
	16.50		13.48			10,531		0.70			0.94			0.75			97
	15.82		16.99			1,030		0.75			1.03			0.81			86


	22.13		13.07			1,166,317		0.54			0.63			0.57			26
	21.64		41.79			1,089,931		0.54			0.84			0.57			60
	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86


	22.19		13.15			14,334,112		0.44			0.73			0.47			26
	21.69		41.98			12,615,063		0.44			0.95			0.47			60
	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	139

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. GARP Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	73.40	$	(0.01	)	$	9.31	$	9.30	$	—		$	(14.78	)	$	(14.78	)
Year Ended June 30, 2021		57.64		(0.01	)		21.89		21.88		(0.52	)		(5.60	)		(6.12	)
Year Ended June 30, 2020		56.61		0.63	(f)		7.41		8.04		(0.34	)		(6.67	)		(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01		3.46		(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51		10.74		(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27		8.49		(0.26	)		—			(0.26	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		71.55		(0.20	)		9.05		8.85		—			(14.78	)		(14.78	)
Year Ended June 30, 2021		56.26		(0.32	)		21.36		21.04		(0.15	)		(5.60	)		(5.75	)
Year Ended June 30, 2020		55.45		0.35			7.22		7.57		(0.09	)		(6.67	)		(6.76	)
Year Ended June 30, 2019		58.00		0.16			2.97		3.13		(0.04	)		(5.64	)		(5.68	)
Year Ended June 30, 2018		47.72		(0.04	)		10.32		10.28		—			—			—
Year Ended June 30, 2017		39.63		—	(g)		8.13		8.13		(0.04	)		—			(0.04	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		75.08		0.09			9.53		9.62		(0.12	)		(14.78	)		(14.90	)
Year Ended June 30, 2021		58.80		0.16			22.37		22.53		(0.65	)		(5.60	)		(6.25	)
Year Ended June 30, 2020		57.60		0.79	(f)		7.54		8.33		(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05		3.65		(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68		11.06		(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40		8.74		(0.39	)		—			(0.39	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		71.18		(0.10	)		9.01		8.91		—			(14.78	)		(14.78	)
Year Ended June 30, 2021		56.08		(0.17	)		21.26		21.09		(0.39	)		(5.60	)		(5.99	)
Year Ended June 30, 2020		55.27		0.48	(f)		7.22		7.70		(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93		3.23		(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31		10.40		(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12		8.23		(0.23	)		—			(0.23	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		73.80		0.14			9.37		9.51		(0.19	)		(14.78	)		(14.97	)
Year Ended June 30, 2021		57.93		0.26			21.96		22.22		(0.75	)		(5.60	)		(6.35	)
Year Ended June 30, 2020		56.82		0.86	(f)		7.47		8.33		(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99		3.67		(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56		11.02		(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29		8.71		(0.46	)		—			(0.46	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		73.81		0.18			9.37		9.55		(0.28	)		(14.78	)		(15.06	)
Year Ended June 30, 2021		57.93		0.33			21.96		22.29		(0.81	)		(5.60	)		(6.41	)
Year Ended June 30, 2020		56.81		0.91	(f)		7.49		8.40		(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98		3.72		(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56		11.07		(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29		8.73		(0.49	)		—			(0.49	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)

Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively,and the net investment income (loss) ratio would have been 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	67.92		13.00	%	$	130,083		0.84	%		(0.03	)%		0.90	%		28	%
	73.40		40.08			119,893		0.84			(0.01	)		0.90			64
	57.64		15.11			94,017		0.84			1.15	(f)		0.94			96
	56.61		7.06			106,993		0.84			0.79			1.12			95
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68


	65.62		12.70			31,372		1.34			(0.53	)		1.40			28
	71.55		39.44			30,159		1.34			(0.50	)		1.40			64
	56.26		14.50			31,216		1.34			0.65	(f)		1.42			96
	55.45		6.51			35,931		1.34			0.29			1.61			95
	58.00		21.54			37,416		1.36			(0.08	)		1.61			69
	47.72		20.52			42,811		1.41			0.00	(h)		1.67			68


	69.80		13.14			179,611		0.59			0.22			0.65			28
	75.08		40.46			164,959		0.59			0.25			0.65			64
	58.80		15.38			141,497		0.59			1.40	(f)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68


	65.31		12.85			49,184		1.09			(0.28	)		1.21			28
	71.18		39.73			45,629		1.09			(0.26	)		1.21			64
	56.08		14.84			40,305		1.09			0.90	(f)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68


	68.34		13.24			149,622		0.44			0.36			0.50			28
	73.80		40.57			166,478		0.44			0.39			0.50			64
	57.93		15.63			189,889		0.44			1.55	(f)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68


	68.30		13.29			803,672		0.34			0.47			0.40			28
	73.81		40.70			780,470		0.34			0.50			0.40			64
	57.93		15.76			617,458		0.34			1.65	(f)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	141

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	26.84	$	(0.06	)	$	3.29	$	3.23	$	—		$	(6.78	)	$	(6.78	)
Year Ended June 30, 2021		24.58		(0.10	)		9.21		9.11		(0.03	)		(6.82	)		(6.85	)
Year Ended June 30, 2020		27.51		0.04			2.65		2.69		(0.03	)		(5.59	)		(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53		1.58		(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(i)		3.87		3.87		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(i)		5.54		5.54		(0.01	)		(1.24	)		(1.25	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		24.01		(0.11	)		2.93		2.82		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		22.67		(0.21	)		8.37		8.16		—			(6.82	)		(6.82	)
Year Ended June 30, 2020		25.88		(0.08	)		2.46		2.38		—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43		1.35		—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71		3.56		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36		5.22		—			(1.24	)		(1.24	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		27.53		(0.02	)		3.38		3.36		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		25.04		(0.03	)		9.41		9.38		(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		27.94		0.10			2.69		2.79		(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54		1.67		(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92		4.00		(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59		5.67		(0.09	)		(1.24	)		(1.33	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		25.27		(0.10	)		3.09		2.99		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		23.54		(0.18	)		8.74		8.56		(0.01	)		(6.82	)		(6.83	)
Year Ended June 30, 2020		26.62		(0.04	)		2.55		2.51		—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47		1.43		—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78		3.69		—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44		5.37		—			(1.24	)		(1.24	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		27.78		(0.02	)		3.42		3.40		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		25.20		(0.02	)		9.49		9.47		(0.07	)		(6.82	)		(6.89	)
Year Ended June 30, 2020		28.08		0.11			2.71		2.82		(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55		1.69		(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93		4.04		(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62		5.75		(0.14	)		(1.24	)		(1.38	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		27.75		—	(i)		3.41		3.41		—			(6.78	)		(6.78	)
Year Ended June 30, 2021		25.18		—	(i)		9.47		9.47		(0.08	)		(6.82	)		(6.90	)
Year Ended June 30, 2020		28.07		0.14			2.70		2.84		(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56		1.73		(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (k) through June 30, 2018		32.99		0.09			1.79		1.88		(0.12	)		(4.12	)		(4.24	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)

The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.11% and 1.25% for the six months ended December 31, 2021, 1.10% and 1.25% for the year ended June 30, 2021, 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30,2019, 1.15% and 1.40% for the year ended June 30, 2018 and 1.25% and 1.43% for the year ended June 30, 2017, for Class C are 1.60% and 1.75% for the six months ended December 31, 2021, 1.59% and 1.74% for the year ended June 30, 2021, 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018 and 1.75% and 1.94% for the year ended June 30, 2017, for Class I are 0.86% and 1.00% for the six months ended December 31, 2021, 0.85% and 0.99% for the year ended June 30, 2021, 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018 and 0.98% and 1.16% for the year ended June 30, 2017, for Class R2 are 1.45% and 1.51% for the six months ended December 31, 2021, 1.45% and 1.50% for the year ended June 30, 2021, 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018 and 1.50% and 1.76% for the year ended June 30, 2017, for Class R5 are 0.80% and 0.84% for the six months ended December 31, 2021, 0.80% and 0.84% for the year ended June 30, 2021, 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018 and 0.80% and 0.96% for the year ended June 30, 2017 and for Class R6 are 0.70% and 0.74% for the six months ended December 31, 2021, 0.70% and 0.74% for the year ended June 30, 2021, 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(g)	Interest expense on securities sold short is 0.07%.

(h)	Interest expense on securities sold short is 0.16%.

(i)	Amount rounds to less than $0.005.

(j)	Amount rounds to less than 0.005%.

(k)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



142	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (c)			Portfolio turnover rate (including securities sold short) (c)


$	23.29		12.52	%	$	353,418		1.87	%(g)		(0.42	)%		2.01	%		28	%		42	%
	26.84		42.30			335,206		1.94	(h)		(0.39	)		2.09			57			96
	24.58		11.66			267,701		1.92			0.19			2.08			85			134
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(j)		2.39			94			131


	20.05		12.28			39,493		2.36	(g)		(0.91	)		2.51			28			42
	24.01		41.55			36,784		2.43	(h)		(0.88	)		2.58			57			96
	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131


	24.11		12.68			1,713,370		1.62	(g)		(0.17	)		1.76			28			42
	27.53		42.65			1,702,566		1.69	(h)		(0.12	)		1.83			57			96
	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131


	21.48		12.35			6,199		2.21	(g)		(0.76	)		2.27			28			42
	25.27		41.77			5,838		2.29	(h)		(0.74	)		2.34			57			96
	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131


	24.40		12.72			36,903		1.56	(g)		(0.11	)		1.60			28			42
	27.78		42.75			34,191		1.64	(h)		(0.08	)		1.68			57			96
	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131


	24.38		12.77			496,419		1.46	(g)		0.00	(j)		1.50			28			42
	27.75		42.86			536,661		1.54	(h)		0.01			1.58			57			96
	25.18		12.10			491,414		1.52			0.58			1.57			85			134
	28.07		7.30			787,497		1.52			0.59			1.67			98			148
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	143

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	36.46	$	0.13	$	4.15	$	4.28	$	(0.14	)	$	(4.40	)	$	—		$	(4.54	)
Year Ended June 30, 2021		26.55		0.27		10.81		11.08		(0.34	)		(0.83	)		—			(1.17	)
Year Ended June 30, 2020		27.38		0.38		1.80		2.18		(0.31	)		(2.70	)		—			(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96		2.30		(0.36	)		(2.93	)		—			(3.29	)
Year Ended June 30, 2018		25.40		0.31		2.96		3.27		(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72		4.00		(0.32	)		—			(0.02	)		(0.34	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		36.89		0.18		4.18		4.36		(0.18	)		(4.40	)		—			(4.58	)
Year Ended June 30, 2021		26.85		0.35		10.94		11.29		(0.42	)		(0.83	)		—			(1.25	)
Year Ended June 30, 2020		27.65		0.45		1.83		2.28		(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98		2.39		(0.42	)		(2.93	)		—			(3.35	)
Year Ended June 30, 2018		25.62		0.39		2.98		3.37		(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76		4.11		(0.39	)		—			(0.02	)		(0.41	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		36.84		0.20		4.17		4.37		(0.20	)		(4.40	)		—			(4.60	)
Year Ended June 30, 2021		26.81		0.38		10.93		11.31		(0.45	)		(0.83	)		—			(1.28	)
Year Ended June 30, 2020		27.62		0.48		1.81		2.29		(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98		2.42		(0.44	)		(2.93	)		—			(3.37	)
Year Ended June 30, 2018		25.59		0.41		2.97		3.38		(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75		4.13		(0.42	)		—			(0.02	)		(0.44	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.



144	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	36.20		12.00	%	$	174,486		0.60	%		0.68	%		0.84	%		15	%
	36.46		42.55			180,296		0.60			0.85			0.84			35
	26.55		9.08			183,005		0.60			1.45			0.85			59
	27.38		9.39			207,809		0.60			1.24			0.85			42
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40


	36.67		12.11			777,828		0.35			0.93			0.59			15
	36.89		42.92			686,545		0.35			1.09			0.58			35
	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40


	36.61		12.15			5,029,498		0.25			1.04			0.34			15
	36.84		43.09			4,185,201		0.25			1.19			0.33			35
	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	145

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Sustainable Leaders Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	59.20	$	0.18	$	6.88	$	7.06	$	(0.23	)	$	(2.21	)	$	(2.44	)
Year Ended June 30, 2021		42.76		0.42		16.81		17.23		(0.30	)		(0.49	)		(0.79	)
Year Ended June 30, 2020		41.85		0.47		3.52		3.99		(0.43	)		(2.65	)		(3.08	)
Year Ended June 30, 2019		41.28		0.50		3.21		3.71		(0.41	)		(2.73	)		(3.14	)
Year Ended June 30, 2018		39.35		0.58		4.05		4.63		(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29		6.20		6.49		(0.34	)		—			(0.34	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		57.87		0.02		6.72		6.74		—			(2.21	)		(2.21	)
Year Ended June 30, 2021		41.80		0.16		16.43		16.59		(0.03	)		(0.49	)		(0.52	)
Year Ended June 30, 2020		40.98		0.25		3.44		3.69		(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29		3.16		3.45		(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41		3.92		4.33		(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11		6.06		6.17		(0.14	)		—			(0.14	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		59.71		0.26		6.93		7.19		(0.34	)		(2.21	)		(2.55	)
Year Ended June 30, 2021		43.11		0.55		16.95		17.50		(0.41	)		(0.49	)		(0.90	)
Year Ended June 30, 2020		42.15		0.57		3.56		4.13		(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60		3.23		3.83		(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66		4.10		4.76		(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38		6.25		6.63		(0.44	)		—			(0.44	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		59.69		0.28		6.93		7.21		(0.36	)		(2.21	)		(2.57	)
September 30, 2020 (f) through June 30, 2021		46.79		0.43		13.40		13.83		(0.44	)		(0.49	)		(0.93	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.



146	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	63.82		12.00	%	$	37,610		0.64	%		0.57	%		1.05	%		21	%
	59.20		40.64			24,169		0.64			0.80			1.23			44
	42.76		9.57			11,178		0.82			1.12			1.53			99
	41.85		9.90			10,828		0.83			1.22			1.73			97
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53


	62.40		11.70			5,257		1.14			0.07			1.56			21
	57.87		39.94			3,794		1.13			0.32			1.72			44
	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53


	64.35		12.13			118,558		0.39			0.82			0.80			21
	59.71		40.99			62,431		0.39			1.06			0.96			44
	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53


	64.33		12.17			36,677		0.34			0.87			0.55			21
	59.69		29.93			25,156		0.34			1.05			0.70			44

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	147

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Value Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	64.61	$	0.33	$	4.04		$	4.37		$	(0.40	)	$	(1.21	)	$	(1.61	)
Year Ended June 30, 2021		45.62		0.64		19.59			20.23			(0.60	)		(0.64	)		(1.24	)
Year Ended June 30, 2020		49.84		0.79		(3.18	)		(2.39	)		(0.76	)		(1.07	)		(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		57.32		0.15		3.57			3.72			(0.28	)		(1.21	)		(1.49	)
Year Ended June 30, 2021		40.63		0.32		17.40			17.72			(0.39	)		(0.64	)		(1.03	)
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		68.55		0.45		4.28			4.73			(0.47	)		(1.21	)		(1.68	)
Year Ended June 30, 2021		48.34		0.83		20.76			21.59			(0.74	)		(0.64	)		(1.38	)
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		64.73		0.25		4.03			4.28			(0.34	)		(1.21	)		(1.55	)
Year Ended June 30, 2021		45.72		0.50		19.63			20.13			(0.48	)		(0.64	)		(1.12	)
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)

Class R3
Six Months Ended December 31, 2021 (Unaudited)		68.41		0.36		4.26			4.62			(0.44	)		(1.21	)		(1.65	)
Year Ended June 30, 2021		48.25		0.68		20.73			21.41			(0.61	)		(0.64	)		(1.25	)
Year Ended June 30, 2020		52.66		0.75		(3.29	)		(2.54	)		(0.80	)		(1.07	)		(1.87	)
Year Ended June 30, 2019		52.41		0.89		2.33			3.22			(0.83	)		(2.14	)		(2.97	)
July 31, 2017 (f) through June 30, 2018		49.99		0.68		4.46			5.14			(0.64	)		(2.08	)		(2.72	)

Class R4
Six Months Ended December 31, 2021 (Unaudited)		68.60		0.43		4.29			4.72			(0.49	)		(1.21	)		(1.70	)
Year Ended June 30, 2021		48.31		0.79		20.81			21.60			(0.67	)		(0.64	)		(1.31	)
Year Ended June 30, 2020		52.69		1.04		(3.46	)		(2.42	)		(0.89	)		(1.07	)		(1.96	)
Year Ended June 30, 2019		52.41		1.02		2.34			3.36			(0.94	)		(2.14	)		(3.08	)
July 31, 2017 (f) through June 30, 2018		49.99		0.79		4.46			5.25			(0.75	)		(2.08	)		(2.83	)

Class R5
Six Months Ended December 31, 2021 (Unaudited)		69.09		0.55		4.26			4.81			(0.54	)		(1.21	)		(1.75	)
Year Ended June 30, 2021		48.69		0.93		20.93			21.86			(0.82	)		(0.64	)		(1.46	)
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		69.10		0.54		4.31			4.85			(0.56	)		(1.21	)		(1.77	)
Year Ended June 30, 2021		48.70		1.02		20.89			21.91			(0.87	)		(0.64	)		(1.51	)
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	67.37		6.84	%	$	616,087		0.94	%		1.00	%		1.03	%		20	%
	64.61		44.88			522,230		0.93			1.17			1.03			14
	45.62		(5.11	)		497,399		0.94			1.61			1.06			22
	49.84		6.68			490,597		0.93			1.73			1.06			26
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28


	59.55		6.57			51,032		1.44			0.51			1.51			20
	57.32		44.13			37,539		1.43			0.66			1.51			14
	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28


	71.60		6.98			1,109,734		0.69			1.26			0.75			20
	68.55		45.22			868,339		0.69			1.35			0.75			14
	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28


	67.46		6.69			3,434		1.19			0.75			1.26			20
	64.73		44.51			2,005		1.18			0.90			1.25			14
	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28


	71.38		6.83			9,769		0.94			1.03			1.01			20
	68.41		44.89			1,402		0.94			1.15			1.01			14
	48.25		(5.10	)		398		0.94			1.50			1.03			22
	52.66		6.66			24		0.93			1.73			1.84			26
	52.41		10.33			22		0.94			1.42			1.12			32


	71.62		6.97			297		0.69			1.21			0.76			20
	68.60		45.26			106		0.68			1.46			0.76			14
	48.31		(4.88	)		1,159		0.69			2.15			0.77			22
	52.69		6.94			24		0.68			1.98			1.60			26
	52.41		10.56			22		0.71			1.64			0.87			32


	72.15		7.04			3,660		0.54			1.52			0.61			20
	69.09		45.47			178		0.54			1.56			0.61			14
	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28


	72.18		7.11			362,767		0.44			1.50			0.50			20
	69.10		45.60			275,186		0.44			1.74			0.50			14
	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	149

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 15 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan Equity Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Equity Premium Income Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Hedged Equity 2 Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Hedged Equity 3 Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Applied Data Science Value Fund⁽¹⁾	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. GARP Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Large Cap Core Plus Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Research Enhanced Equity Fund	Class A, Class I and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders Fund	Class A, Class C, Class I and Class R6	JPM I	Diversified
JPMorgan U.S. Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾	Effective July 1, 2021, JPMorgan Intrepid Value Fund changed its name to JPMorgan U.S. Applied Data Science Value Fund.

The investment objective of JPMorgan Equity Focus Fund (“Equity Focus Fund”) and JPMorgan Large Cap Growth Fund (“Large Cap Growth Fund”) is to seek long-term capital appreciation.

The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Premium Income Fund (“Equity Premium Income Fund”) is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”), JPMorgan Hedged Equity 2 Fund (“Hedged Equity 2 Fund”) and JPMorgan Hedged Equity 3 Fund (“Hedged Equity 3 Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Applied Data Science Value Fund (“U.S. Applied Data Science Value Fund”) and JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund (“U.S. GARP Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan U.S. Large Cap Core Plus Fund (“U.S. Large Cap Core Plus Fund”) is to seek to provide a high total return from a portfolio of selected equity securities.



150	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund (“U.S. Value Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds’ prospectus.

All share classes of Hedged Equity Fund are publicly offered on a limited basis. JPMorgan Equity Income Fund is offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

2. Significant Accounting Policies

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	151

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

•

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

•

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

Equity Focus Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	144,454	$	—	$	—	$	144,454

(a)	Please refer to the SOI for specifics of portfolio holdings.



Equity Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	51,168,247	$	—	$	—	$	51,168,247

(a)	Please refer to the SOI for specifics of portfolio holdings.



Equity Premium Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	1,756,321		$	—	$	—	$	1,756,321
Equity-Linked Notes		—			344,462		—		344,462
Short-Term Investments
Investment Companies		7,184			—		—		7,184

Total Investments in Securities	$	1,763,505		$	344,462	$	—	$	2,107,967

Appreciation in Other Financial Instruments
Futures Contracts	$	15		$	—	$	—	$	15


Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	20,626,232		$	—	$	—	$	20,626,232

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,808		$	—	$	—	$	5,808
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(254,958	)		—		—		(254,958	)
Put Options Written		(89,805	)		—		—		(89,805	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(338,955	)	$	—	$	—	$	(338,955	)

(a)	Please refer to the SOI for specifics of portfolio holdings.



152	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



Hedged Equity 2 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,069,681		$	—	$	—	$	4,069,681

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	698		$	—	$	—	$	698

Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(64,012	)		—		—		(64,012	)
Put Options Written		(2,195	)		—		—		(2,195	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(65,509	)	$	—	$	—	$	(65,509	)

(a)	Please refer to the SOI for specifics of portfolio holdings.



Hedged Equity 3 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,368,859		$	—	$	—	$	2,368,859

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	433		$	—	$	—	$	433

Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written		(55,687	)		—		—		(55,687	)
Put Options Written		(3,704	)		—		—		(3,704	)

Total Net Appreciation/Depreciation in Other Financial Instruments	$	(58,958	)	$	—	$	—	$	(58,958	)

(a)	Please refer to the SOI for specifics of portfolio holdings.



Large Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	41,072,945	$	�� —	$	—	$	41,072,945

(a)	Please refer to the SOI for specifics of portfolio holdings.



Large Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,161,173	$	—	$	—	$	3,161,173

(a)	Please refer to the SOI for specifics of portfolio holdings.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	153

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)



U.S. Applied Data Science Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	246,140	$	—	$	—	$	246,140

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	100	$	—	$	—	$	100

(a)	Please refer to the SOI for specifics of portfolio holdings.



U.S. Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	22,671,106	$	—	$	—	$	22,671,106

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,467	$	—	$	—	$	5,467

(a)	Please refer to the SOI for specifics of portfolio holdings.



U.S. GARP Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,346,479	$	—	$	—	$	1,346,479

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	513	$	—	$	—	$	513

(a)	Please refer to the SOI for specifics of portfolio holdings.


U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,220,883		$	—	$	—	$	3,220,883

Total Liabilities for Securities Sold Short (a)	$	(572,510	)	$	—	$	—	$	(572,510	)

(a)	Please refer to the SOI for specifics of portfolio holdings.



U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,981,483	$	—	$	—	$	5,981,483

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,105	$	—	$	—	$	1,105

(a)	Please refer to the SOI for specifics of portfolio holdings.



154	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



U.S. Sustainable Leaders Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	197,589	$	—	$	—	$	197,589

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	34	$	—	$	—	$	34

(a)	Please refer to the SOI for specifics of portfolio holdings.



