0000763852 jpmt2:C000191474Member 2014-06-30 0000763852 jpmt2:C000033524Member oef:IndustrialSectorMember 2024-06-30
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
(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:
Date of reporting period:
EXPLANATORY NOTE
This Registrant is filing this amendment (“Amendment”) to its Form N-CSR for the reporting period ended June 30, 2024, originally filed with the Securities and Exchange Commission on September 6, 2024 (Accession Number 0001193125-24-214952), to (i) add the financial statements and financial highlights for JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund to Item 7 and (ii) remove the financial statements and financial highlights for JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund and JPMorgan SmartRetirement Blend 2060 Fund from Item 7. Except as set forth above, the Amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.
Item 1. Report 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.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class A Shares/Ticker: OSGIX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class A Shares) | $122 | 1.14% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class A Shares, without a sales charge, returned 13.36% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class A Shares) | February 18, 1992 | 7.41 | % | 9.56 | % | 10.02 | % |
| JPMorgan Mid Cap Growth Fund (Class A Shares) - excluding sales charge | | 13.36 | | 10.75 | | 10.61 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class C Shares/Ticker: OMGCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class C Shares) | $175 | 1.64% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class C Shares, without a sales charge, returned 12.80% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class C Shares) | November 4, 1997 | 11.80 | % | 10.20 | % | 10.17 | % |
| JPMorgan Mid Cap Growth Fund (Class C Shares) - excluding sales charge | | 12.80 | | 10.20 | | 10.17 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class I Shares/Ticker: HLGEX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class I Shares) | $95 | 0.89% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class I Shares returned 13.66% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class I Shares) | March 2, 1989 | 13.66 | % | 11.07 | % | 10.94 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class R2 Shares/Ticker: JMGZX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class R2 Shares) | $154 | 1.45% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class R2 Shares returned 13.03% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class R2 Shares) | June 19, 2009 | 13.03 | % | 10.44 | % | 10.35 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class R3 Shares/Ticker: JMGPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class R3 Shares) | $128 | 1.20% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class R3 Shares returned 13.32% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class R3 Shares) | September 9, 2016 | 13.32 | % | 10.72 | % | 10.60 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for the Class R3 prior to its inception date are based on the performance of Class I Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class R4 Shares/Ticker: JMGQX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class R4 Shares) | $101 | 0.95% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class R4 Shares returned 13.59% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class R4 Shares) | September 9, 2016 | 13.59 | % | 11.00 | % | 10.87 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for the Class R4 prior to its 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.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class R5 Shares/Ticker: JMGFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class R5 Shares) | $84 | 0.79% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class R5 Shares returned 13.78% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class R5 Shares) | November 1, 2011 | 13.78 | % | 11.20 | % | 11.08 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Mid Cap Growth Fund
Class R6 Shares/Ticker: JMGMX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Mid Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Mid Cap Growth Fund
(Class R6 Shares) | $75 | 0.70% |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund’s Class R6 Shares returned 13.88% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell Midcap Growth Index returned 15.05% for the year ended June 30, 2024.
The Fund’s security selection in the technology sector, along with an overweight allocation and stock selection in the health care sector, detracted from performance.
Overweight allocations to Exact Sciences and SolarEdge Technologies detracted from performance.
The Fund’s security selection in the information technology and consumer discretionary sectors contributed to performance.
Overweight allocations to Trane Technologies and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Mid Cap Growth Fund (Class R6 Shares) | November 1, 2011 | 13.88 | % | 11.27 | % | 11.15 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell Midcap Growth Index | | 15.05 | | 9.93 | | 10.51 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $10,823,826 | |
| Total number of portfolio holdings | $115 | |
| Portfolio turnover rate | $55 | % |
| Total advisory fees paid (000's) | $63,270 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Health Care Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class A Shares/Ticker: OIEIX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class A Shares) | $100 | 0.95% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class A Shares, without a sales charge, returned 10.31% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class A Shares) | February 18, 1992 | 4.52 | % | 7.49 | % | 8.17 | % |
| JPMorgan Equity Income Fund (Class A Shares) - excluding sales charge | | 10.31 | | 8.66 | | 8.76 | |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class C Shares/Ticker: OINCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class C Shares) | $152 | 1.45% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class C Shares, without a sales charge, returned 9.72% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class C Shares) | November 4, 1997 | 8.72 | % | 8.11 | % | 8.33 | % |
| JPMorgan Equity Income Fund (Class C Shares) - excluding sales charge | | 9.72 | | 8.11 | | 8.33 | |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class I Shares/Ticker: HLIEX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class I Shares) | $73 | 0.70% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class I Shares returned 10.60% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class I Shares) | July 2, 1987 | 10.60 | % | 8.94 | % | 9.03 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class R2 Shares/Ticker: OIEFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class R2 Shares) | $127 | 1.21% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class R2 Shares returned 10.04% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class R2 Shares) | February 28, 2011 | 10.04 | % | 8.39 | % | 8.48 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class R3 Shares/Ticker: OIEPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class R3 Shares) | $100 | 0.95% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class R3 Shares returned 10.32% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class R3 Shares) | September 9, 2016 | 10.32 | % | 8.67 | % | 8.76 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares currently have the same expenses as Class A Shares.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class R4 Shares/Ticker: OIEQX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class R4 Shares) | $73 | 0.70% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class R4 Shares returned 10.56% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class R4 Shares) | September 9, 2016 | 10.56 | % | 8.94 | % | 9.03 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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 had similar expenses to Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class R5 Shares/Ticker: OIERX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class R5 Shares) | $58 | 0.55% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class R5 Shares returned 10.76% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class R5 Shares) | February 28, 2011 | 10.76 | % | 9.10 | % | 9.22 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Income Fund
Class R6 Shares/Ticker: OIEJX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Income Fund
(Class R6 Shares) | $47 | 0.45% |
How did the Fund Perform?
The JPMorgan Equity Income Fund’s Class R6 Shares returned 10.88% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and materials sectors detracted from performance.
Underweight allocations to JP Morgan and Berkshire Hathaway detracted from performance.
The Fund’s security selection in the information technology and health care sectors contributed to performance.
Overweight allocations to Wells Fargo and AbbVie contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Income Fund (Class R6 Shares) | January 31, 2012 | 10.88 | % | 9.22 | % | 9.32 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $44,566,785 | |
| Total number of portfolio holdings | $86 | |
| Portfolio turnover rate | $20 | % |
| Total advisory fees paid (000's) | $183,109 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and “Healthcare Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Index Fund
Class A Shares/Ticker: OGEAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Index Fund
(Class A Shares) | $50 | 0.45% |
How did the Fund Perform?
The JPMorgan Equity Index Fund’s Class A Shares, without a sales charge, returned 24.01% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% for the year ended June 30, 2024.
Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
During the period, solid earnings growth and overall bullish market sentiment provided good returns for U.S. large-cap equities.
All sectors in the Index produced positive returns, with communication services and information technology leading the way at over 40%. The two worst performing sectors were real estate and utilities with high single digit positive returns.
The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Further cash was minimized, and cash held was equitized with futures to limit any drag on performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Index Fund (Class A Shares) | February 18, 1992 | 17.50 | % | 13.31 | % | 11.75 | % |
| JPMorgan Equity Index Fund (Class A Shares) - excluding sales charge | | 24.01 | | 14.54 | | 12.35 | |
| S&P 500 Index | | 24.56 | | 15.05 | | 12.86 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2014 to June 30, 2024. 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
| Fund net assets (000's) | $10,338,925 | |
| Total number of portfolio holdings | $508 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Index Fund
Class C Shares/Ticker: OEICX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Index Fund
(Class C Shares) | $117 | 1.05% |
How did the Fund Perform?
The JPMorgan Equity Index Fund’s Class C Shares, without a sales charge, returned 23.27% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% for the year ended June 30, 2024.
Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
During the period, solid earnings growth and overall bullish market sentiment provided good returns for U.S. large-cap equities.
All sectors in the Index produced positive returns, with communication services and information technology leading the way at over 40%. The two worst performing sectors were real estate and utilities with high single digit positive returns.
The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Further cash was minimized, and cash held was equitized with futures to limit any drag on performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Index Fund (Class C Shares) | November 4, 1997 | 22.27 | % | 13.85 | % | 11.77 | % |
| JPMorgan Equity Index Fund (Class C Shares) - excluding sales charge | | 23.27 | | 13.85 | | 11.77 | |
| S&P 500 Index | | 24.56 | | 15.05 | | 12.86 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2014 to June 30, 2024. 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.
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 Shares reflects Class A Share's 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.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
| Fund net assets (000's) | $10,338,925 | |
| Total number of portfolio holdings | $508 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Index Fund
Class I Shares/Ticker: HLEIX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Index Fund
(Class I Shares) | $22 | 0.20% |
How did the Fund Perform?
The JPMorgan Equity Index Fund’s Class I Shares returned 24.31% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% for the year ended June 30, 2024.
Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
During the period, solid earnings growth and overall bullish market sentiment provided good returns for U.S. large-cap equities.
All sectors in the Index produced positive returns, with communication services and information technology leading the way at over 40%. The two worst performing sectors were real estate and utilities with high single digit positive returns.
The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Further cash was minimized, and cash held was equitized with futures to limit any drag on performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Index Fund (Class I Shares) | July 2, 1991 | 24.31 | % | 14.82 | % | 12.63 | % |
| S&P 500 Index | | 24.56 | | 15.05 | | 12.86 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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 June 30, 2014 to June 30, 2024. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
| Fund net assets (000's) | $10,338,925 | |
| Total number of portfolio holdings | $508 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Index Fund
Class R6 Shares/Ticker: OGFAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Index Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Index Fund
(Class R6 Shares) | $5 | 0.04% |
How did the Fund Perform?
The JPMorgan Equity Index Fund’s Class R6 Shares returned 24.51% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% for the year ended June 30, 2024.
Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
During the period, solid earnings growth and overall bullish market sentiment provided good returns for U.S. large-cap equities.
All sectors in the Index produced positive returns, with communication services and information technology leading the way at over 40%. The two worst performing sectors were real estate and utilities with high single digit positive returns.
The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Further cash was minimized, and cash held was equitized with futures to limit any drag on performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Equity Index Fund (Class R6 Shares) | September 1, 2016 | 24.51 | % | 15.00 | % | 12.77 | % |
| S&P 500 Index | | 24.56 | | 15.05 | | 12.86 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2014 to June 30, 2024. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
| Fund net assets (000's) | $10,338,925 | |
| Total number of portfolio holdings | $508 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class A Shares/Ticker: OLGAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class A Shares) | $110 | 0.94% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class A Shares, without a sales charge, returned 35.32% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class A Shares) | February 22, 1994 | 28.22 | % | 18.52 | % | 16.73 | % |
| JPMorgan Large Cap Growth Fund (Class A Shares) - excluding sales charge | | 35.32 | | 19.80 | | 17.37 | |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class C Shares/Ticker: OLGCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class C Shares) | $169 | 1.44% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class C Shares, without a sales charge, returned 34.64% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class C Shares) | November 4, 1997 | 33.64 | % | 19.20 | % | 16.90 | % |
| JPMorgan Large Cap Growth Fund (Class C Shares) - excluding sales charge | | 34.64 | | 19.20 | | 16.90 | |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class I Shares/Ticker: SEEGX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class I Shares) | $81 | 0.69% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class I Shares returned 35.66% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class I Shares) | February 28, 1992 | 35.66 | % | 20.10 | % | 17.63 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class R2 Shares/Ticker: JLGZX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class R2 Shares) | $139 | 1.19% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R2 Shares returned 34.98% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class R2 Shares) | November 3, 2008 | 34.98 | % | 19.50 | % | 17.07 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class R3 Shares/Ticker: JLGPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class R3 Shares) | $110 | 0.94% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R3 Shares returned 35.31% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class R3 Shares) | September 9, 2016 | 35.31 | % | 19.80 | % | 17.34 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R3 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 graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class R4 Shares/Ticker: JLGQX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class R4 Shares) | $81 | 0.69% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R4 Shares returned 35.64% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class R4 Shares) | September 9, 2016 | 35.64 | % | 20.10 | % | 17.62 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns 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 $10,000 invested in Class R4 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class R5 Shares/Ticker: JLGRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class R5 Shares) | $63 | 0.54% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R5 Shares returned 35.86% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class R5 Shares) | April 14, 2009 | 35.86 | % | 20.28 | % | 17.82 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Growth Fund
Class R6 Shares/Ticker: JLGMX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Growth Fund
(Class R6 Shares) | $51 | 0.44% |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R5 Shares returned 35.98% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Growth Index returned 33.48% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors contributed to performance.
An underweight allocation to Apple and an overweight allocation to Meta contributed to performance.
The Fund’s security selection and underweight allocation in the technology sector, as well as security selection in the energy sector, detracted from performance.
Overweight allocations to Exact Sciences and Align Technology detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Growth Fund (Class R6 Shares) | November 30, 2010 | 35.98 | % | 20.40 | % | 17.93 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Growth Index | | 33.48 | | 19.34 | | 16.33 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $94,080,048 | |
| Total number of portfolio holdings | $63 | |
| Portfolio turnover rate | $32 | % |
| Total advisory fees paid (000's) | $313,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Significant Holdings Risk”, “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2023. “Significant Holdings Risk” was added to note that although the Fund is classified as “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. “Technology Sector Risk” and “Consumer Discretionary Sector Risk” disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class A Shares/Ticker: OLVAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class A Shares) | $99 | 0.93% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class A Shares, without a sales charge, returned 13.14% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class A Shares) | February 18, 1992 | 7.19 | % | 10.89 | % | 9.28 | % |
| JPMorgan Large Cap Value Fund (Class A Shares) - excluding sales charge | | 13.14 | | 12.09 | | 9.87 | |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class C Shares/Ticker: OLVCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class C Shares) | $153 | 1.44% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class C Shares, without a sales charge, returned 12.59% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class C Shares) | March 22, 1999 | 11.59 | % | 11.54 | % | 9.42 | % |
| JPMorgan Large Cap Value Fund (Class C Shares) - excluding sales charge | | 12.59 | | 11.54 | | 9.42 | |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class I Shares/Ticker: HLQVX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class I Shares) | $73 | 0.69% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class I Shares returned 13.45% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class I Shares) | March 1, 1991 | 13.45 | % | 12.37 | % | 10.10 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class R2 Shares/Ticker: JLVZX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class R2 Shares) | $127 | 1.19% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class R2 Shares returned 12.83% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class R2 Shares) | November 3, 2008 | 12.83 | % | 11.80 | % | 9.58 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class R3 Shares/Ticker: OLVTX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class R3 Shares) | $100 | 0.94% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class R3 Shares returned 13.15% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class R3 Shares) | October 1, 2018 | 13.15 | % | 12.09 | % | 9.86 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class R4 Shares/Ticker: OLVRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class R4 Shares) | $73 | 0.69% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class R4 Shares returned 13.45% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class R4 Shares) | October 1, 2018 | 13.45 | % | 12.38 | % | 10.11 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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 $10,000 invested in Class R4 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class R5 Shares/Ticker: JLVRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class R5 Shares) | $57 | 0.54% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class R5 Shares returned 13.60% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class R5 Shares) | May 15, 2006 | 13.60 | % | 12.53 | % | 10.28 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Large Cap Value Fund
Class R6 Shares/Ticker: JLVMX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Large Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Large Cap Value Fund
(Class R6 Shares) | $47 | 0.44% |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund’s Class R6 Shares returned 13.71% for the year ended June 30, 2024. The Russell 1000 Index returned 23.88% and the Russell 1000 Value Index returned 13.06% for the year ended June 30, 2024.
The Fund’s security selection in the information technology and financial sectors contributed to performance.
Overweight allocations to Bank of America and Taiwan Semiconductor Manufacturing Company contributed to performance.
The Fund’s security selection in the materials and industrial sectors detracted from performance.
An underweight allocation to JPMorgan and an overweight allocation to Chemours detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Large Cap Value Fund (Class R6 Shares) | November 30, 2010 | 13.71 | % | 12.66 | % | 10.38 | % |
| Russell 1000 Index | | 23.88 | | 14.61 | | 12.51 | |
| Russell 1000 Value Index | | 13.06 | | 9.01 | | 8.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $4,240,091 | |
| Total number of portfolio holdings | $105 | |
| Portfolio turnover rate | $167 | % |
| Total advisory fees paid (000's) | $13,336 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financial Sector Risk” and "Healthcare Sector Risk" disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class A Shares/Ticker: PGSGX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class A Shares) | $129 | 1.24% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class A returned 7.30% (without sales charge) for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class A Shares) | July 1, 1991 | 1.68 | % | 4.70 | % | 8.82 | % |
| JPMorgan Small Cap Growth Fund (Class A Shares) - excluding sales charge | | 7.30 | | 5.83 | | 9.40 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class C Shares/Ticker: OSGCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class C Shares) | $180 | 1.74% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class C (without sales charge) returned 6.72% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class C Shares) | November 4, 1997 | 5.72 | % | 5.31 | % | 8.96 | % |
| JPMorgan Small Cap Growth Fund (Class C Shares) - excluding sales charge | | 6.72 | | 5.31 | | 8.96 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class I Shares/Ticker: OGGFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class I Shares) | $103 | 0.99% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class I returned 7.53% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class I Shares) | March 26, 1996 | 7.53 | % | 6.10 | % | 9.67 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class L Shares/Ticker: JISGX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class L Shares) | $87 | 0.84% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class L returned 7.69% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class L Shares) | February 19, 2005 | 7.69 | % | 6.25 | % | 9.84 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class R2 Shares/Ticker: JSGZX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class R2 Shares) | $154 | 1.49% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R2 returned 6.99% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class R2 Shares) | November 3, 2008 | 6.99 | % | 5.56 | % | 9.13 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class R3 Shares/Ticker: JGRQX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class R3 Shares) | $129 | 1.24% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R3 returned 7.32% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class R3 Shares) | July 31, 2017 | 7.32 | % | 5.83 | % | 9.40 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class R4 Shares/Ticker: JGLYX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class R4 Shares) | $103 | 0.99% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R4 returned 7.57% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class R4 Shares) | July 31, 2017 | 7.57 | % | 6.10 | % | 9.67 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class R5 Shares/Ticker: JGSVX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class R5 Shares) | $87 | 0.84% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R5 returned 7.73% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class R5 Shares) | September 9, 2016 | 7.73 | % | 6.26 | % | 9.84 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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 R5 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Growth Fund
Class R6 Shares/Ticker: JGSMX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Growth Fund
(Class R6 Shares) | $77 | 0.74% |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R6 returned 7.86% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Growth Index returned 9.14% for the year ended June 30, 2024.
The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
An underweight allocation to MicroStrategy and an overweight allocation to Revance Therapeutics detracted from performance.
The Fund’s security selection and overweight allocation in the technology sector, as well as security selection in the industrials sector, contributed to performance.
Overweight allocations to Super Micro Computer and Natera contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Growth Fund (Class R6 Shares) | November 30, 2010 | 7.86 | % | 6.37 | % | 9.95 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Growth Index | | 9.14 | | 6.17 | | 7.39 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $3,624,196 | |
| Total number of portfolio holdings | $136 | |
| Portfolio turnover rate | $43 | % |
| Total advisory fees paid (000's) | $23,961 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Healthcare Sector Risk”, “Industrials Sector Risk” and “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class A Shares/Ticker: PSOAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class A Shares) | $126 | 1.19% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class A Shares (without sales charge) returned 11.43% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class A Shares) | January 27, 1995 | 5.60 | % | 6.99 | % | 5.15 | % |
| JPMorgan Small Cap Value Fund (Class A Shares) - excluding sales charge | | 11.43 | | 8.15 | | 5.72 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class C Shares/Ticker: OSVCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class C Shares) | $178 | 1.69% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class C Shares (without sales charge) returned 10.86% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class C Shares) | March 22, 1999 | 9.86 | % | 7.63 | % | 5.27 | % |
| JPMorgan Small Cap Value Fund (Class C Shares) - excluding sales charge | | 10.86 | | 7.63 | | 5.27 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class I Shares/Ticker: PSOPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class I Shares) | $99 | 0.94% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class I Shares returned 11.70% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class I Shares) | January 27, 1995 | 11.70 | % | 8.44 | % | 5.99 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class R2 Shares/Ticker: JSVZX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class R2 Shares) | $157 | 1.49% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R2 Shares returned 11.07% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class R2 Shares) | November 3, 2008 | 11.07 | % | 7.88 | % | 5.45 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class R3 Shares/Ticker: JSVPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class R3 Shares) | $131 | 1.24% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R3 Shares returned 11.39% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class R3 Shares) | September 9, 2016 | 11.39 | % | 8.15 | % | 5.71 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class R4 Shares/Ticker: JSVQX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class R4 Shares) | $105 | 0.99% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R4 Shares returned 11.64% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class R4 Shares) | September 9, 2016 | 11.64 | % | 8.42 | % | 5.97 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class R5 Shares/Ticker: JSVRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class R5 Shares) | $89 | 0.84% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R5 Shares returned 11.83% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class R5 Shares) | May 15, 2006 | 11.83 | % | 8.57 | % | 6.12 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Small Cap Value Fund
Class R6 Shares/Ticker: JSVUX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Small Cap Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Small Cap Value Fund
(Class R6 Shares) | $78 | 0.74% |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R6 Shares returned 11.92% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2000 Value Index returned 10.90% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer staples sectors contributed to performance.
Overweight allocations to Comfort Systems and Primo Water Corporation contributed to performance.
The Fund’s security selection in the financials and consumer discretionary sectors detracted from performance.
An underweight allocation to Carvana and an overweight allocation Everi Holdings detracted from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Small Cap Value Fund (Class R6 Shares) | February 22, 2005 | 11.92 | % | 8.68 | % | 6.23 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2000 Value Index | | 10.90 | | 7.07 | | 6.23 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2014 to June 30, 2024. 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 Index and 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 3000 Index is an unmanaged index measuring 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 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $1,273,811 | |
| Total number of portfolio holdings | $411 | |
| Portfolio turnover rate | $61 | % |
| Total advisory fees paid (000's) | $8,703 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SMID Cap Equity Fund
Class A Shares/Ticker: PECAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SMID Cap Equity Fund
(Class A Shares) | $112 | 1.09% |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class A Shares (without sales charge) returned 6.05% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2500 Index returned 10.47% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors detracted from performance.
Overweight allocations to Driven Brands and Shoals Technologies Group detracted from performance.
The Fund’s security selection in the financials and basic materials sectors contributed to performance.
Overweight allocations to StepStone Group and Evercore contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan SMID Cap Equity Fund (Class A Shares) | May 1, 1992 | 0.49 | % | 5.29 | % | 5.54 | % |
| JPMorgan SMID Cap Equity Fund (Class A Shares) - excluding sales charge | | 6.05 | | 6.43 | | 6.11 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2500 Index | | 10.47 | | 8.31 | | 7.99 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2014 to June 30, 2024. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index.
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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $393,201 | |
| Total number of portfolio holdings | $100 | |
| Portfolio turnover rate | $39 | % |
| Total advisory fees paid (000's) | $1,707 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” and “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SMID Cap Equity Fund
Class C Shares/Ticker: ODMCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SMID Cap Equity Fund
(Class C Shares) | $163 | 1.59% |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class C Shares (without sales charge) returned 5.53% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2500 Index returned 10.47% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors detracted from performance.
Overweight allocations to Driven Brands and Shoals Technologies Group detracted from performance.
The Fund’s security selection in the financials and basic materials sectors contributed to performance.
Overweight allocations to StepStone Group and Evercore contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan SMID Cap Equity Fund (Class C Shares) | March 22, 1999 | 4.53 | % | 5.90 | % | 5.65 | % |
| JPMorgan SMID Cap Equity Fund (Class C Shares) - excluding sales charge | | 5.53 | | 5.90 | | 5.65 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2500 Index | | 10.47 | | 8.31 | | 7.99 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2014 to June 30, 2024. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index.
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.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $393,201 | |
| Total number of portfolio holdings | $100 | |
| Portfolio turnover rate | $39 | % |
| Total advisory fees paid (000's) | $1,707 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” and “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SMID Cap Equity Fund
Class I Shares/Ticker: WOOPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SMID Cap Equity Fund
(Class I Shares) | $86 | 0.84% |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class I Shares returned 6.30% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2500 Index returned 10.47% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors detracted from performance.
Overweight allocations to Driven Brands and Shoals Technologies Group detracted from performance.
The Fund’s security selection in the financials and basic materials sectors contributed to performance.
Overweight allocations to StepStone Group and Evercore contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan SMID Cap Equity Fund (Class I Shares) | June 1, 1991 | 6.30 | % | 6.68 | % | 6.37 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2500 Index | | 10.47 | | 8.31 | | 7.99 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2014 to June 30, 2024. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index.
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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $393,201 | |
| Total number of portfolio holdings | $100 | |
| Portfolio turnover rate | $39 | % |
| Total advisory fees paid (000's) | $1,707 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” and “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SMID Cap Equity Fund
Class R3 Shares/Ticker: WOOOX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SMID Cap Equity Fund
(Class R3 Shares) | $112 | 1.09% |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class R3 Shares returned 6.04% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2500 Index returned 10.47% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors detracted from performance.
Overweight allocations to Driven Brands and Shoals Technologies Group detracted from performance.
The Fund’s security selection in the financials and basic materials sectors contributed to performance.
Overweight allocations to StepStone Group and Evercore contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan SMID Cap Equity Fund (Class R3 Shares) | September 9, 2016 | 6.04 | % | 6.42 | % | 6.10 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2500 Index | | 10.47 | | 8.31 | | 7.99 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to those of Class A Shares.
The graph illustrates comparative performance for $10,000 invested in Class R3 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2014 to June 30, 2024. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index.
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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $393,201 | |
| Total number of portfolio holdings | $100 | |
| Portfolio turnover rate | $39 | % |
| Total advisory fees paid (000's) | $1,707 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” and “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SMID Cap Equity Fund
Class R4 Shares/Ticker: WOOQX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SMID Cap Equity Fund
(Class R4 Shares) | $86 | 0.84% |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class R4 Shares returned 6.24% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2500 Index returned 10.47% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors detracted from performance.
Overweight allocations to Driven Brands and Shoals Technologies Group detracted from performance.
The Fund’s security selection in the financials and basic materials sectors contributed to performance.
Overweight allocations to StepStone Group and Evercore contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan SMID Cap Equity Fund (Class R4 Shares) | September 9, 2016 | 6.24 | % | 6.68 | % | 6.37 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2500 Index | | 10.47 | | 8.31 | | 7.99 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown for Class I Shares because Class R4 Shares have similar expenses to Class I Shares
The graph illustrates comparative performance for $10,000 invested in Class R4 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2014 to June 30, 2024. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index.
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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $393,201 | |
| Total number of portfolio holdings | $100 | |
| Portfolio turnover rate | $39 | % |
| Total advisory fees paid (000's) | $1,707 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” and “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SMID Cap Equity Fund
Class R6 Shares/Ticker: WOOSX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SMID Cap Equity Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SMID Cap Equity Fund
(Class R6 Shares) | $61 | 0.59% |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class R6 Shares returned 6.62% for the year ended June 30, 2024. The Russell 3000 Index returned 23.13% and the Russell 2500 Index returned 10.47% for the year ended June 30, 2024.
The Fund’s security selection in the industrials and consumer discretionary sectors detracted from performance.
Overweight allocations to Driven Brands and Shoals Technologies Group detracted from performance.
The Fund’s security selection in the financials and basic materials sectors contributed to performance.
Overweight allocations to StepStone Group and Evercore contributed to performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan SMID Cap Equity Fund (Class R6 Shares) | November 2, 2015 | 6.62 | % | 6.96 | % | 6.61 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Russell 2500 Index | | 10.47 | | 8.31 | | 7.99 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to their inception dates 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 R6Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2014 to June 30, 2024. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring 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 Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index.
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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements,performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| Fund net assets (000's) | $393,201 | |
| Total number of portfolio holdings | $100 | |
| Portfolio turnover rate | $39 | % |
| Total advisory fees paid (000's) | $1,707 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Financials Sector Risk” and “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in these sectors.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Balanced Fund
Class A Shares/Ticker: OGIAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Balanced Fund
(Class A Shares) | $60 | 0.57% |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund’s Class A Shares (without a sales charge) returned 11.86% for the year ended June 30, 2024. The Bloomberg U.S. Aggregagte Index returned 2.63%, the Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 12.24% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Balanced Fund (Class A Shares) | December 10, 1996 | 6.82 | % | 5.62 | % | 5.32 | % |
| JPMorgan Investor Balanced Fund (Class A Shares) - excluding sales charge | | 11.86 | | 6.60 | | 5.80 | |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Moderate Funds Index | | 12.24 | | 6.74 | | 5.89 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2014 to June 30, 2024. 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 total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,421,594 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $7 | % |
| Total advisory fees paid (000's) | $2,537 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Balanced Fund
Class C Shares/Ticker: OGBCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Balanced Fund
(Class C Shares) | $113 | 1.07% |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund’s Class C Shares (without a sales charge) returned 11.32% for the year ended June 30, 2024. The Bloomberg U.S. Aggregagte Index returned 2.63%, the Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 12.24% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Balanced Fund (Class C Shares) | July 1, 1997 | 10.32 | % | 6.08 | % | 5.36 | % |
| JPMorgan Investor Balanced Fund (Class C Shares) - excluding sales charge | | 11.32 | | 6.08 | | 5.36 | |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Moderate Funds Index | | 12.24 | | 6.74 | | 5.89 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,421,594 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $7 | % |
| Total advisory fees paid (000's) | $2,537 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Balanced Fund
Class I Shares/Ticker: OIBFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Balanced Fund
(Class I Shares) | $34 | 0.32% |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund’s Class I Shares returned 12.17% for the year ended June 30, 2024. the Bloomberg U.S. Aggregagte Index returned 2.63%, The Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 12.24% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Balanced Fund (Class I Shares) | December 10, 1996 | 12.17 | % | 6.89 | % | 6.07 | % |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Moderate Funds Index | | 12.24 | | 6.74 | | 5.89 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,421,594 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $7 | % |
| Total advisory fees paid (000's) | $2,537 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Balanced Fund
Class R6 Shares/Ticker: JFQUX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Balanced Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Balanced Fund
(Class R6 Shares) | $7 | 0.07% |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund’s Class R6 Shares returned 12.39% for the year ended June 30, 2024. The Bloomberg U.S. Aggregagte Index returned 2.63%, the Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 12.24% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Balanced Fund (Class R6 Shares) | July 31, 2017 | 12.39 | % | 7.13 | % | 6.22 | % |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Moderate Funds Index | | 12.24 | | 6.74 | | 5.89 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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 $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,421,594 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $7 | % |
| Total advisory fees paid (000's) | $2,537 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Conservative Growth Fund
Class A Shares/Ticker: OICAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Conservative Growth Fund
(Class A Shares) | $59 | 0.57% |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund’s Class A Shares (without a sales charge) returned 8.28% for the year ended June 30, 2024. The Bloomberg U.S. Aggregagte Index returned 2.63%, the Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.42% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading contributor to performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Conservative Growth Fund (Class A Shares) | December 10, 1996 | 3.39 | % | 3.08 | % | 3.46 | % |
| JPMorgan Investor Conservative Growth Fund (Class A Shares) - excluding sales charge | | 8.28 | | 4.02 | | 3.94 | |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Conservative Funds Index | | 8.42 | | 3.68 | | 3.61 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2014 to June 30, 2024. 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 total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $3,848,655 | |
| Total number of portfolio holdings | $27 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $1,893 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Conservative Growth Fund
Class C Shares/Ticker: OCGCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Conservative Growth Fund
(Class C Shares) | $111 | 1.07% |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund’s Class C Shares (without a sales charge) returned 7.67% for the year ended June 30, 2024. The Bloomberg U.S. Aggregagte Index returned 2.63%, the Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.42% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading contributor to performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Conservative Growth Fund (Class C Shares) | July 1, 1997 | 6.67 | % | 3.50 | % | 3.49 | % |
| JPMorgan Investor Conservative Growth Fund (Class C Shares) - excluding sales charge | | 7.67 | | 3.50 | | 3.49 | |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Conservative Funds Index | | 8.42 | | 3.68 | | 3.61 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $3,848,655 | |
| Total number of portfolio holdings | $27 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $1,893 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Conservative Growth Fund
Class I Shares/Ticker: ONCFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Conservative Growth Fund
(Class I Shares) | $33 | 0.32% |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund’s Class I Shares returned 8.57% for the year ended June 30, 2024. The Bloomberg U.S. Aggregagte Index returned 2.63%, the Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.42% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading contributor to performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Conservative Growth Fund (Class I Shares) | December 10, 1996 | 8.57 | % | 4.29 | % | 4.20 | % |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Conservative Funds Index | | 8.42 | | 3.68 | | 3.61 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $3,848,655 | |
| Total number of portfolio holdings | $27 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $1,893 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Conservative Growth Fund
Class R6 Shares/Ticker: JFLJX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Conservative Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Conservative Growth Fund
(Class R6 Shares) | $7 | 0.06% |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund’s Class R6 Shares returned 8.85% for the year ended June 30, 2024. The Bloomberg U.S. Aggregagte Index returned 2.63%, the Bloomberg U.S. Intermediate Aggregate Index (the “Index”) returned 3.55%, the Russell 3000 Index returned 23.13%, the MSCI EAFE Index (net total return) returned 11.54 % and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.42% for the year ended June 30, 2024.
Relative to the Index, which is an all fixed income index, the Fund’s diverse allocation to both equities and fixed income was a leading contributor to performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Conservative Growth Fund (Class R6 Shares) | July 31, 2017 | 8.85 | % | 4.54 | % | 4.34 | % |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (0.23 | ) | 1.35 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Conservative Funds Index | | 8.42 | | 3.68 | | 3.61 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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 $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The 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 total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $3,848,655 | |
| Total number of portfolio holdings | $27 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $1,893 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth & Income Fund
Class A Shares/Ticker: ONGIX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth & Income Fund
(Class A Shares) | $59 | 0.55% |
How did the Fund Perform?
The JPMorgan Investor Growth & Income Fund’s Class A Shares (without a sales charge) returned 14.51% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, The Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 14.74% for the year ended June 30, 2024.
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth & Income Fund (Class A Shares) | December 10, 1996 | 9.35 | % | 7.67 | % | 6.82 | % |
| JPMorgan Investor Growth & Income Fund (Class A Shares) - excluding sales charge | | 14.51 | | 8.67 | | 7.32 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Growth Funds Index | | 14.74 | | 8.63 | | 7.36 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2014 to June 30, 2024. 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 total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $4,584,419 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $2,053 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth & Income Fund
Class C Shares/Ticker: ONECX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth & Income Fund
(Class C Shares) | $115 | 1.07% |
How did the Fund Perform?
The JPMorgan Investor Growth & Income Fund’s Class C Shares (without a sales charge) returned 13.98% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, The Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 14.74% for the year ended June 30, 2024.
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth & Income Fund (Class C Shares) | July 1, 1997 | 12.98 | % | 8.11 | % | 6.86 | % |
| JPMorgan Investor Growth & Income Fund (Class C Shares) - excluding sales charge | | 13.98 | | 8.11 | | 6.86 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Growth Funds Index | | 14.74 | | 8.63 | | 7.36 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness,non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental,punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $4,584,419 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $2,053 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth & Income Fund
Class I Shares/Ticker: ONGFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth & Income Fund
(Class I Shares) | $34 | 0.32% |
How did the Fund Perform?
The JPMorgan Investor Growth and Income Fund’s Class I Shares returned 14.83% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, The Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 14.74% for the year ended June 30, 2024.
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth & Income Fund (Class I Shares) | December 10, 1996 | 14.83 | % | 8.93 | % | 7.59 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Growth Funds Index | | 14.74 | | 8.63 | | 7.36 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $4,584,419 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $2,053 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth & Income Fund
Class R6 Shares/Ticker: JFBUX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth & Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth & Income Fund
(Class R6 Shares) | $7 | 0.07% |
How did the Fund Perform?
The JPMorgan Investor Growth and Income Fund’s Class R6 Shares returned 15.11% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, The Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 14.74% for the year ended June 30, 2024.
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth & Income Fund (Class R6 Shares) | July 31, 2017 | 15.11 | % | 9.20 | % | 7.74 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Growth Funds Index | | 14.74 | | 8.63 | | 7.36 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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 $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $4,584,419 | |
| Total number of portfolio holdings | $26 | |
| Portfolio turnover rate | $8 | % |
| Total advisory fees paid (000's) | $2,053 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth Fund
Class A Shares/Ticker: ONGAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth Fund
(Class A Shares) | $60 | 0.55% |
How did the Fund Perform?
The JPMorgan Investor Growth Fund’s Class A Shares (without a sales charge) returned 17.66% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, the Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54%, and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index returned 16.68% for the year ended June 30, 2024.
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth Fund (Class A Shares) | December 10, 1996 | 12.37 | % | 9.89 | % | 8.52 | % |
| JPMorgan Investor Growth Fund (Class A Shares) - excluding sales charge | | 17.66 | | 10.91 | | 9.02 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | | 16.68 | | 9.65 | | 7.84 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from June 30, 2014 to June 30, 2024. 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 total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,313,691 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $2,294 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth Fund
Class C Shares/Ticker: OGGCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth Fund
(Class C Shares) | $117 | 1.08% |
How did the Fund Perform?
The JPMorgan Investor Growth Fund’s Class C Shares (without a sales charge) returned 17.08% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, the Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54%, and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index returned 16.68% for the year ended June 30, 2024.
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth Fund (Class C Shares) | July 1, 1997 | 16.08 | % | 10.33 | % | 8.54 | % |
| JPMorgan Investor Growth Fund (Class C Shares) - excluding sales charge | | 17.08 | | 10.33 | | 8.54 | |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | | 16.68 | | 9.65 | | 7.84 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness ,non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,313,691 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $2,294 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth Fund
Class I Shares/Ticker: ONIFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth Fund
(Class I Shares) | $35 | 0.32% |
How did the Fund Perform?
The JPMorgan Investor Growth Fund’s Class I Shares returned 17.95% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, the Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54%, and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index returned 16.68% for the year ended June 30, 2024.
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth Fund (Class I Shares) | December 10, 1996 | 17.95 | % | 11.17 | % | 9.29 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | | 16.68 | | 9.65 | | 7.84 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively"Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,313,691 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $2,294 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Investor Growth Fund
Class R6 Shares/Ticker: JFTUX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Investor Growth Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Investor Growth Fund
(Class R6 Shares) | $8 | 0.07% |
How did the Fund Perform?
The JPMorgan Investor Growth Fund’s Class R6 Shares returned 18.24% for the year ended June 30, 2024. The Russell 3000 Index (the “Index”) returned 23.13%, the Bloomberg U.S. Intermediate Aggregate Index returned 3.55%, the MSCI EAFE Index (net total return) returned 11.54%, and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index returned 16.68% for the year ended June 30, 2024..
Relative to the Index, which is an all equity index, the Fund’s diverse allocation to both equities and fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period.
The Fund’s allocation to equities contributed the most to overall performance, as global growth continued to power through with overall economic growth remaining resilient and inflation continuing its downward path. Within equities, the Fund preferred U.S. large-cap and international developed equities, which contributed to performance.
The Fund’s allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund was a leading detractor to performance, as government bonds underperformed during the period.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan Investor Growth Fund (Class R6 Shares) | July 31, 2017 | 18.24 | % | 11.43 | % | 9.44 | % |
| Russell 3000 Index | | 23.13 | | 14.14 | | 12.15 | |
| Bloomberg U.S. Intermediate Aggregate Index | | 3.55 | | 0.22 | | 1.33 | |
| MSCI EAFE Index (net total return) | | 11.54 | | 6.46 | | 4.33 | |
| Lipper Mixed-Asset Target Allocation Aggressive Growth Funds | | 16.68 | | 9.65 | | 7.84 | |
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from June 30, 2014 to June 30, 2024. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do 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 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 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 MSCI EAFE Index (net total return) 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| Fund net assets (000's) | $5,313,691 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $5 | % |
| Total advisory fees paid (000's) | $2,294 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Lawrence R. Maffia, each of whom is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
|
| AUDIT FEES |
| 2024 – $378,474 |
| 2023 – $344,725 |
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
|
| AUDIT-RELATED FEES |
| 2024 – $46,592 |
| 2023 – $43,952 |
Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
|
| TAX FEES |
| 2024 – $129,419 |
| 2023 – $121,875 |
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2024 and 2023, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
|
| ALL OTHER FEES |
| 2024 – Not applicable |
| 2023 – Not applicable |
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the
“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable - Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
|
2023 – $35.1 million 2022 – $31.8 million |
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must
provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:
| | (1) | That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; |
| | (2) | The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; |
| | (3) | Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; |
| | (4) | The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and |
| | (5) | Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter. |
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Annual Report
J.P. Morgan Large Cap Funds
June 30, 2024
JPMorgan Equity Income Fund |
JPMorgan Equity Index Fund |
JPMorgan Equity Premium Income Fund |
JPMorgan Hedged Equity Fund |
JPMorgan Hedged Equity 2 Fund |
JPMorgan Hedged Equity 3 Fund |
JPMorgan Large Cap Growth Fund |
JPMorgan Large Cap Value Fund |
JPMorgan U.S. Applied Data Science Value Fund |
JPMorgan U.S. Equity Fund |
JPMorgan U.S. GARP Equity Fund |
JPMorgan U.S. Large Cap Core Plus Fund |
JPMorgan U.S. Research Enhanced Equity Fund |
JPMorgan U.S. Sustainable Leaders Fund |
|
CONTENTS
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.