U.S. Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,171,489	$	—	$	—	$	2,171,489

(a)	Please refer to the SOI for specifics of portfolio holdings.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of December 31, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund, the Class IM Shares of the JPMorgan Prime Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	155

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Large Cap Growth Fund	$	134,368	$	(134,368	)	$	—
Large Cap Value Fund		36,685		(36,685	)		—
U.S. Equity Fund		64,031		(64,031	)		—
U.S. GARP Equity Fund		3,562		(3,562	)		—
U.S. Sustainable Leaders Fund		532		(532	)		—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.


Equity Income Fund	$	—	(a)
Large Cap Growth Fund		10
Large Cap Value Fund		1
U.S. Applied Data Science Value Fund		—	(a)
U.S. Equity Fund		2
U.S. GARP Equity Fund		—	(a)
U.S. Sustainable Leaders Fund		—	(a)
U.S. Value Fund		—	(a)

(a)	Amount rounds to less than one thousand.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the tables below.



Equity Focus Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	3,582	$	10,962	$	10,569	$	—	(c)	$	—	(c)	$	3,975		3,974	$	1	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.



156	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



Equity Income Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,108,433	$	3,230,672	$	3,303,997	$	61	$	(183	)	$	1,034,986		1,034,572	$	398	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.



Equity Premium Income Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	43,928	$	1,503,918	$	1,540,660	$	(2	)	$	—	(c)	$	7,184		7,181	$	12	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.



Hedged Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	312,969	$	1,864,040	$	880,027	$	—	$	—	$	1,296,982		1,296,982	$	11	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.



Hedged Equity 2 Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	82,933	$	1,891,506	$	1,830,889	$	—	$	—	$	143,550		143,550	$	10	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	157

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)



Hedged Equity 3 Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	17,690	$	1,249,877	$	1,250,885	$	—	$	—	$	16,682		16,682	$	6	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.



Large Cap Growth Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	1,501,233	$	4,886,466	$	6,095,394	$	133		$	(188	)	$	292,250		292,134	$	418		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		314,119		924,800		1,122,000		(26	)*		16			116,909		116,932		78	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		113,675		706,353		799,327		—			—			20,701		20,701		4	*		—

Total	$	1,929,027	$	6,517,619	$	8,016,721	$	107		$	(172	)	$	429,860			$	500		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



Large Cap Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	57,325	$	1,281,130	$	1,335,305	$	(4	)	$	—	(c)	$	3,146		3,145	$	16		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		7,897		277,000		255,000		(3	)*		—	(c)		29,894		29,901		14	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		23,462		77,545		93,113		—			—			7,894		7,894		1	*		—

Total	$	88,684	$	1,635,675	$	1,683,418	$	(7	)	$	—	(c)	$	40,934			$	31		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



158	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



U.S. Applied Data Science Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	9,182	$	11,480	$	15,393	$	—	(c)	$	—	(c)	$	5,269		5,267	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		468		468		—			—			—		—		—	*(c)		—

Total	$	9,182	$	11,948	$	15,861	$	—	(c)	$	—	(c)	$	5,269			$	2		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



U.S. Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	228,846	$	2,599,678	$	2,522,972	$	(26	)	$	—	(c)	$	305,526		305,404	$	82		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		26,995		373,000		344,995		(8	)*		3			54,995		55,006		10	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		3,506		357,504		350,801		—			—			10,209		10,209		1	*		—

Total	$	259,347	$	3,330,182	$	3,218,768	$	(34	)	$	3		$	370,730			$	93		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



U.S. GARP Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)				Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	31,110	$	99,954	$	114,026	$	(2	)		$	(1	)	$	17,035		17,029	$	9		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,994		23,000		24,994		—	(c)			—	(c)		—		—		1	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		915		23,289		20,545		—				—			3,659		3,659		—	*(c)		—

Total	$	34,019	$	146,243	$	159,565	$	(2	)		$	(1	)	$	20,694			$	10		$	—
										��



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	159

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



U.S. Large Cap Core Plus Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	11,580	$	275,896	$	268,919	$	(1	)	$	—	(c)	$	18,556		18,549	$	10	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.



U.S. Research Enhanced Equity Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	66,914	$	637,406	$	630,824	$	(2	)	$	—	(c)	$	73,494		73,464	$	20	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.



U.S. Sustainable Leaders Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	4,580	$	54,422	$	56,426	$	(1	)	$	(1	)	$	2,574		2,573	$	1		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		2,982		2,438		—			—			544		544		—	*(c)		—

Total	$	4,580	$	57,404	$	58,864	$	(1	)	$	(1	)	$	3,118			$	1		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



160	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021



U.S. Value Fund
For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	38,028	$	822,021	$	794,040	$	(5	)	$	—	(c)	$	66,004		65,978	$	17	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

F. Options — Hedged Equity Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge interest rate risks within their portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	161

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds’ exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

G. Futures Contracts — Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

H. Summary of Derivatives Information

Derivatives Volume

The table below discloses the volume of the Funds’ options and futures contracts activity during the six months ended December 31, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:


	Equity Premium Income Fund		Hedged Equity Fund		Hedged Equity 2 Fund		Hedged Equity 3 Fund		U.S. Applied Data Science Value Fund		U.S. Equity Fund		U.S. GARP Equity Fund		U.S. Large Cap Core Plus Fund		U.S. Research Enhanced Equity Fund		U.S. Sustainable Leaders Fund
Futures Contracts
Average Notional Balance Long	$	20,897	$	364,232	$	52,571	$	20,817	$	5,193	$	148,722	$	25,008	$	1,794	$	55,615	$	2,679
Ending Notional Balance Long		17,368		520,553		31,167		17,368		5,234		193,423		16,654		—		68,519		2,899

Exchange-Traded Options:
Average Number of Contracts Purchased		—		42,758		5,538		2,995		—		—		—		—		—		—
Average Number of Contracts Written		—		85,515		11,075		5,989		—		—		—		—		—		—
Ending Number of Contracts Purchased		—		40,728		8,281		4,939		—		—		—		—		—		—
Ending Number of Contracts Written		—		81,456		16,562		9,878		—		—		—		—		—		—

The Funds’ derivatives contracts held at December 31, 2021 are not accounted for as hedging instruments under GAAP.

I. Equity-Linked Notes — Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt



162	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2021, Equity Premium Income Fund had outstanding ELNs as listed on the SOI.

J. Short Sales — U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2021, Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

K. Offering and Organization Costs — Total offering costs of $104 and $104 incurred in connection with the offering of shares of Hedged Equity 2 Fund and Hedged Equity 3 Fund are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of the Funds, if any, are recorded as an expense at the time the Funds commenced operations. For the six months ended December 31, 2021, total offering costs amortized were $52 and $52, respectively.

L. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend.

M. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	163

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2021 are as follows:


	Class A			Class C			Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Equity Focus Fund
Transfer agency fees	$	1		$	—	(a)	$	1		n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	2
Equity Income Fund
Transfer agency fees		28			26			213		n/a	$	6		$	4		$	2		$	16			157			452
Equity Premium Income Fund
Transfer agency fees		3			2			23		n/a		n/a			n/a			n/a			—	(a)		—	(a)		28
Hedged Equity Fund
Transfer agency fees		13			6			90		n/a		n/a			n/a			n/a			—	(a)		16			125
Hedged Equity 2 Fund
Transfer agency fees		1			1			9		n/a		n/a			n/a			n/a			—	(a)		2			13
Hedged Equity 3 Fund
Transfer agency fees		—	(a)		—	(a)		6		n/a		n/a			n/a			n/a			—	(a)		—	(a)		6
Large Cap Growth Fund
Transfer agency fees		186			12			66		n/a		5			2			2			7			99			379
Large Cap Value Fund
Transfer agency fees		15			2			123		n/a		2			—	(a)		—	(a)		1			10			153
U.S. Applied Data Science Value Fund
Transfer agency fees		1			—	(a)		2		n/a		3			n/a			n/a			—	(a)		1			7
U.S. Equity Fund
Transfer agency fees		45			6			19	$	27		4			2			—	(a)		5			58			166
U.S. GARP Equity Fund
Transfer agency fees		4			—	(a)		3		n/a		14			n/a			n/a			1			3			25
U.S. Large Cap Core Plus Fund
Transfer agency fees		5			1			26		n/a		1			n/a			n/a			—	(a)		2			35
U.S. Research Enhanced Equity Fund
Transfer agency fees		6			n/a			7		n/a		n/a			n/a			n/a			n/a			20			33
U.S. Sustainable Leaders Fund
Transfer agency fees		1			—	(a)		2		n/a		n/a			n/a			n/a			n/a			—	(a)		3
U.S. Value Fund
Transfer agency fees		68			1			8		n/a		—	(a)		—	(a)		—	(a)		—	(a)		2			79

(a)	Amount rounds to less than one thousand.

N. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

O. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Equity Focus Fund, Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid at least annually, and Equity Income Fund and Equity Premium Income Fund, for which distributions are generally declared and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.



164	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

3. Fees and Other Transactions with Affiliates


Equity Focus Fund	0.50	%
Equity Income Fund	0.40
Equity Premium Income Fund	0.25
Hedged Equity Fund	0.25
Hedged Equity 2 Fund	0.25
Hedged Equity 3 Fund	0.25
Large Cap Growth Fund	0.45
Large Cap Value Fund	0.40
U.S. Applied Data Science Value Fund	0.30
U.S. Equity Fund	0.40
U.S. GARP Equity Fund	0.30
U.S. Large Cap Core Plus Fund	0.65
U.S. Research Enhanced Equity Fund	0.25
U.S. Sustainable Leaders Fund	0.30
U.S. Value Fund	0.40

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2021, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.075%, 0.033%, 0.075%, 0.063%, 0.075%, 0.075%, 0.039%, 0.075%, 0.075%, 0.061%, 0.075%, 0.038%, 0.075%, 0.075% and 0.075%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.


	Class A			Class C			Class R2			Class R3
Equity Focus Fund		0.25	%		0.75	%		n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Equity Premium Income Fund		0.25			0.75			n/a			n/a
Hedged Equity Fund		0.25			0.75			n/a			n/a
Hedged Equity 2 Fund		0.25			0.75			n/a			n/a
Hedged Equity 3 Fund		0.25			0.75			n/a			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Applied Data Science Value Fund		0.25			0.75			0.50			n/a
U.S. Equity Fund		0.25			0.75			0.50			0.25
U.S. GARP Equity Fund		0.25			0.75			0.50			n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50			n/a
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a
U.S. Value Fund		0.25			0.75			0.50			0.25



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	165

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


	Front-End Sales Charge			CDSC
Equity Focus Fund	$	2		$	—
Equity Income Fund		231			—	(a)
Equity Premium Income Fund		269			—
Hedged Equity Fund		23			—	(a)
Hedged Equity 2 Fund		95			—	(a)
Hedged Equity 3 Fund		41			—
Large Cap Growth Fund		310			—	(a)
Large Cap Value Fund		19			—	(a)
U.S. Applied Data Science Value Fund		—	(a)		—
U.S. Equity Fund		129			—
U.S. GARP Equity Fund		3			—
U.S. Large Cap Core Plus Fund		9			—	(a)
U.S. Research Enhanced Equity Fund		—	(a)		—
U.S. Sustainable Leaders Fund		9			—
U.S. Value Fund		60			—

(a)	Amount rounds to less than one thousand.


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Equity Focus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Equity Premium Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity 2 Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Hedged Equity 3 Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Applied Data Science Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. GARP Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
U.S. Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10

JPMDS 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.



166	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds (excluding Equity Income Fund) to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


	Class A			Class C			Class I			Class L		Class R2			Class R3			Class R4			Class R5			Class R6
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a		n/a			n/a			n/a			n/a			0.60	%
Equity Premium Income Fund		0.85			1.35			0.60			n/a		n/a			n/a			n/a			0.45	%		0.35
Hedged Equity Fund		0.85			1.35			0.60			n/a		n/a			n/a			n/a			0.45			0.35
Hedged Equity 2 Fund		0.85			1.35			0.60			n/a		n/a			n/a			n/a			0.45			0.35
Hedged Equity 3 Fund		0.85			1.35			0.60			n/a		n/a			n/a			n/a			0.45			0.35
Large Cap Growth Fund		0.94			1.44			0.69			n/a		1.19	%		0.94	%		0.69	%		0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a		1.19			0.94			0.69			0.54			0.44
U.S. Applied Data Science Value Fund		0.83	⁽¹⁾		1.33	⁽¹⁾		0.59	⁽¹⁾		n/a		1.09			n/a			n/a			0.44			0.34
U.S. Equity Fund		0.94			1.44			0.69			n/a		1.19			0.94			0.69			0.54			0.44
U.S. GARP Equity Fund		0.84			1.34			0.59			n/a		1.09			n/a			n/a			0.44			0.34
U.S. Large Cap Core Plus Fund		1.10			1.60			0.85			n/a		1.45			n/a			n/a			0.80			0.70
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			n/a		n/a			n/a			n/a			n/a			0.25
U.S. Sustainable Leaders Fund		0.64			1.14			0.39			n/a		n/a			n/a			n/a			n/a			0.34
U.S. Value Fund		0.94			1.44			0.69			n/a		1.19			0.94			0.69			0.54			0.44

⁽¹⁾	Effective July 1, 2021, the contractual expense limitations changed to 0.73%, 1.23% and 0.49% for Class A, Class C and Class I Shares, respectively.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2021 were as follows:


	Contractual Waivers								Contractual Reimbursements
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	41	$	27	$	1	$	69	$	—
Equity Income Fund		3		—		—		3		—
Equity Premium Income Fund		57		38		23		118		—	(a)
Hedged Equity Fund		—		—		—		—		—
Hedged Equity 2 Fund		28		18		11		57		54
Hedged Equity 3 Fund		38		24		5		67		52
Large Cap Growth Fund		7,364		4,904		188		12,456		—
Large Cap Value Fund		553		369		151		1,073		6
U.S. Applied Data Science Value Fund		94		63		109		266		1
U.S. Equity Fund		1,980		1,319		81		3,380		58
U.S. GARP Equity Fund		233		155		20		408		—
U.S. Large Cap Core Plus Fund		335		223		1,097		1,655		2
U.S. Research Enhanced Equity Fund		1,423		947		690		3,060		—
U.S. Sustainable Leaders Fund		98		54		122		274		—
U.S. Value Fund		337		225		73		635		1

(a)	Amount rounds to less than one thousand.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	167

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


Equity Focus Fund	$	2
Equity Income Fund		525
Equity Premium Income Fund		18
Hedged Equity Fund		96
Hedged Equity 2 Fund		12
Hedged Equity 3 Fund		7
Large Cap Growth Fund		617
Large Cap Value Fund		28
U.S. Applied Data Science Value Fund		3
U.S. Equity Fund		107
U.S. GARP Equity Fund		12
U.S. Large Cap Core Plus Fund		12
U.S. Research Enhanced Equity Fund		27
U.S. Sustainable Leaders Fund		2
U.S. Value Fund		21

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

During the six months ended December 31, 2021, Hedged Equity Fund, Hedged Equity 2 Fund, Large Cap Growth Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	21,931	$	21,301	$	—	$	—
Equity Income Fund		4,218,772		2,549,258		—		—
Equity Premium Income Fund		2,492,797		1,350,701		—		—
Hedged Equity Fund		3,030,903		4,073,493		—		—
Hedged Equity 2 Fund		2,591,993		322,751		—		—
Hedged Equity 3 Fund		1,763,347		163,567		—		—
Large Cap Growth Fund		9,694,628		8,246,074		—		—
Large Cap Value Fund		1,552,468		2,726,943		—		—
U.S. Applied Data Science Value Fund		115,080		160,044		—		—
U.S. Equity Fund		5,493,964		5,355,908		—		—
U.S. GARP Equity Fund		362,477		470,763		—		—
U.S. Large Cap Core Plus Fund		917,329		1,357,547		365,807		470,702
U.S. Research Enhanced Equity Fund		1,097,065		796,307		—		—
U.S. Sustainable Leaders Fund		97,180		30,024		—		—
U.S. Value Fund		675,900		343,816		—		—

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.



168	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	88,724	$	57,158	$	1,428	$	55,730
Equity Income Fund		34,216,460		17,216,322		264,535		16,951,787
Equity Premium Income Fund		1,916,578		206,130		14,726		191,404
Hedged Equity Fund		13,026,609		7,299,063		38,395		7,260,668
Hedged Equity 2 Fund		3,719,068		394,370		109,266		285,104
Hedged Equity 3 Fund		2,151,309		236,506		77,914		158,592
Large Cap Growth Fund		24,482,064		16,745,761		154,880		16,590,881
Large Cap Value Fund		2,662,936		527,688		29,451		498,237
U.S. Applied Data Science Value Fund		194,000		53,773		1,533		52,240
U.S. Equity Fund		12,917,584		9,851,171		92,182		9,758,989
U.S. GARP Equity Fund		733,912		621,793		8,713		613,080
U.S. Large Cap Core Plus Fund*		1,066,857		1,636,783		55,267		1,581,516
U.S. Research Enhanced Equity Fund		3,081,247		2,911,718		10,377		2,901,341
U.S. Sustainable Leaders Fund		156,539		41,805		721		41,084
U.S. Value Fund		1,545,198		633,341		7,050		626,291

*	The tax cost includes the proceeds from short sales which may result in a net negative cost.

As of June 30, 2021, the following Funds had net capital loss carryforwards:


	Capital Loss Carryforward Character
	Short-Term			Long-Term
Equity Premium Income Fund	$	33,857	*	$	—
Hedged Equity Fund		239,515			291,140
Hedged Equity 2 Fund		7,867	*		12,060	*
Hedged Equity 3 Fund		4,547			7,258

*	Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2021, the following Funds deferred to July 1, 2021 the following net capital losses of:


	Net Capital Losses (Gains)				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term		Late Year Ordinary Loss Deferral
Hedged Equity Fund	$	582,316	$	1,228,621	$	—
Large Cap Growth Fund		—		—		22,352
U.S. Large Cap Core Plus Fund		—		—		2,396

During the year ended June 30, 2021, the following Fund utilized capital loss carryforwards as follows:


	Capital Loss Utilized
	Short-Term		Long-Term
Large Cap Value Fund	$	24,093	$	—

6. Borrowings



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	169

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2021. Average borrowings from the Facility during the six months ended December 31, 2021, were as follows:


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Large Cap Value Fund	$	47,781		0.81	%		1	$	1

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

7. Risks, Concentrations and Indemnifications

As of December 31, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:


	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		1		63.7	%		1		20.1	%
Equity Income Fund		1		10.9			2		29.6
Equity Premium Income Fund		1		48.4			1		10.8
Hedged Equity Fund		—		—			2		38.1
Hedged Equity 2 Fund		1		16.8			3		39.6
Hedged Equity 3 Fund		1		21.7			2		22.6
Large Cap Growth Fund		—		—			2		28.2
Large Cap Value Fund		1		14.4			1		13.4
U.S. Applied Data Science Value Fund		—		—			2		24.6
U.S. Equity Fund		—		—			1		13.2
U.S. GARP Equity Fund		3		45.4			—		—



170	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
U.S. Large Cap Core Plus Fund		1		26.6	%		1		14.3	%
U.S. Research Enhanced Equity Fund		—		—			1		15.7
U.S. Sustainable Leaders Fund		—		—			4		63.6
U.S. Value Fund		—		—			1		20.5

As of December 31, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		31.3	%		n/a
U.S. Equity Fund		n/a			19.6	%
U.S. GARP Equity Fund		55.0			n/a
U.S. Research Enhanced Equity Fund		18.2			34.2

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	171

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual	$	1,000.00	$	1,086.40	$	5.78		1.10	%
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class C
Actual		1,000.00		1,083.40		8.40		1.60
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class I
Actual		1,000.00		1,087.70		4.47		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,089.10		3.16		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60

JPMorgan Equity Income Fund
Class A
Actual		1,000.00		1,075.50		4.97		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class C
Actual		1,000.00		1,072.10		7.57		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class I
Actual		1,000.00		1,076.70		3.66		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R2
Actual		1,000.00		1,073.50		6.32		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class R3
Actual		1,000.00		1,075.50		4.97		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95



172	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual	$	1,000.00	$	1,076.30	$	3.66		0.70	%
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R5
Actual		1,000.00		1,077.40		2.88		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R6
Actual		1,000.00		1,078.10		2.36		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45

JPMorgan Equity Premium Income Fund
Class A
Actual		1,000.00		1,086.00		4.47		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,083.30		7.09		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,087.40		3.16		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R5
Actual		1,000.00		1,088.20		2.37		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,088.70		1.84		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35

JPMorgan Hedged Equity Fund
Class A
Actual		1,000.00		1,040.80		4.27		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class C
Actual		1,000.00		1,038.20		6.83		1.33
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class I
Actual		1,000.00		1,042.00		2.99		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R5
Actual		1,000.00		1,043.10		2.21		0.43
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class R6
Actual		1,000.00		1,043.20		1.70		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33

JPMorgan Hedged Equity 2 Fund
Class A
Actual		1,000.00		1,071.30		4.44		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,069.20		7.04		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,072.90		3.13		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Hedged Equity 2 Fund (continued)
Class R5
Actual	$	1,000.00	$	1,074.10	$	2.35		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,074.60		1.83		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35

JPMorgan Hedged Equity 3 Fund
Class A
Actual		1,000.00		1,059.70		4.41		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,056.80		7.00		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,061.20		3.12		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R5
Actual		1,000.00		1,062.30		2.34		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,062.90		1.82		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35

JPMorgan Large Cap Growth Fund
Class A
Actual		1,000.00		1,085.20		4.94		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,082.40		7.56		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,086.50		3.63		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,083.90		6.25		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,085.10		4.94		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,086.50		3.63		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,087.50		2.84		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,087.90		2.32		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

JPMorgan Large Cap Value Fund
Class A
Actual		1,000.00		1,018.80		4.73		0.93
Hypothetical		1,000.00		1,020.52		4.74		0.93



174	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class C
Actual	$	1,000.00	$	1,016.20	$	7.32		1.44	%
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,019.40		3.51		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,016.80		6.05		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,018.60		4.78		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,020.20		3.51		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,020.40		2.75		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,020.60		2.24		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund)
Class A
Actual		1,000.00		1,084.30		3.84		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class C
Actual		1,000.00		1,081.20		6.45		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class I
Actual		1,000.00		1,085.50		2.58		0.49
Hypothetical		1,000.00		1,022.74		2.50		0.49
Class R2
Actual		1,000.00		1,082.30		5.72		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		1,085.90		2.31		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,086.30		1.79		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34

JPMorgan U.S. Equity Fund
Class A
Actual		1,000.00		1,128.40		5.04		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,125.80		7.72		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,129.80		3.70		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class L
Actual		1,000.00		1,130.80		2.90		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	175

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Equity Fund (continued)
Class R2
Actual	$	1,000.00	$	1,126.80	$	6.38		1.19	%
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,128.00		5.04		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,130.00		3.70		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,130.70		2.90		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,131.50		2.36		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

JPMorgan U.S. GARP Equity Fund
Class A
Actual		1,000.00		1,130.00		4.51		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class C
Actual		1,000.00		1,127.00		7.18		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Class I
Actual		1,000.00		1,131.40		3.17		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R2
Actual		1,000.00		1,128.50		5.85		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		1,132.40		2.36		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,132.90		1.83		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34

JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual		1,000.00		1,125.20		10.02		1.87
Hypothetical		1,000.00		1,015.78		9.50		1.87
Class C
Actual		1,000.00		1,122.80		12.63		2.36
Hypothetical		1,000.00		1,013.31		11.98		2.36
Class I
Actual		1,000.00		1,126.80		8.68		1.62
Hypothetical		1,000.00		1,017.04		8.24		1.62
Class R2
Actual		1,000.00		1,123.50		11.83		2.21
Hypothetical		1,000.00		1,014.06		11.22		2.21
Class R5
Actual		1,000.00		1,127.20		8.36		1.56
Hypothetical		1,000.00		1,017.34		7.93		1.56
Class R6
Actual		1,000.00		1,127.70		7.83		1.46
Hypothetical		1,000.00		1,017.85		7.43		1.46



176	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual	$	1,000.00	$	1,120.00	$	3.21		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class I
Actual		1,000.00		1,121.10		1.87		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class R6
Actual		1,000.00		1,121.50		1.34		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25

JPMorgan U.S. Sustainable Leaders Fund
Class A
Actual		1,000.00		1,120.00		3.42		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
Class C
Actual		1,000.00		1,117.00		6.08		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class I
Actual		1,000.00		1,121.30		2.09		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class R6
Actual		1,000.00		1,121.70		1.82		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34

JPMorgan U.S. Value Fund
Class A
Actual		1,000.00		1,068.40		4.90		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,065.70		7.50		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,069.80		3.60		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R2
Actual		1,000.00		1,066.90		6.20		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19
Class R3
Actual		1,000.00		1,068.30		4.90		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class R4
Actual		1,000.00		1,069.70		3.60		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class R5
Actual		1,000.00		1,070.40		2.82		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Class R6
Actual		1,000.00		1,071.10		2.30		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	177

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

J.P. Morgan Large Cap Funds — JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund), JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U. S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreements for JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund (formerly known as JPMorgan Intrepid Value Fund), JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U. S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund, whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser



178	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered quality of the quality of administration services provided by the Adviser in its role as administrator.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

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.

Fall-Out Benefits

Economies of Scale



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(Unaudited) (continued)

no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

Fees Relative to Adviser’s Other Clients

and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Focus Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based



180	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the third, second and second quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, third and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and third quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Equity Premium Income Fund’s performance for Class A and Class R6 shares was in the third quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2020, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Growth Fund’s performance for Class A, Class I and Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Value Fund’s performance for Class A and Class I shares was in the first, second and first quintiles based upon the Peer Group, and in the first, third and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the first, second and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Applied Data Science Value Fund’s performance for Class A shares was in the fourth quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the third, fourth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, third and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Equity Fund’s performance for Class A, Class I and Class R6 shares was in the first quintile based upon the Peer Group and Universe, for each of the one-, three and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon



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(Unaudited) (continued)

these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. GARP Equity Fund’s performance for Class A and Class I shares was in the fifth, fifth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fifth, fourth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the first, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the first, first and second quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles based upon both the Peer Group and Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in

the second and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2020, respectively, and in the first, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the U.S. Sustainable Leaders Fund’s performance for Class A shares was in the first, third and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Value Fund’s performance for Class A shares was in the second, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Peer Group and in the second, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.



182	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

Advisory Fees and Expense Ratios

The Trustees noted that the Equity Focus Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and third quintiles based upon the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Income Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and second

quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Premium Income Fund’s net advisory fee and actual total expenses for Class A and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Hedged Equity Fund’s net advisory fee and actual total expenses for Class A and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Value Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were also in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares



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(Unaudited) (continued)

was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Applied Data Science Value Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Equity Fund’s net advisory fee for Class A shares was in the first and second quintile based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. GARP Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s net advisory fee for Class A shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were also in the fifth and fourth quintiles based upon the Peer Group and

Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in fifth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. After considering all of the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Sustainable Leader Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Value Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were also in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.



184	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust I (“JPM I”)

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Equity Focus Fund, Hedged Equity Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee

John F. Finn
In Favor		218,161,076
Withheld		3,798,560

Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167

Gary L. French
In Favor		219,573,994
Withheld		2,385,642

Kathleen M. Gallagher
In Favor		219,614,901
Withheld		2,344,735

Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510

Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677

Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463

Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353


	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634

Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125

Dr. Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330

Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528

Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062

Interested Nominee

Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799

Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497



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SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust II (“JPM II”)

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Equity Income Fund, Large Cap Growth Fund and Large Cap Value Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee

John F. Finn
In Favor		288,983,507
Withheld		6,732,052

Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973

Gary L. French
In Favor		289,542,085
Withheld		6,173,474

Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887

Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229

Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386

Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535

Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692


	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947

Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165

Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520

Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543

Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575

Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163

Interested Nominee

Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld

Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803



186	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2021

JPMorgan Trust IV (“JPM IIV”)

JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPM IV, including Equity Premium Income Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee

John F. Finn
In Favor		2,308,022
Withheld		4,313

Steven P. Fisher
In Favor		2,309,583
Withheld		2,752

Gary L. French
In Favor		2,309,620
Withheld		2,715

Kathleen M. Gallagher
In Favor		2,309,789
Withheld		2,546

Robert J. Grassi
In Favor		2,309,623
Withheld		2,712

Frankie D. Hughes
In Favor		2,309,543
Withheld		2,791

Raymond Kanner
In Favor		2,309,644
Withheld		2,691

Thomas P. Lemke
In Favor		2,309,600
Withheld		2,735

Lawrence R. Maffia
In Favor		2,309,585
Withheld		2,750


	Votes Received (Amounts in thousands)
Mary E. Martinez
In Favor		2,309,800
Withheld		2,534

Marilyn McCoy
In Favor		2,309,821
Withheld		2,514

Dr. Robert A. Oden, Jr.
In Favor		2,308,857
Withheld		3,478

Marian U. Pardo
In Favor		2,309,743
Withheld		2,591

Emily A. Youssouf
In Favor		2,309,749
Withheld		2,586

Interested Nominee

Robert F. Deutsch
In Favor		2,309,524
Withheld		2,811

Nina O. Shenker
In Favor		2,309,718
Withheld		2,616



DECEMBER 31, 2021	J.P. MORGAN LARGE CAP FUNDS	187

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2021. All rights reserved. December 2021.		SAN-LCE-1221

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2021 (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

Special Shareholder Meeting Results			50

LETTER TO SHAREHOLDERS

February 8, 2022 (Unaudited)

Dear Shareholders,

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	1

J.P. Morgan Index Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

Overall, U.S. equity markets generated positive returns in the second half of 2021 with continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one record-high closing in each month during the period. Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and weighed on global petroleum prices.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record-high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic. Additionally, the U.S. Federal Reserve set an initial schedule for tapering its monthly bond purchases and indicated it may raise interest rates in late 2022 or early 2023.

In October, oil prices began to rise and equity markets resumed their broad upward trajectory, only to stall again in November and then ended December with higher returns. While a resurgence in pandemic infections raised investor concerns about the reimposition of some social restrictions and their potential impact on specific industries and individual companies, the economic backdrop remained positive overall with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Overall, the real estate and information technology sectors provided the largest returns during the six month period, while communication services and industrials sectors provided the smallest returns but were still positive for the period. Within large cap equity, growth stocks outperformed value stocks but value stocks within mid cap equity provided the largest overall return. Small cap equity underperformed for the period though small cap value stocks generated positive returns.

For the six months ended December 31, 2021, the S&P 500 Index returned 11.67%; the Russell 1000 Index returned 10.01%, the Russell Mid Cap Index returned 5.45% and the Russell 2000 Index returned -2.31%.



2	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			11.56%
S&P 500 Index**			11.67%

Net Assets as of 12/31/2021 (In Thousands)			$8,260,513

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 S&P 500 Index (the “Benchmark”).

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended December 31, 2021, 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 period amid unprecedented monetary and fiscal support, the rollout of mass vaccinations and record high corporate earnings.

During the period, the information technology and health care sectors were leading contributors to performance for the Fund and the Benchmark, while the energy and communication services sectors made the smallest contributions to performance and no sector detracted from performance.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Apple, Inc.		6.8	%
	2.	Microsoft Corp.		6.2
	3.	Amazon.com, Inc.		3.6
	4.	Alphabet, Inc., Class A		2.1
	5.	Tesla, Inc.		2.1
	6.	Alphabet, Inc., Class C		2.0
	7.	Meta Platforms, Inc., Class A		1.9
	8.	NVIDIA Corp.		1.8
	9.	Berkshire Hathaway, Inc., Class B		1.3
	10.	UnitedHealth Group, Inc.		1.2


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Information Technology		28.8	%
Health Care		13.1
Consumer Discretionary		12.4
Financials		10.6
Communication Services		10.0
Industrials		7.7
Consumer Staples		5.8
Real Estate		2.7
Energy		2.6
Materials		2.5
Utilities		2.5
Short-Term Investments		1.3

“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.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	3

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			5.57	%		21.40	%		16.69	%		15.40	%
Without Sales Charge			11.41			28.13			17.95			16.03
CLASS C SHARES	November 4, 1997
With CDSC***			10.08			26.39			17.25			15.38
Without CDSC			11.08			27.39			17.25			15.38
CLASS I SHARES	July 2, 1991		11.56			28.47			18.25			16.31
CLASS R6 SHARES	September 1, 2016		11.63			28.65			18.43			16.41

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and

capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.



4	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			5.93%
S&P 1000 Index**			5.02%

Net Assets as of 12/31/21 (In Thousands)			$1,156,991

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 outperformed the S&P 1000 Index (the “Benchmark”) for the six months ended December 31, 2021.

The Fund’s security selection in both the health services & systems and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the semiconductors and pharmaceutical sectors was the leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Builders FirstSource Inc., Customers Bancorp Inc. and Veritiv Corp. Shares of Builders FirstSource, a construction materials manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and issued a better-than-expected long-term forecast. Shares of Customers Bancorp, a regional bank, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and amid its expansion into the financial technology and cryptocurrency segment. Shares of Veritiv, a business printing and publishing services provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 and raised its forecast for full year 2021 results.

Leading individual detractors from relative performance included the Fund’s underweight positions in Repligen Corp. and Trex Co., and its out-of-Benchmark position in Lannett Co. Shares of Repligen, a technology provider to the biopharmaceutical industry, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Trex, a manufacturer of installed residential building products, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021. Shares of Lannett, a generic pharmaceuticals manufacturer, fell after the company reported lower-than-expected earnings and revenue for its fourth fiscal quarter.

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 AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS

	1.	Builders FirstSource, Inc.		0.8	%
	2.	Camden Property Trust		0.7
	3.	Molina Healthcare, Inc.		0.6
	4.	Life Storage, Inc.		0.6
	5.	United Therapeutics Corp.		0.6
	6.	AECOM		0.6
	7.	Arrow Electronics, Inc.		0.5
	8.	Jones Lang LaSalle, Inc.		0.5
	9.	Genpact Ltd.		0.5
	10.	Jabil, Inc.		0.5


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS

Industrials		18.7	%
Financials		14.5
Information Technology		13.3
Consumer Discretionary		12.4
Health Care		9.6
Real Estate		9.6
Materials		5.7
Consumer Staples		3.5
Utilities		2.7
Energy		2.7
Communication Services		1.8
Short-Term Investments		5.5

“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.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
With Sales Charge**			0.28	%		20.84	%		10.29	%		13.02	%
Without Sales Charge			5.81			27.49			11.47			13.63
CLASS C SHARES	March 22, 1999
With CDSC***			4.50			25.85			10.91			13.07
Without CDSC			5.50			26.85			10.91			13.07
CLASS I SHARES	July 31, 1998		5.93			27.90			11.76			13.91
CLASS R2 SHARES	November 3, 2008		5.64			27.11			11.10			13.29
CLASS R6 SHARES	October 1, 2018		6.00			27.93			11.82			13.95

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/11 TO 12/31/21)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Market Expansion Enhanced Index Fund and the S&P 1000 Index from December 31, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 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, 2021

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%

Aerospace & Defense — 1.3%

Boeing Co. (The) *		113		22,661

General Dynamics Corp.		47		9,844

Howmet Aerospace, Inc.		78		2,494

Huntington Ingalls Industries, Inc.		8		1,524

L3Harris Technologies, Inc.		40		8,526

Lockheed Martin Corp.		50		17,775

Northrop Grumman Corp.		30		11,753

Raytheon Technologies Corp.		305		26,247

Textron, Inc.		45		3,467

TransDigm Group, Inc. *		11		6,788


				111,079


Air Freight & Logistics — 0.6%

CH Robinson Worldwide, Inc.		26		2,851

Expeditors International of Washington, Inc.		35		4,635

FedEx Corp.		50		12,880

United Parcel Service, Inc., Class B		149		31,844


				52,210


Airlines — 0.2%

Alaska Air Group, Inc. *		26		1,330

American Airlines Group, Inc. * (a)		132		2,370

Delta Air Lines, Inc. *		130		5,096

Southwest Airlines Co. *		121		5,166

United Airlines Holdings, Inc. *		66		2,889


				16,851


Auto Components — 0.1%

Aptiv plc *		55		9,092

BorgWarner, Inc.		49		2,202


				11,294


Automobiles — 2.5%

Ford Motor Co.		800		16,612

General Motors Co. *		296		17,344

Tesla, Inc. *		166		175,158


				209,114


Banks — 3.9%

Bank of America Corp.		1,467		65,287

Citigroup, Inc.		404		24,416

Citizens Financial Group, Inc.		87		4,103

Comerica, Inc.		27		2,325

Fifth Third Bancorp		139		6,067

First Republic Bank		37		7,543

Huntington Bancshares, Inc.		295		4,545

JPMorgan Chase & Co. (b)		602		95,351


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

KeyCorp		190		4,388

M&T Bank Corp.		26		4,027

People’s United Financial, Inc.		87		1,554

PNC Financial Services Group, Inc. (The)		86		17,268

Regions Financial Corp.		194		4,234

Signature Bank		12		3,996

SVB Financial Group *		12		8,110

Truist Financial Corp.		272		15,925

US Bancorp		275		15,443

Wells Fargo & Co.		812		38,980

Zions Bancorp NA		32		2,014


				325,576


Beverages — 1.4%

Brown-Forman Corp., Class B (a)		37		2,713

Coca-Cola Co. (The)		792		46,900

Constellation Brands, Inc., Class A		33		8,400

Molson Coors Beverage Co., Class B		38		1,779

Monster Beverage Corp. *		77		7,352

PepsiCo, Inc.		282		48,938


				116,082


Biotechnology — 1.8%

AbbVie, Inc.		360		48,773

Amgen, Inc.		115		25,820

Biogen, Inc. *		30		7,181

Gilead Sciences, Inc.		256		18,558

Incyte Corp. *		38		2,808

Moderna, Inc. *		72		18,254

Regeneron Pharmaceuticals, Inc. *		22		13,604

Vertex Pharmaceuticals, Inc. *		52		11,376


				146,374


Building Products — 0.5%

Allegion plc		18		2,420

AO Smith Corp.		27		2,330

Carrier Global Corp.		177		9,577

Fortune Brands Home & Security, Inc.		28		2,957

Johnson Controls International plc		144		11,742

Masco Corp.		50		3,492

Trane Technologies plc		48		9,778


				42,296


Capital Markets — 3.0%

Ameriprise Financial, Inc.		23		6,877

Bank of New York Mellon Corp. (The)		155		8,991

BlackRock, Inc.		29		26,639

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Capital Markets — continued

Cboe Global Markets, Inc.		22		2,833

Charles Schwab Corp. (The)		306		25,762

CME Group, Inc.		73		16,730

FactSet Research Systems, Inc.		8		3,728

Franklin Resources, Inc.		57		1,918

Goldman Sachs Group, Inc. (The)		69		26,460

Intercontinental Exchange, Inc.		115		15,701

Invesco Ltd.		70		1,601

MarketAxess Holdings, Inc.		8		3,187

Moody’s Corp.		33		12,871

Morgan Stanley		292		28,711

MSCI, Inc.		17		10,293

Nasdaq, Inc.		24		5,009

Northern Trust Corp.		42		5,061

Raymond James Financial, Inc.		38		3,789

S&P Global, Inc.		49		23,174

State Street Corp.		74		6,928

T. Rowe Price Group, Inc.		46		9,005


				245,268


Chemicals — 1.8%

Air Products and Chemicals, Inc. (a)		45		13,723

Albemarle Corp.		24		5,572

Celanese Corp.		22		3,728

CF Industries Holdings, Inc.		44		3,093

Corteva, Inc.		149		7,022

Dow, Inc.		151		8,548

DuPont de Nemours, Inc.		106		8,528

Eastman Chemical Co.		27		3,312

Ecolab, Inc.		51		11,917

FMC Corp.		26		2,838

International Flavors & Fragrances, Inc.		52		7,813

Linde plc (United Kingdom)		104		36,180

LyondellBasell Industries NV, Class A		54		4,940

Mosaic Co. (The)		75		2,965

PPG Industries, Inc.		48		8,341

Sherwin-Williams Co. (The)		49		17,309


				145,829


Commercial Services & Supplies — 0.4%

Cintas Corp.		18		7,937

Copart, Inc. *		43		6,592

Republic Services, Inc.		43		5,947

Rollins, Inc.		46		1,578

Waste Management, Inc.		78		13,088


				35,142


INVESTMENTS	SHARES (000)		VALUE ($000)


Communications Equipment — 0.9%

Arista Networks, Inc. *		46		6,570

Cisco Systems, Inc.		859		54,459

F5, Inc. *		12		3,007

Juniper Networks, Inc.		66		2,366

Motorola Solutions, Inc.		34		9,350


				75,752


Construction & Engineering — 0.0% (c)

Quanta Services, Inc.		29		3,329


Construction Materials — 0.1%

Martin Marietta Materials, Inc.		13		5,599

Vulcan Materials Co.		27		5,613


				11,212


Consumer Finance — 0.6%

American Express Co.		128		20,913

Capital One Financial Corp.		87		12,583

Discover Financial Services		60		6,901

Synchrony Financial		112		5,173


				45,570


Containers & Packaging — 0.3%

Amcor plc		312		3,752

Avery Dennison Corp.		17		3,654

Ball Corp.		66		6,353

International Paper Co.		79		3,707

Packaging Corp. of America		19		2,635

Sealed Air Corp.		30		2,037

Westrock Co.		54		2,413


				24,551


Distributors — 0.1%

Genuine Parts Co.		29		4,068

LKQ Corp.		55		3,280

Pool Corp.		8		4,624


				11,972


Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B *		373		111,573


Diversified Telecommunication Services — 1.0%

AT&T, Inc.		1,455		35,794

Lumen Technologies, Inc.		188		2,356

Verizon Communications, Inc.		844		43,833


				81,983

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — 1.6%

Alliant Energy Corp.		51		3,136

American Electric Power Co., Inc.		103		9,130

Duke Energy Corp.		157		16,441

Edison International		77		5,283

Entergy Corp.		41		4,613

Evergy, Inc.		47		3,206

Eversource Energy		70		6,373

Exelon Corp.		199		11,514

FirstEnergy Corp.		111		4,614

NextEra Energy, Inc.		400		37,325

NRG Energy, Inc.		50		2,149

Pinnacle West Capital Corp.		23		1,623

PPL Corp.		153		4,598

Southern Co. (The)		216		14,809

Xcel Energy, Inc.		110		7,431


				132,245


Electrical Equipment — 0.5%

AMETEK, Inc.		47		6,931

Eaton Corp. plc		81		14,036

Emerson Electric Co.		122		11,324

Generac Holdings, Inc. *		13		4,524

Rockwell Automation, Inc.		24		8,244


				45,059


Electronic Equipment, Instruments & Components — 0.7%

Amphenol Corp., Class A		122		10,657

CDW Corp.		28		5,663

Corning, Inc.		156		5,826

IPG Photonics Corp. *		7		1,253

Keysight Technologies, Inc. *		38		7,751

TE Connectivity Ltd.		66		10,728

Teledyne Technologies, Inc. *		10		4,153

Trimble, Inc. *		51		4,459

Zebra Technologies Corp., Class A *		11		6,481


				56,971


Energy Equipment & Services — 0.2%

Baker Hughes Co.		178		4,285

Halliburton Co.		182		4,171

Schlumberger NV		286		8,560


				17,016


Entertainment — 1.7%

Activision Blizzard, Inc.		159		10,559

Electronic Arts, Inc.		58		7,601

Live Nation Entertainment, Inc. *		28		3,294


INVESTMENTS	SHARES (000)		VALUE ($000)


Entertainment — continued

Netflix, Inc. *		90		54,373

Take-Two Interactive Software, Inc. *		23		4,175

Walt Disney Co. (The) *		370		57,347


				137,349


Equity Real Estate Investment Trusts (REITs) — 2.7%

Alexandria Real Estate Equities, Inc.		29		6,406

American Tower Corp.		93		27,141

AvalonBay Communities, Inc.		28		7,192

Boston Properties, Inc.		29		3,336

Crown Castle International Corp.		88		18,382

Digital Realty Trust, Inc.		58		10,227

Duke Realty Corp.		78		5,094

Equinix, Inc.		18		15,518

Equity Residential		70		6,293

Essex Property Trust, Inc.		13		4,671

Extra Space Storage, Inc.		27		6,185

Federal Realty Investment Trust		14		1,945

Healthpeak Properties, Inc.		110		3,964

Host Hotels & Resorts, Inc. *		145		2,530

Iron Mountain, Inc. (a)		59		3,087

Kimco Realty Corp.		126		3,096

Mid-America Apartment Communities, Inc.		23		5,383

Prologis, Inc.		151		25,362

Public Storage		31		11,643

Realty Income Corp.		115		8,253

Regency Centers Corp.		31		2,366

SBA Communications Corp.		22		8,623

Simon Property Group, Inc.		67		10,698

UDR, Inc.		59		3,553

Ventas, Inc.		81		4,158

Vornado Realty Trust		32		1,356

Welltower, Inc.		89		7,607

Weyerhaeuser Co.		153		6,285


				220,354


Food & Staples Retailing — 1.4%

Costco Wholesale Corp.		90		51,106

Kroger Co. (The)		138		6,241

Sysco Corp.		104		8,205

Walgreens Boots Alliance, Inc.		146		7,636

Walmart, Inc.		290		41,927


				115,115

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Food Products — 0.9%

Archer-Daniels-Midland Co.		114		7,705

Campbell Soup Co. (a)		41		1,792

Conagra Brands, Inc.		98		3,338

General Mills, Inc.		123		8,316

Hershey Co. (The)		30		5,731

Hormel Foods Corp. (a)		57		2,806

JM Smucker Co. (The)		22		2,999

Kellogg Co.		52		3,358

Kraft Heinz Co. (The)		145		5,193

Lamb Weston Holdings, Inc.		30		1,886

McCormick & Co., Inc. (Non-Voting)		51		4,908

Mondelez International, Inc., Class A		284		18,848

Tyson Foods, Inc., Class A		60		5,236


				72,116


Gas Utilities — 0.0% (c)