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 4.2% |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.7% |
United Parcel Service, Inc., Class B | | |
|
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
|
Air Products and Chemicals, Inc. | | |
| | |
| | |
Commercial Services & Supplies — 0.6% |
| | |
|
| | |
Capital One Financial Corp. | | |
| | |
| | |
|
Consumer Staples Distribution & Retail — 2.4% |
| | |
| | |
| | |
Diversified Telecommunication Services — 0.6% |
Verizon Communications, Inc. | | |
Electric Utilities — 1.9% |
| | |
| | |
| | |
Electrical Equipment — 1.5% |
| | |
Electronic Equipment, Instruments & Components — 0.8% |
| | |
|
| | |
Mondelez International, Inc., Class A | | |
| | |
Ground Transportation — 3.0% |
| | |
| | |
| | |
Health Care Equipment & Supplies — 2.7% |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 4.9% |
| | |
| | |
| | |
| | |
| | |
|
Alexandria Real Estate Equities, Inc. | | |
| | |
| | |
Hotels, Restaurants & Leisure — 1.2% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Household Products — 1.5% |
Procter & Gamble Co. (The) | | |
|
| | |
|
| | |
| | |
Hartford Financial Services Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
|
| | |
International Business Machines Corp. | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 8.6% |
| | |
| | |
| | |
| | |
| | |
Personal Care Products — 0.5% |
| | |
|
| | |
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
|
AvalonBay Communities, Inc. | | |
Semiconductors & Semiconductor Equipment — 5.9% |
| | |
| | |
Microchip Technology, Inc. | | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.2% |
| | |
Seagate Technology Holdings plc | | |
| | |
|
Philip Morris International, Inc. | | |
Total Common Stocks
(Cost $28,958,914) | | |
Short-Term Investments — 0.2% |
Investment Companies — 0.2% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $75,282) | | |
Total Investments — 100.0%
(Cost $29,034,196) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.8% |
| | |
| | |
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. | | |
L3Harris Technologies, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 0.4% |
CH Robinson Worldwide, Inc. | | |
Expeditors International of Washington, Inc. | | |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Citizens Financial Group, Inc. | | |
| | |
Huntington Bancshares, Inc. | | |
| | |
| | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
Brown-Forman Corp., Class B (b) | | |
| | |
Constellation Brands, Inc., Class A | | |
| | |
Molson Coors Beverage Co., Class B | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Builders FirstSource, Inc. * | | |
| | |
Johnson Controls International plc | | |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Bank of New York Mellon Corp. (The) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
Capital Markets — continued |
Cboe Global Markets, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
FactSet Research Systems, Inc. | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
MarketAxess Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Raymond James Financial, Inc. | | |
| | |
| | |
T. Rowe Price Group, Inc. | | |
| | |
|
Air Products and Chemicals, Inc. | | |
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
International Flavors & Fragrances, Inc. | | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Sherwin-Williams Co. (The) | | |
| | |
Commercial Services & Supplies — 0.6% |
| | |
| | |
| | |
| | |
| | |
|
Commercial Services & Supplies — continued |
| | |
| | |
| | |
Communications Equipment — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
Construction & Engineering — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
| | |
| | |
|
| | |
Capital One Financial Corp. | | |
Discover Financial Services | | |
| | |
| | |
Consumer Staples Distribution & Retail — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
Walgreens Boots Alliance, Inc. | | |
| | |
| | |
Containers & Packaging — 0.2% |
| | |
| | |
| | |
| | |
Packaging Corp. of America | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Diversified Telecommunication Services — 0.7% |
| | |
Verizon Communications, Inc. | | |
| | |
Electric Utilities — 1.5% |
| | |
American Electric Power Co., Inc. | | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. (b) | | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.7% |
| | |
| | |
| | |
| | |
| | |
| | |
Rockwell Automation, Inc. | | |
| | |
Electronic Equipment, Instruments & Components — 0.6% |
| | |
| | |
| | |
| | |
Keysight Technologies, Inc. * | | |
| | |
|
Electronic Equipment, Instruments & Components — continued |
| | |
Teledyne Technologies, Inc. * | | |
| | |
Zebra Technologies Corp., Class A * | | |
| | |
Energy Equipment & Services — 0.3% |
| | |
| | |
| | |
| | |
|
| | |
Live Nation Entertainment, Inc. * | | |
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
Warner Bros Discovery, Inc. * | | |
| | |
Financial Services — 3.8% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
McCormick & Co., Inc. (Non-Voting) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
Food Products — continued |
Mondelez International, Inc., Class A | | |
Tyson Foods, Inc., Class A | | |
| | |
|
| | |
Ground Transportation — 1.0% |
| | |
JB Hunt Transport Services, Inc. | | |
| | |
Old Dominion Freight Line, Inc. | | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.4% |
| | |
| | |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
Edwards Lifesciences Corp. * | | |
GE HealthCare Technologies, Inc. | | |
| | |
IDEXX Laboratories, Inc. * | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 2.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Health Care Providers & Services — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
|
Alexandria Real Estate Equities, Inc. | | |
Healthpeak Properties, Inc. | | |
| | |
| | |
| | |
Hotel & Resort REITs — 0.0% ^ |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 1.9% |
| | |
| | |
Caesars Entertainment, Inc. * | | |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
| | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Marriott International, Inc., Class A | | |
| | |
MGM Resorts International * | | |
Norwegian Cruise Line Holdings Ltd. * | | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
| | |
| | |
Household Durables — 0.3% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Household Durables — continued |
| | |
Mohawk Industries, Inc. * | | |
| | |
| | |
| | |
Household Products — 1.2% |
Church & Dwight Co., Inc. | | |
| | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
| | |
| | |
Industrial Conglomerates — 0.4% |
| | |
Honeywell International, Inc. | | |
| | |
|
| | |
|
| | |
| | |
American International Group, Inc. | | |
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
| | |
Cincinnati Financial Corp. | | |
| | |
| | |
Hartford Financial Services Group, Inc. (The) | | |
| | |
Marsh & McLennan Cos., Inc. | | |
| | |
Principal Financial Group, Inc. | | |
| | |
| | |
|
|
Prudential Financial, Inc. | | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
| | |
Interactive Media & Services — 6.7% |
| | |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
| | |
Akamai Technologies, Inc. * | | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
| | |
Leisure Products — 0.0% ^ |
| | |
Life Sciences Tools & Services — 1.2% |
Agilent Technologies, Inc. | | |
Bio-Rad Laboratories, Inc., Class A * | | |
| | |
Charles River Laboratories International, Inc. * | | |
| | |
| | |
Mettler-Toledo International, Inc. * | | |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
West Pharmaceutical Services, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Stanley Black & Decker, Inc. | | |
Westinghouse Air Brake Technologies Corp. | | |
| | |
| | |
|
Charter Communications, Inc., Class A * (b) | | |
| | |
| | |
| | |
Interpublic Group of Cos., Inc. (The) | | |
| | |
| | |
| | |
Paramount Global, Class B (b) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
|
Multi-Utilities — continued |
| | |
| | |
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. | | |
| | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Passenger Airlines — 0.2% |
American Airlines Group, Inc. * (b) | | |
| | |
| | |
United Airlines Holdings, Inc. * | | |
| | |
Personal Care Products — 0.1% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Pharmaceuticals — continued |
| | |
| | |
| | |
| | |
| | |
Professional Services — 0.6% |
Automatic Data Processing, Inc. | | |
Broadridge Financial Solutions, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Real Estate Management & Development — 0.1% |
CBRE Group, Inc., Class A * | | |
| | |
| | |
|
AvalonBay Communities, Inc. | | |
| | |
| | |
Essex Property Trust, Inc. | | |
| | |
Mid-America Apartment Communities, Inc. | | |
| | |
| | |
|
Federal Realty Investment Trust | | |
| | |
| | |
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 12.0% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Cadence Design Systems, Inc. * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Tyler Technologies, Inc. * | | |
| | |
|
| | |
| | |
Digital Realty Trust, Inc. | | |
| | |
Extra Space Storage, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
Specialized REITs — continued |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 7.0% |
| | |
Hewlett Packard Enterprise Co. | | |
| | |
| | |
Seagate Technology Holdings plc | | |
Super Micro Computer, Inc. * | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.4% |
| | |
Lululemon Athletica, Inc. * | | |
| | |
| | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.3% |
| | |
| | |
|
Trading Companies & Distributors — continued |
| | |
| | |
| | |
|
American Water Works Co., Inc. | | |
Wireless Telecommunication Services — 0.2% |
| | |
Total Common Stocks
(Cost $4,065,284) | | |
| | |
|
Health Care Equipment & Supplies — 0.0% ^ |
ABIOMED, Inc., CVR ‡ *
(Cost $10) | | |
| | |
Short-Term Investments — 0.4% |
Investment Companies — 0.3% |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (c) (d)
(Cost $31,098) | | |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $12,475) | | |
Total Short-Term Investments
(Cost $43,573) | | |
Total Investments — 100.1%
(Cost $4,108,867) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. | |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $12,230. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Premium Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.1% |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.4% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
| | |
Intercontinental Exchange, Inc. | | |
| | |
|
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
|
Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
Communications Equipment — 0.2% |
| | |
|
| | |
Consumer Staples Distribution & Retail — 1.9% |
| | |
| | |
| | |
Electric Utilities — 2.8% |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.5% |
| | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 0.3% |
Keysight Technologies, Inc. * | | |
Financial Services — 5.3% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Old Dominion Freight Line, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Premium Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — 2.3% |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
Health Care Providers & Services — 1.7% |
| | |
| | |
| | |
|
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
| | |
| | |
Household Products — 1.8% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Industrial Conglomerates — 1.4% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 3.2% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
| | |
| | |
|
|
Cognizant Technology Solutions Corp., Class A | | |
| | |
| | |
Life Sciences Tools & Services — 1.6% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 3.2% |
| | |
| | |
| | |
| | |
Personal Care Products — 0.2% |
| | |
|
| | |
| | |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
Semiconductors & Semiconductor Equipment — 5.6% |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — continued |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Burlington Stores, Inc. * | | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.1% |
| | |
Seagate Technology Holdings plc | | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.5% |
| | |
| | |
| | |
Total Common Stocks
(Cost $4,322,696) | | |
| | |
Equity-Linked Notes — 13.6% |
Bank of Nova Scotia (The), ELN, 40.87%, 8/6/2024, (linked to S&P 500 Index) (Canada) (a) | | |
BNP Paribas, ELN, 37.76%, 7/23/2024, (linked to S&P 500 Index) (a) | | |
BNP Paribas, ELN, 41.46%, 7/5/2024, (linked to S&P 500 Index) (a) | | |
BNP Paribas, ELN, 42.30%, 7/16/2024, (linked to S&P 500 Index) (a) | | |
BNP Paribas, ELN, 43.50%, 7/9/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 35.60%, 7/8/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 39.10%, 7/26/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 39.50%, 7/19/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 42.94%, 7/12/2024, (linked to S&P 500 Index) (a) | | |
GS Finance Corp., ELN, 41.77%, 7/15/2024, (linked to S&P 500 Index) (a) | | |
Royal Bank of Canada, ELN, 41.92%, 8/2/2024, (linked to S&P 500 Index) (Canada) (a) | | |
Royal Bank of Canada, ELN, 42.28%, 8/5/2024, (linked to S&P 500 Index) (Canada) (a) | | |
Societe Generale SA, ELN, 39.41%, 7/22/2024, (linked to S&P 500 Index) (France) (a) | | |
Societe Generale SA, ELN, 39.97%, 7/29/2024, (linked to S&P 500 Index) (France) (a) | | |
Societe Generale SA, ELN, 43.44%, 7/30/2024, (linked to S&P 500 Index) (a) | | |
Total Equity-Linked Notes
(Cost $857,963) | | |
Total Investments — 99.5%
(Cost $5,180,659) | | |
Other Assets Less Liabilities — 0.5% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Premium Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 0.9% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
Bank of America Corp. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.8% |
Costco Wholesale Corp. (a) | | |
|
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.5% |
Berkshire Hathaway, Inc., Class B * (a) | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
Mondelez International, Inc., Class A (a) | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.0% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.4% |
| | |
| | |
| | |
| | |
UnitedHealth Group, Inc. (a) | | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) (a) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. (a) | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 6.7% |
Alphabet, Inc., Class A (a) | | |
| | |
Meta Platforms, Inc., Class A (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.3% |
| | |
Thermo Fisher Scientific, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.1% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
Bristol-Myers Squibb Co. (a) | | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.1% |
Advanced Micro Devices, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
Texas Instruments, Inc. (a) | | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.5% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $10,871,001) | | |
| | |
|
Put Options Purchased — 0.8% |
| | |
9/30/2024 at USD 5,170.00, European Style | | |
Notional Amount: USD 19,640,254 | | |
Counterparty: Exchange-Traded *
(Cost $151,641) | | |
| | |
Short-Term Investments — 2.6% |
Investment Companies — 2.6% |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (b) (c)
(Cost $518,872) | | |
Total Investments — 100.5%
(Cost $11,541,514) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| All or a portion of the security is segregated for options written. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
Written Call Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Written Put Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $156,317) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.0% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
|
| | |
Electric Utilities — 2.1% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.7% |
Berkshire Hathaway, Inc., Class B * (a) | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.1% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.5% |
| | |
| | |
| | |
| | |
UnitedHealth Group, Inc. (a) | | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 3.0% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 7.1% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.4% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.2% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.7% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.8% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $3,365,694) | | |
| | |
Options Purchased — 0.0% ^ |
Put Options Purchased — 0.0% ^ |
| | |
7/31/2024 at USD 4,765.00, European Style | | |
Notional Amount: USD 4,922,077 | | |
Counterparty: Exchange-Traded *
(Cost $43,394) | | |
| | |
Short-Term Investments — 2.1% |
Investment Companies — 2.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
(Cost $97,567) | | |
Total Investments — 103.6%
(Cost $3,506,655) | | |
Liabilities in Excess of Other Assets — (3.6)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| All or a portion of the security is segregated for options written. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Written Call Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Written Put Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $45,664) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 3 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.0% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
|
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 3 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.6% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.0% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 3.0% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 6.9% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.4% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.2% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.5% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 3 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.7% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $2,020,453) | | |
| | |
|
Put Options Purchased — 0.3% |
| | |
8/30/2024 at USD 4,995.00, European Style | | |
Notional Amount: USD 2,954,666 | | |
Counterparty: Exchange-Traded *
(Cost $20,399) | | |
| | |
Short-Term Investments — 1.6% |
Investment Companies — 1.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
(Cost $46,578) | | |
Total Investments — 101.9%
(Cost $2,087,430) | | |
Liabilities in Excess of Other Assets — (1.9)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| All or a portion of the security is segregated for options written. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
Written Call Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Written Put Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $21,041) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Large Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.3% |
| | |
|
| | |
|
Celsius Holdings, Inc. * (a) | | |
| | |
| | |
|
Regeneron Pharmaceuticals, Inc. * | | |
|
| | |
MercadoLibre, Inc. (Brazil) * | | |
| | |
|
| | |
|
| | |
| | |
| | |
Communications Equipment — 1.2% |
| | |
Construction & Engineering — 0.6% |
| | |
Electrical Equipment — 2.2% |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Electronic Equipment, Instruments & Components — 1.2% |
| | |
| | |
| | |
|
| | |
| | |
| | |
Financial Services — 2.3% |
| | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Ground Transportation — 1.5% |
Uber Technologies, Inc. * | | |
Health Care Equipment & Supplies — 1.9% |
Edwards Lifesciences Corp. * (a) | | |
Intuitive Surgical, Inc. * | | |
| | |
Health Care Providers & Services — 1.2% |
| | |
Hotels, Restaurants & Leisure — 3.9% |
| | |
| | |
Chipotle Mexican Grill, Inc. * | | |
DoorDash, Inc., Class A * | | |
Marriott International, Inc., Class A | | |
| | |
| | |
Household Durables — 1.1% |
| | |
Interactive Media & Services — 10.6% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
| | |
Shopify, Inc., Class A (Canada) * | | |
| | |
Life Sciences Tools & Services — 0.0% ^ |
Thermo Fisher Scientific, Inc. | | |
|
Trade Desk, Inc. (The), Class A * | | |
|
| | |
Oil, Gas & Consumable Fuels — 0.6% |
| | |
| | |
| | |
|
| | |
Semiconductors & Semiconductor Equipment — 17.9% |
Advanced Micro Devices, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — continued |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
| | |
|
| | |
Technology Hardware, Storage & Peripherals — 4.9% |
| | |
Trading Companies & Distributors — 0.6% |
| | |
Total Common Stocks
(Cost $50,087,436) | | |
Short-Term Investments — 4.1% |
Investment Companies — 4.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $3,765,409) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $106,077) | | |
Total Short-Term Investments
(Cost $3,871,486) | | |
Total Investments — 100.7%
(Cost $53,958,922) | | |
Liabilities in Excess of Other Assets — (0.7)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $94,162. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.4% |
| | |
Air Freight & Logistics — 1.2% |
| | |
|
| | |
| | |
| | |
First Citizens BancShares, Inc., Class A | | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
Charles Schwab Corp. (The) | | |
| | |
Intercontinental Exchange, Inc. | | |
Jefferies Financial Group, Inc. | | |
| | |
| | |
|
| | |
Consumer Staples Distribution & Retail — 3.3% |
BJ's Wholesale Club Holdings, Inc. * | | |
Performance Food Group Co. * | | |
| | |
| | |
| | |
|
Containers & Packaging — 1.6% |
Graphic Packaging Holding Co. | | |
| | |
| | |
| | |
Electric Utilities — 1.6% |
| | |
| | |
| | |
Electrical Equipment — 3.5% |
| | |
| | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 1.2% |
| | |
Energy Equipment & Services — 0.5% |
| | |
|
Live Nation Entertainment, Inc. * | | |
Warner Bros Discovery, Inc. * | | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 7.8% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
Lamb Weston Holdings, Inc. | | |
Mondelez International, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Ground Transportation — 1.3% |
| | |
Uber Technologies, Inc. * | | |
| | |
Health Care Equipment & Supplies — 0.8% |
Baxter International, Inc. | | |
| | |
| | |
Health Care Providers & Services — 6.6% |
| | |
| | |
| | |
| | |
|
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 1.6% |
Mohawk Industries, Inc. * | | |
| | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.6% |
Honeywell International, Inc. | | |
|
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Life Sciences Tools & Services — 0.7% |
Thermo Fisher Scientific, Inc. | | |
|
Charter Communications, Inc., Class A * (a) | | |
| | |
|
|
| | |
Sirius XM Holdings, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Oil, Gas & Consumable Fuels — 7.3% |
| | |
| | |
| | |
Passenger Airlines — 0.6% |
| | |
|
| | |
| | |
| | |
|
Equity LifeStyle Properties, Inc. | | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 3.0% |
| | |
Microchip Technology, Inc. | | |
NXP Semiconductors NV (China) | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
| | |
|
| | |
|
| | |
Digital Realty Trust, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Specialized REITs — continued |
| | |
| | |
| | |
|
| | |
Technology Hardware, Storage & Peripherals — 1.8% |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
Textiles, Apparel & Luxury Goods — 0.7% |
| | |
| | |
| | |
|
Philip Morris International, Inc. | | |
Trading Companies & Distributors — 0.8% |
AerCap Holdings NV (Ireland) | | |
Total Common Stocks
(Cost $3,722,948) | | |
Short-Term Investments — 3.1% |
Investment Companies — 3.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $127,054) | | |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $3,210) | | |
Total Short-Term Investments
(Cost $130,264) | | |
Total Investments — 100.5%
(Cost $3,853,212) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $3,059. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Applied Data Science Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.7% |
| | |
| | |
| | |
Air Freight & Logistics — 0.9% |
United Parcel Service, Inc., Class B | | |
Automobile Components — 0.4% |
| | |
|
| | |
| | |
Citizens Financial Group, Inc. | | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
|
| | |
|
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
Fortune Brands Innovations, Inc. | | |
| | |
| | |
|
| | |
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
|
Axalta Coating Systems Ltd. * | | |
| | |
| | |
| | |
|
| | |
Capital One Financial Corp. | | |
| | |
| | |
|
Consumer Staples Distribution & Retail — 1.5% |
| | |
| | |
| | |
Containers & Packaging — 0.5% |
| | |
Diversified Telecommunication Services — 1.5% |
Verizon Communications, Inc. | | |
Electric Utilities — 3.3% |
| | |
| | |
| | |
| | |
Electrical Equipment — 2.1% |
| | |
Electronic Equipment, Instruments & Components — 0.5% |
Teledyne Technologies, Inc. * | | |
|
| | |
Financial Services — 4.6% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
Mastercard, Inc., Class A | | |
| | |
|
Mondelez International, Inc., Class A | | |
Tyson Foods, Inc., Class A | | |
| | |
Ground Transportation — 2.7% |
| | |
| | |
Uber Technologies, Inc. * | | |
| | |
Health Care Equipment & Supplies — 2.5% |
Baxter International, Inc. | | |
Boston Scientific Corp. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Applied Data Science Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Health Care Providers & Services — 4.4% |
| | |
| | |
| | |
| | |
|
| | |
Hotel & Resort REITs — 0.5% |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 1.9% |
| | |
| | |
| | |
| | |
Household Durables — 0.3% |
| | |
Household Products — 1.5% |
Procter & Gamble Co. (The) | | |
Spectrum Brands Holdings, Inc. | | |
| | |
Industrial Conglomerates — 1.2% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 1.1% |
Meta Platforms, Inc., Class A | | |
|
Cognizant Technology Solutions Corp., Class A | | |
Life Sciences Tools & Services — 1.4% |
Thermo Fisher Scientific, Inc. | | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
|
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 8.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Personal Care Products — 0.4% |
| | |
|
| | |
| | |
Jazz Pharmaceuticals plc * | | |
| | |
| | |
| | |
Professional Services — 1.1% |
Booz Allen Hamilton Holding Corp. | | |
SS&C Technologies Holdings, Inc. | | |
| | |
Real Estate Management & Development — 0.7% |
CBRE Group, Inc., Class A * | | |
Semiconductors & Semiconductor Equipment — 4.4% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
| | |
|
Digital Realty Trust, Inc. | | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Specialty Retail — continued |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.2% |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
|
Philip Morris International, Inc. | | |
Total Common Stocks
(Cost $133,493) | | |
Short-Term Investments — 0.7% |
Investment Companies — 0.7% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $1,157) | | |
Total Investments — 100.0%
(Cost $134,650) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 2.4% |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
| | |
| | |
Construction Materials — 1.9% |
| | |
|
| | |
Electric Utilities — 3.0% |
| | |
| | |
| | |
Electrical Equipment — 1.6% |
| | |
Energy Equipment & Services — 2.1% |
| | |
Financial Services — 3.1% |
| | |
| | |
|
Financial Services — continued |
| | |
Mastercard, Inc., Class A | | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 2.1% |
| | |
Health Care Equipment & Supplies — 2.4% |
| | |
| | |
| | |
Health Care Providers & Services — 2.3% |
| | |
Hotels, Restaurants & Leisure — 2.4% |
Marriott International, Inc., Class A | | |
| | |
| | |
|
| | |
|
Travelers Cos., Inc. (The) | | |
Interactive Media & Services — 6.5% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
Life Sciences Tools & Services — 1.0% |
| | |
|
| | |
Oil, Gas & Consumable Fuels — 2.5% |
| | |
|
| | |
Semiconductors & Semiconductor Equipment — 13.0% |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — continued |
| | |
NXP Semiconductors NV (China) | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 8.5% |
| | |
Seagate Technology Holdings plc | | |
| | |
Total Common Stocks
(Cost $17,257,438) | | |
| | |
Short-Term Investments — 0.9% |
Investment Companies — 0.9% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $269,804) | | |
Total Investments — 100.3%
(Cost $17,527,242) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. GARP Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.7% |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
Builders FirstSource, Inc. * | | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
|
| | |
| | |
| | |
Commercial Services & Supplies — 0.5% |
| | |
Communications Equipment — 0.8% |
| | |
Construction & Engineering — 0.3% |
| | |
Consumer Staples Distribution & Retail — 1.3% |
| | |
| | |
| | |
| | |
|
Electric Utilities — 0.7% |
| | |
| | |
| | |
Electrical Equipment — 0.3% |
| | |
Energy Equipment & Services — 0.5% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 3.7% |
| | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 2.0% |
| | |
Uber Technologies, Inc. * | | |
| | |
Health Care Equipment & Supplies — 0.8% |
Boston Scientific Corp. * | | |
| | |
| | |
Health Care Providers & Services — 1.9% |
| | |
| | |
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 2.6% |
| | |
Chipotle Mexican Grill, Inc. * | | |
DoorDash, Inc., Class A * | | |
Hilton Worldwide Holdings, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Hotels, Restaurants & Leisure — continued |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
|
| | |
|
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
Interactive Media & Services — 10.7% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
Life Sciences Tools & Services — 0.6% |
Thermo Fisher Scientific, Inc. | | |
|
| | |
|
Liberty Media Corp-Liberty SiriusXM * | | |
Oil, Gas & Consumable Fuels — 0.4% |
| | |
|
| | |
| | |
| | |
Professional Services — 0.4% |
| | |
Semiconductors & Semiconductor Equipment — 16.7% |
Advanced Micro Devices, Inc. * | | |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
NXP Semiconductors NV (China) | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
Procore Technologies, Inc. * | | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
|
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
Technology Hardware, Storage & Peripherals — 9.2% |
| | |
Dell Technologies, Inc., Class C | | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
Total Common Stocks
(Cost $669,007) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. GARP Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Short-Term Investments — 1.3% |
Investment Companies — 1.3% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $19,422) | | |
Total Investments — 99.6%
(Cost $688,429) | | |
Other Assets Less Liabilities — 0.4% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
|
Aerospace & Defense — 2.9% |
Howmet Aerospace, Inc. (a) | | |
| | |
| | |
| | |
Air Freight & Logistics — 0.2% |
| | |
|
Bank of America Corp. (a) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) (a) | | |
Goldman Sachs Group, Inc. (The) (a) | | |
Intercontinental Exchange, Inc. | | |
Raymond James Financial, Inc. | | |
| | |
| | |
|
|
|
| | |
| | |
| | |
Communications Equipment — 0.2% |
| | |
Construction Materials — 0.9% |
Martin Marietta Materials, Inc. | | |
| | |
| | |
Consumer Staples Distribution & Retail — 0.8% |
| | |
| | |
| | |
Electric Utilities — 2.9% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.0% |
| | |
| | |
| | |
Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
|
Take-Two Interactive Software, Inc. * | | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 6.4% |
| | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
Jack Henry & Associates, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Long Positions — continued |
Common Stocks — continued |
Financial Services — continued |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
| | |
Mondelez International, Inc., Class A (a) | | |
| | |
Ground Transportation — 2.6% |
Norfolk Southern Corp. (a) | | |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
| | |
Health Care Equipment & Supplies — 3.2% |
Boston Scientific Corp. * (a) | | |
Edwards Lifesciences Corp. * | | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
Health Care Providers & Services — 2.8% |
| | |
| | |
| | |
UnitedHealth Group, Inc. (a) | | |
| | |
|
| | |
Hotels, Restaurants & Leisure — 4.7% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
DoorDash, Inc., Class A * | | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
| | |
|
|
Household Durables — 0.1% |
| | |
Household Products — 1.0% |
Church & Dwight Co., Inc. (a) | | |
Procter & Gamble Co. (The) (a) | | |
| | |
Industrial Conglomerates — 0.7% |
Honeywell International, Inc. (a) | | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
Progressive Corp. (The) (a) | | |
RenaissanceRe Holdings Ltd. (Bermuda) | | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 7.3% |
| | |
Alphabet, Inc., Class A (a) | | |
Meta Platforms, Inc., Class A (a) | | |
| | |
Life Sciences Tools & Services — 1.5% |
| | |
Thermo Fisher Scientific, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
Comcast Corp., Class A (a) | | |
| | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Long Positions — continued |
Common Stocks — continued |
Multi-Utilities — continued |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 4.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
|
Bristol-Myers Squibb Co. (a) | | |
Elanco Animal Health, Inc. * | | |
| | |
| | |
| | |
Professional Services — 0.4% |
| | |
|
American Homes 4 Rent, Class A | | |
Semiconductors & Semiconductor Equipment — 15.5% |
Advanced Micro Devices, Inc. * | | |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
Microchip Technology, Inc. | | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
| | |
|
|
Semiconductors & Semiconductor Equipment — continued |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
Texas Instruments, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * (a) | | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 8.0% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
Trading Companies & Distributors — 0.1% |
| | |
Wireless Telecommunication Services — 0.5% |
| | |
Total Common Stocks
(Cost $1,734,203) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Long Positions — continued |
Short-Term Investments — 2.7% |
Investment Companies — 2.7% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)(Cost $62,838) | | |
Total Long Positions
(Cost $1,797,041) | | |
Short Positions — (23.4)% |
|
Aerospace & Defense — (0.7)% |
| | |
Huntington Ingalls Industries, Inc. | | |
| | |
| | |
Air Freight & Logistics — (0.2)% |
Expeditors International of Washington, Inc. | | |
|
| | |
|
Huntington Bancshares, Inc. | | |
PNC Financial Services Group, Inc. (The) | | |
| | |
|
Molson Coors Beverage Co., Class B | | |
|
| | |
| | |
| | |
| | |
Building Products — (0.5)% |
Johnson Controls International plc | | |
Lennox International, Inc. | | |
| | |
|
Bank of New York Mellon Corp. (The) | | |
| | |
Coinbase Global, Inc., Class A * | | |
FactSet Research Systems, Inc. | | |
| | |
LPL Financial Holdings, Inc. | | |
| | |
| | |
|
|
Capital Markets — continued |
| | |
T. Rowe Price Group, Inc. | | |
| | |
Commercial Services & Supplies — (0.2)% |
| | |
Communications Equipment — (0.1)% |
| | |
Consumer Finance — (0.1)% |
| | |
Consumer Staples Distribution & Retail — (0.6)% |
| | |
| | |
Walgreens Boots Alliance, Inc. | | |
| | |
Containers & Packaging — (0.3)% |
| | |
| | |
| | |
Diversified Telecommunication Services — (0.3)% |
| | |
Verizon Communications, Inc. | | |
| | |
Electric Utilities — (1.5)% |
American Electric Power Co., Inc. | | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. | | |
| | |
| | |
Electrical Equipment — (0.1)% |
| | |
Energy Equipment & Services — (0.2)% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Short Positions — continued |