Atmos Energy Corp.		27		2,827


Health Care Equipment & Supplies — 2.9%

Abbott Laboratories		360		50,708

ABIOMED, Inc. *		9		3,330

Align Technology, Inc. *		15		9,820

Baxter International, Inc.		102		8,757

Becton Dickinson and Co.		59		14,716

Boston Scientific Corp. *		290		12,334

Cooper Cos., Inc. (The)		10		4,209

Dentsply Sirona, Inc. (a)		45		2,485

Dexcom, Inc. *		20		10,604

Edwards Lifesciences Corp. *		127		16,480

Hologic, Inc. *		52		3,954

IDEXX Laboratories, Inc. *		17		11,376

Intuitive Surgical, Inc. *		73		26,134

Medtronic plc		274		28,368

ResMed, Inc.		30		7,734

STERIS plc		20		4,961

Stryker Corp.		68		18,294

Teleflex, Inc.		10		3,135

Zimmer Biomet Holdings, Inc.		43		5,408


				242,807


Health Care Providers & Services — 2.8%

AmerisourceBergen Corp.		30		4,051

Anthem, Inc.		49		22,924

Cardinal Health, Inc.		57		2,956

Centene Corp. *		119		9,797

Cigna Corp.		68		15,507


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — continued

CVS Health Corp.		269		27,747

DaVita, Inc. *		13		1,512

HCA Healthcare, Inc.		49		12,537

Henry Schein, Inc. *		28		2,191

Humana, Inc.		26		12,148

Laboratory Corp. of America Holdings *		19		6,127

McKesson Corp.		31		7,733

Quest Diagnostics, Inc.		25		4,325

UnitedHealth Group, Inc.		192		96,364

Universal Health Services, Inc., Class B		15		1,932


				227,851


Health Care Technology — 0.1%

Cerner Corp.		60		5,568


Hotels, Restaurants & Leisure — 2.0%

Booking Holdings, Inc. *		8		20,074

Caesars Entertainment, Inc. *		44		4,074

Carnival Corp. * (a)		164		3,298

Chipotle Mexican Grill, Inc. *		6		10,023

Darden Restaurants, Inc.		26		3,984

Domino’s Pizza, Inc.		7		4,184

Expedia Group, Inc. *		30		5,376

Hilton Worldwide Holdings, Inc. *		57		8,859

Las Vegas Sands Corp. *		70		2,637

Marriott International, Inc., Class A *		56		9,211

McDonald’s Corp.		152		40,814

MGM Resorts International		79		3,559

Norwegian Cruise Line Holdings Ltd. * (a)		75		1,564

Penn National Gaming, Inc. * (a)		34		1,755

Royal Caribbean Cruises Ltd. *		46		3,513

Starbucks Corp.		240		28,123

Wynn Resorts Ltd. * (a)		21		1,824

Yum! Brands, Inc.		60		8,294


				161,166


Household Durables — 0.4%

DR Horton, Inc.		66		7,202

Garmin Ltd.		31		4,216

Lennar Corp., Class A		55		6,434

Mohawk Industries, Inc. *		11		2,037

Newell Brands, Inc.		77		1,685

NVR, Inc. *		1		3,941

PulteGroup, Inc.		52		2,949

Whirlpool Corp. (a)		12		2,904


				31,368

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Household Products — 1.4%

Church & Dwight Co., Inc.		50		5,099

Clorox Co. (The)		25		4,365

Colgate-Palmolive Co.		172		14,656

Kimberly-Clark Corp.		69		9,805

Procter & Gamble Co. (The)		493		80,658


				114,583


Independent Power and Renewable Electricity Producers — 0.0% (c)

AES Corp. (The)		136		3,301


Industrial Conglomerates — 1.0%

3M Co.		117		20,856

General Electric Co.		224		21,138

Honeywell International, Inc.		140		29,248

Roper Technologies, Inc.		21		10,572


				81,814


Insurance — 1.8%

Aflac, Inc.		124		7,241

Allstate Corp. (The)		58		6,872

American International Group, Inc.		169		9,619

Aon plc, Class A		45		13,493

Arthur J Gallagher & Co.		42		7,166

Assurant, Inc.		12		1,809

Brown & Brown, Inc.		48		3,357

Chubb Ltd.		88		16,966

Cincinnati Financial Corp.		31		3,479

Everest Re Group Ltd.		8		2,197

Globe Life, Inc.		19		1,774

Hartford Financial Services Group, Inc. (The)		69		4,788

Lincoln National Corp.		35		2,363

Loews Corp.		41		2,359

Marsh & McLennan Cos., Inc.		103		17,881

MetLife, Inc.		146		9,104

Principal Financial Group, Inc.		50		3,633

Progressive Corp. (The)		119		12,237

Prudential Financial, Inc.		77		8,337

Travelers Cos., Inc. (The)		50		7,841

Willis Towers Watson plc		25		6,030

WR Berkley Corp.		28		2,343


				150,889


Interactive Media & Services — 6.3%

Alphabet, Inc., Class A *		61		177,565

Alphabet, Inc., Class C *		57		164,854

Match Group, Inc. *		58		7,628


INVESTMENTS	SHARES (000)		VALUE ($000)


Interactive Media & Services — continued

Meta Platforms, Inc., Class A *		482		162,169

Twitter, Inc. *		163		7,042


				519,258


Internet & Direct Marketing Retail — 3.8%

Amazon.com, Inc. *		89		296,316

eBay, Inc.		128		8,482

Etsy, Inc. *		26		5,656


				310,454


IT Services — 4.5%

Accenture plc, Class A		129		53,353

Akamai Technologies, Inc. *		33		3,875

Automatic Data Processing, Inc.		86		21,171

Broadridge Financial Solutions, Inc.		24		4,343

Cognizant Technology Solutions Corp., Class A		107		9,495

DXC Technology Co. * (a)		51		1,654

EPAM Systems, Inc. *		12		7,725

Fidelity National Information Services, Inc.		124		13,543

Fiserv, Inc. * (a)		121		12,566

FleetCor Technologies, Inc. *		17		3,703

Gartner, Inc. *		17		5,602

Global Payments, Inc.		59		7,992

International Business Machines Corp.		183		24,423

Jack Henry & Associates, Inc.		15		2,519

Mastercard, Inc., Class A		177		63,512

Paychex, Inc.		65		8,926

PayPal Holdings, Inc. *		239		45,146

VeriSign, Inc. *		20		4,998

Visa, Inc., Class A		342		74,051


				368,597


Leisure Products — 0.0% (c)

Hasbro, Inc.		26		2,689


Life Sciences Tools & Services — 2.0%

Agilent Technologies, Inc.		62		9,848

Bio-Rad Laboratories, Inc., Class A *		4		3,327

Bio-Techne Corp.		8		4,142

Charles River Laboratories International, Inc. *		10		3,874

Danaher Corp.		130		42,634

Illumina, Inc. *		32		12,116

IQVIA Holdings, Inc. *		39		10,983

Mettler-Toledo International, Inc. *		5		7,950

PerkinElmer, Inc.		26		5,170

Thermo Fisher Scientific, Inc.		80		53,572

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Life Sciences Tools & Services — continued

Waters Corp. *		12		4,634

West Pharmaceutical Services, Inc.		15		7,079


				165,329


Machinery — 1.5%

Caterpillar, Inc.		110		22,788

Cummins, Inc.		29		6,357

Deere & Co.		57		19,713

Dover Corp.		29		5,328

Fortive Corp.		73		5,574

IDEX Corp.		15		3,661

Illinois Tool Works, Inc.		58		14,364

Ingersoll Rand, Inc.		83		5,138

Otis Worldwide Corp.		87		7,536

PACCAR, Inc. (a)		71		6,243

Parker-Hannifin Corp.		26		8,368

Pentair plc		34		2,462

Snap-on, Inc.		11		2,358

Stanley Black & Decker, Inc.		33		6,266

Westinghouse Air Brake Technologies Corp.		38		3,506

Xylem, Inc.		37		4,406


				124,068


Media — 1.0%

Charter Communications, Inc., Class A * (a)		25		16,433

Comcast Corp., Class A		929		46,757

Discovery, Inc., Class A * (a)		34		812

Discovery, Inc., Class C * (a)		62		1,417

DISH Network Corp., Class A * (a)		51		1,651

Fox Corp., Class A		65		2,409

Fox Corp., Class B		30		1,027

Interpublic Group of Cos., Inc. (The)		80		3,005

News Corp., Class A		80		1,787

News Corp., Class B		25		558

Omnicom Group, Inc.		43		3,173

ViacomCBS, Inc.		124		3,731


				82,760


Metals & Mining — 0.4%

Freeport-McMoRan, Inc.		299		12,487

Newmont Corp.		162		10,077

Nucor Corp.		58		6,647


				29,211


Multiline Retail — 0.5%

Dollar General Corp.		48		11,211

Dollar Tree, Inc. *		46		6,440


INVESTMENTS	SHARES (000)		VALUE ($000)


Multiline Retail — continued

Target Corp.		99		23,014


				40,665


Multi-Utilities — 0.7%

Ameren Corp.		52		4,672

CenterPoint Energy, Inc. (a)		128		3,576

CMS Energy Corp.		59		3,840

Consolidated Edison, Inc.		72		6,150

Dominion Energy, Inc.		165		12,964

DTE Energy Co.		39		4,719

NiSource, Inc.		80		2,209

Public Service Enterprise Group, Inc.		103		6,875

Sempra Energy		65		8,607

WEC Energy Group, Inc.		64		6,239


				59,851


Oil, Gas & Consumable Fuels — 2.5%

APA Corp.		74		1,990

Chevron Corp.		393		46,092

ConocoPhillips		269		19,398

Coterra Energy, Inc.		166		3,150

Devon Energy Corp. (a)		128		5,651

Diamondback Energy, Inc.		35		3,743

EOG Resources, Inc.		119		10,590

Exxon Mobil Corp.		863		52,783

Hess Corp.		56		4,158

Kinder Morgan, Inc.		397		6,302

Marathon Oil Corp.		159		2,605

Marathon Petroleum Corp.		125		8,026

Occidental Petroleum Corp.		181		5,241

ONEOK, Inc.		91		5,339

Phillips 66		89		6,469

Pioneer Natural Resources Co.		46		8,414

Valero Energy Corp.		83		6,257

Williams Cos., Inc. (The)		248		6,447


				202,655


Personal Products — 0.2%

Estee Lauder Cos., Inc. (The), Class A		47		17,478


Pharmaceuticals — 3.7%

Bristol-Myers Squibb Co.		452		28,199

Catalent, Inc. *		35		4,466

Eli Lilly & Co.		162		44,686

Johnson & Johnson		536		91,763

Merck & Co., Inc.		515		39,445

Organon & Co.		52		1,573

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Pharmaceuticals — continued

Pfizer, Inc.		1,144		67,533

Viatris, Inc.		246		3,334

Zoetis, Inc.		96		23,525


				304,524


Professional Services — 0.4%

Equifax, Inc.		25		7,278

IHS Markit Ltd.		81		10,802

Jacobs Engineering Group, Inc.		27		3,697

Leidos Holdings, Inc.		29		2,542

Nielsen Holdings plc		73		1,499

Robert Half International, Inc.		23		2,530

Verisk Analytics, Inc.		33		7,511


				35,859


Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A *		68		7,399


Road & Rail — 0.9%

CSX Corp.		452		16,992

JB Hunt Transport Services, Inc.		17		3,499

Norfolk Southern Corp.		50		14,761

Old Dominion Freight Line, Inc.		19		6,803

Union Pacific Corp.		131		33,001


				75,056


Semiconductors & Semiconductor Equipment — 6.3%

Advanced Micro Devices, Inc. *		246		35,408

Analog Devices, Inc.		110		19,247

Applied Materials, Inc.		184		28,951

Broadcom, Inc.		84		55,807

Enphase Energy, Inc. *		27		5,029

Intel Corp.		829		42,677

KLA Corp.		31		13,288

Lam Research Corp.		29		20,632

Microchip Technology, Inc.		113		9,843

Micron Technology, Inc.		228		21,231

Monolithic Power Systems, Inc.		9		4,355

NVIDIA Corp.		509		149,818

NXP Semiconductors NV (China)		54		12,342

Qorvo, Inc. *		22		3,512

QUALCOMM, Inc.		228		41,732

Skyworks Solutions, Inc. (a)		34		5,220

SolarEdge Technologies, Inc. *		11		3,002

Teradyne, Inc.		33		5,431

Texas Instruments, Inc.		188		35,465


INVESTMENTS	SHARES (000)		VALUE ($000)


Semiconductors & Semiconductor Equipment — continued

Xilinx, Inc.		51		10,709


				523,699


Software — 9.4%

Adobe, Inc. *		97		54,975

ANSYS, Inc. *		18		7,131

Autodesk, Inc. *		45		12,596

Cadence Design Systems, Inc. *		56		10,523

Ceridian HCM Holding, Inc. *		28		2,899

Citrix Systems, Inc.		25		2,404

Fortinet, Inc. *		28		9,938

Intuit, Inc.		58		37,112

Microsoft Corp.		1,530		514,501

NortonLifeLock, Inc.		119		3,080

Oracle Corp.		329		28,660

Paycom Software, Inc. *		10		4,072

PTC, Inc. *		22		2,608

salesforce.com, Inc. *		199		50,693

ServiceNow, Inc. *		41		26,319

Synopsys, Inc. *		31		11,450

Tyler Technologies, Inc. *		8		4,491


				783,452


Specialty Retail — 2.4%

Advance Auto Parts, Inc.		13		3,079

AutoZone, Inc. *		4		8,956

Bath & Body Works, Inc.		54		3,759

Best Buy Co., Inc.		45		4,583

CarMax, Inc. *		33		4,302

Gap, Inc. (The) (a)		44		771

Home Depot, Inc. (The)		215		89,242

Lowe’s Cos., Inc.		141		36,468

O’Reilly Automotive, Inc. *		14		9,696

Ross Stores, Inc.		72		8,275

TJX Cos., Inc. (The)		245		18,602

Tractor Supply Co.		23		5,533

Ulta Beauty, Inc. *		11		4,567


				197,833


Technology Hardware, Storage & Peripherals — 7.1%

Apple, Inc.		3,176		563,918

Hewlett Packard Enterprise Co.		267		4,203

HP, Inc.		235		8,846

NetApp, Inc.		46		4,192

Seagate Technology Holdings plc		42		4,715

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Technology Hardware, Storage & Peripherals — continued

Western Digital Corp. *		63		4,141


				590,015


Textiles, Apparel & Luxury Goods — 0.7%

NIKE, Inc., Class B		260		43,393

PVH Corp.		14		1,544

Ralph Lauren Corp.		10		1,180

Tapestry, Inc.		56		2,276

Under Armour, Inc., Class A *		38		815

Under Armour, Inc., Class C *		44		791

VF Corp.		66		4,864


				54,863


Tobacco — 0.6%

Altria Group, Inc.		374		17,738

Philip Morris International, Inc.		317		30,135


				47,873


Trading Companies & Distributors — 0.2%

Fastenal Co.		117		7,507

United Rentals, Inc. *		15		4,902

WW Grainger, Inc.		9		4,570


				16,979


Water Utilities — 0.1%

American Water Works Co., Inc.		37		6,986


Wireless Telecommunication Services — 0.2%

T-Mobile US, Inc. *		120		13,873


Total Common Stocks (Cost $3,513,468)				8,222,882


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.3%

Investment Companies — 0.8%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $63,081)		63,081		63,081


Investment of Cash Collateral from Securities Loaned — 0.5%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		35,407		35,400

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		8,931		8,931


Total Investment of Cash Collateral from Securities Loaned (Cost $44,331)				44,331


Total Short-Term Investments (Cost $107,412)				107,412

Total Investments — 100.8% (Cost $3,620,880)				8,330,294
Liabilities in Excess of Other Assets — (0.8)%				(69,781	)

NET ASSETS — 100.0%				8,260,513

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $42,733.
(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, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

157

03/2022

USD

37,352

437

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%

Aerospace & Defense — 0.6%

Aerojet Rocketdyne Holdings, Inc. (a)		25		1,155

Axon Enterprise, Inc. *		20		3,062

Curtiss-Wright Corp.		13		1,858

Hexcel Corp. *		25		1,300


				7,375


Air Freight & Logistics — 0.8%

Atlas Air Worldwide Holdings, Inc. *		9		856

Forward Air Corp.		10		1,211

GXO Logistics, Inc. *		32		2,879

Hub Group, Inc., Class A *		49		4,091


				9,037


Airlines — 0.4%

Hawaiian Holdings, Inc. *		27		500

JetBlue Airways Corp. *		323		4,593


				5,093


Auto Components — 1.8%

Adient plc *		29		1,408

American Axle & Manufacturing Holdings, Inc. *		45		421

Dana, Inc.		105		2,392

Fox Factory Holding Corp. *		7		1,174

Gentex Corp.		78		2,732

Gentherm, Inc. *		10		904

Goodyear Tire & Rubber Co. (The) *		222		4,724

LCI Industries		8		1,216

Lear Corp.		29		5,378

Patrick Industries, Inc. (a)		9		702


				21,051


Automobiles — 0.4%

Harley-Davidson, Inc.		49		1,832

Thor Industries, Inc.		18		1,882

Winnebago Industries, Inc. (a)		12		929


				4,643


Banks — 7.6%

Ameris Bancorp		22		1,113

Associated Banc-Corp.		51		1,152

Banc of California, Inc.		70		1,369

Bank OZK		50		2,328

BankUnited, Inc. (a)		16		673

Banner Corp.		46		2,811

Berkshire Hills Bancorp, Inc.		48		1,353

Brookline Bancorp, Inc.		23		371

Cadence Bank		78		2,335


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

Cathay General Bancorp		25		1,068

CIT Group, Inc.		34		1,735

Commerce Bancshares, Inc.		19		1,326

Cullen/Frost Bankers, Inc.		5		681

Customers Bancorp, Inc. *		51		3,321

Dime Community Bancshares, Inc.		15		535

Eagle Bancorp, Inc.		45		2,649

East West Bancorp, Inc.		60		4,685

FB Financial Corp.		25		1,087

First BanCorp (Puerto Rico)		75		1,031

First Commonwealth Financial Corp.		35		555

First Financial Bancorp		13		322

First Horizon Corp.		313		5,115

First Midwest Bancorp, Inc.		117		2,392

FNB Corp.		105		1,268

Fulton Financial Corp.		65		1,107

Glacier Bancorp, Inc.		12		675

Great Western Bancorp, Inc.		18		618

Hancock Whitney Corp.		68		3,411

Hanmi Financial Corp.		44		1,044

HomeStreet, Inc.		9		442

Hope Bancorp, Inc.		51		753

Independent Bank Group, Inc.		12		844

International Bancshares Corp.		17		729

Meta Financial Group, Inc.		29		1,742

NBT Bancorp, Inc.		11		417

OFG Bancorp (Puerto Rico)		17		444

Old National Bancorp		85		1,547

Pacific Premier Bancorp, Inc.		78		3,127

PacWest Bancorp		49		2,209

Pinnacle Financial Partners, Inc.		31		2,926

Prosperity Bancshares, Inc.		30		2,175

Sterling Bancorp		71		1,818

Synovus Financial Corp.		54		2,562

Texas Capital Bancshares, Inc. *		7		422

Triumph Bancorp, Inc. *		7		857

UMB Financial Corp.		12		1,231

Umpqua Holdings Corp.		74		1,420

United Bankshares, Inc. (a)		41		1,469

United Community Banks, Inc.		88		3,162

Valley National Bancorp		250		3,432

Veritex Holdings, Inc.		29		1,139

Webster Financial Corp.		30		1,670

Wintrust Financial Corp.		39		3,553


				88,220

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Beverages — 0.2%

Boston Beer Co., Inc. (The), Class A *		3		1,566

Coca-Cola Consolidated, Inc.		2		929


				2,495


Biotechnology — 2.0%

Arrowhead Pharmaceuticals, Inc. *		50		3,335

Eagle Pharmaceuticals, Inc. *		35		1,777

Emergent BioSolutions, Inc. *		5		204

Exelixis, Inc. *		277		5,062

Myriad Genetics, Inc. *		21		591

Neurocrine Biosciences, Inc. *		33		2,811

REGENXBIO, Inc. *		75		2,436

Spectrum Pharmaceuticals, Inc. *		100		127

United Therapeutics Corp. *		32		6,859


				23,202


Building Products — 2.6%

American Woodmark Corp. *		5		339

Apogee Enterprises, Inc.		9		433

Builders FirstSource, Inc. *		112		9,558

Carlisle Cos., Inc.		19		4,771

Griffon Corp.		16		459

Lennox International, Inc.		8		2,613

Owens Corning		33		2,959

Quanex Building Products Corp.		30		733

Resideo Technologies, Inc. *		50		1,302

Trex Co., Inc. * (a)		20		2,633

UFP Industries, Inc.		46		4,210


				30,010


Capital Markets — 1.7%

Affiliated Managers Group, Inc.		14		2,320

Blucora, Inc. *		40		691

Brightsphere Investment Group, Inc.		30		779

Donnelley Financial Solutions, Inc. *		16		731

Evercore, Inc., Class A		25		3,389

Federated Hermes, Inc.		16		594

Jefferies Financial Group, Inc.		90		3,503

Piper Sandler Cos.		5		893

SEI Investments Co.		13		819

Stifel Financial Corp.		49		3,484

Virtus Investment Partners, Inc.		8		2,228


				19,431


Chemicals — 2.5%

AdvanSix, Inc.		10		449

Ashland Global Holdings, Inc.		37		3,983


INVESTMENTS	SHARES (000)		VALUE ($000)


Chemicals — continued

Avient Corp.		73		4,079

Cabot Corp.		27		1,537

FutureFuel Corp.		40		306

Hawkins, Inc.		6		237

HB Fuller Co.		50		4,066

Ingevity Corp. *		50		3,599

Koppers Holdings, Inc. *		6		185

Minerals Technologies, Inc.		17		1,276

RPM International, Inc.		23		2,312

Scotts Miracle-Gro Co. (The)		13		2,157

Sensient Technologies Corp.		14		1,361

Trinseo plc		23		1,201

Valvoline, Inc.		62		2,316


				29,064


Commercial Services & Supplies — 1.4%

ABM Industries, Inc.		20		837

Brady Corp., Class A		17		938

Brink’s Co. (The) (a)		17		1,095

Clean Harbors, Inc. *		38		3,790

Deluxe Corp.		15		469

IAA, Inc. *		43		2,172

Interface, Inc.		21		329

KAR Auction Services, Inc. *		41		637

Matthews International Corp., Class A		11		389

MillerKnoll, Inc.		27		1,053

Pitney Bowes, Inc.		49		323

Stericycle, Inc. *		8		471

Tetra Tech, Inc.		17		2,916

Viad Corp. *		6		274


				15,693


Communications Equipment — 0.6%

ADTRAN, Inc.		18		404

Ciena Corp. *		48		3,694

Comtech Telecommunications Corp.		10		239

Digi International, Inc. *		11		265

Extreme Networks, Inc. *		38		597

Lumentum Holdings, Inc. * (a)		7		762

Viavi Solutions, Inc. *		71		1,258


				7,219


Construction & Engineering — 1.8%

AECOM * (a)		88		6,828

Arcosa, Inc.		17		901

Comfort Systems USA, Inc.		32		3,139

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Construction & Engineering — continued

EMCOR Group, Inc.		38		4,887

Fluor Corp. *		36		892

MasTec, Inc. *		36		3,331

MYR Group, Inc. *		5		564


				20,542


Construction Materials — 0.1%

Eagle Materials, Inc.		10		1,665


Consumer Finance — 0.7%

Encore Capital Group, Inc. *		10		646

Enova International, Inc. *		11		463

EZCORP, Inc., Class A *		29		211

FirstCash Holdings, Inc.		14		1,025

Green Dot Corp., Class A *		16		594

LendingTree, Inc. *		2		270

Navient Corp.		53		1,120

PROG Holdings, Inc. * (a)		22		981

SLM Corp.		140		2,750


				8,060


Containers & Packaging — 0.6%

AptarGroup, Inc.		3		343

Greif, Inc., Class A		27		1,618

O-I Glass, Inc. *		48		576

Silgan Holdings, Inc.		51		2,167

Sonoco Products Co.		31		1,812


				6,516


Diversified Consumer Services — 0.4%

Adtalem Global Education, Inc. *		17		488

American Public Education, Inc. * (a)		26		581

Graham Holdings Co., Class B		2		1,134

Grand Canyon Education, Inc. *		6		514

Service Corp. International		15		1,079

Strategic Education, Inc. (a)		9		497

WW International, Inc. *		17		277


				4,570


Diversified Telecommunication Services — 0.3%

ATN International, Inc.		3		128

Cogent Communications Holdings, Inc.		13		966

Consolidated Communications Holdings, Inc. *		262		1,957


				3,051


Electric Utilities — 1.0%

Hawaiian Electric Industries, Inc.		96		3,997

IDACORP, Inc.		40		4,483


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — continued

OGE Energy Corp.		93		3,582


				12,062


Electrical Equipment — 2.1%

Acuity Brands, Inc.		13		2,710

AZZ, Inc.		8		442

Encore Wire Corp.		23		3,349

Hubbell, Inc.		18		3,745

nVent Electric plc		142		5,407

Powell Industries, Inc.		35		1,035

Regal Rexnord Corp.		34		5,862

Sunrun, Inc. * (a)		49		1,667


				24,217


Electronic Equipment, Instruments & Components — 3.5%

Advanced Energy Industries, Inc.		13		1,229

Arrow Electronics, Inc. *		46		6,169

Avnet, Inc.		94		3,873

Belden, Inc.		14		922

Benchmark Electronics, Inc.		12		328

Cognex Corp.		44		3,453

Fabrinet (Thailand) *		33		3,862

Itron, Inc. *		4		267

Jabil, Inc.		86		6,057

Littelfuse, Inc.		7		2,142

OSI Systems, Inc. *		6		522

Sanmina Corp. *		86		3,566

TD SYNNEX Corp.		41		4,712

TTM Technologies, Inc. *		28		416

Vishay Intertechnology, Inc.		86		1,891

Vontier Corp.		54		1,653


				41,062


Energy Equipment & Services — 0.4%

Bristow Group, Inc. *		9		292

ChampionX Corp. *		116		2,347

Helmerich & Payne, Inc. (a)		22		521

Nabors Industries Ltd. *		2		138

NOV, Inc.		73		994

Oceaneering International, Inc. *		35		390

Oil States International, Inc. * (a)		21		102

ProPetro Holding Corp. *		24		196


				4,980


Entertainment — 0.1%

Cinemark Holdings, Inc. *		35		563

Marcus Corp. (The) * (a)		10		175


				738

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — 9.3%

Acadia Realty Trust		20		432

Agree Realty Corp.		18		1,299

Alexander & Baldwin, Inc.		47		1,179

American Assets Trust, Inc.		15		574

American Campus Communities, Inc.		43		2,461

Apartment Income REIT Corp.		38		2,088

Armada Hoffler Properties, Inc.		18		268

Brixmor Property Group, Inc.		140		3,568

Camden Property Trust		48		8,568

CareTrust REIT, Inc.		29		660

Centerspace		10		1,087

Chatham Lodging Trust *		15		202

Community Healthcare Trust, Inc.		7		331

Corporate Office Properties Trust		113		3,167

Cousins Properties, Inc. (a)		92		3,720

CyrusOne, Inc.		33		2,970

DiamondRock Hospitality Co. *		62		599

Douglas Emmett, Inc.		22		737

EastGroup Properties, Inc.		3		638

EPR Properties		10		490

Essential Properties Realty Trust, Inc.		39		1,121

First Industrial Realty Trust, Inc.		73		4,838

Four Corners Property Trust, Inc.		43		1,268

Getty Realty Corp.		5		172

Healthcare Realty Trust, Inc.		63		1,990

Highwoods Properties, Inc.		83		3,679

Hudson Pacific Properties, Inc. (a)		91		2,246

Independence Realty Trust, Inc.		28		713

Innovative Industrial Properties, Inc. (a)		10		2,603

JBG SMITH Properties		36		1,031

Kilroy Realty Corp.		49		3,287

Kite Realty Group Trust		72		1,564

Life Storage, Inc.		48		7,398

LXP Industrial Trust		21		334

Macerich Co. (The)		16		282

Medical Properties Trust, Inc.		180		4,253

National Retail Properties, Inc.		26		1,231

National Storage Affiliates Trust		57		3,917

NexPoint Residential Trust, Inc.		17		1,429

Park Hotels & Resorts, Inc. *		156		2,948

Physicians Realty Trust		41		772

PotlatchDeltic Corp.		42		2,532

Rayonier, Inc.		13		513

Retail Opportunity Investments Corp.		71		1,392

Rexford Industrial Realty, Inc.		69		5,620


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued

RPT Realty		31		416

Sabra Health Care REIT, Inc.		29		398

Saul Centers, Inc.		4		195

SITE Centers Corp.		99		1,570

Spirit Realty Capital, Inc.		72		3,465

STORE Capital Corp.		80		2,752

Summit Hotel Properties, Inc. *		39		380

Tanger Factory Outlet Centers, Inc. (a)		39		754

Uniti Group, Inc.		78		1,097

Urban Edge Properties		33		633

Urstadt Biddle Properties, Inc., Class A		40		846

Xenia Hotels & Resorts, Inc. *		99		1,797


				106,474


Food & Staples Retailing — 0.7%

Andersons, Inc. (The)		31		1,196

BJ’s Wholesale Club Holdings, Inc. *		39		2,639

SpartanNash Co.		12		311

Sprouts Farmers Market, Inc. *		120		3,567

United Natural Foods, Inc. *		19		947


				8,660


Food Products — 1.7%

Cal-Maine Foods, Inc.		10		351

Darling Ingredients, Inc. *		53		3,700

Flowers Foods, Inc.		82		2,242

Hain Celestial Group, Inc. (The) * (a)		26		1,121

Ingredion, Inc.		38		3,669

J&J Snack Foods Corp.		2		300

John B Sanfilippo & Son, Inc.		3		307

Pilgrim’s Pride Corp. *		61		1,717

Post Holdings, Inc. *		20		2,288

Sanderson Farms, Inc.		7		1,261

Seneca Foods Corp., Class A *		9		453

Simply Good Foods Co. (The) *		27		1,110

TreeHouse Foods, Inc. *		33		1,350


				19,869


Gas Utilities — 0.6%

New Jersey Resources Corp.		30		1,212

UGI Corp.		131		6,036


				7,248


Health Care Equipment & Supplies — 2.2%

Avanos Medical, Inc. *		15		503

CONMED Corp.		8		1,148

Cutera, Inc. * (a)		5		215

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Equipment & Supplies — continued

Envista Holdings Corp. *		114		5,154

Globus Medical, Inc., Class A *		25		1,783

Haemonetics Corp. *		15		817

Heska Corp. * (a)		4		639

Inogen, Inc. *		7		238

Integer Holdings Corp. *		10		882

Integra LifeSciences Holdings Corp. *		23		1,521

Lantheus Holdings, Inc. *		89		2,571

LivaNova plc *		14		1,224

Masimo Corp. *		3		937

Meridian Bioscience, Inc. *		19		381

Merit Medical Systems, Inc. *		16		1,009

Natus Medical, Inc. *		11		271

Neogen Corp. *		4		173

NuVasive, Inc. *		56		2,928

Orthofix Medical, Inc. *		16		488

Penumbra, Inc. * (a)		8		2,299

Varex Imaging Corp. * (a)		13		410


				25,591


Health Care Providers & Services — 3.8%

Acadia Healthcare Co., Inc. *		28		1,712

Addus HomeCare Corp. * (a)		5		449

Amedisys, Inc. *		12		1,894

AMN Healthcare Services, Inc. *		42		5,084

Chemed Corp.		5		2,751

Covetrus, Inc. *		30		591

Cross Country Healthcare, Inc. *		13		366

Encompass Health Corp.		30		1,984

Ensign Group, Inc. (The)		16		1,369

HealthEquity, Inc. *		22		964

LHC Group, Inc. * (a)		11		1,455

Magellan Health, Inc. *		12		1,146

MEDNAX, Inc. *		31		857

ModivCare, Inc. *		15		2,165

Molina Healthcare, Inc. *		24		7,631

Option Care Health, Inc. *		44		1,246

R1 RCM, Inc. *		37		948

RadNet, Inc. *		14		416

Select Medical Holdings Corp.		96		2,822

Tenet Healthcare Corp. *		74		6,004

Tivity Health, Inc. * (a)		75		1,986


				43,840


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Technology — 0.6%

Allscripts Healthcare Solutions, Inc. *		62		1,151

HealthStream, Inc. *		10		250

NextGen Healthcare, Inc. *		181		3,215

Omnicell, Inc. *		13		2,418


				7,034


Hotels, Restaurants & Leisure — 1.9%

BJ’s Restaurants, Inc. *		8		266

Bloomin’ Brands, Inc. *		24		512

Boyd Gaming Corp. * (a)		27		1,764

Cheesecake Factory, Inc. (The) * (a)		18		685

Churchill Downs, Inc.		3		795

Cracker Barrel Old Country Store, Inc.		5		672

Dave & Buster’s Entertainment, Inc. *		16		630

Dine Brands Global, Inc. (a)		23		1,751

Jack in the Box, Inc.		8		717

Marriott Vacations Worldwide Corp.		13		2,231

Papa John’s International, Inc.		8		1,068

Ruth’s Hospitality Group, Inc. *		7		145

Scientific Games Corp. *		20		1,337

Six Flags Entertainment Corp. *		57		2,430

Texas Roadhouse, Inc.		19		1,710

Travel + Leisure Co.		38		2,073

Wendy’s Co. (The)		42		990

Wyndham Hotels & Resorts, Inc.		22		1,972


				21,748


Household Durables — 1.7%

Cavco Industries, Inc. *		3		858

Helen of Troy Ltd. * (a)		8		1,952

iRobot Corp. * (a)		9		606

KB Home		29		1,311

La-Z-Boy, Inc.		15		537

M/I Homes, Inc. *		9		535

Meritage Homes Corp. *		12		1,465

Taylor Morrison Home Corp. *		42		1,452

Tempur Sealy International, Inc.		62		2,925

Toll Brothers, Inc.		37		2,649

Tri Pointe Homes, Inc. *		166		4,623

Universal Electronics, Inc. *		9		363


				19,276


Household Products — 0.5%

Central Garden & Pet Co. * (a)		33		1,742

Central Garden & Pet Co., Class A *		67		3,197

Energizer Holdings, Inc. (a)		21		854


				5,793

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — 3.3%

Alleghany Corp. *		7		4,715

American Equity Investment Life Holding Co.		43		1,689

American Financial Group, Inc.		29		4,019

Assured Guaranty Ltd.		34		1,702

CNO Financial Group, Inc.		40		956

eHealth, Inc. *		8		207

First American Financial Corp.		67		5,258

Hanover Insurance Group, Inc. (The)		12		1,563

Kinsale Capital Group, Inc.		4		856

Old Republic International Corp.		139		3,412

Primerica, Inc.		23		3,571

Reinsurance Group of America, Inc.		22		2,365

RenaissanceRe Holdings Ltd. (Bermuda)		16		2,743

Selective Insurance Group, Inc.		26		2,129

Stewart Information Services Corp.		37		2,934


				38,119


Interactive Media & Services — 0.6%

QuinStreet, Inc. *		43		782

TripAdvisor, Inc. *		31		842

Yelp, Inc. *		90		3,272

Ziff Davis, Inc. *		16		1,741


				6,637


IT Services — 2.0%

Alliance Data Systems Corp.		17		1,112

BM Technologies, Inc. * (a)		16		146

Concentrix Corp.		17		2,983

EVERTEC, Inc. (Puerto Rico) (a)		19		955

ExlService Holdings, Inc. *		11		1,645

Genpact Ltd.		114		6,062

Maximus, Inc.		21		1,673

Perficient, Inc. *		11		1,448

Sabre Corp. * (a)		114		978

TTEC Holdings, Inc.		23		2,065

Unisys Corp. *		39		805

WEX, Inc. *		21		3,004


				22,876


Leisure Products — 0.8%

Brunswick Corp.		29		2,901

Mattel, Inc. *		109		2,339

Polaris, Inc. (a)		18		2,031

YETI Holdings, Inc. *		22		1,831


				9,102


INVESTMENTS	SHARES (000)		VALUE ($000)


Life Sciences Tools & Services — 0.6%

Medpace Holdings, Inc. *		9		1,872

Repligen Corp. *		6		1,536

Syneos Health, Inc. *		29		2,957


				6,365


Machinery — 4.1%

AGCO Corp.		40		4,655

Alamo Group, Inc.		3		442

Chart Industries, Inc. *		11		1,786

Colfax Corp. *		42		1,912

Crane Co.		49		4,967

Federal Signal Corp.		19		811

Flowserve Corp.		42		1,294

Graco, Inc.		8		613

Hillenbrand, Inc.		34		1,768

ITT, Inc.		45		4,620

John Bean Technologies Corp.		10		1,474

Lincoln Electric Holdings, Inc.		5		739

Meritor, Inc. *		25		620

Middleby Corp. (The) *		7		1,397

Mueller Industries, Inc.		19		1,116

Nordson Corp.		12		3,165

Oshkosh Corp.		40		4,452

SPX Corp. *		16		955

Standex International Corp.		4		465

Terex Corp.		80		3,519

Timken Co. (The)		31		2,138

Toro Co. (The)		9		929

Wabash National Corp. (a)		16		314

Watts Water Technologies, Inc., Class A		15		2,990

Woodward, Inc.		5		591


				47,732


Marine — 0.2%

Kirby Corp. *		17		980

Matson, Inc.		14		1,297


				2,277


Media — 0.8%

AMC Networks, Inc., Class A * (a)		10		344

Cable One, Inc.		2		2,998

EW Scripps Co. (The), Class A *		19		366

Gannett Co., Inc. *		43		229

John Wiley & Sons, Inc., Class A		14		785

Loyalty Ventures, Inc. *		7		201

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Media — continued

New York Times Co. (The), Class A		13		623

TEGNA, Inc.		205		3,803


				9,349


Metals & Mining — 2.2%

Allegheny Technologies, Inc. *		40		642

Arconic Corp. *		34		1,109

Century Aluminum Co. *		13		222

Cleveland-Cliffs, Inc. * (a)		224		4,875

Commercial Metals Co.		54		1,947

Haynes International, Inc.		18		710

Materion Corp.		15		1,342

Reliance Steel & Aluminum Co.		32		5,222

Royal Gold, Inc.		5		568

Steel Dynamics, Inc.		91		5,628

SunCoke Energy, Inc.		176		1,160

United States Steel Corp.		66		1,571

Warrior Met Coal, Inc.		17		432

Worthington Industries, Inc.		11		590


				26,018


Mortgage Real Estate Investment Trusts (REITs) — 0.3%

Ellington Financial, Inc. (a)		15		263

KKR Real Estate Finance Trust, Inc.		55		1,139

Ready Capital Corp.		56		875

Redwood Trust, Inc.		116		1,536


				3,813


Multiline Retail — 0.9%

Big Lots, Inc.		14		608

Kohl’s Corp. (a)		78		3,833

Macy’s, Inc.		176		4,600

Nordstrom, Inc. * (a)		34		778

Ollie’s Bargain Outlet Holdings, Inc. * (a)		11		578


				10,397


Multi-Utilities — 0.6%

MDU Resources Group, Inc.		166		5,116

NorthWestern Corp.		23		1,294


				6,410


Oil, Gas & Consumable Fuels — 2.4%

Antero Midstream Corp.		91		876

Callon Petroleum Co. * (a)		14		639

Civitas Resources, Inc.		23		1,117

CNX Resources Corp. *		66		906

Dorian LPG Ltd.		9		115


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — continued

DT Midstream, Inc.		18		840

EQT Corp. *		92		2,007

Equitrans Midstream Corp.		125		1,297

Green Plains, Inc. * (a)		63		2,197

HollyFrontier Corp.		59		1,924

Matador Resources Co.		35		1,277

Murphy Oil Corp.		61		1,598

PBF Energy, Inc., Class A *		27		349

PDC Energy, Inc.		33		1,630

Range Resources Corp. *		78		1,387

REX American Resources Corp. *		2		192

SM Energy Co.		38		1,132

Southwestern Energy Co. *		331		1,543

Targa Resources Corp.		115		5,981

World Fuel Services Corp.		20		529


				27,536


Paper & Forest Products — 0.4%

Clearwater Paper Corp. * (a)		6		213

Glatfelter Corp.		15		258

Louisiana-Pacific Corp.		49		3,807

Mercer International, Inc. (Germany)		16		191

Neenah, Inc.		6		278

Schweitzer-Mauduit International, Inc.		11		327


				5,074


Personal Products — 0.4%

Coty, Inc., Class A *		94		984

Edgewell Personal Care Co.		19		850

elf Beauty, Inc. *		12		402

Medifast, Inc.		4		909

Nu Skin Enterprises, Inc., Class A		19		964

USANA Health Sciences, Inc. *		4		374


				4,483


Pharmaceuticals — 0.8%

Innoviva, Inc. *		197		3,390

Jazz Pharmaceuticals plc *		27		3,439

Lannett Co., Inc. * (a)		306		495

Prestige Consumer Healthcare, Inc. *		19		1,122

Supernus Pharmaceuticals, Inc. *		16		458


				8,904


Professional Services — 2.0%

ASGN, Inc. *		18		2,271

CACI International, Inc., Class A *		15		4,014

FTI Consulting, Inc. *		11		1,745

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Professional Services — continued

Heidrick & Struggles International, Inc.		40		1,762

Insperity, Inc.		11		1,252

KBR, Inc.		44		2,091

Kelly Services, Inc., Class A		13		218

Korn Ferry		44		3,362

ManpowerGroup, Inc.		38		3,746

Resources Connection, Inc.		38		671

Science Applications International Corp.		16		1,353

TrueBlue, Inc. *		20		552


				23,037


Real Estate Management & Development — 0.7%

Douglas Elliman, Inc. *		20		225

Jones Lang LaSalle, Inc. *		23		6,139

RE/MAX Holdings, Inc., Class A		7		216

Realogy Holdings Corp. *		98		1,654


				8,234


Road & Rail — 1.8%

ArcBest Corp.		20		2,421

Avis Budget Group, Inc. *		15		3,173

Knight-Swift Transportation Holdings, Inc.		52		3,175

Landstar System, Inc.		23		4,201

Ryder System, Inc.		18		1,451

Saia, Inc. *		8		2,797

Werner Enterprises, Inc.		19		920

XPO Logistics, Inc. *		35		2,718


				20,856


Semiconductors & Semiconductor Equipment — 3.9%

Axcelis Technologies, Inc. *		12		865

Cirrus Logic, Inc. *		52		4,799

CMC Materials, Inc.		1		200

Cohu, Inc. *		13		510

Diodes, Inc. *		13		1,428

First Solar, Inc. *		51		4,471

FormFactor, Inc.*		28		1,280

Ichor Holdings Ltd. *		43		1,979

Kulicke & Soffa Industries, Inc. (Singapore)		75		4,524

MKS Instruments, Inc.		17		3,026

Photronics, Inc. *		19		358

Power Integrations, Inc.		19		1,746

Rambus, Inc. *		37		1,079

Semtech Corp. *		22		1,956

SMART Global Holdings, Inc. *		35		2,478

SolarEdge Technologies, Inc. *		16		4,545


INVESTMENTS	SHARES (000)		VALUE ($000)


Semiconductors & Semiconductor Equipment — continued

Synaptics, Inc. *		11		3,214

Ultra Clean Holdings, Inc. *		26		1,476

Universal Display Corp.		14		2,244

Veeco Instruments, Inc. *		2		62

Wolfspeed, Inc. * (a)		21		2,392


				44,632


Software — 3.5%

ACI Worldwide, Inc. *		35		1,215

Alarm.com Holdings, Inc. * (a)		7		585

Aspen Technology, Inc. *		22		3,364

Blackbaud, Inc. * (a)		15		1,216

Bottomline Technologies DE, Inc. *		11		644

CDK Global, Inc.		90		3,752

CommVault Systems, Inc. *		16		1,117

Consensus Cloud Solutions, Inc. *		5		303

Digital Turbine, Inc. *		42		2,574

Ebix, Inc. (a)		89		2,706

Envestnet, Inc. *		11		857

Fair Isaac Corp. *		9		4,056

InterDigital, Inc.		10		745

Manhattan Associates, Inc. *		21		3,296

NCR Corp. *		66		2,669

Paylocity Holding Corp. *		12		2,739

Progress Software Corp.		10		482

Qualys, Inc. *		11		1,441

SPS Commerce, Inc. *		10		1,438

Teradata Corp. *		34		1,431

Vonage Holdings Corp. *		82		1,707

Xperi Holding Corp.		120		2,273


				40,610


Specialty Retail — 3.4%

Aaron’s Co., Inc. (The)		11		268

Abercrombie & Fitch Co., Class A *		19		669

American Eagle Outfitters, Inc. (a)		68		1,727

Asbury Automotive Group, Inc. *		6		1,105

AutoNation, Inc. * (a)		40		4,626

Bed Bath & Beyond, Inc. * (a)		35		515

Boot Barn Holdings, Inc. * (a)		9		1,157

Caleres, Inc.		15		349

Cato Corp. (The), Class A (a)		7		112

Chico’s FAS, Inc. *		35		186

Children’s Place, Inc. (The) * (a)		5		383

Conn’s, Inc. *		4		101

Designer Brands, Inc., Class A *		22		317

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Specialty Retail — continued

Dick’s Sporting Goods, Inc. (a)		22		2,486

Five Below, Inc. *		6		1,159

Foot Locker, Inc.		37		1,619

GameStop Corp., Class A * (a)		18		2,612

Genesco, Inc. *		5		321

Group 1 Automotive, Inc.		6		1,093

Guess?, Inc.		16		372

Haverty Furniture Cos., Inc. (a)		5		163

Hibbett, Inc.		5		374

Lithia Motors, Inc., Class A		9		2,524

ODP Corp. (The) *		18		698

Rent-A-Center, Inc.		38		1,845

RH * (a)		5		2,626

Sally Beauty Holdings, Inc. *		70		1,285

Shoe Carnival, Inc.		6		242

Signet Jewelers Ltd.		19		1,636

Sleep Number Corp. *		7		567

Urban Outfitters, Inc. *		23		664

Williams-Sonoma, Inc.		27		4,583

Zumiez, Inc. *		27		1,315


				39,699


Technology Hardware, Storage & Peripherals — 0.2%

3D Systems Corp. * (a)		23		485

Diebold Nixdorf, Inc. *		28		256

Xerox Holdings Corp.		70		1,582


				2,323


Textiles, Apparel & Luxury Goods — 1.5%

Capri Holdings Ltd. *		51		3,298

Carter’s, Inc.		11		1,073

Columbia Sportswear Co.		3		283

Crocs, Inc. *		21		2,667

Deckers Outdoor Corp. *		9		3,408

G-III Apparel Group Ltd. *		14		384

Kontoor Brands, Inc.		18		933

Oxford Industries, Inc.		5		497

Skechers U.S.A., Inc., Class A *		58		2,506

Steven Madden Ltd.		26		1,229

Unifi, Inc. *		7		164

Vera Bradley, Inc. *		9		77

Wolverine World Wide, Inc.		27		763


				17,282


INVESTMENTS	SHARES (000)		VALUE ($000)