Common Stocks — continued |
|
| | |
| | |
| | |
Financial Services — (1.1)% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Health Care Equipment & Supplies — (0.3)% |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — (0.7)% |
| | |
| | |
| | |
| | |
Hotels, Restaurants & Leisure — (0.9)% |
| | |
Choice Hotels International, Inc. | | |
| | |
| | |
| | |
Household Products — (0.0)% ^ |
| | |
Industrial Conglomerates — (0.2)% |
| | |
|
| | |
| | |
|
|
|
American International Group, Inc. | | |
Arch Capital Group Ltd. * | | |
Hartford Financial Services Group, Inc. (The) | | |
Kinsale Capital Group, Inc. | | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
|
| | |
International Business Machines Corp. | | |
| | |
Life Sciences Tools & Services — (0.5)% |
Agilent Technologies, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
Stanley Black & Decker, Inc. | | |
| | |
|
| | |
Interpublic Group of Cos., Inc. (The) | | |
| | |
Paramount Global, Class B | | |
| | |
|
| | |
|
| | |
| | |
| | |
Oil, Gas & Consumable Fuels — (0.8)% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Short Positions — continued |
Common Stocks — continued |
Oil, Gas & Consumable Fuels — continued |
Occidental Petroleum Corp. | | |
| | |
| | |
| | |
Passenger Airlines — (0.1)% |
| | |
|
| | |
| | |
| | |
Professional Services — (1.1)% |
Automatic Data Processing, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Residential REITs — (0.1)% |
Essex Property Trust, Inc. | | |
|
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — (2.9)% |
| | |
| | |
| | |
| | |
| | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
|
|
Specialty Retail — (0.1)% |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — (0.2)% |
| | |
Textiles, Apparel & Luxury Goods — (0.3)% |
| | |
On Holding AG (Switzerland), Class A * | | |
| | |
Trading Companies & Distributors — (0.3)% |
| | |
Total Common Stocks
(Proceeds $(583,569)) | | |
Total Short Positions
(Proceeds $(583,569)) | | |
Total Investments — 99.7%
(Cost $1,213,472) | | |
Other Assets Less Liabilities — 0.3% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| American Depositary Receipt |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $781,936. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 0.9% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
|
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.6% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.0% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 6.8% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.4% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.1% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.3% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.6% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $5,080,142) | | |
Short-Term Investments — 2.1% |
Investment Companies — 2.1% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $193,051) | | |
Total Investments — 100.6%
(Cost $5,273,193) | | |
Liabilities in Excess of Other Assets — (0.6)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Automobile Components — 0.4% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
|
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Commercial Services & Supplies — 1.2% |
| | |
Communications Equipment — 0.7% |
| | |
Construction & Engineering — 0.6% |
| | |
Consumer Staples Distribution & Retail — 2.6% |
| | |
Containers & Packaging — 0.5% |
| | |
| | |
|
Diversified Telecommunication Services — 0.8% |
Verizon Communications, Inc. | | |
Electric Utilities — 2.8% |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.1% |
| | |
Energy Equipment & Services — 1.6% |
| | |
|
| | |
| | |
| | |
Financial Services — 3.3% |
Mastercard, Inc., Class A | | |
|
| | |
Ground Transportation — 1.4% |
| | |
Health Care Equipment & Supplies — 2.9% |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
Health Care Providers & Services — 2.8% |
| | |
| | |
| | |
|
| | |
|
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 4.8% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Life Sciences Tools & Services — 2.1% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 11.2% |
Advanced Micro Devices, Inc. * | | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
Cadence Design Systems, Inc. * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 7.4% |
| | |
Seagate Technology Holdings plc | | |
| | |
Total Common Stocks
(Cost $138,922) | | |
Short-Term Investments — 2.1% |
Investment Companies — 2.1% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $4,615) | | |
Total Investments — 99.9%
(Cost $143,537) | | |
Other Assets Less Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 3.5% |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.6% |
United Parcel Service, Inc., Class B | | |
|
| | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
|
| | |
|
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
Charles Schwab Corp. (The) | | |
Goldman Sachs Group, Inc. (The) | | |
| | |
| | |
|
Air Products and Chemicals, Inc. | | |
Axalta Coating Systems Ltd. * | | |
| | |
Commercial Services & Supplies — 0.6% |
| | |
Construction Materials — 1.3% |
| | |
| | |
|
|
| | |
Capital One Financial Corp. | | |
| | |
Consumer Staples Distribution & Retail — 1.8% |
| | |
| | |
| | |
Containers & Packaging — 0.4% |
| | |
Electric Utilities — 2.1% |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.6% |
| | |
|
| | |
Financial Services — 3.0% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 3.0% |
| | |
| | |
| | |
Health Care Equipment & Supplies — 3.1% |
| | |
Boston Scientific Corp. * | | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 4.7% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Health Care Providers & Services — continued |
| | |
Universal Health Services, Inc., Class B | | |
| | |
|
| | |
Hotel & Resort REITs — 0.5% |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 1.4% |
| | |
| | |
| | |
Household Products — 1.3% |
Procter & Gamble Co. (The) | | |
|
| | |
Hartford Financial Services Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
Interactive Media & Services — 2.1% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
International Business Machines Corp. | | |
Life Sciences Tools & Services — 0.4% |
Thermo Fisher Scientific, Inc. | | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
|
Oil, Gas & Consumable Fuels — 8.2% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
AvalonBay Communities, Inc. | | |
Semiconductors & Semiconductor Equipment — 6.5% |
Advanced Micro Devices, Inc. * | | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.4% |
| | |
|
Philip Morris International, Inc. | | |
Wireless Telecommunication Services — 0.5% |
| | |
Total Common Stocks
(Cost $4,354,168) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Short-Term Investments — 1.4% |
Investment Companies — 1.4% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $81,551) | | |
Total Investments — 100.0%
(Cost $4,435,719) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
Equity Income
Fund | | JPMorgan
Equity Premium
Income Fund | |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
Options purchased, at value | | | | |
| | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Interest from non-affiliates | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Variation margin on futures contracts | | | | |
Outstanding options written, at fair value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Income Fund | | JPMorgan Equity Premium Income Fund | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Cost of options purchased | | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
Premiums received from options written | | | | |
(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.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
Hedged
Equity 2 Fund | JPMorgan
Hedged
Equity 3 Fund | JPMorgan
Large Cap
Growth Fund | |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
Options purchased, at value | | | | |
Restricted cash for exchange-traded options | | | | |
| | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Interest from non-affiliates | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Variation margin on futures contracts | | | | |
Outstanding options written, at fair value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund | JPMorgan Large Cap Growth Fund | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Cost of options purchased | | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
Premiums received from options written | | | | |
(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.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
U.S. Applied
Data Science
Value Fund | | JPMorgan
U.S. GARP
Equity Fund | JPMorgan
U.S. Large
Cap Core
|
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
| | | | |
Deposits at broker for futures contracts | | | | |
Deposits at broker for securities sold short | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
Securities sold short, at value | | | | |
Dividend expense to non-affiliates on securities sold short | | | | |
Investment securities purchased | | | | |
Interest expense to non-affiliates on securities sold short | | | | |
| | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Applied Data Science Value Fund | | JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class L — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Proceeds from securities sold short | | | | |
(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.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
U.S. Research
Enhanced
Equity Fund | JPMorgan
U.S. Sustainable
Leaders Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
| | | |
Deposits at broker for futures contracts | | | |
| | | |
Investment securities sold | | | |
| | | |
Dividends from non-affiliates | | | |
Dividends from affiliates | | | |
Securities lending income (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
| | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Research Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class A — Redemption price per share | | | |
Class C — Offering price per share (b) | | | |
Class I — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Class A maximum sales charge | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
(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.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
Equity Income
Fund | | JPMorgan
Equity Premium
Income Fund | |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.K.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Income Fund | | JPMorgan Equity Premium Income Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
Hedged
Equity 2 Fund | JPMorgan
Hedged
Equity 3 Fund | JPMorgan
Large Cap
Growth Fund | |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.K.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund | JPMorgan Large Cap Growth Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
U.S. Applied
Data Science
Value Fund | | JPMorgan
U.S. GARP
Equity Fund | JPMorgan
U.S. Large
Cap Core
|
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.K.) | | | | |
Dividend expense to non-affiliates on securities sold short | | | | |
Interest expense to non-affiliates on securities sold short | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Applied Data Science Value Fund | | JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
U.S. Research
Enhanced
Equity Fund | JPMorgan
U.S. Sustainable
Leaders Fund | |
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from non-affiliates | | | |
Dividend income from affiliates | | | |
Income from securities lending (net) (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.K.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Research Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Premium
Income Fund | JPMorgan Hedged Equity Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Applied
Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Research
Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Premium
Income Fund | JPMorgan Hedged Equity Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Premium Income Fund | JPMorgan Hedged Equity Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Applied
Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class L capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Applied Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Applied Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Research
Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Research Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | |
| | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class A capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class C capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class I capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R2 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R3 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R4 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R5 capital transactions | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
| | |
CAPITAL TRANSACTIONS: (continued) | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R6 capital transactions | | |
Total change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Change in Class R2 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R3 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R4 Shares | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | |
SHARE TRANSACTIONS: (continued) | | |
| | |
| | |
| | |
| | |
Change in Class R5 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R6 Shares | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
U.S. Large
Cap Core
Plus Fund |
INCREASE (DECREASE) IN CASH | |
Cash flows provided (used) by operating activities: | |
Net increase in net assets resulting from operations | |
Adjustments to reconcile net increase/decrease in net assets resulting
from operations to net cash provided (used) by operating activities: | |
Purchases of investment securities | |
Proceeds from disposition of investment securities | |
Covers of investment securities sold short | |
Proceeds from investment securities sold short | |
Purchases of short-term investments — affiliates, net | |
Change in unrealized (appreciation)/depreciation on investments in non-affiliates | |
Change in unrealized (appreciation)/depreciation on investment securities sold short | |
Net realized (gain)/loss on investments in non-affiliates | |
Net realized (gain)/loss on investments in affiliates | |
Net realized (gain)/loss on securities sold short | |
Increase in dividends receivable from affiliates | |
Increase in dividends receivable from non-affiliates | |
Decrease in variation margin receivable | |
Increase in dividend expense payable to non-affiliates on securities sold short | |
Increase in interest expense payable to non-affiliates on securities sold short | |
Increase in variation margin payable | |
Increase in investment advisory fees payable | |
Increase in administration fees payable | |
Increase in distribution fees payable | |
Increase in service fees payable | |
Increase in custodian and accounting fees payable | |
Decrease in other accrued expenses payable | |
Net cash provided (used) by operating activities | |
Cash flows provided (used) by financing activities: | |
Proceeds from shares issued | |
Payment for shares redeemed | |
Cash distributions paid to shareholders (net of reinvestments $154,990) | |
Net cash provided (used) by financing activities | |
| |
Net increase (decrease) in restricted and unrestricted cash and deposits at broker | |
Restricted and unrestricted cash and deposits at broker at beginning of year | |
Restricted and unrestricted cash and deposits at broker at end of year | |
Supplemental disclosure of cash flow information:For the year ended June 30, 2024 the Fund paid approximately $2,277 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.
| J.P. Morgan Large Cap Funds | |
Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statements of Assets and Liabilities:
| JPMorgan
U.S. Large
Cap Core
Plus Fund | JPMorgan
U.S. Large
Cap Core
Plus Fund |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Equity Income Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Equity Index Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Net expenses for Class R6 Shares are 0.044% for the year ended June 30, 2024, 0.045% for the year ended June 30, 2023, 0.045% for the year ended June 30, 2022, 0.044% for the year ended June 30, 2021, 0.044% for the year ended June 30, 2020. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | Net asset
value,
end of
period |
JPMorgan Equity Premium Income Fund | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
|
| | Ratios to average net assets |
Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | Net asset
value,
end of
period |
JPMorgan Hedged Equity Fund | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
|
| | Ratios to average net assets |
Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Hedged Equity 2 Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Commencement of operations. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Hedged Equity 3 Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Commencement of operations. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Large Cap Growth Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Large Cap Value Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Applied Data Science Value Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| 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.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Equity Fund (continued) | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. GARP Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| 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. |
| 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Large Cap Core Plus Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
| | | | | |
Net expenses (excluding dividend and interest expense for securities sold short) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|
| 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. |
| Interest expense on securities sold short is 0.14%. |
| Interest expense on securities sold short is 0.62%. |
| Interest expense on securities sold short is 0.16%. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | Net
expenses
(including dividend
and interest expense
for securities sold
short)(c)(d) | Net
investment
income
(loss) | Expenses without
waivers and reimbursements
(including dividend
and interest expense
for securities sold
short)(d) | Portfolio
turnover rate
(excluding securities
sold short) | Portfolio
turnover rate
(including securities
sold short) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Research Enhanced Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Sustainable Leaders Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
September 30, 2020 (f) through June 30, 2021 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(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:
| | | Diversification Classification |
JPMorgan Equity Income Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Equity Index Fund | Class A, Class C, Class I and Class R6 | | |
JPMorgan Equity Premium Income Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Hedged Equity 2 Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Hedged Equity 3 Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Large Cap Growth Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Large Cap Value Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan U.S. Applied Data Science Value Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan U.S. Equity Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan U.S. GARP Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan U.S. Large Cap Core Plus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan U.S. Research Enhanced Equity Fund | Class A, Class I and Class R6 | | |
JPMorgan U.S. Sustainable Leaders Fund | Class A, Class C, Class I and Class R6 | | |
| Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
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 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 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 Growth Fund ("Large Cap Growth Fund") is to seek long-term capital appreciation.
The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.
The investment objective of JPMorgan U.S. 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”) and JPMorgan U.S. Large Cap Core Plus Fund ("U.S. Large Cap Core Plus 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. 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.
| J.P. Morgan Large Cap Funds | |
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.
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. Effective January 15, 2024, the Fund is no longer subject to a limited offering, and all limited offering disclosure relating to the Fund will be deleted.
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. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from 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.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts and options are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
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"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
| J.P. Morgan Large Cap Funds | |
Equity Premium Income Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Hedged Equity 3 Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Applied Data Science Value Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
| J.P. Morgan Large Cap Funds | |
U.S. GARP Equity Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Large Cap Core Plus Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Total Liabilities in Securities Sold Short (a) | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Research Enhanced Equity Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Sustainable Leaders Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| Amount rounds to less than one thousand. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of June 30, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund, the Class IM Shares of the JPMorgan Prime Money Market Fund, and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2024.
| 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) |
| | | |
| | | |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
| J.P. Morgan Large Cap Funds | |
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 0.13% to 0.06%. For the year ended June 30, 2024, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
| |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Equity Income Fund, 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 and U.S. Value Fund did not have any securities out on loan at June 30, 2024. Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund did not lend out any securities during the year ended June 30, 2024.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds 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.
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
| | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | | | | | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Equity Index Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (b) (c) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Equity Premium Income Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| J.P. Morgan Large Cap Funds | |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Large Cap Value Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
U.S. Applied Data Science Value Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount rounds to less than one thousand. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Large Cap Funds | |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
U.S. Large Cap Core Plus Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount rounds to less than one thousand. |
U.S. Research Enhanced Equity Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
U.S. Sustainable Leaders Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount rounds to less than one thousand. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
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
| J.P. Morgan Large Cap Funds | |
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.
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 Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
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' options and futures contracts activity during the year ended June 30, 2024. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):
| | Equity Premium
Income Fund |
| | |
Average Notional Balance Long | | |
Average Notional Balance Short | | |
Ending Notional Balance Long | | |
Ending Notional Balance Short | | |
| | | |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
| | | |
Average Number of Contracts Purchased | | | |
Average Number of Contracts Written | | | |
Ending Number of Contracts Purchased | | | |
Ending Number of Contracts Written | | | |
| U.S.
Applied Data
Science
Value Fund | | |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
| U.S.
Large Cap
Core Plus
Fund | U.S.
Research
Enhanced
Equity
Fund | U.S.
Sustainable
Leaders
Fund |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
The Funds' derivatives contracts held at June 30, 2024 are not accounted for as hedging instruments under GAAP.
H. Equity-Linked Notes— Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.
As of June 30, 2024, Equity Premium Income Fund had outstanding ELNs as listed on the SOIs.
I. Short Sales— U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.
The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities
| J.P. Morgan Large Cap Funds | |
sold short, while cash collateral deposited at the Fund's custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. 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 June 30, 2024, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.
J. 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, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
K. 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 year ended June 30, 2024 are as follows:
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Equity Premium Income Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
U.S. Applied Data Science Value Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
U.S. Large Cap Core Plus Fund | | | | | | | | | | |
| | | | | | | | | | |
U.S. Research Enhanced Equity Fund | | | | | | | | | | |
| | | | | | | | | | |
U.S. Sustainable Leaders Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
|
| Amount rounds to less than one thousand. |
L. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2024, 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.
M. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for 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, Equity Income Fund, for which distributions are generally declared and paid at least monthly, and Equity Premium Income Fund, for which distributions are generally declared daily and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
The reclassifications for the Funds relate primarily to tax adjustments on certain investments and tax equalization.
| J.P. Morgan Large Cap Funds | |
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:
| |
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Large Cap Core Plus Fund | |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2024, the effective annualized rate for Equity Income Fund, Equity Index 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 0.035%, 0.075%, 0.075%, 0.065%, 0.075%, 0.075%, 0.027%, 0.075%, 0.075%, 0.057%, 0.075%, 0.075%, 0.075%, 0.075% and 0.075%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| | | | |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2024, JPMDS retained the following:
| | |
| | |
| | |
Equity Premium Income Fund | | |
| | |
| | |
| | |
| | |
| | |
U.S. Applied Data Science Value Fund | | |
| | |
| | |
U.S. Large Cap Core Plus Fund | | |
U.S. Research Enhanced Equity Fund | | |
U.S. Sustainable Leaders Fund | | |
| | |
|
| 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:
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Equity Premium Income Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Applied Data Science Value Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Large Cap Core Plus Fund | | | | | | | | |
U.S. Research Enhanced Equity Fund | | | | | | | | |
U.S. Sustainable Leaders Fund | | | | | | | | |
| | | | | | | | |
| J.P. Morgan Large Cap Funds | |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:
| | | | | | | | |
| | | | | | | | |
Equity Premium Income Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Applied Data Science Value Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Large Cap Core Plus Fund | | | | | | | | |
U.S. Research Enhanced Equity Fund | | | | | | | | |
U.S. Sustainable Leaders Fund | | | | | | | | |
| | | | | | | | |
The expense limitation agreements were in effect for the year ended June 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2024.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
For the year ended June 30, 2024, 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
Reimbursements |
| | | | | |
| | | | | |
Equity Premium Income Fund | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
U.S. Applied Data Science Value Fund | | | | | |
| | | | | |
| | | | | |
U.S. Large Cap Core Plus Fund | | | | | |
U.S. Research Enhanced Equity Fund | | | | | |
U.S. Sustainable Leaders Fund | | | | | |
| | | | | |
|
| Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2024 were as follows:
| |
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Large Cap Core Plus Fund | |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of these reimbursements were as follows:
| |
| |
| |
Equity Premium Income Fund | |
| J.P. Morgan Large Cap Funds | |
| |
| |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Large Cap Core Plus Fund | |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2024, Large Cap Value Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The below Funds used related party broker-dealers during the year ended June 30, 2024, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
4. Investment Transactions
During the year ended June 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) | | Covers on
Securities
Sold Short |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | | Covers on Securities Sold Short |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund * | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
|
| The tax cost includes the proceeds from short sales which may result in a net negative cost. |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives and wash sale loss deferrals.
| J.P. Morgan Large Cap Funds | |
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
Equity Premium Income Fund | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
U.S. Research Enhanced Equity Fund | | | |
U.S. Sustainable Leaders Fund | | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2023 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
Equity Premium Income Fund | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
U.S. Research Enhanced Equity Fund | | | |
U.S. Sustainable Leaders Fund | | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
| | | |
| | | |
Equity Premium Income Fund | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
U.S. Research Enhanced Equity Fund | | | |
U.S. Sustainable Leaders Fund | | | |
| | | |
The cumulative timing differences primarily consist of certain derivatives, dividends payable, post-October capital loss deferrals and wash sale loss deferrals.
As of June 30, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
Equity Premium Income Fund | | |
| | |
| | |
| | |
| | |
U.S. Sustainable Leaders Fund | | |
Net capital losses (gains) 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, 2024, the Funds deferred to July 1, 2024 the following net capital losses (gains) of:
| Net Capital Losses (Gains) |
| | |
| | |
Equity Premium Income Fund | | |
| | |
| | |
| | |
| | |
| J.P. Morgan Large Cap Funds | |
During the year ended June 30, 2024, the following Funds utilized capital loss carryforwards as follows:
| |
| | |
| | |
| | |
| | |
U.S. Sustainable Leaders Fund | | |
| | |
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 as of June 30, 2024. Average borrowings from the Facility for the year ended June 30, 2024, were as follows:
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 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
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 million 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 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended June 30, 2024.
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.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
As of June 30, 2024, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
As of June 30, 2024, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
| | JPMorgan
SmartRetirement
Funds | JPMorgan
SmartRetirement
Blend Funds |
| | | |
| | | |
| | | |
U.S. Research Enhanced Equity Fund | | | |
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.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Large Cap Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Hedged Equity Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund (eight of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund and JPMorgan Hedged Equity 3 Fund (three of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of June 30, 2024, the related statements of operations for the year ended June 30, 2024, the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year ended June 30, 2024, the statements of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, the results of each of their operations for the year then ended, for the JPMorgan U.S. Large Cap Core Plus Fund, the results of its cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| J.P. Morgan Large Cap Funds | |
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, 2024. 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, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024:
| Dividends
Received
Deduction |
JPMorgan Equity Income Fund | |
JPMorgan Equity Index Fund | |
JPMorgan Equity Premium Income Fund | |
JPMorgan Hedged Equity Fund | |
JPMorgan Hedged Equity 2 Fund | |
JPMorgan Hedged Equity 3 Fund | |
JPMorgan Large Cap Growth Fund | |
JPMorgan Large Cap Value Fund | |
JPMorgan U.S. Applied Data Science Value Fund | |
JPMorgan U.S. Equity Fund | |
JPMorgan U.S. GARP Equity Fund | |
JPMorgan U.S. Large Cap Core Plus Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
JPMorgan U.S. Sustainable Leaders Fund | |
| |
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2024:
| Long-Term
Capital Gain
Distribution |
JPMorgan Equity Income Fund | |
JPMorgan Large Cap Value Fund | |
JPMorgan U.S. Applied Data Science Value Fund | |
JPMorgan U.S. Equity Fund | |
JPMorgan U.S. GARP Equity Fund | |
JPMorgan U.S. Large Cap Core Plus Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024:
| |
JPMorgan Equity Income Fund | |
JPMorgan Equity Index Fund | |
JPMorgan Equity Premium Income Fund | |
JPMorgan Hedged Equity Fund | |
JPMorgan Hedged Equity 2 Fund | |
JPMorgan Hedged Equity 3 Fund | |
JPMorgan Large Cap Growth Fund | |
JPMorgan Large Cap Value Fund | |
JPMorgan U.S. Applied Data Science Value Fund | |
JPMorgan U.S. Equity Fund | |
JPMorgan U.S. GARP Equity Fund | |
JPMorgan U.S. Large Cap Core Plus Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
JPMorgan U.S. Sustainable Leaders Fund | |
| |
| J.P. Morgan Large Cap Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-LCE-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Annual Report
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2024
JPMorgan Growth Advantage Fund |
JPMorgan Mid Cap Equity Fund |
JPMorgan Mid Cap Growth Fund |
JPMorgan Mid Cap Value Fund |
JPMorgan Value Advantage Fund |
CONTENTS
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.