Thrifts & Mortgage Finance — 1.3%

Axos Financial, Inc. *		26		1,470

Essent Group Ltd.		46		2,099

Flagstar Bancorp, Inc.		16		777

MGIC Investment Corp.		106		1,523

Mr. Cooper Group, Inc. *		23		965

New York Community Bancorp, Inc. (a)		149		1,824

NMI Holdings, Inc., Class A *		49		1,077

Northfield Bancorp, Inc.		15		241

Northwest Bancshares, Inc.		167		2,360

Provident Financial Services, Inc.		21		511

TrustCo Bank Corp.		27		907

Walker & Dunlop, Inc.		9		1,358


				15,112


Tobacco — 0.0% (b)

Vector Group Ltd.		39		450


Trading Companies & Distributors — 1.4%

Applied Industrial Technologies, Inc.		13		1,315

Boise Cascade Co.		21		1,509

DXP Enterprises, Inc. *		4		108

GMS, Inc. * (a)		72		4,334

MSC Industrial Direct Co., Inc., Class A		15		1,261

NOW, Inc. *		106		903

Univar Solutions, Inc. *		75		2,115

Veritiv Corp. *		15		1,814

Watsco, Inc.		11		3,316


				16,675


Water Utilities — 0.6%

American States Water Co.		12		1,204

California Water Service Group		15		1,107

Essential Utilities, Inc.		87		4,644


				6,955


Wireless Telecommunication Services — 0.2%

Shenandoah Telecommunications Co.		16		400

Telephone and Data Systems, Inc.		68		1,360


				1,760


Total Common Stocks (Cost $712,102)				1,128,246

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	23

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 5.7%

Investment Companies — 2.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (c) (d) (Cost $27,059)		27,053		27,064


Investment of Cash Collateral from Securities Loaned — 3.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		31,003		30,996

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		7,310		7,310


Total Investment of Cash Collateral from Securities Loaned (Cost $38,310)				38,306


Total Short-Term Investments (Cost $65,369)				65,370

Total Investments — 103.2% (Cost $777,471)				1,193,616
Liabilities in Excess of Other Assets — (3.2)%				(36,625	)

NET ASSETS — 100.0%				1,156,991

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, 2021. The total value of securities on loan at December 31, 2021 is $37,286.
(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, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

03/2022

USD

6,167

103

S&P Midcap 400 E-Mini Index

03/2022

USD

20,151

515

618

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	8,127,531		$	1,128,246
Investments in affiliates, at value		158,432			27,064
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		44,331			38,306
Cash		9			2
Deposits at broker for futures contracts		3,265			1,299
Receivables:
Investment securities sold		14,960			—
Fund shares sold		1,937			96
Dividends from non-affiliates		4,951			1,054
Dividends from affiliates		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		8			5
Due from adviser		6			—

Total Assets		8,355,430			1,196,072


LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.B.)		44,331			38,306
Fund shares redeemed		49,305			417
Variation margin on futures contracts		202			1
Accrued liabilities:
Investment advisory fees		—			183
Administration fees		247			35
Distribution fees		244			45
Service fees		315			28
Custodian and accounting fees		111			20
Trustees’ and Chief Compliance Officer’s fees		1			—	(a)
Other		161			46

Total Liabilities		94,917			39,081

Net Assets	$	8,260,513		$	1,156,991

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Index Fund			JPMorgan Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	3,686,514		$	715,042
Total distributable earnings (loss)		4,573,999			441,949

Total Net Assets	$	8,260,513		$	1,156,991


Net Assets:
Class A	$	823,103		$	127,955
Class C		116,000			19,931
Class I		1,566,374			178,231
Class R2		—			14,158
Class R6		5,755,036			816,716

Total	$	8,260,513		$	1,156,991


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		11,529			10,661
Class C		1,642			2,166
Class I		21,911			14,513
Class R2		—			1,206
Class R6		80,478			67,044

Net Asset Value (a):
Class A — Redemption price per share	$	71.39		$	12.00
Class C — Offering price per share (b)		70.63			9.20
Class I — Offering and redemption price per share		71.49			12.28
Class R2 — Offering and redemption price per share		—			11.74
Class R6 — Offering and redemption price per share		71.51			12.18
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)]	$	75.35		$	12.66


Cost of investments in non-affiliates	$	3,472,204		$	712,102
Cost of investments in affiliates		104,345			27,059
Investment securities on loan, at value (See Note 2.B.)		42,733			37,286
Cost of investment of cash collateral (See Note 2.B.)		44,331			38,310

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

(Amounts in thousands)


	JPMorgan Equity Index Fund				JPMorgan Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	50,547			$	8,674
Dividend income from affiliates		1,114				9
Non-cash dividend income from non-affiliates		—				567
Income from securities lending (net) (See Note 2.B.)		29				33

Total investment income		51,690				9,283


EXPENSES:
Investment advisory fees		1,550				1,431
Administration fees		2,906				429
Distribution fees:
Class A		990				164
Class C		422				79
Class R2		—				35
Service fees:
Class A		990				164
Class C		141				26
Class I		1,683				238
Class R2		—				17
Custodian and accounting fees		141				20
Professional fees		52				31
Trustees’ and Chief Compliance Officer’s fees		22				14
Printing and mailing costs		76				19
Registration and filing fees		79				40
Transfer agency fees (See Note 2.F.)		132				25
Other		74				20

Total expenses		9,258				2,752

Less fees waived		(4,262	)			(856	)
Less expense reimbursements		(20	)			—

Net expenses		4,976				1,896

Net investment income (loss)		46,714				7,387


REALIZED/UNREALIZED GAINS (LOSSES):				��
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,526				51,771
Investments in affiliates		(13	)			(2	)
Futures contracts		8,768				(475	)

Net realized gain (loss)		11,281				51,294

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		793,663				6,650
Investments in affiliates		1,739				(1	)
Futures contracts		(21	)			718

Change in net unrealized appreciation/depreciation		795,381				7,367

Net realized/unrealized gains (losses)		806,662				58,661

Change in net assets resulting from operations	$	853,376			$	66,048

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	46,714		$	86,869		$	7,387		$	10,613
Net realized gain (loss)		11,281			83,243			51,294			119,551
Change in net unrealized appreciation/depreciation		795,381			1,884,412			7,367			308,518

Change in net assets resulting from operations		853,376			2,054,524			66,048			438,682


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(14,326	)		(8,535	)		(13,825	)		(4,777	)
Class C		(1,699	)		(710	)		(2,564	)		(1,056	)
Class I		(28,408	)		(15,010	)		(20,163	)		(7,824	)
Class R2		—			—			(1,476	)		(505	)
Class R6		(112,055	)		(74,066	)		(86,326	)		(28,918	)

Total distributions to shareholders		(156,488	)		(98,321	)		(124,354	)		(43,080	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		919,184			(315,633	)		94,364			(73,378	)


NET ASSETS:
Change in net assets		1,616,072			1,640,570			36,058			322,224
Beginning of period		6,644,441			5,003,871			1,120,933			798,709

End of period	$	8,260,513		$	6,644,441		$	1,156,991		$	1,120,933

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	39,922		$	74,031		$	5,111		$	12,668
Distributions reinvested		13,862			8,283			12,872			4,485
Cost of shares redeemed		(50,643	)		(119,065	)		(14,263	)		(29,106	)

Change in net assets resulting from Class A capital transactions		3,141			(36,751	)		3,720			(11,953	)

Class C
Proceeds from shares issued		6,371			12,852			1,280			1,380
Distributions reinvested		1,411			573			2,525			1,043
Cost of shares redeemed		(12,027	)		(39,283	)		(4,840	)		(8,237	)

Change in net assets resulting from Class C capital transactions		(4,245	)		(25,858	)		(1,035	)		(5,814	)

Class I
Proceeds from shares issued		570,736			246,978			20,547			30,722
Distributions reinvested		27,199			14,184			17,205			6,558
Cost of shares redeemed		(142,310	)		(612,226	)		(37,021	)		(96,868	)

Change in net assets resulting from Class I capital transactions		455,625			(351,064	)		731			(59,588	)

Class R2
Proceeds from shares issued		—			—			1,477			2,268
Distributions reinvested		—			—			1,475			505
Cost of shares redeemed		—			—			(2,569	)		(4,131	)

Change in net assets resulting from Class R2 capital transactions		—			—			383			(1,358	)

Class R6
Proceeds from shares issued		961,418			1,831,702			10,419			35,619
Distributions reinvested		109,672			73,037			86,326			28,918
Cost of shares redeemed		(606,427	)		(1,806,699	)		(6,180	)		(59,202	)

Change in net assets resulting from Class R6 capital transactions		464,663			98,040			90,565			5,335

Total change in net assets resulting from capital transactions	$	919,184		$	(315,633	)	$	94,364		$	(73,378	)

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Index Fund						JPMorgan Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
SHARE TRANSACTIONS:
Class A
Issued		585			1,327			406			1,153
Reinvested		200			147			1,104			434
Redeemed		(743	)		(2,136	)		(1,151	)		(2,805	)

Change in Class A Shares		42			(662	)		359			(1,218	)

Class C
Issued		94			229			128			158
Reinvested		20			11			283			128
Redeemed		(179	)		(738	)		(476	)		(995	)

Change in Class C Shares		(65	)		(498	)		(65	)		(709	)

Class I
Issued		8,393			4,416			1,602			2,880
Reinvested		392			253			1,440			620
Redeemed		(2,055	)		(11,138	)		(2,956	)		(9,173	)

Change in Class I Shares		6,730			(6,469	)		86			(5,673	)

Class R2
Issued		—			—			117			218
Reinvested		—			—			130			50
Redeemed		—			—			(209	)		(395	)

Change in Class R2 Shares		—			—			38			(127	)

Class R6
Issued		14,193			32,382			813			3,304
Reinvested		1,583			1,283			7,283			2,753
Redeemed		(8,648	)		(30,349	)		(483	)		(5,522	)

Change in Class R6 Shares		7,128			3,316			7,613			535

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)	$	65.24	$	0.31	$	7.09	$	7.40	$	(0.32	)	$	(0.93	)	$	(1.25	)
Year Ended June 30, 2021		47.11		0.62		18.24		18.86		(0.73	)		—			(0.73	)
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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		64.55		0.10		7.02		7.12		(0.11	)		(0.93	)		(1.04	)
Year Ended June 30, 2021		46.65		0.28		18.00		18.28		(0.38	)		—			(0.38	)
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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		65.33		0.39		7.11		7.50		(0.41	)		(0.93	)		(1.34	)
Year Ended June 30, 2021		47.22		0.77		18.21		18.98		(0.87	)		—			(0.87	)
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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		65.35		0.45		7.10		7.55		(0.46	)		(0.93	)		(1.39	)
Year Ended June 30, 2021		47.21		0.85		18.25		19.10		(0.96	)		—			(0.96	)
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 0.045% for the six months ended December 31, 2021, 0.044% for the year ended June 30, 2021, 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, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	71.39		11.41	%	$	823,103		0.45	%		0.88	%		0.65	%		5	%
	65.24		40.28			749,440		0.45			1.10			0.66			26
	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


	70.63		11.08			116,000		1.05			0.29			1.13			5
	64.55		39.35			110,184		1.05			0.50			1.13			26
	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


	71.49		11.56			1,566,374		0.20			1.13			0.38			5
	65.33		40.48			991,703		0.20			1.37			0.38			26
	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


	71.51		11.63			5,755,036		0.05	(f)		1.29			0.13			5
	65.35		40.77			4,793,114		0.04	(f)		1.49			0.13			26
	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, 2021	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, 2021 (Unaudited)	$	12.70	$	0.07	$	0.61		$	0.68		$	(0.09	)	$	(1.29	)	$	(1.38	)
Year Ended June 30, 2021		8.38		0.09		4.68			4.77			(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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		10.04		0.03		0.47			0.50			(0.05	)		(1.29	)		(1.34	)
Year Ended June 30, 2021		6.70		0.03		3.73			3.76			(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		12.98		0.08		0.63			0.71			(0.12	)		(1.29	)		(1.41	)
Year Ended June 30, 2021		8.55		0.12		4.78			4.90			(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	)

Class R2
Six Months Ended December 31, 2021 (Unaudited)		12.43		0.04		0.61			0.65			(0.05	)		(1.29	)		(1.34	)
Year Ended June 30, 2021		8.21		0.04		4.60			4.64			(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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		12.89		0.09		0.63			0.72			(0.14	)		(1.29	)		(1.43	)
Year Ended June 30, 2021		8.49		0.13		4.76			4.89			(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, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	12.00		5.81	%	$	127,955		0.60	%		1.02	%		0.86	%		11	%
	12.70		58.28			130,822		0.60			0.83			0.87			35
	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


	9.20		5.50			19,931		1.10			0.50			1.37			11
	10.04		57.62			22,386		1.10			0.33			1.38			35
	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


	12.28		5.93			178,231		0.35			1.27			0.60			11
	12.98		58.74			187,197		0.35			1.08			0.60			35
	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


	11.74		5.64			14,158		1.00			0.62			1.22			11
	12.43		57.76			14,519		1.00			0.43			1.25			35
	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


	12.18		6.00			816,716		0.25			1.38			0.35			11
	12.89		58.97			766,009		0.25			1.18			0.35			35
	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, 2021	J.P. MORGAN EQUITY FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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, 2021

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

Equity Index Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	8,330,294	$	—	$	—	$	8,330,294

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	437	$	—	$	—	$	437

(a)	Please refer to the SOI’s for specifics of portfolio holdings.

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)	$	1,193,616	$	—	$	—	$	1,193,616

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	618	$	—	$	—	$	618

(a)	Please refer to the SOI’s for specifics of portfolio holdings.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values 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)
Equity Index Fund	$	42,733	$	(42,733	)	$	—
Market Expansion Enhanced Index Fund		37,286		(37,286	)		—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.


Equity Index Fund	$	2
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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Equity Index Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (a)	$	85,747	$	13,737	$	5,858	$	(13	)	$	1,738	$	95,351		602	$	1,112		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (b)(c)		25,407		324,000		314,000		(8	)*		1		35,400		35,407		17	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)		4,179		144,665		139,913		—			—		8,931		8,931		1	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b)(c)		26,043		1,317,467		1,280,429		—			—		63,081		63,081		2			—

Total	$	141,376	$	1,799,869	$	1,740,200	$	(21	)	$	1,739	$	202,763			$	1,132		$	—

(a)	Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(b)	The rate shown is the current yield as of December 31, 2021.

(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.

*	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, 2021

Market Expansion Enhanced Index Fund


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a)(b)	$	35,626	$	62,036	$	70,596	$	(2	)	$	—	(c)	$	27,064		27,053	$	9		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a)(b)		58,006		103,001		130,000		(10	)*		(1	)		30,996		31,003		18	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		4,937		64,643		62,270		—			—			7,310		7,310		1	*		—

Total	$	98,569	$	229,680	$	262,866	$	(12	)	$	(1	)	$	65,370			$	28		$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

(c)	Amount rounds to less than one thousand.

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

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, 2021:


	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts
Average Notional Balance Long	$	48,211	$	24,158
Ending Notional Balance Long		37,352		26,318



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2021 are as follows:


	Class A		Class C		Class I		Class R2		Class R6		Total
Equity Index Fund
Transfer agency fees	$	87	$	2	$	23		n/a	$	20	$	132
Market Expansion Enhanced Index Fund
Transfer agency fees		9		2		3		$8		3		25

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.

The Administrator waived administration fees as outlined in Note 3.F.



40	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

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	$	21	$	—
Market Expansion Enhanced Index Fund		2		—

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class 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.

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 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	$	1,334	$	1,786	$	1,126	$	4,246	$	20
Market Expansion Enhanced Index Fund		340		226		278		844		—



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2021 were as follows:


Equity Index Fund	$	16
Market Expansion Enhanced Index Fund		12

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Equity Index Fund	$	1,189,552	$	378,048
Market Expansion Enhanced Index Fund		125,444		146,883

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	3,621,935	$	4,724,128	$	15,332	$	4,708,796
Market Expansion Enhanced Index Fund		777,511		443,242		26,519		416,723

At June 30, 2021, the Funds did not have any net capital loss carryforwards.

During the year ended June 30, 2021, the following Funds utilized capital loss carryforwards as follows:


	Capital Loss Utilized
	Short-Term		Long-Term
Equity Index Fund	$	3,355	$	1,124

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 the Trust and may be relied upon by the Funds because the Funds and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2021.



42	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

7. Risks, Concentrations and Indemnifications

As of December 31, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:


	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund
Market Expansion Enhanced Index Fund		3		58.2	%

As of December 31, 2021, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Blend Funds
Equity Index Fund		—			52.9	%
Market Expansion Enhanced Index Fund		65.6	%		—

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	43

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

8. Subsequent Event

At a meeting held on January 13, 2022, the Board approved the reorganization of Market Expansion Enhanced Index Fund into a newly created exchange-traded fund, JPMorgan Market Expansion Enhanced Equity ETF (“JPM Market Expansion Enhanced Equity ETF”), a series of J.P. Morgan Exchange-Traded Fund Trust. The reorganization is expected to occur on or about May 6, 2022. JPM Market Expansion Enhanced Equity ETF will have the same investment adviser, identical investment objectives and fundamental investment policies and substantially similar investment strategies as Market Expansion Enhanced Index Fund. Following the reorganization, Market Expansion Enhanced Index Fund will be liquidated.

Effective January 18, 2022, Class A and Class C shares of Market Expansion Enhanced Index Fund are publicly offered on a limited basis, no front-end sales charge will be imposed on purchases of Class A Shares and no CDSC will be imposed on redemptions of Class A and Class C Shares. In addition, Distribution fees on Class A, Class C and Class R2 Shares will be voluntarily waived by the Distributor.



44	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Index Fund
Class A
Actual	$	1,000.00	$	1,114.10	$	2.40		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class C
Actual		1,000.00		1,110.80		5.59		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05
Class I
Actual		1,000.00		1,115.60		1.07		0.20
Hypothetical		1,000.00		1,024.20		1.02		0.20
Class R6
Actual		1,000.00		1,116.30		0.27		0.05
Hypothetical		1,000.00		1,024.95		0.26		0.05

JPMorgan Market Expansion Enhanced Index Fund
Class A
Actual	$	1,000.00	$	1,058.10	$	3.11		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class C
Actual		1,000.00		1,055.00		5.70		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class I
Actual		1,000.00		1,059.30		1.82		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class R2
Actual		1,000.00		1,056.40		5.18		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class R6
Actual		1,000.00		1,060.00		1.30		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, 2021	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 2021, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the 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 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, 2021

and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

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, 2021	J.P. MORGAN EQUITY FUNDS	47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the 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 for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Index Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, second and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group, and in the second quintile based upon the Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis 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.



48	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

The Trustees noted that the Market Expansion Enhanced Index Fund’s performance for Class A shares was in the fifth, fourth and fifth quintiles based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the fifth quintile based upon the Peer Group, and in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon the Peer Group, and in the third quintile based upon the Universe, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the 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. 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

waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Equity Index Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were both 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 third quintile based upon both the Peer Group and Universe, 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 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.



DECEMBER 31, 2021	J.P. MORGAN EQUITY FUNDS	49

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust II (the “Trust”) held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Funds.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052

Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973

Gary L. French
In Favor		289,542,085
Withheld		6,173,474

Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887

Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229

Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386

Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535

Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692


	Votes Received (Amounts in thousands)

Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947

Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165

Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520

Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543

Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575

Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163

Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld

Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803



50	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2021

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2021. All rights reserved. December 2021.		SAN-INDEX-1221

Semi-Annual Report

J.P. Morgan Investor Funds

December 31, 2021 (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

Special Shareholder Meeting Results			50

LETTER TO SHAREHOLDERS

February 8, 2022 (Unaudited)

Dear Shareholders,

While rising interest rates may mark another phase of the economic cycle that presents financial markets with new challenges and opportunities, they may also signal a return to a

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	1

J.P. Morgan Investor Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


Fund	Fund Return (With sales charge)*			Fund Return (Without sales charge)*			Bloomberg 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, 2021 (in thousands)
JPMorgan Investor Balanced Fund, Class A		(1.37	)%		3.26	%		(0.46	)%		9.17	%		2.24	%	$	6,213,575

JPMorgan Investor Conservative Growth Fund, Class A		(2.65	)		1.90			(0.46	)		9.17			2.24			5,145,586

JPMorgan Investor Growth Fund, Class A		0.51			5.25			(0.46	)		9.17			2.24			4,650,744

JPMorgan Investor Growth & Income Fund, Class A		(0.49	)		4.22			(0.46	)		9.17			2.24			4,451,676


Investor Balanced Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		42.7	%
U.S. Equity		39.0
International Equity		12.9
Alternative Assets		3.4
Short-Term Investments		2.0

Investor Conservative Growth Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Fixed Income		61.5	%
U.S. Equity		23.0
International Equity		8.4
Alternative Assets		4.1
Short-Term Investments		3.0

Investor Growth Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		64.7	%
International Equity		22.5
Fixed Income		9.5
Alternative Assets		1.2
Short-Term Investments		2.1


Investor Growth & Income Fund
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		52.0	%
Fixed Income		28.1
International Equity		16.0
Alternative Assets		1.9
Short-Term Investments		2.0



2	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (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?

Overall, U.S. equity markets generated positive returns in the second half of 2021, bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted one record closing high each month during the period. U.S. fixed income markets largely underperformed U.S. equity markets amid historically low interest rates on U.S. Treasury securities and accelerating inflation.

Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and briefly pulled oil prices lower.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic.

In October, equity markets resumed their broad upward trajectory only to stall again in November and then ended December with higher returns. The global resurgence in pandemic infections in late 2021 raised investor concerns about the reimposition of social restrictions and their potential impact on specific industries and companies. However, the U.S. economic

backdrop remained positive overall, with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Within U.S. equity, large cap stocks generally outperformed mid cap stocks, and small cap stocks largely declined over the second half of 2021. High yield bonds (also known as “junk bonds”) and lower-rated debt generally outperformed U.S. Treasury securities and corporate bonds.

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, 2021, each of the Investor Funds’ Class A Shares outperformed the Bloomberg U.S. Intermediate Aggregate Index, the Investor Funds’ broad based fixed income benchmark, mainly due to the Investor Funds’ exposure to global equity, which 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 Balanced Fund, Investor Growth Fund and Investor Growth & Income Fund each outperformed the MSCI EAFE Index, largely due to their large allocations to U.S. equity, which outperformed international developed markets equity, while the Investor Conservative Growth Fund underperformed the MSCI EAFE Index due to its allocation to fixed income, which underperformed international developed market equity.

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



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	3

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

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.



4	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

JPMorgan Investor Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			(1.37	)%		5.70	%		8.59	%		7.98	%
Without Sales Charge			3.26			10.66			9.60			8.48
CLASS C SHARES	July 1, 1997
With CDSC***			2.00			9.13			9.01			8.01
Without CDSC			3.00			10.13			9.01			8.01
CLASS I SHARES	December 10, 1996		3.38			10.91			9.87			8.74
CLASS R6 SHARES	July 31, 2017		3.51			11.19			10.07			8.83

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 (12/31/11 TO 12/31/21)

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 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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 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, 2021	J.P. MORGAN INVESTOR FUNDS	5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			(2.65	)%		1.53	%		6.02	%		5.65	%
Without Sales Charge			1.90			6.30			7.00			6.14
CLASS C SHARES	July 1, 1997
With CDSC***			0.58			4.73			6.42			5.67
Without CDSC			1.58			5.73			6.42			5.67
CLASS I SHARES	December 10, 1996		2.02			6.52			7.27			6.40
CLASS R6 SHARES	July 31, 2017		2.15			6.79			7.44			6.48

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 (12/31/11 TO 12/31/21)

LOGO

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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 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, 2021

JPMorgan Investor Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			0.51	%		12.62	%		13.19	%		12.29	%
Without Sales Charge			5.25			17.93			14.24			12.81
CLASS C SHARES	July 1, 1997
With CDSC***			4.00			16.32			13.61			12.32
Without CDSC			5.00			17.32			13.61			12.32
CLASS I SHARES	December 10, 1996		5.42			18.23			14.53			13.10
CLASS R6 SHARES	July 31, 2017		5.55			18.51			14.71			13.18

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 (12/31/11 TO 12/31/21)

LOGO

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Bloomberg 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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 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, 2021	J.P. MORGAN INVESTOR FUNDS	7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			(0.49	)%		8.82	%		10.85	%		9.98	%
Without Sales Charge			4.22			13.97			11.87			10.48
CLASS C SHARES	July 1, 1997
With CDSC***			2.95			12.40			11.25			10.01
Without CDSC			3.95			13.40			11.25			10.01
CLASS I SHARES	December 10, 1996		4.38			14.25			12.14			10.76
CLASS R6 SHARES	July 31, 2017		4.52			14.53			12.34			10.85

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 (12/31/11 TO 12/31/21)

LOGO

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Bloomberg 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, 2011 to December 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the 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 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, 2021

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.2%

Alternative Assets — 3.5%

JPMorgan Realty Income Fund Class R6 Shares (a)		6,530		111,918

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		5,326		61,404

JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		4,146		41,255


Total Alternative Assets				214,577


Fixed Income — 42.6%

JPMorgan Core Bond Fund Class R6 Shares (a)		100,730		1,191,633

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		64,667		545,142

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,039		54,200

JPMorgan High Yield Fund Class R6 Shares (a)		21,604		156,846

JPMorgan Income Fund Class R6 Shares (a)		30,364		285,122

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		5,714		62,801

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		22,958		231,643

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		13,201		128,185


Total Fixed Income				2,655,572


International Equity — 13.0%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,683		140,068

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		5,196		99,556

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		3,348		105,859

JPMorgan International Equity Fund Class R6 Shares (a)		4,557		95,521

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		17,680		363,668


Total International Equity				804,672


U.S. Equity — 39.1%

JPMorgan Equity Income Fund Class R6 Shares (a)		8,336		198,908

JPMorgan Large Cap Growth Fund Class R6 Shares * (a)		5,147		333,751

JPMorgan Large Cap Value Fund Class R6 Shares (a)		10,147		192,790

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		19,412		236,433

JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		1,295		69,728

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		471		31,702


INVESTMENTS	SHARES (000)		VALUE ($000)


U.S. Equity — continued

JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,081		63,653

JPMorgan U.S. Equity Fund Class R6 Shares (a)		25,660		569,391

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		3,246		221,687

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		8,097		296,425

JPMorgan Value Advantage Fund Class R6 Shares (a)		5,344		212,921


Total U.S. Equity				2,427,389


Total Investment Companies (Cost $4,741,390)				6,102,210

Short-Term Investments — 2.0%

Investment Companies — 2.0%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $122,132)		122,132		122,132

Total Investments — 100.2% (Cost $4,863,522)				6,224,342	��
Liabilities in Excess of Other Assets — (0.2)%				(10,767	)

NET ASSETS — 100.0%				6,213,575

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

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, 2021	J.P. MORGAN INVESTOR FUNDS	9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 97.5%

Alternative Assets — 4.1%

JPMorgan Realty Income Fund Class R6 Shares (a)		5,415		92,814

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		6,559		75,629

JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		4,456		44,342


Total Alternative Assets				212,785


Fixed Income — 61.8%

JPMorgan Core Bond Fund Class R6 Shares (a)		123,790		1,464,440

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		71,166		599,926

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		6,065		46,703

JPMorgan Government Bond Fund Class R6 Shares (a)		4,734		51,461

JPMorgan High Yield Fund Class R6 Shares (a)		18,230		132,349

JPMorgan Income Fund Class R6 Shares (a)		31,834		298,918

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		5,937		65,251

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		38,225		385,687

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		13,756		133,569


Total Fixed Income				3,178,304


International Equity — 8.4%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,199		83,624

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,356		64,300

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		1,190		37,632

JPMorgan International Equity Fund Class R6 Shares (a)		1,825		38,244

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		10,155		208,893


Total International Equity				432,693


U.S. Equity — 23.2%

JPMorgan Equity Income Fund Class R6 Shares (a)		5,186		123,750

JPMorgan Large Cap Growth Fund Class R6 Shares * (a)		2,276		147,545

JPMorgan Large Cap Value Fund Class R6 Shares (a)		3,770		71,639

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		7,051		85,883

JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		1,246		67,119


INVESTMENTS	SHARES (000)		VALUE ($000)


U.S. Equity — continued

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		357		24,027

JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,322		40,440

JPMorgan U.S. Equity Fund Class R6 Shares (a)		10,944		242,839

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		1,887		128,866

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		3,524		128,997

JPMorgan Value Advantage Fund Class R6 Shares (a)		3,296		131,330


Total U.S. Equity				1,192,435


Total Investment Companies (Cost $4,317,919)				5,016,217

Short-Term Investments — 3.0%

Investment Companies — 3.0%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $154,136)		154,136		154,136

Total Investments — 100.5% (Cost $4,472,055)				5,170,353
Liabilities in Excess of Other Assets — (0.5)%				(24,767	)

NET ASSETS — 100.0%				5,145,586

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.0%

Alternative Assets — 1.2%

JPMorgan Realty Income Fund Class R6 Shares (a)		3,219		55,169


Fixed Income — 9.5%

JPMorgan Core Bond Fund Class R6 Shares (a)		26,186		309,781

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,496		37,899

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,274		17,506

JPMorgan High Yield Fund Class R6 Shares (a)		8,115		58,916

JPMorgan Income Fund Class R6 Shares (a)		1,984		18,630


Total Fixed Income				442,732


International Equity — 22.5%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,400		129,307

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		5,576		106,845

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		4,048		128,002

JPMorgan International Equity Fund Class R6 Shares (a)		9,094		190,600

JPMorgan International Focus Fund Class R6 Shares (a)		4,928		134,577

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		17,266		355,161


Total International Equity				1,044,492


U.S. Equity — 64.8%

JPMorgan Equity Income Fund Class R6 Shares (a)		6,609		157,680

JPMorgan Large Cap Growth Fund Class R6 Shares * (a)		7,850		508,986

JPMorgan Large Cap Value Fund Class R6 Shares (a)		23,509		446,680

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		20,481		249,463

JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		1,518		81,724

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		308		20,731

JPMorgan Small Cap Value Fund Class R6 Shares (a)		3,535		108,122

JPMorgan U.S. Equity Fund Class R6 Shares (a)		30,211		670,392

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		3,625		247,595

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		9,834		360,009

JPMorgan Value Advantage Fund Class R6 Shares (a)		4,077		162,442


Total U.S. Equity				3,013,824


Total Investment Companies (Cost $3,140,594)				4,556,217


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.1%

Investment Companies — 2.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $99,771)		99,771		99,771

Total Investments — 100.1% (Cost $3,240,365)				4,655,988
Liabilities in Excess of Other Assets — (0.1)%				(5,244	)

NET ASSETS — 100.0%				4,650,744

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 98.1%

Alternative Assets — 1.9%

JPMorgan Realty Income Fund Class R6 Shares (a)		3,552		60,888

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		1,893		21,825


Total Alternative Assets				82,713


Fixed Income — 28.2%

JPMorgan Core Bond Fund Class R6 Shares (a)		51,628		610,763

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		26,516		223,529

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,455		18,901

JPMorgan High Yield Fund Class R6 Shares (a)		14,601		106,000

JPMorgan Income Fund Class R6 Shares (a)		17,212		161,617

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		428		4,701

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		5,710		57,615

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		7,258		70,471


Total Fixed Income				1,253,597


International Equity — 16.0%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,744		104,349

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,368		83,691

JPMorgan Europe Dynamic Fund Class R6 Shares (a)		2,896		91,560

JPMorgan International Equity Fund Class R6 Shares (a)		4,952		103,804

JPMorgan International Focus Fund Class R6 Shares (a)		2,137		58,365

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		13,122		269,923


Total International Equity				711,692


U.S. Equity — 52.0%

JPMorgan Equity Income Fund Class R6 Shares (a)		6,398		152,645

JPMorgan Large Cap Growth Fund Class R6 Shares * (a)		6,455		418,528

JPMorgan Large Cap Value Fund Class R6 Shares (a)		13,789		261,982

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		15,399		187,563

JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)		1,067		57,475

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		293		19,733


INVESTMENTS	SHARES (000)		VALUE ($000)


U.S. Equity — continued

JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,817		86,173

JPMorgan U.S. Equity Fund Class R6 Shares (a)		23,581		523,259

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		2,066		141,136

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		8,270		302,761

JPMorgan Value Advantage Fund Class R6 Shares (a)		4,149		165,306


Total U.S. Equity				2,316,561


Total Investment Companies (Cost $3,165,920)				4,364,563

Short-Term Investments — 2.0%

Investment Companies — 2.0%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $89,956)		89,956		89,956

Total Investments — 100.1% (Cost $3,255,876)				4,454,519
Liabilities in Excess of Other Assets — (0.1)%				(2,843	)

NET ASSETS — 100.0%				4,451,676

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (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	$	6,224,342	$	5,170,353		$	4,655,988	$	4,454,519
Receivables:
Investment securities sold		500		900			—		3,600
Fund shares sold		2,975		12,020			4,851		6,388
Dividends from affiliates		896		913			59		502
Prepaid expenses and other assets		309		—			—		—

Total Assets		6,229,022		5,184,186			4,660,898		4,465,009


LIABILITIES:
Payables:
Due to custodian		893		910			56		499
Distributions		777		272			1,066		1,188
Investment securities purchased		500		27,764			—		3,600
Fund shares redeemed		9,996		6,970			6,779		5,871
Accrued liabilities:
Investment advisory fees		257		211			191		183
Distribution fees		1,453		1,265			921		934
Service fees		1,274		1,061			871		850
Custodian and accounting fees		61		51			43		43
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—		—
Other		236		96			227		165

Total Liabilities		15,447		38,600			10,154		13,333

Net Assets	$	6,213,575	$	5,145,586		$	4,650,744	$	4,451,676

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021



	JPMorgan Investor Balanced Fund			JPMorgan Investor Conservative Growth Fund			JPMorgan Investor Growth Fund			JPMorgan Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	4,691,599		$	4,346,928		$	3,040,613		$	3,134,846
Total distributable earnings (loss)		1,521,976			798,658			1,610,131			1,316,830

Total Net Assets	$	6,213,575		$	5,145,586		$	4,650,744		$	4,451,676


Net Assets:
Class A	$	5,079,270		$	3,525,428		$	3,828,697		$	3,887,937
Class C		610,315			820,040			199,705			192,933
Class I		377,959			758,554			592,576			334,228
Class R6		146,031			41,564			29,766			36,578

Total	$	6,213,575		$	5,145,586		$	4,650,744		$	4,451,676


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		299,103			256,095			150,776			193,260
Class C		36,653			59,890			8,683			9,960
Class I		22,201			54,721			22,689			16,968
Class R6		8,584			3,000			1,140			1,857

Net Asset Value (a):
Class A — Redemption price per share	$	16.98		$	13.77		$	25.39		$	20.12
Class C — Offering price per share (b)		16.65			13.69			23.00			19.37
Class I — Offering and redemption price per share		17.02			13.86			26.12			19.70
Class R6 — Offering and redemption price per share		17.01			13.85			26.11			19.70
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)]	$	17.78		$	14.42		$	26.59		$	21.07


Cost of investments in affiliates	$	4,863,522		$	4,472,055		$	3,240,365		$	3,255,876

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	15

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (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	$	70,038		$	56,755		$	48,512		$	47,079

Total investment income		70,038			56,755			48,512			47,079


EXPENSES:
Investment advisory fees		1,528			1,251			1,121			1,082
Distribution fees:
Class A		6,209			4,333			4,600			4,703
Class C		2,331			3,158			743			740
Service fees:
Class A		6,209			4,333			4,600			4,703
Class C		777			1,053			248			247
Class I		468			816			720			412
Custodian and accounting fees		75			63			55			53
Professional fees		37			33			31			31
Trustees’ and Chief Compliance Officer’s fees		20			19			18			17
Printing and mailing costs		119			88			100			89
Registration and filing fees		162			171			176			125
Transfer agency fees (See Note 2.D.)		165			99			266			197
Other		81			61			64			60

Total expenses		18,181			15,478			12,742			12,459

Less fees waived		(28	)		(22	)		(584	)		(495	)

Net expenses		18,153			15,456			12,158			11,964

Net investment income (loss)		51,885			41,299			36,354			35,115


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		15,975			12,779			973			4,152
Distributions of capital gains received from investment company affiliates		277,942			147,741			327,208			253,319
Change in net unrealized appreciation/depreciation of investments in affiliates		(150,674	)		(109,436	)		(133,441	)		(114,040	)

Net realized/unrealized gains (losses)		143,243			51,084			194,740			143,431

Change in net assets resulting from operations	$	195,128		$	92,383		$	231,094		$	178,546

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	51,885		$	65,910		$	41,299		$	60,989
Net realized gain (loss) on investments in affiliates		15,975			42,768			12,779			4,006
Distributions of capital gains received from investment company affiliates		277,942			102,633			147,741			68,429
Change in net unrealized appreciation/depreciation of investments in affiliates		(150,674	)		836,058			(109,436	)		414,720

Change in net assets resulting from operations		195,128			1,047,369			92,383			548,144


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(186,844	)		(241,826	)		(98,437	)		(107,114	)
Class C		(21,430	)		(30,839	)		(21,138	)		(25,907	)
Class I		(14,381	)		(20,024	)		(20,096	)		(19,767	)
Class R6		(5,818	)		(4,744	)		(1,270	)		(1,492	)

Total distributions to shareholders		(228,473	)		(297,433	)		(140,941	)		(154,280	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		334,001			498,681			334,773			930,907


NET ASSETS:
Change in net assets		300,656			1,248,617			286,215			1,324,771
Beginning of period		5,912,919			4,664,302			4,859,371			3,534,600

End of period	$	6,213,575		$	5,912,919		$	5,145,586		$	4,859,371

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	36,354		$	25,329		$	35,115		$	36,699
Net realized gain (loss) on investments in affiliates		973			19,427			4,152			18,632
Distributions of capital gains received from investment company affiliates		327,208			89,368			253,319			78,234
Change in net unrealized appreciation/depreciation of investments in affiliates		(133,441	)		985,382			(114,040	)		769,845

Change in net assets resulting from operations		231,094			1,119,506			178,546			903,410


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(162,736	)		(191,653	)		(146,801	)		(208,071	)
Class C		(9,067	)		(11,958	)		(7,069	)		(12,260	)
Class I		(25,194	)		(30,152	)		(13,281	)		(17,381	)
Class R6		(1,301	)		(1,430	)		(1,496	)		(2,147	)

Total distributions to shareholders		(198,298	)		(235,193	)		(168,647	)		(239,859	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		355,153			488,131			297,241			448,347


NET ASSETS:
Change in net assets		387,949			1,372,444			307,140			1,111,898
Beginning of period		4,262,795			2,890,351			4,144,536			3,032,638

End of period	$	4,650,744		$	4,262,795		$	4,451,676		$	4,144,536

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021


	JPMorgan Investor Balanced Fund						JPMorgan Investor Conservative Growth Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	491,849		$	1,059,424		$	404,602		$	1,075,821
Distributions reinvested		185,690			240,566			97,994			106,705
Cost of shares redeemed		(358,732	)		(749,375	)		(270,427	)		(552,675	)

Change in net assets resulting from Class A capital transactions		318,807			550,615			232,169			629,851

Class C
Proceeds from shares issued		52,860			107,776			76,344			186,648
Distributions reinvested		21,322			30,740			21,060			25,834
Cost of shares redeemed		(80,494	)		(257,583	)		(109,969	)		(425,016	)

Change in net assets resulting from Class C capital transactions		(6,312	)		(119,067	)		(12,565	)		(212,534	)

Class I
Proceeds from shares issued		29,016			62,699			165,566			580,681
Distributions reinvested		14,007			19,591			19,914			19,546
Cost of shares redeemed		(26,791	)		(69,908	)		(69,834	)		(118,479	)

Change in net assets resulting from Class I capital transactions		16,232			12,382			115,646			481,748

Class R6
Proceeds from shares issued		4,532			78,494			1,051			34,441
Distributions reinvested		5,818			4,744			1,269			1,491
Cost of shares redeemed		(5,076	)		(28,487	)		(2,797	)		(4,090	)

Change in net assets resulting from Class R6 capital transactions		5,274			54,751			(477	)		31,842

Total change in net assets resulting from capital transactions	$	334,001		$	498,681		$	334,773		$	930,907

SHARE TRANSACTIONS:
Class A
Issued		28,476			65,521			28,942			80,439
Reinvested		10,892			15,046			7,086			7,973
Redeemed		(20,798	)		(46,417	)		(19,359	)		(41,273	)

Change in Class A Shares		18,570			34,150			16,669			47,139

Class C
Issued		3,121			6,752			5,489			13,974
Reinvested		1,276			1,964			1,533			1,943
Redeemed		(4,746	)		(16,434	)		(7,902	)		(32,126	)

Change in Class C Shares		(349	)		(7,718	)		(880	)		(16,209	)

Class I
Issued		1,675			3,860			11,861			43,349
Reinvested		820			1,222			1,430			1,447
Redeemed		(1,552	)		(4,335	)		(4,955	)		(8,697	)

Change in Class I Shares		943			747			8,336			36,099

Class R6
Issued		264			4,807			75			2,605
Reinvested		340			295			91			110
Redeemed		(296	)		(1,788	)		(199	)		(301	)

Change in Class R6 Shares		308			3,314			(33	)		2,414

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	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, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	412,291		$	830,655		$	392,022		$	751,860
Distributions reinvested		161,813			190,218			145,970			206,828
Cost of shares redeemed		(267,149	)		(577,179	)		(253,714	)		(530,707	)

Change in net assets resulting from Class A capital transactions		306,955			443,694			284,278			427,981

Class C
Proceeds from shares issued		16,990			35,253			13,847			25,444
Distributions reinvested		9,013			11,871			7,028			12,228
Cost of shares redeemed		(20,700	)		(68,282	)		(27,732	)		(78,939	)

Change in net assets resulting from Class C capital transactions		5,303			(21,158	)		(6,857	)		(41,267	)

Class I
Proceeds from shares issued		59,072			108,448			35,054			78,317
Distributions reinvested		24,321			29,065			11,939			16,763
Cost of shares redeemed		(43,186	)		(80,107	)		(27,519	)		(38,629	)

Change in net assets resulting from Class I capital transactions		40,207			57,406			19,474			56,451

Class R6
Proceeds from shares issued		4,680			14,495			620			8,613
Distributions reinvested		1,298			1,425			1,460			2,143
Cost of shares redeemed		(3,290	)		(7,731	)		(1,734	)		(5,574	)

Change in net assets resulting from Class R6 capital transactions		2,688			8,189			346			5,182

Total change in net assets resulting from capital transactions	$	355,153		$	488,131		$	297,241		$	448,347

SHARE TRANSACTIONS:
Class A
Issued		16,072			36,092			19,242			40,098
Reinvested		6,345			8,516			7,230			11,282
Redeemed		(10,405	)		(25,341	)		(12,457	)		(28,499	)

Change in Class A Shares		12,012			19,267			14,015			22,881

Class C
Issued		728			1,667			707			1,398
Reinvested		390			582			361			693
Redeemed		(887	)		(3,334	)		(1,411	)		(4,447	)

Change in Class C Shares		231			(1,085	)		(343	)		(2,356	)

Class I
Issued		2,252			4,534			1,762			4,231
Reinvested		928			1,265			604			932
Redeemed		(1,638	)		(3,432	)		(1,374	)		(2,119	)

Change in Class I Shares		1,542			2,367			992			3,044

Class R6
Issued		177			606			31			462
Reinvested		49			62			74			119
Redeemed		(125	)		(318	)		(88	)		(306	)

Change in Class R6 Shares		101			350			17			275

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2021	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, 2021 (Unaudited)	$	17.07	$	0.15	$	0.41	$	0.56	$	(0.34	)	$	(0.31	)	$	(0.65	)
Year Ended June 30, 2021		14.77		0.21		3.03		3.24		(0.25	)		(0.69	)		(0.94	)
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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		16.75		0.10		0.40		0.50		(0.29	)		(0.31	)		(0.60	)
Year Ended June 30, 2021		14.51		0.12		2.98		3.10		(0.17	)		(0.69	)		(0.86	)
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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		17.11		0.17		0.41		0.58		(0.36	)		(0.31	)		(0.67	)
Year Ended June 30, 2021		14.80		0.25		3.04		3.29		(0.29	)		(0.69	)		(0.98	)
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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		17.10		0.19		0.41		0.60		(0.38	)		(0.31	)		(0.69	)
Year Ended June 30, 2021		14.79		0.27		3.06		3.33		(0.33	)		(0.69	)		(1.02	)
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, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	16.98		3.26	%	$	5,079,270		0.57	%		1.73	%		0.57	%		1	%
	17.07		22.40			4,788,045		0.56			1.28			0.57			6
	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


	16.65		3.00			610,315		1.07			1.18			1.07			1
	16.75		21.78			619,700		1.07			0.75			1.07			6
	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


	17.02		3.38			377,959		0.32			1.97			0.32			1
	17.11		22.72			363,694		0.31			1.54			0.32			6
	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


	17.01		3.51			146,031		0.07			2.20			0.07			1
	17.10		23.03			141,480		0.07			1.69			0.07			6
	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, 2021	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, 2021 (Unaudited)	$	13.90	$	0.12	$	0.14	$	0.26	$	(0.21	)	$	(0.18	)	$	(0.39	)
Year Ended June 30, 2021		12.63		0.20		1.56		1.76		(0.23	)		(0.26	)		(0.49	)
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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		13.83		0.08		0.14		0.22		(0.18	)		(0.18	)		(0.36	)
Year Ended June 30, 2021		12.57		0.13		1.55		1.68		(0.16	)		(0.26	)		(0.42	)
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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		13.99		0.14		0.14		0.28		(0.23	)		(0.18	)		(0.41	)
Year Ended June 30, 2021		12.71		0.24		1.57		1.81		(0.27	)		(0.26	)		(0.53	)
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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		13.98		0.15		0.15		0.30		(0.25	)		(0.18	)		(0.43	)
Year Ended June 30, 2021		12.70		0.27		1.57		1.84		(0.30	)		(0.26	)		(0.56	)
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, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	13.77		1.90	%	$	3,525,428		0.57	%		1.70	%		0.57	%		2	%
	13.90		14.14			3,327,682		0.56			1.49			0.57			3
	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


	13.69		1.58			820,040		1.07			1.17			1.07			2
	13.83		13.54			840,217		1.07			0.96			1.07			3
	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