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
|
| | |
|
Constellation Brands, Inc., Class A | | |
|
Alnylam Pharmaceuticals, Inc. * | | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
|
| | |
Interactive Brokers Group, Inc., Class A | | |
| | |
| | |
| | |
| | |
Commercial Services & Supplies — 0.8% |
| | |
Communications Equipment — 0.7% |
| | |
Construction & Engineering — 1.0% |
| | |
|
| | |
Electrical Equipment — 2.0% |
| | |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Energy Equipment & Services — 1.1% |
TechnipFMC plc (United Kingdom) | | |
|
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
| | |
|
Financial Services — 2.4% |
Mastercard, Inc., Class A | | |
Ground Transportation — 2.0% |
| | |
Uber Technologies, Inc. * | | |
| | |
Health Care Equipment & Supplies — 1.9% |
| | |
Intuitive Surgical, Inc. * | | |
| | |
Health Care Providers & Services — 1.2% |
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 3.0% |
| | |
| | |
DoorDash, Inc., Class A * | | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Household Durables — 0.7% |
| | |
|
| | |
Interactive Media & Services — 10.2% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
| | |
Snowflake, Inc., Class A * | | |
| | |
Life Sciences Tools & Services — 1.2% |
Mettler-Toledo International, Inc. * | | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
Trade Desk, Inc. (The), Class A * | | |
Oil, Gas & Consumable Fuels — 0.7% |
| | |
Personal Care Products — 0.8% |
| | |
|
| | |
Royalty Pharma plc, Class A | | |
| | |
Professional Services — 0.7% |
Booz Allen Hamilton Holding Corp. | | |
Semiconductors & Semiconductor Equipment — 17.5% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
| | |
| | |
|
Confluent, Inc., Class A * | | |
| | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 5.9% |
| | |
Trading Companies & Distributors — 0.3% |
| | |
Total Common Stocks
(Cost $8,980,978) | | |
Short-Term Investments — 1.0% |
Investment Companies — 1.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $195,813) | | |
Total Investments — 100.5%
(Cost $9,176,791) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Value determined using significant unobservable inputs. |
| Non-income producing security. |
| Restricted security. See Note 2.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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.6% |
| | |
|
Thor Industries, Inc. (a) | | |
|
| | |
First Citizens BancShares, Inc., Class A | | |
Huntington Bancshares, Inc. | | |
| | |
NU Holdings Ltd., Class A (Brazil) * | | |
| | |
| | |
|
| | |
Constellation Brands, Inc., Class A | | |
| | |
| | |
|
Alnylam Pharmaceuticals, Inc. * | | |
Amicus Therapeutics, Inc. * | | |
Apellis Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
| | |
Neurocrine Biosciences, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Viking Therapeutics, Inc. * | | |
| | |
|
| | |
| | |
Fortune Brands Innovations, Inc. | | |
Simpson Manufacturing Co., Inc. | | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
| | |
| | |
FactSet Research Systems, Inc. | | |
Interactive Brokers Group, Inc., Class A | | |
| | |
|
Capital Markets — continued |
| | |
LPL Financial Holdings, Inc. | | |
| | |
| | |
| | |
Raymond James Financial, Inc. | | |
Robinhood Markets, Inc., Class A * | | |
| | |
Tradeweb Markets, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
Commercial Services & Supplies — 1.0% |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 0.8% |
| | |
| | |
| | |
Construction & Engineering — 0.5% |
| | |
Construction Materials — 1.0% |
| | |
Martin Marietta Materials, Inc. | | |
| | |
|
Discover Financial Services | | |
Consumer Staples Distribution & Retail — 1.5% |
Casey's General Stores, Inc. | | |
| | |
| | |
| | |
Containers & Packaging — 2.5% |
| | |
Graphic Packaging Holding Co. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Containers & Packaging — continued |
| | |
Packaging Corp. of America | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Diversified Consumer Services — 0.3% |
Bright Horizons Family Solutions, Inc. * | | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
Electrical Equipment — 3.9% |
| | |
| | |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Electronic Equipment, Instruments & Components — 3.9% |
| | |
| | |
| | |
| | |
| | |
Teledyne Technologies, Inc. * | | |
Zebra Technologies Corp., Class A * | | |
| | |
Energy Equipment & Services — 0.4% |
TechnipFMC plc (United Kingdom) | | |
|
Take-Two Interactive Software, Inc. * | | |
Financial Services — 1.7% |
Fidelity National Information Services, Inc. | | |
| | |
| | |
|
Financial Services — continued |
| | |
Rocket Cos., Inc., Class A * (a) | | |
| | |
|
| | |
| | |
| | |
|
| | |
Ground Transportation — 0.7% |
JB Hunt Transport Services, Inc. | | |
| | |
| | |
Health Care Equipment & Supplies — 2.7% |
| | |
| | |
| | |
Globus Medical, Inc., Class A * | | |
IDEXX Laboratories, Inc. * | | |
Inspire Medical Systems, Inc. * | | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 4.1% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
|
| | |
Hotel & Resort REITs — 0.3% |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 3.0% |
Chipotle Mexican Grill, Inc. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| | |
Common Stocks — continued |
Hotels, Restaurants & Leisure — continued |
DoorDash, Inc., Class A * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
| | |
Household Durables — 0.9% |
| | |
Mohawk Industries, Inc. * | | |
| | |
Household Products — 0.3% |
| | |
Independent Power and Renewable Electricity Producers — 0.2% |
| | |
|
Rexford Industrial Realty, Inc. | | |
|
Arch Capital Group Ltd. * | | |
| | |
Hartford Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
Interactive Media & Services — 0.7% |
| | |
Pinterest, Inc., Class A * | | |
| | |
|
| | |
| | |
| | |
| | |
Snowflake, Inc., Class A * | | |
| | |
Life Sciences Tools & Services — 0.9% |
Agilent Technologies, Inc. | | |
| | |
Mettler-Toledo International, Inc. * | | |
West Pharmaceutical Services, Inc. | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
| | |
Westinghouse Air Brake Technologies Corp. | | |
| | |
|
Trade Desk, Inc. (The), Class A * | | |
|
| | |
|
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care Products — 0.4% |
| | |
|
Intra-Cellular Therapies, Inc. * | | |
Jazz Pharmaceuticals plc * | | |
Royalty Pharma plc, Class A | | |
| | |
Professional Services — 0.9% |
Booz Allen Hamilton Holding Corp. | | |
UL Solutions, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Real Estate Management & Development — 0.5% |
CBRE Group, Inc., Class A * | | |
|
American Homes 4 Rent, Class A | | |
AvalonBay Communities, Inc. | | |
Essex Property Trust, Inc. | | |
Mid-America Apartment Communities, Inc. | | |
| | |
|
Federal Realty Investment Trust | | |
| | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 3.8% |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
Monolithic Power Systems, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
Confluent, Inc., Class A * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Palantir Technologies, Inc., Class A * | | |
Palo Alto Networks, Inc. * | | |
Procore Technologies, Inc. * | | |
Rubrik, Inc., Class A * (a) | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
Floor & Decor Holdings, Inc., Class A * (a) | | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 0.6% |
Super Micro Computer, Inc. * | | |
Textiles, Apparel & Luxury Goods — 1.4% |
| | |
| | |
| | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Total Common Stocks
(Cost $3,291,665) | | |
Short-Term Investments — 2.5% |
Investment Companies — 2.2% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $100,849) | | |
Investment of Cash Collateral from Securities Loaned — 0.3% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $14,101) | | |
Total Short-Term Investments
(Cost $114,950) | | |
Total Investments — 99.7%
(Cost $3,406,615) | | |
Other Assets Less Liabilities — 0.3% | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $13,810. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.7% |
| | |
|
| | |
|
NU Holdings Ltd., Class A (Brazil) * | | |
|
Celsius Holdings, Inc. * (a) | | |
Constellation Brands, Inc., Class A | | |
| | |
|
Alnylam Pharmaceuticals, Inc. * | | |
Amicus Therapeutics, Inc. * | | |
Apellis Pharmaceuticals, Inc. * | | |
Exact Sciences Corp. * (a) | | |
| | |
| | |
| | |
Neurocrine Biosciences, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Viking Therapeutics, Inc. * | | |
| | |
|
| | |
Simpson Manufacturing Co., Inc. | | |
| | |
| | |
|
| | |
FactSet Research Systems, Inc. | | |
Interactive Brokers Group, Inc., Class A | | |
| | |
LPL Financial Holdings, Inc. | | |
| | |
| | |
Raymond James Financial, Inc. | | |
Robinhood Markets, Inc., Class A * | | |
Tradeweb Markets, Inc., Class A | | |
| | |
Commercial Services & Supplies — 2.0% |
| | |
| | |
|
Commercial Services & Supplies — continued |
| | |
| | |
| | |
Communications Equipment — 0.8% |
| | |
Construction & Engineering — 1.5% |
| | |
Construction Materials — 0.6% |
| | |
Consumer Staples Distribution & Retail — 0.6% |
Casey's General Stores, Inc. | | |
|
| | |
Diversified Consumer Services — 0.9% |
Bright Horizons Family Solutions, Inc. * | | |
Electrical Equipment — 3.6% |
| | |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Electronic Equipment, Instruments & Components — 1.4% |
| | |
Teledyne Technologies, Inc. * | | |
| | |
Energy Equipment & Services — 1.2% |
TechnipFMC plc (United Kingdom) | | |
|
Take-Two Interactive Software, Inc. * | | |
Financial Services — 0.9% |
| | |
Rocket Cos., Inc., Class A * (a) | | |
| | |
Ground Transportation — 2.0% |
JB Hunt Transport Services, Inc. | | |
| | |
| | |
Health Care Equipment & Supplies — 4.5% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — continued |
| | |
IDEXX Laboratories, Inc. * | | |
Inspire Medical Systems, Inc. * | | |
| | |
Health Care Providers & Services — 2.4% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 5.4% |
Chipotle Mexican Grill, Inc. * | | |
| | |
DoorDash, Inc., Class A * | | |
Hilton Worldwide Holdings, Inc. | | |
| | |
| | |
Household Durables — 0.8% |
| | |
Independent Power and Renewable Electricity Producers — 0.6% |
| | |
|
| | |
Interactive Media & Services — 0.5% |
Pinterest, Inc., Class A * | | |
|
| | |
| | |
| | |
Snowflake, Inc., Class A * | | |
| | |
Life Sciences Tools & Services — 2.6% |
Agilent Technologies, Inc. | | |
| | |
Mettler-Toledo International, Inc. * | | |
West Pharmaceutical Services, Inc. | | |
| | |
|
| | |
| | |
| | |
|
|
| | |
Westinghouse Air Brake Technologies Corp. | | |
| | |
|
Trade Desk, Inc. (The), Class A * | | |
Oil, Gas & Consumable Fuels — 1.9% |
| | |
| | |
| | |
Personal Care Products — 1.2% |
| | |
|
Intra-Cellular Therapies, Inc. * | | |
Royalty Pharma plc, Class A | | |
| | |
Professional Services — 1.8% |
Booz Allen Hamilton Holding Corp. | | |
Semiconductors & Semiconductor Equipment — 8.0% |
| | |
| | |
| | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
Confluent, Inc., Class A * (a) | | |
| | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Palantir Technologies, Inc., Class A * | | |
Palo Alto Networks, Inc. * | | |
Procore Technologies, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
Rubrik, Inc., Class A * (a) | | |
| | |
| | |
|
| | |
Burlington Stores, Inc. * | | |
Floor & Decor Holdings, Inc., Class A * (a) | | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.6% |
Super Micro Computer, Inc. * | | |
Trading Companies & Distributors — 0.7% |
| | |
Total Common Stocks
(Cost $8,016,481) | | |
Short-Term Investments — 2.7% |
Investment Companies — 1.6% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (c) (d)
(Cost $175,758) | | |
Investment of Cash Collateral from Securities Loaned — 1.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (c) (d) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $121,273) | | |
Total Short-Term Investments
(Cost $297,031) | | |
Total Investments — 99.9%
(Cost $8,313,512) | | |
Other Assets Less Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
| Value determined using significant unobservable inputs. |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $118,159. |
| Restricted security. See Note 2.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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
|
| | |
First Citizens BancShares, Inc., Class A | | |
Huntington Bancshares, Inc. | | |
| | |
| | |
| | |
|
Constellation Brands, Inc., Class A | | |
| | |
| | |
|
| | |
Fortune Brands Innovations, Inc. | | |
| | |
|
Ameriprise Financial, Inc. | | |
| | |
| | |
Raymond James Financial, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Commercial Services & Supplies — 0.4% |
| | |
Communications Equipment — 0.8% |
| | |
Construction Materials — 1.3% |
Martin Marietta Materials, Inc. | | |
|
Discover Financial Services | | |
Consumer Staples Distribution & Retail — 1.9% |
| | |
| | |
| | |
Containers & Packaging — 3.8% |
| | |
| | |
|
Containers & Packaging — continued |
Graphic Packaging Holding Co. | | |
| | |
Packaging Corp. of America | | |
| | |
| | |
|
| | |
| | |
| | |
Electric Utilities — 3.1% |
| | |
| | |
| | |
| | |
Electrical Equipment — 4.2% |
| | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 5.3% |
| | |
| | |
| | |
| | |
| | |
Teledyne Technologies, Inc. * | | |
Zebra Technologies Corp., Class A * | | |
| | |
|
Take-Two Interactive Software, Inc. * | | |
Financial Services — 2.2% |
Fidelity National Information Services, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — 1.8% |
Globus Medical, Inc., Class A * | | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 5.1% |
| | |
| | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
|
| | |
Hotel & Resort REITs — 0.4% |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 1.8% |
| | |
| | |
| | |
Household Durables — 0.9% |
Mohawk Industries, Inc. * | | |
Household Products — 0.4% |
| | |
|
Rexford Industrial Realty, Inc. | | |
|
Arch Capital Group Ltd. * | | |
Hartford Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
Interactive Media & Services — 0.8% |
| | |
|
| | |
|
| | |
| | |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
|
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 4.4% |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
|
Jazz Pharmaceuticals plc * | | |
Professional Services — 0.5% |
UL Solutions, Inc., Class A (a) | | |
Real Estate Management & Development — 0.7% |
CBRE Group, Inc., Class A * | | |
|
American Homes 4 Rent, Class A | | |
AvalonBay Communities, Inc. | | |
Essex Property Trust, Inc. | | |
Mid-America Apartment Communities, Inc. | | |
| | |
|
Federal Realty Investment Trust | | |
| | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 1.5% |
Microchip Technology, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 2.2% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $7,462,773) | | |
Short-Term Investments — 1.4% |
Investment Companies — 1.3% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $174,796) | | |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $7,272) | | |
Total Short-Term Investments
(Cost $182,068) | | |
Total Investments — 100.0%
(Cost $7,644,841) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $7,141. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 2.4% |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.5% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
|
| | |
Citizens Financial Group, Inc. | | |
| | |
First Citizens BancShares, Inc., Class A | | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
|
| | |
|
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
Fortune Brands Innovations, Inc. | | |
| | |
|
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
| | |
|
Axalta Coating Systems Ltd. * | | |
Communications Equipment — 0.4% |
| | |
| | |
|
Construction Materials — 0.8% |
Martin Marietta Materials, Inc. | | |
|
| | |
Capital One Financial Corp. | | |
| | |
Consumer Staples Distribution & Retail — 0.5% |
Albertsons Cos., Inc., Class A | | |
Containers & Packaging — 2.6% |
Graphic Packaging Holding Co. (a) | | |
Packaging Corp. of America | | |
| | |
| | |
| | |
Diversified Telecommunication Services — 0.6% |
Verizon Communications, Inc. | | |
Electric Utilities — 2.9% |
| | |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.4% |
| | |
Electronic Equipment, Instruments & Components — 1.1% |
| | |
| | |
| | |
|
Liberty Media Corp-Liberty Live, Class C * | | |
Financial Services — 4.4% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| | |
Common Stocks — continued |
Ground Transportation — 0.8% |
| | |
Health Care Equipment & Supplies — 0.9% |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 5.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Hotel & Resort REITs — 0.4% |
Apple Hospitality REIT, Inc. | | |
Hotels, Restaurants & Leisure — 2.3% |
| | |
| | |
| | |
| | |
| | |
Household Durables — 1.0% |
Mohawk Industries, Inc. * | | |
| | |
| | |
Household Products — 1.5% |
| | |
Procter & Gamble Co. (The) | | |
| | |
Industrial Conglomerates — 0.9% |
Honeywell International, Inc. | | |
|
EastGroup Properties, Inc. | | |
|
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
| | |
| | |
|
|
Travelers Cos., Inc. (The) | | |
| | |
| | |
Interactive Media & Services — 1.3% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
International Business Machines Corp. | | |
|
| | |
| | |
| | |
| | |
|
Liberty Broadband Corp., Class C * | | |
Liberty Media Corp-Liberty SiriusXM * | | |
Nexstar Media Group, Inc. | | |
| | |
|
Public Service Enterprise Group, Inc. | | |
Oil, Gas & Consumable Fuels — 8.8% |
| | |
| | |
| | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care Products — 0.3% |
| | |
|
| | |
| | |
| | |
| | |
Real Estate Management & Development — 0.5% |
CBRE Group, Inc., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
American Homes 4 Rent, Class A | | |
Mid-America Apartment Communities, Inc. | | |
| | |
|
Brixmor Property Group, Inc. | | |
Federal Realty Investment Trust | | |
| | |
Regency Centers Corp. (a) | | |
| | |
Semiconductors & Semiconductor Equipment — 2.3% |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
Lamar Advertising Co., Class A (a) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
| | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 1.2% |
| | |
Columbia Sportswear Co. (a) | | |
| | |
| | |
|
Philip Morris International, Inc. | | |
| | |
|
Wireless Telecommunication Services — 0.5% |
| | |
Total Common Stocks
(Cost $5,472,994) | | |
Short-Term Investments — 1.6% |
Investment Companies — 0.9% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $77,316) | | |
Investment of Cash Collateral from Securities Loaned — 0.7% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $67,142) | | |
Total Short-Term Investments
(Cost $144,458) | | |
Total Investments — 100.3%
(Cost $5,617,452) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $65,550. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
Growth
Advantage Fund | JPMorgan
Mid Cap
Equity Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
Investment securities sold | | | |
| | | |
Interest from non-affiliates | | | |
Dividends from non-affiliates | | | |
Dividends from affiliates | | | |
Securities lending income (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
Collateral received on securities loaned (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class A — Redemption price per share | | | |
Class C — Offering price per share (b) | | | |
Class I — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Class A maximum sales charge | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
Investment securities on loan, at value (See Note 2.C.) | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | |
(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.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| JPMorgan
Mid Cap
Value Fund | |
| | |
Investments in non-affiliates, at value | | |
Investments in affiliates, at value | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | |
| | |
| | |
| | |
Interest from non-affiliates | | |
Dividends from non-affiliates | | |
Dividends from affiliates | | |
Securities lending income (See Note 2.C.) | | |
| | |
| | |
| | |
Collateral received on securities loaned (See Note 2.C.) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Custodian and accounting fees | | |
Trustees’ and Chief Compliance Officer’s fees | | |
| | |
| | |
| | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Mid Cap Value Fund | |
| | |
| | |
Total distributable earnings (loss) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Class A — Redemption price per share | | |
Class C — Offering price per share (b) | | |
Class I — Offering and redemption price per share | | |
Class L — Offering and redemption price per share | | |
Class R2 — Offering and redemption price per share | | |
Class R3 — Offering and redemption price per share | | |
Class R4 — Offering and redemption price per share | | |
Class R5 — Offering and redemption price per share | | |
Class R6 — Offering and redemption price per share | | |
Class A maximum sales charge | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | |
Cost of investments in non-affiliates | | |
Cost of investments in affiliates | | |
Investment securities on loan, at value (See Note 2.C.) | | |
Cost of investment of cash collateral (See Note 2.C.) | | |
(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.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
Growth
Advantage Fund | JPMorgan
Mid Cap
Equity Fund | |
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from non-affiliates | | | |
Dividend income from affiliates | | | |
Income from securities lending (net) (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.G.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| JPMorgan
Mid Cap
Value Fund | |
| | |
Interest income from non-affiliates | | |
Interest income from affiliates | | |
Dividend income from non-affiliates | | |
Dividend income from affiliates | | |
Income from securities lending (net) (See Note 2.C.) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Custodian and accounting fees | | |
Interest expense to affiliates | | |
| | |
Trustees’ and Chief Compliance Officer’s fees | | |
Printing and mailing costs | | |
Registration and filing fees | | |
Transfer agency fees (See Note 2.G.) | | |
| | |
| | |
| | |
Less expense reimbursements | | |
| | |
Net investment income (loss) | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan Mid Cap Value Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | |
Net realized gain (loss) on transactions from: | | |
Investments in non-affiliates | | |
Investments in affiliates | | |
| | |
Change in net unrealized appreciation/depreciation on: | | |
Investments in non-affiliates | | |
Investments in affiliates | | |
Change in net unrealized appreciation/depreciation | | |
Net realized/unrealized gains (losses) | | |
Change in net assets resulting from operations | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| JPMorgan Value Advantage Fund |
| | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class L capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Value Advantage Fund |
| | |
| | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class A capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class C capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class I capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class L capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R2 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R3 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R4 capital transactions | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| JPMorgan Value Advantage Fund |
| | |
CAPITAL TRANSACTIONS: (continued) | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R5 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R6 capital transactions | | |
Total change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Change in Class R2 Shares | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Value Advantage Fund |
| | |
SHARE TRANSACTIONS: (continued) | | |
| | |
| | |
| | |
| | |
Change in Class R3 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R4 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R5 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R6 Shares | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Growth Advantage Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Mid Cap Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Mid Cap Growth Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Mid Cap Value Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Mid Cap Value Fund (continued) | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Value Advantage Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Value Advantage Fund (continued) | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(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.
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:
| | | Diversification Classification |
JPMorgan Growth Advantage Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Mid Cap Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan Mid Cap Growth Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Mid Cap Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Value Advantage Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
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.
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. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
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.
Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
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"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Commercial Services & Supplies | | | | |
| | | | |
Construction & Engineering | | | | |
| | | | |
| | | | |
Energy Equipment & Services | | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Growth Advantage Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Health Care Equipment & Supplies | | | | |
Health Care Providers & Services | | | | |
Hotels, Restaurants & Leisure | | | | |
| | | | |
| | | | |
Interactive Media & Services | | | | |
| | | | |
Life Sciences Tools & Services | | | | |
| | | | |
| | | | |
Oil, Gas & Consumable Fuels | | | | |
| | | | |
| | | | |
| | | | |
Semiconductors & Semiconductor Equipment | | | | |
| | | | |
| | | | |
Technology Hardware, Storage & Peripherals | | | | |
Trading Companies & Distributors | | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Commercial Services & Supplies | | | | |
| | | | |
Construction & Engineering | | | | |
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
Mid Cap Growth Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
Consumer Staples Distribution & Retail | | | | |
| | | | |
Diversified Consumer Services | | | | |
| | | | |
Electronic Equipment, Instruments & Components | | | | |
Energy Equipment & Services | | | | |
| | | | |
| | | | |
| | | | |
Health Care Equipment & Supplies | | | | |
Health Care Providers & Services | | | | |
Hotels, Restaurants & Leisure | | | | |
| | | | |
Independent Power and Renewable Electricity Producers | | | | |
| | | | |
Interactive Media & Services | | | | |
| | | | |
Life Sciences Tools & Services | | | | |
| | | | |
| | | | |
Oil, Gas & Consumable Fuels | | | | |
| | | | |
| | | | |
| | | | |
Semiconductors & Semiconductor Equipment | | | | |
| | | | |
| | | | |
Technology Hardware, Storage & Peripherals | | | | |
Trading Companies & Distributors | | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of June 30, 2024, the Funds, with the exception of Growth Advantage Fund and Mid Cap Growth Fund, had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
As of June 30, 2024, Growth Advantage Fund and Mid Cap Growth Fund held restricted securities as follows:
| | | | Percentage
of Fund's
Net Assets |
| | | | |
| | | | Percentage
of Fund's
Net Assets |
| | | | |
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
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.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2024.
| 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) |
| | | |
| | | |
| | | |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended June 30, 2024, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
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).
Growth Advantage Fund did not have any securities out on loan at June 30, 2024.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds 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.
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
G. 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 year ended June 30, 2024 are as follows:
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
|
| Amount rounds to less than one thousand. |
H. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2024, 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.
I. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
| | | |
| | | |
| | | |
| | | |
| | | |
The reclassifications for the Funds relate primarily to tax adjustments on certain investments, net operating losses and tax equalization.
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:
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
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 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2024, the effective rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.064%, 0.075%, 0.075%, 0.069% and 0.075%, respectively, of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2024, JPMDS retained the following:
|
| 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:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
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:
The expense limitation agreements were in effect for the year ended June 30, 2024 and are in place until at least October 31, 2024.
For the year ended June 30, 2024, 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
Reimbursements |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2024 were as follows:
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of these reimbursements were as follows:
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2024, 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.
The below Funds used related party broker-dealers during the year ended June 30, 2024, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:
|
| Amount rounds to less than one thousand. |
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| | |
| | |
| | |
| | |
| | |
During the year ended June 30, 2024, there were no purchases or sales of U.S. Government securities.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
| | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2023 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
| | | |
| | | |
| | | |
| | | |
| | | |
The cumulative timing differences primarily consist of tax adjustments on certain investments, ordinary loss deferrals and wash sale loss deferrals.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
As of June 30, 2024, the Funds did not have any net capital loss carryforwards.
Net capital losses (gains) incurred after October 31 and 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, 2024, the following Funds deferred to July 1, 2024 the following net capital losses (gains), and late year ordinary losses of:
| Net Capital Losses (Gains) | Late Year
Ordinary Loss Deferral |
| |
| | |
| | |
| | |
During the year ended June 30, 2024, the following Funds utilized capital loss carryforwards as follows:
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, or loans outstanding to another fund, during the year ended June 30, 2024.
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 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
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 million 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 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended June 30, 2024.
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.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
As of June 30, 2024, the Funds had individual shareholders and/or non-affiliated 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 | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of June 30, 2024, JPMorgan SmartRetirement Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
| JPMorgan
SmartRetirement
Funds |
| |
Because Mid Cap Equity Fund, Mid Cap Value Fund and Value Advantage Fund invest 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 are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund and JPMorgan Value Advantage Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the "Funds") as of June 30, 2024, the related statements of operations for the year ended June 30, 2024, the statements of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2024 and each of the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
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, 2024. 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, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024:
| Dividends
Received
Deduction |
JPMorgan Mid Cap Equity Fund | |
JPMorgan Mid Cap Value Fund | |
JPMorgan Value Advantage Fund | |
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2024:
| Long-Term
Capital Gain
Distribution |
JPMorgan Growth Advantage Fund | |
JPMorgan Mid Cap Value Fund | |
JPMorgan Value Advantage Fund | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024:
| |
JPMorgan Mid Cap Equity Fund | |
JPMorgan Mid Cap Value Fund | |
JPMorgan Value Advantage Fund | |
| J.P. Morgan Mid Cap/Multi-Cap Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-MC-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Contract
Annual Report
J.P. Morgan Small Cap Funds
June 30, 2024
JPMorgan Small Cap Blend Fund |
JPMorgan Small Cap Equity Fund |
JPMorgan Small Cap Growth Fund |
JPMorgan Small Cap Value Fund |
JPMorgan SMID Cap Equity Fund |
JPMorgan U.S. Small Company Fund |
CONTENTS
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.
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.1% |
| | |
| | |
| | |
| | |
Automobile Components — 1.8% |
| | |
Modine Manufacturing Co. * | | |
| | |
| | |
| | |
|
Winnebago Industries, Inc. | | |
|
| | |
| | |
| | |
Columbia Banking System, Inc. | | |
| | |
First Commonwealth Financial Corp. | | |
| | |
| | |
| | |
| | |
| | |
Pinnacle Financial Partners, Inc. | | |
| | |
Provident Financial Services, Inc. | | |
| | |
Simmons First National Corp., Class A | | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Agios Pharmaceuticals, Inc. * | | |
| | |
Allogene Therapeutics, Inc. * (a) | | |
Amicus Therapeutics, Inc. * | | |
| | |
|
Biotechnology — continued |
Apellis Pharmaceuticals, Inc. * | | |
Arrowhead Pharmaceuticals, Inc. * | | |
Blueprint Medicines Corp. * | | |
| | |
Halozyme Therapeutics, Inc. * | | |
| | |
Kyverna Therapeutics, Inc. * (a) | | |
| | |
| | |
Relay Therapeutics, Inc. * | | |
REVOLUTION Medicines, Inc. * | | |
Sage Therapeutics, Inc. * | | |
Twist Bioscience Corp. * (a) | | |
| | |
Verve Therapeutics, Inc. * (a) | | |
Viking Therapeutics, Inc. * | | |
| | |
|
Global-e Online Ltd. (Israel) * | | |
|
| | |
| | |
| | |
| | |
Janus International Group, Inc. * | | |
Simpson Manufacturing Co., Inc. | | |
| | |
| | |
|
Donnelley Financial Solutions, Inc. * | | |
| | |
Hamilton Lane, Inc., Class A | | |
LPL Financial Holdings, Inc. | | |
| | |
Virtus Investment Partners, Inc. | | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Commercial Services & Supplies — 1.9% |
ACV Auctions, Inc., Class A * | | |
Aris Water Solutions, Inc., Class A | | |
Casella Waste Systems, Inc., Class A * | | |
| | |
| | |
Communications Equipment — 0.2% |
| | |
Construction & Engineering — 1.6% |
Comfort Systems USA, Inc. | | |
| | |
| | |
| | |
Construction Materials — 0.3% |
| | |
Consumer Staples Distribution & Retail — 1.3% |
Chefs' Warehouse, Inc. (The) * | | |
Grocery Outlet Holding Corp. * | | |
Performance Food Group Co. * | | |
Sprouts Farmers Market, Inc. * | | |
| | |
Containers & Packaging — 0.2% |
| | |
Diversified Consumer Services — 0.7% |
Bright Horizons Family Solutions, Inc. * | | |
Graham Holdings Co., Class B | | |
| | |
Diversified Telecommunication Services — 0.5% |
Iridium Communications, Inc. | | |
Electric Utilities — 0.5% |
Portland General Electric Co. | | |
Electrical Equipment — 1.4% |
| | |
Bloom Energy Corp., Class A * (a) | | |
NEXTracker, Inc., Class A * | | |
| | |
|
Electrical Equipment — continued |
Shoals Technologies Group, Inc., Class A * | | |
| | |
| | |
Electronic Equipment, Instruments & Components — 3.1% |
| | |
Insight Enterprises, Inc. * (a) | | |
| | |
| | |
| | |
| | |
Vishay Intertechnology, Inc. | | |
| | |
Energy Equipment & Services — 2.7% |
| | |
| | |
| | |
TechnipFMC plc (United Kingdom) | | |
Weatherford International plc * | | |
| | |
Financial Services — 2.2% |
AvidXchange Holdings, Inc. * | | |
PennyMac Financial Services, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
Chesapeake Utilities Corp. | | |
| | |
Southwest Gas Holdings, Inc. | | |
| | |
Ground Transportation — 0.5% |
| | |
Health Care Equipment & Supplies — 2.4% |
Alphatec Holdings, Inc. * | | |
Establishment Labs Holdings, Inc. (Costa Rica) * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — continued |
| | |
| | |
| | |
iRhythm Technologies, Inc. * | | |
| | |
PROCEPT BioRobotics Corp. * | | |
Utah Medical Products, Inc. | | |
| | |
Health Care Providers & Services — 2.8% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Health Care Technology — 0.7% |
Evolent Health, Inc., Class A * (a) | | |
Waystar Holding Corp. * (a) | | |
| | |
Hotel & Resort REITs — 0.4% |
| | |
Sunstone Hotel Investors, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 3.4% |
| | |
| | |
| | |
| | |
First Watch Restaurant Group, Inc. * (a) | | |
| | |
Life Time Group Holdings, Inc. * | | |
Marriott Vacations Worldwide Corp. | | |
Planet Fitness, Inc., Class A * | | |
Six Flags Entertainment Corp. * | | |
| | |
| | |
| | |
|
Household Durables — 1.4% |
| | |
| | |
| | |
| | |
| | |
|
Plymouth Industrial REIT, Inc. | | |
| | |
| | |
|
Safety Insurance Group, Inc. | | |
Selective Insurance Group, Inc. | | |
| | |
Interactive Media & Services — 0.4% |
| | |
|
| | |
DigitalOcean Holdings, Inc. * | | |
| | |
| | |
Life Sciences Tools & Services — 0.2% |
| | |
|
| | |
Atmus Filtration Technologies, Inc. * | | |
Chart Industries, Inc. * (a) | | |
| | |
| | |
| | |
John Bean Technologies Corp. | | |
| | |
| | |
| | |
Watts Water Technologies, Inc., Class A | | |
| | |
|
John Wiley & Sons, Inc., Class A | | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
Highwoods Properties, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
Equitrans Midstream Corp. | | |
Magnolia Oil & Gas Corp., Class A (a) | | |
| | |
| | |
| | |
Personal Care Products — 1.2% |
Edgewell Personal Care Co. | | |
| | |
| | |
| | |
|
| | |
Intra-Cellular Therapies, Inc. * | | |
Prestige Consumer Healthcare, Inc. * | | |
Revance Therapeutics, Inc. * (a) | | |
| | |
Professional Services — 2.1% |
| | |
ExlService Holdings, Inc. * | | |
UL Solutions, Inc., Class A | | |
| | |
| | |
|
American Homes 4 Rent, Class A | | |
| | |
| | |
|
| | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 4.5% |
Allegro MicroSystems, Inc. (Japan) * | | |
| | |
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
| | |
Credo Technology Group Holding Ltd. * | | |
| | |
MACOM Technology Solutions Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Appfolio, Inc., Class A * | | |
| | |
| | |
Clear Secure, Inc., Class A (a) | | |
Confluent, Inc., Class A * | | |
| | |
| | |
| | |
Freshworks, Inc., Class A * | | |
| | |
| | |
PowerSchool Holdings, Inc., Class A * | | |
Rubrik, Inc., Class A * (a) | | |
SentinelOne, Inc., Class A * | | |
Smartsheet, Inc., Class A * | | |
| | |
| | |
| | |
| | |
|
| | |
|
Floor & Decor Holdings, Inc., Class A * (a) | | |
| | |
Lithia Motors, Inc., Class A | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 1.4% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Textiles, Apparel & Luxury Goods — continued |
| | |
| | |
| | |
Trading Companies & Distributors — 4.7% |
| | |
Applied Industrial Technologies, Inc. | | |
Beacon Roofing Supply, Inc. * | | |
| | |
| | |
Rush Enterprises, Inc., Class A | | |
SiteOne Landscape Supply, Inc. * | | |
WESCO International, Inc. | | |
| | |
|
American States Water Co. | | |
Total Common Stocks
(Cost $1,155,363) | | |
Short-Term Investments — 5.4% |
Investment Companies — 2.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $28,927) | | |
Investment of Cash Collateral from Securities Loaned — 3.4% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $48,766) | | |
Total Short-Term Investments
(Cost $77,693) | | |
Total Investments — 102.5%
(Cost $1,233,056) | | |
Liabilities in Excess of Other Assets — (2.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $46,409. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.0% |
| | |
| | |
| | |
Automobile Components — 0.8% |
| | |
|
| | |
Commerce Bancshares, Inc. | | |
Cullen/Frost Bankers, Inc. | | |
| | |
| | |
First Interstate BancSystem, Inc., Class A | | |
ServisFirst Bancshares, Inc. (a) | | |
| | |
| | |
|
| | |
|
Savers Value Village, Inc. * (a) | | |
|
| | |
| | |
| | |
Janus International Group, Inc. * | | |
Simpson Manufacturing Co., Inc. | | |
| | |
|
| | |
MarketAxess Holdings, Inc. | | |
Moelis & Co., Class A (a) | | |
| | |
StepStone Group, Inc., Class A | | |
| | |
|
Axalta Coating Systems Ltd. * | | |
| | |
| | |
Quaker Chemical Corp. (a) | | |
| | |
| | |
|
Commercial Services & Supplies — 5.4% |
Casella Waste Systems, Inc., Class A * | | |
Driven Brands Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Construction & Engineering — 1.9% |
WillScot Mobile Mini Holdings Corp. * | | |
Construction Materials — 1.0% |
| | |
Consumer Staples Distribution & Retail — 4.0% |
BJ's Wholesale Club Holdings, Inc. * (a) | | |
Casey's General Stores, Inc. | | |
Performance Food Group Co. * | | |
| | |
Containers & Packaging — 1.1% |
| | |
Diversified Consumer Services — 1.2% |
Bright Horizons Family Solutions, Inc. * | | |
Electric Utilities — 1.3% |
Portland General Electric Co. | | |
Electrical Equipment — 0.5% |
Shoals Technologies Group, Inc., Class A * | | |
Electronic Equipment, Instruments & Components — 4.7% |
| | |
| | |
| | |
| | |
| | |
| | |
Energy Equipment & Services — 0.8% |
| | |
Financial Services — 1.3% |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Ground Transportation — 2.1% |
Knight-Swift Transportation Holdings, Inc. | | |
| | |
| | |
Health Care Equipment & Supplies — 2.8% |
| | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 4.5% |
| | |
Encompass Health Corp. (a) | | |
| | |
| | |
| | |
Health Care Technology — 0.6% |
| | |
Hotel & Resort REITs — 1.2% |
Ryman Hospitality Properties, Inc. | | |
Hotels, Restaurants & Leisure — 3.6% |
Monarch Casino & Resort, Inc. | | |
Planet Fitness, Inc., Class A * | | |
| | |
| | |
| | |
|
EastGroup Properties, Inc. | | |
|
Kinsale Capital Group, Inc. | | |
| | |
| | |
|
Acushnet Holdings Corp. (a) | | |
| | |
| | |
Life Sciences Tools & Services — 0.5% |
| | |
|
| | |
| | |
|
|
Hillman Solutions Corp. * | | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
| | |
|
Northwestern Energy Group, Inc. | | |
Oil, Gas & Consumable Fuels — 2.3% |
| | |
| | |
| | |
Professional Services — 3.1% |
First Advantage Corp. (a) | | |
| | |
Paylocity Holding Corp. * | | |
| | |
| | |
Real Estate Management & Development — 1.3% |
Cushman & Wakefield plc * | | |
|
| | |
Semiconductors & Semiconductor Equipment — 3.9% |
Allegro MicroSystems, Inc. (Japan) * | | |
MACOM Technology Solutions Holdings, Inc. * | | |
| | |
| | |
|
Clearwater Analytics Holdings, Inc., Class A * | | |
| | |
Guidewire Software, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Trading Companies & Distributors — 2.5% |
Applied Industrial Technologies, Inc. | | |
Core & Main, Inc., Class A * | | |
| | |
Total Common Stocks
(Cost $3,127,119) | | |
Short-Term Investments — 4.7% |
Investment Companies — 2.3% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $105,871) | | |
Investment of Cash Collateral from Securities Loaned — 2.4% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $111,479) | | |
Total Short-Term Investments
(Cost $217,350) | | |
Total Investments — 102.2%
(Cost $3,344,469) | | |
Liabilities in Excess of Other Assets — (2.2)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $109,787. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.8% |
| | |
Automobile Components — 3.0% |
| | |
Modine Manufacturing Co. * (a) | | |
| | |
| | |
|
Winnebago Industries, Inc. | | |
|
Pinnacle Financial Partners, Inc. | | |
|
| | |
Agios Pharmaceuticals, Inc. * | | |
| | |
Allogene Therapeutics, Inc. * (a) | | |
Amicus Therapeutics, Inc. * | | |
Apellis Pharmaceuticals, Inc. * | | |
Arrowhead Pharmaceuticals, Inc. * | | |
Blueprint Medicines Corp. * | | |
| | |
Halozyme Therapeutics, Inc. * | | |
| | |
Kyverna Therapeutics, Inc. * (a) | | |
| | |
| | |
Relay Therapeutics, Inc. * | | |
REVOLUTION Medicines, Inc. * | | |
Sage Therapeutics, Inc. * (a) | | |
Twist Bioscience Corp. * (a) | | |
| | |
Verve Therapeutics, Inc. * (a) | | |
Viking Therapeutics, Inc. * (a) | | |
| | |
|
Global-e Online Ltd. (Israel) * | | |
|
| | |
Simpson Manufacturing Co., Inc. | | |
| | |
|
| | |
| | |
|
Capital Markets — continued |
Hamilton Lane, Inc., Class A | | |
| | |
| | |
Commercial Services & Supplies — 3.6% |
ACV Auctions, Inc., Class A * | | |
Casella Waste Systems, Inc., Class A * | | |
| | |
| | |
Communications Equipment — 0.4% |
| | |
Construction & Engineering — 2.2% |
Comfort Systems USA, Inc. | | |
| | |
| | |
| | |
Construction Materials — 0.6% |
| | |
Consumer Staples Distribution & Retail — 2.5% |
Chefs' Warehouse, Inc. (The) * | | |
Grocery Outlet Holding Corp. * | | |
Performance Food Group Co. * | | |
Sprouts Farmers Market, Inc. * | | |
| | |
Diversified Consumer Services — 1.1% |
Bright Horizons Family Solutions, Inc. * | | |
Electrical Equipment — 2.8% |
| | |
Bloom Energy Corp., Class A * (a) | | |
NEXTracker, Inc., Class A * | | |
Shoals Technologies Group, Inc., Class A * | | |
| | |
| | |
Electronic Equipment, Instruments & Components — 1.5% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Energy Equipment & Services — 2.3% |
| | |
TechnipFMC plc (United Kingdom) | | |
| | |
Financial Services — 2.1% |
AvidXchange Holdings, Inc. * | | |
PennyMac Financial Services, Inc. | | |
| | |
| | |
|
| | |
Health Care Equipment & Supplies — 3.9% |
Alphatec Holdings, Inc. * | | |
Establishment Labs Holdings, Inc. (Costa Rica) * | | |
| | |
| | |
iRhythm Technologies, Inc. * (a) | | |
Outset Medical, Inc. * (a) | | |
PROCEPT BioRobotics Corp. * | | |
| | |
Health Care Providers & Services — 1.8% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
| | |
Health Care Technology — 1.3% |
Evolent Health, Inc., Class A * | | |
Waystar Holding Corp. * (a) | | |
| | |
Hotels, Restaurants & Leisure — 5.9% |
| | |
| | |
First Watch Restaurant Group, Inc. * (a) | | |
Life Time Group Holdings, Inc. * (a) | | |
Marriott Vacations Worldwide Corp. | | |
Planet Fitness, Inc., Class A * | | |
Six Flags Entertainment Corp. * | | |
| | |
| | |
| | |
|
Household Durables — 0.8% |
| | |
|
| | |
|
DigitalOcean Holdings, Inc. * | | |
| | |
| | |
|
Chart Industries, Inc. * (a) | | |
| | |
| | |
John Bean Technologies Corp. | | |
| | |
Oil, Gas & Consumable Fuels — 1.7% |
| | |
| | |
| | |
| | |
Personal Care Products — 0.9% |
| | |
|
| | |
Intra-Cellular Therapies, Inc. * | | |
Revance Therapeutics, Inc. * (a) | | |
| | |
Professional Services — 3.5% |
| | |
ExlService Holdings, Inc. * | | |
UL Solutions, Inc., Class A | | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 6.1% |
Allegro MicroSystems, Inc. (Japan) * | | |
| | |
Credo Technology Group Holding Ltd. * | | |
MACOM Technology Solutions Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
|
Appfolio, Inc., Class A * | | |
| | |
| | |
Clear Secure, Inc., Class A (a) | | |
Confluent, Inc., Class A * | | |
| | |
| | |
| | |
Freshworks, Inc., Class A * | | |
| | |
| | |
PowerSchool Holdings, Inc., Class A * | | |
Rubrik, Inc., Class A * (a) | | |
SentinelOne, Inc., Class A * | | |
Smartsheet, Inc., Class A * | | |
| | |
Vertex, Inc., Class A * (a) | | |
| | |
| | |
|
| | |
|
Floor & Decor Holdings, Inc., Class A * (a) | | |
Lithia Motors, Inc., Class A | | |
| | |
Trading Companies & Distributors — 6.4% |
| | |
Applied Industrial Technologies, Inc. | | |
| | |
Rush Enterprises, Inc., Class A | | |
SiteOne Landscape Supply, Inc. * | | |
WESCO International, Inc. | | |
| | |
Total Common Stocks
(Cost $2,811,756) | | |
| | |
Short-Term Investments — 4.3% |
Investment Companies — 1.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $38,016) | | |
Investment of Cash Collateral from Securities Loaned — 3.3% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $117,998) | | |
Total Short-Term Investments
(Cost $156,014) | | |
Total Investments — 101.7%
(Cost $2,967,770) | | |
Liabilities in Excess of Other Assets — (1.7)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $101,252. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.2% |
Archer Aviation, Inc., Class A * (a) | | |
| | |
| | |
Air Freight & Logistics — 0.6% |
| | |
Radiant Logistics, Inc. * | | |
| | |
Automobile Components — 1.7% |
| | |
Goodyear Tire & Rubber Co. (The) * | | |
Modine Manufacturing Co. * | | |
| | |
| | |
| | |
|
| | |
Amalgamated Financial Corp. | | |
| | |
| | |
| | |
| | |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | | |
| | |
| | |
| | |
Business First Bancshares, Inc. | | |
| | |
Capital City Bank Group, Inc. | | |
Capitol Federal Financial, Inc. | | |
Central Pacific Financial Corp. | | |
| | |
Community Trust Bancorp, Inc. | | |
| | |
CrossFirst Bankshares, Inc. * | | |
Customers Bancorp, Inc. * | | |
| | |
| | |
Enterprise Financial Services Corp. | | |
Equity Bancshares, Inc., Class A | | |
First BanCorp (Puerto Rico) | | |
First Bancshares, Inc. (The) | | |
First Commonwealth Financial Corp. | | |
| | |
|
|
| | |
First Interstate BancSystem, Inc., Class A | | |
| | |
First Mid Bancshares, Inc. | | |
| | |
| | |
| | |
Heartland Financial USA, Inc. | | |
| | |
| | |
| | |
HomeTrust Bancshares, Inc. | | |
| | |
| | |
| | |
Midland States Bancorp, Inc. | | |
| | |
National Bank Holdings Corp., Class A | | |
OceanFirst Financial Corp. | | |
OFG Bancorp (Puerto Rico) | | |
| | |
| | |
Orrstown Financial Services, Inc. | | |
| | |
Peapack-Gladstone Financial Corp. | | |
Pinnacle Financial Partners, Inc. | | |
Popular, Inc. (Puerto Rico) | | |
| | |
| | |
| | |
Seacoast Banking Corp. of Florida | | |
| | |
| | |
South Plains Financial, Inc. | | |
Southside Bancshares, Inc. | | |
| | |
Texas Capital Bancshares, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
| | |
|
| | |
Akero Therapeutics, Inc. * | | |
Aurinia Pharmaceuticals, Inc. (Canada) * | | |
Avidity Biosciences, Inc. * | | |
Beam Therapeutics, Inc. * | | |
| | |
| | |
| | |
Denali Therapeutics, Inc. * | | |
Enanta Pharmaceuticals, Inc. * | | |
| | |
Fate Therapeutics, Inc. * | | |
| | |
Intellia Therapeutics, Inc. * | | |
Ironwood Pharmaceuticals, Inc. * | | |
| | |
Prothena Corp. plc (Ireland) * | | |
Relay Therapeutics, Inc. * | | |
Syndax Pharmaceuticals, Inc. * | | |
Travere Therapeutics, Inc. * | | |
| | |
Verve Therapeutics, Inc. * | | |
Vir Biotechnology, Inc. * | | |
Zentalis Pharmaceuticals, Inc. * | | |
| | |
|
Savers Value Village, Inc. * (a) | | |
|
Gibraltar Industries, Inc. * | | |
| | |
| | |
Quanex Building Products Corp. | | |
Resideo Technologies, Inc. * | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Victory Capital Holdings, Inc., Class A | | |
Virtus Investment Partners, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Commercial Services & Supplies — 1.1% |
| | |
| | |
| | |
Healthcare Services Group, Inc. * | | |
| | |
Communications Equipment — 0.5% |
| | |
| | |
| | |
Construction & Engineering — 2.2% |
| | |
| | |
Comfort Systems USA, Inc. | | |
| | |
| | |
| | |
Construction Materials — 0.3% |
Summit Materials, Inc., Class A * | | |
|
Enova International, Inc. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Consumer Staples Distribution & Retail — 0.6% |
| | |
Sprouts Farmers Market, Inc. * | | |
| | |
Containers & Packaging — 0.2% |
| | |
| | |
| | |
Diversified Consumer Services — 1.1% |
Adtalem Global Education, Inc. * | | |
Laureate Education, Inc., Class A | | |
OneSpaWorld Holdings Ltd. (Bahamas) * | | |
| | |
| | |
| | |
|
Alexander & Baldwin, Inc. | | |
American Assets Trust, Inc. | | |
Armada Hoffler Properties, Inc. | | |
Broadstone Net Lease, Inc. | | |
Empire State Realty Trust, Inc., Class A | | |
Essential Properties Realty Trust, Inc. | | |
| | |
Diversified Telecommunication Services — 0.7% |
| | |
Liberty Latin America Ltd., Class A (Puerto Rico) * | | |
Liberty Latin America Ltd., Class C (Puerto Rico) * | | |
| | |
Electric Utilities — 1.4% |
| | |
| | |
Portland General Electric Co. | | |
| | |
Electronic Equipment, Instruments & Components — 2.4% |
Benchmark Electronics, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Energy Equipment & Services — 2.3% |
Helix Energy Solutions Group, Inc. * | | |
| | |
| | |
| | |
Oil States International, Inc. * | | |
Patterson-UTI Energy, Inc. | | |
Select Water Solutions, Inc. | | |
| | |
| | |
|
Vivid Seats, Inc., Class A * (a) | | |
Financial Services — 5.0% |
| | |
| | |
| | |
Federal Agricultural Mortgage Corp., Class C | | |
Jackson Financial, Inc., Class A | | |
| | |
| | |
NMI Holdings, Inc., Class A * | | |
Pagseguro Digital Ltd., Class A (Brazil) * | | |
PennyMac Financial Services, Inc. | | |
| | |
Repay Holdings Corp. * (a) | | |
StoneCo Ltd., Class A (Brazil) * | | |
| | |
|
| | |
| | |
Fresh Del Monte Produce, Inc. | | |
John B Sanfilippo & Son, Inc. | | |
Simply Good Foods Co. (The) * | | |
| | |
|
Chesapeake Utilities Corp. | | |
New Jersey Resources Corp. | | |
Northwest Natural Holding Co. | | |
| | |
Southwest Gas Holdings, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Ground Transportation — 0.3% |
| | |
Health Care Equipment & Supplies — 1.6% |
Alphatec Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
OraSure Technologies, Inc. * | | |
| | |
| | |
Health Care Providers & Services — 1.3% |
| | |
| | |
Option Care Health, Inc. * | | |
Pediatrix Medical Group, Inc. * | | |
| | |
|
| | |
Community Healthcare Trust, Inc. | | |
Sabra Health Care REIT, Inc. | | |
| | |
Health Care Technology — 0.3% |
Evolent Health, Inc., Class A * | | |
| | |
| | |
Hotel & Resort REITs — 1.4% |
Apple Hospitality REIT, Inc. | | |
| | |
DiamondRock Hospitality Co. | | |
| | |
| | |
Ryman Hospitality Properties, Inc. | | |
Xenia Hotels & Resorts, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 1.3% |
El Pollo Loco Holdings, Inc. * | | |
| | |
| | |
Lindblad Expeditions Holdings, Inc. * | | |
| | |
|
Hotels, Restaurants & Leisure — continued |
Sweetgreen, Inc., Class A * | | |
United Parks & Resorts, Inc. * | | |
| | |
Household Durables — 2.8% |
Century Communities, Inc. | | |
Green Brick Partners, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Taylor Morrison Home Corp. * | | |
| | |
| | |
Household Products — 0.1% |
Central Garden & Pet Co., Class A * | | |
Independent Power and Renewable Electricity Producers — 0.3% |
| | |
Clearway Energy, Inc., Class C | | |
| | |
|
First Industrial Realty Trust, Inc. | | |
Innovative Industrial Properties, Inc. (a) | | |
| | |
Plymouth Industrial REIT, Inc. | | |
| | |
| | |
|
CNO Financial Group, Inc. | | |
| | |
Genworth Financial, Inc., Class A * | | |
Hamilton Insurance Group Ltd., Class B (Bermuda) * | | |
Oscar Health, Inc., Class A * | | |
| | |
Selective Insurance Group, Inc. | | |
| | |
Interactive Media & Services — 0.1% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
Information Services Group, Inc. | | |
| | |
| | |
|