	13.86		2.02			758,554		0.32			1.97			0.32			2
	13.99		14.41			649,055		0.31			1.79			0.32			3
	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


	13.85		2.15			41,564		0.07			2.17			0.07			2
	13.98		14.70			42,417		0.07			2.02			0.07			3
	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, 2021	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, 2021 (Unaudited)	$	25.19	$	0.21	$	1.11	$	1.32	$	(0.65	)	$	(0.47	)	$	(1.12	)
Year Ended June 30, 2021		19.50		0.16		7.08		7.24		(0.22	)		(1.33	)		(1.55	)
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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		22.94		0.12		1.02		1.14		(0.61	)		(0.47	)		(1.08	)
Year Ended June 30, 2021		17.92		0.03		6.49		6.52		(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		25.87		0.24		1.16		1.40		(0.68	)		(0.47	)		(1.15	)
Year Ended June 30, 2021		19.99		0.22		7.26		7.48		(0.27	)		(1.33	)		(1.60	)
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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		25.86		0.28		1.15		1.43		(0.71	)		(0.47	)		(1.18	)
Year Ended June 30, 2021		19.98		0.28		7.25		7.53		(0.32	)		(1.33	)		(1.65	)
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 (i) 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)	Amount rounds to less than 1%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	25.39		5.25	%	$	3,828,697		0.55	%		1.62	%		0.58	%		—	%(h)
	25.19		38.24			3,494,958		0.55			0.70			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


	23.00		5.00			199,705		1.08			1.04			1.08			—	(h)
	22.94		37.52			193,877		1.08			0.15			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


	26.12		5.42			592,576		0.32			1.83			0.32			—	(h)
	25.87		38.55			547,092		0.31			0.94			0.32			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


	26.11		5.55			29,766		0.09			2.10			0.09			—	(h)
	25.86		38.86			26,868		0.09			1.17			0.09			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, 2021	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, 2021 (Unaudited)	$	20.06	$	0.17	$	0.68	$	0.85	$	(0.44	)	$	(0.35	)	$	(0.79	)
Year Ended June 30, 2021		16.59		0.19		4.57		4.76		(0.24	)		(1.05	)		(1.29	)
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	)

Class C
Six Months Ended December 31, 2021 (Unaudited)		19.34		0.10		0.66		0.76		(0.38	)		(0.35	)		(0.73	)
Year Ended June 30, 2021		16.04		0.09		4.40		4.49		(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	)

Class I
Six Months Ended December 31, 2021 (Unaudited)		19.65		0.19		0.67		0.86		(0.46	)		(0.35	)		(0.81	)
Year Ended June 30, 2021		16.28		0.23		4.47		4.70		(0.28	)		(1.05	)		(1.33	)
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	)

Class R6
Six Months Ended December 31, 2021 (Unaudited)		19.65		0.21		0.68		0.89		(0.49	)		(0.35	)		(0.84	)
Year Ended June 30, 2021		16.27		0.28		4.47		4.75		(0.32	)		(1.05	)		(1.37	)
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, 2021


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	20.12		4.22	%	$	3,887,937		0.55	%		1.63	%		0.58	%		1	%
	20.06		29.49			3,595,109		0.55			1.03			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


	19.37		3.95			192,933		1.07			1.04			1.07			1
	19.34		28.77			199,275		1.07			0.49			1.07			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


	19.70		4.38			334,228		0.32			1.84			0.32			1
	19.65		29.74			313,988		0.31			1.25			0.32			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


	19.70		4.52			36,578		0.07			2.09			0.07			1
	19.65		30.11			36,164		0.07			1.50			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, 2021	J.P. MORGAN INVESTOR FUNDS	29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

(Dollar values in thousands)

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

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, 2021

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”):

Investor Balanced Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,224,342	$	—	$	—	$	6,224,342

(a)	Please refer to the SOI for specifics of portfolio holdings.

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)	$	5,170,353	$	—	$	—	$	5,170,353

(a)	Please refer to the SOI’s for specifics of portfolio holdings.

Investor Growth Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,655,988	$	—	$	—	$	4,655,988

(a)	Please refer to the SOI’s for specifics of portfolio holdings.

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)	$	4,454,519	$	—	$	—	$	4,454,519

(a)	Please refer to the SOI’s for specifics of portfolio holdings.



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Investor Balanced Fund


	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
	$	1,128,677	$	84,737	$	—	$	—		$	(21,781	)	$	1,191,633		100,730	$	12,486	$	8,813
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		503,785		50,905		—		—			(9,548	)		545,142		64,667		6,784		3,769
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		55,446		1,255		—		—			(2,501	)		54,200		7,039		1,255		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		149,181		15,378		—		—			(24,491	)		140,068		3,683		897		4,174
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		105,446		10,020		—		—			(15,910	)		99,556		5,196		2,650		2,529
JPMorgan Equity Income Fund Class R6 Shares (a)		184,505		5,359		—		—			9,044			198,908		8,336		1,796		3,563
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		102,184		2,542		—		—			1,133			105,859		3,348		2,542		—
JPMorgan High Yield Fund Class R6 Shares (a)		154,632		3,697		—		—			(1,483	)		156,846		21,604		3,697		—
JPMorgan Income Fund Class R6 Shares (a)		268,098		21,841		—		—			(4,817	)		285,122		30,364		5,218		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		67,405		844		6,200		207			545			62,801		5,714		844		—
JPMorgan International Equity Fund Class R6 Shares (a)		91,169		6,241		—		—			(1,889	)		95,521		4,557		2,047		4,193
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		351,769		14,456		—		—			(2,557	)		363,668		17,680		14,456		—
JPMorgan Large Cap Growth Fund Class R6 Shares* (a)		306,788		41,564		—		—			(14,601	)		333,751		5,147		—		41,565
JPMorgan Large Cap Value Fund Class R6 Shares (a)		183,431		19,768		—		—			(10,409	)		192,790		10,147		1,425		12,998
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		232,193		1,282		—		—			(1,832	)		231,643		22,958		1,282		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		221,200		26,759		—		—			(11,526	)		236,433		19,412		2,593		22,383
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a)		60,530		13,249		—		—			(4,051	)		69,728		1,295		—		5,526
JPMorgan Realty Income Fund Class R6 Shares (a)		120,338		9,305		27,948		6,215			4,008			111,918		6,530		669		7,447
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		107,582		22,369		—		—			(1,766	)		128,185		13,201		992		310
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		28,605		6,836		—		—			(3,739	)		31,702		471		113		4,915
JPMorgan Small Cap Value Fund Class R6 Shares (a)		56,732		13,812		—		—			(6,891	)		63,653		2,081		306		8,684
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		73,650		266		12,400		(404	)		292			61,404		5,326		266		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		517,096		53,743		15,462		7,478			6,536			569,391		25,660		1,998		51,746
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		198,466		40,082		3,103		768			(14,526	)		221,687		3,246		898		39,183
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		136,209		137,263		151,340		—			—			122,132		122,132		18		—



32	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021


Investor Balanced Fund (continued)
	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)	$	269,929	$	33,215	$	6,179	$	1,711	$	(2,251	)	$	296,425		8,097	$	1,568	$	31,647
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		41,268		603		—		—		(616	)		41,255		4,146		603		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		196,041		31,927		—		—		(15,047	)		212,921		5,344		2,635		24,497

Total	$	5,912,355	$	669,318	$	222,632	$	15,975	$	(150,674	)	$	6,224,342			$	70,038	$	277,942

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

*	Non-income producing security.

Investor Conservative Growth Fund


	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,359,669	$	131,211	$	—	$	—	$	(26,440	)	$	1,464,440		123,790	$	15,110	$	10,649
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		551,771		58,347		—		—		(10,192	)		599,926		71,166		7,333		4,044
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		47,776		1,082		—		—		(2,155	)		46,703		6,065		1,081		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		89,302		9,018		—		—		(14,696	)		83,624		2,199		539		2,507
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		64,351		9,654		—		—		(9,705	)		64,300		3,356		1,634		1,553
JPMorgan Equity Income Fund Class R6 Shares (a)		117,151		3,348		2,514		282		5,483			123,750		5,186		1,131		2,217
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		36,326		903		—		—		403			37,632		1,190		904		—
JPMorgan Government Bond Fund Class R6 Shares (a)		46,731		5,359		—		—		(629	)		51,461		4,734		418		—
JPMorgan High Yield Fund Class R6 Shares (a)		130,480		3,120		—		—		(1,251	)		132,349		18,230		3,119		—
JPMorgan Income Fund Class R6 Shares (a)		276,066		27,804		—		—		(4,952	)		298,918		31,834		5,360		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		74,982		923		11,500		366		480			65,251		5,937		923		—
JPMorgan International Equity Fund Class R6 Shares (a)		36,502		2,498		—		—		(756	)		38,244		1,825		820		1,679
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		202,058		8,304		—		—		(1,469	)		208,893		10,155		8,304		—
JPMorgan Large Cap Growth Fund Class R6 Shares* (a)		137,885		18,375		2,514		449		(6,650	)		147,545		2,276		—		18,375
JPMorgan Large Cap Value Fund Class R6 Shares (a)		62,174		12,865		—		—		(3,400	)		71,639		3,770		485		4,450
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		386,602		2,135		—		—		(3,050	)		385,687		38,225		2,135		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		81,023		9,072		—		—		(4,212	)		85,883		7,051		942		8,130



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


Investor Conservative Growth Fund (continued)
	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a)	$	53,455	$	17,173	$	—	$	—		$	(3,509	)	$	67,119		1,246	$	—	$	4,797
JPMorgan Realty Income Fund Class R6 Shares (a)		108,652		6,748		31,882		7,561			1,735			92,814		5,415		572		6,176
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		120,554		14,801		—		—			(1,786	)		133,569		13,756		1,031		312
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		21,086		5,788		—		—			(2,847	)		24,027		357		86		3,725
JPMorgan Small Cap Value Fund Class R6 Shares (a)		36,636		8,182		—		—			(4,378	)		40,440		1,322		194		5,517
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		80,067		295		4,600		(134	)		1			75,629		6,559		295		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		225,007		22,929		11,553		2,753			3,703			242,839		10,944		860		22,069
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		116,904		23,299		3,519		844			(8,662	)		128,866		1,887		522		22,777
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		113,834		231,201		190,899		—			—			154,136		154,136		15		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		117,176		16,900		5,024		658			(713	)		128,997		3,524		682		13,772
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		44,356		648		—		—			(662	)		44,342		4,456		648		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		121,387		19,070		—		—			(9,127	)		131,330		3,296		1,612		14,992

Total	$	4,859,963	$	671,052	$	264,005	$	12,779		$	(109,436	)	$	5,170,353			$	56,755	$	147,741

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

*	Non-income producing security.

Investor Growth Fund


	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	286,742	$	28,700	$	—	$	—	$	(5,661	)	$	309,781		26,186	$	3,229	$	2,291
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		35,044		3,481		—		—		(626	)		37,899		4,496		463		262
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		17,909		405		—		—		(808	)		17,506		2,274		405		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		126,383		24,923		—		—		(21,999	)		129,307		3,400		825		3,837
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		101,406		21,726		—		—		(16,287	)		106,845		5,576		2,813		2,682
JPMorgan Equity Income Fund Class R6 Shares (a)		136,682		13,836		—		—		7,162			157,680		6,609		1,408		2,825
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		118,666		7,857		—		—		1,479			128,002		4,048		2,952		—
JPMorgan High Yield Fund Class R6 Shares (a)		58,084		1,389		—		—		(557	)		58,916		8,115		1,389		—
JPMorgan Income Fund Class R6 Shares (a)		17,684		1,262		—		—		(316	)		18,630		1,984		343		—
JPMorgan International Equity Fund Class R6 Shares (a)		174,176		20,097		—		—		(3,673	)		190,600		9,094		4,036		8,267



34	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021


Investor Growth Fund (continued)
	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan International Focus Fund Class R6 Shares (a)	$	127,367	$	8,983	$	—	$	—	$	(1,773	)	$	134,577		4,928	$	2,559	$	—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		327,933		29,528		—		—		(2,300	)		355,161		17,266		13,864		—
JPMorgan Large Cap Growth Fund Class R6 Shares* (a)		467,865		63,389		—		—		(22,268	)		508,986		7,850		—		63,389
JPMorgan Large Cap Value Fund Class R6 Shares (a)		426,327		44,381		—		—		(24,028	)		446,680		23,509		3,347		30,114
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		235,346		26,353		—		—		(12,236	)		249,463		20,481		2,736		23,616
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a)		73,142		13,567		—		—		(4,985	)		81,724		1,518		—		6,477
JPMorgan Realty Income Fund Class R6 Shares (a)		50,919		3,991		4,092		973		3,378			55,169		3,219		320		3,671
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		19,863		3,288		—		—		(2,420	)		20,731		308		74		3,214
JPMorgan Small Cap Value Fund Class R6 Shares (a)		104,559		15,270		—		—		(11,707	)		108,122		3,535		520		14,750
JPMorgan U.S. Equity Fund Class R6 Shares (a)		592,506		63,247		—		—		14,639			670,392		30,211		2,323		60,925
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		218,557		44,766		—		—		(15,728	)		247,595		3,625		1,003		43,763
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		77,533		164,703		142,465		—		—			99,771		99,771		12		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		318,872		42,466		—		—		(1,329	)		360,009		9,834		1,881		38,435
JPMorgan Value Advantage Fund Class R6 Shares (a)		148,266		25,574		—		—		(11,398	)		162,442		4,077		2,010		18,690

Total	$	4,261,831	$	673,182	$	146,557	$	973	$	(133,441	)	$	4,655,988			$	48,512	$	327,208

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

*	Non-income producing security.

Investor Growth & Income Fund


	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	559,233	$	62,653	$	—	$	—	$	(11,123	)	$	610,763		51,628	$	6,310	$	4,498
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		201,508		25,908		—		—		(3,887	)		223,529		26,516		2,751		1,542
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		19,335		438		—		—		(872	)		18,901		2,455		438		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		106,916		15,248		—		—		(17,815	)		104,349		2,744		656		3,050
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		84,781		11,916		—		—		(13,006	)		83,691		4,368		2,182		2,079
JPMorgan Equity Income Fund Class R6 Shares (a)		139,527		6,236		—		—		6,882			152,645		6,398		1,372		2,735
JPMorgan Europe Dynamic Fund Class R6 Shares (a)		86,231		4,301		—		—		1,028			91,560		2,896		2,145		—



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


Investor Growth & Income Fund (continued)
	For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan High Yield Fund Class R6 Shares (a)	$	104,504	$	2,498	$	—	$	—		$	(1,002	)	$	106,000		14,601	$	2,498	$	—
JPMorgan Income Fund Class R6 Shares (a)		136,880		27,310		—		—			(2,573	)		161,617		17,212		2,778		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		36,192		360		32,300		2,257			(1,808	)		4,701		428		361		—
JPMorgan International Equity Fund Class R6 Shares (a)		93,602		12,124		—		—			(1,922	)		103,804		4,952		2,168		4,441
JPMorgan International Focus Fund Class R6 Shares (a)		58,068		1,110		—		—			(813	)		58,365		2,137		1,110		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		243,911		27,749		—		—			(1,737	)		269,923		13,122		10,484		—
JPMorgan Large Cap Growth Fund Class R6 Shares* (a)		384,715		52,123		—		—			(18,310	)		418,528		6,455		—		52,123
JPMorgan Large Cap Value Fund Class R6 Shares (a)		248,789		27,281		—		—			(14,088	)		261,982		13,789		1,958		17,662
JPMorgan Limited Duration Bond Fund Class R6 Shares (a)		57,752		319		—		—			(456	)		57,615		5,710		319		—
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)		176,949		19,814		—		—			(9,200	)		187,563		15,399		2,057		17,756
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a)		56,297		4,555		—		—			(3,377	)		57,475		1,067		—		4,555
JPMorgan Realty Income Fund Class R6 Shares (a)		57,950		6,484		8,427		2,000			2,881			60,888		3,552		353		4,052
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		59,701		11,718		—		—			(948	)		70,471		7,258		540		169
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		18,907		3,130		—		—			(2,304	)		19,733		293		70		3,059
JPMorgan Small Cap Value Fund Class R6 Shares (a)		83,333		12,170		—		—			(9,330	)		86,173		2,817		414		11,756
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)		24,674		90		2,899		(105	)		65			21,825		1,893		90		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		462,466		49,367		—		—			11,426			523,259		23,581		1,813		47,553
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)		124,584		25,517		—		—			(8,965	)		141,136		2,066		572		24,946
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		97,632		143,963		151,639		—			—			89,956		89,956		13		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		267,886		35,995		—		—			(1,120	)		302,761		8,270		1,581		32,324
JPMorgan Value Advantage Fund Class R6 Shares (a)		149,502		27,470		—		—			(11,666	)		165,306		4,149		2,046		19,019

Total	$	4,141,825	$	617,847	$	195,265	$	4,152		$	(114,040	)	$	4,454,519			$	47,079	$	253,319

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of December 31, 2021.

*	Non-income producing security.

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



36	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2021 are as follows:


	Class A		Class C		Class I		Class R6			Total
Investor Balanced Fund
Transfer agency fees	$	146	$	10	$	7	$	2		$	165
Investor Conservative Growth Fund
Transfer agency fees		79		9		11		—	(a)		99
Investor Growth Fund
Transfer agency fees		239		11		13		3			266
Investor Growth & Income Fund
Transfer agency fees		184		6		7		—	(a)		197

(a)	Amount rounds to less than one thousand.

The Funds invested 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.

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, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years 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.

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	%



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)


	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	162	$	1
Investor Conservative Growth Fund		99		—	(a)
Investor Growth Fund		157		—	(a)
Investor Growth & Income Fund		100		3

(a)	Amount rounds to less than one thousand.

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
	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

Investor Conservative Growth Fund

n/a

Investor Growth Fund

0.55

n/a

Investor Growth & Income Fund

0.55

n/a

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.

For the six months ended December 31, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). 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, 2021


	Contractual Waivers
	Investment Advisory Fees			Service Fees		Total
Investor Balanced Fund	$	2		$	—	$	2
Investor Conservative Growth Fund		—	(a)		—		—	(a)
Investor Growth Fund		—	(a)		567		567
Investor Growth & Income Fund		—	(a)		476		476

(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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2021 were as follows:


Investor Balanced Fund	$	26
Investor Conservative Growth Fund		22
Investor Growth Fund		17
Investor Growth & Income Fund		19

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.

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Investor Balanced Fund	$	532,055	$	71,292
Investor Conservative Growth Fund		439,853		73,107
Investor Growth Fund		508,479		4,089
Investor Growth & Income Fund		473,886		43,627

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,863,522	$	1,364,911	$	4,091	$	1,360,820
Investor Conservative Growth Fund		4,472,055		702,334		4,036		698,298
Investor Growth Fund		3,240,365		1,415,654		31		1,415,623
Investor Growth & Income Fund		3,255,876		1,200,022		1,379		1,198,643

At June 30, 2021, the Funds did not have any net capital loss carryforwards.



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

6. Borrowings

The Funds rely upon an exemptive order granted by the Securities and Exchange Commission (“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 the Trust and may be relied upon by the Funds because the Funds and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund during the six months ended December 31, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2021.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2021.

7. Risks, Concentrations and Indemnifications

As of December 31, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:


	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Investor Balanced Fund		1		70.2	%		1		16.5	%
Investor Conservative Growth Fund		1		65.3			2		25.2
Investor Growth Fund		1		52.0			1		23.2
Investor Growth & Income Fund		1		56.3			1		24.8

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.



40	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

As of December 31, 2021, 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		65.6	%
JPMorgan U.S. GARP Equity Fund		55.0
JPMorgan Limited Duration Bond Fund		50.4
JPMorgan Europe Dynamic Fund		33.2
JPMorgan Large Cap Value Fund		31.3
JPMorgan International Research Enhanced Equity Fund		23.8
JPMorgan Small Cap Value Fund		19.2
JPMorgan U.S. Research Enhanced Equity Fund		18.2
JPMorgan Realty Income Fund		17.2
JPMorgan Emerging Markets Debt Fund		12.4
JPMorgan Inflation Managed Bond Fund		10.1

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 appropriate.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.



DECEMBER 31, 2021	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, 2021 and continued to hold your shares at the end of the reporting period, December 31, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the 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, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Balanced Fund
Class A
Actual	$	1,000.00	$	1,032.60	$	2.92		0.57	%
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class C
Actual		1,000.00		1,030.00		5.47		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,033.80		1.64		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R6
Actual		1,000.00		1,035.10		0.36		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

JPMorgan Investor Conservative Growth Fund
Class A
Actual		1,000.00		1,019.00		2.90		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57
Class C
Actual		1,000.00		1,015.80		5.44		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,020.20		1.63		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R6
Actual		1,000.00		1,021.50		0.36		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07



42	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021


	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Investor Growth Fund
Class A
Actual	$	1,000.00	$	1,052.50	$	2.85		0.55	%
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,050.00		5.58		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class I
Actual		1,000.00		1,054.20		1.66		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R6
Actual		1,000.00		1,055.50		0.47		0.09
Hypothetical		1,000.00		1,024.75		0.46		0.09

JPMorgan Investor Growth & Income Fund
Class A
Actual		1,000.00		1,042.20		2.83		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class C
Actual		1,000.00		1,039.50		5.50		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07
Class I
Actual		1,000.00		1,043.80		1.65		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R6
Actual		1,000.00		1,045.20		0.36		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, 2021	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 2021, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for 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, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and 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 investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds and/or Underlying Funds, including risk and performance return assessment as compared to the Funds’ and/or

Underlying Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

Nature, Extent and Quality of Services Provided by the Adviser



44	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

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 Funds.

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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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 fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees noted that the Investor Balanced Fund’s performance for Class A shares was in the second, third and third quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first and second quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other fac-



46	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

tors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Investor Conservative Growth Fund’s performance for Class A shares was in the second, third and third quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020 respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for the 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, 2020, respectively, and in the first, first and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Peer Group, and in the first quintile based upon the Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Investor Growth Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first and second quintiles based upon the Peer Group for the one-and three-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Investor Growth & Income Fund’s performance for Class A shares was in the first, first and second quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2020,

respectively. The Trustees noted that the performance for the Class R6 shares was in the first and second quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and 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.

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 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 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 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



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 third 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 fourth 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 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 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 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 quintile based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Class I shares was in the fourth 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 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 third quintile based upon both the Peer Group and Universe, and that the 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 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 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, 2021

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2021, 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	$	11,324	$	1,074
JPMorgan Investor Conservative Growth Fund		5,980		565
JPMorgan Investor Growth Fund		12,056		1,140
JPMorgan Investor Growth & Income Fund		9,008		858



DECEMBER 31, 2021	J.P. MORGAN INVESTOR FUNDS	49

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Funds.

The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052

Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973

Gary L. French
In Favor		289,542,085
Withheld		6,173,474

Kathleen M. Gallagher
In Favor		289,773,673
Withheld		5,941,887

Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229

Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386

Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535

Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692


	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947

Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165

Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520

Dr. Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543

Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575

Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163

Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld

Nina O. Shenker
In Favor		289,698,757
Withheld		6,016,803



50	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2021

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2021. All rights reserved. December 2021.		SAN-INV-1221

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b)

A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


JPMorgan Trust II

By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 3, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 3, 2022

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		March 3, 2022

JPMorgan SMID Cap Equity Fund Class I (WOOPX) N-CSRSCertified semi-annual shareholder report (management investment company)