| | |
Peloton Interactive, Inc., Class A * | | |
Solo Brands, Inc., Class A * (a) | | |
| | |
Life Sciences Tools & Services — 0.2% |
Adaptive Biotechnologies Corp. * (a) | | |
Cytek Biosciences, Inc. * | | |
| | |
|
| | |
| | |
| | |
Hillman Solutions Corp. * | | |
| | |
| | |
Titan International, Inc. * | | |
| | |
Marine Transportation — 0.8% |
| | |
| | |
Safe Bulkers, Inc. (Monaco) (a) | | |
| | |
|
AMC Networks, Inc., Class A * (a) | | |
| | |
Integral Ad Science Holding Corp. * | | |
John Wiley & Sons, Inc., Class A | | |
| | |
| | |
|
Alpha Metallurgical Resources, Inc. (a) | | |
| | |
Carpenter Technology Corp. | | |
| | |
| | |
| | |
| | |
|
Metals & Mining — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 1.4% |
Brightspire Capital, Inc. | | |
| | |
KKR Real Estate Finance Trust, Inc. | | |
| | |
| | |
| | |
TPG RE Finance Trust, Inc. | | |
| | |
|
| | |
Northwestern Energy Group, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Easterly Government Properties, Inc. | | |
| | |
Hudson Pacific Properties, Inc. | | |
Piedmont Office Realty Trust, Inc., Class A | | |
SL Green Realty Corp. (a) | | |
| | |
Oil, Gas & Consumable Fuels — 5.5% |
California Resources Corp. | | |
| | |
| | |
CNX Resources Corp. * (a) | | |
| | |
| | |
| | |
Equitrans Midstream Corp. | | |
| | |
International Seaways, Inc. | | |
Magnolia Oil & Gas Corp., Class A (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Oil, Gas & Consumable Fuels — continued |
| | |
| | |
| | |
Par Pacific Holdings, Inc. * | | |
PBF Energy, Inc., Class A | | |
| | |
| | |
REX American Resources Corp. * | | |
Scorpio Tankers, Inc. (Monaco) | | |
| | |
Teekay Tankers Ltd., Class A (Canada) | | |
Uranium Energy Corp. * (a) | | |
| | |
Passenger Airlines — 0.6% |
Blade Air Mobility, Inc. * (a) | | |
JetBlue Airways Corp. * (a) | | |
Joby Aviation, Inc. * (a) | | |
| | |
| | |
Personal Care Products — 0.8% |
| | |
Edgewell Personal Care Co. | | |
| | |
|
ANI Pharmaceuticals, Inc. * | | |
Pacira BioSciences, Inc. * | | |
Prestige Consumer Healthcare, Inc. * | | |
| | |
Professional Services — 0.6% |
Barrett Business Services, Inc. | | |
| | |
| | |
| | |
Real Estate Management & Development — 1.0% |
Anywhere Real Estate, Inc. * | | |
Cushman & Wakefield plc * | | |
DigitalBridge Group, Inc. | | |
| | |
Newmark Group, Inc., Class A | | |
Opendoor Technologies, Inc. * | | |
| | |
| | |
|
|
Independence Realty Trust, Inc. | | |
| | |
| | |
| | |
|
| | |
InvenTrust Properties Corp. | | |
| | |
| | |
| | |
Phillips Edison & Co., Inc. | | |
| | |
Retail Opportunity Investments Corp. | | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 1.4% |
ACM Research, Inc., Class A * | | |
| | |
Ultra Clean Holdings, Inc. * | | |
Veeco Instruments, Inc. * | | |
| | |
|
| | |
Consensus Cloud Solutions, Inc. * | | |
Hut 8 Corp. (Canada) * (a) | | |
LiveRamp Holdings, Inc. * | | |
| | |
| | |
Riot Platforms, Inc. * (a) | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
Abercrombie & Fitch Co., Class A * | | |
Academy Sports & Outdoors, Inc. | | |
Asbury Automotive Group, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Specialty Retail — continued |
| | |
| | |
| | |
| | |
| | |
Haverty Furniture Cos., Inc. | | |
| | |
National Vision Holdings, Inc. * | | |
| | |
Petco Health & Wellness Co., Inc. * | | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 0.0% ^ |
| | |
Textiles, Apparel & Luxury Goods — 0.0% ^ |
G-III Apparel Group Ltd. * | | |
Trading Companies & Distributors — 2.4% |
Beacon Roofing Supply, Inc. * | | |
BlueLinx Holdings, Inc. * | | |
| | |
| | |
| | |
Hudson Technologies, Inc. * | | |
Rush Enterprises, Inc., Class A | | |
| | |
WESCO International, Inc. | | |
| | |
|
American States Water Co. | | |
Consolidated Water Co. Ltd., Class D | | |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Telephone and Data Systems, Inc. | | |
| | |
Total Common Stocks
(Cost $1,030,484) | | |
| | |
Short-Term Investments — 4.3% |
Investment Companies — 1.9% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $24,342) | | |
Investment of Cash Collateral from Securities Loaned — 2.4% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $30,516) | | |
Total Short-Term Investments
(Cost $54,858) | | |
Total Investments — 99.7%
(Cost $1,085,342) | | |
Other Assets Less Liabilities — 0.3% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $28,735. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan SMID Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.1% |
| | |
| | |
| | |
Automobile Components — 0.4% |
| | |
|
Commerce Bancshares, Inc. | | |
Cullen/Frost Bankers, Inc. | | |
| | |
First Interstate BancSystem, Inc., Class A | | |
ServisFirst Bancshares, Inc. | | |
| | |
| | |
|
| | |
Fortune Brands Innovations, Inc. | | |
| | |
Lennox International, Inc. | | |
Simpson Manufacturing Co., Inc. | | |
| | |
|
Cboe Global Markets, Inc. | | |
| | |
FactSet Research Systems, Inc. | | |
LPL Financial Holdings, Inc. | | |
MarketAxess Holdings, Inc. | | |
| | |
| | |
StepStone Group, Inc., Class A | | |
| | |
|
Axalta Coating Systems Ltd. * | | |
| | |
| | |
Commercial Services & Supplies — 4.8% |
Driven Brands Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Construction & Engineering — 1.9% |
WillScot Mobile Mini Holdings Corp. * | | |
Construction Materials — 1.3% |
| | |
Consumer Staples Distribution & Retail — 3.8% |
BJ's Wholesale Club Holdings, Inc. * | | |
Casey's General Stores, Inc. | | |
Performance Food Group Co. * | | |
| | |
Containers & Packaging — 1.4% |
| | |
| | |
| | |
|
| | |
| | |
| | |
Diversified Consumer Services — 1.1% |
Bright Horizons Family Solutions, Inc. * | | |
Electrical Equipment — 0.5% |
Shoals Technologies Group, Inc., Class A * | | |
Electronic Equipment, Instruments & Components — 1.1% |
| | |
Energy Equipment & Services — 0.8% |
| | |
Financial Services — 2.5% |
Jack Henry & Associates, Inc. | | |
| | |
| | |
|
Lamb Weston Holdings, Inc. | | |
|
| | |
Ground Transportation — 2.4% |
Knight-Swift Transportation Holdings, Inc. | | |
| | |
| | |
| | |
Health Care Equipment & Supplies — 3.4% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — continued |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 4.2% |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
| | |
Health Care Technology — 0.6% |
| | |
Hotel & Resort REITs — 1.1% |
Ryman Hospitality Properties, Inc. | | |
Hotels, Restaurants & Leisure — 3.2% |
Planet Fitness, Inc., Class A * | | |
| | |
| | |
| | |
Household Products — 0.6% |
Reynolds Consumer Products, Inc. | | |
|
EastGroup Properties, Inc. | | |
|
| | |
Kinsale Capital Group, Inc. | | |
| | |
| | |
|
| | |
Life Sciences Tools & Services — 0.9% |
West Pharmaceutical Services, Inc. | | |
|
Hillman Solutions Corp. * | | |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
Oil, Gas & Consumable Fuels — 2.1% |
| | |
| | |
| | |
Professional Services — 5.9% |
Broadridge Financial Solutions, Inc. | | |
| | |
Paylocity Holding Corp. * | | |
SS&C Technologies Holdings, Inc. | | |
| | |
UL Solutions, Inc., Class A | | |
| | |
Real Estate Management & Development — 1.3% |
Cushman & Wakefield plc * | | |
|
Mid-America Apartment Communities, Inc. | | |
|
| | |
Semiconductors & Semiconductor Equipment — 4.1% |
Allegro MicroSystems, Inc. (Japan) * | | |
| | |
| | |
| | |
| | |
|
Clearwater Analytics Holdings, Inc., Class A * | | |
Guidewire Software, Inc. * | | |
Manhattan Associates, Inc. * | | |
| | |
| | |
Tyler Technologies, Inc. * | | |
| | |
|
| | |
|
Burlington Stores, Inc. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan SMID Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Trading Companies & Distributors — 1.4% |
Core & Main, Inc., Class A * | | |
Total Common Stocks
(Cost $325,654) | | |
Short-Term Investments — 3.2% |
Investment Companies — 3.2% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $12,500) | | |
Total Investments — 100.5%
(Cost $338,154) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.6% |
| | |
| | |
| | |
Air Freight & Logistics — 0.5% |
| | |
Radiant Logistics, Inc. * | | |
| | |
Automobile Components — 1.4% |
Goodyear Tire & Rubber Co. (The) * | | |
Modine Manufacturing Co. * | | |
| | |
| | |
| | |
|
Amalgamated Financial Corp. | | |
| | |
| | |
| | |
| | |
| | |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | | |
| | |
| | |
Business First Bancshares, Inc. | | |
| | |
Capitol Federal Financial, Inc. | | |
Central Pacific Financial Corp. | | |
| | |
Coastal Financial Corp. * | | |
| | |
Customers Bancorp, Inc. * | | |
| | |
Enterprise Financial Services Corp. | | |
Equity Bancshares, Inc., Class A | | |
First BanCorp (Puerto Rico) | | |
First Bancshares, Inc. (The) | | |
| | |
First Interstate BancSystem, Inc., Class A | | |
| | |
First Mid Bancshares, Inc. | | |
| | |
| | |
| | |
|
|
| | |
Heartland Financial USA, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
MidWestOne Financial Group, Inc. | | |
| | |
National Bank Holdings Corp., Class A | | |
OceanFirst Financial Corp. | | |
OFG Bancorp (Puerto Rico) | | |
| | |
| | |
| | |
Peapack-Gladstone Financial Corp. | | |
Pinnacle Financial Partners, Inc. | | |
Popular, Inc. (Puerto Rico) | | |
| | |
| | |
| | |
Seacoast Banking Corp. of Florida | | |
South Plains Financial, Inc. | | |
Southside Bancshares, Inc. | | |
| | |
Texas Capital Bancshares, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Vita Coco Co., Inc. (The) * | | |
|
ACADIA Pharmaceuticals, Inc. * | | |
Akero Therapeutics, Inc. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Biotechnology — continued |
Allogene Therapeutics, Inc. * (a) | | |
Amicus Therapeutics, Inc. * | | |
| | |
Arcutis Biotherapeutics, Inc. * (a) | | |
Arrowhead Pharmaceuticals, Inc. * | | |
| | |
Blueprint Medicines Corp. * | | |
| | |
Cartesian Therapeutics, Inc. * (a) | | |
Catalyst Pharmaceuticals, Inc. * | | |
Crinetics Pharmaceuticals, Inc. * | | |
Enanta Pharmaceuticals, Inc. * | | |
| | |
| | |
Intellia Therapeutics, Inc. * | | |
iTeos Therapeutics, Inc. * | | |
| | |
Kyverna Therapeutics, Inc. * (a) | | |
Madrigal Pharmaceuticals, Inc. * | | |
| | |
Mersana Therapeutics, Inc. * | | |
OmniAb Operations, Inc. ‡ * | | |
Ovid therapeutics, Inc. * | | |
Protagonist Therapeutics, Inc. * | | |
| | |
Recursion Pharmaceuticals, Inc., Class A * (a) | | |
| | |
REVOLUTION Medicines, Inc. * | | |
Sage Therapeutics, Inc. * | | |
Sana Biotechnology, Inc. * | | |
SpringWorks Therapeutics, Inc. * (a) | | |
| | |
Syndax Pharmaceuticals, Inc. * | | |
Taysha Gene Therapies, Inc. * | | |
Travere Therapeutics, Inc. * | | |
| | |
Tyra Biosciences, Inc. * (a) | | |
Viking Therapeutics, Inc. * (a) | | |
| | |
Y-mAbs Therapeutics, Inc. * (a) | | |
| | |
|
Savers Value Village, Inc. * (a) | | |
| | |
|
|
| | |
Gibraltar Industries, Inc. * | | |
| | |
Quanex Building Products Corp. | | |
Resideo Technologies, Inc. * | | |
Simpson Manufacturing Co., Inc. | | |
| | |
| | |
|
AssetMark Financial Holdings, Inc. * | | |
Brightsphere Investment Group, Inc. | | |
Donnelley Financial Solutions, Inc. * | | |
| | |
Perella Weinberg Partners | | |
| | |
| | |
Victory Capital Holdings, Inc., Class A | | |
Virtus Investment Partners, Inc. | | |
| | |
|
Arcadium Lithium plc (Jersey) * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Commercial Services & Supplies — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 0.1% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Construction & Engineering — 3.4% |
| | |
| | |
Comfort Systems USA, Inc. | | |
Construction Partners, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Sterling Infrastructure, Inc. * | | |
| | |
Construction Materials — 0.3% |
| | |
Summit Materials, Inc., Class A * | | |
| | |
|
Enova International, Inc. * | | |
| | |
| | |
| | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
Chefs' Warehouse, Inc. (The) * | | |
Sprouts Farmers Market, Inc. * | | |
| | |
Containers & Packaging — 0.1% |
| | |
| | |
| | |
Diversified Consumer Services — 1.3% |
Adtalem Global Education, Inc. * | | |
| | |
Laureate Education, Inc., Class A | | |
OneSpaWorld Holdings Ltd. (Bahamas) * | | |
| | |
| | |
| | |
|
American Assets Trust, Inc. | | |
Armada Hoffler Properties, Inc. | | |
Broadstone Net Lease, Inc. | | |
| | |
|
Diversified REITs — continued |
Empire State Realty Trust, Inc., Class A | | |
Essential Properties Realty Trust, Inc. | | |
| | |
Diversified Telecommunication Services — 0.4% |
Iridium Communications, Inc. | | |
Liberty Latin America Ltd., Class C (Puerto Rico) * | | |
| | |
Electric Utilities — 0.7% |
| | |
Portland General Electric Co. | | |
| | |
Electrical Equipment — 1.1% |
| | |
Bloom Energy Corp., Class A * (a) | | |
| | |
Thermon Group Holdings, Inc. * | | |
| | |
Electronic Equipment, Instruments & Components — 1.8% |
Benchmark Electronics, Inc. | | |
| | |
Insight Enterprises, Inc. * | | |
| | |
| | |
| | |
Energy Equipment & Services — 2.3% |
| | |
| | |
| | |
| | |
Oceaneering International, Inc. * | | |
Oil States International, Inc. * | | |
Patterson-UTI Energy, Inc. | | |
Select Water Solutions, Inc. | | |
| | |
Weatherford International plc * | | |
| | |
|
Lions Gate Entertainment Corp., Class A * (a) | | |
Vivid Seats, Inc., Class A * (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Financial Services — 3.4% |
| | |
| | |
| | |
EVERTEC, Inc. (Puerto Rico) | | |
Federal Agricultural Mortgage Corp., Class C | | |
| | |
International Money Express, Inc. * | | |
Jackson Financial, Inc., Class A | | |
| | |
| | |
NMI Holdings, Inc., Class A * | | |
PennyMac Financial Services, Inc. | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Fresh Del Monte Produce, Inc. | | |
| | |
John B Sanfilippo & Son, Inc. | | |
Simply Good Foods Co. (The) * | | |
SunOpta, Inc. (Canada) * (a) | | |
| | |
| | |
|
Chesapeake Utilities Corp. | | |
New Jersey Resources Corp. | | |
Northwest Natural Holding Co. | | |
| | |
| | |
Ground Transportation — 0.2% |
| | |
Health Care Equipment & Supplies — 3.3% |
Alphatec Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Lantheus Holdings, Inc. * | | |
| | |
|
Health Care Equipment & Supplies — continued |
| | |
PROCEPT BioRobotics Corp. * | | |
| | |
| | |
| | |
TransMedics Group, Inc. * | | |
Treace Medical Concepts, Inc. * | | |
| | |
Health Care Providers & Services — 2.2% |
AMN Healthcare Services, Inc. * | | |
Fulgent Genetics, Inc. * (a) | | |
| | |
Hims & Hers Health, Inc. * | | |
National HealthCare Corp. | | |
| | |
| | |
Option Care Health, Inc. * | | |
| | |
| | |
| | |
|
| | |
Community Healthcare Trust, Inc. | | |
Sabra Health Care REIT, Inc. | | |
| | |
Health Care Technology — 0.4% |
| | |
| | |
| | |
| | |
Hotel & Resort REITs — 1.0% |
Apple Hospitality REIT, Inc. | | |
| | |
DiamondRock Hospitality Co. | | |
| | |
| | |
Ryman Hospitality Properties, Inc. | | |
Xenia Hotels & Resorts, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 2.2% |
Accel Entertainment, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Hotels, Restaurants & Leisure — continued |
| | |
| | |
Dave & Buster's Entertainment, Inc. * | | |
El Pollo Loco Holdings, Inc. * | | |
| | |
Hilton Grand Vacations, Inc. * | | |
Kura Sushi USA, Inc., Class A * (a) | | |
| | |
Shake Shack, Inc., Class A * | | |
Sweetgreen, Inc., Class A * | | |
United Parks & Resorts, Inc. * | | |
| | |
| | |
Household Durables — 2.3% |
| | |
Century Communities, Inc. | | |
Green Brick Partners, Inc. * | | |
Installed Building Products, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Taylor Morrison Home Corp. * | | |
| | |
| | |
Independent Power and Renewable Electricity Producers — 0.3% |
| | |
Clearway Energy, Inc., Class C | | |
Sunnova Energy International, Inc. * (a) | | |
| | |
|
First Industrial Realty Trust, Inc. | | |
Innovative Industrial Properties, Inc. (a) | | |
| | |
Plymouth Industrial REIT, Inc. | | |
| | |
|
CNO Financial Group, Inc. | | |
Genworth Financial, Inc., Class A * | | |
Oscar Health, Inc., Class A * | | |
| | |
| | |
|
|
| | |
Selective Insurance Group, Inc. | | |
Skyward Specialty Insurance Group, Inc. * | | |
| | |
Interactive Media & Services — 0.8% |
| | |
| | |
| | |
| | |
| | |
|
| | |
Information Services Group, Inc. | | |
| | |
| | |
|
Acushnet Holdings Corp. (a) | | |
| | |
Solo Brands, Inc., Class A * | | |
| | |
Life Sciences Tools & Services — 0.8% |
Adaptive Biotechnologies Corp. * | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Mueller Water Products, Inc., Class A | | |
| | |
Titan International, Inc. * | | |
Watts Water Technologies, Inc., Class A | | |
| | |
Marine Transportation — 0.4% |
| | |
Safe Bulkers, Inc. (Monaco) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
Integral Ad Science Holding Corp. * | | |
John Wiley & Sons, Inc., Class A | | |
| | |
| | |
| | |
|
Alpha Metallurgical Resources, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 0.6% |
Brightspire Capital, Inc. | | |
KKR Real Estate Finance Trust, Inc. | | |
| | |
| | |
| | |
TPG RE Finance Trust, Inc. | | |
| | |
|
Northwestern Energy Group, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Easterly Government Properties, Inc. | | |
| | |
Piedmont Office Realty Trust, Inc., Class A | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
|
Oil, Gas & Consumable Fuels — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Equitrans Midstream Corp. | | |
| | |
| | |
International Seaways, Inc. | | |
Magnolia Oil & Gas Corp., Class A (a) | | |
| | |
| | |
| | |
PBF Energy, Inc., Class A | | |
| | |
| | |
REX American Resources Corp. * | | |
Scorpio Tankers, Inc. (Monaco) | | |
| | |
Teekay Tankers Ltd., Class A (Canada) | | |
| | |
| | |
Passenger Airlines — 0.6% |
Blade Air Mobility, Inc. * (a) | | |
Joby Aviation, Inc. * (a) | | |
| | |
| | |
Personal Care Products — 1.2% |
| | |
Edgewell Personal Care Co. | | |
| | |
Oddity Tech Ltd., Class A (Israel) * (a) | | |
USANA Health Sciences, Inc. * | | |
| | |
|
ANI Pharmaceuticals, Inc. * | | |
Axsome Therapeutics, Inc. * | | |
Esperion Therapeutics, Inc. * (a) | | |
Longboard Pharmaceuticals, Inc. * | | |
Ventyx Biosciences, Inc. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| | |
Common Stocks — continued |
Professional Services — 2.1% |
Barrett Business Services, Inc. | | |
CACI International, Inc., Class A * | | |
| | |
Huron Consulting Group, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Real Estate Management & Development — 0.5% |
Anywhere Real Estate, Inc. * | | |
Cushman & Wakefield plc * | | |
DigitalBridge Group, Inc. | | |
| | |
Newmark Group, Inc., Class A | | |
Opendoor Technologies, Inc. * | | |
| | |
|
Independence Realty Trust, Inc. | | |
| | |
| | |
| | |
|
| | |
InvenTrust Properties Corp. | | |
| | |
| | |
| | |
Phillips Edison & Co., Inc. | | |
Retail Opportunity Investments Corp. | | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 4.1% |
ACM Research, Inc., Class A * | | |
Axcelis Technologies, Inc. * | | |
| | |
| | |
| | |
MACOM Technology Solutions Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
| | |
SMART Global Holdings, Inc. * | | |
Ultra Clean Holdings, Inc. * | | |
Veeco Instruments, Inc. * | | |
| | |
|
Asana, Inc., Class A * (a) | | |
| | |
| | |
| | |
| | |
| | |
CommVault Systems, Inc. * | | |
| | |
| | |
Hut 8 Corp. (Canada) * (a) | | |
LiveRamp Holdings, Inc. * | | |
Marathon Digital Holdings, Inc. * (a) | | |
| | |
| | |
| | |
| | |
Riot Platforms, Inc. * (a) | | |
Sprout Social, Inc., Class A * (a) | | |
| | |
| | |
| | |
Zeta Global Holdings Corp., Class A * | | |
| | |
| | |
|
| | |
| | |
| | |
|
Abercrombie & Fitch Co., Class A * | | |
Academy Sports & Outdoors, Inc. | | |
Asbury Automotive Group, Inc. * | | |
| | |
Boot Barn Holdings, Inc. * (a) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Specialty Retail — continued |
| | |
| | |
Haverty Furniture Cos., Inc. | | |
| | |
Petco Health & Wellness Co., Inc. * | | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 0.8% |
Super Micro Computer, Inc. * | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.6% |
| | |
| | |
| | |
Trading Companies & Distributors — 2.6% |
Applied Industrial Technologies, Inc. | | |
Beacon Roofing Supply, Inc. * | | |
BlueLinx Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Hudson Technologies, Inc. * | | |
Rush Enterprises, Inc., Class A | | |
WESCO International, Inc. | | |
| | |
|
American States Water Co. | | |
Consolidated Water Co. Ltd., Class D | | |
| | |
Wireless Telecommunication Services — 0.1% |
| | |
Telephone and Data Systems, Inc. | | |
| | |
Total Common Stocks
(Cost $781,293) | | |
| | |
Short-Term Investments — 6.9% |
Investment Companies — 1.1% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $10,540) | | |
Investment of Cash Collateral from Securities Loaned — 5.8% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $55,697) | | |
Total Short-Term Investments
(Cost $66,237) | | |
Total Investments — 104.6%
(Cost $847,530) | | |
Liabilities in Excess of Other Assets — (4.6)% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| Real Estate Investment Trust |
| Value determined using significant unobservable inputs. |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $44,462. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
Small Cap
Blend Fund | JPMorgan
Small Cap
Equity Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | |
| | | |
| | | |
Investment securities sold | | | |
| | | |
Dividends from non-affiliates | | | |
Dividends from affiliates | | | |
Securities lending income (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
Collateral received on securities loaned (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Equity Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class A — Redemption price per share | | | |
Class C — Offering price per share (b) | | | |
Class I — Offering and redemption price per share | | | |
Class L — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Class A maximum sales charge | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
Investment securities on loan, at value (See Note 2.C.) | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | |
(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.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
Small Cap
Value Fund | JPMorgan
SMID Cap
Equity Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | |
| | | |
Deposits at broker for futures contracts | | | |
| | | |
Investment securities sold | | | |
| | | |
Dividends from non-affiliates | | | |
Dividends from affiliates | | | |
Securities lending income (See Note 2.C.) | | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
Collateral received on securities loaned (See Note 2.C.) | | | |
| | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small Cap Value Fund | JPMorgan SMID Cap Equity Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class A — Redemption price per share | | | |
Class C — Offering price per share (b) | | | |
Class I — Offering and redemption price per share | | | |
Class L — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Class A maximum sales charge | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
Investment securities on loan, at value (See Note 2.C.) | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | |
(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.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
Small Cap
Blend Fund | JPMorgan
Small Cap
Equity Fund | |
| | | |
Interest income from affiliates | | | |
Dividend income from non-affiliates | | | |
Dividend income from affiliates | | | |
Income from securities lending (net) (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.H.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Equity Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
Small Cap
Value Fund | JPMorgan
SMID Cap
Equity Fund | |
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from non-affiliates | | | |
Dividend income from affiliates | | | |
Income from securities lending (net) (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.H.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small Cap Value Fund | JPMorgan SMID Cap Equity Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Small
Cap Blend Fund | JPMorgan Small Cap Equity Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SMID Cap Equity Fund | JPMorgan U.S. Small Company Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small
Cap Blend Fund | JPMorgan Small Cap Equity Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Equity Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Equity Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class L capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan SMID Cap Equity Fund | JPMorgan U.S. Small Company Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class L capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SMID Cap Equity Fund | JPMorgan U.S. Small Company Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| JPMorgan SMID Cap Equity Fund | JPMorgan U.S. Small Company Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Small Cap Blend Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Small Cap Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Amount rounds to less than $0.005. |
| Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Small Cap Growth Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Small Cap Growth Fund (continued) | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Small Cap Value Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SMID Cap Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Small Company Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Small Company Fund (continued) | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(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 6 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:
| | | Diversification Classification |
JPMorgan Small Cap Blend Fund | Class A, Class C, Class I and Class R6 | | |
JPMorgan Small Cap Equity Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Small Cap Growth Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Small Cap Value Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SMID Cap Equity Fund | Class A, Class C, Class I, Class R3, Class R4 and Class R6 | | |
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 | | |
The investment objective of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”) and JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) is to seek capital growth over the long term.
The investment objective of JPMorgan Small Cap Growth Fund (“Small Cap Growth Fund”) is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.
The investment objective of JPMorgan Small Cap Value Fund (“Small Cap Value Fund”) is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.
The investment objective of JPMorgan SMID Cap Equity Fund (“SMID Cap Equity Fund”) is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.
The investment objective of JPMorgan U.S. Small Company Fund (“U.S. Small Company Fund”) is to seek to provide high total return from a portfolio of small company stocks.
All share classes of Small Cap Growth Fund and Class L Shares of U.S. Small Company Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of Small Cap Growth Fund and Class L Shares of the U.S. Small Company Fund unless they meet certain requirements as described in the Small Cap Growth Fund's and U.S. Small Company Fund's prospectuses.
Prior to October, 28, 2022, share classes of Small Cap Equity Fund were publicly offered on a limited basis. Investors were not eligible to purchase shares of the Small Cap Equity Fund unless they met certain requirements as described in the Small Cap Equity Fund's prospectus.
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. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
| J.P. Morgan Small Cap Funds | |
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.
Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 using prices supplied 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 and options are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Commercial Services & Supplies | | | | |
| | | | |
Construction & Engineering | | | | |
| J.P. Morgan Small Cap Funds | |
U.S. Small Company Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
Consumer Staples Distribution & Retail | | | | |
| | | | |
Diversified Consumer Services | | | | |
| | | | |
Diversified Telecommunication Services | | | | |
| | | | |
| | | | |
Electronic Equipment, Instruments & Components | | | | |
Energy Equipment & Services | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Health Care Equipment & Supplies | | | | |
Health Care Providers & Services | | | | |
| | | | |
| | | | |
| | | | |
Hotels, Restaurants & Leisure | | | | |
| | | | |
Independent Power and Renewable Electricity Producers | | | | |
| | | | |
| | | | |
Interactive Media & Services | | | | |
| | | | |
| | | | |
Life Sciences Tools & Services | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Mortgage Real Estate Investment Trusts (REITs) | | | | |
| | | | |
| | | | |
Oil, Gas & Consumable Fuels | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Real Estate Management & Development | | | | |
| | | | |
| | | | |
Semiconductors & Semiconductor Equipment | | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
U.S. Small Company Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Technology Hardware, Storage & Peripherals | | | | |
Textiles, Apparel & Luxury Goods | | | | |
Trading Companies & Distributors | | | | |
| | | | |
Wireless Telecommunication Services | | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Amount rounds to less than one thousand. |
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of June 30, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
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.
| J.P. Morgan Small Cap Funds | |
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2024.
| 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) |
| | | |
| | | |
| | | |
| | | |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended June 30, 2024, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
|
| Amount rounds to less than one thousand. |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds 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.
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| 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). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| 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). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
| J.P. Morgan Small Cap Funds | |
Small Cap Value Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| 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). |
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
E. Options— Small Cap Blend Fund purchased 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 Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
The Fund's exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
F. Futures Contracts— 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' options and futures contracts activity during the year ended June 30, 2024 (amounts in thousands, except number of contracts):
| | | |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
| | | |
Average Number of Contracts Purchased | | | |
G. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual
| J.P. Morgan Small Cap Funds | |
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.
H. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the 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 year ended June 30, 2024 are as follows:
|
| Amount rounds to less than one thousand. |
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
I. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2024, 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.
J. 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.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
The reclassifications for the Funds relate primarily to tax adjustments on certain investments and tax equalization.
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:
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 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2024, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
| J.P. Morgan Small Cap Funds | |
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:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2024, JPMDS retained the following:
|
| 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:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
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:
The expense limitation agreements were in effect for the year ended June 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2024.
For the year ended June 30, 2024, 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
Reimbursements |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|
| Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2024 were as follows:
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of these reimbursements were as follows:
| J.P. Morgan Small Cap Funds | |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2024, Small Cap Blend Fund and Small Cap Growth Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The below Funds used related party broker-dealers during the year ended June 30, 2024, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2024, 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) |
| | |
| | |
| | |
| | |
| | |
| | |
During the year ended June 30, 2024, there were no purchases or sales of U.S. Government securities.
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments, certain derivatives and wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2023 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
| J.P. Morgan Small Cap Funds | |
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
The cumulative timing differences primarily consist of tax adjustments on certain investments, certain derivatives and wash sale loss deferrals.
As of June 30, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
| | |
| | |
During the year ended June 30, 2024, the following Funds utilized capital loss carryforwards as follows:
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, or loans outstanding to another fund, during the year ended June 30, 2024.
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 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
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 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which
| J.P. Morgan Small Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
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 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended June 30, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of June 30, 2024, the Funds had individual shareholder and/or affiliated 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 | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
As of June 30, 2024, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the following Fund:
| | JPMorgan
SmartRetirement
Funds |
| | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
Because the Funds invest 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.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Small Cap Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund, JPMorgan SMID Cap Equity Fund and JPMorgan U.S. Small Company Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund and JPMorgan U.S. Small Company Fund (three of the funds constituting JPMorgan Trust I) and JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (three of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the "Funds") as of June 30, 2024, the related statements of operations for the year ended June 30, 2024, the statements of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2024 and each of the financial highlights for each of the five years in the period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| J.P. Morgan Small Cap Funds | |
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, 2024. 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, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024:
| Dividends
Received
Deduction |
JPMorgan Small Cap Blend Fund | |
JPMorgan Small Cap Equity Fund | |
JPMorgan Small Cap Value Fund | |
JPMorgan SMID Cap Equity Fund | |
JPMorgan U.S. Small Company Fund | |
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2024:
| Long-Term
Capital Gain
Distribution |
JPMorgan Small Cap Equity Fund | |
JPMorgan Small Cap Value Fund | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024:
| |
JPMorgan Small Cap Blend Fund | |
JPMorgan Small Cap Equity Fund | |
JPMorgan Small Cap Value Fund | |
JPMorgan SMID Cap Equity Fund | |
JPMorgan U.S. Small Company Fund | |
The following funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended June 30, 2024.
| |
JPMorgan Small Cap Value Fund | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-SC-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Annual Report
J.P. Morgan Investor Funds
June 30, 2024
JPMorgan Investor Balanced Fund |
JPMorgan Investor Conservative Growth Fund |
JPMorgan Investor Growth Fund |
JPMorgan Investor Growth & Income Fund |
CONTENTS
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.
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 86.7% |
Alternative Assets — 0.8% |
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | | |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
JPMorgan Income Fund Class R6 Shares (a) | | |
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | | |
| | |
International Equity — 5.2% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Equity Income Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $3,780,025) | | |
Exchange-Traded Funds — 12.4% |
|
JPMorgan Limited Duration Bond ETF (a) | | |
| | |
|
International Equity — 6.6% |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan Market Expansion Enhanced Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $523,243) | | |
Short-Term Investments — 1.0% |
Investment Companies — 1.0% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $56,151) | | |
Total Investments — 100.1%
(Cost $4,359,419) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
Percentages indicated are based on net assets. |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
| J.P. Morgan Investor Funds | |
JPMorgan Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 86.7% |
Alternative Assets — 1.0% |
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | | |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan Government Bond Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
JPMorgan Income Fund Class R6 Shares (a) | | |
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | | |
| | |
International Equity — 3.6% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Equity Income Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $3,116,936) | | |
| | |
Exchange-Traded Funds — 11.9% |
|
JPMorgan Limited Duration Bond ETF (a) | | |
International Equity — 5.1% |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan Market Expansion Enhanced Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $385,607) | | |
Short-Term Investments — 1.2% |
Investment Companies — 1.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $44,902) | | |
Total Investments — 99.8%
(Cost $3,547,445) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
| J.P. Morgan Investor Funds | |
JPMorgan Investor Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 83.7% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
JPMorgan Income Fund Class R6 Shares (a) | | |
| | |
International Equity — 14.0% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
JPMorgan International Focus Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Equity Income Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $2,933,269) | | |
Exchange-Traded Funds — 14.9% |
International Equity — 10.4% |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan Market Expansion Enhanced Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $659,951) | | |
Short-Term Investments — 1.4% |
Investment Companies — 1.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $77,824) | | |
Total Investments — 100.0%
(Cost $3,671,044) | | |
Liabilities in Excess of Other Assets — (0.0)% ^ | | |
| | |
Percentages indicated are based on net assets. |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
| J.P. Morgan Investor Funds | |
JPMorgan Investor Growth & Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 87.2% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
JPMorgan Income Fund Class R6 Shares (a) | | |
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | | |
| | |
International Equity — 8.5% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
JPMorgan International Focus Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Equity Income Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $2,902,021) | | |
Exchange-Traded Funds — 11.8% |
|
JPMorgan Limited Duration Bond ETF (a) | | |
| | |
|
International Equity — 7.2% |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan Market Expansion Enhanced Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $429,746) | | |
Short-Term Investments — 1.1% |
Investment Companies — 1.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $51,097) | | |
Total Investments — 100.1%
(Cost $3,382,864) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
Percentages indicated are based on net assets. |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
| J.P. Morgan Investor Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
Investor
Balanced Fund | JPMorgan
Investor
Conservative
Growth Fund | JPMorgan
Investor
Growth
Fund | |
| | | | |
Investments in affiliates, at value | | | | |
| | | | |
| | | | |
| | | | |
Dividends from affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | JPMorgan Investor Growth Fund | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in affiliates | | | | |
(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.
| J.P. Morgan Investor Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
Investor
Balanced Fund | JPMorgan
Investor
Conservative
Growth Fund | JPMorgan
Investor
Growth
Fund | |
| | | | |
Interest income from affiliates | | | | |
Dividend income from affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.E.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from investments in affiliates | | | | |
Distribution of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation on investments in affiliates | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative
Growth Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
Net realized gain (loss) on investments in affiliates | | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation of investments in affiliates | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
| JPMorgan Investor Growth Fund | JPMorgan Investor Growth &
Income Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
Net realized gain (loss) on investments in affiliates | | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation of investments in affiliates | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative
Growth Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Investor Growth Fund | JPMorgan Investor Growth &
Income Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
| JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Investor Balanced Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Investor Conservative Growth Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Investor Growth Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Investor Growth & Income Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Investor Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(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 4 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
| | Diversification Classification |
JPMorgan Investor Balanced Fund | Class A, Class C, Class I and Class R6 | |
JPMorgan Investor Conservative Growth Fund | Class A, Class C, Class I and Class R6 | |
JPMorgan Investor Growth Fund | Class A, Class C, Class I and Class R6 | |
JPMorgan Investor Growth & Income Fund | Class A, Class C, Class I and Class R6 | |
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. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the 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.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
| J.P. Morgan Investor Funds | |
This oversight by the AVC 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, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s net asset value ("NAV") per share as of the report date.
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"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
Investor Conservative Growth Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
Investor Growth & Income Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Investor Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of June 30, 2024, the Funds had no investments in restricted securities including securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Investment Transactions with Affiliates— The Funds invested in Underlying Funds and ETFs 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’ and ETFs' distributions may be reinvested into such Underlying Funds and ETFs Reinvestment amounts are included in the purchases at cost amounts in the tables below.
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Limited Duration Bond ETF (a) | | | | | | | | | |
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Market Expansion Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
| J.P. Morgan Investor Funds | |
Investor Balanced Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
Investor Conservative Growth Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Government Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Limited Duration Bond ETF (a) | | | | | | | | | |
| J.P. Morgan Investor Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Investor Conservative Growth Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Market Expansion Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
| J.P. Morgan Investor Funds | |
Investor Growth Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Focus Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Market Expansion Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
Investor Growth & Income Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
| J.P. Morgan Investor Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Investor Growth & Income Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Equity Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Focus Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Large Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Limited Duration Bond ETF (a) | | | | | | | | | |
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Market Expansion Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Mid Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
| J.P. Morgan Investor Funds | |
D. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs are recorded on the ex-dividend date.
E. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2024 are as follows:
| | | | | |
| | | | | |
| | | | | |
Investor Conservative Growth Fund | | | | | |
| | | | | |
| | | | | |
| | | | | |
Investor Growth & Income Fund | | | | | |
| | | | | |
The Funds invested in Underlying Funds and ETFs and, as a result bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.
F. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
G. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least 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.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
| | | |
Investor Conservative Growth Fund | | | |
| | | |
Investor Growth & Income Fund | | | |
The reclassifications for the Funds relate primarily to tax adjustments on certain investments.
| J.P. Morgan Investor Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
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 the Funds' 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.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A 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:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2024, JPMDS retained the following:
| | |
| | |
Investor Conservative Growth Fund | | |
| | |
Investor Growth & Income Fund | | |
|
| 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:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
| J.P. Morgan Investor Funds | |
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:
| | | | |
JPMorgan Investor Balanced Fund | | | | |
JPMorgan Investor Conservative Growth Fund | | | | |
JPMorgan Investor Growth Fund | | | | |
JPMorgan Investor Growth & Income Fund | | | | |
The expense limitation agreements were in effect for the year ended June 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2024.
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 year ended June 30, 2024, 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.
| |
| | | |
| | | |
Investor Conservative Growth Fund | | | |
| | | |
Investor Growth & Income Fund | | | |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2024 were as follows:
| |
| |
Investor Conservative Growth Fund | |
| |
Investor Growth & Income Fund | |
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of these reimbursements were as follows:
| |
| |
Investor Conservative Growth Fund | |
| |
Investor Growth & Income Fund | |
| J.P. Morgan Investor Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
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 year ended June 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| | |
Investor Conservative Growth Fund | | |
| | |
Investor Growth & Income Fund | | |
During the year ended June 30, 2024, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
Investor Conservative Growth Fund | | | | |
| | | | |
Investor Growth & Income Fund | | | | |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
Investor Conservative Growth Fund | | | |
| | | |
Investor Growth & Income Fund | | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
| J.P. Morgan Investor Funds | |
The tax character of distributions paid during the year ended June 30, 2023 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
Investor Conservative Growth Fund | | | |
| | | |
Investor Growth & Income Fund | | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
| | | |
Investor Conservative Growth Fund | | | |
| | | |
Investor Growth & Income Fund | | | |
The cumulative timing differences primarily consist of wash sale loss deferrals.
As of June 30, 2024, the Funds did not have any net capital loss carryforwards.
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, or loans outstanding to another fund, during the year ended June 30, 2024.
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 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
The Trust, 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 million 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 million 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.
| J.P. Morgan Investor Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended June 30, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of June 30, 2024, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
| | | | |
Investor Conservative Growth Fund | | | | |
| | | | |
Investor Growth & Income Fund | | | | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of June 30, 2024, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:
| |
JPMorgan Limited Duration Bond ETF | |
JPMorgan Europe Dynamic Fund | |
JPMorgan Market Expansion Enhanced Equity ETF | |
JPMorgan U.S. GARP Equity Fund | |
JPMorgan Large Cap Value Fund | |
JPMorgan International Research Enhanced Equity ETF | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | |
JPMorgan Emerging Markets Debt Fund | |
JPMorgan International Focus Fund | |
JPMorgan Small Cap Value Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.
The Funds invest in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).
In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.
| J.P. Morgan Investor Funds | |
Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Investor Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust II and Shareholders of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund (four of the funds constituting JPMorgan Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2024, the related statements of operations for the year ended June 30, 2024, the statements of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2024 and each of the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| J.P. Morgan Investor Funds | |
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, 2024. 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, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024:
| Dividends
Received
Deduction |
JPMorgan Investor Balanced Fund | |
JPMorgan Investor Conservative Growth Fund | |
JPMorgan Investor Growth Fund | |
JPMorgan Investor Growth & Income Fund | |
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2024:
| Long-Term
Capital Gain
Distribution |
JPMorgan Investor Balanced Fund | |
JPMorgan Investor Conservative Growth Fund | |
JPMorgan Investor Growth Fund | |
JPMorgan Investor Growth & Income Fund | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024:
| |
JPMorgan Investor Balanced Fund | |
JPMorgan Investor Conservative Growth Fund | |
JPMorgan Investor Growth Fund | |
JPMorgan Investor Growth & Income Fund | |
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended June 30, 2024, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2024 will be disclosed in the semi-annual report for the period ended December 31, 2024.
| J.P. Morgan Investor Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-INV-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to Item 7.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to Item 7.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Refer to Item 7.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. 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 16. 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 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
| | (a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(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), exactly as set forth below:
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(1) 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.
(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
Not applicable.
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 |
| | October 4, 2024 |
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 |
| | October 4, 2024 |
| |
| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens |
| | Treasurer and Principal Financial Officer |
| | October 4, 2024 |
